Document:

Exhibit

Exhibit 10.4

 
 
 
 
 
TRS PURCHASE AND SALE AGREEMENT
dated as of July 19, 2019
between
OUTFRONT MEDIA LLC,
as an Originator and as Servicer, 
VARIOUS ENTITIES LISTED ON SCHEDULE I HERETO,
as Originators, 
and
OUTFRONT MEDIA RECEIVABLES TRS, LLC,
as Buyer 
 
 
 
 

TABLE OF CONTENTS

Page

	
						
	ARTICLE I
	DEFINITIONS AND RELATED MATTERS
	1
	

	 
	 
	 
	 

	 
	SECTION 1.1
	Defined Terms
	1
	

	 
	SECTION 1.2
	Other Interpretative Matters
	3
	

	 
	 
	 
	 
	 

	ARTICLE II
	AGREEMENT TO PURCHASE, SELL AND CONTRIBUTE
	3
	

	 
	 
	 
	 

	 
	SECTION 2.1
	Purchase, Sale and Contribution
	3
	

	 
	SECTION 2.2
	Timing of Purchases
	3
	

	 
	SECTION 2.3
	Purchase Price
	4
	

	 
	SECTION 2.4
	No Recourse or Assumption of Obligations
	5
	

	 
	SECTION 2.5
	Purchase Report
	5
	

	 
	 
	 
	 
	 

	ARTICLE III
	ADMINISTRATION AND COLLECTION
	6
	

	 
	 
	 
	 

	 
	SECTION 3.1
	Media LLC to Act as Servicer; Contracts
	6
	

	 
	SECTION 3.2
	Deemed Collections
	7
	

	 
	SECTION 3.3
	Actions Evidencing Purchases
	8
	

	 
	SECTION 3.4
	Application of Collections
	9
	

	 
	 
	 
	 
	 

	ARTICLE IV
	REPRESENTATIONS AND WARRANTIES
	9
	

	 
	 
	 
	 
	 

	 
	SECTION 4.1
	Mutual Representations and Warranties
	11
	

	 
	SECTION 4.2
	Additional Representations and Warranties of Each Originator
	11
	

	 
	 
	 
	 
	 

	ARTICLE V
	GENERAL COVENANTS
	15
	

	 
	 
	 
	 
	 

	 
	SECTION 5.1
	Mutual Covenants
	15
	

	 
	SECTION 5.2
	Additional Covenants of Each Originator
	16
	

	 
	SECTION 5.3
	Reporting Requirements
	18
	

	 
	SECTION 5.4
	Negative Covenants of Each Originator
	21
	

	 
	 
	 
	 

	ARTICLE VI
	TERMINATION OF PURCHASES
	24
	

	 
	 
	 
	 
	 

	 
	SECTION 6.1
	Voluntary Termination
	24
	

	 
	SECTION 6.2
	Automatic Termination
	24
	

	 
	SECTION 6.3
	Final Payout Date
	24
	

	 
	 
	 
	 
	 

	ARTICLE VII
	INDEMNIFICATION
	24
	

	 
	 
	 
	 
	 

	 
	SECTION 7.1
	Each Originator's Indemnity
	24
	

	 
	SECTION 7.2
	Contribution
	28
	

	 
	 
	 
	 
	 

	ARTICLE VIII
	MISCELLANEOUS
	28
	

	 
	 
	 
	 
	 

	 
	SECTION 8.1
	Amendments, Etc
	28
	

	 
	SECTION 8.2
	No Waiver; Remedies
	29
	

	 
	SECTION 8.3
	Notices, Etc
	29
	

	 
	SECTION 8.4
	Binding Effect; Assignment
	29
	

	 
	SECTION 8.5
	Survival
	30
	

	 
	SECTION 8.6
	Costs, Expenses and Taxes
	30
	

	 
	SECTION 8.7
	Execution in Counterparts; Integration
	30
	

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TABLE OF CONTENTS
(continued)
Page

	
						
	 
	SECTION 8.8
	Governing Law
	30
	

	 
	SECTION 8.9
	Waiver of Jury Trial
	31
	

	 
	SECTION 8.10
	Consent to Jurisdiction; Waiver of Immunities
	31
	

	 
	SECTION 8.11
	Confidentiality
	31
	

	 
	SECTION 8.12
	No Proceedings
	31
	

	 
	SECTION 8.13
	No Recourse Against Other Parties
	32
	

	 
	SECTION 8.14
	Grant of Security Interest
	32
	

	 
	SECTION 8.15
	Binding Terms in Other Transaction Documents
	32
	

	 
	SECTION 8.16
	Joint and Several Liability
	32
	

	 
	SECTION 8.17
	Severability
	32
	

	 
	SECTION 8.18
	Lead Originator
	32
	

SCHEDULE I        List and Location of each Originator
ANNEX 1        UCC Details Schedule 
ANNEX 2        Notice Information
EXHIBIT 2.2        Form of Note
EXHIBIT 2.5        Form of Purchase Report 

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TRS PURCHASE AND SALE AGREEMENT
THIS TRS PURCHASE AND SALE AGREEMENT dated as of July 19, 2019 (this “Agreement”) is among OUTFRONT MEDIA LLC, a Delaware limited liability company (“Media LLC”), as an originator and as initial servicer (in such capacity, the “Servicer”), the VARIOUS ENTITIES LISTED ON SCHEDULE I HERETO (together with Media LLC, the “Originators” and each, an “Originator”), and OUTFRONT MEDIA RECEIVABLES TRS, LLC, a Delaware limited liability company (the “Buyer”).  For good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
ARTICLE I 
 
DEFINITIONS AND RELATED MATTERS
SECTION 1.1    Defined Terms.  In this Agreement, unless otherwise specified:  (a) capitalized terms are used as defined in (or by reference in) the Amended and Restated Receivables Purchase Agreement dated as of the date hereof (as amended, restated, modified or otherwise supplemented from time to time, the “Receivables Purchase Agreement”) among Buyer, as a Seller, Outfront Media Receivables LLC, as a Seller, Servicer, the Persons from time to time party thereto as Purchasers and Group Agents and MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.), as Administrative Agent, and (b) as used in this Agreement, unless the context otherwise requires, the following terms have the meanings indicated below:
“Aggregate Originator Purchase Price” has the meaning given in Section 2.5(b).
“Deferred Payment” has the meaning given in Section 2.2.
“Lead Originator” has the meaning given in Section 8.14(a).
“Outernet” means Outfront Media Outernet Inc., a Delaware corporation.
“Purchase and Sale Termination Date” means, the date that Receivables and Related Assets cease being sold or contributed, as applicable, to the Buyer under this Agreement pursuant to Article VI of this Agreement.
“Purchase and Sale Termination Event” means the occurrence of any of the following events or occurrences:
(a)    any Originator shall fail to make when due any payment or deposit to be made by it under this Agreement or any other Transaction Document to which it is a party and such failure shall remain unremedied for three (3) Business Days; 
(b)    any representation or warranty made or deemed to be made by any Originator (or any of its officers) under or in connection with this Agreement, any other Transaction Documents to which it is a party, or any other information or report delivered pursuant hereto or thereto shall prove to have been incorrect or untrue in any material respect when made or deemed made or 

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delivered; provided, that no breach of a representation or warranty set forth in Section 4.2(a), (c), (k) or (q) shall constitute a Purchase and Sale Termination Event pursuant to this clause (b) if a Deemed Collection Payment has been made in accordance with Section 3.2 with respect to such breach;
(c)    any Originator shall fail to perform or observe any other term, covenant or agreement contained in this Agreement or any other Transaction Document to which it is a party on its part to be performed or observed and such failure shall continue unremedied for thirty (30) days after a Responsible Officer of such Originator becomes aware of such failure; or
(d)    an Event of Bankruptcy shall have occurred with respect to any Originator.
“Purchase Price” has the meaning given in Section 2.3(a).
“Purchase Report” has the meaning given in Section 2.5.
“QRS Receivable” means each Receivable (without giving effect to the exclusion of “QRS Receivable” from the definition thereof) originated by an Originator that is not a TRS Receivable.
“Receivable” means any account receivable or other right to payment from a Person, whether constituting an account, chattel paper, a payment intangible, an instrument or a general intangible, in each case, arising from the sale of goods, provided or to be provided, or provision of services, rendered or to be rendered, by any Originator pursuant to a Contract, including the right to payment of any interest, finance charges, fees and other payment obligations of such Person with respect thereto; provided, however, that the term “Receivable” shall not include any QRS Receivable.
“Related Assets” means (a) all rights to, but not any obligations under, all Related Security with respect to the Receivables, (b) all Records (but excluding any obligations or liabilities under the Contracts), (c) all Collections in respect of, and other proceeds of, the Receivables or any other Related Security, (d) all rights and remedies of any Originator under any Transaction Documents and any other rights or assets pledged, sold or otherwise transferred to Buyer hereunder, and (e) all products and proceeds of any of the foregoing.
“Required Capital Amount” means $5,000,000.
“Subordinated Note” has the meaning given in Section 2.2.
“TRS Receivable” means each Receivable (without giving effect to the exclusion of “TRS Receivable” from the definition thereof) originated by an Originator that arise solely as a result of the provision by an Originator of any of the following: (i) marketing, e-commerce, consulting, printing, design and certain site and structure management services, (ii) advertising space on buses, trains, subways and other movable, non-stationary structures, (iii) mobile advertising services and (iv) the installation or removal of any advertising materials on any structures or sites.
SECTION 1.2    Other Interpretive Matters.  The interpretation of this Agreement, unless otherwise specified, is subject to Section 1.02 of the Receivables Purchase Agreement.

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ARTICLE II 
 
AGREEMENT TO PURCHASE, SELL AND CONTRIBUTE
SECTION 2.1    Purchase, Sale and Contribution.  Upon the terms and subject to the conditions set forth in this Agreement, each Originator hereby sells or contributes (solely in the case of Outernet), as applicable, to Buyer, and Buyer hereby purchases or acquires (solely in the case of Outernet) from each Originator, as applicable, all of such Originator’s right, title and interest in, to and under the Receivables and the Related Assets, in each case whether now existing or hereafter arising, acquired, or originated.
SECTION 2.2    Timing of Purchases.  All of the Receivables existing at the opening of an Originator’s business on the Restatement Date are hereby sold or contributed (solely in the case of Outernet), as applicable, to Buyer on such date in accordance with the terms hereof.  All of the Receivables originated by any Originator on any date after the Restatement Date until the Purchase and Sale Termination Date shall be sold or contributed (solely in the case of Outernet), as applicable, to Buyer on such date in accordance with the terms hereof.  Buyer shall pay to the applicable Originator on the date of such sale the applicable cash Purchase Price for the Receivables sold to Buyer in immediately available funds; provided, however, to the extent that Buyer does not have funds available to pay the Purchase Price due on the sale date in cash (such cash insufficiency being a “Deferred Payment”), such Deferred Payment shall be deemed to have been funded by the related Originator through either (i) an advance under the Subordinated Note, subject to the limitation in Section 2.3(e) below or (ii) (solely in the case of Outernet) as a capital contribution, subject to the limitations in Section 2.3(d) below. On and after the Restatement Date until the Purchase and Sale Termination Date, each Receivable shall be deemed to have been sold or contributed (solely in the case of Outernet) to Buyer immediately (and without further action by any Person) upon the creation or acquisition (solely in the case of Outernet) of such Receivable by the related Originator or on the Restatement Date in the case of the sale or contribution (solely in the case of Outernet) on such date.  The Related Assets with respect to each Receivable shall be sold or contributed (solely in the case of Outernet) at the same time as such Receivable, whether such Related Assets exist at such time or arise, are acquired or are originated thereafter.
Buyer has executed and delivered in the form attached to this Agreement as Exhibit 2.2, a subordinated promissory note (the “Subordinated Note”) to Outernet for the benefit of the Originators.  On the Restatement Date, the aggregate outstanding principal balance of the Subordinated Note will be $15,000,000. 
The Servicer shall make all appropriate record keeping entries with respect to the Subordinated Note to reflect (x) the payments and reductions made pursuant to Section 2.3 and (y) the portion of aggregate principal amount outstanding under the Subordinated Note payable for the benefit of each Originator.  The Servicer’s books and records shall constitute rebuttable presumptive evidence of (x) the principal amount of, and accrued interest on, the Subordinated Note at any time and (y) the respective portions of aggregate principal amount outstanding under the Subordinated Note payable for the benefit of each Originator at any time.  Each Originator hereby irrevocably authorizes the Servicer to mark the Subordinated Note “CANCELED” and to return such 

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Subordinated Note to the Buyer upon the final payment thereof after the occurrence of the Purchase and Sale Termination Date.
Except as otherwise provided in Section 2.3, any payments made by the Buyer in reduction of the outstanding principal balance of, or accrued and unpaid interest on, the Subordinated Note shall be allocated to the principal and interest payable for the benefit of the respective Originators ratably in accordance with the respective amounts of principal or interest, as applicable, payable for their benefit under the Subordinated Note.
Each Originator acknowledges that it has received a copy of the Subordinated Note and agrees to be bound by, and to comply with, all the terms of the Subordinated Note, including, without limitation, the subordination provisions set forth in paragraph 7 thereof.
SECTION 2.3    Purchase Price.  (a)  The purchase price (“Purchase Price”) for the Receivables and the Related Assets shall equal the fair market value of the Receivables and the Related Assets (taking into account a discount for the time value of money, historic and expected losses and each Originator’s obligations pursuant to Section 3.2) as agreed by the applicable Originator and Buyer at the time of purchase or acquisition. 
(b)    On the date hereof, (i) Outernet shall contribute Receivables and the Related Assets to Buyer as a capital contribution in the amount set forth in a written notice on the date hereof from Outernet to Buyer and Administrative Agent and (ii) the other Originators shall sell Receivables and Related Assets to Buyer and Buyer shall pay the relevant Originator the Purchase Price for such Receivables and Related Assets through an increase in the principal amount of the Subordinated Note.  
(c)    On each date of sale or contribution, on the terms and subject to the conditions set forth in this Agreement, Buyer shall pay the related Originator the Purchase Price for the Receivables and the Related Assets generated by such Originator on such day by transfer of funds, to the extent that Buyer has funds available for that purpose after satisfying Buyer’s obligations under the Receivables Purchase Agreement.
(d)    To the extent Buyer does not have funds available to pay the Purchase Price due on any day in cash, Buyer shall (or, solely in the case of the Purchase Price payable to Outernet, Buyer may, in its sole discretion), increase the principal amount of the Subordinated Note by an amount up to the lesser of (x) the principal amount of such Deferred Payment and (y) the maximum amount that could be added to the principal amount of the Subordinated Note at such time without rendering Sellers’ Net Worth less than the Required Capital Amount.  The Servicer is hereby authorized by Buyer to note in its records the date and amount of each advance under the Subordinated Note, as well as the date of each payment with respect thereto, in each case in accordance with Section 2.2, provided that the failure to update such records shall not affect any obligation of Buyer thereunder.
(e)    To the extent any portion of the Purchase Price due on any day remains unpaid after giving effect to the above, Outernet shall treat a portion of its Receivables and Related Assets equal to the remaining Deferred Payment to have been transferred by 

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Outernet to Buyer as a capital contribution, in return for an increase in the value of the equity interest in Buyer held by Outernet. 
(f)    In addition to contributions of Receivables and Related Assets by Outernet to Buyer hereunder, Outernet may also, at its option in its sole discretion, contribute cash to Buyer in return for an increase in the value of the equity interest in Buyer held by Outernet.  Servicer shall evidence such Originator’s election to treat all or any portion of the Receivables and Related Assets as a capital contribution by recording it as such on the books and records of Buyer as maintained by the Servicer, and no further notice or acceptance of any such contribution shall be necessary.  Outernet, Servicer and Buyer shall each record on its respective books and records any capital contribution made by Outernet to Buyer promptly following its occurrence.
SECTION 2.4    No Recourse or Assumption of Obligations.  Except as specifically provided in this Agreement, the sale or contribution, as applicable, of Receivables and Related Assets under this Agreement shall be without recourse to any Originator.  Each Originator and Buyer intend the transactions hereunder to constitute absolute and irrevocable true sales or valid contributions of Receivables and the Related Assets by each Originator to Buyer, providing Buyer with the full risks and benefits of ownership of the Receivables and Related Assets (such that the Receivables and the Related Assets (other than those repurchased by any Originator pursuant to the terms hereof) would not be property of any Originator’s estate in the event of such Originator’s bankruptcy).
None of Buyer, Administrative Agent, the Purchaser Parties or the other Affected Persons shall have any obligation or liability under any Receivables or Related Assets, nor shall Buyer, Administrative Agent, any Purchaser Party or the other Affected Persons have any obligation or liability to any Obligor or other customer or client of any Originator (including any obligation to perform any of the obligations of any Originator under any Receivables or Related Assets) or to Servicer.
SECTION 2.5    Purchase Report.  On each date when an Information Package is due to be delivered under the Receivables Purchase Agreement, the Servicer shall deliver to the Buyer, the Administrative Agent and Lead Originator a report in substantially the form of Exhibit 2.5 (each such report being herein called a “Purchase Report”) setting forth, among other things:
(a)    the aggregate initial Unpaid Balance of all Receivables which were sold or contributed by the Originators to the Buyer during the most recently ended Settlement Period;
(b)    the aggregate Purchase Price for all Receivables which were sold or contributed by the Originators to the Buyer during the most recently ended Settlement Period (such aggregate Purchase Price with respect to a Settlement Period, an “Aggregate Originator Purchase Price”);
(c)    the portion, if any, of the Aggregate Originator Purchase Price for the most recently ended Settlement Period that was paid in cash during such Settlement Period;

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(d)    the portion, if any, of the Aggregate Originator Purchase Price for the most recently ended Settlement Period that was paid in the form of an increase in the principal amount of the Subordinated Note during such Settlement Period;
(e)    the portion, if any, of the Aggregate Originator Purchase Price for the most recently ended Settlement Period that was paid in the form of a capital contribution by Outernet to Buyer during such Settlement Period; 
(f)    the Sellers’ Net Worth as of the Cut-Off Date of the most recently ended Settlement Period; 
(g)    the aggregate amount by which the principal balance of the Subordinated Note was repaid during the most recently ended Settlement Period; and
(h)    the aggregate outstanding principal amount of the Subordinated Note as of the Cut-Off Date of the most recently ended Settlement Period.
ARTICLE III
 
ADMINISTRATION AND COLLECTION

SECTION 3.1    Media LLC to Act as Servicer; Contracts.  (a)  Media LLC shall be responsible for the servicing, administration and collection of the Receivables and the Related Assets for the benefit of Buyer and for the benefit of Administrative Agent (as Buyer’s assignee) on behalf of the Purchaser Parties, all on the terms set out in (and subject to any rights to terminate Media LLC as Servicer and appoint a successor Servicer pursuant to) the Receivables Purchase Agreement.
(b)    Each Originator shall reasonably cooperate with Buyer and Servicer in collecting amounts due from Obligors in respect of the Receivables.
(c)    Buyer and each Originator hereby grant to Servicer an irrevocable power of attorney, with full power of substitution, coupled with an interest, to take or cause to be taken in the name of Buyer or such Originator, as the case may be, any and all steps which are necessary or advisable to endorse, negotiate, enforce, or otherwise realize on any checks, instruments or other proceeds of the Receivables or other right of any kind held or transmitted by Buyer or such Originator or transmitted or received by Buyer (whether or not from such Originator) or such Originator in connection with any Receivable and any Related Assets (including under the related Records).
(d)    Each Originator hereby grants to Buyer and to Administrative Agent, as assignee of Buyer, an irrevocable power of attorney, with full power of substitution, coupled with an interest, to take or cause to be taken in the name of Buyer or such Originator, as the case may be, any and all steps which are necessary or advisable to endorse, negotiate, enforce, or otherwise realize on any checks, instruments or other proceeds of the Receivables or other right of any kind held or transmitted by Buyer or such Originator or transmitted or received by Buyer (whether or not from such Originator) or such Originator 

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in connection with any Receivable and any Related Assets (including under the related Records); provided, however, the rights granted in this Section 3.1(d) may only be exercised by the Administrative Agent during the continuance of a Purchase and Sale Termination Event or Event of Termination.
(e)    Each Originator shall perform all of its obligations under the Records to the same extent as if the Receivables had not been sold or contributed, as applicable, hereunder and the exercise by each of Buyer, Servicer, Administrative Agent or any of their respective designees of its rights hereunder or under the Receivables Purchase Agreement shall not relieve such Originator from such obligations.
SECTION 3.2    Deemed Collections.  (a)  If on any day:
(i)    the Unpaid Balance of any Receivable originated by any Originator is: (A) reduced or adjusted as a result of any defective, rejected, returned, repossessed or foreclosed goods or services, or any revision, cancellation, allowance, rebate, credit memo, discount or other adjustment made by such Originator or any Affiliate of such Originator, or any setoff, counterclaim or dispute between such Originator or any Affiliate of such Originator, and an Obligor, in each case other than with respect to the credit-worthiness of any related Obligor, (B) less than the amount included in calculating the Net Pool Balance for purposes of any Information Package (for any reason other than such Receivable becoming a Defaulted Receivable or due to the application of Collections received with respect to such Receivable), or (C) extended, amended or otherwise modified or waived or any payment term or condition of any related Contract is amended, modified or waived (except as expressly permitted under Section 9.02(a) of the Receivables Purchase Agreement); or
(ii)    any of the representations or warranties of any Originator set forth in Section 4.2(a), (c), (k) or (q) were untrue when made with respect to any Receivable originated by such Originator or as a result of any action or inaction of such Originator (other than solely as a result of the failure to collect such Receivable due to a discharge in bankruptcy or similar insolvency proceeding or other credit related reasons with respect to the relevant Obligor) are no longer true with respect to any Receivable originated by such Originator, in each case, as determined by the Administrative Agent and notified to such Originator;
then, on such day, such Originator shall be deemed to have received a Collection of such Receivable:
(1)    in the case of clauses (i)(A) or (B) above, in the amount of such reduction or cancellation or the difference between the actual Unpaid Balance (as determined immediately prior to the applicable event) and the amount included in respect of such Receivable in calculating such Net Pool Balance or, in the case of clause (i)(C) above, in the amount that such extension, amendment, modification or waiver affects the Unpaid Balance of the related Receivable in the sole determination of Buyer or the Administrative Agent, as its assignee; or

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(2)    in the case of clause (ii) above, in the amount of the entire Unpaid Balance of the relevant Receivable (as determined immediately prior to the applicable event) with respect to which such representations or warranties of such Originator were or became untrue.
Collections deemed received by any Originator under this Section 3.2(a) are herein referred to as “Deemed Collections”.
(b)    Not later than the second Business Day after any Originator is deemed to have received a Deemed Collection, it (or Lead Originator or Servicer on its behalf) shall transfer to a Lock-Box Account immediately available funds in the amount of such Deemed Collections.
(c)    If a Deemed Collection payment is made with respect to a Receivable in the amount of the Unpaid Balance thereof (as determined immediately prior to the applicable event), and the credit for such reduction has been applied pursuant to Section 3.2(b), Buyer shall automatically be deemed to have reconveyed such Receivable to the applicable Originator, without representation or warranty, but free and clear of all liens, security interests, charges, and encumbrances created by Buyer.
SECTION 3.3    Actions Evidencing Purchases.  (a)  On or prior to the Restatement Date, each Originator (or Servicer, on behalf of such Originator) shall mark its records evidencing Receivables and Contracts in a form acceptable to Buyer, evidencing that the Receivables originated by such Originator have been transferred in accordance with this Agreement, and none of the Originators or Servicer shall change or remove such mark without the consent of Buyer and the Administrative Agent, as its assignee.  In addition, each Originator agrees that from time to time, at its expense, it will promptly execute and deliver all further instruments and documents, and take all further action that Buyer or the Administrative Agent, as its assignee may request in order to perfect, protect or more fully evidence the purchases, sales and contributions hereunder, or to enable Buyer or the Administrative Agent, as its assignee to exercise or enforce any of their respective rights with respect to the Receivables and the Related Assets.  Without limiting the generality of the foregoing, each Originator will upon the request of Buyer or its designee:  (i) authorize and file such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, as may be necessary or appropriate to perfect the interests of Buyer and the Administrative Agent, as its assignee in the Receivables originated by such Originator and the Related Assets; and (ii) if an Event of Termination has occurred and is continuing, mark its master data processing records that evidence or list such Receivables and related Contracts with a legend, acceptable to Buyer and the Administrative Agent, as its assignee, evidencing that the related Receivables have been sold or contributed in accordance with this Agreement.
(b)    Each Originator hereby authorizes Buyer or its designee (i) to file in the name of such Originator one or more financing or continuation statements, and amendments thereto and assignments thereof, relative to all or any of the Receivables originated by such Originator and the Related Assets now existing or hereafter arising and (ii) to the extent permitted by the Receivables Purchase Agreement, to notify Obligors of the assignment of the Receivables originated by such Originator and the Related Assets.

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(c)    Without limiting the generality of Section 3.3(a), each Originator shall: authorize and deliver and file or cause to be filed appropriate continuation statements, not earlier than six months and not later than one month prior to the fifth anniversary of the date of filing of the financing statements filed in connection with the Restatement Date or any other financing statement filed pursuant to this Agreement, if the Final Payout Date shall not have occurred.
SECTION 3.4    Application of Collections.  Any payment by an Obligor in respect of any indebtedness owed by it shall be applied as specified in writing or otherwise by such Obligor or as required by Applicable Law or by the underlying Contract.  If the manner of application of any such payment is not specified by the related Obligor and is not required by Applicable Law or by the underlying Contract, such payment shall, unless Buyer instructs otherwise, be applied: first, as a Collection of any Receivable or Receivables then outstanding of such Obligor, with such Receivables being paid in the order of the oldest first, and, second, to any other indebtedness of such Obligor.
ARTICLE IV 
 
REPRESENTATIONS AND WARRANTIES
SECTION 4.1    Mutual Representations and Warranties.  Each Originator represents and warrants to Buyer, and Buyer represents and warrants to each Originator, as of the date hereof and as of each date on which a purchase and sale or contribution, as applicable, is made hereunder, as follows:
(a)    Organization and Good Standing.  It has been duly organized in, and is validly existing as a corporation or limited liability company, as applicable, in good standing under the Applicable Laws of its jurisdiction of organization, with all requisite power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted, except to the extent that such failure would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(b)    Due Qualification.  It is in good standing in its jurisdiction of organization and has obtained all necessary licenses, approvals and qualifications, if any, in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualifications, licenses or approvals, except to the extent that failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(c)    Power and Authority; Due Authorization.  It (i) has all necessary power and authority to (A) execute and deliver this Agreement and the other Transaction Documents to which it is a party in any capacity, (B) carry out the terms of and perform its obligations under the Transaction Documents applicable to it, (C) with respect to such Originator, sell, assign or contribute (solely in the case of Outernet) the Receivables and the Related Assets on the terms and conditions herein provided, (D) with respect to such Originator, grant a 

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security interest in the Receivables on the terms and conditions herein provided, and (E) with respect to Buyer, purchase, acquire and own the Receivables and the Related Assets on the terms and conditions herein provided and (ii) has duly authorized by all necessary corporate or limited liability company action, the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party in any capacity.
(d)    Binding Obligations.  This Agreement constitutes, and each other Transaction Document to be signed by it when duly executed and delivered by it will constitute, a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar Applicable Laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.
(e)    No Violation.  The execution, delivery and performance by it of this Agreement and the other Transaction Documents to which it is a party will not (i) conflict with, result in any breach or (without notice or lapse of time or both) a default under, (A) its articles or certificate of incorporation, by-laws, certificate of formation or limited liability company agreement, as applicable, or (B) any indenture, loan agreement, asset purchase agreement, mortgage, deed of trust, or other agreement or instrument to which it is a party or by which it or any of its properties is bound, where such conflict, breach or default would reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, (ii) result in the creation or imposition of any Adverse Claim (other than any Adverse Claim created in connection with this Agreement and the other Transaction Documents) upon any of its properties pursuant to the terms of any such indenture, loan agreement, asset purchase agreement, mortgage, deed of trust, or other agreement or instrument to which it is a party or by which it or any of its properties is bound, or (iii) violate any Applicable Law applicable to it or any of its properties where such violation of Applicable Law would reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect.
(f)    No Proceedings.  There are no actions, suits, proceedings, claims, disputes or investigations pending, or to its knowledge threatened in writing, before any Governmental Authority (i) asserting the invalidity of this Agreement or any other Transaction Document to which it is a party, (ii) seeking to prevent the sale, assignment or contribution, as applicable, of any Receivables and Related Assets or the consummation of the purposes of this Agreement or of any of the other Transaction Documents to which it is a party, or (iii) seeking any determination or ruling that has had or would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(g)    Governmental Approvals.  No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by it of this Agreement or any other Transaction Document to which it is a party or the transactions contemplated thereby, except for the filing of the UCC financing statements referred to in Article VI of the Receivables Purchase Agreement, 

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all of which, at the time required in Article VI of the Receivables Purchase Agreement, shall have been duly made and shall be in full force and effect and any filings required under applicable securities laws.
(h)    Litigation.  There are no actions, suits, proceedings, claims or disputes pending, or to its knowledge threatened in writing or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against it or its properties that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.
(i)    Ordinary Course of Business.  Each remittance of Collections on the Receivables transferred by such Originator to Buyer under this Agreement or pursuant to the Transaction Documents will have been (i) in payment of a debt incurred by such Originator in the ordinary course of business or financial affairs of such Originator and the Buyer and (ii) made in the ordinary course of business or financial affairs of such Originator and the Buyer.
SECTION 4.2    Additional Representations and Warranties of Each Originator.  Each Originator represents and warrants to Buyer as of the date hereof and as of each date on which a purchase and sale or contribution, as applicable, is made hereunder, as follows:
(a)    Valid Sale.  This Agreement constitutes an absolute and irrevocable valid sale, transfer and assignment or contribution (solely in the case of Outernet), as applicable, of the Receivables originated by such Originator and the Related Assets to Buyer free and clear of any Adverse Claim (other than Permitted Adverse Claims), or alternatively the granting of a valid security interest in the Receivables originated by such Originator and the Related Assets to Buyer, enforceable against creditors of, and purchasers from, such Originator.
(b)    Use of Proceeds.  The use of all funds obtained by such Originator under this Agreement will not contravene any of Regulations T, U and X promulgated by the Federal Reserve Board.
(c)    Quality of Title.  At the time of its sale or contribution to Buyer hereunder, each Receivable originated by such Originator, together with the Related Assets, is owned by it free and clear of any Adverse Claim other than Permitted Adverse Claims; when Buyer purchases or acquires by contribution such Receivable and Related Assets and all Collections and proceeds if any of the foregoing, Buyer shall have acquired for fair consideration and reasonably equivalent value, all right, title and interest of such Originator thereto (and such Originator represents and warrants that it has taken all steps under the UCC necessary to perfect the transfer of such ownership interest in such assets), free and clear of any Adverse Claim other than Permitted Adverse Claims; and no valid effective financing statement or other instrument similar in effect covering any Receivable, any interest therein, and the Related Assets is on file in any recording office, except such as may be filed (i) in favor of Buyer in accordance with any Transaction Document (and 

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assigned to Administrative Agent) or (ii) in favor of Administrative Agent in accordance with the Receivables Purchase Agreement or any Transaction Document.
(d)    Accurate Reports.  No Information Package or any other information, exhibit, financial statement, document, book, record or report furnished by or on behalf of any Originator or any of its Affiliates to Buyer, Administrative Agent or any other Secured Party in connection with this Agreement or any other Transaction Document:  (i) was untrue or inaccurate in any material respect as of the date it was dated or (except as otherwise disclosed in writing to Administrative Agent, Buyer, or such Secured Party at such time) as of the date so furnished; or (ii) when taken as a whole, contained when furnished any material misstatement of fact or omitted, to state a material fact or any fact necessary to make the statements contained therein, in light of the circumstances in which they were made not materially misleading; provided, however, that, with respect to projected or pro forma financial information and information of a general economic or industry specific nature, each Originator represents only that such information has been prepared in good faith based on assumptions believed by such Originator to be reasonable at the time of preparation.
(e)    UCC Details.  Such Originator’s true legal name as registered in the sole jurisdiction in which it is organized, the jurisdiction of such organization, its organizational identification number, if any, as designated by the jurisdiction of its organization, its federal employer identification number, if any, and the location of its chief executive office and principal place of business are specified in Annex 1 and the offices where such Originator keeps all its Records are specified in Annex 1 (or at such other locations, notified to Administrative Agent and Buyer in accordance with Section 7.01(l) or 8.01(f) of the Receivables Purchase Agreement), in jurisdictions where all actions required under Section 9.06 of the Receivables Purchase Agreement has been taken and completed.  Except as described in Annex 1, such Originator has no, and has never had any, trade names, fictitious names, assumed names or “doing business as” names and such Originator has never changed the location of its chief executive office or its true legal name, identity or corporate structure.  Each Originator is organized only in a single jurisdiction.
(f)    Lock-Box Accounts.  The names and addresses of all of the Lock‐Box Banks, together with the account numbers of the Lock‐Box Accounts at such Lock-Box Banks, are specified in Schedule II to the Receivables Purchase Agreement (or have been notified to and approved by the Administrative Agent in accordance with Section 8.03(d) of the Receivables Purchase Agreement).  
(g)    Tax Status.  Such Originator (i) has timely filed all federal, state and local tax returns required to be filed by it and (ii) has paid or caused to be paid all taxes and assessments due pursuant to such returns or received by it, respectively, other than taxes and assessments contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP and as to which no Adverse Claim (other than a Permitted Adverse Claim) exists, except where the failure to do so 

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would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(h)    Servicing Programs.  No license or approval is required for Servicer’s or Buyer’s use of any software or other computer program used by any Originator or any Sub-Servicer in the servicing of the Receivables, other than those which have been obtained and are in full force and effect.
(i)    Credit and Collection Policies.  Such Originator has complied with the Credit and Collection Policies in all material respects, and such policies have not changed in any material respect since the Restatement Date except as permitted under Section 5.3(g).  
(j)    Compliance with Applicable Law.  Such Originator has complied with all Applicable Law, except where such noncompliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(k)    Eligible Receivables.  Each Receivable was an Eligible Receivable on the date of any sale or contribution hereunder, unless otherwise specified in the first Information Package that includes such Receivable.
(l)    Adverse Change.  Since December 31, 2018, there has been no event or occurrence that has caused, or would reasonably be expected to cause, a Material Adverse Effect.
(m)    Financial Condition.  All financial statements of Parent and its consolidated Subsidiaries delivered pursuant to Section 8.05(a) of the Receivables Purchase Agreement were prepared in accordance with GAAP in effect on the date such statements were prepared and fairly present in all material respects the financial condition of Parent and its Subsidiaries as of the dates thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the periods covered thereby, (i) except as otherwise expressly noted therein and (ii) subject, in the case of quarterly financial statements, to changes resulting from normal year-end adjustments and the absence of footnotes.  
(n)    Investment Company Act.  Such Originator is not required to register as an “investment company” under (and as defined in) the Investment Company Act.
(o)    ERISA.  Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, such Originator and its respective ERISA Affiliates (i) have fulfilled their obligations under the minimum funding standards of ERISA and the Code with respect to each Pension Plan; (ii) are in compliance in all material respects with the applicable provisions of ERISA and the Code with respect to each Pension Plan; (iii) have not incurred any liability to the PBGC or to any Pension Plan under Title IV of ERISA, other than a liability to the PBGC for premiums under Section 4007 of ERISA already paid or not yet due; (iv) have not incurred any liability to the PBGC or to any Pension Plan under Title IV of ERISA with respect to a plan termination 

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under Section 4041 of ERISA; and (v) have not incurred any Withdrawal Liability to a Multiemployer Plan.  No steps have been taken by any Person to terminate any Pension Plan the assets of which are not sufficient to satisfy all of its benefit liabilities under Title IV of ERISA.
(p)    No Event of Termination.  No event has occurred and is continuing and no condition exists, or would result from the sale, transfer and assignment or contribution of the Receivables originated by such Originator, that constitutes or would reasonably be expected to constitute an Event of Termination or Unmatured Event of Termination.
(q)    No Fraudulent Conveyance.  No sale or contribution hereunder constitutes a fraudulent transfer or conveyance under any United States federal or applicable state bankruptcy or insolvency laws or is otherwise void or voidable under such or similar laws or principles or for any other reason.
(r)    Solvent.  Such Originator is Solvent.
(s)    Reliance on Separate Legal Identity.  Such Originator hereby acknowledges that the Secured Parties, the Group Agents and the Administrative Agent are entering into the transactions contemplated by this Agreement and the other Transaction Documents in reliance upon such Originator’s identity as a legal entity separate from the Buyer.
(t)    Policies and Procedures.  Policies and procedures have been implemented and maintained by or on behalf of such Originator that are designed to achieve compliance by such Originator and its Subsidiaries, directors, officers, employees and agents with Anti-Corruption Laws, Anti-Terrorism Laws and applicable Sanctions giving due regard to the nature of such Person’s business and activities, and such Originator, its Subsidiaries and their respective officers and employees and, to the knowledge of such Originator, its officers, employees, directors and agents acting in any capacity in connection with or directly benefitting from the facility established hereby, are in compliance with Anti-Corruption Laws, Anti-Terrorism Laws and applicable Sanctions.
(u)    Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions.  (i) None of such Originator or any of its Subsidiaries or, to the knowledge of such Originator, any of its directors, officers, employees, or agents that will act in any capacity in connection with or directly benefit from the facility established hereby is a Sanctioned Person, (ii) none of such Originator or any of its Subsidiaries is organized or resident in a Sanctioned Country and (iii) such Originator has not violated, been found in violation of or is under investigation by any Governmental Authority for possible violation of any Anti-Corruption Laws, Anti-Terrorism Laws or Sanctions.
(v)    Proceeds.  No sale or contribution of Receivables or use of proceeds thereof by such Originator in any manner will violate Anti-Corruption Laws, Anti-Terrorism Laws or applicable Sanctions.

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(w)    Opinions.  The facts regarding such Originator, the Receivables, the Related Assets, the transactions contemplated by the Transaction Documents and the related matters set forth or assumed in each of the true sale and non-consolidation opinions of counsel delivered in connection with this Agreement and the Transaction Documents are true and correct in all material respects.
(x)    Bulk Sales Act.  No transaction contemplated hereby requires compliance by it with any bulk sales act or similar law.
ARTICLE V
 
GENERAL COVENANTS
SECTION 5.1    Mutual Covenants.  At all times prior to the Final Payout Date, Buyer and each Originator shall:
(a)    Compliance with Applicable Laws, Etc.  Comply with all Applicable Laws with respect to it, the Receivables and each of the related Contracts, except where the failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(b)    Preservation of Existence.  Preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its organization, and qualify and remain qualified in good standing as a foreign organization in each jurisdiction except where the failure to qualify or preserve or maintain such existence, rights, franchises or privileges would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(c)    Separateness.  (i) To the extent applicable to it, observe the applicable legal requirements for the recognition of Buyer as a legal entity separate and apart from Outernet and any Affiliate of Outernet, including complying with (and causing to be true and correct), in all material respects, each of the facts and assumptions contained in the legal opinions of counsel delivered in connection with this Agreement and the other Transaction Documents regarding “true” sale and “substantive consolidation” matters (and any later bring-downs or replacements of such opinions), and (ii) not take any actions inconsistent in any material respect with the terms of Section 8.08 of the Receivables Purchase Agreement or Buyer’s limited liability company agreement.
Media LLC may issue consolidated financial statements that include Buyer, but such financial statements shall contain a footnote to the effect that the Receivables and Related Assets of Buyer are not available to creditors of any Originator.  If any Originator provides Records relating to Receivables to any creditor of such Originator, such Originator shall also provide to such creditor a notice indicating that (A) such Receivables have been conveyed to the Buyer and sold to the Administrative Agent in accordance with the Transaction Documents and (B) the Collections relating to such Receivables are held in trust pursuant to Section 4.01 of the Receivables Purchase Agreement.  If any Originator has separate financial statements than from Media LLC, it shall cause 

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its financial statements to disclose the separateness of Buyer and that the Receivables originated by such Originator are owned by Buyer and are not available to creditors of such Originator or of its Affiliates.
SECTION 5.2    Additional Covenants of Each Originator.  At all times prior to the Final Payout Date, each Originator shall:
(a)    Inspections.  (i) From time to time, upon reasonable notice from Buyer or Administrative Agent, as applicable, and at reasonable times during regular business hours, permit Buyer, Administrative Agent, each Group Agent, Liquidity Agent, any Program Support Provider and any of their respective representatives including certified public accountants or other auditors or consultants acceptable to Administrative Agent, such Group Agent, Liquidity Agent, any Program Support Provider or Buyer, as applicable (the reasonable out-of-pocket costs and expenses thereof to be reimbursed by such Originator), (A) to examine and make copies of and abstracts from all Records in the possession or under the control of such Originator or its Affiliates or agents, and (B) to visit the offices and properties of such Originator or its agents or Affiliates for the purpose of examining such materials described in clause (A) above, and to discuss matters relating to the Receivables originated by such Originator or such Originator’s performance hereunder with any of the officers of such Originator or its Affiliates having knowledge of such matters; and (ii) without limiting the provisions of clause (i) above, from time to time on request of the Administrative Agent or the Buyer at any time an Event of Termination shall have occurred that has not been waived in accordance with this Agreement, permit certified public accountants or other consultants or auditors acceptable to Administrative Agent to conduct, at such Originator’s expense, a review of such Originator’s books and records relating to Pool Receivables; provided that, unless an Event of Termination shall have occurred that has not been waived in accordance with the Receivables Purchase Agreement at the time any such audit/inspection is requested, such Originator shall only be required to reimburse any Person for costs and expenses related to one such audit/inspection during any calendar year (excluding any audits/inspections requested by Buyer).
(b)    Keeping of Records and Books of Account; Delivery.  Maintain and implement, or cause to be maintained and implemented, administrative and operating procedures (including an ability to recreate records evidencing the Receivables and Related Assets in the event of the destruction of the originals thereof, backing up on at least a daily basis on a separate backup computer from which electronic file copies can be readily produced and distributed to third parties being agreed to suffice for this purpose), and keep and maintain, or cause to be kept and maintained (or transferred to Servicer), all documents, books, records and other information necessary or advisable for the collection of all Receivables and Related Assets (including records adequate to permit the daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable received, made or otherwise processed on that day).  At any time after the occurrence of an Event of Termination that has not been waived in accordance with the Receivables Purchase Agreement, upon the request of the Administrative Agent or Buyer, deliver the originals of all Contracts to the Administrative Agent or its designee, together 

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with electronic and other files applicable thereto, and other Records necessary to enforce the related Receivable against any Obligor thereof.
(c)    Performance and Compliance with Receivables and Contracts.  At its expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Contracts and the Receivables, unless such Originator or the Servicer makes a Deemed Collection payment in respect of  the entire Unpaid Balance thereof in accordance with Section 3.2.
(d)    Location of Records.  Keep its chief place of business and chief executive office, and the offices where it keeps its Records (and all original documents relating thereto), at the address(es) of such Originator referred to in Annex 1 or, upon thirty (30) days’ prior written notice to the Administrative Agent, at such other locations in jurisdictions where all action required by Section 9.06 of the Receivables Purchase Agreement shall have been taken and completed.
(e)    Credit and Collection Policies.  Comply in all material respects with the Credit and Collection Policy in regard to each Receivable originated by such Originator and the Related Assets.
(f)    Collections.  Instruct all Obligors to cause all Collections of Receivables and Related Assets to be deposited directly in a Lock-Box Account covered by an effective Lock-Box Agreement.  In the event such Originator, the Servicer or any of their respective Affiliates otherwise receives any Collections, such Person will deposit such Collections in a Lock-Box Account covered by an effective Lock-Box Agreement within two (2) Business Days of such receipt thereof.  In the event that any funds other than Collections are deposited into any Lock-Box Account, the Buyer (or the Servicer on its behalf) shall within two (2) Business Days identify and transfer such funds to the appropriate Person entitled to such funds.  Such Originator shall at all times maintain or cause to be maintained such documents, books, records and other information necessary or advisable to (i) on a daily basis identify Collections of Receivables received from time to time, (ii) on a daily basis identify Subject Collections received from time to time and the Subject Receivable to which each portion of Subject Collections relates and (iii) segregate within two (2) Business Days Collections of Receivables from Subject Collections and other property of the Servicer, such Originator and their respective Affiliates other than the Buyer.
(g)    Agreed Upon Procedures.  Reasonably cooperate with Servicer and the designated accountants or consultants for each annual agreed upon procedures report required pursuant to Sections 8.02(f) and 8.05(g) of the Receivables Purchase Agreement.
(h)    Frequency of Billing.  Prepare and deliver (or cause to be prepared and delivered) invoices with respect to each Receivable originated by such Originator in accordance with its Credit and Collection Policy, but in any event no less frequently than as required under the Contract related to such Receivable.

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(i)    Federal Assignment of Claims Act.  If reasonably requested by the Administrative Agent, prepare and make any filings under the Federal Assignment of Claims Act (or any other similar Applicable Law) with respect to Receivables from Obligors that are Governmental Authorities, that are necessary or desirable in order for the Administrative Agent to enforce such Receivable against the Obligor thereof.
(j)    Insurance.  Maintain with financially sound and reputable insurance companies, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance reasonable and customary for similarly situated Persons engaged in the same or similar businesses as Parent and its Subsidiaries) as are customarily carried under similar circumstances by such other Persons.
(k)    Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions.  Ensure that policies and procedures are maintained and enforced by or on behalf of such Originator that are designed to promote and achieve compliance by such Originator and each of its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, Anti-Terrorism Laws and applicable Sanctions.
SECTION 5.3    Reporting Requirements.  From the date hereof until the Final Payout Date, each Originator will furnish to Buyer and to Administrative Agent each of the following:
(a)    Quarterly Financial Statements.  (i) Within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Parent, a consolidated balance sheet of Parent and its Subsidiaries as at the end of such fiscal quarter and the related (A) consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended, and (B) consolidated statements of cash flows for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and certified by a Responsible Officer of Parent as fairly presenting in all material respects the financial condition, results of operations, stockholders’ equity and cash flows of Parent and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes.
(ii)    Annual Financial Statements.  Within ninety (90) days after the end of each fiscal year of Parent, a consolidated balance sheet of Parent and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of PricewaterhouseCoopers LLP or any other independent registered public accounting firm of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like 

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qualification or exception or any qualification or exception as to the scope of such audit (other than any qualification that is expressly solely with respect to, or expressly resulting solely from, (i) an upcoming maturity date of the Credit Agreement; or (ii) any potential inability to satisfy a financial maintenance covenant on a future date or in a future period) (an “Accounting Opinion”).
 Notwithstanding the foregoing, the obligations in clauses (i) and (ii) of this Section 5.3(a) may be satisfied with respect to financial information of Parent and its Subsidiaries by furnishing Parent’s Annual Report on Form 10-K or Quarterly Reports on Form 10-Q filed with the SEC and, to the extent not included in the relevant 10-K, a related Accounting Opinion.  
Documents required to be delivered pursuant to Section 5.3 may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Parent (or any direct or indirect parent of Parent) posts such documents, or provides a link thereto, at the following website: www.outfrontmedia.com, to which each Group Agent and the Administrative Agent have access; or (ii) on which such documents are posted on Parent’s behalf on IntraLinks/IntraAgency or another relevant website (including without limitation the EDGAR website of the SEC), if any, to which each Group Agent and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent). 
(b)    Financial Statements and Other Information.  Each Originator shall furnish (or caused to be furnished) to Administrative Agent:
(i)    promptly after the same become publicly available, copies of all proxy statements, financial statements and regular or special reports which the Parent sends generally to its stockholders;
(ii)    promptly upon its receipt of any material notice, request for consent, financial statements, certification, report or other communication under or in connection with any Transaction Document from any Person other than the Buyer, the Administrative Agent or any Group Agent, copies of the same;
(iii)    promptly following a request therefor, any documentation or other information (including with respect to any Outfront Party) that Buyer, Administrative Agent or any Group Agent reasonably requests in order to comply with its ongoing obligations under the applicable “know your customer” and anti money laundering rules and regulations, including the PATRIOT Act; and
(iv)    from time to time such further information regarding the business, affairs and financial condition of the Outfront Parties as Buyer or Administrative Agent shall reasonably request.
(c)    ERISA.  Promptly after such Originator becomes aware of the occurrence of any ERISA Event, a notice indicating that such event has occurred, accompanied by a written statement of a Responsible Officer of such Originator setting forth details of the occurrence referred to therein and stating what action it proposes to take with respect thereto.

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(d)    Events of Termination.  Notice of the occurrence of any Event of Termination or Unmatured Event of Termination, accompanied by a written statement of a Financial Officer of such Originator setting forth details of such event and the action that such Originator proposes to take with respect thereto, such notice to be provided promptly (but not later than one (1) Business Day) after such Originator obtains knowledge of any such event.
(e)    Servicing Programs.  If the Servicer is not Media LLC (or an Affiliate of Media LLC) or if any Event of Termination has occurred that has not been waived in accordance with the terms of the Receivables Purchase Agreement and a license or approval is required for Buyer or such successor Servicer’s use of any software or other computer program used by such Servicer (or its Affiliate) in the servicing of the Receivables, then such Originator shall at its own expense arrange for Buyer and such successor Servicer to receive any such required license or approval. 
(f)    Litigation.  As soon as possible, and in any event within two (2) Business Days after such Originator obtains knowledge thereof, notice of (i) any litigation, investigation or proceeding initiated against such Originator which has had or would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and (ii) any material adverse development in any such litigation previously disclosed by it.
(g)    Change in Credit and Collection Policies or Business.  At least thirty (30) days prior to (i) the effectiveness of any material change in or material amendment to the Credit and Collection Policy, a description or, if available, a copy of the Credit and Collection Policy then in effect and a written notice (A) indicating such change or amendment and (B) if such proposed change or amendment would be reasonably likely to adversely affect the collectability of the Receivables or decrease the credit quality of any newly created Receivables, requesting Buyer’s, Administrative Agent’s and Majority Group Agent’s consent thereto and (ii) any change in the character of such Originator’s business that has or would, individually or in the aggregate, reasonably be expected to materially and adversely affect the ability of such Originator to perform its obligations hereunder or otherwise have a Material Adverse Effect or that would prevent such Originator from conducting its business operations relating to the Receivables or the performance of its duties and obligations hereunder or under the other Transaction Documents, a written notice indicating such change and requesting Buyer’s, Administrative Agent’s and Majority Group Agent’s consent thereto.
(h)    Other Information.  Promptly, from time to time, such Records or other information, documents, records or reports respecting the condition or operations, financial or otherwise, of such Originator as Administrative Agent or Buyer may from time to time reasonably request in order to protect the interests of Buyer, Administrative Agent or any Purchaser Party under or as contemplated by this Agreement or any other Transaction Document or to comply with any Applicable Law or any Governmental Authority.

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SECTION 5.4    Negative Covenants of Each Originator.  From the date hereof until the Final Payout Date, each Originator shall not, without the prior written consent of Administrative Agent and Buyer, do or permit to occur any act or circumstance that it has covenanted not to do in any Transaction Document to which it is a party in any capacity, or:
(a)    Sales, Adverse Claims, Etc.  Except as otherwise explicitly provided herein or in the other Transaction Documents, sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim (other than a Permitted Adverse Claim) upon or with respect to (i) any Receivable or Related Contract or any Related Asset, or any interest therein, or any proceeds of the foregoing, or any Lock‐Box Account to which any Collections of any of the foregoing are sent, or any right to receive income or proceeds from or in respect of any of the foregoing or (ii) with respect to Outernet, any Capital Stock of the Buyer.
(b)    Extension or Amendment of Receivables.  Except as permitted under Section 9.02(a) of the Receivables Purchase Agreement, extend, amend or otherwise modify the payment terms of any Receivable or amend, modify or waive any payment term or condition of any related Contract, in each case unless a corresponding Deemed Collection payment in respect of such Receivable is made in connection therewith.
(c)    Change in Credit and Collection Policies or Business.  (i) Make or consent to any change in, or waive any of the provisions of, the Credit and Collection Policies that would be reasonably likely to materially adversely affect the collectability of the Receivables or decrease the credit quality of any newly created Receivables without the prior written consent of the Buyer and Administrative Agent, (ii) make any change in the character of its business that would have or could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, in either case, without the prior written consent of Buyer and Administrative Agent or (iii) amend, waive or otherwise modify any other Transaction Document to which it is a party, in any capacity, or consent to any amendment, waiver or modification of any Transaction Document, in each case, without the prior written consent of Administrative Agent and the Majority Group Agent.
(d)    Change in Lock-Box Banks.  (i) Add any bank or lock-box account not listed on Schedule II to the Receivables Purchase Agreement as a Lock-Box Bank or Lock-Box Account unless Administrative Agent shall have previously approved and received duly executed copies of all Lock-Box Agreements and/or amendments thereto covering each such new bank and lock-box account, (ii) terminate any Lock-Box Bank, Lock-Box Agreement or related Lock-Box Account without the prior written consent of Administrative Agent and, in each case, only if all of the payments from Obligors that were being sent to such Lock-Box Bank or Lock-Box Account will, upon termination of such Lock-Box Bank or Lock-Box Account and at all times thereafter, be deposited in a Lock-Box Account with another Lock-Box Bank covered by a Lock-Box Agreement or (iii) amend, supplement or otherwise modify any Lock-Box Agreement without the prior written consent of Buyer and Administrative Agent.

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(e)    Mergers, Sales, Etc.  Consolidate or merge with or into any other Person or sell, lease or transfer all or substantially all of its property and assets as an entirety to any Person, unless in the case of any merger or consolidation (i) such Originator shall be the surviving entity and (A) no Change in Control shall result and (B) no Event of Termination or Unmatured Event of Termination has occurred and is continuing or would result therefrom or (ii) (A) the surviving entity shall be an entity organized or existing under the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof, (B) the surviving entity shall execute and deliver to Buyer, Administrative Agent and each Group Agent an agreement, in form and substance reasonably satisfactory to Administrative Agent, containing an assumption by the surviving entity of the due and punctual performance and observance of each obligation, covenant and condition of such Originator under this Agreement, (C) no Change in Control shall result, (D) Performance Guarantor reaffirms in a writing, in form and substance reasonably satisfactory to Administrative Agent, that its obligations under the Performance Guaranty shall apply to the surviving entity, (E) no Event of Termination or Unmatured Event of Termination has occurred and is continuing or would result therefrom and (F) Administrative Agent receives such additional certifications, documents, instruments, agreements and opinions of counsel as it shall reasonably request, including as to the necessity and adequacy of any new UCC financing statements or amendments to existing UCC financing statements.
(f)    Deposits to Accounts.  (i) Deposit or otherwise credit, or cause or permit to be so deposited or credited, or direct any Obligor to deposit or remit, any Collection or proceeds thereof to any account or lock-box account (or related lock-box, if applicable) other than a Lock-Box Account covered by a Lock-Box Agreement or (ii) permit funds other than Collections and Subject Collections to be deposited into any Lock-Box Account.
Notwithstanding anything to the contrary set forth in this Agreement or any other Transaction Document, if a Triggering Event has occurred and is continuing:
(i)    on each Business Day, such Originator shall provide such information with respect to Subject Collections deposited into each Lock-Box Account as reasonably requested by the Administrative Agent; 
(ii)    within two (2) Business Days such Originator shall instruct or cause the Servicer to instruct the obligor of each Subject Receivable to cease remitting payments with respect to all Subject Receivables to any Lock-Box Account and to instead remit payments with respect thereto to any other account (other than a Lock-Box Account) from time to time identified to such obligor;
(iii)    such Originator shall immediately take or cause to be taken all other actions necessary to ensure that no Subject Collections are deposited into any Lock-Box Account; and
(iv)    such Originator shall no longer commingle or permit the Servicer or any other Person to commingle Collections with any Subject Collections.

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(g)    Change in Organization, Etc.  Change its jurisdiction of organization or its name, identity or corporate organization structure or make any other change such that any financing statement filed or other action taken to perfect Buyer’s or Administrative Agent’s interests hereunder and under the Receivables Purchase Agreement, as applicable, would become seriously misleading or would otherwise be rendered ineffective, unless (i) no Event of Termination or Unmatured Event of Termination has occurred and is continuing or would result immediately after giving effect thereto, (ii) no Change in Control shall result, (iii) Performance Guarantor reaffirms in a writing, in form and substance reasonably satisfactory to Administrative Agent, that its obligations under the Performance Guaranty shall apply to the new entity and (iv) Administrative Agent and Buyer have received such certificates, documents, instruments, agreements and opinions of counsel as they shall reasonably request, including as to the necessity and adequacy of any new UCC financing statements or amendments to existing UCC financing statements.  Each Originator shall at all times maintain its jurisdiction of organization and its chief executive office within a jurisdiction in the United States of America in which Article 9 of the UCC is in effect.
(h)    Actions Impairing Quality of Title.  Take any action that could reasonably be expected to cause any Receivable, together with the Related Assets, not to be owned by it free and clear of any Adverse Claim (other than Permitted Adverse Claims); or take any action that could reasonably be expected to cause Administrative Agent not to have a valid ownership interest or first priority perfected security interest in the Receivables and, to the extent such security interest can be perfected by filing a financing statement or the execution of an account control agreement, any Related Assets (or any portion thereof) and all cash proceeds of any of the foregoing, in each case, free and clear of any Adverse Claim (other than a Permitted Adverse Claim); or suffer the existence of any valid and effective financing statement or other instrument similar in effect covering any Receivable or any Related Asset on file in any recording office except such as may be filed (i) in favor of Buyer in accordance with any Transaction Document or (ii) in favor of Administrative Agent in accordance with this Agreement or any Transaction Document or take any action that could reasonably be expected to cause Administrative Agent not to have a valid first priority perfected security interest (subject to any Permitted Adverse Claim) in each Lock-Box Account and all amounts or instruments on deposit or credited therein from time to time.
(i)    Buyer’s Tax Status.  Take or cause any action to be taken that could result in the Buyer becoming treated other than as a disregarded entity within the meaning of U.S. Treasury Regulation § 301.7701-3 that is disregarded as separate from a United States person within the meaning of Section 7701(a)(30) of the Code for U.S. federal income tax purposes without the consent of the Administrative Agent.  
(j)    Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions.  Use or permit Performance Guarantor or its or Performance Guarantor’s Subsidiaries or their respective directors, officers, employees or agents to use, the proceeds of any sale or contribution of Receivables originated by such Originator (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or Anti-Terrorism Laws, (B) for the 

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purpose of funding or financing any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, in each case to the extent doing so would violate any Sanctions, or (C) in any other manner that would result in liability to any Affected Person under any applicable Sanctions or result in the violation of any Anti-Corruption Laws, Anti-Terrorism Laws or Sanctions.
(k)    Evading and Avoiding. Engage in, or permit Performance Guarantor or any of its or Performance Guarantor’s Subsidiaries or any director, officer, employee, agent or other Person acting on behalf of an Originator or any of its Subsidiaries in any capacity in connection with or directly benefitting from this Agreement to engage in, or conspire to engage in, any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions.
ARTICLE VI
 
TERMINATION OF PURCHASES
SECTION 6.1    Voluntary Termination.  Upon the occurrence and during the continuation of a Purchase and Sale Termination Event, the sale and contribution of Receivables and Related Assets pursuant to this Agreement may be terminated by the Buyer, with the prior written consent of the Administrative Agent, at any time when the Aggregate Capital is equal to zero.
SECTION 6.2    Automatic Termination.  The sale by any Originator or contribution by Outernet, as applicable, of Receivables and Related Assets pursuant to this Agreement shall automatically terminate if an Event of Bankruptcy shall have occurred and remain continuing with respect to such Originator or Buyer.
SECTION 6.3    Final Payout Date.  This Agreement shall terminate upon two (2) Business Days’ prior written notice by the Buyer, the Servicer or the Lead Originator to the other parties hereto and the Administrative Agent so long as the Final Payout Date has occurred and all Commitments have been reduced to $0.
ARTICLE VII 
 
INDEMNIFICATION
SECTION 7.1    Each Originator’s Indemnity.  (a)  General Indemnity.  Without limiting any other rights which any such Person may have hereunder or under Applicable Law, but subject to Sections 7.1(b) and 8.6, each Originator, jointly and severally, hereby agrees to indemnify and hold harmless Buyer, Buyer’s Affiliates and all of their respective successors, transferees, participants and assigns, all Persons referred to in Section 8.4 hereof, and all assigns, officers, members, managers, directors, shareholders, employees and agents of any of the foregoing (each an “Originator Indemnified Party”), from and against any and all claims, losses and liabilities (including Attorney Costs) (all of the foregoing being collectively referred to as “Originator 

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Indemnified Amounts”) arising out of or resulting from this Agreement or any other Transaction Document, any of the transactions contemplated thereby, or the ownership, maintenance or purchasing of the Receivables or in respect of or related to any Receivable or Related Assets or otherwise arising out of or relating to or in connection with the actions or inactions of any Outfront Party; excluding however (a) Originator Indemnified Amounts to the extent a final non-appealable judgment of a court of competent jurisdiction holds that the Originator Indemnified Amounts resulted solely from the gross negligence or willful misconduct by the Originator Indemnified Party seeking indemnification or any material breach of the obligations of the Originator Indemnified Party under the Transaction Documents, (b) Taxes (other than Taxes that represent losses, claims, damages etc. arising from any non-Tax claim) and (c) Originator Indemnified Amounts constituting recourse with respect to a Receivable or the Related Asset by reason of bankruptcy or insolvency, or the financial or credit condition or financial default, of the related Obligor.  Without limiting or being limited by the foregoing, each Originator, jointly and severally, shall pay on demand to each Originator Indemnified Party any and all amounts necessary to indemnify the Originator Indemnified Party from and against any and all Originator Indemnified Amounts relating to or resulting from any of the following (but excluding Originator Indemnified Amounts and Taxes described in clauses (a), (b) and (c) above (other than the Taxes specifically enumerated in clauses (xvi) and (xviii) below)):
(i)    the transfer by such Originator of any interest in any Receivable other than the sale or contribution, as applicable, of any Receivable and Related Assets to Buyer pursuant to this Agreement and the grant of a security interest or ownership interest in any Receivable and Related Assets to Buyer pursuant to this Agreement or the subsequent assignment to the Administrative Agent;
(ii)    any representation, warranty or statement made or deemed made by such Originator (or any of its officers) under or in connection with this Agreement, any of the other Transaction Documents, any Information Package or any other information or report delivered by or on behalf of any Originator pursuant hereto, which shall have been untrue, false or incorrect when made or deemed made;
(iii)    the failure of such Originator to comply with the terms of any Transaction Document, the Federal Assignment of Claims Act or any other Applicable Law or the nonconformity of any such Receivable or Related Assets with any such Applicable Law; 
(iv)    the lack of an enforceable ownership interest or a first priority perfected security interest in the Receivables (and all Related Assets) transferred by such Originator, or purported to be transferred by such Originator, to Buyer pursuant to this Agreement against all Persons (including any bankruptcy trustee or similar Person);
(v)    any attempt by any Person (including Buyer) to void the transfers by such Originator contemplated hereby under statutory provisions or common law or equitable action;

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(vi)    the failure to have filed, or any delay in filing, financing statements, financing statement amendments, continuation statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to any Receivable and the other Related Assets in respect thereof, transferred by such Originator, or purported to be transferred by such Originator, to Buyer pursuant to this Agreement whether at the time of any purchase or acquisition, as applicable, or at any subsequent time;
(vii)    any dispute, claim, offset or defense (other than discharge in bankruptcy) or other similar claim of the Obligor to the payment of any Receivable (including (x) a defense based on such Receivable, the related Contract, Agency Letter or the Related Assets not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms or (y) any dispute between an Advertiser Obligor and the related Agency Obligor as to which Person or Persons are obligated to make payment on a Receivable (whether before or after an Advertiser Obligor remits payment to an Agency Obligor)), or any other claim resulting from the sale of goods or the rendering of services related to such Receivable or the furnishing or failure to furnish any such goods or services or other similar claim or defense not arising from the financial inability of any Obligor to pay undisputed indebtedness or relating to collection activities with respect to such Receivable;
(viii)    any failure of such Originator to perform any of its duties or obligations in accordance with the provisions hereof and of each other Transaction Document related to the Receivables or to timely and fully comply with the Credit and Collection Policy in regard to each Receivable;
(ix)    any products liability, environmental or other claim arising out of or in connection with any Receivable or Related Assets or other merchandise, goods or services which are the subject of or related to any Receivable or Related Assets;
(x)    the ownership, delivery, non‐delivery, possession, design, construction, use, maintenance, transportation, performance (whether or not according to specifications), operation (including the failure to operate or faulty operation), condition, return, sale, repossession or other disposition or safety of any Related Assets (including claims for patent, trademark, or copyright infringement and claims for injury to persons or property, liability principles, or otherwise, and claims of breach of warranty, whether express or implied);
(xi)    any investigation, litigation or proceeding (actual or threatened) related to this Agreement or any other Transaction Document or the use of proceeds of any purchase hereunder or in respect of any Receivable or other Related Assets or any related Contract;
(xii)    any failure of such Originator to comply with its covenants, obligations and agreements contained in this Agreement or any other Transaction Document;

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(xiii)    any setoff with respect to any Receivable;
(xiv)    the failure by such Originator to notify any Obligor of the assignment pursuant to the terms hereof of any Receivable or Related Assets to Buyer (and subsequently, pursuant to the Receivables Purchase Agreement, to Administrative Agent for the benefit of Purchaser Parties) or the failure to require that all Collections of Receivables be deposited directly in a Lock-Box Account covered by a Lock-Box Agreement;
(xv)    any funds that are remitted by or on behalf of any Advertiser Obligor to an Agency Obligor with respect to any Sequential Receivable that are not subsequently remitted by or on behalf of such Agency Obligor to any Originator, the Buyer, the Servicer or any other Person on their behalf within one hundred twenty (120) days of such receipt;
(xvi)    any Taxes imposed upon the Originator Indemnified Party or upon or with respect to the Receivables transferred by such Originator, or purported to be transferred by such Originator, to Buyer pursuant to this Agreement arising by reason of the purchase or ownership, contribution or sale of such Receivables (or of any interest therein) or Related Assets or any goods which secure any such Receivables or Related Assets;
(xvii)    any failure of such Originator to perform any of its respective duties or obligations under any Contract related to any Unperformed Receivable;
(xviii)    any loss arising, directly or indirectly, as a result of the imposition of sales or similar transfer type Taxes on or with respect to the Receivables or Related Assets (to the extent not duplicative of clause (xvi) above) or the failure by such Originator to timely collect and remit to the appropriate authority any such Taxes;
(xix)    any commingling of any Collections by such Originator relating to the Receivables or Related Assets with any of its own funds or the funds of any other Person (including the commingling of Collections of Receivables with Subject Collections); 
(xx)    the failure or delay to provide any Obligor with an invoice or other evidence of indebtedness;
(xxi)    any failure by such Originator to obtain consent from any Obligor prior to the assignment of any Receivable and Related Assets pursuant to the terms of this Agreement;
(xxii)    any breach of any Contract as a result of the sale or contribution thereof or any Receivables related thereto pursuant to this Agreement;

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(xxiii)    any inability of such Originator or Buyer to assign any Receivable or Related Asset as contemplated under the Transaction Documents; or the violation or breach by such Originator of any confidentiality provision, or of any similar covenant of non‐disclosure, with respect to any Contract, or any other Originator Indemnified Amount with respect to or resulting from any such violation or breach; or 
(xxiv)    any other amount paid or payable pursuant to Section 5.02 or 14.04 of the Receivables Purchase Agreement.
(b)    After‐Tax Basis.  Indemnification in respect of Taxes described in clauses (xvi) and (xviii) above shall be in an amount necessary to make the Originator Indemnified Party whole after taking into account any tax consequences to the Originator Indemnified Party of the payment of any of the aforesaid Taxes and the receipt of the indemnity provided hereunder or of any refund of any such Tax previously indemnified hereunder, including the effect of such Tax or refund on the amount of Tax measured by net income or profits which is or was payable by the Originator Indemnified Party.
SECTION 7.2    Contribution.  If for any reason the indemnification provided above in this Article VII is unavailable to an Originator Indemnified Party or is insufficient to hold an Originator Indemnified Party harmless, then each Originator shall contribute to the amount paid or payable by the Originator Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by the Originator Indemnified Party on the one hand and such Originator on the other hand but also the relative fault of the Originator Indemnified Party as well as any other relevant equitable considerations.
ARTICLE VIII 
 
MISCELLANEOUS
SECTION 8.1    Amendments, Etc.  No amendment or waiver of any provision of this Agreement nor consent to any departure by any Originator therefrom shall in any event be effective unless the same shall be in writing and signed by Buyer, Administrative Agent and (if an amendment) the Lead Originator, and if such amendment or waiver affects the obligations of the Performance Guarantor, the Performance Guarantor consents in writing thereto, and then any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.  No Originator may amend or otherwise modify any other Transaction Document executed by it without the written consent of Buyer and Administrative Agent, and if such amendment or waiver affects the obligations of the Performance Guarantor, the Performance Guarantor consents in writing thereto.
SECTION 8.2    No Waiver; Remedies.  No failure on the part of Buyer or any Originator Indemnified Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy.  If an Event of Termination has occurred and is continuing, Buyer (or 

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Administrative Agent as assignee of Buyer’s rights hereunder) shall have, in addition to all other rights and remedies under this Agreement, any other Transaction Document or otherwise, all other rights and remedies provided under the UCC of each applicable jurisdiction and other Applicable Laws (including all the rights and remedies of a secured party upon default under the UCC (including the right to sell any or all of the Receivables and Related Assets)).  The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by Applicable Law.  Each Originator hereby consents to and agrees to be bound by the specific remedies provisions of Section 9.04 and 10.01 of the Receivables Purchase Agreement as if they were set forth herein mutatis mutandis.  Without limiting the foregoing, MUFG, individually and as Administrative Agent, and each Purchaser Party and Group Agent, and any of their Affiliates (the “Set-off Parties”) are each hereby authorized by each of the parties hereto, at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by and other indebtedness at any time owing to any such Set-off Party to or for the credit to the account of such party, against all due but unpaid obligations of such party, now or hereafter existing under this Agreement or any other Transaction Document (other than in respect of any repayment of Aggregate Capital or Interest by Buyer pursuant to the Receivables Purchase Agreement), to any Affected Person, any Originator Indemnified Party or any other Affected Person; provided, that any Set-off Party shall notify such party prior to or concurrently with any such set off.
SECTION 8.3    Notices, Etc.  All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including facsimile communication and electronic mail) and faxed or delivered to each party hereto, at its address set forth in Annex 2 or at such other address as shall be designated by such party in a written notice to the other parties hereto.  All such notices and communications shall be effective, (a) if personally delivered or sent by express mail, courier or certified mail, when received, and (b) if transmitted by facsimile or electronic mail, when sent.  
SECTION 8.4    Binding Effect; Assignment.  Each Originator acknowledges that institutions providing financing (by way of loans or purchases of Receivables or interests therein) pursuant to the Receivables Purchase Agreement may rely upon the terms of this Agreement.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns and shall also, to the extent provided herein, inure to the benefit of the parties to the Receivables Purchase Agreement.  Each Originator acknowledges that Buyer’s rights under this Agreement may be assigned to MUFG or another Purchaser under the Receivables Purchase Agreement, consents to such assignment and to the exercise of those rights directly by MUFG or another Purchaser to the extent permitted by the Receivables Purchase Agreement and acknowledges and agrees that MUFG, individually and as agent and Purchaser and the other Affected Persons and each of their respective successors and permitted assigns are express third party beneficiaries of this Agreement.  
SECTION 8.5    Survival.  The rights and remedies with respect to any breach of any representation and warranty made by any Originator or Buyer pursuant to Section 3.2, Article IV, the indemnification provisions of Article VII, and the provisions of Sections 8.4, 8.5, 8.6, 8.8, 8.9, 8.10, 8.11, 8.12 and 8.14 shall survive any termination of this Agreement and the provisions of 

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Section 5.3(e) shall survive any termination of Media LLC as a party to this Agreement other than pursuant to a termination of this Agreement in its entirety.
SECTION 8.6    Costs, Expenses and Taxes.  In addition to the rights of indemnification granted under Section 7 hereof, each Originator, jointly and severally, agrees to pay on demand: (a) all reasonable out-of-pocket costs and expenses in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Transaction Documents (together with all amendments, restatements, supplements, consents and waivers, if any, from time to time hereto and thereto), including (i) the reasonable Attorney Costs for the Administrative Agent and the other Purchaser Parties with respect thereto and with respect to advising the Administrative Agent and the other Purchaser Parties as to their rights and remedies under this Agreement and the other Transaction Documents and (ii) reasonable and documented accountants’, auditors’ and consultants’ fees and expenses for the Administrative Agent and the other Purchaser Parties and the fees and charges of any Rating Agency incurred in connection with the administration and maintenance of this Agreement or advising the Administrative Agent or any other Purchaser Party as to their rights and remedies under this Agreement or as to any actual or reasonably claimed breach of this Agreement or any other Transaction Document and (b) all stamp, franchise and other Taxes and fees payable or determined to be payable in connection with the execution, delivery, filing and recording of this Agreement and the other Transaction Documents, and agrees to indemnify each Originator Indemnified Party and their respective Affiliates against any liabilities for, or resulting from any delay in paying (or failure to pay), such Taxes and fees.  In addition, each Originator agrees to pay on demand all reasonable out-of-pocket and documented costs and expenses (including reasonable Attorney Costs), of the Administrative Agent and the other Purchaser Parties, incurred in connection with the enforcement of any of their respective rights or remedies under the provisions of this Agreement and the other Transaction Documents.
SECTION 8.7    Execution in Counterparts; Integration.  This Agreement may be executed in any number of counterparts and by the different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.  This Agreement, together with the other Transaction Documents, contains a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire understanding among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings.
SECTION 8.8    Governing Law.  THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF BUYER IN THE RECEIVABLES OR 

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RELATED ASSETS IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK).
SECTION 8.9    Waiver of Jury Trial.  EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT.
SECTION 8.10    Consent to Jurisdiction; Waiver of Immunities.  EACH ORIGINATOR AND BUYER HEREBY ACKNOWLEDGES AND AGREES THAT:
(a)    IT IRREVOCABLY (i) SUBMITS TO THE JURISDICTION, FIRST, OF ANY UNITED STATES FEDERAL COURT, AND SECOND, IF FEDERAL JURISDICTION IS NOT AVAILABLE, OF ANY NEW YORK STATE COURT, IN EITHER CASE SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, (ii) AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED ONLY IN SUCH NEW YORK STATE OR FEDERAL COURT AND NOT IN ANY OTHER COURT, AND (iii) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING.
(b)    TO THE EXTENT THAT IT HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM THE JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID TO EXECUTION, EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, IT HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER OR IN CONNECTION WITH THIS AGREEMENT.
SECTION 8.11    Confidentiality.  Each party hereto agrees to comply with, and be bound by, the confidentiality provisions of Section 14.06 of the Receivables Purchase Agreement as if they were set forth herein mutatis mutandis.
SECTION 8.12    No Proceedings.  Each Originator agrees, for the benefit of the parties to the Receivables Purchase Agreement, that it will not institute against Buyer, or join any other Person in instituting against Buyer, any Insolvency Proceeding from the Restatement Date until one year and one day after the Final Payout Date.  In addition, all amounts payable by Buyer to any Originator pursuant to this Agreement shall be payable solely from funds available for that purpose (after Buyer has satisfied all obligations then due and owing under the Receivables Purchase Agreement).

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SECTION 8.13    No Recourse Against Other Parties.  No recourse under any obligation, covenant or agreement of Buyer contained in this Agreement shall be had against any stockholder, employee, officer, director, member, manager incorporator or organizer of Buyer.
SECTION 8.14    Grant of Security Interest.  It is the intention of the parties to this Agreement that the conveyance of each Originator’s right, title and interest in and to the Receivables, the Related Assets and all the proceeds of all of the foregoing  to Buyer pursuant to this Agreement shall constitute an absolute and irrevocable purchase and sale or capital contribution, as applicable, and not a loan or pledge.  Notwithstanding the foregoing, each Originator does hereby grant, to Buyer a security interest to secure such Originator’s obligations hereunder in all of such Originator’s now or hereafter existing right, title and interest in, to and under the Receivables and the Related Assets and that this Agreement shall constitute a security agreement under Applicable Law.
SECTION 8.15    Binding Terms in Other Transaction Documents.  Each Originator hereby makes for the benefit of Administrative Agent, each Purchaser, each other Secured Party, each of the representations, warranties, covenants, and agreements, and accepts all other binding terms, including the waiver of any rights, which are made expressly applicable to such Originator in any other Transaction Document, each as if the same (together with any provisions incorporated therein by reference) were set forth in full herein.
SECTION 8.16    Joint and Several Liability.  Each of the representations, warranties, covenants, obligations, indemnities and other undertakings of any Originator hereunder shall be made jointly and severally, and are joint and several liabilities of each of the Originators hereunder.
SECTION 8.17    Severability.  Any provisions of this Agreement which are 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.
SECTION 8.18    Lead Originator.  
(a)    Each Originator hereby irrevocably appoints and constitutes Outernet (“Lead Originator”) as its agent and attorney-in-fact to (i) provide all notices and instructions to be given by the Originators or any thereof under this Agreement and the other Transaction Documents (and any notice or instruction provided by Outernet shall be deemed to be given by the applicable Originator and shall bind such Originator), (ii) receive notices and instructions to be given to the Originators or any thereof under this Agreement and the other Transaction Documents (and any notice or instruction provided to Outernet shall be deemed to have been given to the applicable Originator), (iii) make payments required to be paid by the Originators or any thereof under this Agreement and the other Transaction Documents (and any payment made by Lead Originator shall be deemed to be paid by the applicable Originator), (iv)  receive payments and disbursements to be made to the Originators or any thereof under this Agreement and the other Transaction Documents (and any payment made to Outernet shall be deemed to be paid to the applicable Originator), (v) take any such action on behalf of the Originators as the Lead Originator deems 

32

appropriate to effectuate the transfers contemplated under the Transaction Documents and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement and the other Transaction Documents (and any action by Lead Originator shall be deemed to be made by the applicable Originator and shall bind such Originator) and (vi) execute and deliver any amendments, consents, waivers or other instruments related to this Agreement and the other Transaction Documents on behalf of the other Originators (and any such amendment, consent, waiver or other instrument shall be binding upon and enforceable against each other Originator to the same extent as if made directly by such Originator).
(b)    Lead Originator hereby accepts the appointment by the Originators to act as the agent and attorney-in-fact of the Originators pursuant to this Section 8.18.  Lead Originator shall ensure that the disbursement of any payments to any Originator paid to or for the account of Lead Originator shall be paid to or for the account of such Originator.
[SIGNATURE PAGES FOLLOW]

33

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.
OUTFRONT MEDIA LLC,
as an Originator and as Servicer

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

OUTFRONT MEDIA RECEIVABLES TRS, LLC, 
as Buyer

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

S-1    TRS Purchase and Sale Agreement

OUTFRONT MEDIA GROUP LLC,
as an Originator 

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

OUTFRONT MEDIA OUTERNET INC.,
as an Originator 

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

OUTFRONT MEDIA SPORTS INC.,
as an Originator 

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

OUTFRONT MEDIA VW COMMUNICATIONS LLC,
as an Originator 

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

OUTFRONT MEDIA BUS ADVERTISING LLC,
as an Originator 

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

S-2    TRS Purchase and Sale Agreement

OUTFRONT MEDIA SAN FRANCISCO LLC,
as an Originator 

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

OUTFRONT MEDIA BOSTON LLC,
as an Originator 

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

ROCKBRIDGE SPORTS, MEDIA AND ENTERTAINMENT, LLC,
as an Originator 

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

S-3    TRS Purchase and Sale Agreement

Schedule I 

LIST AND LOCATION OF EACH ORIGINATOR
	
		
	Originator
	Location

	Outfront Media Group LLC
	Delaware

	Outfront Media Outernet Inc.
	Delaware

	Outfront Media Sports Inc.
	Delaware

	Outfront Media VW Communications LLC
	New York

	Outfront Media Bus Advertising LLC
	New York

	Outfront Media San Francisco LLC
	New York

	Outfront Media Boston LLC
	New York

	Outfront Media LLC
	Delaware

	Rockbridge Sports, Media and Entertainment, LLC
	Virginia

Schedule 1, Page 1    

ANNEX 1
UCC DETAILS SCHEDULE
		
	(1)
	Outfront Media LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    

Annex 1, Page 1    

	
		
	Name
	Date

	OS Baseline Inc., an Arizona corporation, Decade Communications Group, Inc., a Colorado corporation and Bench Advertising Company of Colorado, Inc., a Colorado corporation merged into Outdoor Systems, Inc., a Delaware corporation
	June 24, 1998

	Burma Acquisition Corp., a Delaware corporation merged into Outdoor Systems, Inc., a Delaware corporation
	December 7, 1999

	Outdoor Systems Inc. changed its name to Infinity Outdoor, Inc.
	February 23, 2000

	Infinity Outdoor, Inc. changed its name to Viacom Outdoor Inc.
	August 28, 2001

	Premere Media, Inc., an Illinois corporation merged into Vicom Outdoor Inc., a Delaware corporation
	December 28, 2005

	Viacom Outdoor Inc. changed its name to CBS Outdoor Inc.
	December 29, 2005

	National Advertising Company, a Delaware corporation merged into CBS Outdoor Inc., a Delaware corporation
	December 22, 2006

	OS Bus, Inc., a Georgia corporation merged into CBS Outdoor Inc., a Delaware corporation
	December 28, 2007

	San Francisco Walls, Inc., a California corporation merged into  CBS Outdoor Inc., a Delaware corporation
	December 28, 2007

	Outdoor Systems (New York), Inc., a New York corporation merged into  CBS Outdoor Inc., a Delaware corporation
	December 28, 2007

	OS Florida, Inc., a Florida corporation merged into CBS Outdoor Inc., a Delaware corporation
	December 28, 2007

	Infinity Outdoor of Florida Holding Co., a Delaware corporation  merged into CBS Outdoor Inc., a Delaware corporation
	December 28, 2007

	Infinity Outdoor of Florida Inc., a Florida corporation  merged into CBS Outdoor Inc., a Delaware corporation
	December 28, 2007

	CBS Outdoor Inc. converted to a limited liability company, CBS Outdoor LLC
	June 20, 2013

	CBS Outdoor LLC changed its name to Outfront Media LLC
	November 20, 2014

(d)    Federal Taxpayer ID Number

46-4042148                    

(e)    Jurisdiction of Organization

Annex 1, Page 2

Delaware

(f)    True Legal Name

Outfront Media LLC

(g)    Organizational Identification Number

2337422

		
	(2)
	Outfront Media Group LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    
	
		
	Name
	Date

	Winston Networks Inc. changed its name to Viacom Outdoor Group Inc.
	September 7, 2001

	Viacom Outdoor Group Inc. changed its name to CBS Outdoor Group Inc.
	January 2, 2006

	Transportation Displays Inc., a Delaware corporation, merged into CBS Outdoor Group Inc., a Delaware corporation
	December 31, 2007

	CBS Outdoor Group Inc., a Delaware corporation, changed to CBS Outdoor Group LLC, a Delaware limited liability company
	December 23, 2013

	CBS Outdoor Group LLC changed its name to Outfront Media Group LLC
	November 20, 2014

(d)    Federal Taxpayer ID Number

13-2660769                    

(e)    Jurisdiction of Organization

Annex 1, Page 3

Delaware

(f)    True Legal Name

Outfront Media Group LLC

(g)    Organizational Identification Number

681120

		
	(3)
	Outfront Media Outernet Inc.:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    
	
		
	Name
	Date

	SS Merger Corporation, a Delaware Corporation, merged into SignStorey, Inc., a Delaware corporation
	October 5, 2007

	SignStorey, Inc. changed its name to CBS Outernet Inc.
	October 9, 2007

	CBS Outernet Inc. changed its name to Outfront Media Outernet Inc.
	November 20, 2014

(d)    Federal Taxpayer ID Number

04-3531204                    

(e)    Jurisdiction of Organization

Delaware

(f)    True Legal Name

Outfront Media Outernet Inc.

Annex 1, Page 4

(g)    Organizational Identification Number

3285861

		
	(4)
	Outfront Media Sports Inc.:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    
	
		
	Name
	Date

	Pro-Serve Marketing, Inc. changed its name to Premier Sports Marketing, Inc.
	April 1, 1991

	Premier Sports Marketing, LLC, an Arizona limited liability company, and Phoenix Product Group, LLC, an Arizona limited liability company, merged with and into Premier Sports Marketing, Inc., a Delaware corporation, and Premier Sports Marketing, Inc. changed its name to OSI Sports Marketing, Inc.
	July 14, 1999

	OSI Sports Marketing, Inc. changed its name to Viacom Outdoor Sports Marketing Inc.
	August 28, 2001

	Viacom Outdoor Sports Marketing Inc. changed its name to CBS Collegiate Sports Properties Inc.
	April 19, 2006

	CBS Collegiate Sports Properties Inc. changed its name to Outfront Media Sports Inc.
	November 20, 2014

(d)    Federal Taxpayer ID Number

77-0141025                    

(e)    Jurisdiction of Organization

Delaware

(f)    True Legal Name

Annex 1, Page 5

Outfront Media Sports Inc.

(g)    Organizational Identification Number

2086110 

		
	(5)
	Outfront Media VW Communications LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    
	
		
	Name
	Date

	Van Wagner Communications, Inc., a New York corporation, merged into Van Wagner Communications, LLC, a New York limited liability company,
	March 17, 1998

	Scrolling Corporation of America, a New York corporation, merged into Van Wagner Communications, LLC, a New York limited liability company
	March 17, 1998

	Van Wager LA East Side, LLC, a California limited liability company, Van Wager LA West Side, LLC, a California limited liability company, and Van Wagner Communications, LLC, a New York limited liability company, merged into Van Wagner Communications, LLC, a New York limited liability company
	March 23, 2006

	Van Wagner Communications, LLC, a New York limited liability company, and Boston Outdoor Media LLC, a New York limited liability company, merged into Van Wagner Communications, LLC, a New York limited liability company.
	January 1, 2008

	Van Wagner Communications, LLC changed its name to OA VW LLC
	November 19, 2014

	OA VW LLC changed its name to Outfront Media VW Communications LLC
	November 20, 2014

Annex 1, Page 6

(d)    Federal Taxpayer ID Number

13-3984032                    

(e)    Jurisdiction of Organization

New York

(f)    True Legal Name

Outfront Media VW Communications LLC

(g)    Organizational Identification Number

2194894 

		
	(6)
	Outfront Media Bus Advertising LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    
	
		
	Name
	Date

	Van Wagner Manufacturing, LLC changed its name to Van Wagner New Jersey Transit Advertising, LLC
	September 26, 2007

	Van Wagner New Jersey Transit Advertising, LLC changed its name to Van Wagner Bus Advertising, LLC
	February 22, 2010

	Van Wagner Bus Advertising, LLC changed its name to Outfront Media Bus Advertising LLC
	November 20, 2014

(d)    Federal Taxpayer ID Number

20-3168797                    

Annex 1, Page 7

(e)    Jurisdiction of Organization

New York

(f)    True Legal Name

Outfront Media Bus Advertising LLC

(g)    Organizational Identification Number

3223510

		
	(7)
	Outfront Media San Francisco LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    
	
		
	Name
	Date

	Van Wagner San Francisco, LLC changed its name to Outfront Media San Francisco LLC
	November 20, 2014

(d)    Federal Taxpayer ID Number

27-0631817                    

(e)    Jurisdiction of Organization

New York

(f)    True Legal Name

Outfront Media San Francisco LLC

Annex 1, Page 8

(g)    Organizational Identification Number

3834775

		
	(8)
	Outfront Media Boston LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    
	
		
	Name
	Date

	Van Wagner Boston, LLC changed its name to Outfront Media Boston LLC
	November 20, 2014

(d)    Federal Taxpayer ID Number

27-0631945                    

(e)    Jurisdiction of Organization

New York

(f)    True Legal Name

Outfront Media Boston LLC

(g)    Organizational Identification Number

3834779

Annex 1, Page 9

		
	(9)
	Rockbridge Sports, Media and Entertainment, LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    
None.

(d)    Federal Taxpayer ID Number

45-2740888                    

(e)    Jurisdiction of Organization

Virginia

(f)    True Legal Name

Rockbridge Sports, Media and Entertainment, LLC

(g)    Organizational Identification Number

S3704089

Annex 1, Page 10

ANNEX 2
NOTICE INFORMATION
If to an Originator, to the following, as applicable:
c/o OUTFRONT Media Inc.
405 Lexington Avenue, 17th Floor
New York, NY 10174
Attn: General Counsel; Chief Financial Officer
Tel:  (212) 297-6400
Fax:  (212) 297-6552
Email:  richard.sauer@outfrontmedia.com; matthew.siegel@outfrontmedia.com

If to Buyer:

c/o OUTFRONT Media Inc.  
405 Lexington Avenue, 17th Floor 
New York, NY 10174 
Attention:   General Counsel; Chief Financial Officer  
Tel:  (212) 297-6400  
Fax:(212) 297-6552  
Email:  richard.sauer@outfrontmedia.com; matthew.siegel@outfrontmedia.com
            
With a copy to Purchaser and Administrative Agent at their respective addresses set forth in the Receivables Purchase Agreement.

Annex 2, Page 1 

Exhibit 2.2
FORM OF NOTE
NON-NEGOTIABLE SUBORDINATED NOTE
as of [   ], 20__
FOR VALUE RECEIVED, the undersigned, Outfront Media Receivables TRS, LLC, a Delaware limited liability company (“Buyer”), promises to pay to Outfront Media Outernet Inc., a Delaware corporation, for the benefit of itself as an Originator and the other Originators (as defined in the Purchase and Sale Agreement referred to below), on the terms and subject to the conditions set forth herein and in the Purchase and Sale Agreement referred to below, the aggregate unpaid purchase price of all Receivables and Related Assets purchased and to be purchased by Buyer pursuant to the Purchase and Sale Agreement through an increase in the principal amount of this Note.  Such amount as shown in the records of Outfront Media LLC, a Delaware limited liability company, as initial servicer (in such capacity, the “Servicer”) shall be rebuttable presumptive evidence of the principal amount owing under this note (this “Note”).
1.    Purchase and Sale Agreement.  This Note is the Subordinated Note described in Section 2.3(e) of, and is subject to the terms and conditions set forth in, the TRS Purchase and Sale Agreement, dated as of July 19, 2019 (as the same may be amended, supplemented, or otherwise modified in accordance with its terms, the “Purchase and Sale Agreement”), among the various entities from time to time party thereto as Originators, the Servicer and Buyer.  Reference is hereby made to the Purchase and Sale Agreement for a statement of certain other rights and obligations of Buyer, the Servicer and the Originators.  In the case of any conflict between the terms of this Note and the terms of the Purchase and Sale Agreement, the terms of the Purchase and Sale Agreement shall control.
2.    Definitions; Interpretation.  Capitalized terms used (but not defined) herein have the meanings ascribed thereto in (or by reference in) the Purchase and Sale Agreement, and this Note shall be interpreted in accordance with Section 1.2 of the Purchase and Sale Agreement.  In addition, as used herein, the following terms have the following meanings:
“Final Maturity Date” means the date that falls one year and one day after the later of (a) the Purchase and Sale Termination Date and (b) the Final Payout Date.
“Junior Liabilities” means all obligations of Buyer to the Originators under this Note.
“Senior Interests” means (a) the security interest granted to Administrative Agent in the Collateral for the benefit of the Secured Parties pursuant to the Receivables Purchase Agreement, (b) the Aggregate Capital, (c) all Seller Obligations and (d) all other obligations of Buyer to the Senior Interest Holders, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due on or before the Final Maturity Date.

Exhibit 2.2, Page 1

“Senior Interest Holders” means, collectively, the Administrative Agent and the other Affected Persons and their permitted assigns.
“Subordination Provisions” is defined in Section 7 hereof.
3.    Interest.  Subject to the Subordination Provisions, interest shall accrue on the aggregate unpaid principal amount of this Note outstanding on each day at a variable rate determined to be a fair market rate from time to time by and between Buyer and Outernet, with reference to market conditions, which rate shall in no instance be lower than the sum of 1%, plus the Adjusted LIBOR.
4.    Interest Payment Dates.  Subject to the Subordination Provisions, Buyer shall pay accrued interest on this Note for each Settlement Period on each Settlement Date (or on such earlier date as Buyer may elect from time to time) and on the Final Maturity Date (or, if any such day is not a Business Day, the next succeeding Business Day).  Buyer also shall pay accrued interest on the principal amount of each prepayment hereof on the date of each such prepayment.
5.    Basis of Computation.  Interest accrued hereunder shall be computed for the actual number of days elapsed on the basis of a 360-day year.
6.    Principal Payment Dates.  Subject to the Subordination Provisions, any unpaid principal of this Note shall be paid on the Final Maturity Date (or, if such date is not a Business Day, the next succeeding Business Day).  Subject to the Subordination Provisions, the principal amount of and accrued interest on this Note may be prepaid on any Business Day without premium or penalty.
7.    Subordination Provisions.  Buyer covenants and agrees, and each Originator and any other holder of this Note (collectively, the “Holder” and any thereof, a “Holder”), by its acceptance of this Note (or a beneficial interest herein), likewise covenants and agrees on behalf of itself and any Holder, in each case, for the benefit of the other and for the benefit of the Senior Interest Holders, that the payment of all Junior Liabilities is hereby expressly subordinated in right of payment to the payment and performance of the Senior Interests to the extent and in the manner set forth in the following clauses of this Section 7 (the “Subordination Provisions”):
(a)    No payment or other distribution of Buyer’s assets of any kind or character, whether in cash, securities, or other rights or property, shall be made on account of this Note except to the extent such payment or other distribution is (i) permitted under the Receivables Purchase Agreement or (ii) made pursuant to Sections 4 or 6 of this Note.
(b)    (i)  In the event of any Event of Bankruptcy involving Buyer, and (ii) on and after the occurrence of the Purchase and Sale Termination Date, the Senior Interests (other than unasserted contingent indemnification obligations) shall first be paid in full and in cash before any Originator shall be entitled to receive and to retain any payment or distribution in respect of this Note.  In order to implement the foregoing: (A) all payments and distributions of any kind or character in respect of this Note to which a Holder would be entitled except for this subsection 7(b) shall be made directly to Administrative Agent (for the benefit of the Senior Interest Holders); and (B) each Holder 

Exhibit 2.2, Page 2 

hereby irrevocably agrees that Administrative Agent, in the name of any Holder or otherwise, may demand, sue for, collect, receive and receipt for any and all such payments or distributions, and file, prove and vote or consent in any proceeding related to such Event of Bankruptcy with respect to any and all claims of the Holder relating to this Note, in each case until the Senior Interests (other than unasserted contingent indemnification obligations) shall have been paid in full and in cash.
(c)    In the event that any Holder receives any payment or other distribution of any kind or character from Buyer or from any other source whatsoever, in respect of this Note, other than as expressly permitted by the terms of this Note, such payment or other distribution shall be received in trust for the Senior Interest Holders and shall immediately be turned over in cash by such Holder to Administrative Agent (for the benefit of the Senior Interest Holders) until the Senior Interests (other than unasserted contingent indemnification obligations) have been paid in full and in cash.  All payments and distributions received by Administrative Agent in respect of this Note, to the extent received in or converted into cash, may be applied by Administrative Agent (for the benefit of the Senior Interest Holders) first, to the payment of any and all expenses (including, without limitation, attorneys’ fees and other legal expenses) paid or incurred by Administrative Agent or the Senior Interest Holders in enforcing these Subordination Provisions, or in endeavoring to collect or realize upon the Junior Liabilities, and second, any balance thereof shall, solely as between the Originators on the one hand and the Senior Interest Holders on the other hand, be applied by Administrative Agent toward the payment of the Senior Interests in a manner determined by Administrative Agent to be in accordance with the Receivables Purchase Agreement.
(d)    Upon the payment in full and in cash of all Senior Interests (other than unasserted contingent indemnification obligations), the Holder shall be subrogated to the rights of the Senior Interest Holders to receive payments or distributions from Buyer that are applicable to the Senior Interests until this Note is paid in full and in cash.
(e)    These Subordination Provisions are intended solely for the purpose of defining the relative rights of the Holder, on the one hand, and the Senior Interest Holders, on the other hand.  Nothing contained in these Subordination Provisions or elsewhere in this Note is intended to or shall impair, as between Buyer, its creditors (other than the Senior Interest Holders) and the Holder, Buyer’s obligation, which is unconditional and absolute, to pay this Note as and when the same shall become due in accordance with the terms hereof and of the Purchase and Sale Agreement or to affect the relative rights of the Holder and creditors of Buyer (other than the Senior Interest Holders).
(f)    Each Holder shall not, until the Senior Interests (other than unasserted contingent indemnification obligations) have been paid in full and in cash: (i) cancel, waive, forgive, transfer or assign, or commence legal proceedings to enforce or collect, or subordinate to any obligation of Buyer, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or now or hereafter existing, or due or to become due, other than the Senior Interests, this Note, or any rights in respect thereof or (ii) convert this Note into an equity interest in Buyer, unless, in the case of each of clauses (i) and (ii) above, the Holder shall have received the prior written consent of Administrative Agent.

Exhibit 2.2, Page 3 

(g)    Each Holder shall not commence, or join with any other Person in commencing, any proceedings related to an Event of Bankruptcy with respect to Buyer until at least one year and one day shall have passed since the Senior Interests (other than unasserted contingent indemnification obligations) shall have been paid in full and in cash.
(h)    If, at any time, any payment (in whole or in part) made with respect to any Senior Interest is rescinded or must be restored or returned by a Senior Interest Holder (whether in connection with any Event of Bankruptcy or otherwise), these Subordination Provisions shall continue to be effective or shall be reinstated, as the case may be, as though such payment had not been made.
(i)    Each of the Senior Interest Holders may, from time to time, at its sole discretion, without notice or demand to the Holder, and without waiving any of its rights under these Subordination Provisions, take any or all of the following actions:  (i) retain or obtain an interest in any property securing any of the Senior Interests pursuant to, and to the extent set forth in, the Transaction Documents; (ii) retain or obtain the primary or secondary obligations of any other obligor or obligors with respect to any of the Senior Interests; (iii) extend or renew for one or more periods (whether or not longer than the original period), alter or exchange any of the Senior Interests, or release or compromise any obligation of any nature with respect to any of the Senior Interests in accordance with the Transaction Documents; (iv) amend, supplement, or otherwise modify any Transaction Document in accordance with the terms thereof; and (v) release its security interest in, or surrender, release or permit any substitution or exchange for all or any part of any rights or property securing any of the Senior Interests, or extend or renew for one or more periods (whether or not longer than the original period), or release, compromise, alter or exchange any obligations of any nature of any obligor with respect to any such rights or property.
(j)    The Holder hereby waives:  (i) notice of acceptance of these Subordination Provisions by any of the Senior Interest Holders; (ii) notice of the existence, creation, non-payment or non-performance of all or any of the Senior Interests; and (iii) all diligence in enforcement, collection or protection of, or realization upon the Senior Interests, or any thereof, or any security therefor.
(k)    These Subordination Provisions constitute a continuing offer from Buyer to all Persons who become the holders of, or who continue to hold, Senior Interests; and these Subordination Provisions are made for the benefit of the Senior Interest Holders, and Administrative Agent may proceed to enforce such provisions on behalf of each of such Persons.
8.    Cumulative Remedies; Amendments, Etc.  No failure or delay on the part of the Servicer or any Originator in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right.  No amendment, modification or waiver of, or consent with respect to, any provision of this Note shall in any event be effective unless (a) the same shall be in writing and signed and delivered by Buyer and the Holder and acknowledged and agreed to by Administrative Agent, and (b) all consents required for such actions under the Transaction Documents shall have been received by the appropriate Persons.

Exhibit 2.2, Page 4 

9.    Limitation on Interest.  Notwithstanding anything in this Note to the contrary, Buyer shall never be required to pay unearned interest on any amount outstanding hereunder, and shall never be required to pay interest on the principal amount outstanding hereunder, at a rate in excess of the maximum interest rate that may be contracted for, charged or received without violating applicable federal or state law.
10.    Negotiation.  This Note is not negotiable.
11.    Governing Law.  THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).
12.    Captions.  Paragraph captions used in this Note are provided solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Note.
[Signature Follows]

Exhibit 2.2, Page 5 

IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed as of the date hereof.
OUTFRONT MEDIA RECEIVABLES TRS, LLC

By:_____________________________________ 
Name: 
Title:

Exhibit 2.2, Page 6 

Exhibit 2.5
FORM OF PURCHASE REPORT

	
						
	Originators:
	________________________________

	 

	Purchaser:
	Outfront Media Receivables TRS, LLC

	 

	Delivery Date:
	________________ ___, 20___

	 

	 

	1.
	Initial Unpaid Balance of Receivables sold or contributed during the preceding calendar month:  
$ __________
	 

	

2.
	

Aggregate Purchase Price of Receivables sold or contributed during the preceding calendar month:  
$ __________
	 

	 
	 
	 

	

3.
	

Aggregate Purchase Price of Receivables sold or contributed during the preceding calendar month that was paid in cash:  $ __________

	 

	

4.
	

Aggregate Purchase Price of Receivables sold or contributed during the preceding calendar month that was paid by increasing the Subordinated Note:  
$ __________

	 

	

[5.
	

Aggregate Purchase Price of Receivables sold or contributed during the preceding calendar month that was paid in the form of a capital contribution:  
$ __________]

	 

	

6.
	

Sellers’ Net Worth on the last day of the preceding calendar month:  $ __________

	 

	

7.
	

Reductions in the Subordinated Note during the preceding calendar month:  $ __________

	 

Exhibit 2.5, Page 1 
 

	
						
	

8.
	

Outstanding principal balance of the Subordinated Note on the last day of the preceding calendar month:  $ __________

	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

Exhibit 2.5, Page 2Exhibit

Exhibit 10.5

AMENDED AND RESTATED MASTER FRAMEWORK AGREEMENT
This AMENDED AND RESTATED MASTER FRAMEWORK AGREEMENT (this “Framework Agreement”), is made and entered into as of July 19, 2019 (the “Effective Date”), by and among:
MUFG Bank, Ltd., a Japanese banking corporation (“MUFG”), as buyer (“Buyer”); 
Outfront Media LLC, a Delaware limited liability company (“Outfront Media”) and Outfront Media Outernet Inc., a Delaware corporation (“Outernet”), as sellers (each, a “Seller” and collectively, the “Sellers”); 
various entities listed on Schedule 4 hereto (each, an “Originator”; and together with the Sellers, each a “Seller Party” and collectively, the “Seller Parties”); and
Outfront Media, as agent for the Seller Parties (in such capacity, the “Seller Party Agent”).
Buyer, each Seller, each Originator and the Seller Party Agent may also be referred to herein individually as a “Party” and collectively as the “Parties”.
RECITALS
WHEREAS, Outfront Media is a party to a securitization facility pursuant to which Outfront Media sells receivables to Outfront Media Receivables LLC (“Outfront Receivables QRS”) and receives the purchase price therefor consisting of a combination of cash, capital contributions and indebtedness under the QRS Seller Note issued by Outfront Receivables QRS to Outfront Media;
WHEREAS, Outernet and the Originators are party to a securitization facility pursuant to which Outernet and the Originators sell receivables to Outfront Media Receivables TRS, LLC (“Outfront Receivables TRS”) and receive the purchase price therefor consisting of a combination of cash, capital contributions and indebtedness under the TRS Seller Note issued by Outfront Receivables TRS to Outernet for the benefit of Outernet and the Originators; and
WHEREAS, the Buyer and Outfront Media have entered into that certain Master Framework Agreement, dated as of September 6, 2018 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Framework Agreement”) and the parties hereto desire to amend and restate the Existing Framework Agreement on the date hereof on the terms and subject to the conditions set forth in this Framework Agreement.
WHEREAS, Buyer has agreed to provide the Sellers with a facility under which Buyer will enter into certain sale and repurchase agreements with each Seller with respect to their respective Seller Note.

AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
1.Interpretation.
1.1    Definitions.  All capitalized terms used in this Framework Agreement (including its recitals, Exhibits and Schedules) shall, unless otherwise defined herein, have the respective meanings set forth in Schedule 1 hereto or, if not defined therein, in the applicable Master Repurchase Agreement or, if not defined therein, in the Receivables Purchase Agreement.
1.2    Construction.
(a)    The headings, sub-headings and table of contents in this Framework Agreement shall not affect its interpretation.  References in this Framework Agreement to Sections, Exhibits and Schedules shall, unless the context otherwise requires, be references to Sections of, and Exhibits and Schedules to, this Framework Agreement.
(b)    Words denoting the singular number only shall include the plural number also and vice versa; words denoting one gender only shall include the other genders and words denoting persons shall include firms and corporations and vice versa.
(c)    References to a Person are also to its permitted successors or assigns.
(d)    References in this Framework Agreement to any agreement or other document shall be deemed also to refer to such agreement or document as amended or varied or novated from time to time.
(e)    References to an amendment include a supplement, novation, restatement or re-enactment, and “amend” and “amended” (or any of their derivative forms) will be construed accordingly.
(f)    Reference to a time of day is a reference to New York City time.
(g)    “Include”, “includes” and “including” shall be deemed to be followed by the words “without limitation.”
(h)    “Hereof”, “hereto”, “herein” and “hereunder” and words of similar import when used in this Framework Agreement refer to this Framework Agreement as a whole and not to any particular provision of this Framework Agreement.
(i)    References to a “writing” or “written” include any text transmitted or made available on paper or through electronic means.

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(j)    References to “$”, U.S. Dollars or otherwise to dollar amounts refer to the lawful currency of the United States.
(k)    References to a law include any amendment or modification to such law and any rules and regulations issued thereunder, whether such amendment or modification is made, or issuance of such rules and regulations occurs, before or after the Effective Date.
2.    Transaction Agreements.
2.1    Agreements to be Executed at the Closing. Concurrently with this Framework Agreement, the Parties intend to execute the following additional agreements to which they are party:
(a)    the Master Repurchase Agreement;
(b)    the Fee Letter between Buyer and the Sellers;
(c)    the No-Petition Letter between Buyer and the Securitization Agent; and
(d)    the Guaranty.
3.    Closing; Closing Deliveries.
3.1    Closing.  Subject to the terms and conditions of this Framework Agreement, the transactions contemplated in this Framework Agreement to occur concurrently with the execution hereof (other than the entry into any Confirmations) will take place at a closing (the “Closing”) to be held on the Effective Date at a mutually agreeable location or by the exchange of electronic documentation.
3.2    Seller Closing Deliverables.  On or prior to the Closing, the Seller Parties will deliver, or cause to be delivered, to Buyer:
(a)    an executed counterpart to each of the Transaction Agreements (including any Confirmations with respect to Transactions being entered into on the Effective Date) to which it is a party;
(b)    a counterpart of the Guaranty executed by Guarantor;
(c)    a certificate of the Secretary or an Assistant Secretary of the Seller Parties, dated the Effective Date, certifying as to (i) the incumbency of the officers of each Seller Party executing the Transaction Agreements, (ii) attached copies of each Seller Party’s articles of incorporation, by-laws, certificate of formation and operating agreement, as applicable; and (iii) copies of all corporate approvals and consents of each Seller Party that are required by it in connection with entering into, and the exercise of its rights and the performance of its obligations under, the Transaction Agreements;

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(d)    a certificate of the Secretary or an Assistant Secretary of Guarantor, dated the Effective Date, certifying as to (i) the incumbency of the officer(s) of Guarantor executing the Guaranty, (ii) attached copies of Guarantor’s articles of incorporation and bylaws; and (iii) copies of all corporate approvals and consents of Guarantor that are required by it in connection with entering into, and the exercise of its rights and the performance of its obligations under, the Guaranty;
(e)    a customary legal opinion or opinions, in form and substance satisfactory to Buyer, with respect to each Seller Party opining on existence, due authorization and execution, absence of conflicts with Organizational Documents and with certain material agreements (including, for the avoidance of doubt, the Securitization Facility Documents and the Credit Facility Documents), binding nature of obligations, absence of violations of Applicable Law, absence of consents under Applicable Law and validity and perfection of security interests;
(f)    a customary legal opinion or opinions with respect to Guarantor opining on existence, due authorization and execution, absence of conflicts with Organizational Documents and with certain material agreements (including, for the avoidance of doubt, the Securitization Facility Documents and the Credit Facility Documents), binding nature of obligations, absence of violations of Applicable Law and no consents under Applicable Law;
(g)    a favorable true sale and non-consolidation opinion with respect to the Outfront Parties and the transactions contemplated by the Securitization Facility Documents, delivered in accordance with Section 6.01 of the Receivables Purchase Agreement and including MUFG, in its capacity as Buyer hereunder, as an addressee thereof;
(h)    results of a UCC lien search with respect to each Seller Party for the applicable State where such Seller Party is organized as of a recent date;
(i)    confirmation of the filing of a UCC-3 financing statement amendment with respect to the UCC-1 financing statement filed by Morgan Stanley Senior Funding, Inc. against each TRS Originator; and
(j)    fully prepared UCC-1 financing statements reflecting any security interests granted by a Seller Party under the Master Repurchase Agreement and this Framework Agreement.
3.3    Buyer Closing Deliverables. On or prior to the Closing, Buyer will deliver to the Seller (i) an executed counterpart to each of the Transaction Agreements (including any Confirmations with respect to Transactions being entered into on the Effective Date) to which it is a party and (ii) a validly completed and duly executed copy of IRS Form W-8ECI.
3.4    Effective Date Transaction Deliverables.  Promptly following the entry into the initial Transaction with respect to each Seller Note, the Sellers shall deliver (or caused to be delivered) to Buyer the original executed version of such Seller Note (to the extent not previously delivered).
4.    Transactions.
4.1    Requests for Transactions.

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(a)    Transaction Notices.  Seller Party Agent may, from time to time during the Facility Term, deliver a written notice, substantially in the form attached hereto as Exhibit A (a “Transaction Notice”) to Buyer requesting on behalf of the Sellers that Buyer enter into Transactions with respect to each of the Seller Notes on a Monthly Date (or, if the Sellers elect to terminate outstanding Transactions pursuant to Paragraph 3(c)(ii) of the respective Master Repurchase Agreements, on the effective date of such termination).  Such notice (i) shall be delivered to Buyer not less than three (3) Business Days prior to the date of the proposed Transaction, (ii) shall include fully-completed forms of Confirmations for such Transactions (excluding the terms thereof pertaining to Pricing Rate, Price Differential and Repurchase Price), and (iii) to the extent the proposed Purchase Date is a Monthly Date, shall be accompanied by copies of the Information Package and Purchase Report required to be delivered pursuant to the Securitization Facility Documents in respect of the most recently completed Settlement Period prior to such proposed Purchase Date.  For the avoidance of doubt, other than any Transaction proposed to be entered into prior to the Monthly Date occurring in August 2019, no Transaction may be requested hereunder with respect to a Seller Note unless a corresponding Transaction is requested hereunder with respect to the other Seller Note, both such proposed Transactions having the same proposed Purchase Date and same proposed Repurchase Date. 
(b)    Buyer’s Option to Proceed or Decline.  Following receipt of a properly completed Transaction Notice and supporting documentation in accordance with Section 4.1(a), and so long as the proposed Transactions comply with the requirements set forth in Section 4.3, Buyer may, at its sole discretion, elect to either (i) enter into the proposed Transactions with the Sellers on the terms set forth in the Transaction Notice (with such modifications as Buyer and the Seller Party Agent shall have agreed) by delivering to the Seller Party Agent finalized and executed Confirmations evidencing such Transaction and paying any applicable Funded Purchase Price in accordance with Section 4.1(c) below or (ii) decline Sellers’ request to enter into such Transactions (in which case Buyer shall deliver written notice of such election on or before the proposed Purchase Date specified in the Transaction Notice).  To the extent Buyer wishes to proceed with the Transactions, Buyer shall, no later than 2:00 p.m. on the Business Day immediately preceding the proposed Purchase Date, deliver to Seller Party Agent a fully completed draft Confirmation with respect to each proposed Transaction.  In the event Seller Party Agent and Buyer disagree with respect to any portion of the applicable draft Confirmation or in the event Buyer determines that any applicable Funding Conditions are not, or will not be, satisfied as of the relevant Purchase Date, Seller Party Agent or Buyer (as applicable) shall promptly notify the other of the same, and Seller Party Agent and Buyer shall, subject to Section 4.1(d), cooperate expeditiously and in good faith to resolve any such matters (to the extent the same are capable of being resolved).
(c)    Confirmation and Closings.  In the event Buyer elects to enter into the proposed Transactions, Buyer shall, subject to satisfaction of the Funding Conditions, enter into such Transactions by executing and delivering to the Seller Party Agent finalized Confirmations evidencing such Transactions in accordance with Section 7.1 below and the applicable Master Repurchase Agreements at or prior to the time of closing for such Transactions.  Concurrently with its delivery of such Confirmation, Buyer shall pay the Funded Purchase Price (if any) for the Transactions in accordance with the terms of the applicable Master Repurchase Agreements and applicable Confirmations, whereupon Sellers will sell and assign, and Buyer will purchase, each 

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of the Seller Notes subject to such Transactions.  The closing of such Transactions and payment of any such Funded Purchase Price shall occur at or before 2:00 p.m. on the applicable Purchase Date (or such later time on such Purchase Date as the Seller Party Agent and Buyer may agree).
(d)    UNCOMMITTED ARRANGEMENT. EACH SELLER PARTY AND BUYER ACKNOWLEDGE THAT THIS IS AN UNCOMMITTED ARRANGEMENT, AND THAT NO SELLER PARTY HAS PAID, NOR IS ANY SELLER PARTY REQUIRED TO PAY, A COMMITMENT FEE OR COMPARABLE FEE TO BUYER.  PROPOSED TRANSACTIONS FOR THE SALE OF THE SELLER NOTES BY THE SELLERS SHALL BE REQUESTED AT THE SELLERS’ SOLE AND ABSOLUTE DISCRETION, AND ACCEPTANCE OF ANY SUCH REQUESTS AND ENTRY INTO ANY SUCH TRANSACTIONS BY BUYER SHALL BE AT BUYER’S SOLE AND ABSOLUTE DISCRETION.
4.2    [Reserved].
4.3    Funding Conditions.
(a)    The entry by Buyer into any Transactions on any Purchase Date shall be subject to satisfaction of the following conditions (in each case, as of such Purchase Date) (together, the “Funding Conditions”):
(i)    each of the items required to be delivered by the Seller Parties pursuant to Section 3.2 shall have been delivered in accordance with the terms hereof;
(ii)    all amounts then due and owing by the Sellers under the Fee Letter shall have been paid in full;
(iii)    solely with respect to any Transaction to be entered into on the Effective Date, each of the items required to be delivered to Buyer pursuant to Section 3.4 shall have been duly delivered in accordance with the terms thereof;
(iv)    with respect to any Transaction not referenced in clause (iii) above, the Transaction Notice for such Transaction together with the required Information Package and Purchase Report (to the extent such Purchase Date is a Monthly Date), shall have been duly delivered to Buyer in accordance with Section 4.1(a);
(v)    the Sellers shall have delivered, or caused to be delivered, to Buyer a duly executed counterpart to the Confirmation for such Transaction;
(vi)    with respect to any Transaction not referenced in clause (iii) above, the Sellers shall have delivered (or caused to be delivered) to Buyer the original executed versions of each Seller Note (or if previously delivered, Buyer shall remain in possession thereof);
(vii)    each of the representations and warranties of Guarantor and each Seller Party (as applicable) set forth in the Transaction Agreements (giving effect to the entry into such Transactions) shall be true and correct in all material respects (except that any representation or warranty that is subject to any materiality qualification shall be true and correct in all respects);

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(viii)    the Purchase Date for such Transactions shall be no later than the last Monthly Date occurring prior to the Facility Expiration Date;
(ix)    the payment of the applicable Funded Purchase Price (if any) for such Transactions would not cause the Outstanding Buyer Balance (after giving effect to such payment) to exceed the Maximum Buyer Balance;
(x)    the Outstanding Amount of the applicable Seller Note subject to a Transaction shall equal or exceed the Purchase Price for such Transaction;
(xi)    Buyer shall have received the full amount of Funded Repurchase Price (if any) due and payable by the Sellers on such Purchase Date;
(xii)    no Person (other than an Affiliate of MUFG) shall have replaced MUFG as Securitization Agent under the Receivables Purchase Agreement;
(xiii)    except as otherwise permitted herein, no Seller Party shall have withdrawn or been removed as an “Originator” under the Securitization Purchase Agreement; and
(xiv)    no Event of Default, Potential Event of Default or Securitization Facility Default (including any Purchase and Sale Termination Event) shall have occurred and be continuing.
4.4    Funding of Transaction Repurchase Prices. On each Repurchase Date for a Transaction on which the Funded Repurchase Price is payable by the Sellers pursuant to the Transaction Agreements (including, for the avoidance of doubt, on the Facility Expiration Date), each such Seller shall fund (or cause to be funded) the applicable Funded Repurchase Price for such Transaction by wire transfer of immediately available funds to the account of Buyer specified in Schedule 2, no later than 11:00 a.m. on such Repurchase Date.
5.    Representations and Warranties; Certain Covenants.
5.1    Representations and Warranties of Seller.  Each Seller Party represents to Buyer as of the Effective Date and each Purchase Date that:
(a)    Securitization Facility Compliance.  Each Securitization Purchase Agreement, the Receivables Purchase Agreement and the Securitization Guaranty are each in full force and effect.  
(b)    Organization and Good Standing.  Such Seller Party has been duly organized in, and is validly existing as a limited liability company or corporation, as applicable, in good standing under the Applicable Laws of its jurisdiction of organization, with all requisite power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted, except to the extent that such failure would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

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(c)    Due Qualification.  Such Seller Party is in good standing in its jurisdiction of organization and has obtained all necessary licenses, approvals and qualifications, if any, in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualifications, licenses or approvals, except to the extent that failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(d)    Power and Authority; Due Authorization.  Such Seller Party (i) has all necessary power and authority to (A) execute and deliver this Framework Agreement and the other Transaction Agreements to which it is a party in any capacity, (B) carry out the terms of and perform its obligations under the Transaction Agreements applicable to it, (C) enter into Transactions and sell and convey to Buyer each applicable Seller Note on the terms and conditions provided herein and in the other Transaction Agreements, (D) solely with respect to the Sellers, repurchase and acquire from Buyer the applicable Seller Note on the terms and conditions provided in the Transaction Agreements when and as provided thereunder and (ii) has duly authorized by all necessary corporate or limited liability company action the execution, delivery and performance of this Framework Agreement and the other Transaction Agreements to which it is a party.
(e)    Binding Obligations.  This Framework Agreement constitutes, and each other Transaction Agreement to be signed by such Seller Party (or by the Seller Party Agent on its behalf) when duly executed and delivered by it will constitute, a legal, valid and binding obligation of it, enforceable against such Seller Party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance, or other similar Applicable Laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.
(f)    No Violation.  The execution, delivery and performance by it of this Framework Agreement and the other Transaction Agreements to which it is a party will not (i) conflict with, result in any breach or (without notice or lapse of time or both) a default under, (A) such Seller Party’s Organizational Documents, (B) the Securitization Facility Documents, (C) the Credit Facility Documents or (D) any other indenture, loan agreement, asset purchase agreement, mortgage, deed of trust, or other agreement or instrument to which such Seller Party is a party or by which it or any of its properties is bound, where such conflict, breach or default would reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, (ii) result in the creation or imposition of any Adverse Claim (other than any Adverse Claim created in connection with this Framework Agreement and the other Transaction Agreements) upon any of its properties pursuant to the terms of any such indenture, loan agreement, asset purchase agreement, mortgage, deed of trust, or other agreement or instrument to which it is a party or by which it or any of its properties is bound, or (iii) violate any Applicable Law applicable to it or any of its properties where such violation of Applicable Law would reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect.
(g)    No Proceedings.  There are no actions, suits, proceedings, claims, disputes, or investigations pending, or to such Seller Party’s knowledge threatened in writing, before any Governmental Authority (i) asserting the invalidity of this Framework Agreement or any other 

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Transaction Agreement to which it is a party, (ii) seeking to prevent the sale of the applicable Seller Note or the consummation of the purposes of this Framework Agreement or of any of the other Transaction Agreements to which it is a party, or (iii) seeking any determination or ruling that has had or would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(h)    Governmental Approvals.  No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by such Seller Party of this Framework Agreement or any other Transaction Agreement to which it is a party or the transactions contemplated thereby, except for (i) the filing of the UCC financing statements referred to in the Master Repurchase Agreement and this Framework Agreement, each of which, as of such Purchase Date, shall have been duly made and shall be in full force and effect and (ii) any filings required under applicable securities laws.
(i)    Litigation.  There are no actions, suits, proceedings, claims or disputes pending, or to its knowledge threatened in writing or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against it or its properties that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.
(j)    Accurate Reports.  No Information Package, Purchase Report or any other information, exhibit, financial statement, document, book, record or report furnished by or on behalf of such Seller Party or any of its Affiliates to Buyer in connection with this Framework Agreement or any other Transaction Agreement:  (i) was untrue or inaccurate in any material respect as of the date it was dated or (except as otherwise disclosed in writing to Buyer at such time) as of the date so furnished; or (ii) when taken as a whole, contained when furnished any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements contained therein, in light of the circumstances in which they were made not materially misleading; provided, however, that, with respect to projected or pro forma financial information and information of a general economic or industry specific nature, such Seller Party represents only that such information has been prepared in good faith based on assumptions believed by such Seller Party to be reasonable at the time of preparation.
(k)    Other Notes.  Except for the Seller Notes, no Subordinated Note has been issued by any Receivables Entity to any Seller Party or any other Person.
(l)    UCC Details.  (i) Such Seller Party’s true legal name as registered in the sole jurisdiction in which it is organized, the jurisdiction of such organization, its organizational identification number, if any, as designated by the jurisdiction of its organization, its federal employer identification number, if any, and (ii) the location of its chief executive office and principal place of business are specified in Schedule 3 to this Framework Agreement and the offices where such Seller Party keeps all its books and records relating to the Seller Notes are specified in Schedule 3 (or at such other locations notified to Buyer in accordance with Section 5.3(k)).  Except as described in Schedule 3, such Seller Party has no, and has never had any, trade names, fictitious names, assumed names or “doing business as” names and such Seller Party has never changed the location of its chief executive office or its true legal name, identity or corporate structure.  Such Seller Party is organized only in a single jurisdiction.

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(m)    Tax Status.  Such Seller Party (i) has timely filed all federal, state and local tax returns required to be filed by it and (ii) has paid or caused to be paid all taxes and assessments due pursuant to such returns or received by it, respectively, other than taxes and assessments contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP and as to which no Adverse Claim (other than a Permitted Adverse Claim) exists, except, in each case, where the failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(n)    Compliance with Applicable Law.  Such Seller Party has complied with all Applicable Law, except where such noncompliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(o)    No Adverse Change.  Since December 31, 2018, there has been no event or occurrence that has caused, or would reasonably be expected to cause, a Material Adverse Effect.  
(p)    Financial Condition.  All financial statements of Guarantor and its consolidated Subsidiaries delivered in connection with this Framework Agreement or any other Transaction Agreement were prepared in accordance with GAAP in effect on the date such statements were prepared and fairly present in all material respects the financial condition of Guarantor and its Subsidiaries as of the dates thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the periods covered thereby, (i) except as otherwise expressly noted therein and (ii) subject, in the case of quarterly financial statements, to changes resulting from normal year-end adjustments and the absence of footnotes.
(q)    Investment Company Act.  Such Seller Party is not required to register as an “investment company” under (and as defined in) the Investment Company Act.
(r)    ERISA.  Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, such Seller Party and its respective ERISA Affiliates (i) have fulfilled their obligations under the minimum funding standards of ERISA and the Code with respect to each Pension Plan; (ii) are in compliance in all material respects with the applicable provisions of ERISA and the Code with respect to each Pension Plan; (iii) have not incurred any liability to the PBGC or to any Pension Plan under Title IV of ERISA, other than a liability to the PBGC for premiums under Section 4007 of ERISA already paid or not yet due; (iv) have not incurred any liability to the PBGC or to any Pension Plan under Title IV of ERISA with respect to a plan termination under Section 4041 of ERISA; and (v) have not incurred any Withdrawal Liability to a Multiemployer Plan.  No steps have been taken by any Person to terminate any Pension Plan the assets of which are not sufficient to satisfy all of its benefit liabilities under Title IV of ERISA.
(s)    No Defaults.  No event has occurred and is continuing and no condition exists, or would result from the entry into the proposed Transactions on the applicable Purchase Date,  that constitutes or would reasonably be expected to constitute an Event of Default, Potential Event of Default or Securitization Facility Default.

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(t)    Solvent.  Such Seller Party is Solvent as of such date.
(u)    Policies and Procedures.  Policies and procedures have been implemented and maintained by or on behalf of such Seller Party that are designed to achieve compliance by such Seller Party and its Subsidiaries, directors, officers, employees and agents with Anti-Corruption Laws, Anti-Terrorism Laws and applicable Sanctions giving due regard to the nature of such Person’s business and activities, and such Seller Party and its Subsidiaries and their respective officers and employees and, to the knowledge of each Seller Party, its officers, employees, directors and agents acting in any capacity in connection with or directly benefitting from the facility established by the Transaction Agreements, are in compliance with Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions.
(v)    Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions.  (i) Neither such Seller Party nor any of its Subsidiaries, or, to the knowledge of such Seller Party, any of its directors, officers, employees, or agents that will act in any capacity in connection with or directly benefit from the facility established by the Transaction Agreements is a Sanctioned Person, (ii) neither such Seller Party nor any of its Subsidiaries is organized or resident in a Sanctioned Country and (iii) such Seller Party has not violated, been found in violation of or is under investigation by any Governmental Authority for possible violation of any Anti-Corruption Laws, Anti-Terrorism Laws or of any Sanctions.
(w)    Proceeds.  No sale of any Purchased Note or use of proceeds thereof by such Seller Party in any manner will violate Anti-Corruption Laws, Anti-Terrorism Laws or applicable Sanctions.
5.2    Asset Representations and Warranties.  Each Seller Party represents and warrants to Buyer as of the applicable Purchase Date with respect to each Purchased Note that:
(a)    Satisfaction of Conditions.  All of the applicable Funding Conditions have been satisfied or waived in writing as of such Purchase Date.
(b)    Binding Obligation.  Such Purchased Note is in full force and effect and constitutes a legal, valid and binding obligation of the applicable Receivables Entity, enforceable against such Receivables Entity in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance, or other similar Applicable Laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law and implied covenants of good faith and fair dealing.  The Final Maturity Date under such Purchased Note has not occurred, and is not scheduled to occur, during the Transaction Period commencing on such Purchase Date.
(c)    Ownership.  Immediately prior to the sale of such Purchased Note pursuant to the Transaction Agreements, and except to the extent such Purchased Note is already subject to an outstanding Transaction, the applicable Seller Parties are the sole legal and beneficial owners of such Purchased Note and the applicable Seller is entitled to sell and assign and is selling and assigning 

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such Purchased Note, together with the collections with respect thereto and all rights thereunder, to Buyer free and clear from any Adverse Claim other than Permitted Adverse Claims.
(d)    Principal Balance.  The Outstanding Amount of such Purchased Note as of such Purchase Date is equal or greater than the Purchase Price of the Transaction being entered into with respect to such Purchased Note as of such Purchase Date.
(e)    Records.  Such Seller (or the Seller Party Agent) has maintained records relating to such Purchased Note which are true and correct in all material respects and such records are held by such Seller or the Seller Party Agent.
(f)    Legal Proceedings.  There is no Action pending or, to the knowledge of such Seller Party, threatened against any Seller Party or any Receivables Entity relating to such Purchased Note or which seeks the issuance of an order restraining, enjoining or otherwise prohibiting or making illegal the consummation of any of the transactions contemplated by such Purchased Note or by the Transaction Agreements.
5.3    Certain Covenants.  Each Seller Party covenants with Buyer as follows:
(a)    Compliance with Applicable Laws, Etc.  Such Seller Party shall comply with all Applicable Laws with respect to it, the applicable Seller Note, and the Securitization Facility Documents, except where the failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(b)    Performance and Compliance with Agreements.  At its expense, such Seller Party shall timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the applicable Seller Note and the other Securitization Facility Documents.
(c)    Preservation of Existence.  Such Seller Party shall preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its organization, and qualify and remain qualified in good standing as a foreign organization in each jurisdiction except where the failure to qualify or preserve or maintain such existence, rights, franchises or privileges would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(d)    Keeping of Records and Books of Account; Delivery.  Each such Seller (or the Seller Party Agent) shall keep and maintain books and records with respect to the applicable Seller Note such that such Seller shall at all times know the Outstanding Amount thereof, including records of the date and amount of each advance thereunder and the date and amount of each payment with respect thereto.  At any time after the occurrence of an Event of Default that has not been waived in accordance with this Framework Agreement, upon the request of Buyer, such Seller shall deliver (or cause to be delivered) to Buyer or its designee, all such books and records.
(e)    Location of Records.  Such Seller Party shall keep its chief place of business and chief executive office, and the offices where it keeps its books and records relating to the applicable Seller Note (and all original documents relating thereto), at the address(es) of such Seller 

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Party referred to in Schedule 3 or, such other location as such Seller Party may designate upon thirty (30) days’ prior written notice to Buyer.
(f)    Insurance.  Such Seller Party shall maintain with financially sound and reputable insurance companies, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance reasonable and customary for similarly situated Persons engaged in the same or similar businesses as Guarantor and its Subsidiaries) as are customarily carried under similar circumstances by such other Persons.
(g)    Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions.  Such Seller Party shall ensure that policies and procedures are maintained and enforced by or on behalf of such Seller Party that are designed to promote and achieve compliance by such Seller Party and each of its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions.
(h)    No Sales, Adverse Claims, Etc.  Such Seller Party shall not, except as otherwise explicitly provided herein or in the other Transaction Agreements, sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim (other than a Permitted Adverse Claim) upon or with respect to any Purchased Note or any right to receive income or proceeds (other than the Purchase Price paid to such Seller hereunder) from or in respect thereof.
(i)    Extension or Amendment of Seller Note.  Such Seller Party shall not (i) extend, amend, waive, cancel, forgive or otherwise modify the applicable Seller Note, any portion thereof, or any payment term or condition thereunder (as the case may be) or (ii) at any time during the Transaction Period for an outstanding Transaction, withdraw or permit itself to be removed as an “Originator” under the applicable Securitization Purchase Agreement unless, prior to or concurrently with such withdrawal or removal (x) all outstanding principal and accrued interest owing to such Seller Party under the applicable Seller Note is prepaid in full, and (y) the applicable Seller fully complies with Section 5.3(q) of this Framework Agreement in connection with such prepayment (including making any Margin Payments when and as required pursuant to Paragraph 4(c) of the applicable Master Repurchase Agreement).
(j)    Mergers, Sales, Etc.  Such Seller Party shall not consolidate or merge with or into any other Person (other than another Seller Party) or sell, lease or transfer all or substantially all of its property and assets as an entirety to any Person (other than another Seller Party), unless in the case of any merger or consolidation (i) such Seller Party shall be the surviving entity and (A) no Change in Control shall result and (B) no Event of Default or Potential Event of Default has occurred and is continuing or would result therefrom or (ii) (A) the surviving entity shall be an entity organized or existing under the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof, (B) the surviving entity shall execute and deliver to Buyer an agreement, in form and substance reasonably satisfactory to Buyer, containing an assumption by the surviving entity of the due and punctual performance and observance of each obligation, covenant and condition of the Buyer under this Framework Agreement, (C) no Change in Control shall result, (D) Guarantor reaffirms in a writing, in form and substance reasonably 

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satisfactory to Buyer, that its obligations under the Guaranty shall apply to the surviving entity, (E) no Event of Default or Potential Event of Default has occurred and is continuing or would result therefrom and (F) Buyer receives such additional certifications, documents, instruments, agreements and opinions of counsel as it shall reasonably request, including as to the necessity and adequacy of any new UCC financing statements or amendments to existing UCC financing statements.
(k)    Change in Organization, Etc.  Such Seller Party shall not, without the prior written consent of Buyer, (i) change its jurisdiction of organization or its name, identity or corporate structure or (ii) make any other change such that any financing statement filed or other action taken to perfect Buyer’s interests under the Transaction Agreements, as applicable, would become seriously misleading or would otherwise be rendered ineffective, unless (i) no Event of Default or Potential Event of Default has occurred and is continuing or would result immediately after giving effect thereto, (ii) no Change in Control shall result, (iii) Guarantor reaffirms in a writing, in form and substance reasonably satisfactory to Buyer, that its obligations under the Guaranty shall apply to the new entity and (iv) Buyer has received such certificates, documents, instruments, agreements and opinions of counsel as they shall reasonably request, including as to the necessity and adequacy of any new UCC financing statements or amendments to existing UCC financing statements.  Such Seller Party shall at all times maintain its jurisdiction of organization and its chief executive office within a jurisdiction in the United States of America in which Article 9 of the UCC is in effect.
(l)    Actions Impairing Quality of Title.  Such Seller Party shall not take any action that could reasonably be expected to cause the applicable Seller Note or any rights to the proceeds thereof not to be owned by it free and clear of any Adverse Claim (other than Permitted Adverse Claims); or take any action that could reasonably be expected to cause Buyer not to have a valid ownership interest or first priority perfected security interest in such Seller Note and, to the extent such security interest can be perfected by filing a financing statement, all cash proceeds of any of the foregoing, in each case, free and clear of any Adverse Claim (other than a Permitted Adverse Claim); or suffer the existence of any valid and effective financing statement or other instrument similar in effect covering such Seller Note or any proceeds thereof on file in any recording office except such as may be filed in favor of Buyer in accordance with any Transaction Agreements.
(m)    Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions.  Such Seller Party shall not use or permit Guarantor or its or Guarantor’s Subsidiaries or their respective directors, officers, employees or agents to use, the proceeds of any Transaction entered into pursuant to the Transaction Agreements (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or Anti-Terrorism Laws, (B) for the purpose of funding or financing any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, in each case to the extent doing so would violate any Sanctions, or (C) in any other manner that would result in liability to any Indemnified Person under any applicable Sanctions or result in the violation of any Anti-Corruption Laws, Anti-Terrorism Laws or Sanctions.
(n)    Taxes.  Subject to the provision by Buyer of the IRS Form W-8ECI in accordance with Section 3.3 and any other relevant tax forms and related documentation necessary for Seller Party Agent to determine any reduction or exemption from withholding Taxes (including, 

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without limitation, withholding Taxes under FATCA), such Seller Party will pay all relevant Taxes (other than Excluded Taxes) with respect to payments made under this Agreement and make all relevant returns in respect of Taxes in relation to the Seller Note (for the avoidance of doubt, other than such returns that Seller does not have the legal obligation to file) and such Seller Party shall indemnify and hold Buyer harmless from and against any such Taxes (for the avoidance of doubt, other than Excluded Taxes).
(o)    Notice of Certain Events.  Such Seller Party shall provide Buyer with prompt notice upon a Responsible Officer becoming aware of (i) any Event of Default or Potential Event of Default or (ii) the occurrence or existence of any event or circumstances that could reasonably be expected to have a Material Adverse Effect.
(p)    Information Required by Governmental Authorities.  Subject to applicable Laws prohibiting or limiting such disclosure or provision of such information, documents, records or reports, such Seller Party shall provide Buyer promptly, from time to time upon request, such information, documents, records or reports relating to such Seller Party or any Seller Note as Buyer (or its assigns) may be required by a Governmental Authority to obtain; provided, that Buyer shall use commercially reasonable efforts to maintain the confidentiality of such information, documents, records or reports to the extent consistent with Applicable Law, such Seller Party’s normal privacy and confidentiality procedures.
(q)    Margin Reporting; Payments.  On or before any day during any Transaction Period for any outstanding Transaction on which any Seller Party is to receive any prepayment on account of principal owing under the applicable Purchased Note (other than the applicable Purchase Date for such Transaction), the Seller Party Agent (i) shall recalculate the Outstanding Amount of such Purchased Note as of such day (after giving effect to such prepayment); (ii) based on such recalculation, shall notify Buyer in writing promptly (but in any event prior to any Seller Party’s receipt of such prepayment) if such prepayment is expected to decrease the Outstanding Amount of such Purchased Note to an extent sufficient to result in a Margin Deficit exceeding the applicable threshold specified in Paragraph 4(e) of Annex I to the applicable Master Repurchase Agreement; and (iii) if such be the case, shall make the corresponding Margin Payment to Buyer on such date concurrently with (or immediately following) any Seller Party’s receipt of such prepayment in accordance with Paragraph 4(c) of the applicable Master Repurchase Agreement.
(r)    Delivery of Financial Statements and other Documents.  The Seller Party Agent shall deliver (or cause to be delivered) to Buyer (i) concurrently with the delivery to the Securitization Agent as required thereunder, copies of each of the items described in Section 5.3(a) of the applicable Securitization Purchase Agreement concurrently with the delivery thereof to the Securitization Agent pursuant thereto, (ii) reasonably promptly following Buyer’s request therefor, each of the following: (A) the Outstanding Amount of each Seller Note, (B) the Sellers’ Net Worth and (C) such other information regarding each Seller Note and the business and financial condition of each Receivables Entity as Buyer shall reasonably request and (iii) promptly upon Buyer’s reasonable request therefor, copies of any other notices, reports, documentation or information required to be furnished to the Securitization Agent pursuant to Section 5.3 of the applicable Securitization Purchase Agreement.  Notwithstanding the foregoing, the obligations in Section 5.3(r)

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(i) may be satisfied with respect to financial information of Guarantor and its Subsidiaries by furnishing Guarantor’s Annual Report on Form 10-K or Quarterly Reports on Form 10-Q filed with the SEC and, to the extent not included in the relevant 10-K, a related Accounting Opinion.
(s)    Evading and Avoiding. Neither such Seller Party nor any of its Subsidiaries or any director, officer, employee, agent or other Person acting on behalf of such Seller Party or any of its Subsidiaries in any capacity in connection with or directly benefitting from the Transaction Agreements will engage in, or will conspire to engage in, any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions.
6.    Agent.
6.1    Appointment and Authorization.  Each Seller Party hereby irrevocably designates and appoints Seller Party Agent as the agent of such Seller Party under this Framework Agreement and each of the other Transaction Agreements, and each Seller Party irrevocably authorizes Seller Party Agent, in such capacity, to take such action on its behalf under the provisions of this Framework Agreement and the other Transaction Agreements and to exercise such powers and perform such duties as are expressly delegated to Seller Party Agent by the terms of this Framework Agreement and the other Transaction Agreements (including the power to execute and deliver Confirmations on behalf of each Seller in accordance with Article IV of this Framework Agreement and the applicable Master Repurchase Agreements), together with such other powers as are reasonably incidental thereto to the extent permitted by Applicable Law.  Each Seller Party hereby further authorizes Seller Party Agent to consent to amendments to this Framework Agreement.  Without limiting the generality of the foregoing, Seller Party Agent shall be responsible for maintaining and the delivering Transaction Notices, Information Packages, Purchase Reports, and for the receipt and distribution of Funded Purchase Price to each of the Sellers.  Seller Party Agent hereby agrees that it will promptly deliver to each Seller copies of each Confirmation and any notices or written information received by Seller Party Agent from Buyer in connection with any Transaction Agreement.  Notwithstanding any provision to the contrary elsewhere in this Framework Agreement, Seller Party Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Seller Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Framework Agreement or otherwise exist against the Seller Party Agent.
6.2    Non-Reliance on Sellers Agent and Other Sellers.  Each Seller Party expressly acknowledges that neither Seller Party Agent nor any of its respective officers, directors, employees, agents, attorneys-in-fact or Affiliates have made any representations or warranties to it and that no act by the Seller Party Agent hereafter taken, including any review of the affairs of a party or any affiliate of a party, shall be deemed to constitute any representation or warranty by Seller Party Agent to any Seller Party.  Each Seller Party represents to Seller Party Agent that it has, independently and without reliance upon Seller Party Agent or any other Seller Party, 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 Buyer and its Affiliates and made its own decision to enter into this Framework Agreement and the other 

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Transaction Agreements, including any Transactions hereunder.  Each Seller Party also represents that it will, independently and without reliance upon Seller Party Agent or any other Seller Party, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis, appraisals and decisions in taking or not taking action under this Framework Agreement, 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 Buyer and its Affiliates.  Except for notices, reports and other documents expressly required to be furnished to the Sellers Parties by Seller Party Agent hereunder, Seller Party Agent shall not have any duty or responsibility to provide any Seller Party with any other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of Buyer or any Affiliate of Buyer which may come into the possession of the Seller Party Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates.
6.3    Indemnification.  The Seller Parties agree to, jointly and severally, indemnify Seller Party Agent in its capacity as such from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including at any time following the payment of any Funded Purchase Prices) be imposed on, incurred by or asserted against Seller Party Agent in any way relating to or arising out of this Framework Agreement, 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 Seller Party Agent under or in connection with any of the foregoing; provided that no Seller Party shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements which are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from Seller Party Agent’s gross negligence or willful misconduct.  The agreements in this Section 6.3 shall survive the payment of all Funded Purchase Prices and Funded Repurchase Prices and all other amounts payable hereunder.
6.4    Agent in Its Individual Capacity.  Seller Party Agent and its Affiliates may make sales to, make purchases from and generally engage in any kind of business with any Seller Party, Buyer or Guarantor as though Seller Party Agent were not an agent.  With respect to any Transactions to which it is a party and any sales or repurchases of its applicable Seller Note made or renewed by it, Seller Party Agent shall have the same rights and powers under this Framework Agreement as any Seller and may exercise the same as though it were not an agent, and the terms “Seller” and “Sellers” shall include the Seller Party Agent in its individual capacity.

7.    Payment to the Seller Party Agent; Certain Calculations; Originators.
7.1    Payments to the Seller Party Agent.  Notwithstanding anything to the contrary contained herein, all amounts payable in cash by Buyer to any Seller in connection with any Transactions (including all payments of Funded Purchase Price on any applicable Purchase Dates) shall be paid to the Seller Party Agent, and the Seller Party Agent shall distribute such payments to the Sellers (and in the case of payments on account of the TRS Seller Note for further payment to the applicable Originator) in accordance with the respective amounts of Purchase Price (or any 

17

other amounts) owing to each such Seller in connection with each applicable Transaction (after giving effect to applicable netting pursuant to Paragraph 12 of each Master Repurchase Agreement).  As between Buyer and the Sellers, any payment of such amounts to the Seller Party Agent shall be treated as payments to the respective Sellers and shall discharge Buyer’s obligations with respect to such payments regardless of whether the Seller Party Agent distributes such payments to the Sellers, and Buyer shall have no liability for the failure of the Seller Party Agent to comply with the preceding sentence.
7.2    Certain Calculations.  Buyer shall calculate the Funded Purchase Prices, Funded Repurchase Prices, the Outstanding Buyer Balance, the amounts of any fees payable under the Fee Letter and all other amounts to be calculated under the Transaction Agreements (except as set forth below), as well as any adjustments thereto, which calculations shall be conclusive absent manifest error.  Upon the reasonable request of the Seller Party Agent for any such calculations, Buyer shall promptly provide such calculations to such Person.  The Seller Party Agent shall calculate and administer any redistributions of funds as between the Sellers in connection with changes in relative Purchase Prices outstanding under Transactions entered into by each respective Seller.
7.3    Security Interest. 
(a)    Each Originator hereby grants to Buyer a first priority security interest in all of such Originator’s right, title, benefit and interest in the Purchased Securities sold in each Transaction entered into under any Master Repurchase Agreement and all proceeds thereof (collectively, the “Originator Collateral”) to secure the Sellers’ obligations under the Transaction Agreements (the “Secured Obligations”).  This Framework Agreement shall create a continuing security interest in the Originator Collateral and shall remain in full force and effect (notwithstanding any repurchase by any Seller of Purchased Securities under an expiring Transaction and simultaneous purchase by Buyer of such Purchased Securities under a subsequent Transaction) until all unpaid Repurchase Price with respect to outstanding Transactions under the applicable Master Repurchase Agreement have been indefeasibly paid in full (without application of any set off or netting).  Buyer shall have, with respect to all the Originator Collateral, in addition to all other rights and remedies available to Buyer under the Transaction Agreements, all the rights and remedies of a secured party under the Uniform Commercial Code as in effect in any applicable jurisdiction.
(b)    Each Originator hereby authorizes Buyer to file such financing statements (and continuation statements with respect to such financing statements when applicable) as may be necessary to perfect the security interest granted pursuant to the foregoing Section 7.3(a) under the Uniform Commercial Code of the relevant jurisdiction.
(c)    The security interest granted pursuant to the foregoing Section 7.3(a) is released by Buyer at such time when all unpaid Repurchase Price with respect to outstanding Transactions under the Master Repurchase Agreements have been indefeasibly paid in full (without application of any set off or netting), without further action by any Person.  Upon such payment and termination of this Framework Agreement, Buyer hereby agrees, at the applicable Originator’s expense, to (x) file appropriate financing statement amendments to reflect such release and (y) execute and deliver such other documents as such Originator may reasonably request to further evidence such release.

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7.4    Sale and Assignment. Each Originator hereby consents to the occurrence of each Transaction with respect to the TRS Seller Note entered into by the Seller Party Agent pursuant to the terms of the Transaction Agreements, including the transfer by Outernet of the TRS Note to the Buyer.  Concurrently with the occurrence of each Transaction with respect to the TRS Seller Note pursuant to the Transaction Agreements, each Originator shall be deemed to have sold and assigned all of its rights in the TRS Seller Note to Buyer, in each case, to the same extent as such sale and assignment by Outernet to Buyer of the TRS Seller Note. 
8.    Indemnification.
8.1    Seller Parties’ Indemnity.
(a)    General Indemnity.  Without limiting any other rights which any such Person may have hereunder or under Applicable Law, each Seller Party, jointly and severally, hereby agrees to indemnify and hold harmless Buyer, Buyer’s Affiliates and all of their respective successors, transferees, participants and assigns, and all officers, members, managers, directors, shareholders, employees and agents of any of the foregoing (each an “Indemnified Person”), from and against any and all claims, losses and liabilities (including Attorney Costs) (all of the foregoing being collectively referred to as “Indemnified Amounts”) arising out of or resulting from this Framework Agreement or any other Transaction Agreement, any of the transactions contemplated thereby, or the ownership, maintenance or purchasing of any Purchased Note, or any actions or inactions of any Outfront Party; excluding however (a) Indemnified Amounts to the extent a final non-appealable judgment of a court of competent jurisdiction holds that the Indemnified Amounts resulted solely from the gross negligence or willful misconduct by the Indemnified Person seeking indemnification or any material breach of the obligations of the Indemnified Person under the Transaction Agreements and (b) Taxes (other than Taxes that represent losses, claims, damages etc. arising from any non-Tax claim).  Without limiting or being limited by the foregoing, each Seller Party, jointly and severally, shall pay on demand to each Indemnified Person any and all amounts necessary to indemnify the Indemnified Person from and against any and all Indemnified Amounts relating to or resulting from any of the following (but excluding Indemnified Amounts and Taxes described in clauses (a) and (b) above (other than the Taxes specifically enumerated in clause (xii) below)):
(i)    the transfer by such Seller Party of any interest in any Purchased Note or any proceeds thereof, other than in connection with Transactions entered into with Buyer pursuant to the Transaction Agreements;
(ii)    any representation, warranty or statement made or deemed made by such Seller Party (or any of its officers) under or in connection with this Framework Agreement, any of the other Transaction Agreement, any Information Package, Purchase Report or any other information or report delivered by or on behalf of such Seller Party pursuant hereto, which shall have been untrue, false or incorrect when made or deemed made;
(iii)    the failure of such Seller Party, the Seller Party Agent or the Securitization Servicer to comply with the terms of any Transaction Agreement, any Seller 

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Note, any Securitization Documents or any Applicable Law, or the nonconformity of any Seller Note with any such Applicable Law;
(iv)    the lack of an enforceable ownership interest or a first priority perfected security interest in any Purchased Note transferred by such Seller Party, or purported to be transferred by such Seller Party, to Buyer pursuant to the Transaction Agreements against all Persons (including any bankruptcy trustee or similar Person);
(v)    any attempt by any Person to void the transfers by such Seller Party contemplated hereby under statutory provisions or common law or equitable action;
(vi)    the failure to have filed, or any delay in filing, financing statements, financing statement amendments, continuation statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to any Purchased Note transferred by such Seller Party, or purported to be transferred by such Seller Party, to Buyer pursuant to the Transaction Agreements, whether as of the applicable Purchase Date or at any subsequent time;
(vii)    any dispute, claim, offset, defense (other than discharge in bankruptcy), or other similar claim or defense of any Receivables Entity to the payment when due of any Purchased Note transferred, or purported to be transferred, by such Seller Party to Buyer pursuant to the Transaction Agreements (including a defense based on such Purchased Note not being a legal, valid and binding obligation of the applicable Receivables Entity enforceable against it in accordance with its terms);
(viii)    any failure of such Seller Party or the Securitization Servicer to perform any of its duties or obligations arising under or in connection with any Purchased Note in accordance with the provisions thereof or of any of the other Securitization Facility Documents;
(ix)    any suit or claim related to any Purchased Note transferred by such Seller Party, or purported to be transferred by such Seller Party, to Buyer pursuant to the Transaction Agreements;
(x)    any investigation, litigation or proceeding (actual or threatened) related to this Framework Agreement or any other Transaction Agreement or the use of proceeds of any purchase hereunder or in respect of any Purchased Note;
(xi)    any failure of such Seller Party or Seller Party Agent to comply with its covenants, obligations and agreements contained in this Framework Agreement or any other Transaction Agreement;
(xii)    any Taxes (other than Excluded Taxes) imposed upon any Indemnified Person or upon or with respect to any Purchased Note transferred by such Seller Party, or purported to be transferred by such Seller, to Buyer pursuant to the Transaction 

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Agreements arising by reason of the purchase or ownership of such Purchased Note (or of any interest therein);
(xiii)    any inability of such Seller Party to transfer any Purchased Note as contemplated under the Transaction Agreements; or
(xiv)    the violation or breach by such Seller Party or Seller Party Agent of any confidentiality provision, or of any similar covenant of non-disclosure, with respect to any Purchased Note.
(b)    After-Tax Basis.  Indemnification in respect of Taxes described in clause (xii) above shall be in an amount necessary to make any Indemnified Person whole after taking into account any tax consequences to the Indemnified Person of the payment of the indemnity provided hereunder, including the effect of such payment on the amount of Tax measured by net income or profits which is or was payable by the Indemnified Person.
8.2    Contribution.  If for any reason the indemnification provided above in this Article 8 is unavailable to an Indemnified Person or is insufficient to hold an Indemnified Person harmless, then each Seller Party shall contribute to the amount paid or payable by such Indemnified Person as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Person on the one hand and such Seller Party on the other hand but also the relative fault of such Indemnified Person as well as any other relevant equitable considerations.
9.    Miscellaneous.
Except as otherwise expressly set forth in a Transaction Agreement, the following will apply to all Transaction Agreements:
9.1    Further Assurances.  Each Seller Party agrees that from time to time it will promptly execute and deliver such other documents and instruments, all instruments and documents, and take all further action that Buyer may reasonably request, to carry out the purpose and intent of the Transaction Agreements, including in order to perfect, protect or more fully evidence Buyer’s interest in the Purchased Notes and any proceeds thereof.
9.2    Expenses.  In addition to its obligations under Article 8 hereof, each Seller Party, jointly and severally, agrees to pay on demand:
(a)    all reasonable and documented out-of-pocket costs and expenses incurred by Buyer in connection with:
(i)    the negotiation, preparation, execution and delivery of any amendment of or consent or waiver under any of the Transaction Agreements (whether or not consummated), or the enforcement of, or any actual or claimed breach of, this Framework Agreement or any of the other Transaction Agreements, including reasonable Attorney Costs and reasonable accountants’, auditors’, and consultants’ fees and expenses to any of such Persons and the fees and 

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charges of any nationally recognized statistical rating organization or any independent accountants, auditors, consultants or other agents incurred in connection with any of the foregoing or in advising Buyer as to its rights and remedies under any of the Transaction Agreements in connection with any of the foregoing; and
(ii)    the administration of this Framework Agreement and the other Transaction Agreements and the transactions contemplated thereby, including reasonable Attorney Costs and reasonable accountants’, and consultants’ fees and expenses incurred in connection with the administration and maintenance of this Framework Agreement and the other Transaction Agreements and the transactions contemplated thereby; and
(b)    all stamp and other similar Taxes and fees payable or determined to be payable in connection with the execution, delivery, filing and recording of this Framework Agreement or the other Transaction Agreements, and agrees to indemnify each Indemnified Person and their respective Affiliates for such Taxes and fees.
9.3    Entire Agreement.  This Framework Agreement, together with the other Transaction Agreements, constitutes the entire agreement between the Parties and supersedes all prior oral and written negotiations, communications, discussions, and correspondence pertaining to the subject matter of the Transaction Agreements.
9.4    Order of Precedence.  If there is a conflict between this Framework Agreement and any other Transaction Agreement, this Framework Agreement will control unless the conflicting provision of the other Transaction Agreement specifically references the provision of this Framework Agreement to be superseded.
9.5    Amendments and Waivers.  No amendment, supplement, modification or waiver of any provision of this Framework Agreement or any other Transaction Agreement, and no consent to any departure by the Seller Party Agent or any Seller Party therefrom, shall be effective unless in writing signed by Buyer, Seller Party Agent and each Seller Party, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.
9.6    Binding Effect.  The Transaction Agreements will be binding upon and inure to the benefit of the Parties and their respective heirs, legal representatives, successors, and permitted assigns.
9.7    Assignment.  Except as provided in this Framework Agreement or any other Transaction Agreement, neither this Framework Agreement nor any other Transaction Agreement, respectively, may be assigned or otherwise transferred, nor may any right or obligation hereunder or under another Transaction Agreement be assigned or transferred by any Party without the consent of the other Parties; provided, that, subject to the terms of the No-Petition Letter, Buyer may transfer or assign any or all of the Transaction Agreements and its rights and obligations thereunder at any time during which an Event of Default has occurred and is continuing.  Any permitted assignee shall assume all obligations of its assignor under this Framework Agreement and any other applicable Transaction Agreements.  Any attempted assignment not in accordance with this Section 9.7 shall be void.

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9.8    Notices.  All notices, requests, demands, and other communications required or permitted to be given under any of the Transaction Agreements to any Party must be in writing delivered to the applicable Party at the following address:
If to Buyer:
MUFG Bank, Ltd. 
1221 Avenue of the Americas 
New York, NY 10020 
Attn:    Cecile Lopez Mora 
Tel:    (212) 782-6434 
E-Mail:    clopezmora@us.mufg.jp
With copy to:
MUFG Bank, Ltd. 
1221 Avenue of the Americas 
New York, NY 10020 
Attn:    Thomas Giuntini 
Tel:    (646) 767-1368 
E-Mail:    tgiuntini@us.mufg.jp
If to Outernet or any other Seller Party:
Outfront Media LLC 
c/o OUTFRONT Media Inc.
405 Lexington Avenue, 17th Floor
New York, NY 10174
Attn:  General Counsel; Chief Financial Officer 
Tel:  (212) 297-6400
Fax:  (212) 297-6552
Email:  richard.sauer@outfrontmedia.com; matthew.siegel@outfrontmedia.com

            
With a copy to Purchaser and Administrative Agent at their respective addresses set forth in the Receivables Purchase Agreement

or to such other address as such Party may designate by written notice to each other Party.  Each notice, request, demand, or other communication will be deemed given and effective, as follows: (i) if sent by hand delivery, upon delivery; (ii) if sent by first-class U.S. Mail, postage prepaid, upon the earlier to occur of receipt or three (3) days after deposit in the U.S. Mail; (iii) if sent by a recognized prepaid overnight courier service, one (1) Business Day after the date it is given to such service; (iv) if sent by facsimile, upon receipt of confirmation of successful transmission by the facsimile machine; and (v) if sent by e-mail, upon acknowledgement of receipt by the recipient.

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9.9    GOVERNING LAW.  THIS FRAMEWORK AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PROVISIONS THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
9.10    Jurisdiction.  Each Party hereby irrevocably and unconditionally:
(a)    submits for itself and its property in any legal action or proceeding relating to this Framework Agreement, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York located in the Borough of Manhattan in the City of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof;
(b)    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 was brought in an inconvenient court and agrees not to plead or claim the same;
(c)    agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the applicable party at its respective address set forth in Section 9.8 or at such other address which has been designated in accordance therewith; and
(d)    agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by Applicable Law or shall limit the right to sue in any other jurisdiction.
9.11    WAIVER OF JURY TRIAL.  EACH PARTY HEREBY WAIVES ITS RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO ANY OF THE TRANSACTION AGREEMENTS OR THE TRANSACTIONS CONTEMPLATED BY THE TRANSACTION AGREEMENTS, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY EITHER PARTY AGAINST THE OTHER, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE.  EACH PARTY HEREBY AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION WILL BE TRIED BY A COURT TRIAL WITHOUT A JURY.  WITHOUT LIMITING THE PREVIOUS SENTENCE, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM, OR OTHER PROCEEDING THAT SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF ANY PORTION OF ANY TRANSACTION AGREEMENTS.  THIS WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENT, RENEWAL, SUPPLEMENT, OR MODIFICATION TO ANY OF THE TRANSACTION AGREEMENTS.

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9.12    Severability.  If any provision of a Transaction Agreement is held by a court of competent jurisdiction to be invalid, unenforceable, or void, that provision will be enforced to the fullest extent permitted by applicable Law, and the remainder of the applicable Transaction Agreement will remain in full force and effect.  If the time period or scope of any provision is declared by a court of competent jurisdiction to exceed the maximum time period or scope that that court deems enforceable, then that court will reduce the time period or scope to the maximum time period or scope permitted by Applicable Law.
9.13    Survival.  The provisions of Article 6, Article 7, Article 8 and this Article 9 shall survive any termination or expiration of this Framework Agreement and any of the other Transaction Agreements.
9.14    Counterparts.  The Transaction Agreements and any document related to the Transaction Agreements may be executed by the Parties on any number of separate counterparts, by facsimile or email, and all of those counterparts taken together will be deemed to constitute one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signatures are physically attached to the same document.  A facsimile or portable document format (“.pdf”) signature page will constitute an original for the purposes of this Section 9.14.
9.15    USA Patriot Act.  Buyer hereby notifies Seller Party Agent and each Seller Party that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT Act”), Buyer may be required to obtain, verify and record information that identifies Seller Party Agent, Guarantor and each Seller Party, which information includes the name, address, tax identification number and other information regarding the Seller Party Agent, Guarantor and each Seller Party that will allow Buyer to identify such Persons in accordance with the PATRIOT Act. This notice is given in accordance with the requirements of the PATRIOT Act.  Each of Seller Party Agent and each Seller Party agrees to provide Buyer, from time to time, with all documentation and other information required by bank regulatory authorities under “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act.
9.16    Right of Setoff.  The Buyer is hereby authorized (in addition to any other rights it may have), at any time during the continuance of an Event of Default, to setoff, appropriate and apply (without presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by the Buyer (including by any branches or agencies of the Buyer) to, or for the account of any Seller Party against amounts owing by any Seller Party hereunder (even if contingent or unmatured); provided that Buyer shall notify the Seller promptly following such setoff.
9.17    Tax Treatment.  Buyer acknowledges that each Seller Party will treat the Transactions effected by the Transaction Agreements for U.S. federal and state tax purposes as loans by Buyer secured by the applicable Collateral.  Buyer agrees to prepare its U.S. federal and state tax returns, if required, in a manner consistent with the foregoing unless otherwise required by a change in law occurring after the Effective Date, a closing agreement with an applicable tax authority or a judgment of a court of competent jurisdiction.

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9.18    Register. Buyer, acting solely for this purpose as a non-fiduciary agent of Seller, shall maintain a copy of each assignment or participation of its rights hereunder and a register for the recordation of the names and addresses of the Persons that become privy to those rights hereto and, with respect to each such Person, the aggregate assigned Purchase Price and applicable Price Differential (the “Register”).  The entries in the Register shall be conclusive absent manifest error, and the Parties shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Buyer for all purposes of this Agreement.  The Register shall be available for inspection by the Parties at any reasonable time and from time to time upon reasonable prior notice.
9.19    Joint and Several Obligations.  The obligations of the Seller Parties and Seller Party Agent hereunder and under the other applicable Transaction Agreements are joint and several.  To the maximum extent permitted by Applicable Law, and notwithstanding anything in the Transaction Agreements to the contrary, Seller Party Agent and each Seller Party hereby agrees to subordinate, until such time as all obligations and liabilities of each such Person (other than unasserted contingent indemnification obligations) to Buyer or any Indemnified Person under any of the Transaction Agreements shall have been paid and performed in full, any claim, right or remedy that it now has or hereafter acquires against any Seller Party or Seller Party Agent (as applicable) that arises hereunder including, without limitation, any claim, remedy or right of subrogation, reimbursement, exoneration, contribution, indemnification, or participation in any claim, right or remedy of Buyer against Seller Party Agent or any Seller Party or any of their respective property which Buyer now has or hereafter acquires, whether or not such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise.  In addition, until such time referred to in the preceding sentence, Seller Party Agent and each Seller Party hereby waives any right to proceed against any other such Person, now or hereafter, for contribution, indemnity, reimbursement, and any other suretyship rights and claims, whether direct or indirect, liquidated or contingent, whether arising under express or implied contract or by operation of law, which any such Person may now have or hereafter have as against the other such Person with respect to the transactions contemplated by this Framework Agreement or the other Transaction Agreements.
9.20    Restatement; No Novation.  Effective as of the Effective Date, the Existing Framework Agreement is amended and restated as set forth in this Framework Agreement.  It is the intent of the parties hereto that this Framework Agreement (i) shall re-evidence the obligations of the Parties under the Existing Framework Agreement, (ii) is entered into in substitution for, and not in payment of, the obligations under the Existing Framework Agreement and (iii) does not constitute a novation of any of the obligations which were evidenced by the Existing Framework Agreement or any of the other Transaction Agreement.
[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the Parties have executed this Framework Agreement as of the date first written above.
Buyer:

MUFG BANK, LTD.

By: /s/ Thomas Giuntini
Name:  Thomas Giuntini
Title: Managing Director
    
    
    
    

[SIGNATURE PAGES CONTINUE ON FOLLOWING PAGE]

[Signature Page to A&R Master Framework Agreement]

IN WITNESS WHEREOF, the Parties have executed this Framework Agreement as of the date first written above.
Seller and Seller Party Agent:

OUTFRONT MEDIA LLC

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

Seller:

OUTFRONT MEDIA OUTERNET INC.

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer
    

[SIGNATURE PAGES CONTINUE ON FOLLOWING PAGE]

[Signature Page to A&R Master Framework Agreement]

IN WITNESS WHEREOF, the Parties have executed this Framework Agreement as of the date first written above.
Originators:

OUTFRONT MEDIA GROUP LLC,
as an Originator

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

OUTFRONT MEDIA OUTERNET INC.,
as an Originator

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

OUTFRONT MEDIA SPORTS INC.,
as an Originator

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

OUTFRONT MEDIA VW COMMUNICATIONS LLC,
as an Originator

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

[Signature Page to A&R Master Framework Agreement]

OUTFRONT MEDIA BUS ADVERTISING LLC,
as an Originator

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

OUTFRONT MEDIA SAN FRANCISCO LLC,
as an Originator

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

OUTFRONT MEDIA BOSTON LLC,
as an Originator

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer

ROCKBRIDGE SPORTS, MEDIA AND ENTERTAINMENT, LLC,
as an Originator

By: /s/ Jonathan D.  Karabas        
Name:  Jonathan D. Karabas
Title: Treasurer
    

[Signature Page to A&R Master Framework Agreement]

SCHEDULE 1
DEFINITIONS
As used in the Transaction Agreements, the following terms have the following meanings unless otherwise defined in any Transaction Agreement:
“Action” means any suit in equity, action at law or other judicial or administrative proceeding conducted or presided over by any Governmental Authority.
“Adverse Claim” means any claim of ownership or any Lien; it being understood that any such claim or Lien in favor of, or assigned to, Buyer under the Transaction Agreements shall not constitute an Adverse Claim.
“Affiliate” means, with respect to a specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person).  For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to any Outfront Party or any of their respective Subsidiaries from time to time concerning or relating to bribery or corruption including, but not limited to, the U.S. Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010, and any other applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.
“Anti-Terrorism Laws” means each of: (a) the Executive Order; (b) the PATRIOT Act; (c) the Money Laundering Control Act of 1986, 18 U.S.C. Sect. 1956 and any successor statute thereto; (d) the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada); (e) the Bank Secrecy Act, and the rules and regulations promulgated thereunder; and (f) any other Applicable Law of the United States, Canada or any member state of the European Union now or hereafter enacted to monitor, deter or otherwise prevent: (i) terrorism or (ii) the funding or support of terrorism or (iii) money laundering.
“Applicable Law” means, with respect to any Person, (x) all provisions of law, statute, treaty, constitution, rule, regulation, ordinance, requirement, restriction, permit, executive order, certificate, decision, directive or order of any Governmental Authority applicable to such Person or any of its property and (y) all judgments, injunctions, orders, writs, decrees and awards of all courts and arbitrators in proceedings or actions in which such Person is a party or by which any of its property is bound.  For the avoidance of doubt, FATCA shall constitute an “Applicable Law” for all purposes of this Framework Agreement.

Schedule 1 to A&R Master Framework Agreement

“Attorney Costs” means and includes all reasonable and documented fees, costs, expenses and disbursements of any law firm or other external counsel.
“Business Day” means any day (other than a Saturday or Sunday) on which banks are not authorized or required to close in New York City, New York.
“Buyer” has the meaning set forth in the Preamble.
“Capital Stock” means, with respect to any Person, any and all common shares, preferred shares, interests, participations, rights in or other equivalents (however designated) of such Person’s capital stock, partnership interests, limited liability company interests, membership interests or other equivalent interests and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options exchangeable for or convertible into such capital stock or other equity interests.
“Change in Control” has the meaning set forth in the Receivables Purchase Agreement.
“Closing” has the meaning set forth in Section 3.1.
“Code” means the Internal Revenue Code of 1986, as amended or otherwise modified from time to time.
“Collateral” means the QRS Collateral, the TRS Collateral and the Originator Collateral.
“Confirmation” has the meaning set forth in the applicable Master Repurchase Agreement.
“Credit Agreement” means that certain Credit Agreement, dated as of January 31, 2014, as amended by Amendment No. 1, dated as of July 21, 2014 and Amendment No. 2, dated as of March 16, 2017, among Outfront Media Capital LLC and Outfront Media Capital Corporation,  as borrowers, Outfront Media Inc., the other guarantors party thereto from time to time, Morgan Stanley Senior Funding, Inc. (as successor to Citibank, N.A.), as administrative agent, collateral agent and swing line lender, and the other lenders party thereto from time to time.
“Credit Facility Documents” has the meaning ascribed to the term “Loan Documents” in the Credit Agreement.
“Current Transactions” means, as of any time of determination, each of the Transactions, if any, outstanding under the Master Repurchase Agreements at such time of determination.
“Effective Date” has the meaning set forth in the Preamble.
“Event of Bankruptcy” shall be deemed to have occurred with respect to a Person if either:
(a)    (i) a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the liquidation, examinership, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, examiner, assignee, sequestrator (or other 

Schedule 1 to A&R Master Framework Agreement

similar official) for such Person or all or substantially all of its assets, or any similar action with respect to such Person under any Applicable Law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts; or (ii) an order for relief in respect of such Person shall be entered in an involuntary case under federal bankruptcy laws or other similar Applicable Laws now or hereafter in effect; or
(b)    such Person (i) shall commence a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect, or (ii) shall consent to the appointment of or taking possession by a receiver, liquidator, examiner, assignee, trustee, custodian, sequestrator (or other similar official) for, such Person or for any substantial part of its property, or (iii) shall make any general assignment for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or, if a corporation or similar entity, its board of directors (or any board or Person holding similar rights to control the activities of such Person) shall vote to implement any of the foregoing.
“Event of Default” means any of the following:
(a)    any Seller Party or Guarantor shall have failed to pay any Repurchase Price (other than the portion thereof attributable to Price Differential) or Margin Payment in respect of any Transaction when and as the same shall become due and payable, and such failure shall continue unremedied for a period of one (1) or more Business Days;
(b)    any Seller Party or Guarantor shall have failed to pay any portion of Repurchase Price attributable to Price Differential, any fee required to be paid under the Fee Letter or any other amounts owing under any Transaction Agreement (other than amounts specified in clause (a) of this definition), in each case, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) or more Business Days;
(c)    any Seller Party shall fail to observe or perform any covenant or agreement set forth in Section 5.3(h), Section 5.3(i), Section 5.3(l), Section 5.3(o) or Section 5.3(q) (excluding clause (iii) thereof) of this Framework Agreement;
(d)    Seller Party Agent, Guarantor or any Seller Party shall fail to observe or perform any covenant, condition or agreement contained in this Framework Agreement or any other Transaction Agreement (excluding any covenants, conditions or agreements specified in clauses (a), (b) or (c) of this definition) and such failure shall continue unremedied for a period of 30 days after a Responsible Officer of Seller Party Agent, Guarantor or any Seller Party becomes aware of such failure;
(e)    any representation or warranty made or deemed made by or on behalf of any Seller Party or Guarantor in or in connection with this Framework Agreement or any other Transaction Agreement shall prove to have been incorrect in any material respect when made or deemed made;
(f)    Buyer shall cease to have a perfected security interest in any Collateral granted by (i) any Seller pursuant to the applicable Master Repurchase Agreement or (ii) any Originator pursuant 

Schedule 1 to A&R Master Framework Agreement

to this Framework Agreement, in each case, except to the extent released in accordance with, or in connection with a disposition permitted under, the Transaction Agreements;
(g)    an Event of Bankruptcy shall occur with respect to Guarantor, Seller Party Agent or any Seller Party;
(h)    the Guaranty shall cease to be in full force and effect, or its validity or enforceability shall be disputed by any Outfront Party; or
(i)    an “event of default” or similar event (including a Purchase and Sale Termination Event) shall occur and be continuing under the Securitization Purchase Agreement, the Receivables Purchase Agreement or the Credit Agreement.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to an Indemnified Person or required to be withheld or deducted from a payment to an Indemnified Person: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed as a result of such Indemnified Person being organized under the laws of, or having its principal office in the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Indemnified Person pursuant to a law in effect on the Effective Date, (c) Taxes attributable to such Indemnified Person’s failure to provide relevant IRS forms and related documentation, and (d) any Taxes imposed pursuant to FATCA.
“Executive Order” means Executive Order No. 13224 on Terrorist Financings: Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism issued on September 23, 2001.
“Existing Framework Agreement” has the meaning set forth in the Recitals.
“Facility Expiration Date” means the Scheduled Facility Expiration Date in effect from time to time; provided, that (i) the Facility Expiration Date shall be deemed to have occurred on the first date (if any) upon which (x) the Termination Date occurs under the Receivables Purchase Agreement or (y) an Event of Bankruptcy occurs with respect to Guarantor, the Seller Party Agent or any Seller Party; and (ii) on any Business Day (x) during which an Event of Default has occurred and is continuing or (y) on or after which any Person (other than an Affiliate of MUFG) has replaced MUFG as Securitization Agent under the Receivables Purchase Agreement, Buyer may deliver a written notice to the Seller Party Agent or any Seller terminating the Facility Term, in which case the Facility Expiration Date shall be deemed to occur on the date of such delivery.
“Facility Term” means the period beginning on the Effective Date and ending on the Facility Expiration Date.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Framework Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental 

Schedule 1 to A&R Master Framework Agreement

agreements entered into in connection with the implementation of the foregoing and any fiscal or regulatory legislation, rules or official practices implemented to give effect to any such intergovernmental agreements.
“Fee Letter” means that certain Fee Letter Agreement dated as of the Effective Date, by and between Buyer and the Sellers.
“Final Maturity Date” has the meaning set forth in the applicable Seller Note.
“Framework Agreement” has the meaning set forth in the Preamble.
“Funded Purchase Price” means, with respect to any Transactions entered into (or proposed to be entered into) under the applicable Master Repurchase Agreement on any Purchase Date, the excess, if any, of (a) the sum of the Purchase Prices for such Transactions over (b) the sum of the Repurchase Prices under any Transactions previously entered into under such Master Repurchase Agreement whose Repurchase Dates coincide with such Purchase Date, excluding any portion of such Repurchase Prices which are not permitted to be netted against Purchase Prices for subsequent Transactions entered into on such Purchase Date in accordance with Paragraph 12 Annex I to the applicable Master Repurchase Agreements.
“Funded Repurchase Price” means, with respect to any Transactions under the applicable Master Repurchase Agreements expiring on any Repurchase Date, the excess of (a) the sum of the Repurchase Prices for each such Transaction over (b) the sum of the amounts of any Purchase Prices under any subsequent Transactions entered into under such Master Repurchase Agreements whose Purchase Date coincides with such Repurchase Date which are netted against such Repurchase Prices in accordance with Paragraph 12 of such Master Repurchase Agreement (any such netting being subject to Paragraph 12 of Annex I to such Master Repurchase Agreement).
“Funding Conditions” has the meaning set forth in Section 4.3(a).
“GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time and consistently applied.
“Governmental Authority” means any government or political subdivision or any agency, authority, bureau, regulatory body, court, central bank, commission, department or instrumentality of any such government or political subdivision, or any other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government or any court, tribunal, grand jury or arbitrator, or any accounting board or authority (whether or not part of a government) which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or domestic (including any supra-national bodies such as the European Union or the European Central Bank).
“Guarantor” means Outfront Media Inc., a Maryland corporation.
“Guaranty” means that certain Guaranty, dated as of the Effective Date, executed by Guarantor in favor of Buyer.

Schedule 1 to A&R Master Framework Agreement

“Indemnified Amounts” has the meaning set forth in Section 8.1.
“Indemnified Person” has the meaning set forth in Section 8.1.
“Information Package” has the meaning set forth in the Receivables Purchase Agreement.
“Lien” means any mortgage, deed of trust, pledge, security interest, hypothecation, charge, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference, priority or other security agreement, preferential arrangement or similar agreement or arrangement of any kind or nature whatsoever, including any conditional sale or other title retention agreement and any assignment, deposit arrangement or lease intended as, or having the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or not a lien or other encumbrance is created or exists at the time of the filing).
“Margin Deficit” has the meaning set forth in the applicable Master Repurchase Agreement.
“Margin Payment” means any cash transferred by or on behalf of a Seller to Buyer as required pursuant to Paragraph 4(a) of the applicable Master Repurchase Agreement.
“Master Repurchase Agreements” means the QRS Master Repurchase Agreement and the TRS Master Repurchase Agreement.
“Material Adverse Effect” means, with respect to any event or circumstance, a material adverse effect on:
(a)    (i) if a particular Person is specified, the ability of such Person to perform its obligations under this Framework Agreement or any other Transaction Agreement or (ii) if a particular Person is not specified, the ability of any Outfront Party to perform its obligations under this Framework Agreement or any other Transaction Agreement;
(b)    (i) the validity or enforceability against any Outfront Party of any Transaction Agreement or (ii) the value, validity, enforceability or collectability of any Purchased Note subject to a Transaction thereunder;
(c)    the status, existence, perfection, priority, enforceability or other rights and remedies of Buyer under the Transaction Agreements or associated with any Collateral; or
(d)    (i) if a particular Person is specified, the business, assets, operations or financial condition of such Person and its Subsidiaries taken as a whole or (ii) if a particular Person is not specified, the business, assets, operations or financial condition of the Outfront Parties and their Subsidiaries taken as a whole.
“Maximum Buyer Balance” means $90,000,000.
“Monthly Date” means each of (i) the Effective Date and (ii) the 17th day of each calendar month occurring during the Facility Term (or if such day is not a Business Day, the next occurring Business Day).

Schedule 1 to A&R Master Framework Agreement

“MUFG” has the meaning set forth in the Preamble.
“No-Petition Letter” means that certain Letter Agreement, dated as of the Effective Date, between Buyer and the Securitization Agent.
“OFAC” has the meaning set forth in the definition of Sanctioned Person.
“Organizational Documents” means a Party’s articles or certificate of incorporation and its by-laws or similar governing instruments required by the laws of its jurisdiction of formation or organization.
“Originator” has the meaning set forth in the Securitization Purchase Agreement.
“Originator Collateral” has the meaning set forth in the applicable Master Repurchase Agreement.
“Other Connection Taxes” means, with respect to any Indemnified Person, Taxes imposed as a result of a present or former connection between such Indemnified Person and the jurisdiction imposing such Tax (other than connections arising from such Indemnified Person having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Agreement, or sold or assigned an interest in any Purchased Note or any Transaction Agreement).
“Outernet” has the meaning set forth in the Preamble.
“Outfront Facility Administration Officer” means any officer of any Outfront Party that is responsible for the administration of the obligations of any Outfront Party under this Framework Agreement or any other Transaction Agreement, including J.D. Karabas and any other officer of any Outfront Party that assumes any of his administration obligations with respect to the Transaction Agreements.
“Outfront Media” has the meaning set forth in the Preamble.
“Outfront Party” means each Seller, each Originator, each Receivables Entity and Guarantor. 
“Outfront Receivables QRS” has the meaning set forth in the Recitals.
“Outfront Receivables TRS” has the meaning set forth in the Recitals.
“Outstanding Amount” means, with respect to each Seller Note at any given time, the outstanding principal balance of such Seller Note as of such time.
“Outstanding Buyer Balance” means, as of any time of determination, the excess, if any, of (x) the aggregate amount of Funded Purchase Price funded by Buyer and applied to Purchase Price under any Master Repurchase Agreement over (y) the aggregate Funded Repurchase Price 

Schedule 1 to A&R Master Framework Agreement

(or Margin Payments) paid by or on behalf of the Sellers (excluding any such amounts of Funded Repurchase Price attributable to payments of Price Differential) to Buyer, in each case, in connection with the Current Transactions and all prior Transactions as of such time of determination.
“Party” and “Parties” have the meaning set forth in the Preamble.
“PATRIOT Act” has the meaning set forth in Section 9.15.
“Permitted Adverse Claim” means any Adverse Claim (i) created pursuant to the Transaction Agreements, (ii) that constitutes an inchoate lien in respect of Taxes that are either (x) not yet due and payable or (y) being contested in good faith and as to which adequate reserves have been provided in accordance with GAAP, but only so long as no enforcement action, execution, levy or foreclosure proceeding shall have been commenced or threatened and the use and value of the property to which the liens attach are not impaired during the pendency of such proceedings or (iii) as to which no enforcement action, execution, levy or foreclosure proceeding shall have been commenced or threatened and that secure the payment of taxes, assessments or governmental charges or levies, if and only to the extent the same are either (x) not yet due and payable or (y) being contested in good faith and as to which adequate reserves have been provided in accordance with GAAP.
“Person” means a natural individual, partnership, sole proprietorship, corporation (including a business trust), joint stock company, trust, unincorporated association, joint venture, limited liability company, any Governmental Authority or any other entity of whatever nature.
“Potential Event of Default” means the occurrence of any event that, with the giving of notice or lapse of time, would become an Event of Default.
“Price Differential” has the meaning set forth in each applicable Master Repurchase Agreement.
“Pricing Rate” has the meaning set forth in each applicable Master Repurchase Agreement.
“Purchase and Sale Termination Event” has the meaning set forth in the applicable Securitization Purchase Agreement.
“Purchase Date” has the meaning set forth in each applicable Master Repurchase Agreement.
“Purchase Price” has the meaning set forth in each applicable Master Repurchase Agreement.
“Purchase Report” has the meaning set forth in the Securitization Purchase Agreement.
“Purchased Note” means, as of any time with respect to any Transaction, the applicable Seller Note transferred, or purported to be transferred, to Buyer pursuant to such Transaction.
“QRS Collateral” has the meaning set forth in the QRS Master Repurchase Agreement. 

Schedule 1 to A&R Master Framework Agreement

“QRS Master Repurchase Agreement” means that certain Master Repurchase Agreement dated as of September 6, 2018, between Outfront Media and Buyer, including Annex I thereto (and as amended thereby).
“QRS Securitization Purchase Agreement” means the Amended and Restated Purchase and Sale Agreement, dated as of the Effective Date, by and among the Outfront Media as originator and as initial servicer, and Outfront Receivables QRS, as buyer, as such agreement may be amended, supplemented or otherwise modified from time to time.
“QRS Seller Note” means that certain Subordinated Note dated as of September 6, 2018, issued by Outfront Receivables QRS to Outfront Media pursuant to the QRS Securitization Purchase Agreement.
“Receivables Entity” means Outfront Receivables QRS and Outfront Receivables TRS.
“Receivables Purchase Agreement” means the Amended and Restated Receivables Purchase Agreement, dated as of the Effective Date, by and among Outfront Receivables QRS, as a seller, Outfront Receivables TRS, as a seller, Outfront Media LLC, as initial servicer, Gotham Funding Corporation, as a conduit purchaser, and MUFG Bank, Ltd., as a committed purchaser, as group agent for the MUFG Group, and as administrative agent, as such agreement may be amended, supplemented or otherwise modified from time to time.
“Repurchase Date” has the meaning set forth in the Master Repurchase Agreement.
“Repurchase Price” has the meaning set forth in the Master Repurchase Agreement.
“Responsible Officer” means the chief executive officer, president, general counsel, any vice president, the chief financial officer, the controller, the treasurer or the assistant treasurer or other similar officer of the applicable Outfront Party or any Outfront Facility Administration Officer.
“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions, including as of the Effective Date, Cuba, Crimea (Ukraine), Iran, Syria and North Korea.
“Sanctioned Person” means, at any time, (a) any Person currently the subject or the target of any Sanctions, including any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) (or any successor thereto) or the U.S. Department of State, or as otherwise published from time to time; (b) that is fifty-percent or more owned, directly or indirectly, in the aggregate by one or more Persons described in clause (a) above; (c) that is operating, organized or resident in a Sanctioned Country; (d) with whom engaging in trade, business or other activities is otherwise prohibited or restricted by Sanctions; or (e) (i) an agency of the government of a Sanctioned Country, (ii) an organization controlled by a Sanctioned Country, or (iii) a Person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC.

Schedule 1 to A&R Master Framework Agreement

“Sanctions” means the laws, rules, regulations and executive orders promulgated or administered to implement economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time (a) by the United States government, including those administered by OFAC, the US State Department, the US Department of Commerce, (b) by the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom or (c) by other relevant sanctions authorities to the extent compliance with the sanctions imposed by such other authorities would not entail a violation of Applicable Law.
“Scheduled Facility Expiration Date” means June 30, 2020.
“Securitization Facility Default” means, except to the extent arising solely as the result of an Event of Default or similar event occurring under the Transaction Agreements, any “Event of Default” or “Unmatured Event of Default”, in each case, as defined in the Receivables Purchase Agreement, without regard to any waiver granted with respect thereto under the terms of the Receivables Purchase Agreement.
“Securitization Facility Documents” has the meaning ascribed to the term “Transaction Documents” in the Receivables Purchase Agreement.
“Securitization Guaranty” has the meaning ascribed to the term “Performance Guaranty” in the Receivables Purchase Agreement.
“Securitization Purchase Agreement” means the QRS Securitization Purchase Agreement and the TRS Securitization Purchase Agreement.
“Seller” has the meaning set forth in the Preamble.
“Seller Note” means the QRS Seller Note and the TRS Seller Note.
“Seller Party” has the meaning set forth in the Preamble.
“Seller Party Agent” has the meaning set forth in the Preamble.
“Sellers’ Net Worth” has the meaning set forth in the Receivables Purchase Agreement.
“Settlement Period” has the meaning set forth in the Receivable Purchase Agreement.
“Solvent” means, with respect to any Person and as of any particular date, (i) the present fair market value (or present fair saleable value) of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (iii) such Person is not incurring debts or liabilities beyond its ability to pay such debts and liabilities as they mature and (iv) such Person is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged.

Schedule 1 to A&R Master Framework Agreement

“Subordinated Note” has the meaning set forth in the applicable Securitization Purchase Agreement.
“Subsidiary” means, with respect to any Person: (a) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof and (b) any partnership, joint venture, limited liability company or similar entity of which (A) more than 50% of the voting interests or general partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise and (B) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity.
“Tax” means any and all present or future taxes, levies, imposts, duties, deductions, assessments, fees, charges or withholdings (including backup withholding) imposed by any Governmental Authority and all interest, penalties, additions to tax and any similar liabilities with respect thereto.
“Termination Date” has the meaning set forth in the Receivables Purchase Agreement.
“Transaction” has the meaning set forth in each applicable Master Repurchase Agreement.
“Transaction Agreements” means, collectively, (i) this Framework Agreement, (ii) each of the other agreements referred to in Section 2.1 hereof, (iii) the Guaranty and (iv) each Confirmation entered into under a Master Repurchase Agreement during the Facility Term.
“Transaction Notice” has the meaning set forth in Section 4.1(a).
“Transaction Period” has the meaning set forth in the applicable Master Repurchase Agreement.
“TRS Collateral” has the meaning set forth in the TRS Master Repurchase Agreement. 
“TRS Master Repurchase Agreement” means that certain Master Repurchase Agreement dated as of the Effective Date, between Outernet and Buyer, including Annex I thereto (and as amended thereby).
“TRS Originators” means Outernet and each other Originator.
“TRS Securitization Purchase Agreement” means the Purchase and Sale Agreement, dated as of the Effective Date, by and among the TRS Originators as originators, the Outfront Media as initial servicer, and Outfront Receivables TRS, as buyer, as such agreement may be amended, supplemented or otherwise modified from time to time.
“TRS Seller Note” means that certain Subordinated Note dated as of the Effective Date, issued by Outfront Receivables TRS to Outernet (for the benefit of the TRS Originators) pursuant to the TRS Securitization Purchase Agreement.

Schedule 1 to A&R Master Framework Agreement

SCHEDULE 2
BANK ACCOUNTS
Buyer:
Bank Name:    MUFG BANK, LTD. 
City, State:    New York, NY 
SWIFT Code:    BOTKUS33 
ABA/Routing #:    026009632 
Beneficiary Account Name:    MUFG BANK, LTD. 
Beneficiary Account Number:    97770191 
Ref:    Outfront

Sellers:
Bank Name:    JPMORGAN CHASE BANK NA 
City, State:    New York, NY 
SWIFT Code:    CHASUS33 
ABA/Routing #:    021-000-021 
Beneficiary Account Name:    OUTFRONT MEDIA RECEIVABLES LLC 
Beneficiary Account Number:    323-662021 
Ref:    

Schedule 2 to A&R Master Framework Agreement

SCHEDULE 3
UCC DETAILS SCHEDULE
		
	(1)
	Outfront Media LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    
	
		
	Name
	Date

	OS Baseline Inc., an Arizona corporation, Decade Communications Group, Inc., a Colorado corporation and Bench Advertising Company of Colorado, Inc., a Colorado corporation merged into Outdoor Systems, Inc., a Delaware corporation
	June 24, 1998

	Burma Acquisition Corp., a Delaware corporation merged into Outdoor Systems, Inc., a Delaware corporation
	December 7, 1999

	Outdoor Systems Inc. changed its name to Infinity Outdoor, Inc.
	February 23, 2000

	Infinity Outdoor, Inc. changed its name to Viacom Outdoor Inc.
	August 28, 2001

	Premere Media, Inc., an Illinois corporation merged into Vicom Outdoor Inc., a Delaware corporation
	December 28, 2005

	Viacom Outdoor Inc. changed its name to CBS Outdoor Inc.
	December 29, 2005

	National Advertising Company, a Delaware corporation merged into CBS Outdoor Inc., a Delaware corporation
	December 22, 2006

	OS Bus, Inc., a Georgia corporation merged into CBS Outdoor Inc., a Delaware corporation
	December 28, 2007

	San Francisco Walls, Inc., a California corporation merged into  CBS Outdoor Inc., a Delaware corporation
	December 28, 2007

Schedule 3 to A&R Master Framework Agreement

	
		
	Outdoor Systems (New York), Inc., a New York corporation merged into  CBS Outdoor Inc., a Delaware corporation
	December 28, 2007

	OS Florida, Inc., a Florida corporation merged into CBS Outdoor Inc., a Delaware corporation
	December 28, 2007

	Infinity Outdoor of Florida Holding Co., a Delaware corporation  merged into CBS Outdoor Inc., a Delaware corporation
	December 28, 2007

	Infinity Outdoor of Florida Inc., a Florida corporation  merged into CBS Outdoor Inc., a Delaware corporation
	December 28, 2007

	CBS Outdoor Inc. converted to a limited liability company, CBS Outdoor LLC
	June 20, 2013

	CBS Outdoor LLC changed its name to Outfront Media LLC
	November 20, 2014

(d)    Federal Taxpayer ID Number

46-4042148                    

(e)    Jurisdiction of Organization

Delaware

(f)    True Legal Name

Outfront Media LLC

(g)    Organizational Identification Number

2337422

		
	(2)
	Outfront Media Group LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name

Schedule 3 to A&R Master Framework Agreement

    
	
		
	Name
	Date

	Winston Networks Inc. changed its name to Viacom Outdoor Group Inc.
	September 7, 2001

	Viacom Outdoor Group Inc. changed its name to CBS Outdoor Group Inc.
	January 2, 2006

	Transportation Displays Inc., a Delaware corporation, merged into CBS Outdoor Group Inc., a Delaware corporation
	December 31, 2007

	CBS Outdoor Group Inc., a Delaware corporation, changed to CBS Outdoor Group LLC, a Delaware limited liability company
	December 23, 2013

	CBS Outdoor Group LLC changed its name to Outfront Media Group LLC
	November 20, 2014

(d)    Federal Taxpayer ID Number

13-2660769                    

(e)    Jurisdiction of Organization

Delaware

(f)    True Legal Name

Outfront Media Group LLC

(g)    Organizational Identification Number

681120

		
	(3)
	Outfront Media Outernet Inc.:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    

Schedule 3 to A&R Master Framework Agreement

	
		
	Name
	Date

	SS Merger Corporation, a Delaware Corporation, merged into SignStorey, Inc., a Delaware corporation
	October 5, 2007

	SignStorey, Inc. changed its name to CBS Outernet Inc.
	October 9, 2007

	CBS Outernet Inc. changed its name to Outfront Media Outernet Inc.
	November 20, 2014

(d)    Federal Taxpayer ID Number

04-3531204                    

(e)    Jurisdiction of Organization

Delaware

(f)    True Legal Name

Outfront Media Outernet Inc.

(g)    Organizational Identification Number

3285861

		
	(4)
	Outfront Media Sports Inc.:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    

Schedule 3 to A&R Master Framework Agreement

	
		
	Name
	Date

	Pro-Serve Marketing, Inc. changed its name to Premier Sports Marketing, Inc.
	April 1, 1991

	Premier Sports Marketing, LLC, an Arizona limited liability company, and Phoenix Product Group, LLC, an Arizona limited liability company, merged with and into Premier Sports Marketing, Inc., a Delaware corporation, and Premier Sports Marketing, Inc. changed its name to OSI Sports Marketing, Inc.
	July 14, 1999

	OSI Sports Marketing, Inc. changed its name to Viacom Outdoor Sports Marketing Inc.
	August 28, 2001

	Viacom Outdoor Sports Marketing Inc. changed its name to CBS Collegiate Sports Properties Inc.
	April 19, 2006

	CBS Collegiate Sports Properties Inc. changed its name to Outfront Media Sports Inc.
	November 20, 2014

(d)    Federal Taxpayer ID Number

77-0141025                    

(e)    Jurisdiction of Organization

Delaware

(f)    True Legal Name

Outfront Media Sports Inc.

(g)    Organizational Identification Number

2086110 

		
	(5)
	Outfront Media VW Communications LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

Schedule 3 to A&R Master Framework Agreement

(c)    Doing Business As Names; Changes in Location or Name
    
	
		
	Name
	Date

	Van Wagner Communications, Inc., a New York corporation, merged into Van Wagner Communications, LLC, a New York limited liability company,
	March 17, 1998

	Scrolling Corporation of America, a New York corporation, merged into Van Wagner Communications, LLC, a New York limited liability company
	March 17, 1998

	Van Wager LA East Side, LLC, a California limited liability company, Van Wager LA West Side, LLC, a California limited liability company, and Van Wagner Communications, LLC, a New York limited liability company, merged into Van Wagner Communications, LLC, a New York limited liability company
	March 23, 2006

	Van Wagner Communications, LLC, a New York limited liability company, and Boston Outdoor Media LLC, a New York limited liability company, merged into Van Wagner Communications, LLC, a New York limited liability company.
	January 1, 2008

	Van Wagner Communications, LLC changed its name to OA VW LLC
	November 19, 2014

	OA VW LLC changed its name to Outfront Media VW Communications LLC
	November 20, 2014

(d)    Federal Taxpayer ID Number

13-3984032                    

(e)    Jurisdiction of Organization

New York

(f)    True Legal Name

Outfront Media VW Communications LLC

(g)    Organizational Identification Number

2194894                                                                         

Schedule 3 to A&R Master Framework Agreement

		
	(6)
	Outfront Media Bus Advertising LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    
	
		
	Name
	Date

	Van Wagner Manufacturing, LLC changed its name to Van Wagner New Jersey Transit Advertising, LLC
	September 26, 2007

	Van Wagner New Jersey Transit Advertising, LLC changed its name to Van Wagner Bus Advertising, LLC
	February 22, 2010

	Van Wagner Bus Advertising, LLC changed its name to Outfront Media Bus Advertising LLC
	November 20, 2014

(d)    Federal Taxpayer ID Number

20-3168797                    

(e)    Jurisdiction of Organization

New York

(f)    True Legal Name

Outfront Media Bus Advertising LLC

(g)    Organizational Identification Number

3223510

Schedule 3 to A&R Master Framework Agreement

		
	(7)
	Outfront Media San Francisco LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    
	
		
	Name
	Date

	Van Wagner San Francisco, LLC changed its name to Outfront Media San Francisco LLC
	November 20, 2014

(d)    Federal Taxpayer ID Number

27-0631817                    

(e)    Jurisdiction of Organization

New York

(f)    True Legal Name

Outfront Media San Francisco LLC

(g)    Organizational Identification Number

3834775

		
	(8)
	Outfront Media Boston LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

Schedule 3 to A&R Master Framework Agreement

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    
	
		
	Name
	Date

	Van Wagner Boston, LLC changed its name to Outfront Media Boston LLC
	November 20, 2014

(d)    Federal Taxpayer ID Number

27-0631945                    

(e)    Jurisdiction of Organization

New York

(f)    True Legal Name

Outfront Media Boston LLC

(g)    Organizational Identification Number

3834779

		
	(9)
	Rockbridge Sports, Media and Entertainment, LLC:  

(a)    Chief Executive Office

405 Lexington Avenue, 17th Floor
New York, NY 10174

(b)    Locations Where Records Are Kept

405 Lexington Avenue, 17th Floor
New York, NY 10174

(c)    Doing Business As Names; Changes in Location or Name
    
None.

Schedule 3 to A&R Master Framework Agreement

(d)    Federal Taxpayer ID Number

45-2740888                    

(e)    Jurisdiction of Organization

Virginia

(f)    True Legal Name

Rockbridge Sports, Media and Entertainment, LLC

(g)    Organizational Identification Number

S3704089

SCHEDULE 4
ORIGINATORS

	
		
	Originator
	Location

	Outfront Media Group LLC
	Delaware

	Outfront Media Outernet Inc.
	Delaware

	Outfront Media Sports Inc.
	Delaware

	Outfront Media VW Communications LLC
	New York

	Outfront Media Bus Advertising LLC
	New York

	Outfront Media San Francisco LLC
	New York

	Outfront Media Boston LLC
	New York

	Outfront Media LLC
	Delaware

	Rockbridge Sports, Media and Entertainment, LLC
	Virginia

Schedule 3 to A&R Master Framework Agreement

Exhibit A
Form of Transaction Notice
MUFG BANK, LTD.
RE:    Transaction under the Framework Agreement and the Master Repurchase Agreement
Ladies and Gentlemen:
This Transaction Notice is delivered to you pursuant to Section 4.1(a) of the Amended and Restated Master Framework Agreement, dated as of July 19, 2019 (the “Framework Agreement”), by and among Outfront Media LLC and Outfront Media Outernet Inc., as sellers (the “Sellers”), the entities party thereto as Originators, Outfront Media LLC as agent for the seller parties and MUFG Bank. Ltd., as buyer (“Buyer”), and relating to repurchase transactions to be entered into pursuant to the terms of the QRS Master Repurchase Agreement and the TRS Master Repurchase Agreement.  Capitalized terms used but not defined herein have the meanings set forth in the Framework Agreement.
Seller Party Agent hereby requests on behalf of each applicable Seller, in accordance with the terms of the Framework Agreement, a Transaction under the QRS Master Repurchase Agreement with a proposed Purchase Price of $__________________ and a Transaction under the TRS Master Repurchase Agreement with a proposed Purchase Price of $__________________;  each such Transaction to be entered into on the proposed Purchase Date of [●], and each such Transaction to have a proposed Repurchase Date of [●].  [The proposed Transaction has a Purchase Price which is [equal to] [less than] [greater than] the $______ Funded Repurchase Price due on such proposed Purchase Date.]  The sum of the proposed Purchase Prices for both such proposed Transactions is $__________________.
[Seller Party Agent further requests that, pursuant to Paragraph 3(c)(ii) of each applicable Master Repurchase Agreement (as amended by Annex I thereto), each of the current Transactions thereunder evidenced by the Confirmations dated as of [●] and originally scheduled to expire on [●] be instead terminated as of such proposed Purchase Date.]1 
Attached hereto are forms of Confirmations for such proposed Transactions, completed in accordance with Section 4.1(a) of the Framework Agreement.

	
					
	 
	 
	 
	 
	 

1 To be used in connection with an early termination of Transactions by the Sellers.

Exhibit A to A&R Master Framework Agreement

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