Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
  

 
 FIRST LIEN CREDIT AGREEMENT

 among 

CUMULUS MEDIA INC., 
 CUMULUS MEDIA HOLDINGS INC., 
 as Borrower, 

CERTAIN LENDERS, 

JPMORGAN CHASE BANK, N.A. 
 as Administrative Agent, 
 UBS SECURITIES LLC, 

MIHI LLC 
 and

 ROYAL BANK OF CANADA, 
 as Co-Syndication Agents, 
 and 

U.S. BANK NATIONAL ASSOCIATION 
 and 
 FIFTH THIRD BANK, 

as Co-Documentation Agents 
 Dated as of September 16, 2011 
 As amended and restated as of
December 20, 2012 
  
  

J.P. MORGAN SECURITIES LLC, 
 UBS SECURITIES LLC, 
 MACQUARIE CAPITAL (USA) INC., 

and 
 RBC CAPITAL
MARKETS,* 
 as Joint Lead Arrangers and Joint Bookrunners 

 
  
  

	*	RBC Capital Markets is a brand for the capital markets business of Royal Bank of Canada and its Affiliates. 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 SECTION 1.
	  	DEFINITIONS	  	 	1	  
			
	 1.1
	  	Defined Terms	  	 	1	  
	 1.2
	  	Other Definitional Provisions	  	 	34	  
			
	 SECTION 2.
	  	AMOUNT AND TERMS OF THE TERM LOAN COMMITMENTS	  	 	34	  
			
	 2.1
	  	Term Loans	  	 	34	  
	 2.2
	  	Repayment of Term Loans	  	 	34	  
	 2.3
	  	Proceeds of Term Loans	  	 	35	  
			
	 SECTION 3.
	  	AMOUNT AND TERMS OF REVOLVING CREDIT COMMITMENTS	  	 	35	  
			
	 3.1
	  	Revolving Credit Commitments	  	 	35	  
	 3.2
	  	Proceeds of Revolving Credit Loans	  	 	35	  
	 3.3
	  	Issuance of Letters of Credit	  	 	35	  
	 3.4
	  	Participating Interests	  	 	37	  
	 3.5
	  	Procedure for Opening Letters of Credit	  	 	37	  
	 3.6
	  	Payments in Respect of Letters of Credit	  	 	37	  
	 3.7
	  	Swing Line Commitment	  	 	38	  
	 3.8
	  	Participations	  	 	39	  
			
	 SECTION 4.
	  	GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT	  	 	39	  
			
	 4.1
	  	Procedure for Borrowing by the Borrower	  	 	39	  
	 4.2
	  	Repayment of Loans; Evidence of Debt	  	 	40	  
	 4.3
	  	Conversion Options	  	 	41	  
	 4.4
	  	Changes of Commitment Amounts	  	 	41	  
	 4.5
	  	Optional Prepayments	  	 	42	  
	 4.6
	  	Mandatory Prepayments	  	 	42	  
	 4.7
	  	Interest Rates and Payment Dates	  	 	44	  
	 4.8
	  	Computation of Interest and Fees	  	 	44	  
	 4.9
	  	Commitment Fees	  	 	44	  
	 4.10
	  	Certain Fees	  	 	45	  
	 4.11
	  	Letter of Credit Fees	  	 	45	  
	 4.12
	  	Obligations Absolute	  	 	46	  
	 4.13
	  	Assignments	  	 	46	  
	 4.14
	  	Participations	  	 	46	  
	 4.15
	  	Inability to Determine Interest Rate for Eurodollar Loans	  	 	46	  
	 4.16
	  	Pro Rata Treatment and Payments	  	 	47	  
	 4.17
	  	Illegality	  	 	48	  
	 4.18
	  	Requirements of Law	  	 	49	  
	 4.19
	  	Indemnity	  	 	50	  
	 4.20
	  	Taxes	  	 	51	  
	 4.21
	  	Defaulting Lender	  	 	54	  
	 4.22
	  	Mitigation; Replacement of Lenders	  	 	55	  
	 4.23
	  	Prepayments Below Par	  	 	56	  
	 4.24
	  	Extensions of Term Loans and Revolving Credit Commitments	  	 	58	  
	 4.25
	  	Incremental Facility	  	 	60	  

  
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	 	  	 	  	Page	 
			
	SECTION 5.	  	REPRESENTATIONS AND WARRANTIES	  	 	61	  
			
	 5.1
	  	Financial Condition	  	 	61	  
	 5.2
	  	Corporate Existence; Compliance with Law	  	 	62	  
	 5.3
	  	Corporate Power; Authorization	  	 	62	  
	 5.4
	  	Enforceable Obligations	  	 	63	  
	 5.5
	  	No Legal Bar	  	 	63	  
	 5.6
	  	No Material Litigation	  	 	63	  
	 5.7
	  	Investment Company Act	  	 	63	  
	 5.8
	  	Federal Regulation	  	 	63	  
	 5.9
	  	No Default or Breach	  	 	63	  
	 5.10
	  	Taxes	  	 	63	  
	 5.11
	  	Subsidiaries	  	 	64	  
	 5.12
	  	Ownership of Property; Liens; Licenses	  	 	64	  
	 5.13
	  	Intellectual Property	  	 	64	  
	 5.14
	  	Labor Matters	  	 	64	  
	 5.15
	  	ERISA	  	 	64	  
	 5.16
	  	Environmental Matters	  	 	65	  
	 5.17
	  	Disclosure	  	 	65	  
	 5.18
	  	Security Documents	  	 	65	  
	 5.19
	  	Solvency	  	 	66	  
	 5.20
	  	Use of Proceeds	  	 	66	  
	 5.21
	  	Patriot Act	  	 	66	  
			
	SECTION 6.	  	CONDITIONS PRECEDENT	  	 	67	  
			
	 6.1
	  	Conditions to Initial Loans and Letters of Credit	  	 	67	  
	 6.2
	  	Conditions to All Loans and Letters of Credit after the Closing Date.	  	 	70	  
			
	SECTION 7.	  	AFFIRMATIVE COVENANTS	  	 	72	  
			
	 7.1
	  	Financial Statements	  	 	72	  
	 7.2
	  	Certificates; Other Information	  	 	73	  
	 7.3
	  	Payment of Obligations	  	 	74	  
	 7.4
	  	Conduct of Business; Maintenance of Existence; Compliance	  	 	75	  
	 7.5
	  	Maintenance of Property; Insurance	  	 	75	  
	 7.6
	  	Inspection of Property; Books and Records; Discussions; Annual Meetings	  	 	75	  
	 7.7
	  	Notices	  	 	76	  
	 7.8
	  	Environmental Laws	  	 	76	  
	 7.9
	  	Post-Closing Obligations	  	 	77	  
	 7.10
	  	Additional Loan Parties; Pledge of Stock of Additional Subsidiaries; Additional Collateral, etc.	  	 	77	  
	 7.11
	  	Broadcast License Subsidiaries	  	 	78	  
	 7.12
	  	Swap Agreements	  	 	78	  
	 7.13
	  	Ratings	  	 	78	  
	 7.14
	  	Designation of Subsidiaries	  	 	78	  
			
	SECTION 8.	  	NEGATIVE COVENANTS	  	 	79	  
			
	 8.1
	  	Financial Condition Covenants	  	 	79	  
	 8.2
	  	Indebtedness	  	 	80	  

  
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	 	  	 	  	Page	 
			
	 8.3
	  	Limitation on Liens	  	 	83	  
	 8.4
	  	Limitation on Contingent Obligations	  	 	85	  
	 8.5
	  	Prohibition of Fundamental Changes	  	 	86	  
	 8.6
	  	Prohibition on Sale of Assets	  	 	86	  
	 8.7
	  	Limitation on Investments, Loans and Advances	  	 	89	  
	 8.8
	  	Limitation on Restricted Payments	  	 	92	  
	 8.9
	  	Transactions with Affiliates	  	 	94	  
	 8.10
	  	Limitation on Sales and Leasebacks	  	 	95	  
	 8.11
	  	Fiscal Year	  	 	95	  
	 8.12
	  	Negative Pledge Clauses	  	 	95	  
	 8.13
	  	Clauses Restricting Subsidiary Distributions	  	 	95	  
	 8.14
	  	FCC Licenses	  	 	96	  
	 8.15
	  	Certain Payments of Indebtedness	  	 	96	  
	 8.16
	  	Amendment of Material Documents	  	 	97	  
			
	SECTION 9.	  	EVENTS OF DEFAULT	  	 	97	  
			
	SECTION 10.	  	THE ADMINISTRATIVE AGENT AND THE ISSUING LENDER	  	 	101	  
			
	 10.1
	  	Appointment	  	 	101	  
	 10.2
	  	Delegation of Duties	  	 	101	  
	 10.3
	  	Exculpatory Provisions	  	 	101	  
	 10.4
	  	Reliance by the Administrative Agent	  	 	101	  
	 10.5
	  	Notice of Default	  	 	102	  
	 10.6
	  	Non-Reliance on Administrative Agent and Other Lenders	  	 	102	  
	 10.7
	  	Indemnification	  	 	102	  
	 10.8
	  	Administrative Agent in its Individual Capacity	  	 	103	  
	 10.9
	  	Successor Administrative Agent	  	 	103	  
	 10.10
	  	Issuing Lender as Issuer of Letters of Credit	  	 	103	  
	 10.11
	  	No Other Agent Duties, Etc.	  	 	103	  
			
	SECTION 11.	  	MISCELLANEOUS	  	 	103	  
			
	 11.1
	  	Amendments and Waivers	  	 	103	  
	 11.2
	  	Notices	  	 	106	  
	 11.3
	  	No Waiver; Cumulative Remedies	  	 	106	  
	 11.4
	  	Survival of Representations and Warranties	  	 	106	  
	 11.5
	  	Payment of Expenses	  	 	107	  
	 11.6
	  	Successors and Assigns; Participations; Purchasing Lenders	  	 	108	  
	 11.7
	  	Adjustments; Set-off	  	 	112	  
	 11.8
	  	Counterparts	  	 	113	  
	 11.9
	  	Integration	  	 	113	  
	 11.10
	  	GOVERNING LAW; NO THIRD PARTY RIGHTS	  	 	113	  
	 11.11
	  	SUBMISSION TO JURISDICTION; WAIVERS	  	 	114	  
	 11.12
	  	Acknowledgements	  	 	114	  
	 11.13
	  	Releases of Guarantees and Liens	  	 	115	  
	 11.14
	  	Intercreditor Agreement	  	 	115	  
	 11.15
	  	Confidentiality	  	 	115	  
	 11.16
	  	Usury Savings	  	 	116	  
	 11.17
	  	Severability	  	 	116	  
	 11.18
	  	Patriot Act	  	 	116	  

  
 iii

 SCHEDULES: 
  

			
	 Schedule 1.1A
	  	Commitments
	 Schedule 1.1B
	  	Mortgaged Properties
	 Schedule 3.1
	  	Letters of Credit
	 Schedule 5.6
	  	Litigation
	 Schedule 5.9
	  	No Default
	 Schedule 5.11(a)
	  	Domestic Subsidiaries
	 Schedule 5.11(b)
	  	Foreign Subsidiaries
	 Schedule 5.12
	  	FCC Licenses
	 Schedule 5.16
	  	Environmental Matters
	 Schedule 5.18
	  	Financing Statements and Other Filings
	 Schedule 6.1(b)
	  	Closing Date Preferred Stock
	 Schedule 8.2
	  	Existing Indebtedness
	 Schedule 8.3
	  	Existing Liens
	 Schedule 8.4
	  	Existing Contingent Obligations
	 Schedule 8.6
	  	Stations in Trust
	 Schedule 8.7
	  	Existing Investments, Loans and Advances
	 Schedule 8.9
	  	Transactions with Affiliates

 EXHIBITS: 
  

			
	 Exhibit A
	  	Form of Guarantee and Collateral Agreement
	 Exhibit B-1
	  	Form of Parent Closing Certificate
	 Exhibit B-2
	  	Form of Borrower Closing Certificate
	 Exhibit B-3
	  	Form of Subsidiary Guarantor Closing Certificate
	 Exhibit C
	  	Form of L/C Participation Certificate
	 Exhibit D
	  	Form of Assignment and Assumption
	 Exhibit E
	  	Forms of Exemption Certificate
	 Exhibit F
	  	Form of Swing Line Loan Participation Certificate
	 Exhibit G
	  	Form of Discounted Prepayment Option Notice
	 Exhibit H
	  	Form of Lender Participation Notice
	 Exhibit I
	  	Form of Discounted Voluntary Prepayment Notice
	 Exhibit J
	  	Form of Solvency Certificate
	 Exhibit K
	  	Form of Intercreditor Agreement
	 Exhibit L
	  	Form of Term Lender Addendum
	 Exhibit M
	  	Form of Reaffirmation Agreement

  
 iv 

 FIRST LIEN CREDIT AGREEMENT (this “Agreement”), dated as of
September 16, 2011, as amended and restated as of December 20, 2012, among CUMULUS MEDIA INC., a Delaware corporation (“Parent”), CUMULUS MEDIA HOLDINGS INC., a Delaware corporation (the “Borrower”), the
several banks and other financial institutions or entities from time to time parties hereto (the “Lenders”), JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders, UBS SECURITIES LLC, MIHI LLC and ROYAL BANK OF CANADA,
as co-syndication agents, and U.S. BANK NATIONAL ASSOCIATION and FIFTH THIRD BANK, as co-documentation agents. 
 WHEREAS, the
Borrower entered into the First Lien Credit Agreement, dated as of September 16, 2011 (the “Existing Credit Agreement”), with the several lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and certain other
parties; 
 WHEREAS, the parties have agreed to amend and restate the Existing Credit Agreement as provided in this Agreement,
which Agreement shall become effective upon the satisfaction of the conditions set forth in Section 6.3; 
 NOW, THEREFORE,
in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto hereby agree that on the Restatement Effective Date (as defined below) the Existing Credit Agreement shall be amended and restated in
its entirety as follows: 
 SECTION 1. DEFINITIONS 

1.1 Defined Terms. As used in this Agreement, the terms defined in the preamble or recitals hereto shall have the meanings set
forth therein, and the following terms shall have the following meanings: 
 “ABR”: for any day,
a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1% and (c) the
Eurodollar Rate for a Eurodollar Loan with a one-month interest period commencing on such day plus 1.0%. For purposes hereof: “Prime Rate” shall mean the rate of interest per annum publicly announced from time to time by JPMCB as its prime
rate in effect at its principal office in New York City (the Prime Rate not being intended to be the lowest rate of interest charged by JPMCB in connection with extensions of credit to debtors); and “Federal Funds Effective Rate” shall
mean, for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank
of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing
selected by it. If for any reason the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the Federal Funds Effective Rate, for any reason, including the inability
or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms hereof, the ABR shall be determined without regard to clause (b) of the first sentence of this definition, as appropriate, until the
circumstances giving rise to such inability no longer exist. For purposes of this definition, the Eurodollar Rate shall be determined using the Eurodollar Rate as otherwise determined by the Administrative Agent in accordance with the definition of
Eurodollar Rate, except that (x) if a given day is a Business Day, such determination shall be made on such day (rather than two Business Days prior to the commencement of an Interest Period) or (y) if a given day is not a Business Day,
the Eurodollar Rate for such day shall be the rate determined by the Administrative Agent pursuant to preceding clause (x) for the most recent Business Day preceding such day. Any change in the ABR due to a

 
change in the Prime Rate, the Federal Funds Effective Rate or the Eurodollar Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate, the
Federal Funds Effective Rate or the Eurodollar Rate, respectively. Notwithstanding the foregoing (i) in respect of any Term Loans that are ABR Loans, ABR shall at all times not be less than 2.25% and (ii) in respect of any Revolving Credit
Loans that are ABR Loans, ABR shall at all times not be less than 2.00%. 
 “ABR Loans”: Loans
whose interest rate is based on the ABR. 
 “Acceptable Discount”: as defined in subsection
4.23. 
 “Acceptance Date”: as defined in subsection 4.23. 

“Acquired Business”: Citadel Broadcasting Corporation. 

“Acquisition”: the acquisition of the Acquired Business by the Borrower pursuant to the Acquisition
Agreement. 
 “Acquisition Agreement: the Agreement and Plan of Merger, dated March 9, 2011, by
and among Parent, Borrower, Cadet Merger Corporation and Citadel Broadcasting Corporation. 

“Acquisition Agreement Representations”: the representations made by the Acquired Business in the
Acquisition Agreement as are material to the interests of the Lenders, but only to the extent that Parent or the Borrower has the right to terminate its obligations under the Acquisition Agreement as a result of the breach of such representations in
the Acquisition Agreement. 
 “Act”: as defined in subsection 11.18. 

“Additional Lender”: as defined in subsection 4.25. 

“Administrative Agent”: JPMCB, together with its affiliates, in its capacity as administrative agent for
the Lenders hereunder, and its successors in such capacity as provided in Section 10. 

“Affiliate”: of any Person (a) any Person (other than a Subsidiary) which, directly or indirectly,
is in control of, is controlled by, or is under common control with such Person, or (b) any Person who is a director or officer (i) of such Person, (ii) of any Subsidiary of such Person or (iii) of any Person described in clause
(a) above. For purposes of this definition, “control” of a Person shall mean the power, direct or indirect, either to (x) vote 10% or more of the securities having ordinary voting power for the election of directors of such
Person, or (y) direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 
 “Affiliated Debt Fund”: any Affiliate of the Permitted Owners that (i) is a Debt Fund and (ii) with respect to which such Permitted Owner and investment vehicles managed or
advised by such Permitted Owner that are not engaged primarily in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of business do not make investment decisions for
such entity.
 “Affiliated Lender”: the Permitted Owners and any Affiliate of the Permitted
Owners (including the Borrower and its Subsidiaries).

  
 2 

 “Aggregate Exposure”: with respect to any Lender at any
time, an amount equal to the sum of such Lender’s Aggregate Revolving Credit Extensions of Credit plus such Lender’s participating interests in Swing Line Loans. 

“Aggregate Revolving Credit Extensions of Credit”: at any particular time, the sum of (a) the
aggregate then outstanding principal amount of the Revolving Credit Loans, (b) the aggregate amount then available to be drawn under all outstanding Letters of Credit and (c) the aggregate amount of Revolving L/C Obligations. 

“Agreement”: as defined in the preamble hereto. 

“Applicable Discount”: as defined in subsection 4.23. 

“Applicable Margin”: (a) for each Revolving Credit Loan, 4.50% per annum in the case of a
Eurodollar Loan or 3.50% per annum in the case of an ABR Loan, (b) for each Term Loan, 3.50% per annum in the case of a Eurodollar Loan or 2.50% per annum in the case of an ABR Loan and (c) for each Swing Line Loan,
3.50% per annum. Notwithstanding the foregoing, the Applicable Margin in respect of any tranche of Extended Revolving Credit Commitments or any Extended Term Loans or Revolving Credit Loans made pursuant to any Extended Revolving Credit
Commitments shall be the applicable percentages per annum set forth in the relevant Extension Offer. 

“Approved Fund”: as defined in subsection 11.6(c). 

“Arrangers”: J.P. Morgan Securities LLC, UBS Securities LLC, Macquarie Capital (USA) Inc. and RBC Capital
Markets, in their capacity as arrangers of the Commitments (as defined in the Existing Credit Agreement). 

“ASC”: the FASB Accounting Standards Codification. 

“Asset Sale”: any sale, sale-leaseback, assignment, conveyance, transfer or other disposition by any
Group Member of any of its property or assets (except sales, assignments, conveyances, transfers and other dispositions permitted by subsection 8.6 (other than clauses (e), (f), (g), (o) and (w) thereof). 

“Assignee”: as defined in subsection 11.6(c). 

“Assignment and Assumption”: an Assignment and Assumption substantially in the form of Exhibit D hereto.

 “Available Amount”: as of any date of determination, an amount equal to the sum of:

 (a) $75,000,000; plus 

(b) 50% of the sum of (without duplication): 

(i) the consolidated net income of the Borrower for the fiscal year of the Borrower most recently ended (or, in the case
of the fiscal year ending December 31, 2011, the consolidated net income of the Borrower for the period commencing on the Closing Date and ending on December 31, 2011); 

  
 3 

 (ii) the Net Proceeds received after the Closing Date and on or prior to
such date (other than any Net Proceeds applied for Investments under subsection 8.7(t), Restricted Payments under subsection 8.8(c) or subsection 8.8(h) or prepayments of Indebtedness under subsection 8.15(b)(iv)) from any Capital Stock Issuance
(other than any such issuance to a Group Member), including any sale of treasury Capital Stock, but excluding any issuance of Disqualified Stock; provided that the Net Proceeds thereof have been contributed by Parent in cash as common equity
to the Borrower; 
 (iii) the net cash proceeds received after the Closing Date and on or prior to such date
from any capital contribution to the Borrower (other than any Specified Equity Contribution and any capital contributions applied pursuant to subsection 8.2(p)) or to any Restricted Subsidiary; provided that any such capital contribution is
from a Person other than a Group Member; 
 (iv) the aggregate amount received after the Closing Date and on or
prior to such date by the Borrower or any Restricted Subsidiary in cash from any dividend or other distribution by an Unrestricted Subsidiary; 
 (v) the net cash proceeds received after the Closing Date and on or prior to such date by the Borrower or any Restricted Subsidiary from the issuance of convertible or exchangeable debt securities that
have been converted into or exchanged for Capital Stock of a Group Member (other than Disqualified Stock); 

(vi) the aggregate amount received in cash or Cash Equivalents after the Closing Date and on or prior to such date by the
Borrower or any Restricted Subsidiary in connection with the sale, transfer or other disposition of its ownership interest in any existing joint venture that is not a Subsidiary or in any Unrestricted Subsidiary, in each case, to the extent of the
Investment in such joint venture or Unrestricted Subsidiary (with the amount of such Investment being calculated in accordance with the last sentence of subsection 8.7); 

(vii) the aggregate amount received in cash or Cash Equivalents after the Closing Date and on or prior to such date by
the Borrower or any Restricted Subsidiary in connection with the sale, transfer or other disposition to a Person (other than a Group Member) of any Investment made in reliance on subsection 8.7(r) and repurchases and redemptions (other than by a
Group Member) of such Investments from the Borrower or its Restricted Subsidiaries and repayments of loans or advances (other than by a Group Member) that constitute Investments made in reliance on subsection 8.7(r); provided that such amount
shall not exceed the amount of such initial Investment made in reliance on subsection 8.7(r); and 
 (viii) the
amount equal to the net reduction in Investments made by the Borrower or any Restricted Subsidiaries in any Person resulting from the redesignation of Unrestricted Subsidiaries as Restricted Subsidiaries or the merger or consolidation of an
Unrestricted Subsidiary with and into the Borrower or any of its Restricted Subsidiaries not to exceed the amount of Investments previously made by the Borrower or any Restricted Subsidiary in such Unrestricted Subsidiary (with the amount of such
Investments being calculated in accordance with the last sentence of subsection 8.7); minus 

  
 4 

 (c) the amount of any Investments made in reliance on subsection 8.7(r)
prior to such date, any Restricted Payments made in reliance on subsection 8.8(b) prior to such date and any prepayments of Second Lien Loans or any Second Lien Permitted Refinancings made in reliance on subsection 8.15(b)(iii) prior to such date.

 “Available Revolving Credit Commitment”: as to any Lender, at a particular time, an amount
equal to the excess, if any, of (a) the amount of such Lender’s Revolving Credit Commitment at such time less (b) the sum of (i) the aggregate unpaid principal amount at such time of all Revolving Credit Loans made by such Lender
pursuant to subsection 3.1, (ii) such Lender’s L/C Participating Interest in the aggregate amount available to be drawn at such time under all outstanding Letters of Credit, (iii) such Lender’s Revolving Credit Commitment
Percentage of the aggregate outstanding amount of Revolving L/C Obligations and (iv) such Lender’s Revolving Credit Commitment Percentage of the aggregate unpaid principal amount at such time of all Swing Line Loans, provided that
for purposes of calculating Available Revolving Credit Commitments pursuant to subsection 4.9 the amount referred to in this clause (iv) shall be zero; collectively, as to all the Lenders, the “Available Revolving Credit
Commitments”. 
 “Bankruptcy Code”: the United States Bankruptcy Code, as now or
hereafter in effect, or any successor statute. 
 “Bankruptcy Event”: with respect to any
Person, such Person or its Parent Entity becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the
reorganization or liquidation of its business appointed for it, provided that a Bankruptcy Event shall not result solely by virtue of (i) any ownership interest, or the acquisition of any ownership interest, in such Person by a
Governmental Authority or instrumentality thereof or (ii) in the case of a solvent Person, the precautionary appointment of an administrator, guardian, custodian or other similar official by a Governmental Authority or instrumentality thereof
under or based on the law of the country where such Person is subject to home jurisdiction supervision if applicable law requires that such appointment not be publicly disclosed and such appointment has not been publicly disclosed, in any such case
where such action does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental
Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person or its Parent Entity. 
 “Benefited Lender”: as defined in subsection 11.7 hereof. 
 “Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor). 

“Borrower”: as defined in the preamble hereto. 

“Borrowing Date”: any Business Day, or, in the case of Eurodollar Loans, any Working Day, specified in a
notice pursuant to (a) subsection 3.7 or 4.1 as a date on which the Borrower requests JPMCB to make Swing Line Loans or the Lenders to make Revolving Credit Loans hereunder or (b) subsection 3.5 as a date on which the Borrower requests the
Issuing Lender to issue a Letter of Credit hereunder. 
 “Breakage Event”: as defined in
subsection 4.19 hereof. 

  
 5 

 “Broadcast Assets”: all or substantially all the assets
used and useful in the operation of a Station pursuant to an FCC License, including such FCC License. 

“Broadcast Cash Flow”: for any period, Consolidated EBITDA for such period plus, to the extent deducted
in calculating such Consolidated EBITDA, corporate level general and administrative expenses of the Borrower and the Subsidiary Guarantors for such period (calculated in a manner consistent with the calculation of such expenses in the consolidated
financial statements of the Borrower for such period). 
 “Broadcast License Subsidiary”: a
wholly-owned Subsidiary of the Borrower that (a) owns or holds no material assets other than FCC Licenses and related rights and (b) has no material liabilities other than (i) trade payables incurred in the ordinary course of business
and (ii) tax liabilities, other governmental charges and other liabilities incidental to the ownership or holding of such licenses and related rights. 
 “Business Acquisition”: any Permitted Acquisition and any other acquisition permitted under subsection 8.7 pursuant to which the Borrower or any of its Restricted Subsidiaries acquires
any business, division or line of business or all or substantially all of the outstanding Capital Stock of any corporation or other entity (other than any director’s qualifying shares or any options for equity interests that cannot, as a matter
of law, be cancelled, redeemed or otherwise extinguished without the express agreement of the holder thereof at or prior to acquisition) or any Station and Broadcast Assets related thereto. 

“Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York
City are authorized or required by law to close. 
 “Capital Expenditures”: for any period, all
amounts (other than those arising from the acquisition or lease of businesses and assets which are permitted by subsection 8.7) which are set forth on the consolidated statement of cash flows of the Borrower for such period as “capital
expenditures” in accordance with GAAP. 
 “Capital Lease Obligations”: as to any Person,
the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for
as capital leases on a balance sheet of such Person under GAAP and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.
Notwithstanding anything else set forth herein, any lease that was or would have been treated as an operating lease under GAAP as in effect on the Closing Date that would become or be treated as a capital lease solely as a result of a change in GAAP
after the Closing Date shall always be treated as an operating lease for all purposes and at all times under this Agreement. 
 “Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a
Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing; provided, that any instrument evidencing Indebtedness convertible or exchangeable for Capital Stock shall not be deemed to be
Capital Stock, unless and until any such instruments are so converted or exchanged. 
 “Capital Stock
Issuance”: any issuance by Parent of its Capital Stock in a public or private offering. 

  
 6 

 “Cash Collateralize”: to pledge and deposit with or deliver
to the Administrative Agent, for the benefit of the Administrative Agent, Issuing Lender or Swing Line Lender (as applicable) and the Lenders, as collateral for L/C Exposure, Obligations in respect of Swing Line Loans, obligations of Lenders to fund
participations in respect of either thereof or prepayment obligations (as the context may require), cash or deposit account balances, in each case pursuant to documentation in form and substance satisfactory to (a) the Administrative Agent and
(b) the applicable Issuing Lender or the Swing Line Lender, as applicable (which documents are hereby consented to by the Lenders). 
 “Cash Equivalents”: 
 (a) United States dollars;

 (b) securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government
or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition; 

(c) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date
of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $300,0000,000; 

(d) repurchase obligations for underlying securities of the types described in clauses (b) and (c) entered into
with any financial institution meeting the qualifications specified in clause (c) above and in U.S. dollars; 
 (e) commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each case maturing within 24 months after the date of creation thereof, in U.S. dollars; 

(f) marketable short-term money market and similar securities having a rating of at least P-2 or A-2 from either
Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case maturing within 24 months after the date of creation
thereof and in U.S. dollars; 
 (g) investment funds investing substantially all of their assets in securities of
the types described in clauses (a) through (f) above; 
 (h) readily marketable direct obligations
issued by any state, commonwealth or territory of the United States or any political subdivision or taxing authority thereof having an investment grade rating from either Moody’s or S&P with maturities of 24 months or less from the date of
acquisition; 
 (i) Indebtedness or Preferred Stock issued by Persons with a rating of “A” or higher
from S&P or “A2” or higher from Moody’s with maturities of 24 months or less from the date of acquisition and in each case in U.S. dollars; 
 (j) Investments with weighted average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the
equivalent thereof) or better by Moody’s and in each case in U.S. dollars; and 

  
 7 

 (k) credit card receivables and debit card receivables so long as such are
considered cash equivalents under GAAP and are so reflected on the Borrower’s balance sheet. 

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than U.S. dollars;
provided that such amounts are converted into U.S. dollars as promptly as practicable and in any event within ten Business Days following the receipt of such amounts. 

“Change in Control”: (a) the acquisition of ownership, directly or indirectly, beneficially or of
record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the Closing Date), of Capital Stock representing more than 35% of the
aggregate ordinary active voting power represented by the issued and outstanding Capital Stock of Parent (other than such an acquisition by a Permitted Owner); (b) occupation of a majority of the seats (other than vacant seats) on the board of
directors of Parent by Persons who were neither (i) nominated by the board of directors of the Parent nor (ii) appointed by directors so nominated; (c) the acquisition of direct or indirect Control of Parent by any Person or group
(other than such an acquisition by a Permitted Owner) or (d) the failure of Parent to own, directly and of record, 100% of the Capital Stock of the Borrower. 

“Change in Law”: with respect to any Lender, the adoption of any law, rule, regulation, policy, guideline
or directive (whether or not having the force of law) or any change therein or in the interpretation or application thereof by any Governmental Authority, including the issuance of any final rule, regulation or guideline by any regulatory agency
having jurisdiction over such Lender or, in the case of subsection 4.18, any corporation controlling such Lender; provided however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless
of the date enacted, adopted or issued. 
 “Closing Date”: the date on which each of the
conditions precedent to the effectiveness of this Agreement contained in subsection 6.1 were satisfied, which date is September 16, 2011. 
 “Closing Date Material Adverse Effect”: any change, effect, event, occurrence or state of facts that has had or is reasonably likely in the future to have, individually or when considered
with other effects, a material adverse effect on (i) the business, results of operations or financial condition of the Acquired Business and its Subsidiaries, taken as a whole or (ii) the ability of the Acquired Business to timely
consummate the Transactions; provided, however, that a Closing Date Material Adverse Effect will not include any change, effect, event, occurrence or state of facts resulting from (A) changes, after the date of the Acquisition
Agreement, in GAAP, (B) actions or omissions of the Acquired Business taken with the prior written consent of Parent and the Arrangers (not to be unreasonably withheld), (C) matters to the extent specifically disclosed on the Parent
Disclosure Letter or Company Disclosure Letter, as applicable, (D) compliance of the Acquired Business with the terms and conditions of the Acquisition Agreement, (E) any 

  
 8 

 
failure by the Acquired Business to meet any published analyst estimates or expectations of its revenue, earnings or other financial performance or results of operations for any period, in and of
itself, or any failure by the Acquired Business to meet its internal or published projections, budgets, plans or forecasts of its revenues, earnings or other financial performance or results of operations, in and of itself (provided, that the
facts or occurrences giving rise to or contributing to such failure that are not otherwise excluded from the definition of “Closing Date Material Adverse Effect” may be taken into account in determining whether there has been a Closing
Date Material Adverse Effect), (F) changes affecting any of the industries in which such entity operates generally, or changes in laws, rules or regulations of general applicability to companies in the industries in which the Acquired Business
and its Subsidiaries operate, (G) any change in the price or trading volume of the Company Shares, Company Warrants or Parent Shares, in and of itself (provided, that the facts or occurrences giving rise to or contributing to such change that
are not otherwise excluded from the definition of “Closing Date Material Adverse Effect” may be taken into account in determining whether there has been a Closing Date Material Adverse Effect), (H) the announcement of the Transactions
and performance of the Acquisition Agreement or the identity of the parties to the Acquisition Agreement (including the initiation of litigation by any Person with respect to the Acquisition Agreement or the Transactions, and including any
termination of, reduction in or other negative impact on relationships or dealings, contractual or otherwise, with any customers, suppliers, distributors, partners or employees (including the threatened or actual termination, suspension,
modification or reductions in such relationships) of the Acquired Business and its subsidiaries due to the announcement and performance of the Acquisition Agreement), (I) matters to the extent specifically disclosed in a publicly available
final registration statement, prospectus, report, form, schedule or definitive proxy statement filed by the Acquired Business with the Securities and Exchange Commission at any time on or after June 3, 2010 through March 7, 2011, but
excluding any risk factor disclosure under the headings “Risk Factors,” “Forward Looking Statements” or any similar precautionary sections or (J) any events or changes affecting general worldwide economic or capital market
conditions, except in the case of each of clauses (F) and (J), to the extent that such changes affect the Acquired Business disproportionately). Capitalized terms used in this definition that are not otherwise defined in this Agreement have the
meanings given to them in the Acquisition Agreement. 
 “Closing Date Preferred Stock”: as
defined in subsection 6.1(b)(ii). 
 “CMP”: Cumulus Media Partners, LLC, a Delaware limited
liability company. 
 “Code”: the Internal Revenue Code of 1986, as amended from time to time.

 “Collateral”: all property of the Loan Parties, now owned or hereafter acquired, upon which a
Lien is purported to be created by any Security Document. 
 “Commercial L/C”: a commercial
documentary Letter of Credit under which the relevant Issuing Lender agrees to make payments in Dollars for the account of the Borrower, on behalf of the Borrower or any Restricted Subsidiary thereof, in respect of obligations of the Borrower or any
Restricted Subsidiary thereof in connection with the purchase of goods or services in the ordinary course of business. 
 “Commitment Percentage”: with respect to any Lender, the Term Loan Commitment Percentage and the Revolving Credit Commitment Percentage of such Lender, as the context may require.

  
 9 

 “Commitments”: the collective reference to the Term Loan
Commitments, the Swing Line Commitment, the Revolving Credit Commitments and any Extended Revolving Credit Commitment; individually, a “Commitment”. 

“Communications Act”: the Communications Act of 1934, as amended, 47 U.S.C. §151 et seq. 

“Conduit Lender”: any special purpose corporation organized and administered by any Lender for the
purpose of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument, subject to the consent of the Administrative Agent and the Borrower (which consent shall not be unreasonably withheld);
provided, that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and
the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required or requested under this Agreement with respect to its Conduit Lender, and provided, further,
that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to subsections 4.17, 4.18, 4.19 or 4.20 than the designating Lender would have been entitled to receive in respect of the extensions of credit made by such
Conduit Lender or (b) be deemed to have any Commitment. 
 “Confirmation Order”: that
certain order confirming the Reorganization Plan pursuant to applicable sections of the Bankruptcy Code entered by the Bankruptcy Court on May 19, 2010. 
 “Consolidated Current Assets”: at any date, all amounts (other than cash and Cash Equivalents) that would, in conformity with GAAP, be set forth opposite the caption “total current
assets” (or any like caption) on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries at such date. 
 “Consolidated Current Liabilities”: at any date, all amounts that would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like
caption) on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries at such date, but excluding (a) the current portion of any Funded Debt of the Borrower and its Restricted Subsidiaries and (b) without duplication of
clause (a) above, all Indebtedness consisting of Revolving Credit Loans or Swing Line Loans to the extent otherwise included therein. 
 “Consolidated EBITDA”: for any period of the Borrower and its Restricted Subsidiaries, the consolidated net income ((i) including net income and losses from discontinued operations,
(ii) excluding all income tax expense or benefit to the extent that the effect of such item has entered into the determination of consolidated net income whether based on income, profits or capital, including federal, foreign state, franchise,
excise and similar taxes and foreign withholding taxes paid or accrued during such period, including any penalties and interest relating to any tax examinations, (iii) excluding extraordinary items, as well as unusual gains, losses and charges
and gains and losses arising from the proposed or actual disposition of material assets (what constitutes material assets to be reasonably determined by the Borrower in good faith) whether such losses or gains are classified as discontinued
operations, continuing operations or extraordinary items, (iv) excluding minority interest and (v) excluding to the extent reflected in the statement of consolidated net income for such period, the sum of (a) interest expense (net of
interest income), including costs recognized from interest rate hedges, amortization and write offs of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Letters of Credit,
(b) depreciation and amortization expenses whether such expenses are classified as discontinued operations or continuing operations including acceleration 

  
 10 

 
thereof and including the amortization of the increase in inventory, if any, resulting from the application of ASC 805, “Business Combinations” for transactions contemplated by this
Agreement (including any Business Acquisitions), (c) any impairment expense or write-off with respect to goodwill, other intangible assets, long-lived asset, joint ventures, assets held for sale, variable interest entities resulting from the
application of ASC 810, “Consolidation,” and investment in debt and equity securities pursuant to GAAP, (d) compensation expenses arising from the sale of stock, the granting of stock options, restricted stock, restricted stock units,
dividends on unvested shares, the granting of stock appreciation rights, termination of stock based rewards in connection with the Plan and similar stock based arrangements, (e) the excess of the expense in respect of post-retirement benefits
and post-employment benefits accrued under ASC 715, “Compensation—Retirement Benefits” and ASC 712, “Compensation—Nonretirement Postemployment Benefits” over the cash expense in respect of such post-retirement benefits
and post-employment benefits, (f) all non-cash gains or losses incurred in connection with the disposition of assets, (g) all costs relating to hedging arrangements or the unwinding of hedging arrangements, (h) other non-cash expenses
or charges, including asset retirement obligations and supplemental executive retirement obligations, (i) non-recurring expenses recognized for restructuring costs, including but not limited to severance costs, relocation costs, integration and
facilities costs, signing costs, retention or completion bonuses, transition costs and litigation expenses (including judgment and settlement amounts relating to the Acquisition or any Business Acquisition), provided that any restructuring
costs added back pursuant to this clause (i) (1) in respect of the Acquisition (x) shall not exceed $50,000,000 in the aggregate during the term of this Agreement and (y) shall be incurred within 18 months after the Closing Date,
(2) in respect of all other restructuring costs shall not exceed $5,000,000 in any four fiscal quarter period and (3) in respect of litigation expenses shall not exceed $3,000,000 in the aggregate during the term of this Agreement,
(j) restructuring or reorganization charges or reserves relating to the transactions contemplated by the Reorganization Plan, to the extent deducted in computing consolidated net income; provided that (i) the amounts added back in
connection with claims by the New York State Department of Taxation and Finance shall not exceed $1,400,000 in the aggregate during the term of this Agreement, (ii) the amounts added back pursuant to this clause (j) (other than in respect
of any amounts added back pursuant to clause (i) of this proviso) in respect of all fiscals quarter ending after the Closing Date shall not exceed $300,000 in the aggregate and (iii) no amounts may be added back pursuant to this clause
(j) (other than in respect of any amounts added back pursuant to clause (i) of this proviso) in respect of any fiscal quarter ending after June 30, 2012, (k) to the extent covered by insurance under which the insurer has been
properly notified and has not denied or contested coverage, expenses with respect to liability or casualty events or business interruption, (l) all non-recurring transactional costs and any fees or expenses incurred or paid by the Borrower or
any of its Restricted Subsidiaries in connection with the Acquisition, the Refinancing, this Agreement and the other Loan Documents, the Second Lien Loan Documents, any Business Acquisition, the acquisition of any Capital Stock of CMP by a Group
Member, the incurrence of Indebtedness permitted to be incurred by this Agreement (including a refinancing thereof) and the issuance of any Capital Stock (in each case, whether or not successful) permitted to be issued by this Agreement,
(m) cost-savings and synergies projected by the Borrower in good faith to be realized as a result of the Acquisition (calculated on a pro forma basis as though such costs savings and synergies had been realized on the first day of the relevant
Test Period), net of the amount of actual benefits realized in respect thereof, provided that the aggregate amount added back pursuant to this clause (m) shall not exceed (i) $51,900,000 in respect of the Test Period ending
September 30, 2011, (ii) $38,900,000 in respect of the Test Period ending December 31, 2011, (iii) $26,000,000 in respect of the Test Period ending March 31, 2012, (iv) $13,000,000 in respect of the Test Period ending
June 30, 2012 and (v) $0 in respect of any Test Period ending thereafter, provided further that no cost savings and synergies shall be added back pursuant to this clause (m) to the extent duplicative of any expenses or

  
 11 

 
charges otherwise added to Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for such period, (n) monitoring fees, management fees or similar fees paid to Affiliates
during such period, in an aggregate amount not to exceed $2,500,000 in any fiscal year of the Borrower and (o) any charges, expenses and write-offs deducted in calculating consolidated net income for such period for purchase accounting
adjustments; provided that Consolidated EBITDA shall be decreased by the amount of any dividends or distributions made to Parent to pay expenses that otherwise would have been expenses of the Borrower; provided further that
Consolidated EBITDA for any such period shall exclude the cumulative effect of changes in GAAP or accounting principle(s) subsequent to the Closing Date. 
 The financial results of Unrestricted Subsidiaries, joint ventures and variable interest entities shall be excluded in calculating “Consolidated EBITDA” except that Consolidated EBITDA for any
period shall be increased by the amount of cash dividends paid by such Unrestricted Subsidiaries, joint ventures and variable interest entities to the Borrower or any of its wholly-owned Restricted Subsidiaries. 

For the purposes of calculating Consolidated EBITDA for any Test Period pursuant to any determination (i) if at any
time during such Test Period, the Borrower or any Restricted Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such Test Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable
to the property that is the subject of such Material Disposition for such Test Period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Test Period and (ii) if during such Test Period, the
Borrower or any Restricted Subsidiary shall have made a Material Acquisition, Consolidated EBITDA for such Test Period shall be calculated after giving pro forma effect thereto as if such Material Acquisition occurred on the first day of such Test
Period. As used in this Agreement, “Material Acquisition” means (i) the acquisition of any separate asset, business or lines of business for a purchase price (or in the case of a Permitted Asset Swap, the value of the assets subject
to such Permitted Asset Swap) in excess of $25,000,000 and (ii) the designation of any Unrestricted Subsidiary as a Restricted Subsidiary to the extent permitted hereunder; and “Material Disposition” means (i) any sale or other
disposition of property or series of related sales or dispositions of property that yields gross proceeds to the Borrower or any of its Restricted Subsidiaries in excess of $25,000,000 and (ii) the designation of any Restricted Subsidiary as an
Unrestricted Subsidiary to the extent permitted hereunder. Calculations of Consolidated EBITDA shall take into account any identifiable cost savings from Material Acquisitions and Material Dispositions documented to the reasonable satisfaction of
the Administrative Agent. 
 Notwithstanding anything to the contrary contained herein, for the purposes of
determining Consolidated EBITDA under this Agreement for any period that includes any of the fiscal quarters ended September 30, 2010, December 31, 2010, March 31, 2011 and June 30, 2011, Consolidated EBITDA for such
fiscal quarters shall be $108,747,636.00, $118,369,176.00, $71,575,260.00 and $109,719,433.30 respectively. 

“Consolidated Senior Secured Debt”: as of any date of determination, Consolidated Total Indebtedness
secured by a Lien on any of the assets of the Borrower or any of its Restricted Subsidiaries. 

“Consolidated Senior Secured Leverage Ratio”: as of any date of determination, the ratio of
(a) Consolidated Senior Secured Debt (provided that Indebtedness under clause (b) of the definition of Indebtedness shall only be included to the extent of any unreimbursed drawings under any letter of credit) as of such date to
(b) Consolidated EBITDA for the Test Period most recently ended prior to such date. 

  
 12 

 “Consolidated Senior Secured Net Leverage Ratio”: as of any
date of determination, the ratio of (a) Consolidated Senior Secured Debt (provided that Indebtedness under clause (b) of the definition of Indebtedness shall only be included to the extent of any unreimbursed drawings under any letter of
credit) less the aggregate amount of unrestricted cash and Cash Equivalents of the Borrower and the Subsidiary Guarantors up to a maximum amount of $50,000,000, in each case as of such date, to (b) Consolidated EBITDA for the Test Period
most recently ended prior to such date for which financial statements have been delivered. 

“Consolidated Term Indebtedness”: as of any date of determination, for the Borrower and its Restricted
Subsidiaries on a consolidated basis, the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations with respect to the Term Facility hereunder and Obligations (as defined in the Second
Lien Credit Agreement) with respect to the Second Lien Facility) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments; provided that Consolidated Term Indebtedness shall not include the
outstanding principal amount of any loans of a revolving nature (including the Revolving Credit Loans). 

“Consolidated Total Indebtedness”: as of any date of determination, all Indebtedness of the Borrower and
its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated
Total Leverage Ratio”: as of any date of determination, the ratio of (a) Consolidated Total Indebtedness (provided that Indebtedness under clause (b) of the definition of Indebtedness shall only be included to the extent of
any unreimbursed drawings under any letter of credit) as of such date to (b) Consolidated EBITDA for the Test Period most recently ended prior to such date for which financial statements have been delivered. 

“Consolidated Total Net Leverage Ratio”: as of any date of determination, the ratio of
(a) Consolidated Total Indebtedness (provided that Indebtedness under clause (b) of the definition of Indebtedness shall only be included to the extent of any unreimbursed drawings under any letter of credit) less the
aggregate amount of unrestricted cash and Cash Equivalents of the Borrower and the Subsidiary Guarantors up to a maximum amount of (i) $100,000,000 for purposes of Section 8.1 or (ii) $50,000,000 for all other purposes, in each case
as of such date, to (b) Consolidated EBITDA for the Test Period most recently ended prior to such date for which financial statements have been delivered. 
 “Consolidated Working Capital”: at any date, the excess of Consolidated Current Assets on such date minus Consolidated Current Liabilities on such date. 

“Contingent Obligation”: as to any Person, any obligation of such Person guaranteeing or in effect
guaranteeing any Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent
(a) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (b) to advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain
working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary 

  
 13 

 
obligation or (d) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Contingent
Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount (based on the
maximum reasonably anticipated net liability in respect thereof as determined by the Borrower in good faith) of the primary obligation or portion thereof in respect of which such Contingent Obligation is made or, if not stated or determinable, the
maximum reasonably anticipated net liability in respect thereof (assuming such Person is required to perform thereunder) as determined by the Borrower in good faith. 

“Contractual Obligation”: as to any Person, any provision of any security issued by such Person or of any
agreement, instrument or undertaking to which such Person is a party or by which it or any of the property owned by it is bound. 
 “Control”: the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting
power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 
 “Crestview”: collectively, Crestview Radio Investors, LLC and its Affiliates. 
 “Debt Fund”: bona fide debt fund or an investment vehicle that is engaged in the making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of
credit in the ordinary course of business. 
 “Declined Prepayment Amount”: as defined in
subsection 4.6(f). 
 “Default”: any of the events specified in Section 9, whether or not
any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 
 “Defaulting
Lender”: any Lender that, in the reasonable determination of the Administrative Agent, (a) has failed, within three Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any
portion of its participations in Letters of Credit or Swing Line Loans or (iii) pay over to any Lender Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the
Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied or
waived in accordance with subsection 11.1, (b) has notified the Borrower or any Lender Party in writing that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing indicates that
such position is based on such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied or waived in accordance with subsection 11.1),
(c) has failed, within three Business Days after written request by the Administrative Agent, the Issuing Lender, the Swing Line Lender or the Borrower, acting in good faith, to provide a certification in writing from an authorized officer of
such Lender that it will comply with its obligations to fund prospective Loans and participations in then outstanding Letters of Credit and Swing Line Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender
pursuant to this clause (c) upon such party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event. 

  
 14 

 “Discount Range”: as defined in subsection 4.23.

 “Discounted Prepayment Option Notice”: as defined in subsection 4.23. 

“Discounted Voluntary Prepayment”: as defined in subsection 4.23. 

“Discounted Voluntary Prepayment Notice”: as defined in subsection 4.23. 

“Disqualified Lenders”: those Persons whose primary business consists of broadcasting, local media and
advertising who are identified in writing by the Borrower to the Administrative Agent prior to the Closing Date, as such list may be supplemented after the Closing Date as reasonably agreed by the Administrative Agent. 

“Disqualified Person”: as defined in the definition of “Eligible Assignee”. 

“Disqualified Stock”: with respect to any Person, any Capital Stock of such Person which, by its terms,
or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely as a result of a change of control or asset sale)
pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely as a result of a change of control or asset sale), in whole or in part, in each case prior to the date that is 180 days after
the Term Loan Maturity Date (or, if later, the maturity date of any Extended Term Loans); provided, however, that if such Capital Stock is issued to any plan for the benefit of employees of Parent or its Subsidiaries or by any such
plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by Parent or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 

“Divestiture Trust”: a trust (a) created by or on behalf of the Borrower or any Restricted
Subsidiary to hold and ultimately sell Broadcast Assets in conjunction with the Acquisition, any Business Acquisition or any sale or other disposition pursuant to Section 8.6(e) or (g) hereof to ensure compliance with the Communications
Act or FCC rules and policies and (b) that is independently owned and managed by a Person unaffiliated with the Borrower or any Restricted Subsidiary. 
 “Dollars” and “$”: dollars in lawful currency of the United States of America. 
 “Domestic Subsidiary”: any Subsidiary of the Borrower other than a Foreign Subsidiary. 
 “ECF Percentage”: 50%; provided, that, with respect to any fiscal year of the Borrower, the ECF Percentage shall be reduced to (a) 25% if the Consolidated Total Net Leverage
Ratio as of the last day of such fiscal year is less than 4.25 to 1.00 but greater than or equal to 3.50 to 1.00 and (b) 0% if the Consolidated Total Net Leverage Ratio as of the last day of such fiscal year is less than 3.50 to 1.0.

 “Eligible Assignee”: (a) a Lender, (b) a Lender Affiliate, (c) an Approved
Fund and (d) any other Person (other than Parent); provided that “Eligible Assignee” shall not in any event include (i) a natural person, (ii) a Disqualified Lender or (iii) any holding company, trust or
investment vehicle for the primary benefit of a natural person (including relatives of such person), other than any such entity that (w) has not been formed for the primary purpose of acquiring Loans or Commitments under this Agreement,
(x) is managed by a professional adviser (other 

  
 15 

 
than such natural person or any such relatives) having significant experience in the business of making or purchasing commercial loans, (y) has assets of greater than $25,000,000 and
(z) has significant business activities that consist of making or purchasing (by assignment as principal) commercial loans and similar extensions of credit (any of the Persons described in clauses (i) through (iii) above, a
“Disqualified Person”). 
 “Environmental Laws”: any and all applicable
Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees or requirements of any Governmental Authority regulating, relating to or imposing liability or standards of conduct concerning human health or
the protection of the environment, including Materials of Environmental Concern, as now or may at any time hereafter be in effect. 
 “Equity Contribution”: cash contributions to Parent made on the Closing Date in an aggregate amount of not less than $250,000,000. 

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

“ERISA Affiliate”: any trade or business (whether or not incorporated) that, together with any Loan
Party, is treated as a single employer under Section 414 of the Code. 
 “Eurocurrency Reserve
Requirements”: for any day, as applied to a Eurodollar Loan, the aggregate (without duplication) of the rates (expressed as a decimal) of reserve requirements current on such day (including basic, supplemental, marginal and emergency
reserves under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto), as now and from time to time hereafter in effect, dealing with reserve requirements prescribed for Eurocurrency funding (currently
referred to as “Eurocurrency liabilities” in Regulation D of such Board) maintained by a member bank of the Federal Reserve System. 
 “Eurodollar Base Rate”: with respect to each day during any Interest Period for any Eurodollar Loan, the rate per annum determined on the basis of the rate for deposits in Dollars for a
period equal to such Interest Period commencing on the first day of such Interest Period appearing on the Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, two Working Days prior to the beginning of such Interest Period. In the event that
such rate does not appear on the Reuters Screen LIBOR01 Page (or otherwise on such screen), the “Eurodollar Base Rate” shall be determined by reference to such other comparable publicly available service for displaying eurodollar rates as
may be reasonably selected by the Administrative Agent or, in the absence of such availability, by reference to the rate at which JPMCB is offered Dollar deposits at or about 10:00 A.M., New York City time, two Working Days prior to the beginning of
such Interest Period in the interbank eurodollar market where the foreign currency and exchange operations in respect of its Eurodollar Loans then are being conducted for delivery on the first day of such Interest Period for the number of days
comprised therein and in an amount comparable to the amount of its Eurodollar Loan to be outstanding during such Interest Period. 
 “Eurodollar Lending Office”: the office of each Lender which shall be maintaining its Eurodollar Loans. 

“Eurodollar Loans”: Loans at such time as they are made and/or being maintained at a rate of interest
based upon a Eurodollar Rate. 

  
 16 

 “Eurodollar Rate”: with respect to each day during each
Interest Period pertaining to a Eurodollar Loan, a rate per annum determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 

                  Eurodollar Base
Rate                   
 1.00
– Eurocurrency Reserve Requirement 
 ; provided that (i) in respect of any Term Loans that are Eurodollar
Loans, the Eurodollar Rate shall be at all times not less than 1.00% and (ii) in respect of any Revolving Credit Loans that are Eurodollar Loans, the Eurodollar Rate shall be at all times not less than 1.00%. 

“Event of Default”: any of the events specified in Section 9, provided that any requirement
for the giving of notice, the lapse of time, or both, has been satisfied. 
 “Excess Cash Flow”:
for any fiscal year of the Borrower, the excess, if any, of (a) the sum, without duplication, of (i) consolidated net income of the Borrower for such period, adjusted to exclude any cash gains or losses attributable to any Asset Sale,
(ii) the amount of all non-cash charges (including depreciation and amortization) deducted in arriving at such consolidated net income, (iii) decreases in Consolidated Working Capital for such period, and (iv) the aggregate net amount
of non cash loss on the disposition of property by the Borrower and its Restricted Subsidiaries during such period (other than sales of inventory in the ordinary course of business), to the extent deducted in arriving at such consolidated net income
less (b) the sum, without duplication, of (i) the amount of all non-cash credits included in arriving at such consolidated net income, (ii) the aggregate amount actually paid by the Borrower and its Restricted Subsidiaries in cash
during such period on account of Capital Expenditures (excluding the principal amount of Indebtedness incurred in connection with such expenditures and any such expenditures financed with the proceeds of any Reinvestment Deferred Amount),
(iii) the aggregate amount of all regularly scheduled principal payments of Funded Debt (including the Loans) of the Borrower and its Restricted Subsidiaries made during such period (other than in respect of any revolving credit facility
(including the Revolving Credit Facility) to the extent there is not an equivalent permanent reduction in commitments thereunder), (iv) increases in Consolidated Working Capital for such period, (v) the aggregate net amount of non-cash
gain on the disposition of property by the Borrower and its Restricted Subsidiaries during such period (other than sales of inventory in the ordinary course of business), to the extent included in arriving at such consolidated net income,
(vi) the aggregate amount actually paid by the Borrower and its Restricted Subsidiaries in cash during such period on account of professional fees that have not been deducted in the calculation of consolidated net income for such period and
(viii) optional prepayments of the Second Lien Loans or any Second Lien Permitted Refinancing made in reliance on subsection 8.15(b)(ii) during such period. 

“Excess Cash Flow Application Date”: as defined in subsection 4.6(c). 

“Existing Credit Agreement”: as defined in the recitals hereto. 

“Existing Letters of Credit”: as defined in subsection 3.3(c). 

“Existing Revolving Loans”: “Revolving Loans” outstanding under the Existing Credit Agreement
immediately prior to the Restatement Effective Date. 
 “Existing Term Lender”: a “Term
Lender” under the Existing Credit Agreement. 

  
 17 

 “Existing Term Loans”: “Term Loans” outstanding
under the Existing Credit Agreement immediately prior to the Restatement Effective Date. 
 “Extended
Revolving Credit Commitment”: as defined in subsection 4.24(a). 
 “Extended Term
Loans”: as defined in subsection 4.24(a). 
 “Extension”: as defined in subsection
4.24(a). 
 “Extension Offer”: as defined in subsection 4.24(a). 

“Facility”: each of (a) the Term Loan Commitments and Term Loans made thereunder (the “Term
Facility”) and (b) the Revolving Credit Commitments and the extensions of credit made thereunder (the “Revolving Credit Facility”). 

“FASB”: the Financial Accounting Standards Board 

“FATCA”: Sections 1471 through 1474 of the Code, as of the Closing Date, and any regulations or official
interpretations thereof. 
 “FCC”: the Federal Communications Commission or any Governmental
Authority succeeding to the Federal Communications Commission. 
 “FCC Licenses”: a license
issued by the FCC under Part 73 of Title 47 of the Code of Federal Regulations and held by the Borrower or any Restricted Subsidiary. 
 “Fee Letter”: that certain Fee Letter, dated as of March 9, 2011, among Parent, the Borrower, JPMorgan Chase Bank, N.A., JPMorgan Securities LLC, UBS Securities LLC, UBS Loan Finance
LLC, Macquarie Capital (USA) Inc. and MIHI LLC. 
 “Foreign Subsidiary”: any Subsidiary of the
Borrower (a) which is organized under the laws of any jurisdiction outside the United States (within the meaning of Section 7701(a)(9) of the Code), or (b) whose principal assets consist of capital stock or other equity interests of
one or more Persons which conduct the major portion of their business outside the United States (within the meaning of Section 7701(a)(9) of the Code). 
 “Funded Debt”: as to any Person, all Indebtedness of such Person that matures more than one year from the date of its creation or matures within one year from such date but is renewable
or extendible, at the option of such Person, to a date more than one year from such date or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such
date, including all current maturities and current sinking fund payments in respect of such Indebtedness whether or not required to be paid within one year from the date of its creation and, in the case of the Borrower, Indebtedness in respect of
the Loans and any Permitted Refinancings thereof and the Second Lien Loans and any Second Lien Permitted Refinancings. 
 “GAAP”: generally accepted accounting principles in the United States as in effect from time to time. In the event that any “Accounting Change” (as defined below) shall occur
and such change results in a material change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the Administrative Agent agree, upon the request of the Borrower or the Administrative
Agent, respectively, to enter into negotiations in 

  
 18 

 
order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with the desired result that the criteria for evaluating the Borrower’s financial
condition shall be the same after such Accounting Changes as if such Accounting Changes had not been made. In the event a request for an amendment has been made pursuant to the prior sentence, until such time as such an amendment shall have been
executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred.
“Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public
Accountants or, if applicable, the SEC. 
 “Gleiser Note”: the promissory note dated as of
November 21, 2003, made by Gleiser Communications, LLC, as the same may be amended or otherwise modified prior to and after the Closing Date. 
 “Governmental Authority”: any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, taxing, judicial, regulatory or
administrative functions of or pertaining to government (including the FCC). 
 “Group Members”:
collectively, the Borrower and any of its Restricted Subsidiaries. 
 “Guarantee and Collateral
Agreement”: the Guarantee and Collateral Agreement to be executed and delivered by Parent, the Borrower and each Subsidiary Guarantor, substantially in the form of Exhibit A (it being understood and agreed that, notwithstanding anything
that may be to the contrary herein, the Guarantee and Collateral Agreement shall not require the pledge of (x) any of the outstanding Capital Stock of, or other equity interests in, any Subsidiary of the Borrower which is owned by a Foreign
Subsidiary of the Borrower or (y) more than 66% of the outstanding voting stock of any “first tier” Foreign Subsidiary of the Borrower). 
 “Incremental Facility”: as defined in subsection 4.25(a). 
 “Incremental Facility Amendment”: as defined in subsection 4.25(b). 
 “Incremental Facility Closing Date”: as defined in subsection 4.25(b). 
 “Incremental Revolving Facility”: as defined in subsection 4.25(a). 
 “Incremental Term Facility”: as defined in subsection 4.25(a). 
 “Indebtedness”: of any Person, at any particular date, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than
current trade payables or liabilities and deferred payment for services to employees or former employees incurred in the ordinary course of business and payable in accordance with customary practices and other deferred compensation arrangements),
(b) obligations with respect to all letters of credit issued for the account of such Person, (c) all liabilities (other than Lease Obligations) secured by any Lien on any property owned by such Person, to the extent attributable to such
Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof, (d) Capital Lease Obligations of such Person, (e) all indebtedness of such Person arising under bankers’
acceptance facilities, (f) all obligations of such Person in respect of Disqualified Stock and (g) for the purposes of Section 9(e) only, all obligations of such Person in 

  
 19 

 
respect of Swap Agreements; but, in each case, excluding (w) any working capital adjustments or earnouts in connection with any permitted Investment under subsection 8.7 or disposition of
assets permitted under subsection 8.6, (x) customer deposits and interest payable thereon in the ordinary course of business and (y) trade and other accounts and accrued expenses payable in the ordinary course of business in accordance
with customary trade terms and in the case of both clauses (x) and (y) above, which are not overdue for a period of more than 90 days or, if overdue for more than 90 days, as to which a dispute exists and adequate reserves in conformity
with GAAP have been established on the books of such Person and (z) Indebtedness that has been defeased or satisfied and discharged in accordance with the terms of the documents governing such Indebtedness. 

“Insolvent” or “Insolvency”: with respect to a Multiemployer Plan, the condition that such plan
is insolvent within the meaning of Section 4245 of ERISA. 
 “Intellectual Property”: the
collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses,
trademarks, trademark licenses, technology, know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

“Intercreditor Agreement”: the Intercreditor Agreement, dated as of the Closing Date, among the Loan
Parties, the Administrative Agent and the Second Lien Administrative Agent, substantially in the form of Exhibit K. 
 “Interest Payment Date”: (a) as to any ABR Loan (other than any Swing Line Loan), the last day of each March, June, September and December to occur while such Loan is outstanding and
the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three months,
each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period, (d) as to any Loan (other than any Revolving Credit Loan that is an ABR Loan and any Swing Line
Loan), the date of any repayment or prepayment made in respect thereof and (e) as to any Swing Line Loan, the day that such Loan is required to be repaid. 
 “Interest Period”: with respect to any Eurodollar Loan: 
 (a) initially, the period commencing on the Borrowing Date or the effective date of the most recent conversion or continuation of such Eurodollar Loan, as the case may be, and ending one, two, three or
six months (or, if made available by all relevant Lenders, nine or twelve months) thereafter as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; provided that with
respect to the borrowing on the Restatement Effective Date, the Interest Period may be less than one month if so selected by the Borrower in its notice of borrowing; and 

(b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar
Loan and ending one, two, three or six months (or, if made available by all relevant Lenders, any period not longer than twelve months) thereafter as selected by the Borrower by irrevocable notice to the Administrative Agent not less than three
Working Days prior to the last day of the then current Interest Period with respect to such Eurodollar Loan; 

  
 20 

 provided that the foregoing provisions relating to Interest Periods are subject to
the following: 
 (i) if any Interest Period would otherwise end on a day which is not a Working Day, that
Interest Period shall be extended to the next succeeding Working Day, unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the immediately preceding
Working Day; 
 (ii) the Borrower may not select an Interest Period under a particular Facility that would extend
beyond the Revolving Credit Termination Date or beyond the Term Loan Maturity Date, as the case may be (or, with respect to any Extended Loan, the maturity date with respect thereto), or if the Revolving Credit Termination Date or Term Loan Maturity
Date (or maturity date with respect to any Extended Loan), as applicable, shall not be a Working Day, on the next preceding Working Day; 
 (iii) if the Borrower shall fail to give notice as provided above in clause (b), it shall be deemed to have selected a conversion of a Eurodollar Loan into an ABR Loan (which conversion shall occur
automatically and without need for compliance with the conditions for conversion set forth in subsection 4.3); 

(iv) any Interest Period that begins on the last day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the last Working Day of a calendar month; and 
 (v) the Borrower shall select Interest Periods so as not to require a prepayment (to the extent practicable) or a scheduled payment of a Eurodollar Loan during an Interest Period for such Eurodollar Loan.

 “Investments”: as defined in subsection 8.7. 

“Issuing Lender”: JPMCB or any other Lender (or their respective Affiliates) which agrees to be an
Issuing Lender and is designated by the Borrower and the Administrative Agent as an Issuing Lender, as issuer of Letters of Credit. 
 “JPMCB”: JPMorgan Chase Bank, N.A. 
 “L/C
Application”: a letter of credit application in the Issuing Lender’s then customary form for the type of letter of credit requested. 
 “L/C Exposure”: at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate
amount of drawings under Letters of Credit that have not then been reimbursed pursuant to subsection 3.6. 

“L/C Participating Interest”: an undivided participating interest in the face amount of each issued and
outstanding Letter of Credit and the L/C Application relating thereto. 
 “L/C Participation
Certificate”: a certificate in substantially the form of Exhibit C hereto. 
 “Lease
Obligations”: of the Borrower and its Subsidiaries, as of the date of any determination thereof, the rental commitments of the Borrower and its Subsidiaries determined on a consolidated basis, if any, under leases for real and/or personal
property (net of rental commitments from sub-leases thereof), excluding Capital Lease Obligations. 

  
 21 

 “Lender Affiliate”: (a) any Affiliate of any Lender,
(b) any Person that is administered or managed by any Lender and that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business and (c) with
respect to any Lender which is a fund that invests in commercial loans and similar extensions of credit, any other fund that invests in commercial loans and similar extensions of credit and is managed or advised by the same investment advisor as
such Lender or by an Affiliate of such Lender or investment advisor. 
 “Lender Participation
Notice”: as defined in subsection 4.23. 
 “Lender Party”: the Administrative Agent,
the Issuing Lender, the Swing Line Lender or any other Lender. 
 “Lenders”: as defined in the
preamble hereto; provided that unless the context otherwise requires, each reference herein to the Lenders shall be deemed to include any Conduit Lender. 
 “Letters of Credit”: a letter of credit issued by an Issuing Lender pursuant to the terms of subsection 3.3. 

“Lien”: any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien
(statutory or other), or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any financing lease having substantially
the same economic effect as any of the foregoing). 
 “Loan Documents”: the collective reference
to this Agreement, the Notes, the Guarantee and Collateral Agreement, the Intercreditor Agreement, any amendment or modification entered into in connection with any Incremental Facility or Extension and any Mortgage or other security document
executed and delivered pursuant to the terms of subsection 7.10. 
 “Loans”: the collective
reference to the Term Loans, the Revolving Credit Loans and the Swing Line Loans; individually, a “Loan”. 
 “Loan Parties”: Parent and each of its Restricted Subsidiaries that is a party, or which at any time becomes a party, to a Loan Document. 

“Majority Revolving Lenders”: the holders of more than 50% of the Revolving Credit Commitments (or if the
Revolving Credit Commitments have been cancelled (i) the aggregate then outstanding principal amount of the Revolving Credit Loans, (ii) the L/C Participating Interests in the aggregate amount then available to be drawn under all
outstanding Letters of Credit, (iii) the aggregate then outstanding principal amount of Revolving L/C Obligations and (iv) the aggregate amount represented by the agreements of the Lenders in subsections 3.7(b) and (d) with respect to
the Swing Line Loans then outstanding or the Swing Line Loan Participation Certificates then outstanding). 

“Majority Term Lenders”: the holders of more than 50% of the Term Loans. 

“Material Acquisition”: as defined in the definition of “Consolidated EBITDA”. 

  
 22 

 “Material Adverse Effect”: any event, development or
circumstance that has had or could reasonably be expected to have a material adverse effect on (a) the business, results of operations, property or financial condition of the Borrower and its Restricted Subsidiaries taken as a whole or
(b) the validity or enforceability of any of the Loan Documents or the rights and remedies of the Administrative Agent and the Lenders thereunder. 
 “Material Disposition”: as defined in the definition of “Consolidated EBITDA”. 
 “Materials of Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or
wastes, defined or regulated as such in, or which form the basis of liability under, any Environmental Law, including asbestos, polychlorinated biphenyls and urea-formaldehyde insulation, medical waste and radioactive materials. 

“Minimum Extension Condition”: as defined in subsection 4.24(b). 

“Minimum Tranche Amount”: as defined in subsection 4.24(b). 

“Moody’s”: Moody’s Investors Service, Inc. and any successor to its rating agency business.

 “Mortgaged Properties”: the Properties listed on Schedule 1.1B, as to which the
Administrative Agent for the benefit of the Lenders shall be granted a Lien pursuant to the Mortgages. 

“Mortgages”: each of the mortgages and deeds of trust (if any) made by any Loan Party in favor of, or for
the benefit of, the Administrative Agent for the benefit of the Lenders, each in form and substance reasonably satisfactory to the Administrative Agent. 
 “Multiemployer Plan”: a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which a Loan Party or any ERISA Affiliate has (or within the past 6 years has had) an
obligation to contribute pursuant to a collective bargaining agreement to which such Loan Party or ERISA Affiliate is a party. 
 “Net Proceeds”: (a) in connection with any Asset Sale or any Recovery Event, the proceeds thereof in the form of cash and Cash Equivalents (including any such proceeds received by
way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as and when received) actually received by any Group Member, net of attorneys’ fees,
accountants’ fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset that is the subject of such Asset Sale or Recovery Event (other than any
Lien pursuant to a Security Document), any reserves required to be maintained in connection therewith in accordance with GAAP and other customary fees and expenses actually incurred in connection therewith and net of taxes paid or reasonably
estimated to be payable as a result thereof (after taking into account (i) any available tax credits or deductions that would not otherwise have been utilized during the taxable period during which such Asset Sale or Recovery Event occurs and
(ii) any tax sharing arrangements with a Person other than Parent or any of its Restricted Subsidiaries) and (b) in connection with any issuance or sale of Capital Stock or any incurrence of Indebtedness, the proceeds thereof in the form
of cash and Cash Equivalents received from such issuance or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred in
connection therewith. 

  
 23 

 “Non-Broadcast Assets”: as defined in subsection 8.6(e).

 “Non-Excluded Taxes”: as defined in subsection 4.20(a). 

“Non-Significant Subsidiary”: at any time, any Restricted Subsidiary (other than any Broadcast License
Subsidiary) which (i) at such time has total assets (including the total assets of any of its Subsidiaries), together with the total assets of any other Restricted Subsidiaries that are Non-Significant Subsidiaries, of less than 5% of the total
assets of the Borrower and its Restricted Subsidiaries and (ii) has accrued revenues (including the accrued revenues of any of its Subsidiaries), together with the accrued revenues of any other Restricted Subsidiaries that are Non-Significant
Subsidiaries, for the most recently ended twelve-month period of less than 5% of the total revenues of the Borrower and its Restricted Subsidiaries. 
 “Non-U.S. Lender”: as defined in subsection 4.20(g). 
 “Notes”: the collective reference to any promissory notes evidencing Loans. 
 “Obligations”: the unpaid principal of and interest on the Loans and all other obligations and liabilities of the Borrower to the Administrative Agent or any Lenders (or, in the case of
Specified Swap Agreements and Specified Cash Management Agreements, any Affiliate of any Lender) (including interest accruing after the maturity of the Loans and interest accruing after the filing of any petition in bankruptcy, or the commencement
of any insolvency, reorganization or like proceeding, related to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), whether direct or indirect, absolute or contingent, due or to become due,
now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, the Loans, the other Loan Documents, any Letter of Credit or L/C Application, any Specified Swap Agreement, any Specified Cash Management
Agreement or any other document made, delivered or given in connection therewith, whether on account of principal, interest, reimbursement obligations, other fees, indemnities, costs, expenses (including all fees and disbursements of counsel to the
Administrative Agent or any Lender or any such Affiliate) or otherwise. 
 “Offered Loans”: as
defined in subsection 4.23. 
 “Other Taxes”: any and all present or future stamp or documentary
taxes or any other similar excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document
including any interest, additions to tax or penalties applicable thereto. 
 “Parent”: as
defined in the preamble hereto. 
 “Parent Entity”: with respect to any Lender, any Person as to
which such Lender is, directly or indirectly, a subsidiary. 
 “Participant Register”: as
defined in subsection 11.6(b). 
 “Participants”: as defined in subsection 11.6(b). 

  
 24 

 “Participating Lender”: any Lender (other than the Issuing
Lender with respect to such Letter of Credit) with respect to its L/C Participating Interest in each Letter of Credit. 
 “PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor). 

“Permitted Acquisition”: any acquisition permitted by subsection 8.7(k). 

“Permitted Asset Swap”: as defined in subsection 8.6(q). 

“Permitted Owner”: (a) the Principal, (b) with respect to the Principal, (i) any spouse or
immediate family member of the Principal or (ii) any trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners, owners or Persons beneficially holding an 80% or more controlling interest of which consist of the
Principal and/or such other Persons referred to in the immediately preceding clause (b)(i), (c) Crestview, (d) MIHI LLC, (e) UBS or (f) any Person Controlled by, or under common Control with, the Principal, Crestview, MIHI LLC or
UBS. 
 “Permitted Refinancing”: with respect to all or any portion of any Indebtedness, any
modification, refinancing, refunding, renewal or extension of such Indebtedness; provided that (i) the principal amount thereof does not exceed the principal amount of the Indebtedness so modified, refinanced, refunded, renewed or
extended (plus any accrued but unpaid interest, fees and redemption premiums payable by the terms of such Indebtedness thereon and reasonable expenses incurred in connection therewith), (ii) other than with respect to a Permitted Refinancing in
respect of Indebtedness permitted pursuant to subsection 8.2(j), such modification, refinancing, refunding, renewal or extension has a final maturity date equal to or later than the final maturity date of, and has a weighted average life to maturity
equal to or greater than the weighted average life to maturity of, the Indebtedness being modified, refinanced, refunded, renewed or extended, (iii) if the Indebtedness being modified, refinanced, refunded, renewed or extended is subordinated
in right of payment to the Obligations, such modification, refinancing, refunding, renewal or extension is subordinated in right of payment to the Obligations on terms at least as favorable on the whole to the Lenders as those contained in the
documentation governing the Indebtedness being modified, refinanced, refunded, renewed or extended, (iv) the terms and conditions of any such modified, refinanced, refunded, renewed or extended Indebtedness are market terms on the date of
issuance (as determined in good faith by the Borrower) or are not, taken as a whole, materially more restrictive than the covenants and events of default contained in this Agreement (as determined in good faith by the Borrower), provided that
if such Indebtedness contains any financial maintenance covenants, such covenants shall not be tighter than those contained in this Agreement, (v) such modification, refinancing, refunding, renewal or extension shall not be incurred by a Person
who is not a Subsidiary Guarantor (unless such Indebtedness being refinanced was originally incurred or guaranteed by a Person who was not a Subsidiary Guarantor), (vi) at the time thereof, no Default or Event of Default shall have occurred and
be continuing and (vii) to the extent that the Liens securing the Indebtedness being refinanced are subordinated to the Liens securing the Obligations, any Lien securing such refinancing Indebtedness is subordinated to the Liens securing the
Obligations on terms at least as favorable (when taken as a whole) to the Lenders as those contained in the applicable subordination language (if any) for the Indebtedness being refinanced; provided further that with respect to any
Permitted Refinancing of the Facilities (any such Permitted Refinancing Indebtedness, “Loan Refinancing Debt”), (x) other than amortization, pricing or maturity date, such Loan Refinancing Debt shall, with respect to all
periods prior to the latest maturity date of Loans outstanding at the time of incurrence of such Loan Refinancing Debt, have the same terms as the Term Facility or Revolving Credit Facility, as applicable, or (taken as a whole) such terms that are
not materially 

  
 25 

 
more favorable to the lenders providing such Loan Refinancing Debt than those applicable to the Term Facility or Revolving Credit Facility, as applicable, and (y) any Loan Refinancing Debt
that is secured shall be subject to an intercreditor agreement reasonably satisfactory to the Administrative Agent. 
 “Person”: an individual, partnership, corporation, business trust, joint stock company, trust, limited liability company, unincorporated association, joint venture, Governmental Authority
or other entity of whatever nature. 
 “Plan”: any employee pension benefit plan (as defined in
Section 3(2) of ERISA, but excluding any Multiemployer Plan) in respect of which any Loan Party or any ERISA Affiliate is, or if such Plan were terminated, would under Section 4062 or 4069 of ERISA be deemed to be, an “employer”
(as defined in Section 3(5) of ERISA). 
 “Pledged Stock”: as defined in the Guarantee and
Collateral Agreement. 
 “Preferred Stock”: any Capital Stock with preferential rights of
payment of dividends or upon liquidation, dissolution or winding up. 
 “Principal”: Lewis W.
Dickey, Jr. 
 “Pro Forma Balance Sheet”: as defined in subsection 5.1. 

“Pro Forma Income Statement”: as defined in subsection 5.1. 

“Prohibited Transaction”: as defined in Section 406 of ERISA and Section 4975(f)(3) of the
Code. 
 “Properties”: each parcel of real property currently or previously owned or operated by
any Group Member. 
 “Proposed Discounted Prepayment Amount”: as defined in subsection 4.23.

 “Qualifying Lender”: as defined in subsection 4.23. 

“Qualifying Loan”: as defined in subsection 4.23. 

“Radio Holdings Preferred Stock”: the shares of Series A Preferred Stock, $0.01 par value per share, of
CMP Susquehanna Radio Holdings Corp. outstanding as of the Closing Date. 
 “Rating Agencies”:
Moody’s and S&P, or if Moody’s or S&P or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Borrower which shall be
substituted for Moody’s or S&P or both, as the case may be. 
 “Reaffirmation
Agreement”: the Reaffirmation Agreement to be executed and delivered by Parent, the Borrower and each Subsidiary Guarantor, substantially in the form of Exhibit M. 

“Receivables Facility”: any of one or more receivables financing facilities, as amended, supplemented,
modified, extended, renewed, restated or refunded from time to time, the obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Borrower and
its 

  
 26 

 
Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Borrower or any Restricted Subsidiary sells its accounts receivable to either (a) a Person that is not a
Restricted Subsidiary or (b) a Receivables Subsidiary that in turn funds such purchase by purporting to sell its accounts receivable to a Person that is not a Restricted Subsidiary or by borrowing from such a Person or from another Receivables
Subsidiary that in turn funds itself by borrowing from such a Person.
 “Receivables
Subsidiary”: any Subsidiary formed for the purpose of facilitating or entering into one or more Receivables Facilities, and in each case engages only in activities reasonably related or incidental thereto.

“Recovery Event”: any settlement of or payment in respect of any property or casualty insurance claim or
any condemnation proceeding relating to any asset of any Group Member. 
 “Refinancing”: the
repayment or other retirement or redemption of the Radio Holdings Preferred Stock and existing indebtedness of the Acquired Business, Parent and their respective Subsidiaries. 

“Refunded Swing Line Loans “: as defined in subsection 3.7. 

“Register”: as defined in subsection 11.6(d). 

“Regulation U”: Regulation U of the Board, as from time to time in effect. 

“Reinvestment Deferred Amount”: with respect to any Reinvestment Event, the aggregate Net Proceeds
received by the Borrower or any Subsidiary in connection therewith that are not applied to prepay the Term Loans pursuant to subsection 4.6(b). 
 “Reinvestment Event”: any Asset Sale or Recovery Event in respect of which the Borrower has exercised its Reinvestment Rights in accordance with subsection 4.6(b). 

“Reinvestment Prepayment Amount”: with respect to any Reinvestment Event, the Reinvestment Deferred
Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to acquire, improve or repair assets useful in the business of the Borrower or any Restricted Subsidiary. 

“Reinvestment Prepayment Date”: with respect to any Reinvestment Event, the earlier of (a) the date
occurring twelve months after such Reinvestment Event (or, if the Borrower enters into a legally binding commitment to reinvest the Net Proceeds from such Reinvestment Event within such 12-month period, the date that is 12 months after entry into
such legally binding commitment) and (b) the date on which the Borrower shall have conclusively determined not to acquire, improve or repair assets useful in the Borrower’s or any Restricted Subsidiary’s business with all or any
portion of the relevant Reinvestment Deferred Amount. 
 “Reinvestment Rights”: if no Event of
Default has occurred and is continuing at the time of receipt of Net Proceeds of a Reinvestment Event, except as provided in subsection 8.6(e) or subsection 8.10, the right of the Borrower (directly or indirectly through a Restricted Subsidiary) to
use all or a specified portion of the Net Proceeds of an Asset Sale or Recovery Event to acquire, improve or repair assets useful in its business. 

  
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 “Related Document”: any agreement, certificate, document or
instrument relating to a Letter of Credit. 
 “Reorganization”: with respect to a Multiemployer
Plan, the condition that such plan is in reorganization as such term is used in Section 4241 of ERISA. 

“Reorganization Plan”: the Second Modified Joint Plan of Reorganization of the Acquired Business under
Chapter 11 of the Bankruptcy Code, dated May 10, 2010 as in effect on the date of the confirmation thereof pursuant to the Confirmation Order and as may be amended thereafter in accordance with the terms thereof and the Bankruptcy Code.

 “Reportable Event”: any “reportable event,” as defined in Section 4043(c) of
ERISA or the regulations issued thereunder, with respect to a Single Employer Plan, other than those events as to which the 30-day notice period has been waived pursuant to applicable regulations as in effect on the Closing Date. 

“Required Lenders”: at a particular time Lenders that hold more than 50% of (a) the aggregate then
outstanding principal amount of the Term Loans and (b) the Revolving Credit Commitments or if the Revolving Credit Commitments have been cancelled (i) the aggregate then outstanding principal amount of the Revolving Credit Loans,
(ii) the L/C Participating Interests in the aggregate amount then available to be drawn under all outstanding Letters of Credit, (iii) the aggregate then outstanding principal amount of Revolving L/C Obligations and (iv) the aggregate
amount represented by the agreements of the Lenders in subsections 3.7(b) and (d) with respect to the Swing Line Loans then outstanding or the Swing Line Loan Participation Certificates then outstanding. 

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

“Responsible Officer”: the chief executive officer or the chief operating officer of the Borrower or,
with respect to financial matters, the chief financial officer of the Borrower. 
 “Restatement
Arrangers”: J.P. Morgan Securities LLC, UBS Securities LLC, Macquarie Capital (USA) Inc. and RBC Capital Markets, in their capacity as arrangers of the Term Loan Commitments. 

“Restatement Effective Date”: the date on which each of the conditions precedent to the effectiveness of
this Agreement contained in subsection 6.3 has been either satisfied or waived, which date is December 20, 2012. 
 “Restricted Payments”: as defined in subsection 8.8. 
 “Restricted Subsidiary”: any Subsidiary of Parent other than an Unrestricted Subsidiary. Unless the context otherwise requires, all references to “Restricted Subsidiary” in this
Agreement and the other Loan Documents shall be deemed to be a reference to a Restricted Subsidiary of the Borrower. 

  
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 “Revolving Credit Commitment”: as to any Lender, its
obligations to make Revolving Credit Loans to the Borrower pursuant to subsection 3.1, and to purchase its L/C Participating Interest in any Letter of Credit in an aggregate amount not to exceed at any time the amount set forth opposite such
Lender’s name in Schedule 1.1A under the heading “Revolving Credit Commitment” and in an aggregate amount not to exceed at any time the amount equal to such Lender’s Revolving Credit Commitment Percentage of the aggregate
Revolving Credit Commitments, as the aggregate Revolving Credit Commitments may be reduced or adjusted from time to time pursuant to this Agreement; collectively, as to all the Lenders, the “Revolving Credit Commitments”. The
Revolving Credit Commitments as of the Restatement Effective Date shall be $300,000,000. 
 “Revolving
Credit Commitment Percentage”: as to any Lender at any time, the percentage which such Lender’s Revolving Credit Commitment constitutes of all of the Revolving Credit Commitments (disregarding any Defaulting Lender’s Revolving
Credit Commitment) (or, if the Revolving Credit Commitments shall have been terminated, the percentage of the outstanding Aggregate Revolving Credit Extensions of Credit and Swing Line Loans constituted by such Lender’s Aggregate Revolving
Credit Extensions of Credit and participating interest in Swing Line Loans giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination). 

“Revolving Credit Commitment Period”: the period from and including the Restatement Effective Date to but
not including the Revolving Credit Termination Date. 
 “Revolving Credit Facility”: as defined
in the definition of “Facility”. 
 “Revolving Credit Loan” and “Revolving
Credit Loans”: as defined in subsection 3.1. 
 “Revolving Credit Termination Date”:
the earlier of (i) September 16, 2016 and (ii) any other date on which the Revolving Credit Commitments shall terminate hereunder. 
 “Revolving L/C Obligations”: the obligations of the Borrower to reimburse the Issuing Lender for any payments made by an Issuing Lender under any Letter of Credit that have not been
reimbursed by the Borrower pursuant to subsection 3.6. 
 “Revolving Lender”: each Lender that
has a Revolving Credit Commitment or that holds Revolving Credit Loans. 
 “S&P”:
Standard & Poor’s Financial Services LLC and any successor to its rating agency business. 

“SEC Filings”: any public filings that Parent or the Acquired Business has made on form 10K, 10Q or 8K
pursuant to the U.S. federal securities statutes, rules or regulations prior to the Closing Date. 

“Second Lien Administrative Agent”: JPMorgan Chase Bank, N.A., as second lien administrative agent under
the Second Lien Loan Documents, and its successors and assigns. 
 “Second Lien Credit
Agreement”: the Second Lien Credit Agreement, dated as of the Closing Date, among Parent, the Borrower, the lenders party thereto, the Second Lien Administrative Agent and the other agents party thereto. 

  
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 “Second Lien Facility”: the “Facility” as defined
in the Second Lien Credit Agreement. 
 “Second Lien Guarantee and Collateral Agreement”: the
Second Lien Guarantee and Collateral Agreement, dated as of the Closing Date, among the Loan Parties and the Second Lien Administrative Agent. 
 “Second Lien Incremental Facilities”: the “Incremental Facilities” as defined in the Second Lien Credit Agreement. 

“Second Lien Loan Documents”: collectively, (a) the Second Lien Credit Agreement, (b) the
Second Lien Security Documents, (c) any promissory note evidencing the loans under the Second Lien Credit Agreement, and (d) any amendment, waiver, supplement or other modification to any of the documents in clauses (a) through (c).

 “Second Lien Loans”: the “Loans” as such term is defined in the Second Lien Credit
Agreement. 
 “Second Lien Permitted Refinancing”: any Indebtedness in respect of any
refinancing of the Second Lien Loans permitted under subsection 8.2(a)(ii). 
 “Second Lien Security
Documents”: (a) the Second Lien Guarantee and Collateral Agreement, (b) the mortgages executed by any Loan Party which provide the Second Lien Administrative Agent, for the benefit of the lenders under the Second Lien Credit
Agreement, a second priority lien on the Mortgaged Properties, and (c) all other security documents delivered after the Closing Date to the Second Lien Administrative Agent granting a lien on any property of any Person to secure the obligations
and liabilities of any Loan Party under any Second Lien Loan Document. 
 “Security Documents”:
the collective reference to the Guarantee and Collateral Agreement, the Mortgages and all other security documents hereafter delivered to the Administrative Agent granting a Lien on any property of any Person to secure the obligations and
liabilities of any Loan Party under any Loan Document. 
 “Senior Notes”: the senior notes
issued under and as defined in that certain Indenture dated as of March 13, 2011 among Parent, the Subsidiaries of Parent party thereto and U.S. Bank National Association, as trustee (as amended, modified or supplemented from time to time).

 “Single Employer Plan”: any Plan subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA. 
 “Solvent”: when used with respect
to any Person, means that, as of any date of determination, (a) the amount of the present fair saleable value of the assets of such Person will, as of such date, exceed the amount of all liabilities of such Person, contingent or otherwise, as
of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such
date, be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with
which to conduct its business, and (d) such Person will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, (ii) “claim” means any
(x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, 

  
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fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to
a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured and (iii) “present fair saleable value” and
“liabilities of such Person, contingent or otherwise” shall, in each case, be determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors. 

“Specified Cash Management Agreement”: any agreement providing for treasury, depositary, purchasing card
or cash management services, including in connection with any automated clearing house transfers of funds or any similar transactions between the Borrower or any Subsidiary Guarantor and any Lender or Affiliate thereof. 

“Specified Equity Contribution”: as defined in subsection 8.1. 

“Specified Swap Agreement”: any Swap Agreement in respect of interest rates, currency exchange rates or
commodity prices entered into by the Borrower or any Subsidiary Guarantor and any Person that is a Lender or an Affiliate of a Lender at the time such Swap Agreement is entered into. 

“Standby L/C”: an irrevocable standby or direct pay Letter of Credit under which the Issuing Lender
agrees to make payments in Dollars for the account of the Borrower on behalf of the Borrower or any Restricted Subsidiary thereof, in respect of obligations of the Borrower or a Restricted Subsidiary thereof incurred for general corporate purposes,
including for insurance purposes or in respect of advance payments or as bid or performance bonds. 

“Station”: a broadcast radio station operated pursuant to an FCC License. 

“Subordinated Indebtedness”: any Indebtedness of the Borrower or its Restricted Subsidiaries which is
subordinated in right of payment to the Obligations. 
 “Subsidiary”: as to any Person, a
corporation, partnership or other entity of which shares of Capital Stock or other equity interests having ordinary voting power (other than Capital Stock or other equity interests having such power only by reason of the happening of a contingency)
to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, directly or indirectly, or the management of which is otherwise controlled, directly or indirectly, or both, by
such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Subsidiary Guarantor”: any Restricted Subsidiary which enters into the Guarantee and Collateral
Agreement pursuant to clause (a) of subsection 6.1 or subsection 7.10(a) (it being understood and agreed that no Foreign Subsidiary of the Borrower shall, in any case, enter into the Guarantee and Collateral Agreement pursuant to
subsection 7.10(a)). 
 “Suspension Period”: any day on which no Revolving Credit Loans,
Swing Line Loans, Revolving L/C Obligations or Letters of Credit are outstanding, other than Letters of Credit that have been Cash Collateralized on terms reasonably satisfactory to the Administrative Agent in an amount equal to at least 103% of the
undrawn amount thereof. 

  
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 “Swap Agreement”: any agreement with respect to any swap,
forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or
measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by
current or former directors, officers, employees or consultants of the Borrower or any of its Subsidiaries shall be a “Swap Agreement”. 
 “Swing Line Commitment”: JPMCB’s obligation to make Swing Line Loans pursuant to subsection 3.7. 

“Swing Line Exposure”: at any time, the aggregate principal amount of all Swing Line Loans outstanding at
such time. The Swing Line Exposure of any Lender at any time shall equal its Revolving Credit Commitment Percentage of the aggregate Swing Line Exposure at such time. 

“Swing Line Lender”: at any time the Lender then having an obligation to make Swing Line Loans under this
Agreement. 
 “Swing Line Loan” and “Swing Line Loans”: as defined in
subsection 3.7(a). 
 “Swing Line Loan Participation Certificate”: a certificate in
substantially the form of Exhibit F hereto. 
 “Taxes”: any present or future taxes, levies,
imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Facility”: as defined in the definition of “Facility”. 

“Term Lender”: each Lender that has a Term Loan Commitment or that holds a Term Loan. 

“Term Lender Addendum”: either a “Term Loan Converting Lender” Addendum or a “Term Loan
Funding Lender” Addendum, substantially in the form of Exhibit L-1 or Exhibit L-2, respectively. 

“Term Loan Commitment”: as to any Lender, the obligation of such Lender, if any, to make a Term Loan to
the Borrower hereunder and/or in the case of Existing Term Lenders, convert its Existing Term Loan into a Term Loan hereunder, in each case on the Restatement Effective Date, expressed as an amount representing the maximum principal amount of the
Term Loan to be made or converted by such Lender hereunder. The amount of each Term Lender’s Term Loan Commitment on the Restatement Effective Date is as set forth on its Term Lender Addendum. The Term Loan Commitment as of the Restatement
Effective Date shall be $1,325,000,000. 
 “Term Loan Commitment Conversion Amount”: with
respect to any Term Lender, as defined on such Lender’s Term Lender Addendum as its “Term Loan Commitment Conversion Amount”. 

  
 32 

 “Term Loan Commitment Funding Amount”: as to any Lender,
the portion (if any) of its Term Loan Commitment that appears under the heading “Term Loan Commitment Funding Amount” on its Term Lender Addendum. 
 “Term Loan Commitment Percentage”: as to any Lender, the percentage which such Lender’s Term Loan constitutes of the aggregate then outstanding principal amount of Term Loans.

 “Term Loan Converting Lender”: any Term Lender with a Term Loan Commitment Conversion Amount
(in its capacity as such). 
 “Term Loan Funding Lender”: any Term Lender with a Term Loan
Commitment Funding Amount (in its capacity as such). 
 “Term Loan Maturity Date”:
September 16, 2018 or if such day is not a Business Day, the first Business Day thereafter. 
 “Term
Loan Standstill Period”: as defined in Section 9(c). 
 “Term Loans”: the Loans
made pursuant to Section 2.1. 
 “Test Period”; the most recent period of four consecutive
fiscal quarters of the Borrower ended on or prior to such time (taken as one accounting period) in respect of which financial statements for each quarter or fiscal year in such period have been delivered pursuant to subsection 7.1(a) or 7.1(b),
as applicable. 
 “Transactions”: the Acquisition, the Refinancing, the entering into of the
Loan Documents and the initial borrowings hereunder, the entering into of the Second Lien Loan Documents and the borrowings thereunder and the payments of fees, commissions and expenses in connection with each of the foregoing. 

“Transferee”: as defined in subsection 11.6(f). 

“Type”: as to any Loan, its nature as an ABR Loan or a Eurodollar Loan. 

“UBS”: collectively, UBS Securities LLC and its Affiliates. 

“UCC”: the Uniform Commercial Code as in effect, from time to time, in the State of New York;
provided that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York,
“UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 

“Unrestricted Subsidiary”: any Subsidiary of the Borrower designated by the board of directors of the
Borrower as an Unrestricted Subsidiary pursuant to subsection 7.14. 
 “Withdrawal
Liability”: liability to a Multiemployer Plan as a result of a complete withdrawal or a partial withdrawal from such Multiemployer Plan, as such terms are defined in Title IV of ERISA. 

  
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 “Working Day”: any Business Day which is a day for trading
by and between banks in Dollar deposits in the interbank Eurodollar market. 
 1.2 Other Definitional Provisions. Unless
otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the Notes, any other Loan Document or any certificate or other document made or delivered pursuant hereto. 

(a) As used herein and in the Notes, any other Loan Document and any certificate or other document made or delivered pursuant hereto,
accounting terms relating to the Borrower and its Subsidiaries not defined in subsection 1.1 and accounting terms partly defined in subsection 1.1 to the extent not defined, shall have the respective meanings given to them under GAAP.
Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election
under ASC 825 “Financial Instruments” (or any other ASC having a similar result or effect) to value any Indebtedness or other liabilities of Parent, the Borrower or any Subsidiary at “fair value”, as defined therein. 

(b) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and section, subsection, schedule and exhibit references are to this Agreement unless otherwise specified. 

(c) (i) The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”, (ii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have
correlative meanings), (iii) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock,
securities, revenues, accounts, leasehold interests and contract rights, and (iv) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as
amended, supplemented, restated or otherwise modified from time to time. 
 (d) The meanings given to terms defined herein shall
be equally applicable to the singular and plural forms of such terms. 
 SECTION 2. AMOUNT AND TERMS OF THE TERM LOAN
COMMITMENTS 
 2.1 Term Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to
(i) make a term loan to the Borrower on the Restatement Effective Date in an amount equal to its Term Loan Commitment Funding Amount and/or (ii) convert its Existing Term Loans into Term Loans in an amount equal to its Term Loan Commitment
Conversion Amount. Amounts repaid or prepaid in respect of Term Loans may not be reborrowed. The Term Loans may from time to time be (a) Eurodollar Loans or (b) ABR Loans or (c) a combination thereof, as determined by the Borrower and
notified to the Administrative Agent in accordance with subsections 4.1 and 4.3. 
 2.2 Repayment of Term Loans. The
Borrower shall repay the Term Loans in consecutive quarterly installments on the last day of each fiscal quarter (or, in the case of the last installment, the Term Loan Maturity Date), commencing on December 31, 2012, each of which installments
shall be in an aggregate principal amount equal to 0.25% of the original aggregate principal amount of the Term Loans; provided that with respect to the installment payable on the Term Loan Maturity Date, such installment shall be in an
amount equal to the then outstanding principal amount of the Term Loans. 

  
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 2.3 Proceeds of Term Loans. The Borrower shall use the proceeds of the Term Loans to
satisfy the condition in Section 6.3(a) and to pay fees, commissions and expenses in connection therewith and with the amendment and restatement of the Existing Credit Agreement. 

SECTION 3. AMOUNT AND TERMS OF REVOLVING CREDIT COMMITMENTS 

3.1 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees to extend
credit, in an aggregate amount not to exceed such Lender’s Revolving Credit Commitment, to the Borrower from time to time on any Borrowing Date during the Revolving Credit Commitment Period by purchasing an L/C Participating Interest in each
Letter of Credit issued by the Issuing Lender and by making loans to the Borrower (“Revolving Credit Loans”) from time to time. Notwithstanding the foregoing, in no event shall (i) any Revolving Credit Loan or Swing Line Loan
be made, or any Letter of Credit be issued, if, after giving effect to such making or issuance and the use of proceeds thereof as irrevocably directed by the Borrower, the sum of the Aggregate Revolving Credit Extensions of Credit and the aggregate
outstanding principal amount of the Swing Line Loans would exceed the aggregate Revolving Credit Commitments or if subsection 3.7 would be violated thereby, (ii) any Revolving Credit Loan or Swing Line Loan be made, or any Letter of Credit
be issued, if the amount of such Loan to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the Available Revolving Credit Commitments or (iii) Revolving Credit Loans in
excess of $300,000,000 in the aggregate be made on the Closing Date (unless otherwise agreed to by all of the Arrangers). During the Revolving Credit Commitment Period, the Borrower may use the Revolving Credit Commitments by borrowing, prepaying
the Revolving Credit Loans or Swing Line Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lenders issue Letters of Credit, having such Letters of Credit expire undrawn
upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lenders issue new Letters of Credit. The Revolving Credit Loans may from time to time be (a) Eurodollar Loans or (b) ABR Loans or
(c) a combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance with subsections 4.1 and 4.3. 
 (b) Each borrowing of Revolving Credit Loans pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount of the lesser of (i) $1,000,000, or a whole multiple of $1,000,000
in excess thereof, and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan to be used solely to pay a like amount of Swing Line Loans may be in the aggregate principal amount of such Swing Line
Loans. 
 3.2 Proceeds of Revolving Credit Loans. The Borrower shall use the proceeds of the Revolving Credit Loans to
(a) make payments to the Issuing Lender to reimburse the Issuing Lender for drawings made under the Letters of Credit, (b) repay Swing Line Loans and Revolving Credit Loans after the Closing Date, and (c) finance the general working
capital needs and general corporate purposes of the Borrower or any of its Subsidiaries. 
 3.3 Issuance of Letters of
Credit. (a) The Borrower may from time to time request any Issuing Lender to issue a Letter of Credit, which may be either a Standby L/C or a Commercial L/C, by delivering to the Administrative Agent at its address specified in subsection
11.2 and the Issuing Lender an L/C Application completed to the satisfaction of the Issuing Lender, together with the proposed form of the Letter of Credit (which shall comply with the applicable requirements of paragraph (b) below) and such
other certificates, documents and other papers and information as the Issuing Lender may 

  
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reasonably request; provided that if the Issuing Lender informs the Borrower that it is for any reason unable to open such Letter of Credit, the Borrower may request another Lender to open
such Letter of Credit upon the same terms offered to the initial Issuing Lender and if such other Lender agrees to issue such Letter of Credit each reference to the Issuing Lender for purposes of the Loan Documents shall be deemed to be a reference
to such Lender. 
 (b) Each Letter of Credit issued hereunder shall, among other things, (i) be in such form requested by
the Borrower as shall be acceptable to the Issuing Lender in its sole discretion and (ii) have an expiry date occurring not later than the earlier of (w) 365 days after the date of issuance of such Letter of Credit (or, in the case of a
renewal or extension, 365 days after such renewal or extension) and (x) 15 Business Days prior to the Revolving Credit Termination Date; provided that any Letter of Credit with a one year term may provide for the renewal thereof for
additional one year periods (but not beyond the date that is 15 Business Days prior to the Revolving Credit Termination Date, except to the extent Cash Collateralized or backstopped (including as provided herein) pursuant to arrangements reasonably
acceptable to the relevant Issuing Lenders, in each case for all relevant period beyond the date that is 15 Business Days prior to the Revolving Credit Termination Date). Unless otherwise expressly agreed by the Issuing Lender, when a Letter of
Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the “International Standby Practices 1998 published by the Institute of International Banking Law & Practice (or such
later version thereof as may be in effect at the time of issuance) or the rules of the Uniform Customs and Practice for Documentary Credit, as most recently published by the International Chamber of Commerce (the “UCP Rules”) shall
apply to each Standby L/C, and (ii) the UCP Rules shall apply to each Commercial L/C. 
 (c) The letters of credit set
forth on Schedule 3.1 which remain outstanding on the Closing Date (the “Existing Letters of Credit”) shall be deemed to be Letters of Credit issued under this Agreement on the Closing Date. Without limiting the foregoing
(i) each such Existing Letter of Credit shall be included in the calculation of the L/C Exposure, (ii) all liabilities of the Borrower and the other Loan Parties with respect to such Existing Letters of Credit shall constitute Obligations
and (iii) each Lender shall have reimbursement obligations with respect to such Existing Letters of Credit as provided in subsection 3.6(b). 
 (d) If the maturity date in respect of any tranche of Revolving Credit Commitments occurs prior to the expiration of any Letter of Credit, then (i) if one or more other tranches of Revolving Credit
Commitments in respect of which the maturity date shall not have occurred are then in effect, (x) outstanding Revolving Credit Loans shall be repaid pursuant to subsection 4.5 on such maturity date in an amount sufficient to permit the
reallocation of the L/C Exposure relating to the outstanding Letters of Credit contemplated by clause (y) below and (y) such Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of
the Revolving Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect thereof pursuant to subsection 3.4) under (and ratably participated in by Lenders pursuant to) the Revolving Credit Commitments in
respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate principal amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood that (A) the participations therein of
Revolving Lenders under the maturing tranche shall be correspondingly released and (B) no partial face amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause
(i), but without limiting the obligations with respect thereto, the Borrower shall Cash Collateralize any such Letter of Credit. If, for any reason, such Cash Collateral is not provided or the reallocation does not occur, the Revolving Lenders under
the maturing tranche shall continue to be responsible for their participating interests in the Letters of Credit; provided that, notwithstanding anything to the contrary contained herein, upon any subsequent repayment of the Revolving Loans,
the reallocation set forth in clause (i) shall automatically occur to the extent of such repayment (it being understood that no partial face amount of 

  
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any Letter of Credit may be so reallocated). Except to the extent of reallocations of participations pursuant to clause (i) of the second preceding sentence, the occurrence of a maturity
date with respect to a given tranche of Revolving Credit Commitments shall have no effect upon (and shall not diminish) the percentage participations of the Revolving Lenders in any Letter of Credit issued before such maturity date. Commencing with
the maturity date of any tranche of Revolving Credit Commitments, the sublimit for Letters of Credit under any tranche of Revolving Credit Commitments that has not so then matured shall be as agreed with the Lenders under such extended tranche;
provided that in no event shall such sublimit be less than the sum of (x) the L/C Exposure of the Revolving Lenders under such extended tranche immediately prior to such maturity date and (y) the face amount of the Letters of Credit
reallocated to such extended tranche pursuant to clause (i) above (assuming Revolving Credit Loans are repaid in accordance with clause (i)(x)). 
 (e) In the event of any conflict between the terms hereof and the terms of any L/C Application, the terms hereof shall control. 
 3.4 Participating Interests. Effective in the case of each Letter of Credit opened by the Issuing Lender as of the date of the opening thereof, the Issuing Lender agrees to allot and does allot, to
itself and each other Lender, and each Lender severally and irrevocably agrees to take and does take in such Letter of Credit and the related L/C Application, an L/C Participating Interest in a percentage equal to such Lender’s Revolving Credit
Commitment Percentage. 
 3.5 Procedure for Opening Letters of Credit. Upon receipt of any L/C Application from the
Borrower in respect of a Letter of Credit, the Issuing Lender will promptly notify the Administrative Agent thereof. The Issuing Lender will process such L/C Application, and the other certificates, documents and other papers delivered to the
Issuing Lender in connection therewith, upon receipt thereof in accordance with its customary procedures and, subject to the terms and conditions hereof, shall promptly open such Letter of Credit by issuing the original of such Letter of Credit to
the beneficiary thereof and by furnishing a copy thereof to the Borrower; provided that no such Letter of Credit shall be issued (a) if the amount of such requested Letter of Credit, together with the sum of (i) the aggregate unpaid
amount of Revolving L/C Obligations outstanding at the time of such request and (ii) the maximum aggregate amount available to be drawn under all Letters of Credit outstanding at such time, would exceed $30,000,000 or (b) if subsection 3.1
would be violated thereby. 
 3.6 Payments in Respect of Letters of Credit. (a) The Borrower agrees to reimburse the
Issuing Lender, through the Administrative Agent, for any payment made by the Issuing Lender under any Letter of Credit not later than 12:00 Noon, New York City time, on (i) the Business Day that the Borrower receives notice of such draft, if
such notice is received on such day prior to 10:00 A.M., New York City time, or (ii) if clause (i) above does not apply, the Business Day immediately following the day that the Borrower receives such notice. Interest shall be payable on
any such unreimbursed amounts from the date of such payment until reimbursement in full thereof at a rate per annum equal to (A) until the Business Day next succeeding the date on which the relevant notice is received by the Borrower, the ABR
plus the Applicable Margin for Revolving Credit Loans which are ABR Loans and (B) on such date and thereafter, the ABR plus the Applicable Margin for Revolving Credit Loans which are ABR Loans plus 2%. 

(b) In the event that the Issuing Lender makes a payment under any Letter of Credit and is not reimbursed in full therefor in accordance
with the terms of this Agreement (or in the event that any reimbursement received by the Issuing Lender shall be required to be returned by it at any time), the Issuing Lender will promptly notify each other Lender with a Revolving Credit Commitment
through the Administrative Agent. Forthwith upon its receipt of any such notice, each other Lender with a Revolving Credit Commitment will transfer to the Issuing Lender, through the Administrative Agent, in immediately

  
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available funds, an amount equal to such other Lender’s pro rata share of the Revolving L/C Obligation arising from such unreimbursed payment. Upon its receipt from such other Lender of such
amount and a request of such Lender, the Issuing Lender will complete, execute and deliver to such other Lender an L/C Participation Certificate dated the date of such receipt and in such amount. 

(c) Whenever, at any time after the Issuing Lender has made a payment under any Letter of Credit and has received from any other Lender
such other Lender’s pro rata share of the Revolving L/C Obligation arising therefrom, the Issuing Lender receives any reimbursement on account of such Revolving L/C Obligation or any payment of interest on account thereof, the Issuing Lender
will distribute to such other Lender, through the Administrative Agent, its pro rata share thereof in like funds as received (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s
participating interest was outstanding and funded); provided that, in the event that the receipt by the Issuing Lender of such reimbursement or such payment of interest (as the case may be) is required to be returned, such other Lender will
return to the Issuing Lender, through the Administrative Agent, any portion thereof previously distributed by the Issuing Lender to it in like funds as such reimbursement or payment is required to be returned by the Issuing Lender. 

3.7 Swing Line Commitment. (a) Subject to the terms and conditions hereof, JPMCB agrees to make swing line loans
(individually, a “Swing Line Loan”; collectively, the “Swing Line Loans”) to the Borrower from time to time during the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding
not to exceed $30,000,000; provided that at no time may the sum of the aggregate outstanding principal amount of the Swing Line Loans and the Aggregate Revolving Credit Extensions of Credit exceed the Revolving Credit Commitments. Amounts
borrowed by the Borrower under this subsection may be repaid and, through but excluding the Revolving Credit Termination Date, reborrowed. The Swing Line Loans shall be ABR Loans, and shall not be entitled to be converted into Eurodollar Loans. The
Borrower shall give JPMCB irrevocable notice (which notice must be received by JPMCB prior to 1:00 p.m., New York City time) on the requested Borrowing Date specifying the amount of each requested Swing Line Loan, which shall be in the minimum
amount of $250,000 or a whole multiple thereof. The proceeds of each Swing Line Loan will be made available by JPMCB to the Borrower by crediting the account of the Borrower at JPMCB with such proceeds. The proceeds of Swing Line Loans may be used
solely for the purposes referred to in subsection 3.2. 
 (b) JPMCB at any time in its sole and absolute discretion may, and on
the thirtieth day (or if such day is not a Business Day, the next Business Day) after the Borrowing Date with respect to any Swing Line Loans shall, on behalf of the Borrower (which hereby irrevocably directs JPMCB to act on its behalf), request
each Lender, including JPMCB, to make a Revolving Credit Loan (which shall be initially an ABR Loan) in an amount equal to such Lender’s Revolving Credit Commitment Percentage of the amount of such Swing Line Loans (the “Refunded Swing
Line Loans”) outstanding on the date such notice is given. Unless any of the events described in Section 9(f) shall have occurred (in which event the procedures of clause (c) of this subsection shall apply) each Lender shall make
the proceeds of its Revolving Credit Loan available to JPMCB for the account of JPMCB at the office of JPMCB located at 270 Park Avenue, New York, New York 10017 prior to 12:00 Noon (New York City time) in funds immediately available on the Business
Day next succeeding the date such notice is given. The proceeds of such Revolving Credit Loans shall be immediately applied to repay the Refunded Swing Line Loans. 
 (c) If prior to the making of a Revolving Credit Loan pursuant to clause (b) of this subsection one of the events described in Section 9(f) shall have occurred, each Lender will, on the date
such Loan would otherwise have been made, purchase an undivided participating interest in the Refunded Swing Line Loans in an amount equal to its Revolving Credit Commitment Percentage of such Refunded Swing Line Loans. Each Lender will immediately
transfer to JPMCB, in immediately available funds, the amount of its participation and upon receipt thereof JPMCB will deliver to such Lender a Swing Line Loan Participation Certificate dated the date of receipt of such funds and in such amount.

  
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 (d) Whenever, at any time after JPMCB has received from any Lender such Lender’s
participating interest in a Swing Line Loan, JPMCB receives any payment on account thereof, JPMCB will distribute to such Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the
period of time during which such Lender’s participating interest was outstanding and funded) in like funds as received; provided, however, that in the event that such payment received by JPMCB is required to be returned, such
Lender will return to JPMCB any portion thereof previously distributed by JPMCB to it in like funds as such payment is required to be returned by JPMCB. 
 (e) If the maturity date shall have occurred in respect of any tranche of Revolving Credit Commitments at a time when another tranche or tranches of Revolving Credit Commitments is or are in effect with a
longer maturity date, then on the earliest occurring maturity date all then outstanding Swing Line Loans shall be repaid in full on such date (and there shall be no adjustment to the participations in such Swing Line Loans as a result of the
occurrence of such maturity date); provided, however, that if on the occurrence of such earliest maturity date (after giving effect to any repayments of Revolving Credit Loans and any reallocation of Letter of Credit participations as
contemplated in subsection 3.3(d)), there shall exist sufficient unutilized Extended Revolving Credit Commitments so that the respective outstanding Swing Line Loans could be incurred pursuant the Extended Revolving Credit Commitments which
will remain in effect after the occurrence of such maturity date, then there shall be an automatic adjustment on such date of the participations in such Swing Line Loans and same shall be deemed to have been incurred solely pursuant to the relevant
Extended Revolving Credit Commitments, and such Swing Line Loans shall not be so required to be repaid in full on such earliest maturity date. 
 3.8 Participations. Each Lender’s obligation to purchase participating interests pursuant to subsection 3.4 and clauses (b) and (c) of subsection 3.7 is absolute and unconditional as
set forth in subsection 4.14. 
 SECTION 4. GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT

 4.1 Procedure for Borrowing by the Borrower. (a) The Borrower may borrow under the Commitments on any Working Day,
if the borrowing is of Eurodollar Loans, or on any Business Day, if the borrowing is of ABR Loans. With respect to any borrowings, the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the
Administrative Agent (i) with respect to any Loans to be made on the Restatement Effective Date (including any Existing Term Loans to be converted to Term Loans on the Restatement Effective Date) (x) prior to 3:00 P.M., New York City time
one Working Day prior to the Restatement Effective Date if all or any part of the Loans are to be Eurodollar Loans and (y) prior to 9:00 A.M. New York City time on the Restatement Effective Date if the borrowing is to be solely of ABR Loans and
(ii) with respect to any Loans to be made after the Restatement Effective Date, prior to 1:00 P.M., New York City time, (x) three Working Days prior to the requested Borrowing Date if all or any part of the Loans are to be Eurodollar Loans
and (y) one Business Day prior to the requested Borrowing Date if the borrowing is to be solely of ABR Loans) specifying (A) the amount of the borrowing, (B) whether such Loans are initially to be Eurodollar Loans or ABR Loans, or a
combination thereof, (C) if the borrowing is to be entirely or partly Eurodollar Loans, the length of the Interest Period for such Eurodollar Loans, and (D) if the borrowing is to be made after the Restatement Effective Date, the amount of
such borrowing to be constituted by Revolving Credit Loans. Upon receipt of such notice the Administrative Agent shall promptly notify each Lender (which notice shall in any event be delivered to each Lender by 4:00 P.M., New York City time, on such
date or, in the 

  
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case of Loans to be made on the Restatement Effective Date, promptly following receipt thereof by the Administrative Agent). On the Restatement Effective Date, (i) the Existing Term Loans of
each Term Loan Converting Lender shall be converted into a Term Loan in an amount equal to such Term Lender’s Term Loan Commitment Conversion Amount and (ii) not later than 12:00 Noon, New York City time, on the Restatement Effective Date,
each Term Loan Funding Lender and each Revolving Lender shall make available to the Administrative Agent at the office of the Administrative Agent specified in subsection 11.2 (or at such other location as the Administrative Agent may direct) an
amount in immediately available funds equal to the amount of the Loan to be made by such Lender. With respect to any borrowing after the Restatement Effective Date, not later than 12:00 Noon, New York City time, on the Borrowing Date specified in
such notice, each Lender shall make available to the Administrative Agent at the office of the Administrative Agent specified in subsection 11.2 (or at such other location as the Administrative Agent may direct) an amount in immediately
available funds equal to the amount of the Loan to be made by such Lender. Subject to subsection 3.7(b), Loan proceeds received by the Administrative Agent hereunder shall promptly be made available to the Borrower by the Administrative Agent’s
crediting the account of the Borrower, at the office of the Administrative Agent specified in subsection 11.2, with the aggregate amount actually received by the Administrative Agent from the Lenders and in like funds as received by the
Administrative Agent. 
 (b) Any borrowing of Eurodollar Loans by the Borrower hereunder shall be in such amounts and be made
pursuant to such elections so that, after giving effect thereto, (i) the aggregate principal amount of all Eurodollar Loans having the same Interest Period shall not be less than $1,000,000, or a whole multiple of $1,000,000 in excess thereof,
and (ii) no more than five Interest Periods shall be in effect at any one time with respect to Eurodollar Loans which are Term Loans and no more than five Interest Periods shall be in effect at any one time with respect to Eurodollar Loans
which are Revolving Credit Loans. 
 4.2 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby
unconditionally promises to pay to the Administrative Agent for the account of each Lender (i) the then unpaid principal amount of each Revolving Credit Loan of such Lender (other than any Revolving Credit Loan made under any Extended Revolving
Credit Commitment) on the Revolving Credit Termination Date (or such earlier date on which the Revolving Credit Loans become due and payable pursuant to Section 9), (ii) the then unpaid principal amount of the Term Loan of such Lender
(other than Extended Term Loans), in accordance with the applicable amortization schedule set forth in subsection 2.2 (or the then unpaid principal amount of such Term Loans, on the date that any or all of the Loans become due and payable
pursuant to Section 9), (iii) the then unpaid principal amount of each Revolving Credit Loan under an Extended Revolving Credit Commitment of such Lender on the respective maturity date applicable thereto (or such earlier date on which the
Loans become due and payable pursuant to Section 9) and (iv) the then unpaid principal amount of any Extended Term Loan of such Lender, in accordance with the amortization schedule and maturity date applicable thereto (or the then unpaid
principal amount of such Extended Term Loan, on the date that any or all of the Loans become due and payable pursuant to Section 9). The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Loans from time to
time outstanding from the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in subsection 4.7. 
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from each Loan of such Lender from time to
time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 

(c) The Administrative Agent shall maintain the Register pursuant to subsection 11.6(d), and a subaccount therein for each Lender, in
which shall be recorded (i) the amount of each Loan 

  
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made hereunder, the Type thereof and each Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to
each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof. 
 (d) The entries made in the Register and the accounts of each Lender maintained pursuant to subsection 4.2(c) shall, to the extent permitted by applicable law, be prima facie evidence of the
existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to maintain the Register or any such account, or any error therein, shall not in
any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to such Borrower by such Lender in accordance with the terms of this Agreement. 

4.3 Conversion Options. The Borrower may elect from time to time to convert Eurodollar Loans into ABR Loans by giving the
Administrative Agent irrevocable notice of such election, to be received by the Administrative Agent prior to 12:00 Noon, New York City time, at least three Working Days prior to the proposed conversion date, provided that any such conversion
of Eurodollar Loans shall only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert all or a portion of the ABR Loans then outstanding to Eurodollar Loans by giving the
Administrative Agent irrevocable notice of such election, to be received by the Administrative Agent prior to 12:00 Noon, New York City time, at least three Working Days prior to the proposed conversion date, specifying the Interest Period selected
therefor, and, if no Event of Default has occurred and is continuing, such conversion shall be made on the requested conversion date or, if such requested conversion date is not a Working Day, on the next succeeding Working Day. Upon receipt of any
notice pursuant to this subsection 4.3, the Administrative Agent shall promptly, but in any event by 4:00 P.M., New York City time, notify each Lender thereof. All or any part of the outstanding Loans (other than Swing Line Loans) may be converted
as provided herein, provided that partial conversions of Loans shall be in the aggregate principal amount of $1,000,000, or a whole multiple of $1,000,000 in excess thereof, and the aggregate principal amount of the resulting Eurodollar Loans
outstanding in respect of any one Interest Period shall be at least $1,000,000 or a whole multiple of $1,000,000 in excess thereof. 
 4.4 Changes of Commitment Amounts. (a) The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate or, from time to time,
reduce the Revolving Credit Commitments subject to the provisions of this subsection 4.4. To the extent, if any, that the sum of the amount of the Revolving Credit Loans, Swing Line Loans, and Revolving L/C Obligations then outstanding and the
amounts available to be drawn under outstanding Letters of Credit exceeds the amount of the Revolving Credit Commitments as then reduced, the Borrower shall be required to make a prepayment equal to such excess amount, the proceeds of which shall be
applied first, to payment of the Swing Line Loans then outstanding, second, to payment of the Revolving Credit Loans then outstanding, third, to payment of any Revolving L/C Obligations then outstanding, and last, to Cash Collateralize any
outstanding Letters of Credit. Any such termination of the Revolving Credit Commitments shall be accompanied by prepayment in full of the Revolving Credit Loans, Swing Line Loans and Revolving L/C Obligations then outstanding and by Cash
Collateralization of any outstanding Letter of Credit. Upon termination of the Revolving Credit Commitments any Letter of Credit then outstanding which has been so Cash Collateralized shall no longer be considered a “Letter of Credit”, as
defined in subsection 1.1 and any L/C Participating Interests heretofore granted by the Issuing Lender to the Lenders in such Letter of Credit shall be deemed terminated (subject to automatic reinstatement in the event that such Cash Collateral
is returned and the Issuing Lender is not fully reimbursed for any such Revolving L/C Obligations) but the Letter of Credit fees payable under subsection 4.11 shall continue to accrue to the Issuing Lender (or, in the event of any such
automatic reinstatement, as provided in subsection 4.11) with respect to such Letter of Credit until the expiry thereof. 

  
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 (b) Interest accrued on the amount of any partial prepayment pursuant to this subsection 4.4
to the date of such partial prepayment shall be paid on the Interest Payment Date next succeeding the date of such partial prepayment. In the case of the termination of the Revolving Credit Commitments, interest accrued on the amount of any
prepayment relating thereto and any unpaid commitment fee accrued hereunder shall be paid on the date of such termination. Any such partial reduction of the Revolving Credit Commitments shall be in an amount of $1,000,000 or a whole multiple of
$1,000,000 in excess thereof, and shall reduce permanently the Revolving Credit Commitments. 
 4.5 Optional Prepayments.
(a) The Borrower may at any time and from time to time prepay Loans, in whole or in part, upon at least one Business Days’ irrevocable notice to the Administrative Agent in the case of ABR Loans and two Working Days’ irrevocable
notice to the Administrative Agent in the case of Eurodollar Loans and specifying the date and amount of prepayment; provided that Eurodollar Loans prepaid on other than the last day of any Interest Period with respect thereto shall be
prepaid subject to the provisions of subsection 4.16. Upon receipt of such notice the Administrative Agent shall promptly notify each Lender thereof. If such notice is given, the Borrower shall make such prepayment, and the payment amount specified
in such notice shall be due and payable, on the date specified therein. Accrued interest on any Notes or on the amount of any Loans paid in full pursuant to this subsection 4.5 shall be paid on the date of such prepayment. Accrued interest on the
amount of any partial prepayment shall be paid on the Interest Payment Date next succeeding the date of such partial prepayment. Partial prepayments shall be in an aggregate principal amount equal to the lesser of (A) $1,500,000 or a whole
multiple of $1,000,000 in excess thereof and (B) the aggregate unpaid principal amount of the applicable Loans, as the case may be. Any amount prepaid on account of Term Loans may not be reborrowed. Partial prepayments of the Term Loans
pursuant to this subsection 4.5 shall be applied as directed by the Borrower. 
 (b) In the event of any prepayment of Term
Loans made with the proceeds of any Indebtedness (other than proceeds of Revolving Credit Loans) having a lower effective yield (taking into account applicable interest rate, including floors, original issue discount (“OID”) and fees, with
OID and fees being equated to interest rate based on a four-year life to maturity) than the effective yield (taking into account applicable interest rate, including floors, OID and fees, with OID and fees being equated to interest rate based on a
four-year life to maturity) for the Term Loans on or prior to the first anniversary of the Restatement Effective Date, the Borrower shall pay to the applicable Lenders with respect to such Term Loans a prepayment premium equal to 1% of the principal
amount of the Term Loans so prepaid.
 (c) Notwithstanding anything to the contrary contained in this Agreement, the Borrower
may rescind any notice of prepayment under this subsection 4.5 if such prepayment would have resulted from a refinancing of all of the Facilities, which refinancing shall not be consummated or shall otherwise be delayed. 

4.6 Mandatory Prepayments. (a) In the event of any incurrence of Indebtedness by any Group Member (other than Indebtedness of
any Group Member permitted to be issued under subsection 8.2 (other than with respect to any issuance of Senior Notes permitted under clause (h) thereof)), an amount equal to 100% of the Net Proceeds of such Indebtedness incurrence shall on the
date of such Indebtedness incurrence be applied to the prepayment of the Term Loans as set forth in subsection 4.6(d). 
 (b) In
the event of receipt by any Group Member of Net Proceeds from any Asset Sale or Recovery Event (in excess of $7,500,000 in the aggregate for all Asset Sales and Recovery Events 

  
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per fiscal year) by any Group Member then, unless the Borrower exercises its Reinvestment Rights in respect thereof, an amount equal to 100% of the Net Proceeds of such Asset Sale or Recovery
Event shall on the date of such receipt be applied to the prepayment of the Term Loans as set forth in subsection 4.6(d); provided that notwithstanding the foregoing, on each Reinvestment Prepayment Date, an amount equal to the Reinvestment
Prepayment Amount with respect to the relevant Reinvestment Event shall be applied toward the prepayment of the Term Loans as set forth in subsection 4.6(d). 
 (c) If, for any fiscal year of the Borrower commencing with the fiscal year ending December 31, 2012, there shall be Excess Cash Flow, the Borrower shall, on the relevant Excess Cash Flow Application
Date, apply toward the prepayment of the Term Loans the ECF Percentage of such Excess Cash Flow less (solely to the extent not funded by the proceeds of Indebtedness) (x) the aggregate amount of all optional prepayments of Term Loans
pursuant to subsection 4.5 or subsection 4.23 made during such fiscal year (provided that with respect to any prepayment pursuant to subsection 4.23, the aggregate amount of such prepayment for purposes of this clause shall be the
amount of the Borrower’s cash payment in respect of such prepayment) and (y) the aggregate amount of all optional repayments of Revolving Credit Loans pursuant to subsection 4.5 made during such fiscal year that are accompanied by an
equivalent permanent reduction in the Revolving Credit Commitments. Each such prepayment shall be made on a date (an “Excess Cash Flow Application Date”) no later than ten Business Days after the earlier of (i) the date on
which the financial statements of the Borrower referred to in subsection 7.1, for the fiscal year with respect to which such prepayment is made, are required to be delivered to the Lenders and (ii) the date such financial statements are
actually delivered. 
 (d) Partial prepayments of the Term Loans pursuant to subsection 4.6 shall be applied first, to
the next eight installments thereof scheduled to be paid in direct order, and second, to the remaining installments on a pro rata basis (other than the repayment to be made on the Term Loan Maturity Date); provided that prepayments of
Eurodollar Loans pursuant to this subsection 4.6, if not on the last day of the Interest Period with respect thereto, shall, at the Borrower’s option, as long as no Event of Default has occurred and is continuing, be prepaid subject to the
provisions of subsection 4.19 or such prepayment (after application to any ABR Loans, in the case of prepayments by the Borrower) shall be deposited with the Administrative Agent as Cash Collateral for such Eurodollar Loans on terms reasonably
satisfactory to the Administrative Agent and thereafter shall be applied to the prepayment of the Eurodollar Loans on the last day of the respective Interest Periods for such Eurodollar Loans next ending most closely to the date of receipt of such
Net Proceeds. After such application, unless a Default or an Event of Default shall have occurred and be continuing, any remaining interest earned on such Cash Collateral shall be paid to the Borrower. 

(e) Except as set forth in subsection 4.19, all payments made under this subsection 4.6 will be without penalty or premium.

 (f) Notwithstanding anything to the contrary contained in this subsection 4.6, if any Term Lender shall notify the
Administrative Agent (i) on the date of such prepayment, with respect to any prepayment under subsection 4.6(a) or (b) or (ii) at least one Business Day prior to the date of a prepayment under subsection 4.6(c) that it wishes to
decline its share of such prepayment, such share (the “Declined Prepayment Amount”) shall be applied by the Borrower to the mandatory prepayment of the Second Lien Loans in accordance with, and to the extent required by,
subsection 4.5 of the Second Lien Credit Agreement. 
 (g) Upon the Revolving Credit Termination Date the Borrower shall,
with respect to each then outstanding Letter of Credit, if any, either (i) cause such Letter of Credit to be cancelled without such Letter of Credit being drawn upon or (ii) collateralize the Revolving L/C Obligations with respect to such
Letter of Credit with cash or a letter of credit issued by banks or a bank satisfactory to the Administrative Agent on terms reasonably satisfactory to the Administrative Agent. 

  
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 4.7 Interest Rates and Payment Dates. (a) Each Eurodollar Loan shall bear
interest for each day during each Interest Period with respect thereto on the unpaid principal amount thereof at a rate per annum equal to the Eurodollar Rate determined for such Interest Period plus the Applicable Margin. 

(b) ABR Loans shall bear interest for the period from and including the date thereof until maturity thereof on the unpaid principal
amount thereof at a rate per annum equal to the ABR plus the Applicable Margin. 
 (c) Upon the occurrence of an Event of
Default under Section 9(f) or, at the election of the Required Lenders if all or a portion of (i) the principal amount of any of the Loans or Revolving L/C Obligations or (ii) any interest payable thereon, shall not be paid when due
(whether at the stated maturity, by acceleration or otherwise), any overdue amount under the Loan Documents shall, without limiting the rights of the Lenders under Section 9, bear interest at a rate per annum which is (x) in the case of
overdue principal or Revolving L/C Obligations, 2% above the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection or (y) in the case of overdue interest, fees and other amounts, 2% above the
rate described in paragraph (b) of this subsection for Revolving Credit Loans, in each case from the date of such nonpayment until such amount is paid in full (as well after as before judgment). 

(d) Interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph
(c) of this subsection shall be payable on demand by the Administrative Agent made at the request of the Required Lenders. 

4.8 Computation of Interest and Fees. (a) Interest in respect of ABR Loans at any time the ABR is calculated based on the
Prime Rate and all fees hereunder shall be calculated on the basis of a 365 or 366, as the case may be, day year for the actual days elapsed. Interest in respect of Eurodollar Loans and ABR Loans at any time the ABR is not calculated based on the
Prime Rate shall be calculated on the basis of a 360 day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of each determination of a Eurodollar Rate. Any change in the
interest rate on a Loan resulting from a change in the ABR shall become effective as of the opening of business on the day on which such change in the ABR becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower
and the Lenders of the effective date and the amount of each such change. 
 (b) Each determination of an interest rate by the
Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the
Borrower a statement showing the quotations used by the Administrative Agent in determining the Eurodollar Rate. 
 4.9
Commitment Fees. (a) Subject to paragraph (b) of this subsection 4.9, the Borrower agrees to pay to the Administrative Agent, for the account of each Lender, a commitment fee from and including the Closing Date to but excluding the
Revolving Credit Termination Date on the sum of such Lender’s Available Revolving Credit Commitment outstanding from time to time, at the rate per annum for each day during the period for which payment is made equal to 0.50%. 

  
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 (b) The commitment fee provided for in this subsection 4.9 shall be payable quarterly in
arrears on the last day of each fiscal quarter ending after the Closing Date and on the Revolving Credit Termination Date. 

4.10 Certain Fees. (a) The Borrower agrees to pay to the Administrative Agent for its own account a non-refundable
agent’s fee in the amount and payable on such dates as is separately agreed to by the Borrower and the Administrative Agent. 
 (b) The Borrower agrees to pay to the Administrative Agent, for the account of each Lender as of the Closing Date (other than any Defaulting Lender), a ticking fee from and including July 22, 2011 to
and including the Closing Date on the sum of such Lender’s commitment outstanding from time to time under the commitment letter in respect of the Facilities (which ticking fee may be shared by such Lender with one or more other Lenders as
reflected in an allocation confirmation or other documentation reasonably acceptable to the Administrative Agent, subject to the performance by such other Lender of its obligations in respect of such allocation), at the rate per annum for each day
during the period for which payment is made equal to 2.25% (it being understood that the ticking fee shall be calculated on the basis of a 360 day year for the actual days elapsed during such period). The ticking fee payable pursuant to this clause
(b) shall be payable on the Closing Date. 
 4.11 Letter of Credit Fees. (a) In lieu of any letter of credit
commissions and fees provided for in any L/C Application relating to Letters of Credit (other than standard administrative, issuance, amendment and negotiation fees), the Borrower agrees to pay the Administrative Agent a Letter of Credit fee, for
the account of the Issuing Lender and the Participating Lenders, (i) with respect to each Standby L/C, on the average outstanding amount available to be drawn under each Standby L/C at a rate per annum equal to the Applicable Margin for
Revolving Credit Loans which are Eurodollar Loans in effect at such time, whether or not there are any such Eurodollar Loans outstanding at such time, payable in arrears, on the last day of each fiscal quarter of the Borrower and on the Revolving
Credit Termination Date and (ii) with respect to each Commercial L/C, on the aggregate face amount of each Commercial L/C at a rate equal to the Applicable Margin for Revolving Credit Loans which are Eurodollar Loans in effect at such time,
whether or not there are any such Eurodollar Loans outstanding at such time, payable on the date such Commercial L/C is issued. 

In addition, the Borrower shall pay to the Issuing Lender (i) with respect to each Standby L/C, in arrears on the last day of each
fiscal quarter of the Borrower and on the Revolving Credit Termination Date with respect to the Revolving Credit Commitments, a fee equal to 0.125% per annum on the average outstanding amount available to be drawn under such Standby L/C, solely
for its own account as Issuing Lender of such Standby L/C and not on account of its L/C Participating Interest therein and (ii) with respect to each Commercial L/C, on the date such Commercial L/C is issued, a fee to equal to 0.125% on the
aggregate face amount of such Commercial L/C, solely for its own account as Issuing Lender of such Commercial L/C and not on account of its L/C Participating Interest therein. 
 (b) In connection with any payment of fees pursuant to this subsection 4.11, the Administrative Agent agrees to provide to the Borrower a statement of any such fees so paid; provided that the
failure by the Administrative Agent to provide the Borrower with any such invoice shall not relieve the Borrower of its obligation to pay such fees. 
 (c) In addition to the foregoing fees, the Borrower shall pay or reimburse the Issuing Lender for any taxes, fees, charges, expenses or other costs as are incurred or charged by the Issuing Lender in
issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 

  
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 4.12 Obligations Absolute. The payment obligations of the Borrower under this
Agreement with respect to the Letters of Credit shall be unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following circumstances: 

(i) the existence of any claim, set-off, defense or other right which the Borrower or any of its Subsidiaries may have at any time
against any beneficiary, or any transferee, of any Letter of Credit (or any Persons for whom any such beneficiary or any such transferee may be acting), the Issuing Lender, the Administrative Agent or any Lender, or any other Person, whether in
connection with this Agreement, the Related Documents, any Loan Documents, the transactions contemplated herein, or any unrelated transaction; 
 (ii) any statement or any other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate
in any respect; 
 (iii) payment by the Issuing Lender under any Letter of Credit against presentation of a draft or
certificate which does not comply with the terms of such Letter of Credit, except where such payment constitutes gross negligence or willful misconduct on the part of the Issuing Lender; or 

(iv) any other circumstances or happening whatsoever, whether or not similar to any of the foregoing, except for any such circumstances
or happening constituting gross negligence or willful misconduct on the part of the Issuing Lender. 
 4.13 Assignments.
No Participating Lender’s participation in any Letter of Credit or any of its rights or duties hereunder shall be subdivided, assigned or transferred (other than in connection with a transfer of part or all of such Participating Lender’s
Revolving Credit Commitment in accordance with subsection 11.6) without the prior written consent of the Issuing Lender, which consent will not be unreasonably withheld or delayed. Such consent may be given or withheld without the consent or
agreement of any other Participating Lender. Notwithstanding the foregoing, a Participating Lender may subparticipate its Participating Interest without obtaining the prior written consent of the Issuing Lender. 

4.14 Participations. Each Lender’s obligation to purchase participating interests pursuant to subsection 3.4 shall be
absolute and unconditional and shall not be affected by any circumstance, including (i) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for
any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default; (iii) any adverse change in the condition (financial or otherwise) of the Borrower; (iv) any breach of this Agreement by the Borrower or
any other Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 
 4.15 Inability to Determine Interest Rate for Eurodollar Loans. In the event that the Administrative Agent shall have determined (which determination shall be conclusive and binding upon the
Borrower) that (a) by reason of circumstances affecting the interbank eurodollar market generally, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for any Interest Period with respect to (i) proposed Loans
that the Borrower has requested be made as Eurodollar Loans, (ii) any Eurodollar Loans that will result from the requested conversion of all or part of ABR Loans into Eurodollar Loans or (iii) the continuation of any Eurodollar Loan as
such for an additional Interest Period, (b) the Eurodollar Rate determined or to be determined for any Interest Period will not adequately and fairly reflect the cost to Lenders constituting the Required Lenders of maintaining their affected

  
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Eurodollar Loans during such Interest Period by reason of circumstances affecting the interbank eurodollar market generally or (c) dollar deposits in the relevant amount and for the relevant
period with respect to any such Eurodollar Loan are not available to any of the Lenders in their respective Eurodollar Lending Offices’ interbank eurodollar market, the Administrative Agent shall forthwith give notice of such determination,
confirmed in writing, to the Borrower and the Lenders at least one day prior to, as the case may be, the requested Borrowing Date, the conversion date or the last day of such Interest Period. If such notice is given, (i) any requested
Eurodollar Loans shall be made as ABR Loans, (ii) any ABR Loans that were to have been converted to Eurodollar Loans shall be continued as ABR Loans and (iii) any outstanding Eurodollar Loans shall be converted, on the last day of the then
current Interest Period applicable thereto, into ABR Loans. Until such notice has been withdrawn by the Administrative Agent, no further Eurodollar Loans shall be made and no ABR Loans shall be converted to Eurodollar Loans. 

4.16 Pro Rata Treatment and Payments. (a) Each borrowing of any Loan (other than Swing Line Loans) and
each payment by the Borrower on account of any fee hereunder (other than as set forth in subsections 4.10 and 4.11) and any reduction of the Revolving Credit Commitments shall be made pro rata according to the relevant Commitment Percentages of the
Lenders entitled or obligated thereto. Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Loans (other than Swing Line Loans and other than as set forth in subsections 4.6, 4.17, 4.18 and 4.19)
shall be made pro rata according to the relevant Commitment Percentages of the Lenders entitled thereto. All payments (including prepayments) to be made by the Borrower on account of principal, interest and fees shall be made without set-off or
counterclaim and shall be made to the Administrative Agent, for the account of the Lenders, at the Administrative Agent’s office located at 1111 Fannin Street, 8th Floor, Houston, Texas 77002, in lawful money of the United States of America and in immediately available funds. The
Administrative Agent shall promptly distribute such payments ratably to each Lender in like funds as received. If any payment hereunder (other than payments on Eurodollar Loans) becomes due and payable on a day other than a Business Day, such
payment shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. If any payment on a Eurodollar Loan becomes due and
payable on a day other than a Working Day, the maturity thereof shall be extended to the next succeeding Working Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension
unless the result of such extension would be to extend such payment into another calendar month in which event such payment shall be made on the immediately preceding Working Day. 

(b) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a Borrowing Date that such Lender will not
make the amount which would constitute its relevant Commitment Percentage of the borrowing on such date available to the Administrative Agent, the Administrative Agent may assume that such Lender has made such amount available to the Administrative
Agent on such Borrowing Date in accordance with subsection 4.1 and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is made available to the Administrative Agent by
such Lender on a date after such Borrowing Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the daily average Federal funds rate during such period as quoted by the Administrative Agent,
times (ii) the amount of such Lender’s relevant Commitment Percentage of such borrowing, times (iii) a fraction the numerator of which is the number of days that elapse from and including such Borrowing Date to the date on which such
Lender’s relevant Commitment Percentage of such borrowing shall have become immediately available to the Administrative Agent and the denominator of which is 360. A certificate of the Administrative Agent submitted to any Lender with respect to
any amounts owing under this subsection 4.16(b) shall be conclusive, absent manifest error. If such Lender’s relevant Commitment Percentage of such borrowing is not in fact made available to the Administrative Agent by such Lender within three
Business Days of such Borrowing Date, the Administrative Agent shall be 

  
 47 

 
entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans hereunder, on demand, from the Borrower without prejudice to any rights which the Borrower or
the Administrative Agent may have against such Lender hereunder. Nothing contained in this subsection 4.16(b) shall relieve any Lender which has failed to make available its ratable portion of any borrowing hereunder from its obligation to do so in
accordance with the terms hereof. 
 (c) The failure of any Lender to make the Loan to be made by it on any Borrowing Date shall
not relieve any other Lender of its obligation, if any, hereunder to make its Loan on such Borrowing Date, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on such Borrowing
Date. 
 (d) All payments and prepayments (other than mandatory prepayments as set forth in subsection 4.6 and other than
prepayments as set forth in subsection 4.18 with respect to increased costs) of Eurodollar Loans hereunder shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, the aggregate principal amount of all
Eurodollar Loans with the same Interest Period shall not be less than $1,000,000 or a whole multiple of $1,000,000 in excess thereof. 
 (e) Notwithstanding anything to the contrary contained in this subsection 4.16 or elsewhere in this Agreement, the Borrower may (i) make prepayments of Term Loans at a discount to the par value of
such Loans and on a non pro rata basis in accordance with subsection 4.23, (ii) purchase Term Loans on a non pro rata basis in accordance with subsection 11.6 and (iii) extend the final maturity of Term Loans and/or Revolving Credit
Commitments in connection with an Extension that is permitted under subsection 4.24 without being obligated to effect such extensions on a pro rata basis among the Lenders (it being understood that no such extension (x) shall constitute a
payment or prepayment of any Term Loans or Revolving Credit Loans, as applicable, for purposes of this subsection or (y) shall reduce the amount of any scheduled amortization payment due under subsection 2.2, except that the amount of any
scheduled amortization payment due to a Lender of Extended Term Loans may be reduced to the extent provided pursuant to the express terms of the respective Extension Offer) without giving rise to any violation of this subsection or any other
provision of this Agreement. Furthermore, the Borrower may take all actions contemplated by (A) subsection 4.23 in connection with the prepayment of Term Loans at a discount to the par value of such Loans, (B) subsection 4.24 in connection
with any Extension (including modifying pricing, amortization and repayments or prepayments of Extended Revolving Credit Commitments or Extended Term Loans) and (C) subsection 11.6 in connection with the purchase of Term Loans on a non pro
rata basis and, in each case, such actions taken in accordance with subsection 4.23, 4.24 and 11.6, as applicable, shall be permitted hereunder, and the differing or non pro rata payments contemplated therein shall be permitted without giving
rise to any violation of this subsection or any other provision of this Agreement. 
 4.17 Illegality. Notwithstanding
any other provisions herein, if any Change in Law occurring after the date that any lender becomes a Lender party to this Agreement shall make it unlawful for such Lender to maintain Eurodollar Loans as contemplated by this Agreement, the commitment
of such Lender hereunder to make Eurodollar Loans or to convert all or a portion of ABR Loans into Eurodollar Loans shall forthwith be cancelled and such Lender’s Loans then outstanding as Eurodollar Loans, if any, shall, if required by law and
if such Lender so requests, be converted automatically to ABR Loans on the date specified by such Lender in such request. To the extent that such affected Eurodollar Loans are converted into ABR Loans, all payments of principal which would otherwise
be applied to such Eurodollar Loans shall be applied instead to such Lender’s ABR Loans. The Borrower hereby agrees promptly to pay any Lender, upon its demand, any additional amounts necessary to compensate such Lender for any costs incurred
by such Lender in making any conversion in accordance with this subsection 4.17 including, but not limited to, any interest or fees payable by such Lender to lenders of funds obtained by it in order to make or maintain its Eurodollar Loans
hereunder (such Lender’s notice of such costs, as certified to the Borrower through the Administrative Agent, to be conclusive absent manifest error). 

  
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 4.18 Requirements of Law. (a) In the event that, at any time after the Closing
Date any Change in Law or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority: 

(i) does or shall subject any Lender, Transferee or Issuing Lender to any taxes with respect to this Agreement, any Note, any Eurodollar
Loans or any Letter of Credit made by it or change the basis of taxation of payments to such Lender in respect thereof (other than (A) Non-Excluded Taxes or Other Taxes or (B) the imposition of, or change in the rate of, any taxes excluded
from the definition of “Non-Excluded Taxes” pursuant to subsection 4.20(a)); 
 (ii) does or shall impose,
modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit extended by, or any other
acquisition of funds by, any office of such Lender which are not otherwise included in the determination of the Eurodollar Rate; or 
 (iii) does or shall impose on such Lender any other condition; 
 and the result of any of the
foregoing is to increase the cost to such Lender (or, in the case of (i), to such Lender, Transferee or Issuing Lender) of converting, renewing or maintaining advances or extensions of credit or to reduce any amount receivable hereunder, in each
case, in respect of its Eurodollar Loans or, in the case of (i), any Loans or issuing or participating Letters of Credit, then, in any such case, the Borrower shall promptly pay such Lender (or, in the case of (i), such Lender, Transferee or Issuing
Lender), on demand, any additional amounts necessary to compensate such Lender (or, in the case of (i), such Lender, Transferee or Issuing Lender) on an after-tax basis for such additional cost or reduced amount receivable (other than
(A) Non-Excluded Taxes or Other Taxes or (B) the imposition of, or change in the rate of, any taxes excluded from the definition of “Non-Excluded Taxes” pursuant to subsection 4.20(a)) which such Lender (or, in the case of
(i), such Lender, Transferee or Issuing Lender) deems to be material as determined by such Lender (or, in the case of (i), such Lender, Transferee or Issuing Lender) with respect to such Eurodollar Loans or, in the case of (i), any Loans or issuing
or participating Letters of Credit, together with interest on each such amount from the date demanded until payment in full thereof at a rate per annum equal to the ABR plus the Applicable Margin (which Applicable Margin shall, with respect to
Letters of Credit, be the Applicable Margin with respect to Revolving Credit ABR Loans). 
 (b) In the event that at any time
after the Closing Date any Change in Law with respect to any Lender or the Issuing Lender shall, in the opinion of such Lender or the Issuing Lender, as the case may be, have the effect of reducing the rate of return on such Lender’s, the
Issuing Lender’s or such corporation’s capital, as the case may be, as a consequence of the obligations of such Lender or the Issuing Lender, as the case may be, hereunder to a level below that which such Lender, the Issuing Lender or such
corporation, as the case may be, could have achieved but for such Change in Law (taking into account such Lender’s, the Issuing Lender’s or such corporation’s policies, as the case may be, with respect to capital adequacy) by an
amount deemed by such Lender or the Issuing Lender, as the case may be, to be material, then from time to time following notice by such Lender or the Issuing Lender, as the case may be, to the Borrower of such Change in Law as provided in paragraph
(c) of this subsection 4.18, within 15 days after demand by such Lender or the Issuing Lender, as the case may be, the Borrower shall pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will
compensate such Lender, the Issuing Lender or such corporation, as the case may be, on an after-tax basis for such reduction. 

  
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 (c) If any Lender or the Issuing Lender becomes entitled to claim any additional amounts
pursuant to this subsection 4.18, it shall promptly notify the Borrower through the Administrative Agent, of the event by reason of which it has become so entitled. If any Lender has notified the Borrower through the Administrative Agent of any
increased costs pursuant to paragraph (a) of this subsection 4.18, the Borrower at any time thereafter may, upon at least two Working Days’ notice to the Administrative Agent (which shall promptly notify the Lenders thereof), and subject
to subsection 4.19, prepay or convert into ABR Loans all (but not a part) of the Eurodollar Loans then outstanding. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of paragraph (a) of this
subsection 4.18 or entitling a Lender to receive additional amounts under paragraph (a) or (c) of subsection 4.20 with respect to such Lender, it will, if requested by the Borrower, and to the extent permitted by law or by the
relevant Governmental Authority, endeavor in good faith to avoid or minimize the increase in costs, reduction in payments, or payment of additional amounts resulting from such event (including endeavoring to change its Eurodollar Lending Office or
any other lending office); provided, however, that such avoidance or minimization can be made in such a manner that such Lender, in its sole determination, suffers no economic, legal or regulatory disadvantage. 

(d) A certificate submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of
manifest error. The covenants contained in this subsection 4.18 shall survive the termination of this Agreement and repayment of the outstanding Loans. 
 (e) The Borrower agrees that the provisions of the foregoing paragraphs (a) and (b) and the provisions of each L/C Application providing for reimbursement or payment to the Issuing Lender in the
event of the imposition or implementation of, or increase in, any reserve, special deposit, capital adequacy or similar requirement in respect of the Letter of Credit relating thereto shall apply equally to each Participating Lender in respect of
its L/C Participating Interest in such Letter of Credit, as if the references in such paragraphs and provisions referred to, where applicable, such Participating Lender or any corporation controlling such Participating Lender. 

4.19 Indemnity. The Borrower agrees to indemnify each Lender and to hold such Lender harmless from any loss or expense which such
Lender may sustain or incur as a consequence of (a) default by the Borrower in payment of the principal amount of or interest on any Eurodollar Loans of such Lender, including, but not limited to any such loss or expense arising from interest
or fees payable by such Lender to lenders of funds obtained by it in order to make or maintain its Eurodollar Loans hereunder, (b) default by the Borrower in making a conversion of ABR Loans to Eurodollar Loans after the Borrower has given
notice in accordance with subsection 4.1 or in continuing Eurodollar Loans for an additional Interest Period after the Borrower has given a notice in accordance with clause (b) of the definition of Interest Period, (c) default by the
Borrower in making a borrowing of Eurodollar Loans after the Borrower has given a notice in accordance with subsection 4.1 or in making any prepayment of Eurodollar Loans after the Borrower has given a notice in accordance with subsection 4.3
or (d) a payment or prepayment of a Eurodollar Loan or conversion of any Eurodollar Loan into an ABR Loan, in either case on a day which is not the last day of an Interest Period with respect thereto (any of the events referred to in clauses
(b), (c) or (d), a “Breakage Event”). In the case of a Breakage Event, such loss or expense shall include an amount equal to the excess, as reasonably determined by such Lender of (i) the cost of obtaining funds for the
Eurocurrency Loan that is the subject of such Breakage Event for the period from the date of such Breakage Event to the last day of the Interest Period in effect (or that would have been in effect) for such Loan over (ii) the amount of interest
likely to be realized by such Lender in redeploying the funds released or not utilized by reason of such Breakage Event for such period, but such loss or expense shall not, in any event, include any lost profit or loss of Applicable Margin. A
certificate 

  
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of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest
error. This covenant shall survive termination of this Agreement and payment of the outstanding Obligations. 
 4.20
Taxes. (a) All payments made by or on behalf of any Loan Party under this Agreement or any other Loan Document shall be made free and clear of, and without deduction or withholding for or on account of, any present or future income,
stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding net income taxes, branch profit taxes, franchise
taxes and other similar taxes imposed as a result of a present or former connection between the Administrative Agent or such Lender and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority
thereof or therein (other than any such connection arising solely from the Administrative Agent or such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Loan
Document); provided that, if any such non-excluded taxes, levies, imposts, duties, charges, fees, deductions or withholdings (“Non-Excluded Taxes”) or Other Taxes are required to be withheld from any amounts payable to the
Administrative Agent or any Lender, as determined in good faith by the applicable withholding agent, (i) such amounts shall be paid to the relevant Governmental Authority in accordance with applicable law and (ii) the amounts so payable by
the applicable Loan Party to the Administrative Agent or such Lender shall be increased to the extent necessary to yield to the Administrative Agent or such Lender (after payment of all Non-Excluded Taxes and Other Taxes) interest or any such other
amounts payable hereunder at the rates or in the amounts specified in this Agreement as if such withholding or deduction had not been made; provided further, however, that Non-Excluded Taxes shall not include any amounts (x) that
are attributable to such Lender’s failure to comply with the requirements of paragraph (f), (g), (h) or (i) of this subsection 4.20 or (y) that are taxes imposed by a Requirement of Law in effect (including FATCA) at the time
(and, in the case of FATCA, including any future regulations of official interpretations thereof) a Non-U.S. Lender becomes a party hereto (or designates a new lending office) that do not arise as a result of a change in the jurisdiction of
incorporation or the operations of a Loan Party, except to the extent that such Non-U.S. Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts with respect to
such withholding taxes under this subsection 4.20. 
 (b) In addition, the Borrower shall pay any Other Taxes to the
relevant Governmental Authority if and to the extent required by applicable law. 
 (c) Whenever any Non-Excluded Taxes or Other
Taxes are payable by a Loan Party, as promptly as possible thereafter such Loan Party shall send to the Administrative Agent for its own account or for the account of the relevant Lender, as the case may be, a copy of a receipt received by such Loan
Party showing payment thereof. If (i) a Loan Party fails to pay any Non-Excluded Taxes or Other Taxes when due to the appropriate taxing authority, (ii) a Loan Party fails to remit to the Administrative Agent the required receipts or other
reasonably requested documentary evidence or (iii) any Non-Excluded Taxes or Other Taxes are imposed directly upon the Administrative Agent or any Lender (other than in the case of (iii) any interest or penalties attributable to the gross
negligence or willful misconduct of the Administrative Agent or such Lender), the Loan Parties shall indemnify the Administrative Agent and the Lenders for such amounts and any incremental taxes, interest or penalties that may become payable by the
Administrative Agent or any Lender as a result of any such failure, in the case of (i) and (ii), or any such direct imposition, in the case of (iii). 
 (d) If any Lender Party determines, in its sole discretion exercised in good faith, that it has received a refund of any Non-Excluded Taxes as to which it has been indemnified pursuant to this subsection
4.20 (including additional amounts paid pursuant to this subsection 4.20), it shall pay to the 

  
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indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this subsection with respect to the Non-Excluded Taxes giving rise to such refund), net
of all out-of-pocket expenses (including any Non-Excluded Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the
request of such indemnified party, shall repay to such indemnified party the amount paid to such indemnified party pursuant to the previous sentence (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in
the event such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection 4.20(d), in no event will any indemnified party be required to pay any amount to any
indemnifying party pursuant to this subsection 4.20(d) if such payment would place such indemnified party in a less favorable position (on a net after-Tax basis) than such indemnified party would have been in if the indemnification payments or
additional amounts giving rise to such refund had never been paid. This subsection 4.20(d) shall not be construed to require any indemnified party to make available its tax returns (or any other information relating to its taxes which it deems
confidential) to the indemnifying party or any other Person. 
 (e) Each Lender shall indemnify the Administrative Agent for the
full amount of any taxes, levies, imposts, duties, charges, fees, deductions, withholdings or similar charges imposed by any Governmental Authority that are attributable to such Lender and that are payable or paid by the Administrative Agent,
together with all interest, penalties, reasonable costs and expenses arising therefrom or with respect thereto, as determined by the Administrative Agent in good faith. A certificate as to the amount of such payment or liability delivered to any
Lender by the Administrative Agent shall be conclusive absent manifest error. 
 (f) If a payment made to a Lender under this
Agreement or any other Loan Document would be subject to United States federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in
Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the
Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be
necessary for the Borrower or the Administrative Agent to comply with its obligations under FATCA, to determine that such Lender has or has not complied with such Lender’s obligations under FATCA or to determine the amount to deduct and
withhold from such payment. Solely for purposes of this subsection 4.20(f), “FATCA” shall include any amendments made to FATCA after the Closing Date. 
 (g) Each Lender, Assignee and Participant that is not a citizen or resident of the United States of America, a corporation, partnership or other entity created or organized in or under the laws of the
United States of America, or an estate or trust that is subject to United States federal income taxation regardless of the source of its income (a “Non-U.S. Lender”) shall deliver to the Borrower and the Administrative Agent, and if
applicable, the assigning Lender (or, in the case of a Participant, to the Lender from which the related participation shall have been purchased) on or before the date on which it becomes a party to this Agreement (or, in the case of a Participant,
on or before the date on which such Participant purchases the related participation) and from time or time thereafter upon the request of the Borrower or the Administrative Agent: 

(i) two duly completed and signed copies of either Internal Revenue Service Form W-8BEN (relating to such Non-U.S. Lender and entitling
it to a complete exemption from, or a reduced rate of, United States federal withholding tax on all amounts to be received by such Non-U.S. Lender pursuant to this Agreement and the other Loan Documents), Form W-8ECI (relating to all

  
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amounts to be received by such Non-U.S. Lender pursuant to this Agreement and the other Loan Documents) or Form W-8IMY (together with any applicable underlying Internal Revenue Service forms,
which together entitle such Non-U.S. Lender to a complete exemption from, or a reduced rate of, United States Federal withholding tax on all amounts to be received by such Non-U.S. Lender pursuant to this Agreement and the other Loan Documents), or
successor and related applicable forms, as the case may be; or 
 (ii) in the case of a Non-U.S. Lender that is not a
“bank” within the meaning of Section 881(c)(3)(A) of the Code and that does not comply with the requirements of clause (i) hereof, (x) a statement in the form of the applicable Exhibit E (or such other form of statement as
shall be reasonably requested by the Borrower from time to time) to the effect that such Non-U.S. Lender is eligible for a complete exemption from, or a reduced rate of, United States federal withholding tax under Section 871(h) or 881(c) of
the Code, and (y) two duly completed and signed copies of the applicable Internal Revenue Service Form W-8 or successor and related applicable form; 
 In addition, each Non-U.S. Lender agrees (i) to deliver to the Borrower and the Administrative Agent, and if applicable, the assigning Lender (or, in the case of a Participant, to the Lender from
which the related participation shall have been purchased) two further duly completed and signed copies of such Form W-8BEN, W-8IMY or W-8ECI or such other Internal Revenue Service forms required to be delivered pursuant to this
subsection 4.20, as the case may be, or successor and related applicable forms, on or before the date that any such form expires or becomes obsolete and promptly after the occurrence of any event requiring a change from the most recent form(s)
previously delivered by it to the Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation shall have been purchased) in accordance with applicable United States laws and
regulations, and (ii) to notify promptly the Borrower and the Administrative Agent (or, in the case of a Participant, the Lender from which the related participation shall have been purchased) if it is no longer able to deliver, or if it is
required to withdraw or cancel, any form or statement previously delivered by it pursuant to this subsection 4.20(g). Notwithstanding any other provision of this subsection 4.20, a Non -U.S. Lender shall not be required to deliver any form
pursuant to this subsection 4.20 that such Non -U.S. Lender is not legally able to deliver. 
 (h) A Lender that is
entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall
deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, as reasonably requested by the Borrower or the Administrative Agent, or as specified in the proceeding in the preceding paragraph,
such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate; provided that such Lender is legally entitled to complete, execute and deliver
such documentation and in such Lender’s judgment such completion, execution or submission would not materially prejudice the legal or commercial position of such Lender. 
 (i) Each Lender, Assignee and Participant that is not a Non-U.S. Lender shall, on or before the date that such Lender becomes a party to this Agreement, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from whom the related Participation was purchased), two duly completed and signed copies of Internal Revenue Service Form W-9, certifying that such
Person is exempt from United States back-up withholding tax. Each such Lender, Assignee or Participant shall deliver further documentation in accordance with the previous sentence at the time(s) specified by subsection 4.20(g). 

  
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 (j) The agreements in this subsection 4.20 shall survive the termination of this Agreement
and the payment of the Loans and all other amounts payable hereunder. 
 4.21 Defaulting Lender. Notwithstanding any
provision of this Agreement to the contrary, if any Revolving Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Revolving Lender is a Defaulting Lender: 

(a) fees shall cease to accrue on the Revolving Credit Commitment of such Defaulting Lender pursuant to subsection 4.9; 

(b) the Aggregate Exposure of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders
have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to subsection 11.1), provided that any waiver, amendment or modification (i) which requires the consent of all Lenders or each affected
Lender which affects such Defaulting Lender differently than other affected Lenders or (ii) increases or extends such Defaulting Lender’s Commitment, reduces or excuses the principal amount of, or interest or fees payable on, Loans or
Letter of Credit disbursements or postpones the scheduled date of payment as to such Defaulting Lender shall require the consent of such Defaulting Lender; 
 (c) if any Swing Line Exposure or L/C Exposure exists at the time such Revolving Lender becomes a Defaulting Lender then: 
 (i) all or any part of the Swing Line Exposure and L/C Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Revolving Credit
Commitment Percentages but only to the extent the sum of all non-Defaulting Lenders’ Aggregate Revolving Credit Extensions of Credit and participations in Swing Line Loans plus such Defaulting Lender’s Swing Line Exposure and L/C Exposure
does not exceed the total of all non-Defaulting Lenders’ Revolving Commitments; 
 (ii) if the reallocation described in
clause (i) above cannot, or can only partially, be effected, the Borrower shall within three Business Days following notice by the Administrative Agent (x) first, prepay such Swing Line Exposure and (y) second, Cash
Collateralize for the benefit of the Issuing Lender only the Borrower’s obligations corresponding to such Defaulting Lender’s L/C Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) for so long as
such L/C Exposure is outstanding; 
 (iii) if the Borrower Cash Collateralizes any portion of such Defaulting Lender’s L/C
Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to subsection 4.11 with respect to such Defaulting Lender’s L/C Exposure during the period such Defaulting
Lender’s L/C Exposure is Cash Collateralized; 
 (iv) if the L/C Exposure of the non-Defaulting Lenders is reallocated
pursuant to clause (i) above, then the fees payable to the Lenders pursuant to subsection 4.9 and subsection 4.11 shall be adjusted in accordance with such non-Defaulting Lenders’ Revolving Credit Commitment Percentages; and 

(v) if all or any portion of such Defaulting Lender’s L/C Exposure is neither reallocated nor Cash Collateralized pursuant to
clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender hereunder, all letter of credit fees payable under subsection 4.11 with respect to such Defaulting Lender’s L/C
Exposure shall be payable to the Issuing Lender until and to the extent that such L/C Exposure is reallocated and/or Cash Collateralized; and 

  
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 (d) so long as such Lender is a Defaulting Lender, the Swing Line Lender shall not be
required to fund any Swing Line Loan and the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless it has received assurances satisfactory to it that non-Defaulting Lenders will cover the related exposure
and/or Cash Collateral will be provided by the Borrower, and participating interests in any newly made Swing Line Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with
subsection 4.21(c)(i) (and such Defaulting Lender shall not participate therein). 
 In the event that the Administrative Agent, the Borrower,
the Swing line Lender and the Issuing Lender each agrees that a Defaulting Lender has adequately remedied all matters that caused such Revolving Lender to be a Defaulting Lender, then the Swing Line Exposure and L/C Exposure of the Revolving Lenders
shall be readjusted to reflect the inclusion of such Revolving Lender’s Commitment and on such date such Revolving Lender shall purchase at par such of the Revolving Loans of the other Revolving Lenders (other than Swing Line Loans) as the
Administrative Agent shall determine may be necessary in order for such Revolving Lender to hold such Revolving Loans in accordance with its Revolving Credit Commitment Percentage. 

4.22 Mitigation; Replacement of Lenders. (a) If any Lender requests compensation under subsection 4.18, or if the Borrower is
required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to subsection 4.20, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking
its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to subsection 4.18 or subsection 4.20, as applicable, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay
all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 (b) If any
Lender requests compensation under subsection 4.18, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to subsection 4.20, or if any Lender becomes a
Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions
contained in subsection 11.6), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that
(A) (i) the Borrower shall have received the prior written consent of the Administrative Agent (and, if a Revolving Credit Commitment is being assigned, each Issuing Lender and the Swing Line Lender), which consent shall not unreasonably
be withheld or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, participations in Letters of Credit funded under subsection 3.6(b) and participations in Swing Line Loans,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), (iii) the
Borrower or such assignee shall have paid to the Administrative Agent the processing and recordation fee specified in subsection 11.6(d) and (iv) in the case of any such assignment resulting from a claim for compensation under subsection 4.18
or payments required to be made pursuant to subsection 4.20, such assignment will result in a material reduction in such compensation or payments and (B) substantially concurrently with satisfaction of the requirements set forth in clause
(A) of this proviso, such Lender shall be deemed to have assigned and delegated its interests, rights and obligations 

  
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under this Agreement and such Lender shall not be required to execute the Assignment and Assumption in connection therewith. A Lender shall not be required to make any such assignment and
delegation if, prior thereto, as a result of a waiver by such Lender or otherwise (including as a result of any action taken by such Lender under paragraph (a) above), the circumstances entitling the Borrower to require such assignment and
delegation cease to apply. 
 4.23 Prepayments Below Par. (a) Notwithstanding anything to the contrary set forth in
this Agreement (including subsection 4.16(a) or 11.7(a)) or any other Loan Document, the Borrower shall have the right at any time and from time to time to prepay Term Loans to the Lenders at a discount to the par value of such Loans and on a non
pro rata basis (each, a “Discounted Voluntary Prepayment”) pursuant to the procedures described in this subsection 4.23, provided that (A) on the date of the Discounted Prepayment Option Notice and after giving effect to
the Discounted Voluntary Prepayment, no more than $50,000,000 shall be outstanding in Revolving Credit Loans and Swing Line Loans, (B) the proceeds of Revolving Credit Loans are not used to make such Discounted Voluntary Prepayment,
(C) any Discounted Voluntary Prepayment shall be offered to all Term Lenders of a particular tranche on a pro rata basis, (D) the Borrower shall deliver to the Administrative Agent, together with each Discounted Prepayment Option Notice, a
certificate of a Responsible Officer of the Borrower (1) stating that no Event of Default has occurred and is continuing or would result from the Discounted Voluntary Prepayment, (2) stating that each of the conditions to such Discounted
Voluntary Prepayment contained in this subsection 4.23 has been satisfied and (3) specifying the aggregate principal amount of Term Loans to be prepaid pursuant to such Discounted Voluntary Prepayment and (E) the aggregate amount of Term
Loans prepaid pursuant to this subsection 4.23 (valued at the par amount thereof) shall not exceed 50% of the initial aggregate principal amount of the Term Loans. 
 (b) To the extent the Borrower seeks to make a Discounted Voluntary Prepayment, the Borrower will provide written notice to the Administrative Agent substantially in the form of Exhibit G hereto (each, a
“Discounted Prepayment Option Notice”) that the Borrower desires to prepay Term Loans in an aggregate principal amount specified therein by the Borrower (each, a “Proposed Discounted Prepayment Amount”), in each
case at a discount to the par value of such Loans as specified below. The Proposed Discounted Prepayment Amount of any Loans shall not be less than $10,000,000 (unless otherwise agreed by the Administrative Agent). The Discounted Prepayment Option
Notice shall further specify with respect to the proposed Discounted Voluntary Prepayment (A) the Proposed Discounted Prepayment Amount for Loans to be prepaid, (B) a discount range (which may be a single percentage) selected by the
Borrower with respect to such proposed Discounted Voluntary Prepayment equal to a percentage of par of the principal amount of the Loans to be prepaid (the “Discount Range”), and (C) the date by which Lenders are required to
indicate their election to participate in such proposed Discounted Voluntary Prepayment, which shall be at least five Business Days following the date of the Discounted Prepayment Option Notice (the “Acceptance Date”). 

(c) Upon receipt of a Discounted Prepayment Option Notice, the Administrative Agent shall promptly notify each applicable Lender thereof.
On or prior to the Acceptance Date, each such Lender may specify by written notice substantially in the form of Exhibit H hereto (each, a “Lender Participation Notice”) to the Administrative Agent (A) a maximum discount to par
(the “Acceptable Discount”) within the Discount Range (for example, a Lender specifying a discount to par of 20% would accept a purchase price of 80% of the par value of the Loans to be prepaid) and (B) a maximum principal
amount (subject to rounding requirements specified by the Administrative Agent) of the Loans to be prepaid held by such Lender with respect to which such Lender is willing to permit a Discounted Voluntary Prepayment at the Acceptable Discount
(“Offered Loans”). Based on the Acceptable Discounts and principal amounts of the Loans to be prepaid specified by the Lenders in the applicable Lender Participation Notice, the Administrative Agent, in consultation with the
Borrower, shall determine the applicable discount for such Loans to be prepaid (the “Applicable Discount”), which Applicable 

  
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Discount shall be (A) the percentage specified by the Borrower if the Borrower has selected a single percentage pursuant to subsection 4.23(b) for the Discounted Voluntary Prepayment or
(B) otherwise, the highest Acceptable Discount at which the Borrower can pay the Proposed Discounted Prepayment Amount in full (determined by adding the principal amounts of Offered Loans commencing with the Offered Loans with the highest
Acceptable Discount); provided, however, that in the event that such Proposed Discounted Prepayment Amount cannot be repaid in full at any Acceptable Discount, the Applicable Discount shall be the lowest Acceptable Discount specified
by the Lenders that is within the Discount Range. The Applicable Discount shall be applicable for all Lenders who have offered to participate in the Voluntary Discounted Prepayment and have Qualifying Loans (as defined below). Any Lender with
outstanding Loans to be prepaid whose Lender Participation Notice is not received by the Administrative Agent by the Acceptance Date shall be deemed to have declined to accept a Discounted Voluntary Prepayment of any of its Loans at any discount to
their par value within the Applicable Discount. 
 (d) The Borrower shall make a Discounted Voluntary Prepayment by prepaying
those Loans to be prepaid (or the respective portions thereof) offered by the Lenders (“Qualifying Lenders”) that specify an Acceptable Discount that is equal to or greater than the Applicable Discount (“Qualifying
Loans”) at the Applicable Discount, provided that if the aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest payable at such time) would exceed the amount of aggregate proceeds required to prepay the
Proposed Discounted Prepayment Amount, such amounts in each case calculated by applying the Applicable Discount, the Borrower shall prepay such Qualifying Loans ratably among the Qualifying Lenders based on their respective principal amounts of such
Qualifying Loans (subject to rounding requirements specified by the Administrative Agent). If the aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest payable at such time) would be less than the amount of aggregate
proceeds required to prepay the Proposed Discounted Prepayment Amount, such amounts in each case calculated by applying the Applicable Discount, the Borrower shall prepay all Qualifying Loans. 

(e) Each Discounted Voluntary Prepayment shall be made within five Business Days of the Acceptance Date (or such later date as the
Administrative Agent shall reasonably agree, given the time required to calculate the Applicable Discount and determine the amount and holders of Qualifying Loans), without premium or penalty (and not subject to subsection 4.19), upon irrevocable
notice substantially in the form of Exhibit I hereto (each a “Discounted Voluntary Prepayment Notice”), delivered to the Administrative Agent no later than 1:00 p.m. New York City Time, three Business Days prior to the date of such
Discounted Voluntary Prepayment, which notice shall specify the date and amount of the Discounted Voluntary Prepayment and the Applicable Discount determined by the Administrative Agent. Upon receipt of any Discounted Voluntary Prepayment Notice,
the Administrative Agent shall promptly notify each relevant Lender thereof. If any Discounted Voluntary Prepayment Notice is given, the amount specified in such notice shall be due and payable to the applicable Lenders, subject to the Applicable
Discount on the applicable Loans, on the date specified therein together with accrued interest (on the par principal amount) to but not including such date on the amount prepaid. The par principal amount of each Discounted Voluntary Prepayment of a
Term Loan shall be applied ratably to reduce the remaining installments of such Term Loans. 
 (f) To the extent not expressly
provided for herein, each Discounted Voluntary Prepayment shall be consummated pursuant to reasonable procedures (including as to timing, rounding, minimum amounts, Type and Interest Periods and calculation of Applicable Discount in accordance with
subsection 4.23(c) above) established by the Administrative Agent and the Borrower. 
 (g) Prior to the delivery of a Discounted
Voluntary Prepayment Notice, (A) upon written notice to the Administrative Agent, the Borrower may withdraw or modify its offer to make a 

  
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Discounted Voluntary Prepayment pursuant to any Discounted Prepayment Option Notice and (B) no Lender may withdraw its offer to participate in a Discounted Voluntary Prepayment pursuant to
any Lender Participation Notice unless the terms of such proposed Discounted Voluntary Prepayment have been modified by the Borrower after the date of such Lender Participation Notice. 

(h) Nothing in this subsection 4.23 shall require the Borrower to undertake any Discounted Voluntary Prepayment. 

4.24 Extensions of Term Loans and Revolving Credit Commitments. (a) Notwithstanding anything to the contrary in this
Agreement, pursuant to one or more offers (each, an “Extension Offer”) made from time to time by the Borrower to all Lenders of Term Loans with a like maturity date or Revolving Credit Commitments with a like maturity date, in each
case on a pro rata basis (based on the aggregate outstanding principal amount of the respective Term Loans or Revolving Credit Commitments with a like maturity date, as the case may be) and on the same terms to each such Lender, the Borrower is
hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s Term Loans and/or Revolving Credit Commitments and
otherwise modify the terms of such Term Loans and/or Revolving Credit Commitments pursuant to the terms of the relevant Extension Offer (including by increasing the interest rate or fees payable in respect of such Term Loans and/or Revolving Credit
Commitments (and related outstandings) and/or modifying the amortization schedule in respect of such Lender’s Term Loans) (each, an “Extension”, and each group of Term Loans or Revolving Credit Commitments, as applicable, in
each case as so extended, as well as the original Term Loans and the original Revolving Credit Commitments (in each case not so extended), being a “tranche”; any Extended Term Loans shall constitute a separate tranche of Term Loans from
the tranche of Term Loans from which they were converted, and any Extended Revolving Credit Commitments shall constitute a separate tranche of Revolving Commitments from the tranche of Revolving Commitments from which they were converted), so long
as the following terms are satisfied: (i) no Default or Event of Default shall have occurred and be continuing at the time the offering document in respect of an Extension Offer is delivered to the Lenders, (ii) except as to interest
rates, fees and final maturity (which shall be determined by the Borrower and set forth in the relevant Extension Offer), the Revolving Credit Commitment of any Revolving Lender that agrees to an extension with respect to such Revolving Credit
Commitment extended pursuant to an Extension (an “Extended Revolving Credit Commitment”), and the related outstandings, shall be a Revolving Credit Commitment (or related outstandings, as the case may be) with the same terms as the
original Revolving Credit Commitments (and related outstandings); provided that (x) subject to the provisions of subsections 3.3(d) and 3.7(e) to the extent dealing with Swing Line Loans and Letters of Credit which mature or expire after
a maturity date when there exist Extended Revolving Commitments with a longer maturity date, all Swing Line Loans and Letters of Credit shall be participated in on a pro rata basis by all Lenders with Revolving Credit Commitments in accordance with
their Revolving Credit Commitment Percentages (and except as provided in subsections 3.3(d) and 3.7(e), without giving effect to changes thereto on an earlier maturity date with respect to Swing Line Loans and Letters of Credit theretofore incurred
or issued) and all borrowings under Revolving Credit Commitments and repayments thereunder shall be made on a pro rata basis (except for (A) payments of interest and fees at different rates on Extended Revolving Credit Commitments (and related
outstandings) and (B) repayments required upon the maturity date of the non-extending Revolving Credit Commitments) and (y) at no time shall there be Revolving Credit Commitments hereunder (including Extended Revolving Credit Commitments
and any original Revolving Credit Commitments) which have more than three different maturity dates, (iii) except as to interest rates, fees, amortization, final maturity date, premium, required prepayment dates and participation in prepayments
(which shall, subject to immediately succeeding clauses (iv), (v) and (vi), be determined between the Borrower and set forth in the relevant Extension Offer), the Term Loans of any Term Lender that agrees to an extension with respect to such
Term Loans extended pursuant to any Extension (“Extended Term Loans”) shall have the same terms as 

  
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the tranche of Term Loans subject to such Extension Offer until the maturity of such Term Loans, (iv) the final maturity date of any Extended Term Loans shall be no earlier than the then
latest maturity date hereunder and the amortization schedule applicable to Term Loans pursuant to subsection 2.2 for periods prior to the Term Loan Maturity Date, as applicable, may not be increased, (v) the weighted average life of any
Extended Term Loans shall be no shorter than the remaining weighted average life of the Term Loans extended thereby, (vi) any Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata
basis) in any voluntary or mandatory repayments or prepayments hereunder, in each case as specified in the respective Extension Offer, (vii) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving
Credit Commitments, as the case may be, in respect of which Term Lenders or Revolving Lenders, as the case may be, shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Credit
Commitments, as the case may be, offered to be extended by the Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Credit Loans, as the case may be, of such Term Lenders or Revolving Lenders, as the case may be, shall be
extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual holdings of record) with respect to which such Term Lenders or Revolving Lenders, as the case may be, have accepted such Extension Offer,
(viii) all documentation in respect of such Extension shall be consistent with the foregoing, (ix) any applicable Minimum Extension Condition shall be satisfied unless waived by the Borrower and (x) the Minimum Tranche Amount shall be
satisfied unless waived by the Administrative Agent. 
 (b) With respect to all Extensions consummated by the Borrower pursuant
to this subsection, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of subsection 4.4, 4.5 or 4.6 and (ii) no Extension Offer is required to be in any minimum amount or any minimum
increment, provided that (x) the Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to consummating any such Extension that a minimum amount (to be determined and specified in the
relevant Extension Offer in the Borrower’s sole discretion and may be waived by the Borrower) of Term Loans or Revolving Credit Commitments (as applicable) of any or all applicable tranches be tendered and (y) no tranche of Extended Term
Loans shall be in an amount of less than $50,000,000 (or, if less, the then aggregate outstanding amount of the Term Loans) (the “Minimum Tranche Amount”), unless such Minimum Tranche Amount is waived by the Administrative Agent.
The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this subsection (including, for the avoidance of doubt, payment of any interest, fees or premium in respect of any Extended Term Loans and/or Extended
Revolving Credit Commitments on such terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements of any provision of this Agreement (including subsection 4.4, 4.5 or 4.6 and 4.16(a)) or any other Loan Document that
may otherwise prohibit any such Extension or any other transaction contemplated by this Section. 
 (c) No consent of any Lender
or the Administrative Agent shall be required to effectuate any Extension, other than (A) the consent of each Lender agreeing to such Extension with respect to one or more of its Term Loans and/or Revolving Credit Commitments (or a portion
thereof) and (B) with respect to any Extension of the Revolving Credit Commitments, the consent of the Issuing Lender and the Swing Line Lender, which consent shall not be unreasonably withheld or delayed. All Extended Term Loans, Extended
Revolving Credit Commitments and all obligations in respect thereof shall be Obligations under this Agreement and the other Loan Documents that are secured by the Collateral on a pari passu basis with all other applicable Obligations under this
Agreement and the other Loan Documents. The Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents with the Borrower as may be necessary in order to establish new
tranches or sub-tranches in respect of Revolving Credit Commitments or Term Loans so extended and such technical amendments as may be necessary or appropriate in the reasonable 

  
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opinion of the Administrative Agent and the Borrower in connection with the establishment of such new tranches or sub-tranches, in each case on terms consistent with this subsection. Without
limiting the foregoing, in connection with any Extensions the respective Loan Parties shall (at their expense) amend (and the Administrative Agent is hereby directed to amend) any Mortgage that has a maturity date prior to the then latest maturity
date so that such maturity date is extended to the then latest maturity date (or such later date as may be advised by local counsel to the Administrative Agent). 
 (d) In connection with any Extension, the Borrower shall provide the Administrative Agent at least 5 Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written
notice thereof, and shall agree to such procedures (including regarding timing, rounding and other adjustments and to ensure reasonable administrative management of the credit facilities hereunder after such Extension), if any, as may be established
by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of this subsection. 

4.25 Incremental Facility. (a) The Borrower may from time to time amend this Agreement in order to provide to the Borrower
additional revolving loan facilities (each, an “Incremental Revolving Facility”) and additional term loan facilities and/or increased term loan commitments in respect of the Term Facility or any other existing term loan facility
hereunder (each, an “Incremental Term Facility”; together with any Incremental Revolving Facility, the “Incremental Facilities”), provided that (i) the aggregate principal amount of the Incremental
Facilities and the Second Lien Incremental Facilities shall not exceed $500,000,000, (ii) each Incremental Facility shall be in a minimum aggregate principal amount of $25,000,000 and (iii) the Consolidated Senior Secured Leverage Ratio as
of such date (determined on a pro forma basis after giving effect to the provision of such Incremental Facility and assuming, if such Incremental Facility is an Incremental Revolving Facility, such Incremental Revolving Facility is fully drawn as of
such date) is less than or equal to 5.0 to 1.0. Each Incremental Facility will be secured and guaranteed with the other Facilities on a pari passu basis. Each Incremental Term Facility must have a weighted average life to maturity which is the same
or longer than the then remaining weighted average life to maturity of the Term Facility and a final maturity no earlier than the Term Loan Maturity Date. Incremental Facilities will be entitled to prepayments and voting rights on the same basis as
the comparable Facility unless the applicable Incremental Facility Activation Notice specifies a lesser treatment. Each Incremental Revolving Facility shall have the same terms as the Revolving Credit Facility. Other than amortization, pricing or
maturity date, each Incremental Term Facility shall have the same terms as the Term Facility or such terms as are reasonably satisfactory to the Administrative Agent and the Borrower, provided that if the Applicable Margin (which, for such
purposes only, shall be deemed to include all upfront or similar fees or original issue discount payable to all Lenders providing such Incremental Term Facility and any Eurodollar or ABR floor applicable to such Incremental Term Facility but
excluding any ticking fees, arrangement fees and other fees not paid to the makers of such loans generally) relating to any Incremental Term Facility exceeds the Applicable Margin (which, for such purposes only, shall be deemed to include all
upfront or similar fees or original issue discount payable to all Lenders providing the Term Facility, and any Eurodollar or ABR floor applicable to the Term Facility) relating to the Term Facility immediately prior to the effectiveness of the
applicable Incremental Term Facility by more than 0.25%, the Applicable Margin relating to the Term Facility shall be adjusted to be equal to the Applicable Margin (which, for such purposes only, shall be deemed to include all upfront or similar
fees or original issue discount payable to all Lenders providing such Incremental Term Facility and any Eurodollar or ABR floor applicable to such Incremental Facility) relating to such Incremental Term Facility minus 0.25%. In the case of any
Incremental Term Facility that increases the term loan commitments under the Term Facility or any other existing term loan facility, the manner in which such increase is implemented shall be reasonably satisfactory to the Administrative Agent. An
Incremental Facility may be made available under this Agreement only if, after giving effect thereto and the use of proceeds thereof no Default or Event of Default exists. 

  
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 (b) An Incremental Facility shall be made available hereunder upon delivery to the
Administrative Agent of notice thereof executed by the Borrower. Any additional bank, financial institution, existing Lender or other Person that elects to extend loans or commitments under an Incremental Facility shall be reasonably satisfactory to
the Borrower (any such bank, financial institution, existing Lender or other Person being called an “Additional Lender”) and, if not already a Lender, shall become a Lender under this Agreement pursuant to an amendment (an
“Incremental Facility Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, such Additional Lender and the Administrative Agent. No Incremental Facility Amendment shall require the
consent of any Lenders other than the Additional Lenders with respect to such Incremental Facility Amendment. No Lender shall be obligated to provide any Incremental Facility, unless it so agrees. Commitments in respect of any Incremental Facility
shall become Commitments under this Agreement. An Incremental Facility Amendment may, without the consent of any other Lenders, effect such amendments to any Loan Documents as may be necessary or appropriate, in the opinion of the Administrative
Agent, to effect the provisions of this subsection (including to provide for voting provisions applicable to the Additional Lenders). The effectiveness of any Incremental Facility Amendment shall, unless otherwise agreed to by the Administrative
Agent and the Additional Lenders, be subject to the satisfaction on the date thereof (each, an “Incremental Facility Closing Date”) of each of the conditions set forth in subsection 6.2 (it being understood that all references to
“Borrowing Date” in subsection 6.2 shall be deemed to refer to the Incremental Facility Closing Date). The proceeds of any Incremental Facility will be used only for general corporate purposes (including acquisitions permitted under
subsection 8.7). 
 SECTION 5. REPRESENTATIONS AND WARRANTIES 

In order to induce the Lenders to enter into this Agreement and to make the Loans and to induce the Issuing Lender to issue, and the
Participating Lenders to participate in, the Letters of Credit, the Borrower hereby represents and warrants to each Lender and the Administrative Agent, on the date of each Loan made or Letter of Credit issued, that: 

5.1 Financial Condition. (a) The unaudited pro forma consolidated balance sheet of Parent and its Subsidiaries as at
June 30, 2011 (the “Pro Forma Balance Sheet”) and the unaudited pro forma consolidated income statement of Parent and its Subsidiaries for the twelve-month period ending on June 30, 2011 (the “Pro Forma Income
Statement”) have each been prepared after giving effect (as if such events had occurred on such date or the first day of such period, as applicable) to (i) the consummation of the Acquisition, (ii) the Loans to be made on the
Closing Date and the use of proceeds thereof and (iii) the payment of fees and expenses in connection with the foregoing. The Pro Forma Balance Sheet and the Pro Forma Income Statement were each prepared in good faith based upon assumptions
believed by the Borrower to be reasonable at the time made in light of the circumstances when made. As of the date of the Pro Forma Balance Sheet, none of the Borrower or any of its Subsidiaries has any material obligation, contingent or otherwise,
which was not reflected therein or in the notes thereto and which would have a Material Adverse Effect on the Borrower and its Subsidiaries, taken as a whole. 
 (b) (i) The audited consolidated balance sheet of Parent and its Subsidiaries at December 31, 2008, December 31, 2009 and December 31, 2010 and the related consolidated statements of
operations, stockholders’ equity and cash flows for the fiscal years ended on such dates, reported on by certified public accountants of nationally recognized standing, (ii) the unaudited consolidated balance sheet of Parent and its
Subsidiaries at March 31, 2011 and June 30, 2011 and the related consolidated statements of operations and cash flows for the fiscal periods ended on such dates, (iii) the audited consolidated balance sheet of the Acquired Business
and its Subsidiaries at December 31, 2008, December 31, 2009 and December 31, 2010 and the related consolidated statements of operations, 

  
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stockholders’ equity and cash flows for the fiscal years ended on such dates, reported on by certified public accountants of nationally recognized standing and (iv) the unaudited
consolidated balance sheet of the Acquired Business and its Subsidiaries at March 31, 2011 and June 30, 2011, copies of each of which have heretofore been furnished to each Lender (if disclosed in the SEC Filings, such statements are
deemed furnished to Lenders), (A) in the case of clauses (i) and (ii) above, fairly present in all material respects (except, with respect to interim reports, for normal year-end adjustments and the absence of footnotes) the
consolidated financial position of Parent and its Subsidiaries as at such date, and the consolidated results of their operations and cash flows for the fiscal periods then ended and, in the case of the statements referred to in the foregoing clause
(ii), the portion of the fiscal year through March 31, 2011 or June 30, 2011, as applicable, in each case, in accordance with GAAP consistently applied throughout the periods involved (except as noted therein) and (B) in the case of
clauses (iii) and (iv) above, to the knowledge of the Borrower, fairly present in all material respects (except, with respect to interim reports, for normal year-end adjustments and the absence of footnotes) the consolidated financial
position of the Acquired Business and its Subsidiaries as at such date, and the consolidated results of their operations and cash flows for the fiscal periods then ended and, in the case of the statements referred to in the foregoing clause (iv),
the portion of the fiscal year through March 31, 2011 or June 30, 2011, as applicable, in each case, in accordance with GAAP consistently applied throughout the periods involved (except as noted therein). 

(c) No Change. Since December 31, 2010, there has been no development or event that has had or could reasonably be expected
to have a Material Adverse Effect. 
 5.2 Corporate Existence; Compliance with Law. Each Group Member (a) is a
Person duly organized or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, (b) has the requisite power and authority and the legal right to own and operate its property, to
lease the property it operates and to conduct the business in which it is currently engaged, except to the extent that the failure to possess such power and authority and such legal right would not, in the aggregate, have a Material Adverse Effect,
(c) is duly qualified and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification, except where the failure to be so qualified would not
have a Material Adverse Effect and (d) is in compliance with all applicable Requirements of Law (including occupational safety and health, health care, pension, certificate of need, the Comprehensive Environmental Response, Compensation and
Liability Act, any so-called “Superfund” or “Superlien” law, or any applicable federal, state, local or other statute, law, ordinance, code, rule, regulation, order or decree regulating, relating to, or imposing liability or
standards of conduct concerning, any Materials of Environmental Concern), except to the extent that the failure to comply therewith would not, in the aggregate, have a Material Adverse Effect. 

5.3 Corporate Power; Authorization. (a) Each Loan Party has the requisite power and authority and the legal right to make,
deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower, to obtain extensions of credit hereunder. Each Loan Party has taken all necessary corporate or other organizational action to authorize the execution,
delivery and performance of the Loan Documents to which it is a party and in case of the Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement. 

(b) No consent or authorization of, or filing with, notice to or other act by or in respect of, any Person (including any Governmental
Authority) is required in connection with the extensions of credit hereunder or with the execution, delivery, performance by any Loan Party, validity or enforceability of this Agreement or any Loan Document to the extent that it is a party thereto,
or the guarantee of the Obligations pursuant to the Guarantee and Collateral Agreement, except (i) such as have been obtained or made and are in full force and effect, (ii) filings necessary to perfect Liens created under

  
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the Loan Documents and (iii) those consents, authorizations, filings and notices, the failure of which to obtain or make could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. 
 5.4 Enforceable Obligations. Each of the Loan Documents has been duly executed and
delivered on behalf of each Loan Party party thereto and each of such Loan Documents constitutes the legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law). 
 5.5 No Legal Bar. The execution, delivery and performance of each Loan Document, the
guarantee of the Obligations pursuant to the Guarantee and Collateral Agreement, the use of proceeds of the Loans and of drawings under the Letters of Credit will not violate any Requirement of Law or any Contractual Obligation applicable to or
binding upon any Group Member or any of its properties or assets, which violations, individually or in the aggregate, would have a Material Adverse Effect, and will not result in the creation or imposition (or the obligation to create or impose) of
any Lien (other than any Liens created pursuant to the Loan Documents or the Second Lien Loan Documents) on any of its or their respective properties or assets. 
 5.6 No Material Litigation. Except as disclosed in the SEC Filings or on Schedule 5.6, no litigation or investigation known to the Borrower through receipt of written notice or proceeding of or by
any Governmental Authority or any other Person is pending against any Group Member, (a) with respect to the validity, binding effect or enforceability of any Loan Document, or with respect to the Loans made hereunder, or the use of proceeds
thereof or (b) which would have a Material Adverse Effect. 
 5.7 Investment Company Act. No Group Member is
required to be registered as an “investment company” (as the quoted term is defined or used in the Investment Company Act of 1940, as amended). 
 5.8 Federal Regulation. No part of the proceeds of any of the Loans, and no other extensions of credit hereunder, will be used for any purpose which violates, or which would be inconsistent with,
the provisions of Regulation T, U or X of the Board. No Group Member is engaged or will engage, principally or as one of its important activities, in the business of extending credit for the purpose of “purchasing” or “carrying”
any “margin stock” within the respective meanings of each of the quoted terms under said Regulation U. 
 5.9 No
Default or Breach. Except as set forth in the SEC Filings made prior to the Closing Date or on Schedule 5.9, no Group Member is in default or breach (i) in the payment or performance of any of its Contractual Obligations (other than
Indebtedness) in any respect which would have a Material Adverse Effect, or (ii) under any condition, term or requirement of any FCC License or any order, award or decree of any Governmental Authority or arbitrator binding upon or affecting it
or by which any of its properties or assets may be bound or affected in any respect which would have a Material Adverse Effect. 

5.10 Taxes. Each Group Member has paid all taxes shown to be due and payable on its tax returns or extension requests or on any
assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than those the amount or validity of which is currently being contested in good
faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided in the 

  
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books of such Group Member), except any such taxes, fees or charges, the payment of which, or the failure to pay, would not have a Material Adverse Effect; and, to the knowledge of the Borrower,
no claims are being asserted with respect to any such Taxes, fees or other charges (other than those the amount or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in
conformity with GAAP have been provided in the books of the applicable Group Member), except as to any such Taxes, fees or other charges, the payment of which, or the failure to pay, would not have a Material Adverse Effect. 

5.11 Subsidiaries. As of the Closing Date, (a) the Subsidiaries of Parent listed on Schedule 5.11(a) constitute all of the
Domestic Subsidiaries of Parent and (b) the Subsidiaries listed on Schedule 5.11(b) constitute all of the Foreign Subsidiaries of Parent. As of the Closing Date, Schedule 5.11(a) identifies all of the Broadcast License Subsidiaries and the
Unrestricted Subsidiaries. 
 5.12 Ownership of Property; Liens; Licenses. (a) Except as disclosed in Schedule 8.3
hereof, each Group Member has good and marketable title to, or valid and subsisting leasehold interests in, all its real property used by such Group Member in the operation of its business, and good title to all its respective other owned property,
except where the failure to have such title or interest would not have a Material Adverse Effect. All such real property and other owned property is free and clear of any Liens, other than Liens permitted by subsection 8.3. 

(b) As of the Closing Date, Schedule 5.12 sets forth all FCC Licenses held by any Group Member (and the respective holders of such FCC
Licenses) and all other licenses and permits issued by any Governmental Authority which are held by any Group Member that are in effect as of the Closing Date and are material to the business of the Group Members. Each of the foregoing FCC Licenses,
and each other license or permit from a Governmental Authority that is material to the business of the Group Members, is valid and in full force and effect, and the Group Members are in compliance in all material respects with the terms and
conditions thereof and any requirements under applicable FCC regulation. 
 5.13 Intellectual Property. Each Group Member
owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. No claim that could
reasonably be expected to have a Material Adverse Effect has been asserted and is pending by any Person challenging or questioning the use of any Intellectual Property or the validity or effectiveness of any Intellectual Property, nor does the
Borrower know of any valid basis for any such claim. The use of Intellectual Property by the Group Members does not infringe on the rights of any Person in a manner that could reasonably be expected to have a Material Adverse Effect. 

5.14 Labor Matters. Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect:
(a) there are no strikes or other labor disputes against any Group Member pending or, to the knowledge of the Borrower, threatened; (b) hours worked by and payment made to employees of any Group Member have not been in violation of the
Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters; and (c) all payments due from any Group Member on account of insurance coverage, other contributions or liabilities associated with employee health
and welfare benefit plans have been paid or accrued as a liability on the books of such Group Member. 
 5.15 ERISA.
Except as would not have a Material Adverse Effect: (i) each Loan Party and each ERISA Affiliate is in compliance with the applicable provisions of ERISA and of the Code relating to Plans; (ii) no Reportable Event or non-exempt Prohibited
Transaction has occurred or is reasonably expected to occur with respect to any Plan; (iii) there has been no determination that any 

  
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Single Employer Plan is, or is expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (iv) no Lien in favor of the
PBGC or any Single Employer Plan has been imposed upon any Loan Party or any ERISA Affiliate that remains unsatisfied; (v) no Loan Party and no ERISA Affiliate has received from the PBGC or a plan administrator any notice relating to an
intention to terminate any Single Employer Plan or to appoint a trustee to administer any Single Employer Plan under Section 4042 of ERISA; (vi) no Loan Party and no ERISA Affiliate has incurred any Withdrawal Liability that remains
unsatisfied; and (vii) no Loan Party and no ERISA Affiliate has received any notice concerning the imposition of Withdrawal Liability or any determination that a Multiemployer Plan is, or is expected to be, Insolvent, in Reorganization,
terminated or in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA). 
 5.16 Environmental Matters. (a) Except as disclosed in the SEC Filings or on Schedule 5.16, to the knowledge of the Borrower, the Properties do not contain any Materials of Environmental
Concern in concentrations which constitute a violation of, or would reasonably be expected to give rise to liability under, Environmental Laws that would have a Material Adverse Effect. 

(b) The Properties and all operations at the Properties are in compliance with all applicable Environmental Laws, except for failure to
be in compliance that would not have a Material Adverse Effect, and there is no contamination at, under or about the Properties that would have a Material Adverse Effect. 
 (c) No Group Member has received any written notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws
with regard to the Properties that would have a Material Adverse Effect, nor does the Borrower have knowledge that any such action is being contemplated, considered or threatened. 

(d) There are no judicial proceedings or governmental or administrative actions pending or threatened under any Environmental Law to
which any Group Member is or will be named as a party with respect to the Properties that would have a Material Adverse Effect, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders under any
Environmental Law with respect to the Properties that would have a Material Adverse Effect. 
 5.17 Disclosure. None of
the written reports, financial statements, certificates or other written information (other than projections, budgets or other estimates or forward-looking statements or information of a general economic or industry nature or reports or studies
prepared by third parties that were not expressly commissioned by a Group Member (collectively, the “Projections”)), taken as a whole, furnished by or on behalf of any Group Member to the Administrative Agent or any Lender prior to
the Closing Date in connection with the transactions contemplated by this Agreement or any other Loan Document or delivered hereunder or thereunder (as modified or supplemented by other information so furnished prior to the Closing Date) contains
any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to
Projections, the Borrower represents only that such information was prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time such Projections were prepared, it being understood that Projections by their
nature are uncertain and no assurance is given that the results reflected in such Projections will be achieved. 
 5.18
Security Documents. (a) The Guarantee and Collateral Agreement is effective to create in favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Collateral described
therein and proceeds thereof except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting 

  
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creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). In the case of the Pledged Stock that are
Securities (as defined in the UCC) described in the Guarantee and Collateral Agreement, when stock certificates representing such Pledged Stock are delivered to the Administrative Agent (together with a properly completed and signed stock power or
endorsement), and in the case of the other Collateral in which a security interest can be perfected under the relevant UCC by filing a UCC financing statement and described in the Guarantee and Collateral Agreement, when financing statements and
other filings specified on Schedule 5.18 in appropriate form are filed in the offices specified on Schedule 5.18, the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and
interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Guarantee and Collateral Agreement), in each case prior and superior in right to any other Person (except, in the case of
Collateral other than Pledged Stock, Liens permitted by subsection 8.3 and, in the case of Collateral consisting of Pledged Stock, inchoate Liens arising by operation of law). 
 (b) Each of the Mortgages upon proper filing is effective to create in favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Mortgaged
Properties described therein and proceeds thereof except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors’ rights generally and by general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or at law), and when the Mortgages are filed in the appropriate recording offices, each such Mortgage shall constitute a fully perfected (if and to the extent perfection
may be achieved by such filings) Lien on, and security interest in, all right, title and interest of the Loan Parties in the Mortgaged Properties and the proceeds thereof, as security for the Obligations (as defined in the relevant Mortgage), in
each case prior and superior in right to any other Person (except that the security interest created in such real property and the Mortgaged Property may be subject to the Liens permitted by subsection 8.3). 

5.19 Solvency. As of the Closing Date and after giving effect to the Transactions, the Borrower and its Restricted Subsidiaries,
on a consolidated basis, are Solvent. 
 5.20 Use of Proceeds. The proceeds of the Existing Term Loans and the Revolving
Credit Loans made on the Closing Date were used to finance, in part, the Acquisition, the Refinancing and to pay related fees and expenses in connection therewith. The proceeds of the Term Loans to be made on the Restatement Effective Date shall be
used to satisfy the condition in Section 6.3(a) and to pay related fees and expenses in connection therewith and in connection with the amendment and restatement of the Existing Credit Agreement. The proceeds of the Revolving Credit Loans made
after the Closing Date and the Swing Line Loans shall be used for working capital and general corporate purposes. 
 5.21
Patriot Act. To the extent applicable, each Group Member is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury
Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (ii) the Act. No part of the proceeds of the Loans will be used, directly or indirectly, for any payments to any
governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in
violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

  
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 SECTION 6. CONDITIONS PRECEDENT 

6.1 Conditions to Initial Loans and Letters of Credit. The obligation of each Lender to have made its Loans on the Closing Date and
the obligation of the Issuing Lenders to have issued any Letter of Credit on the Closing Date was subject to the satisfaction or waiver, immediately prior to or concurrently with the making of such Loans or the issuance of such Letter of Credit, as
the case may be, of the following conditions precedent (it being understood and acknowledged that the Closing Date occurred on September 16, 2011, and that capitalized terms used in this Section 6.1 shall be used with the meanings assigned
thereto in the Existing Credit Agreement): 
 (a) Credit Agreement; Guarantee and Collateral Agreement; Intercreditor
Agreement. The Administrative Agent (or its counsel) shall have received (i) from each party thereto a counterpart of this Agreement signed on behalf of such party, (ii) the Guarantee and Collateral Agreement executed and delivered by
a duly authorized officer of Parent, the Borrower and each Subsidiary Guarantor, (iii) “short form” intellectual property security agreements with respect to the Intellectual Property of the Loan Parties that is to be perfected by
filing such agreements with the United States Patent and Trademark Office or the United States Copyright Office, as applicable, executed and delivered by a duly authorized officer of each Loan Party party thereto and (iv) the Intercreditor
Agreement executed and delivered by a duly authorized officer of each Loan Party, the Administrative Agent and the Second Lien Administrative Agent. 
 (b) Acquisition; Equity Contribution. (i) The Acquisition shall have been, or substantially simultaneously with the effectiveness of this Agreement, shall be, consummated in accordance with
the terms of the Acquisition Agreement, without giving effect to any amendment, supplement, modification or waiver of any term or condition of the Acquisition Agreement, or any consent under the Acquisition Agreement, that in the reasonable judgment
of the Arrangers is materially adverse to the Lenders, unless consented to by the Arrangers (such consent not to be unreasonably withheld or delayed) (it being understood and agreed that any reduction in the purchase price shall not be deemed
materially adverse to the Lenders so long as (i) with respect to the first 10% reduction, such reduction is allocated to ratably reduce the Equity Contribution and the Term Facility and (ii) thereafter, such reduction is allocated to
reduce the Term Facility until the Term Facility is paid off in full and thereafter to reduce the Second Lien Facility). 
 (ii) The Administrative Agent shall have received evidence reasonably satisfactory to it that Parent shall have received the net cash proceeds of the Equity Contribution; provided that (x) not
less than $225,000,000 of the Equity Contribution shall be in the form of common equity and (y) any Preferred Stock issued by the Parent in consideration of the Equity Contribution (the “Closing Date Preferred Stock”) shall be
on terms consistent in all material respects with the terms set forth on Schedule 6.1(b). 
 (c) Material Adverse Effect.
Since September 30, 2010, no event or events have occurred that have had or would have, individually or in the aggregate, a Closing Date Material Adverse Effect on the Acquired Business. 

(d) Pro Forma Balance Sheet; Pro Forma Income Statement. The Administrative Agent shall have received a copy of (i) the Pro
Forma Balance Sheet and (ii) the Pro Forma Income Statement. 
 (e) Acquisition Agreement Representations. All of
the Acquisition Agreement Representations shall be true and correct in all material respects on and as of the Closing Date as if made on and as of the Closing Date (unless stated to relate to a specific earlier date, in which case, such
representations and warranties shall be true and correct in all material respects as of such earlier date). 

  
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 (f) Legal Opinions. The Administrative Agent shall have received, dated the Closing
Date and addressed to the Administrative Agent and the Lenders, an opinion of (a) Jones Day, counsel to the Borrower and (b) Dickstein Shapiro LLP, FCC counsel to the Borrower, each in form and substance reasonably satisfactory to the
Administrative Agent. Such opinions shall also cover such other matters incident to the transactions contemplated by this Agreement as the Administrative Agent shall reasonably require. 

(g) Closing Certificates. The Administrative Agent shall have received a closing certificate of Parent, the Borrower and each
Subsidiary Guarantor, dated the Closing Date, substantially in the form of Exhibits B-1, B-2 and B-3 hereto, respectively, with appropriate insertions and attachments, reasonably satisfactory in form and substance to the Administrative Agent and its
counsel, executed by the Chief Executive Officer or any Vice President and the Secretary or any Assistant Secretary of Parent, the Borrower and each Subsidiary Guarantor respectively. 

(h) Fees. The Administrative Agent shall have received for the account of the Arrangers or the Lenders, or for its own account, as
the case may be, all fees (including the fees referred to in subsection 4.10) and expenses payable to the Lenders, the Arrangers and the Administrative Agent on or prior to the Closing Date and invoiced at least one Business Day prior to the Closing
Date. 
 (i) Filings. All necessary or advisable filings shall have been duly made or made available to the
Administrative Agent or its counsel to create a perfected first priority Lien on and security interest in all Collateral in which a security interest can be perfected by filing a UCC-1 financing statement, and all such Collateral shall be free and
clear of all Liens, except Liens permitted by subsection 8.3. 
 (j) Lien Searches. The Administrative Agent shall have
received the results of a recent Lien search with respect to each Loan Party, and such search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by subsection 8.3 or otherwise reasonably acceptable to the
Administrative Agent or discharged on or prior to the Closing Date pursuant to documentation reasonably satisfactory to the Administrative Agent. 
 (k) Pledged Stock; Stock Powers; Pledged Notes. The Administrative Agent shall have (i) received the certificates representing the shares pledged pursuant to the Guarantee and Collateral
Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof, and (ii) received the promissory notes pledged pursuant to the Guarantee and Collateral Agreement,
endorsed in blank by a duly authorized officer of the pledgor thereof; provided that if, notwithstanding the use by the Loan Parties of commercially reasonable efforts to deliver to the Administrative Agent the promissory notes pledged
pursuant to the Guarantee and Collateral Agreement, satisfaction of such requirement is not satisfied as of the Closing Date, the satisfaction of such requirement shall not be a condition to the effectiveness of this Agreement or the availability of
the Loans (but shall be required to be satisfied within 15 Business Days of the Closing Date (or such later date as the Administrative Agent may agree in its reasonable discretion)). 

(l) Organizational Documents. The Administrative Agent shall have received true and correct copies of the Certificate of
Incorporation and By-laws or Operating Agreement of each Loan Party, certified as to authenticity by the Secretary or Assistant Secretary of each such Loan Party. 

  
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 (m) Corporate Documents. The Administrative Agent shall have received copies of
certificates from the Secretary of State or other appropriate authority of such jurisdiction, evidencing the good standing or existence of each Loan Party in its jurisdiction of incorporation or organization. 

(n) Solvency Certificate. The Administrative Agent shall have received a solvency certificate in substantially the form attached
hereto as Exhibit J from the Chief Financial Officer of the Borrower that shall certify as to the solvency of the Borrower and its Restricted Subsidiaries on a consolidated basis after giving effect to the Transactions. 

(o) Insurance Certificate. The Administrative Agent shall have received insurance certificates satisfying the requirements of the
Guarantee and Collateral Agreement; provided that if, notwithstanding the use by the Loan Parties of commercially reasonable efforts to satisfy the requirement set forth in this subsection 6.1(o), such requirement is not satisfied as of the
Closing Date, the satisfaction of such requirement shall not be a condition to the effectiveness of this Agreement or the availability of the Loans (but shall be required to be satisfied within 15 Business Days of the Closing Date (or such later
date as the Administrative Agent may agree in its reasonable discretion)). 
 (p) Existing Indebtedness. Upon
effectiveness of this Agreement and application of the proceeds of the Loans to be made on the Closing Date, no Group Member will have any Indebtedness or Preferred Stock outstanding other than (i) any Closing Date Preferred Stock and
(ii) any Indebtedness or other outstanding Preferred Stock permitted by this Agreement. 
 (q) Patriot Act. Before
the end of the third Business Day prior to the Closing Date, the Administrative Agent shall have received all documentation and other information, which has been requested in writing at least five Business Days prior to the Closing Date, required by
regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 
 (r) Mortgages, etc. (i) The Administrative Agent shall have received a Mortgage with respect to each Mortgaged Property, executed and delivered by a duly authorized officer of each party
thereto. 
 (ii) If requested by the Administrative Agent, the Administrative Agent shall have received, and the
title insurance company issuing the policy referred to in clause (iii) below (the “Title Insurance Company”) shall have received, maps or plats of an as-built survey of the sites of the Mortgaged Properties certified to the
Administrative Agent and the Title Insurance Company in a manner reasonably satisfactory to them, dated a date reasonably satisfactory to the Administrative Agent and the Title Insurance Company by an independent professional licensed land surveyor
reasonably satisfactory to the Administrative Agent and the Title Insurance Company. 
 (iii) The Administrative
Agent shall have received in respect of each Mortgaged Property a mortgagee’s title insurance policy (or policies) or marked up unconditional binder for such insurance, in each case in form and substance reasonably satisfactory to the
Administrative Agent. The Administrative Agent shall have received evidence reasonably satisfactory to it that all premiums in respect of each such policy, all charges for mortgage recording tax, and all related expenses, if any, have been paid.

 (iv) The Administrative Agent shall have received (A) a policy of flood insurance that (1) covers
any parcel of improved real property that is encumbered by any Mortgage and is located within a “special flood hazard area”, (2) is written in an amount reasonably satisfactory to the

  
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Administrative Agent and (3) has a term ending not later than the maturity of the Indebtedness secured by such Mortgage and (B) confirmation that the Borrower has received the notice
required pursuant to Section 208.25(i) of Regulation H of the Board. 
 (v) The Administrative Agent shall
have received a copy of all recorded documents referred to, or listed as exceptions to title in, the title policy or policies referred to in clause (iii) above and a copy of all other material documents affecting the Mortgaged Properties.

 (vi) The Administrative Agent shall have received legal opinions (including an opinion of counsel in each
state in which Mortgaged Property is located with respect to the enforceability of the form(s) of Mortgages to be recorded in such state and an opinion of counsel in the state as to which the applicable Loan Party party to such Mortgage is
organized), which opinions shall in each case be in form and substance reasonably satisfactory to the Administrative Agent. 
 ; provided
that if, notwithstanding the use by the Loan Parties of commercially reasonable efforts to satisfy the requirements set forth in this subsection 6.1(r), such requirements are not satisfied as of the Closing Date, the satisfaction of such
requirements shall not be a condition to the effectiveness of this Agreement or the availability of the Loans (but shall be required to be satisfied within 90 days of the Closing Date (or such later date as the Administrative Agent may agree in its
reasonable discretion)). 
 (s) Representations and Warranties. Each of the representations and warranties set forth in
subsections 5.2(b), 5.3(a), 5.4, 5.5 (solely as to organizational documents), 5.7, 5.8, 5.18, 5.19 and 5.21 shall be true and correct in all material respects on and as of the Closing Date (it being understood and agreed that each of the other
representations and warranties set forth in the Loan Documents shall be made on the Closing Date, but the accuracy of such other representations and warranties shall not be a condition to the making of any Loan or the issuance of any Letter of
Credit on the Closing Date). 
 Without limiting the generality of the provisions of subsection 10.4, for purposes of
determining compliance with the conditions specified in this subsection 6.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved, accepted or be satisfied with, each document or other matter required thereunder
to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

6.2 Conditions to All Loans and Letters of Credit after the Closing Date. The obligation of each Lender to make any Loan (other
than (i) any Revolving Credit Loan the proceeds of which are to be used to repay Refunded Swing Line Loans or (ii) as agreed by the Administrative Agent and the Additional Lenders as set forth in subsection 4.25(b)) and the obligation of
each Issuing Lender to issue any Letter of Credit, in each case after the Closing Date, is subject to the satisfaction of the following conditions precedent on the relevant Borrowing Date: 

(a) Representations and Warranties. Each of the representations and warranties made in or pursuant to the Loan Documents shall be
true and correct in all material respects on and as of the date of such Loan (or such Letter of Credit) as if made on and as of such date (unless stated to relate to a specific earlier date, in which case, such representations and warranties shall
be true and correct in all material respects as of such earlier date). 
 (b) No Default or Event of Default. No Default
or Event of Default shall have occurred and be continuing on such date or after giving effect to the Loan to be made or the Letter of Credit to be issued on such Borrowing Date. 

  
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 (c) Financial Covenant. The Borrower shall be in pro forma compliance with the
financial covenant set forth in subsection 8.1 as of the last day of the most recently ended fiscal quarter after giving effect to the Loan to be made or the Letter of Credit to be issued on such Borrowing Date; provided that in determining
such financial covenant, the proceeds of any Loan to be made on such Borrowing Date shall be excluded in the calculation of unrestricted cash and Cash Equivalents. 
 Each borrowing by the Borrower hereunder (other than (i) any borrowing of any Revolving Credit Loan the proceeds of which are used to repay funded Swing Line Loans and (ii) as agreed by the
Administrative Agent and the Additional Lenders as set forth in subsection 4.25(b)) and the issuance of each Letter of Credit by each Issuing Lender hereunder, in each case after the Closing Date, shall constitute a representation and warranty by
the Borrower as of the date of such borrowing or issuance that the conditions in clauses (a) through (c) of this subsection 6.2 have been satisfied. 
 6.3 Conditions to Restatement Effective Date. The obligation of each Lender to make its Loans on the Restatement Effective Date and the obligation of the Issuing Lenders to issue any Letter of
Credit on the Restatement Effective Date is subject to the satisfaction or waiver, immediately prior to or concurrently with the making of such Loans or the issuance of such Letter of Credit, as the case may be, of the following conditions
precedent: 
 (a) Credit Agreement; Term Lender Addenda; Reaffirmation Agreement. The Administrative Agent shall have
received (i) this Agreement, executed and delivered by the Administrative Agent, the Borrower and Required Lenders (as defined in the Existing Credit Agreement) and all Existing Term Loans shall have been replaced with Term Loans hereunder (and
all accrued interest thereon and other amounts outstanding in respect thereof shall have been paid), (ii) Term Lender Addenda to this Agreement, executed and delivered by Persons with aggregate Term Loan Commitment Conversion Amounts and Term
Loan Commitment Funding Amounts of $1,325,000,000 and (iii) the Reaffirmation Agreement, executed and delivered by Parent, the Borrower and each Subsidiary Guarantor. 
 (b) Fees. The Administrative Agent shall have received for the account of the Restatement Arrangers or the Lenders, or for its own account, as the case may be, all fees and expenses payable to the
Lenders, the Restatement Arrangers and the Administrative Agent on or prior to the Restatement Date and invoiced at least one Business Day prior to the Restatement Effective Date. 

(c) Legal Opinion. The Administrative Agent shall have received, dated the Restatement Effective Date and addressed to the
Administrative Agent and the Lenders, an opinion of Jones Day, counsel to the Borrower, in form and substance reasonably satisfactory to the Administrative Agent. Such opinion shall also cover such other matters incident to the transactions
contemplated by this Agreement as the Administrative Agent shall reasonably require. 
 (d) Closing Certificates. The
Administrative Agent shall have received a closing certificate of Parent, the Borrower and each Subsidiary Guarantor, dated the Restatement Effective Date, substantially in the form of Exhibits B-1, B-2 and B-3 hereto, respectively, with appropriate
insertions and attachments, reasonably satisfactory in form and substance to the Administrative Agent and its counsel, executed by the Chief Executive Officer or any Vice President and the Secretary or any Assistant Secretary of Parent, the Borrower
and each Subsidiary Guarantor respectively. 
 (e) Organizational Documents. The Administrative Agent shall have received
true and correct copies of the Certificate of Incorporation and By-laws or Operating Agreement of each Loan Party, certified as to authenticity by the Secretary or Assistant Secretary of each such Loan Party. 

  
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 (f) Corporate Documents. The Administrative Agent shall have received (i) copies
of certificates from the Secretary of State or other appropriate authority of such jurisdiction, evidencing the good standing or existence of each Loan Party in its jurisdiction of incorporation or organization or (ii) with respect to Citadel
Broadcasting Company, WBAP-KSCS Radio Group, Ltd. and/or NY Radio Assets, LLC a certificate from the Borrower certifying that all necessary actions have been taken to ensure that such entities shall be in good standing as soon as practicable.

 (g) Pledged Stock; Stock Powers; Pledged Notes. The Administrative Agent shall have (i) received the certificates
representing the shares pledged pursuant to the Guarantee and Collateral Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof, and (ii) received the
promissory notes pledged pursuant to the Guarantee and Collateral Agreement, endorsed in blank by a duly authorized officer of the pledgor thereof. 
 For purposes of determining compliance with the conditions specified in this subsection 6.3, each Lender that has signed this Agreement shall be deemed to have consented to, approved, accepted or be
satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed
Restatement Effective Date specifying its objection thereto. 
 SECTION 7. AFFIRMATIVE COVENANTS 

From and after the Closing Date, so long as the Commitments remain in effect or any Loan or Note or Revolving L/C Obligation remains
outstanding and unpaid, any amount remains available to be drawn under any Letter of Credit (unless the L/C Exposure related thereto has been fully Cash Collateralized) or any other amount is owing to any Lender (other than (i) under any
Specified Swap Agreement or Specified Cash Management Agreement and (ii) indemnities and other contingent liabilities not then due and payable that survive repayment of the Loans), the Issuing Lender or the Administrative Agent hereunder, the
Borrower hereby agrees that it shall, and, in the case of the agreements contained in subsections 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, and 7.11 cause each of its Restricted Subsidiaries to, and Parent hereby agrees (solely with respect to subsection
7.10) that it shall and shall cause each of its Restricted Subsidiaries to: 
 7.1 Financial Statements. Furnish to the
Administrative Agent (with sufficient copies for each Lender) or otherwise make available as described in the last sentence of subsection 7.2: 
 (a) as soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, a copy of the consolidated balance sheet of the Borrower and its consolidated Subsidiaries as
at the end of such year and the related consolidated statements of operations, stockholders’ equity and cash flows for such year, setting forth in each case in comparative form the figures for the previous year, reported on without a
“going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by certified public accountants of nationally recognized standing not unacceptable to the Administrative Agent; and 

(b) as soon as available, but in any event not later than 60 days after the end of each of the first three quarterly periods of each
fiscal year of the Borrower, the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries at the end of such quarter and the related unaudited consolidated statements of operations and cash flows of the Borrower and its
consolidated Subsidiaries for such applicable period and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form, the figures for the previous year, certified by a Responsible Officer as being
fairly stated in all material respects (subject to normal year-end audit adjustments and the absence of footnotes); 

  
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 all financial statements shall be prepared in reasonable detail in accordance with GAAP (provided,
that interim statements may be condensed and may exclude footnote disclosure and are subject to year-end adjustment) applied consistently throughout the periods reflected therein and with prior periods (except as concurred in by such accountants or
officer, as the case may be, and disclosed therein and except that interim financial statements need not be restated for changes in accounting principles which require retroactive application, and operations which have been discontinued (as defined
in ASC 360, “Property, Plant and Equipment”) during the current year need not be shown in interim financial statements as such either for the current period or comparable prior period). 

In the event the Borrower changes its accounting methods because of changes in GAAP, or any change in GAAP occurs which increases or diminishes the
protection and coverage afforded to the Lenders under current GAAP accounting methods, the Borrower or the Administrative Agent, as the case may be, may request of the other parties to this Agreement an amendment of the financial covenants contained
in this Agreement to reflect such changes in GAAP and to provide the Lenders with protection and coverage equivalent to that existing prior to such changes in accounting methods or GAAP, and each of the Borrower, the Administrative Agent and the
Lenders agree to consider such request in good faith. 
 Documents required to be delivered pursuant to this subsection 7.1 and subsection 7.2
below (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Parent or the Borrower posts
such documents, or provides a link thereto, on Parent’s or the Borrower’s website on the Internet at www.cumulus.com or (ii) on which such documents are posted on Parent’s or the Borrower’s behalf on an Internet or intranet
website, if any, to which each Lender and the Administrative Agent have access (whether a commercial or public third-party website or whether sponsored by the Administrative Agent (including the website of the SEC at http://www.sec.gov));
provided that (x) in each case, other than with respect to regular periodic reporting, the Borrower shall notify the Administrative Agent of the posting of any such documents and (y) in the case of documents required to be delivered
pursuant to subsection 7.2, at the request of the Administrative Agent, the Borrower shall furnish to the Administrative Agent a hard copy of such document. Each Lender shall be solely responsible for timely accessing posted documents and
maintaining its copies of such documents. 
 7.2 Certificates; Other Information. Furnish to the Administrative Agent or
otherwise make available as described in the last sentence of subsection 7.2: 
 (a) concurrently with the delivery of the
consolidated financial statements referred to in subsection 7.1(a), a letter from the independent certified public accountants reporting on such financial statements stating that in making the examination necessary to express their opinion on such
financial statements nothing came to their attention to cause them to believe that the Borrower failed to comply with the terms, covenants, provisions or conditions of subsection 8.1 insofar as they relate to financial and accounting matters
(subject to customary qualifications), except as specified in such letter; provided, that this delivery shall not be required if such accountants do not provide such letters generally; 

(b) concurrently with the delivery of the financial statements referred to in subsections 7.1(a) and 7.1(b), a certificate of the
Responsible Officer of the Borrower (i) stating that, to the best of such officer’s knowledge, such officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate, (ii) showing in detail
as of the end of the related fiscal period the figures and calculations supporting such statement in respect of subsection 8.1 and (iii) in the case of financial statements under subsection 7.1(a), beginning with the financial statements for
the fiscal year ending December 31, 2012, setting forth reasonably detailed calculations of Excess Cash Flow; 

  
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 (c) promptly upon receipt thereof, copies of all final reports submitted to the Borrower by
independent certified public accountants in connection with each annual, interim or special audit of the books of the Borrower made by such accountants, including any final comment letter submitted by such accountants to management in connection
with their annual audit; 
 (d) promptly upon their becoming available, copies of all financial statements, reports, notices and
proxy statements and all regular and periodic reports and all final registration statements and final prospectuses, if any, filed by Parent or any of its Restricted Subsidiaries with any securities exchange or with the Securities and Exchange
Commission or any Governmental Authority succeeding to any of its functions; 
 (e) concurrently with the delivery of the
financial statements referred to in subsections 7.1(a) and 7.1(b), a management summary describing and analyzing the performance of the Borrower and its Subsidiaries during the periods covered by such financial statements; provided, however,
that such management summary need not be furnished so long as Parent or the Borrower is a reporting company under the Securities Exchange Act of 1934, as amended; 
 (f) concurrently with the delivery of the consolidated financial statements referred to in subsection 7.1(a), but in any event within 90 days after the beginning of each fiscal year of the Borrower to
which such budget relates, an annual operating budget of the Borrower and its Subsidiaries, on a consolidated basis; 
 (g)
promptly following any request by the Administrative Agent therefor, copies of any documents or notices described in Sections 101(k) or 101(l) of ERISA that any Loan Party or any ERISA Affiliate may request with respect to any
Multiemployer Plan; provided, that if the Loan Parties or their ERISA Affiliates have not requested such documents or notices from the administrator or sponsor of an applicable Multiemployer Plan, then Borrower shall cause the Loan Parties and/or
their ERISA Affiliates to promptly make a request for such documents or notices from the administrator or sponsor of such Multiemployer Plan and Borrower shall provide copies of such documents and notices promptly after receipt thereof; and

 (h) promptly, such additional financial and other information as the Administrative Agent or any Lender (through the
Administrative Agent) may from time to time reasonably request. 
 The requirements of subsections 7.1 and 7.2 above shall be
deemed to be satisfied if Parent or the Borrower shall have made such materials available to the Administrative Agent, including by electronic transmission, within the time periods specified therefor and pursuant to procedures approved by the
Administrative Agent, or by filing such materials by electronic transmission with the Securities and Exchange Commission, in which case “delivery” of such statements for purposes of subsections 7.2(a) and 7.1(b) shall mean making such
statements available in such fashion. 
 7.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before
maturity or before they become delinquent, as the case may be, all of its tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, except (a) when the amount or validity thereof is currently being
contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the applicable Group Member, as the case may be and (b) to the extent the failure to pay or
discharge the same could not reasonably be expected to have a Material Adverse Effect. 

  
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 7.4 Conduct of Business; Maintenance of Existence; Compliance. Continue to engage in
business conducted or proposed to be conducted by the Borrower and its Restricted Subsidiaries on the Closing Date or any business that is similar, reasonably related, incidental, complementary or ancillary thereto, including without limitation in
broadcasting and other media businesses, and preserve, renew and keep in full force and effect its legal existence and take all reasonable action to maintain all rights, privileges, franchises, accreditations, certifications, authorizations,
licenses, permits, approvals and registrations, necessary or desirable in the normal conduct of its business except for rights, privileges, franchises, accreditations, certifications, authorizations, licenses, permits, approvals and registrations
the loss of which would not in the aggregate have a Material Adverse Effect, and except as otherwise permitted by this Agreement; and comply with all applicable Requirements of Law and Contractual Obligations except to the extent that the failure to
comply therewith would not, in the aggregate, have a Material Adverse Effect. 
 7.5 Maintenance of Property; Insurance.
(a) Except if the failure to do so could not reasonably be expected to result in a Material Adverse Effect, keep all property useful and necessary in its business in good working order and condition (ordinary wear and tear, casualty and
condemnation excepted). 
 (b) Maintain with financially sound and reputable insurance companies (provided that if any
such insurance company shall at any time cease to be financially sound and reputable, there shall be no breach of this provision in the event that the Borrower promptly (and in any event within forty-five (45) days of such date) obtains
insurance from an alternative insurance carrier that is financially sound and reputable) insurance with respect to its properties in at least such amounts (after giving effect to any self-insurance reasonable and customary for similarly situated
Persons engaged in the same or similar businesses as the Borrower and its Subsidiaries in the same geographic locales) and against at least such risks as are customarily insured against in the same general area by companies engaged in the same or
similar business. 
 (c) Maintain casualty and property insurance for which the Borrower shall (i) use commercially
reasonable efforts to cause such insurance to provide that no cancellation, material reduction in amount or material change in coverage thereof shall be effective until at least thirty (30) days after receipt by the Administrative Agent of
written notice thereof, and (ii) name the Administrative Agent as insured party or loss payee. 
 (d) Upon request by the
Administrative Agent, the Borrower shall deliver to the Administrative Agent information in reasonable detail as to the insurance maintained by the Group Members. 
 7.6 Inspection of Property; Books and Records; Discussions; Annual Meetings. (a) Keep proper books of record and account in which full, true and correct in all material respects entries are
made of all material dealings and transactions in relation to its business and activities which permit financial statements to be prepared in conformity with GAAP and all Requirements of Law; and permit representatives of the Administrative Agent
upon reasonable notice to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time during normal business hours and as often as may reasonably be desired upon reasonable notice
(but no more than once per annum unless an Event of Default has occurred and is continuing), and to discuss the business, operations, properties and financial and other condition of Parent and its Restricted Subsidiaries with officers and employees
thereof and with their independent certified public accountants (with, at the option of the Borrower, an officer of the Borrower present) upon reasonable advance notice to the Borrower. 

  
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 (b) Within 120 days after the end of each fiscal year of the Borrower, at the request of the
Administrative Agent, hold a meeting at a mutually agreeable location, venue and time or, at the option of the Administrative Agent, by conference call (the reasonable costs of such venue or call to be paid by the Borrower) with all Lenders who
choose to attend such meeting at which meeting shall be reviewed, to the extent permitted by applicable Requirements of Law (including applicable national security laws, directives, policies, rules, regulations and procedures), the financial results
of the previous fiscal year and the financial condition of Parent and its Restricted Subsidiaries and the operating budget presented for the current fiscal year of the Borrower. 

7.7 Notices. Promptly give notice to the Administrative Agent (who shall deliver to each Lender) upon a Responsible Officer
obtaining knowledge of: 
 (a) the occurrence of any Default or Event of Default; 

(b) any litigation, investigation or proceeding which may exist at any time between Parent and any of its Restricted Subsidiaries and any
Governmental Authority, or receipt of any notice of any environmental claim or assessment against Parent or any of its Restricted Subsidiaries by any Governmental Authority, which in any such case would reasonably be expected to have a Material
Adverse Effect; 
 (c) any litigation or proceeding affecting Parent or any of its Restricted Subsidiaries (i) in which
more than $35,000,000 of the amount claimed is not covered by insurance or (ii) in which injunctive or similar relief is sought which if obtained would reasonably be expected to have a Material Adverse Effect; 

(d) the occurrence of any Reportable Event that, alone or together with any other Reportable Events that have occurred, would reasonably
be expected to result in a Material Adverse Effect, and in addition to such notice, deliver to the Administrative Agent and each Lender whichever of the following may be applicable: (A) a certificate of the Responsible Officer of the Borrower
setting forth details as to such Reportable Event and the action that the Loan Party or ERISA Affiliate proposes to take with respect thereto, together with a copy of any notice of such Reportable Event that may be required to be filed with the
PBGC, or (B) any notice delivered by the PBGC in connection with such Reportable Event; 
 (e) the occurrence of any event
which could reasonably be expected to have a material adverse effect on the aggregate value of the Collateral or on the security interests created by the Guarantee and Collateral Agreement; and 

(f) any development or event that has had or could reasonably be expected to have a Material Adverse Effect. 

Each notice pursuant to this subsection 7.7 shall be accompanied by a statement of the Responsible Officer of the Borrower setting forth details of the
occurrence referred to therein and (in the cases of clauses (a) through (f)) stating what action the Borrower proposes to take with respect thereto. 
 7.8 Environmental Laws. Except to the extent the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: 

(a) Comply with, and take commercially reasonable steps to cause all tenants and subtenants, if any, to comply with, all applicable
Environmental Laws, and obtain and comply with and maintain, and take commercially reasonable steps to cause all tenants and subtenants to obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits
required by applicable Environmental Laws. 

  
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 (b) Conduct and complete all investigations, studies, sampling and testing, and all
remedial, removal and other actions to the extent required under Environmental Laws and promptly comply with all legally binding lawful orders and directives of all Governmental Authorities regarding Environmental Laws. 

7.9 Post-Closing Obligations. Satisfy, to the extent not satisfied as of the Closing Date, the requirements set forth in
subsection 6.1(k)(ii), 6.1(o) and subsection 6.1(r) within the time period set forth in the applicable subsection. 
 7.10
Additional Loan Parties; Pledge of Stock of Additional Subsidiaries; Additional Collateral, etc. (a) With respect to any new Subsidiary of Parent (other than a Foreign Subsidiary, a Non-Significant Subsidiary, a Broadcast License Subsidiary
or an Unrestricted Subsidiary) created or acquired after the Closing Date (including as a result of the consummation of any Business Acquisition) (which, for purposes of this clause (a) shall include any existing Subsidiary that ceases to be a
Foreign Subsidiary, a Non-Significant Subsidiary, a Broadcast License Subsidiary or an Unrestricted Subsidiary), promptly cause such Subsidiary to become a party to the Guarantee and Collateral Agreement, which shall be accompanied by such
resolutions, incumbency certificates and legal opinions as are reasonably requested by the Administrative Agent; provided that if any Subsidiary of Parent (including any Foreign Subsidiary, Non-Significant Subsidiary, Broadcast License
Subsidiary and Unrestricted Subsidiary) shall guarantee obligations in respect of the Second Lien Credit Agreement, the Senior Notes or any Permitted Refinancing thereof, such Subsidiary shall promptly become a party to the Guarantee and Collateral
Agreement. 
 (b) (i) Pledge the Capital Stock, or other equity interests and intercompany indebtedness, owned by any Loan Party
that is created or acquired after the Closing Date pursuant to the Guarantee and Collateral Agreement (it being understood and agreed that, notwithstanding anything that may be to the contrary herein, this subsection 7.10(b) shall not require any
Loan Party to pledge more than 66% of the outstanding voting stock of any of its Foreign Subsidiaries) and (ii) with regard to any property acquired by any Loan Party after the Closing Date (other than property described in paragraphs (b)(i) or
(c)) (x) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the
benefit of the Lenders, a security interest in such property in accordance with the Guarantee and Collateral Agreement and (y) take all actions necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a
perfected first priority security interest in such property, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by
the Administrative Agent. 
 (c) With respect to any fee interest in any real property having a value (together with
improvements thereof) of at least $20,000,000 acquired after the Closing Date by any Loan Party (unless subject to a Lien permitted under subsections 8.3(f) or 8.3(h)), promptly (i) execute and deliver a first priority Mortgage, in favor of the
Administrative Agent, for the benefit of the Lenders, covering such real property, (ii) if requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount
at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent) as well as a current ALTA survey thereof, together with a surveyor’s certificate, in each case, if
available, and (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to

  
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the Administrative Agent, (iii) deliver the items required by subsection 6.1(r)(iv) with respect to such real property and (iv) if requested by the Administrative Agent, deliver to the
Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 

7.11 Broadcast License Subsidiaries. (a) Unless the Borrower shall reasonably determine with the consent of the
Administrative Agent (such consent not to be unreasonably delayed, conditioned or withheld) that doing so would cause undue expense or effort for the Borrower or its Subsidiaries, and except with respect to FCC Licenses owned by Susquehanna Radio
Corp. (but subject to clause (ii) of the immediately following proviso), cause all FCC Licenses for all Stations owned by the Borrower or its Subsidiaries (other than any Station which the Borrower or any Subsidiary has placed in a Divestiture
Trust) to be held at all times by one or more Broadcast License Subsidiaries; provided, that (i) with regard to any FCC Licenses for Stations acquired by the Borrower or its Subsidiaries after the Closing Date, the foregoing requirement
shall be deemed satisfied if such FCC Licenses are, promptly following the acquisition of the respective Stations, assigned to and subsequently held by one or more Broadcast License Subsidiaries and (ii) no later than 60 days after the Closing
Date (as such period may be extended by the Administrative Agent in its sole discretion), the Borrower shall cause FCC Licenses owned by Susquehanna Radio Corp. to be assigned to one or more Broadcast License Subsidiaries (provided that if
the failure to assign such FCC Licenses by the date that is 60 days after the Closing Date is solely as a result of a delay by the FCC in providing any necessary approvals in respect thereof, the Borrower shall have an additional 60 days in which to
cause the assignment of such FCC Licenses). 
 (b) Ensure that each Broadcast License Subsidiary engages only in the business of
holding FCC Licenses and rights and activities related thereto. 
 (c) Ensure that the property of each Broadcast License
Subsidiary is not commingled with the property of Parent, the Borrower or any Subsidiary other than Broadcast License Subsidiaries or otherwise remains clearly identifiable. 
 (d) Ensure that no Broadcast License Subsidiary has any Indebtedness, guarantees or other liabilities except for the liabilities expressly permitted to be incurred in accordance with the definition of
“Broadcast License Subsidiary”. 
 (e) Ensure that no Broadcast License Subsidiary creates, incurs, assumes or suffers
to exist any Liens upon any of its property, assets, income or profits, whether now owned or hereafter acquired, except non-consensual Liens arising by operation of law. 

7.12 Swap Agreements. No later than 90 days after the Closing Date, cause the Borrower to have in effect, and
maintain at all times until the Term Loan Maturity Date, interest rate Swap Agreements designed to protect the Borrower against fluctuations in interest rates, such that, at all times from such 90th day after the Closing Date through the Term Loan Maturity Date, at
least 25% of the Consolidated Term Indebtedness of the Borrower and its Restricted Subsidiaries is either (a) subject to an interest rate Swap Agreement or (b) fixed-rate Indebtedness. 

7.13 Ratings. Use commercially reasonable efforts to obtain and maintain a corporate family and/or corporate credit rating, as
applicable, and ratings in respect of the Facilities, in each case from each of S&P and Moody’s.
 7.14 Designation
of Subsidiaries. (a) The board of directors of the Borrower may at any time designate any Restricted Subsidiary (other than a Broadcast License Subsidiary) as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted
Subsidiary; provided that (i) 

  
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immediately before and after such designation, no Default or Event of Default shall have occurred and be continuing, (ii) no Subsidiary may be designated as an Unrestricted Subsidiary if it
has Indebtedness with recourse to Parent or any of its Restricted Subsidiaries, (ii) no Subsidiary may be designated as an Unrestricted Subsidiary if it was previously designated an Unrestricted Subsidiary, (iv) no Subsidiary may be
designated as an Unrestricted Subsidiary if it is party to any agreement or contract with Parent or any of its Restricted Subsidiaries, unless the terms of such agreement are no less favorable to Parent or such Restricted Subsidiary, as applicable,
than those that might be obtained from an unaffiliated third-party, (v) no Subsidiary may be designated as an Unrestricted Subsidiary if such Subsidiary is a Person with respect to which Parent or any of its Restricted Subsidiaries has any
direct or indirect obligation to make capital contributions or to maintain such Subsidiary’s financial condition, (vi) no Subsidiary may be designated an Unrestricted Subsidiary if after giving effect to such designation, the Consolidated
Total Net Leverage Ratio as of such date would exceed the ratio set forth opposite the next succeeding fiscal quarter end in subsection 8.1 and (vii) no Unrestricted Subsidiary may engage in any transaction described in subsections 8.8 (with
respect to the prepayment of any Senior Notes) or 8.15 if the Borrower is prohibited from engaging in such transaction. 
 (b)
The designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrower therein, at the date of designation in an amount equal to the fair market value of the Borrower’s investment therein as determined in
good faith by the board of directors of the Borrower. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall, at the time of such designation, constitute the incurrence of any Indebtedness or Liens of such Subsidiary
existing at such time. Upon a redesignation of any Subsidiary as a Restricted Subsidiary, the Borrower shall be deemed to continue to have a permanent Investment in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the
Borrower’s Investment in such Subsidiary at the time of such redesignation less (b) the fair market value of the net assets of such Subsidiary at the time of such redesignation. Any property transferred to or from an Unrestricted
Subsidiary shall be valued at its fair market value at the time of such transfer, in each case as determined in good faith by the board of directors of the Borrower. 
 SECTION 8. NEGATIVE COVENANTS. 
 From and after the Closing Date, the
Borrower hereby agrees that it shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly so long as the Commitments remain in effect or any Loan or Note or Revolving L/C Obligation remains outstanding and unpaid,
any amount remains available to be drawn under any Letter of Credit (unless the L/C Exposure related thereto has been fully Cash Collateralized) or any other amount is owing to any Lender (other than (i) under any Specified Swap Agreements or
Specified Cash Management Agreements and (ii) indemnities and other contingent liabilities not then due and payable that survive repayment of the Loans), the Issuing Lender or the Administrative Agent hereunder: 

8.1 Financial Condition Covenants. Permit, other than during a Suspension Period, the Consolidated Total Net Leverage Ratio as of
the last day of any fiscal quarter set forth below to be greater than the ratio set forth opposite such date below: 
  

			
	 Period
	  	Consolidated Total Net
Leverage Ratio
	 September 30, 2011
	  	7.75 to 1.00
	 December 31, 2011
	  	7.75 to 1.00
	 March 31, 2012
	  	7.75 to 1.00
	 June 30, 2012
	  	7.50 to 1.00
	 September 30, 2012
	  	7.00 to 1.00
	 December 31, 2012
	  	6.50 to 1.00
	 March 31, 2013
	  	6.50 to 1.00
	 June 30, 2013
	  	6.25 to 1.00
	 September 30, 2013
	  	6.00 to 1.00
	 December 31, 2013
	  	5.50 to 1.00
	 March 31, 2014
	  	5.50 to 1.00
	 June 30, 2014
	  	5.00 to 1.00
	 September 30, 2014
	  	5.00 to 1.00
	 December 31, 2014
	  	4.75 to 1.00
	 March 31, 2015
	  	4.50 to 1.00
	 June 30, 2015
	  	4.50 to 1.00
	 September 30, 2015 and each fiscal quarter thereafter
	  	4.25 to 1.00

  
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 Solely for purposes of determining compliance with the financial
covenant set forth herein, any cash equity contribution (which equity shall be common equity or other equity that is not Disqualified Stock) made to the Borrower during the period commencing 15 days prior to the end of the relevant fiscal quarter
and on or prior to the day that is 10 Business Days after the day on which financial statements are required to be delivered pursuant to subsection 7.1(a) or subsection 7.1(b), as applicable, shall, at the request of Borrower, be included in the
calculation of Consolidated EBITDA for the purposes of determining compliance with the financial covenant set forth herein for periods including such fiscal quarter (any such equity contribution so included in the calculation of Consolidated EBITDA,
a “Specified Equity Contribution”); provided that (a) in each four fiscal quarter-period there shall be a period of at least two fiscal quarters in which no Specified Equity Contribution is made and there shall not be
more than five Specified Equity Contributions during the term of this Agreement, (b) the amount of any Specified Equity Contribution shall be no greater than the amount required to cause the Borrower to be in compliance with the financial
covenant set forth herein and (c) upon the Administrative Agent’s receipt of any such request of Borrower to include any Specified Equity Contribution in the calculation of Consolidated EBITDA, until the 10th Business Day after the applicable day on which financial statements
are required to be delivered pursuant to subsection 7.1(a) or subsection 7.1(b), as applicable, no Lender Party shall exercise any right to accelerate the Loans or terminate the Commitments and no Lender Party shall exercise any right to foreclose
on or take possession of the Collateral solely on the basis of an Event of Default having occurred and being continuing as a result of a breach of this subsection 8.1. For the avoidance of doubt, all Specified Equity Contributions shall be
disregarded for all other purposes of this Agreement. 
 8.2 Indebtedness. Create, incur, assume or suffer to exist any
Indebtedness, except: 
 (a) (i) Indebtedness of the Loan Parties under this Agreement (including Indebtedness in respect of
Letters of Credit or any Incremental Facility) and Permitted Refinancings thereof and (ii) Indebtedness of the Loan Parties under the Second Lien Credit Agreement in an initial principal amount of $790,000,000 and Permitted Refinancings
thereof, provided that the amount of Indebtedness of the Loan Parties permitted under the Second Lien Credit Agreement or any Permitted Refinancings thereof, notwithstanding anything to the contrary contained in the definition of
“Permitted Refinancing”, may be increased by the amount of (A) any Second Lien Incremental Facilities incurred or permitted to be incurred pursuant to subsection 4.18 of the Second Lien Credit Agreement (as in effect on the Closing
Date) and (B) any optional prepayments of Second Lien Loans or any Permitted Refinancings thereof (other than, in each case, any optional prepayments effected pursuant to a Permitted Refinancing); 

  
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 (b) Indebtedness of the Borrower to any Restricted Subsidiary and of any Restricted
Subsidiary to any other Restricted Subsidiary; provided that (i) any such Indebtedness owed by a Loan Party shall be unsecured and subordinated in right of payment to the payment in full of the Obligations on terms reasonably
satisfactory to the Administrative Agent and (ii) Indebtedness of Restricted Subsidiaries that are not Subsidiary Guarantors to the Borrower or any Subsidiary Guarantor must also be permitted under subsection 8.7; 

(c) Indebtedness of the Borrower or any of its Restricted Subsidiaries in respect of any foreign currency exchange contracts, interest
rate swap arrangements or other derivative contracts or transactions, other than any such contracts, arrangements or transactions entered into by the Borrower or any of its Restricted Subsidiaries for speculative purposes; 

(d) Indebtedness of the Borrower or any of its Restricted Subsidiaries consisting of reimbursement obligations under surety, indemnity,
performance, release and appeal bonds, in each case required in the ordinary course of business or in connection with the enforcement of rights or claims of the Borrower and its Restricted Subsidiaries, and letters of credit obtained in support
thereof in the ordinary course of business; 
 (e) existing Indebtedness of the Borrower or any of its Restricted Subsidiaries
listed on Schedule 8.2 hereto including any extension or renewals or refinancing thereof, provided the principal amount thereof is not increased; 
 (f) (i) any Indebtedness of any Person that becomes a Restricted Subsidiary in connection with a Permitted Acquisition after the Closing Date, (ii) any Indebtedness of any Person that is assumed by a
Restricted Subsidiary in connection with an acquisition of assets by such Restricted Subsidiary in connection with a Permitted Acquisition after the Closing Date, and (iii) any Permitted Refinancing in respect of any Indebtedness set forth in
the immediately preceding clauses (i) and (ii); provided that (x) in the case of clauses (i) and (ii) such Indebtedness exists at the time of such Permitted Acquisition and is not created in contemplation of or in
connection with such Permitted Acquisition, (y) the aggregate principal amount of all Indebtedness of Restricted Subsidiaries that are not Subsidiary Guarantors outstanding under this clause (f) shall not exceed $75,000,000 at any time and
(z) no Group Member (other than such Person that becomes a Restricted Subsidiary of the Borrower or the Restricted Subsidiary, as the case may be, that so assumes such Person’s Indebtedness) shall guarantee or otherwise become liable for
the payment of such Indebtedness; 
 (g) letters of credit of the Borrower and its Restricted Subsidiaries; provided that
the aggregate face amount of such letters of credit shall not exceed $10,000,000 outstanding at any time; 
 (h) Indebtedness of
the Borrower in respect of the Senior Notes in an aggregate principal amount at any time outstanding not to exceed $850,000,000 and any Permitted Refinancing thereof; provided that the Net Proceeds of any Senior Notes (other than Permitted
Refinancings) issued after the Closing Date shall be applied in accordance with subsection 4.6(a); 
 (i) Indebtedness
consisting of promissory notes issued by the Borrower and its Subsidiaries to current or former directors, officers, employees, members of management or consultants of such person (or their respective estate, heirs, family members, spouse or former
spouse) to finance the repurchase of shares of Parent permitted by subsection 8.8; 
 (j) (i) Indebtedness of the Borrower or
any Restricted Subsidiary (including Capital Lease Obligations) incurred to finance the acquisition, construction, repair, replacement, lease or improvement of fixed or capital assets (or the purchase of the Capital Stock of any Person owning such

  
 81 

 
assets) in an amount not to exceed $100,000,000 at any time outstanding; provided that such Indebtedness is incurred prior to or within 365 days after the applicable acquisition,
construction, repair, replacement or improvement, (ii) Indebtedness arising out of sale-leaseback transactions permitted hereunder and (iii) any Permitted Refinancing of any Indebtedness set forth in the immediately preceding clauses
(i) and (ii); 
 (k) cash management obligations and other Indebtedness of the Borrower and any Restricted Subsidiaries in
respect of netting services, overdraft protections, employee credit card programs, automatic clearing house arrangements and other similar arrangements in each case in connection with deposit accounts; 

(l) unsecured Indebtedness arising from agreements of the Borrower and its Restricted Subsidiaries providing for seller financing,
deferred purchase price, contingent liabilities in respect of any indemnification obligations, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with any Business Acquisition; provided,
however, that (i) such Indebtedness is not reflected on the balance sheet of the Borrower or any of its Restricted Subsidiaries prepared in accordance with GAAP (contingent obligations referred to in a footnote to financial statements
and not otherwise reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (i)), (ii) with respect to a disposition, the maximum assumable liability in respect of all such Indebtedness
shall at no time exceed the gross proceeds including non-cash proceeds (the fair market value of such non-cash proceeds being measured at the time received and without giving effect to any subsequent changes in value) actually received by the
Borrower and its Restricted Subsidiaries in connection with such disposition and (iii) as of the date of incurrence of any Indebtedness under this clause (l), the Consolidated Total Net Leverage Ratio (determined (i) on a pro
forma basis, after giving effect to the incurrence of such Indebtedness, and (ii) excluding the proceeds of such Indebtedness in the calculation of unrestricted cash and Cash Equivalents) of the Borrower and the Subsidiary Guarantors as
of such date) is less than or equal to 6.0 to 1.0; 
 (m) Indebtedness of the Borrower or any of its Restricted Subsidiaries
consisting of (i) financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 
 (n) Indebtedness of the Borrower or any of its Restricted Subsidiaries incurred pursuant to Receivables Facilities in an aggregate amount not to exceed $50,000,000 at any time; 

(o) Indebtedness of the Borrower or any of its Restricted Subsidiaries; provided that, as of the date of incurrence of any such
Indebtedness, the Consolidated Total Net Leverage Ratio (determined (i) on a pro forma basis, after giving effect to the incurrence of such Indebtedness, and (ii) excluding the proceeds of such Indebtedness in the calculation
of unrestricted cash and Cash Equivalents) of the Borrower and the Subsidiary Guarantors as of such date is less than or equal to 6.0 to 1.0; and 
 (p) other unsecured Indebtedness of the Borrower or any of its Restricted Subsidiaries in an aggregate principal amount not to exceed, at any time, the sum of (i) $100,000,000 and (ii) the
aggregate amount of cash capital contributions (other than any Specified Equity Contribution and any cash capital contributions included in the calculation of the Available Amount to the extent such cash capital contributions have been applied
pursuant to the definition of Available Amount to make an Investment pursuant to subsection 8.7(r), a Restricted Payment pursuant to subsection 8.8(b) or a prepayment of Second Lien Loans or Second Lien Permitted Refinancings pursuant to subsection
8.15(b)(iii)) received by the Borrower after the Closing Date; 

  
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 ; provided that the aggregate amount of Indebtedness of Restricted Subsidiaries that are not
Subsidiary Guarantors (other than Indebtedness set forth on Schedule 8.2 and any Permitted Refinancings thereof) shall not exceed $100,000,000 at any time. 
 8.3 Limitation on Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets, income or profits, whether now owned or hereafter acquired, except: 

(a) Liens for taxes, assessments or other governmental charges not yet overdue by more than 30 days or not yet payable or which are being
contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower or such Subsidiary, as the case may be, in accordance with GAAP; 

(b) carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other like Liens
arising by operation of law, in each case in the ordinary course of business in respect of obligations which are not yet due and payable or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect
thereto are maintained on the books of the Borrower or such Subsidiary, as the case may be, in accordance with GAAP; 
 (c) (i)
pledges or deposits in connection with workmen’s compensation, unemployment insurance and other social security legislation and/or securing liability for reimbursement or indemnification obligations of insurance carriers providing property,
casualty or liability insurance to the Borrower or any Restricted Subsidiary; 
 (d) (i) easements, right-of-way, zoning, other
land use regulations and similar restrictions and other similar encumbrances or title defects incurred, or leases or subleases granted to others, in the ordinary course of business, which, in the aggregate do not materially detract from the value of
the property subject thereto or do not interfere with or adversely affect in any material respect the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries taken as a whole and (ii) any exceptions set forth in any
title policies with respect to Mortgaged Properties; 
 (e) (i) Liens pursuant to the Loan Documents and (ii) subject to
the Intercreditor Agreement, Liens pursuant to the Second Lien Security Documents (or any Second Priority Security Documents (as defined in the Intercreditor Agreement)); 
 (f) Liens on assets of entities or Persons which become Restricted Subsidiaries of the Borrower after the Closing Date; provided that such Liens exist at the time such entities or Persons become
Subsidiaries and are not created in anticipation thereof; 
 (g) Liens on documents of title and the property covered thereby
securing Indebtedness in respect of the Letters of Credit which are Commercial L/Cs; 
 (h) Liens securing any Indebtedness
permitted under subsection 8.2(j); provided that (i) such security interests and the Indebtedness secured thereby are incurred prior to or within 365 days after such acquisition or the completion of such construction or improvement,
(iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing, repairing, replacing, leasing or improving such fixed or capital assets and (iv) such security interests shall not apply to any other property or
assets of the Borrower or any Restricted Subsidiary (other than proceeds and products thereof); 
 (i) existing Liens described
in Schedule 8.3 and renewals thereof; provided that no such Lien is spread to cover any additional property after the Closing Date other than proceeds and products thereof and that the amount secured thereby is not increased (except in
accordance with subsection 8.3(z)); 

  
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 (j) Liens securing arrangements permitted by the proviso contained in subsection 8.10;

 (k) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, licenses, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
 (l) Liens securing Indebtedness owing to the Borrower or any Subsidiary Guarantor under subsection 8.2(b); 
 (m) any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Restricted Subsidiary or existing on any property or asset of any Person that becomes a Restricted
Subsidiary after the Closing Date prior to the time such Person becomes a Restricted Subsidiary (including in connection with any acquisition permitted under subsection 8.7); provided that (i) such Lien is not created in
contemplation of or in connection with such acquisition or such Person becoming a Restricted Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Restricted Subsidiary (other than
proceeds or products thereof) and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Restricted Subsidiary, as the case may be, and extensions, renewals and
replacements thereof that do not increase the outstanding principal amount thereof; 
 (n) Liens securing Indebtedness of the
Borrower or any Restricted Subsidiary incurred pursuant to subsection 8.2(n); 
 (o) Liens securing any Permitted Refinancing
permitted under subsection 8.2; provided that such security interests shall not apply to any property or assets that were not collateral for the Indebtedness being refinanced; 

(p) Liens securing obligations of the Borrower or any Restricted Subsidiary incurred in the ordinary course of business in an aggregate
amount not to exceed $75,000,000 at any time; 
 (q) Liens securing judgments for the payment of money not constituting an Event
of Default under Section 9(h) so long as such Liens (to the extent covering Collateral) are junior to the Liens created pursuant to the Security Documents; 
 (r) leases, licenses, subleases or sublicenses granted to others in the ordinary course of business and not interfering in any material respect with the business of the Borrower or any of its Restricted
Subsidiaries; 
 (s) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on
items in the course of collection, and (ii) in favor of a banking or other financial institution arising as a matter of law or granted in the ordinary course of business and under customary general terms and conditions encumbering deposits
(including the right of set-off) and which are within the general parameters customary in the banking industry; provided that, in the case of this clause (ii), unless such Liens are non-consensual and arise by operation of law, in no case
shall any such Liens secure (either directly or indirectly) the repayment of any Indebtedness for borrowed money; 

  
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 (t) Liens (i) on cash advances in favor of the seller of any property to be acquired in
an Investment permitted pursuant to subsections 8.7(c), 8.7(k), 8.7(r), 8.7(t) or 8.7(u) to be applied against the purchase price for such Investment, or (ii) consisting of an agreement to dispose of any property in a disposition permitted
under subsection 8.6, in each case, solely to the extent such Investment or disposition, as the case may be, would have been permitted on the date of the creation of such Lien; 

(u) purported Liens evidenced by the filing of precautionary Uniform Commercial Code financing statements relating solely to operating
leases of personal property entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;
 (v) any interest or title of a lessor, sublessor, licensee, sublicensee, licensor or sublicensor under any lease, sublease, license or sublicense arrangement (including software and other technology
licenses) entered into by the Borrower or any other Restricted Subsidiary in the ordinary course of its business and which could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect; 

(w) Liens on Cash Collateral granted in favor of any Lenders and/or the Issuing Lender created as a result of any requirement to Cash
Collateralize pursuant to this Agreement; 
 (x) Liens solely on any cash earnest money deposits made by the Borrower or any of
its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted under this Agreement; 
 (y)
Liens on cash or Cash Equivalents used to defease or to satisfy and discharge Indebtedness, provided that such defeasance or satisfaction and discharge is permitted hereunder; and 

(z) other Liens securing Indebtedness of the Borrower or any Restricted Subsidiary; provided that at the time of incurrence of any
such Lien, the Consolidated Senior Secured Net Leverage Ratio as of such date (determined on a pro forma basis, after giving effect to the incurrence of any Indebtedness and such Lien (but excluding the proceeds of any such
Indebtedness in the calculation of unrestricted cash and Cash Equivalents)) is less than or equal to 4.0 to 1.0; provided further that the Liens securing such Indebtedness are pari passu with, or junior to, the Liens securing the
Obligations, and such Liens shall be subject to an intercreditor agreement reasonably satisfactory to the Administrative Agent. 

8.4 Limitation on Contingent Obligations. Create, incur, assume or suffer to exist any Contingent Obligation except: 

(a) guarantees by the Borrower or any Restricted Subsidiaries of obligations to third parties made in the ordinary course of business in
connection with relocation of employees of the Borrower or any of its Restricted Subsidiaries; 
 (b) guarantees by the Borrower
and its Restricted Subsidiaries incurred in the ordinary course of business for an aggregate amount not to exceed $30,000,000 at any one time; 
 (c) existing Contingent Obligations described in Schedule 8.4 including any extensions or renewals thereof; 
 (d) Contingent Obligations of the Borrower or any of its Restricted Subsidiaries in respect of any foreign currency exchange contracts, interest rate swap arrangements or other derivative contracts or
transactions, other than any such contracts, arrangements or transactions entered into by the Borrower or any of its Restricted Subsidiaries for speculative purposes; 

  
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 (e) Contingent Obligations of any Subsidiary Guarantor pursuant to the Guarantee and
Collateral Agreement, the Second Lien Guarantee and Collateral Agreement or any other Second Priority Guarantee (as defined in the Intercreditor Agreement); 
 (f) guarantees by the Borrower and its Restricted Subsidiaries of (i) Indebtedness of the Borrower and its Restricted Subsidiaries permitted under subsection 8.2 (other than clause (f) thereof)
and (ii) obligations (other than Indebtedness) of the Borrower and its Restricted Subsidiaries not prohibited hereunder; provided that (i) any guarantee by the Borrower or a Restricted Subsidiary of Indebtedness of a Restricted
Subsidiary that is not a Subsidiary Guarantor shall only be permitted to the extent permitted by subsection 8.7(b) and (ii) with respect to any guarantee by a Subsidiary Guarantor, if the Indebtedness so guaranteed is subordinated in right of
payment to the Obligations, such guarantee shall be subordinated in right of payment to the guarantee of the Obligations on terms at least as favorable on the whole to the Lenders as those contained in the documentation governing the Indebtedness
being guaranteed; 
 (g) guarantees by the Borrower and any Subsidiary Guarantor of the obligations under the Senior Notes and
any Permitted Refinancing thereof; and 
 (h) guarantees by the Borrower or any Restricted Subsidiary of Indebtedness permitted
under subsection 8.2(f), so long as such guarantee is permitted by the terms of such subsection. 
 8.5 Prohibition of
Fundamental Changes. Enter into any transaction of acquisition of, or merger or consolidation or amalgamation with, any other Person (including any Restricted Subsidiary or Affiliate of Parent or any of its Subsidiaries), or transfer all or
substantially all of its assets to any Unrestricted Subsidiary or Foreign Subsidiary, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or engage in any business other than business conducted or proposed to be
conducted by the Borrower and its Restricted Subsidiaries on the Closing Date or any business that is similar, reasonably related, incidental, complementary or ancillary thereto, including without limitation in broadcasting and other media
businesses, except for (a) the transactions otherwise permitted pursuant to subsections 8.6 and 8.7; provided that the Borrower may not merge, consolidate or amalgamate with any Person unless the Borrower is the continuing or surviving
Person, (b) the liquidation or dissolution of any Restricted Subsidiary if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders,
(c)(i) any Restricted Subsidiary that is not a Subsidiary Guarantor may merge, amalgamate or consolidate with or into any other Restricted Subsidiary (provided that in any such transaction involving a Subsidiary Guarantor, a Subsidiary
Guarantor must be the continuing or surviving Person) and (ii) the Borrower or any Restricted Subsidiary may change its legal form if the Borrower determines in good faith that such action is in the best interest of the Borrower and its
Restricted Subsidiaries and is not materially disadvantageous to the Lenders (it being understood that in the case of any change in legal form, a Subsidiary that is a Subsidiary Guarantor will remain a Subsidiary Guarantor unless such Subsidiary
Guarantor is otherwise permitted to cease being a Subsidiary Guarantor hereunder) and (d) any Restricted Subsidiary may dispose of any or all of its assets to the Borrower or to another Restricted Subsidiary (upon voluntary liquidation or
otherwise); provided that if the transferor in such a transaction is a Subsidiary Guarantor, then (i) the transferee or assignee must be a Subsidiary Guarantor or the Borrower or (ii) to the extent constituting an Investment, such
Investment must be a permitted Investment in or Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor in accordance with subsections 8.2 and 8.7 respectively or pursuant to a disposition permitted by subsection 8.6. 

8.6 Prohibition on Sale of Assets. Convey, sell, lease, assign, transfer or otherwise dispose of any of its property, business or
assets (including tax benefits, receivables and leasehold interests), whether now owned or hereafter acquired except: 
 (a) the
sale or other disposition by the Borrower or any of its Restricted Subsidiaries of any tangible personal property that, in the reasonable judgment of the Borrower, has become uneconomic, obsolete or worn out or no longer used or useful in the
conduct of the business of the Borrower or any Restricted Subsidiaries, and which is disposed of in the ordinary course of business; 

  
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 (b) sales of inventory by the Borrower or any of its Restricted Subsidiaries made in the
ordinary course of business; 
 (c) any Restricted Subsidiary may sell, lease, transfer or otherwise dispose of any or all of
its assets (upon voluntary liquidation or otherwise) to the Borrower or a wholly-owned Restricted Subsidiary that is a Domestic Subsidiary of the Borrower (including by way of merging such Subsidiary into another wholly-owned Restricted Subsidiary
that is a Domestic Subsidiary or the Borrower) or make any investment permitted by subsection 8.7, and any Restricted Subsidiary may sell or otherwise dispose of, or part with control of any or all of, the stock of any Restricted Subsidiary to the
Borrower, to a wholly-owned Restricted Subsidiary that is a Domestic Subsidiary of the Borrower or to any other Restricted Subsidiary to the extent such transfer constitutes an investment permitted by subsection 8.7; provided that in either
case such transfer shall not cause such wholly-owned Domestic Subsidiary to become a Foreign Subsidiary and provided further that no such transaction may be effected if it would result in the transfer of any assets of, or any stock of,
a Restricted Subsidiary to another Restricted Subsidiary whose Capital Stock has not been pledged to the Administrative Agent or which has pledged a lesser percentage of its Capital Stock to the Administrative Agent than was pledged by the
transferor Restricted Subsidiary unless, in any such case, after giving effect to such transaction, the stock of such other Restricted Subsidiary is not required to be pledged under the definition of Guarantee and Collateral Agreement or under
subsection 7.10(b); 
 (d) any Foreign Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose of any or all
of its assets (upon voluntary liquidation or by merger, consolidation, transfer of assets, or otherwise) to the Borrower or a wholly-owned Restricted Subsidiary and any Foreign Subsidiary of the Borrower may sell or otherwise dispose of, or part
control of any or all of, the Capital Stock of, or other equity interests in, any Foreign Subsidiary of the Borrower to a wholly-owned Restricted Subsidiary; provided that in either case such transfer shall not cause a Domestic Subsidiary to
become a Foreign Subsidiary; 
 (e) the sale or other disposition by the Borrower or any of its Restricted Subsidiaries of other
assets consummated after the Closing Date, provided that (i) such sale or other disposition shall be made for fair value on an arm’s-length basis, (ii) with respect to the sale or other disposition of Broadcast Assets, if the
consideration for such sale or other disposition exceeds $2,500,000, the consideration for such sale or other disposition consists of at least 75% in cash and Cash Equivalents (provided that to the extent the consideration for all such sales
or other dispositions made in reliance on this clause (e) of Broadcast Assets for which the consideration was $2,500,000 or less exceeds $20,000,000 in the aggregate, the consideration for any sale or other disposition of a Broadcast Asset made
thereafter in reliance on this clause (e) shall consist of at least 75% in cash and Cash Equivalents), (iii) with respect to the sale or other disposition of assets that are not Broadcast Assets (“Non-Broadcast Assets”),
to the extent the aggregate consideration for all such sales or other dispositions of Non-Broadcast Assets made in reliance on this clause (e) exceeds $25,000,000 in the aggregate, the consideration for such sale or other disposition consists
of at least 75% in cash and Cash Equivalents and (iv) at any time that the Consolidated Total Leverage Ratio for the Test Period most recently ended is greater than 5.0 to 1.0 and the Borrower has sold or disposed of assets in reliance on this
clause (e) and subsection 8.6(f) in excess of $500,000,000 in the aggregate, the Reinvestment Rights provided in subsection 4.6(b) shall only be available to the extent that, at the time of receipt of such Net Proceeds, no Term Loans remain
outstanding; 

  
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 (f) the one-time sale or other disposition by the Borrower or any of its Restricted
Subsidiaries of a Non-Broadcast Asset, provided that (i) such sale or other disposition shall be made for fair value on an arm’s-length basis, (ii) the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries
generated by such Non-Broadcast Asset for the Test Period most recently ended represents less than 5% of the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such Test Period, (iii) at any time that the Consolidated Total
Leverage Ratio for the Test Period most recently ended is greater than 5.0 to 1.0 and the Borrower has sold or disposed of assets in reliance on this clause (f) and subsection 8.6(e) in excess of $500,000,000 in the aggregate, the Reinvestment
Rights provided in subsection 4.6(b) shall only be available to the extent that, at the time of receipt of such Net Proceeds, no Term Loans remain outstanding and (iv) substantially concurrently with the consummation of such sale or other
disposition, the Borrower shall provide the Administrative Agent with a certificate of a Responsible Officer certifying that such sale or other disposition is being effected pursuant to this clause (f) and that such sale or other disposition
complies with the provisions of this clause (f); 
 (g) the sale or other disposition by the Borrower or any of its Restricted
Subsidiaries (or a Divestiture Trust which holds Broadcast Assets for Stations) of (x) Stations (and related Broadcast Assets) listed on Schedule 8.6 or (y) Stations (and related Broadcast Assets) acquired in any acquisition permitted
under subsection 8.7, in each case to the extent such sale or other disposition is required by applicable law or rule, regulation or order of the FCC; provided that (i) any such sale or other disposition shall be made for fair value on
an arms’ length basis, (ii) if the consideration for such sale or other disposition exceeds $15,000,000, the consideration for such sale or other disposition consists of at least 75% in cash and Cash Equivalents, and (iii) the Net
Proceeds from such sale or other disposition shall be applied in accordance with subsection 4.6; 
 (h) dispositions by the
Borrower or any of its Restricted Subsidiaries of past due accounts receivable in connection with the collection, write down or compromise thereof; 
 (i) leases, subleases, or sublicenses of property by the Borrower or any of its Restricted Subsidiaries, and dispositions of intellectual property by the Borrower or any of its Restricted Subsidiaries in
the ordinary course of business, in each case that do not materially interfere with the business of the Borrower and its Restricted Subsidiaries, and dispositions of intellectual property under a research or development agreement in which the other
party receives a license to intellectual property that results from such agreement; 
 (j) transfers by the Borrower or any of
its Restricted Subsidiaries of property subject to any casualty event, including any condemnation, taking or similar event and any destruction, damage or any other casualty loss; 

(k) dispositions by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business consisting of the abandonment
of intellectual property which, in the reasonable good faith determination of the Borrower or any of its Restricted Subsidiaries, are uneconomical, negligible, obsolete or otherwise not material in the conduct of its business; 

(l) sales by the Borrower or any of its Restricted Subsidiaries of immaterial non-core assets acquired in connection with a Business
Acquisition which are not used in the business of the Borrower and its Restricted Subsidiaries; 
 (m) any disposition by the
Borrower or any of its Restricted Subsidiaries of real property to a Governmental Authority as a result of a condemnation of such real property; 

  
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 (n) exclusive or non-exclusive licenses or similar agreements entered into by the Borrower
or any of its Restricted Subsidiaries in respect of intellectual property; 
 (o) the sale of any Unrestricted Subsidiary;

 (p) any disposition, assignment or writedown by the Borrower or any of its Restricted Subsidiaries of the Gleiser Note;

 (q) substantially concurrent sales, transfers and other dispositions by the Borrower or any of its Restricted Subsidiaries of
related business assets to the extent such assets are exchanged substantially simultaneously for replacement business assets, provided that (i) no more than 30% of any consideration given by the Borrower or its Restricted Subsidiaries
for such asset swap consists of cash or Cash Equivalents and (ii) the Borrower or such Restricted Subsidiary receives consideration at least equal to the fair market value (as determined in good faith by the Borrower) of the assets sold,
transferred or otherwise disposed of (each such asset swap, a “Permitted Asset Swap”); 
 (r) to the extent
constituting dispositions, mergers, consolidations and liquidations permitted by subsection 8.5, Restricted Payments permitted by subsection 8.8 and Liens permitted by subsection 8.3; 

(s) dispositions by the Borrower or any of its Restricted Subsidiaries of cash and Cash Equivalents; 

(t) dispositions by the Borrower or any of its Restricted Subsidiaries of Investments in joint ventures to the extent required by, or
made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 
 (u) the unwinding by the Borrower or any of its Restricted Subsidiaries of any Swap Agreement in accordance with its terms; 
 (v) terminations of leases, subleases, licenses and sublicenses by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business; 

(w) sale leasebacks by the Borrower or any of its Restricted Subsidiaries permitted by subsection 8.10; and 

(x) sales, transfers and dispositions by the Borrower or any of its Restricted Subsidiaries of accounts receivable pursuant to a
Receivables Facility. 
 8.7 Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit
or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of, or any assets constituting a business unit of, or make or maintain any other investment in, any Person (all of the foregoing,
“Investments”), except: 
 (a) (i) loans or advances by the Borrower or any of its Restricted Subsidiaries in
respect of intercompany accounts attributable to the operation of the Borrower’s cash management system and (ii) loans or advances by the Borrower or any of its Restricted Subsidiaries to a Subsidiary Guarantor (or a Restricted Subsidiary
that would be a Subsidiary Guarantor but for the lapse of time until such Restricted Subsidiary is required to be a Subsidiary Guarantor); 

  
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 (b) Investments by the Borrower and its Restricted Subsidiaries in Subsidiaries of the
Borrower that are not Subsidiary Guarantors; provided that at all times the aggregate amount of all such Investments, together with any guarantees by the Borrower and its Restricted Subsidiaries of Indebtedness of a Restricted Subsidiary that
is not a Subsidiary Guarantor, shall not exceed $20,000,000; 
 (c) Investments by the Borrower and the Restricted Subsidiaries,
not otherwise described in this subsection 8.7, in the Borrower or in Subsidiary Guarantors (or a Subsidiary that would be a Subsidiary Guarantor but for the lapse of time until such Subsidiary is required to be a Subsidiary Guarantor) that
otherwise are not prohibited under the terms of this Agreement; 
 (d) any Restricted Subsidiary of the Borrower may make
Investments in the Borrower (by way of capital contribution or otherwise); 
 (e) the Borrower and its Restricted Subsidiaries
may invest in, acquire and hold (i) Cash Equivalents and cash and (ii) other cash equivalents invested in or held with any financial institutions to the extent such amounts under this clause (ii) do not exceed $5,000,000 per
individual institution and $25,000,000 in the aggregate at any one time; 
 (f) the Borrower or any of its Restricted
Subsidiaries may make travel and entertainment advances and relocation loans in the ordinary course of business to officers, employees and agents of the Borrower or any such Restricted Subsidiary not to exceed $10,000,000 in the aggregate at any one
time; 
 (g) the Borrower or any of its Restricted Subsidiaries may make payroll advances in the ordinary course of business;

 (h) the Borrower or any of its Restricted Subsidiaries may acquire and hold receivables owing to it, if created or acquired
in the ordinary course of business and payable or dischargeable in accordance with customary trade terms (provided that nothing in this clause shall prevent the Borrower or any Restricted Subsidiary from offering such concessionary trade
terms, or from receiving such investments or any other investments in connection with the bankruptcy or reorganization of their respective suppliers or customers or the settlement of disputes with such customers or suppliers arising in the ordinary
course of business, as management deems reasonable in the circumstances); 
 (i) the Borrower and its Restricted Subsidiaries
may make Investments in connection with asset sales permitted by subsection 8.6(e), (f) or (g) or to which the Required Lenders consent; 
 (j) existing Investments of the Borrower described in Schedule 8.7; 
 (k) the
Borrower and its Restricted Subsidiaries may in a single transaction or series of related transactions, make acquisitions (by merger, purchase, lease (including any lease that contains up-front payments and/or buyout options) or otherwise) of any
business, division or line of business or all or substantially all of the outstanding Capital Stock of any corporation or other entity (other than any director’s qualifying shares or any options for equity interests that cannot, as a matter of
law, be cancelled, redeemed or otherwise extinguished without the express agreement of the holder thereof at or prior to acquisition) or any Station and Broadcast Assets related thereto as long as (i) immediately after giving effect thereto, no
Default or Event of Default shall have occurred and be continuing (provided that this clause (i) shall not apply with respect to any acquisition made pursuant to a legally binding commitment entered into at a time when no Default existed
or would result from the making of such acquisition), (ii) as of the date of such acquisition, the Consolidated Senior Secured Net Leverage Ratio 

  
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(determined on a pro forma basis, after giving effect to such acquisition and any incurrence of Indebtedness in connection therewith (but excluding the proceeds of any such
Indebtedness in the calculation of unrestricted cash and Cash Equivalents)) is less than or equal to the greater of (A) the Consolidated Senior Secured Net Leverage Ratio as of the last day of the most recently ended fiscal quarter and
(B) 5.0 to 1.0, (iii) all actions required to be taken with respect to any acquired assets or acquired or newly formed Subsidiary under subsection 7.10 shall be taken substantially simultaneously with consummation of such acquisition,
(iv) any acquisition of an Unrestricted Subsidiary pursuant to this clause (k) shall be an Investment permitted by a provision of this subsection 8.7 (other than this clause (k)), (v) any such newly acquired Subsidiary shall not
be liable for any Indebtedness except for Indebtedness permitted by subsection 8.2 and (vi) the Borrower has delivered to the Administrative Agent a certificate of a Responsible Officer to the effect set forth in clauses (i) through
(v) above, together with all relevant financial information for the Person or assets to be acquired; provided that the aggregate consideration (whether cash or property, as valued in good faith by the board of directors of the Borrower)
given by the Borrower and its Restricted Subsidiaries for all acquisitions consummated after the Closing Date in reliance on this clause (k) of Persons that do not, upon the acquisition thereof, become Subsidiary Guarantors shall not exceed
$25,000,000; 
 (l) (i) Investments by the Borrower and any Restricted Subsidiaries in any business, division, line of business
or Person acquired pursuant to a Permitted Acquisition so long as the conditions to the making of any Permitted Acquisition set forth in subsection 8.7(k) are satisfied mutatis mutandis with respect to the making of such Investment and
(ii) Investments of any Person in existence at the time such Person becomes a Restricted Subsidiary pursuant to a Business Acquisition (provided that such Investment was not made in connection with or anticipation of such Person becoming
a Restricted Subsidiary); 
 (m) the Borrower and its Restricted Subsidiaries may make loans or advances to, or acquisitions or
other Investments in, other Persons (exclusive of (i) Unrestricted Subsidiaries and (ii) Persons which are, or become, Foreign Subsidiaries) that constitute or are in connection with joint ventures, provided the consideration paid
by the Borrower or any of its Subsidiaries in all such transactions after the Closing Date, does not exceed in the aggregate $15,000,000; 
 (n) the Borrower and its Restricted Subsidiaries may make loans or advances to, or other Investments in, or otherwise transfer funds (including by way of repayment of loans or advances) to, Foreign
Subsidiaries that are Restricted Subsidiaries (including new Foreign Subsidiaries that are to become Restricted Subsidiaries); provided that the consideration paid by the Borrower or any of its Restricted Subsidiaries in all transactions
after the Closing Date (net, in the case of loans, advances, investments and other transfers, of any repayments or return of capital in respect thereof actually received in cash by the Borrower or its Restricted Subsidiaries (net of applicable
taxes) after the Closing Date) does not exceed in the aggregate $5,000,000; 
 (o) the Borrower or any of its Restricted
Subsidiaries may acquire obligations of one or more directors, officers, employees, members or management or consultants of any of the Borrower or its Restricted Subsidiaries in connection with such person’s acquisition of shares of the
Borrower, so long as no cash is actually advanced by the Borrower or any of its Restricted Subsidiaries to such persons in connection with the acquisition of any such obligations; 

(p) the Borrower and its Restricted Subsidiaries may acquire assets with the Net Proceeds from Asset Sales in accordance with the
reinvestment rights provided under subsection 4.6(b); 
 (q) the Borrower and its Restricted Subsidiaries may acquire assets
under a Permitted Asset Swap; 

  
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 (r) the Borrower and its Restricted Subsidiaries may make other Investments in an aggregate
amount not to exceed the Available Amount at such time; 
 (s) the Borrower and its Restricted Subsidiaries may purchase any
Capital Stock of CMP not already owned by a Group Member on the Closing Date; 
 (t) the Borrower and its Restricted
Subsidiaries may make Investments to the extent the consideration paid therefor consists solely of (i) Capital Stock, which is not Disqualified Stock, of any Restricted Subsidiary or (ii) the Net Proceeds of any substantially concurrent
issuance of Capital Stock, which is not Disqualified Stock, by Parent or any Restricted Subsidiary (other than any issuance the proceeds of which have been included in the calculation of the Available Amount to the extent such proceeds have been
applied pursuant to the definition of “Available Amount” to make an Investment pursuant to subsection 8.7(r), a Restricted Payment pursuant to subsection 8.8(b) or a prepayment of Second Lien Loans or Second Lien Permitted Refinancings
pursuant to subsection 8.15(b)(iii), have been applied for Restricted Payments under subsection 8.8(c) or subsection 8.8(h) or have been applied for prepayments of Indebtedness under subsection 8.15(b)(iv)); provided that,
(x) immediately before and after making such Investment, no Default or Event of Default shall have occurred and be continuing), (y) in the case of clause (ii) in respect of an issuance by Parent, the proceeds thereof have been
contributed by Parent in cash as common equity to the Borrower or such Restricted Subsidiary and (z) in the case of clause (ii), such issuance is to a Person other than a Group Member; and 

(u) the Borrower and its Restricted Subsidiaries may make other Investments not to exceed, together with all other Investments made in
reliance on this clause (u), the greater of (i) $150,000,000 and (ii) the lesser of (x) 33% of consolidated total assets of the Borrower and its Restricted Subsidiaries as of the most recently ended fiscal quarter of the Borrower for
which financial statements have been delivered pursuant to subsection 7.1(a) or 7.1(b), as applicable, and (y) $450,000,000. 
 For
purposes of calculating the amount of any Investment, such amount shall equal (x) the amount actually invested less (y) any repayments, interest, returns, profits, dividends, distributions, income and similar amounts actually received in
cash from such Investment (from dispositions or otherwise) (which amount referred to in this clause (y) shall not exceed the amount of such Investment at the time such Investment was made). 

8.8 Limitation on Restricted Payments. Declare any dividends on any shares of any class of stock of any Group Member, or make any
payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, retirement or other acquisition of any shares of any class of stock of any Group Member, whether now or hereafter outstanding, or make
any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of the Borrower or any of its Restricted Subsidiaries, or make any optional payment or prepayment on the principal of the Senior
Notes or any Permitted Refinancing of the Senior Notes or redeem or otherwise acquire, purchase or defease any Senior Notes or any Permitted Refinancing thereof (all of the foregoing being referred to herein as “Restricted
Payments”); except that: 
 (a) (i) any Group Member may declare or pay dividends to the Borrower or any Subsidiary
Guarantor, (ii) any Group Member that is not a Loan Party may declare or pay dividends to any other Group Member that is not a Loan Party and (iii) any Restricted Subsidiary may declare and pay dividends ratably with respect to its Capital
Stock; 
 (b) so long as (i) no Default or Event of Default then exists or would result therefrom and (ii) the
Borrower could incur $1 of additional Indebtedness under subsection 8.2(o) (with the Consolidated Total Net Leverage Ratio for such purpose being calculated (i) after giving pro forma effect

  
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to the making of such Restricted Payment and any Indebtedness incurred in connection therewith and (ii) excluding the proceeds of such Indebtedness in the determination of unrestricted cash
and Cash Equivalents)), the Borrower may make Restricted Payments in an aggregate amount not to exceed the Available Amount; 

(c) so long as no Default or Event of Default then exists or would result therefrom, the Borrower may, or may pay dividends or make
distributions to Parent to permit Parent to, purchase its common stock or common stock options from former officers or employees of any Group Member upon the death, disability or termination of employment of such officer or employee,
provided, that the amount of payments made under this clause (c) after the Closing Date shall not exceed $5,000,000 in the aggregate in any fiscal year of the Borrower (with unused amounts in any fiscal year being carried over to
succeeding fiscal years subject to a maximum (without giving effect to the following proviso) of $10,000,000 in any fiscal year of the Borrower); provided further that such amount in any fiscal year may be increased by an amount not to exceed
(i) the Net Proceeds from the sale of Capital Stock (other than Disqualified Stock) of Parent to any employee, member or the board of directors or consultant of any Group Member that occurs after the Closing Date, solely to the extent such Net
Proceeds (x) have been contributed by Parent in cash as common equity to the Borrower and (y) have not been (A) included in the calculation of the Available Amount and applied to make an Investment pursuant to subsection 8.7(r), a
Restricted Payment pursuant to subsection 8.8(b) or a prepayment of Second Lien Loans or Second Lien Permitted Refinancings pursuant to subsection 8.15(b)(iii), (B) applied for Investments under subsection 8.7(t) or Restricted Payments under
subsection 8.8(h) or (C) applied to make a prepayment of Indebtedness under subsection 8.15(b)(iv); plus (ii) the cash proceeds of key man life insurance policies received by the Borrower or its Restricted Subsidiaries after the
Closing Date; less (iii) the amount of any Restricted Payments previously made with the cash proceeds described in clauses (i) and (ii); 
 (d) so long as no Default or Event of Default then exists or would result therefrom, the Borrower may, or may pay dividends or make distributions to Parent to permit Parent to, make payments and/or net
shares under employee benefit plans to settle option price payments owed by employees and directors with respect thereto, make payments in respect of or purchase restricted stock units and similar stock based awards thereunder and to settle
employees’ and directors’ federal, state and income tax liabilities (if any) related thereto, provided that the aggregate amount of such payments made by the Borrower after the Closing Date shall not exceed $5,000,000 in any fiscal
year (with unused amounts in any fiscal year of the Borrower being carried over to succeeding fiscal years subject to a maximum of $10,000,000 in any fiscal year); 
 (e) CMP Susquehanna Radio Holdings Corp. may redeem, repurchase, retire or acquire the Radio Holdings Preferred Stock in connection with the Refinancing; 

(f) so long as no Default or Event of Default then exists or would result therefrom, any Group Member may make dividends or distributions
within 60 days after the date of declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Agreement; 
 (g) so long as no Default or Event of Default then exists or would result therefrom, the Borrower and its Restricted Subsidiaries may, directly (in the case of the Borrower) or indirectly (in the case of
any Restricted Subsidiaries), make distributions to Parent to permit Parent to make cash payments in lieu of the issuance of fractional shares or interests in connection with the exercise of warrants, options or other rights or securities
convertible into or exchangeable for Capital Stock of Parent; provided that any such cash payment shall not be for the purpose of evading the limitations of this covenant; 

  
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 (h) the Borrower may make payments in respect of the Senior Notes and any Permitted
Refinancing thereof and redeem, repurchase, retire or acquire any Capital Stock of Parent in exchange for, or out of the Net Proceeds of, the substantially concurrent sale or issuance (other than to any Group Member) of Capital Stock (other than any
Disqualified Stock) of Parent, solely to the extent such Net Proceeds (i) have been contributed by Parent in cash as common equity to the Borrower and (ii) have not been (A) included in the calculation of the Available Amount and
applied to make an Investment pursuant to subsection 8.7(r), a Restricted Payment pursuant to subsection 8.8(b) or a prepayment of Second Lien Loans or Second Lien Permitted Refinancings pursuant to subsection 8.15(b)(iii), (B) applied for
Restricted Payments under subsection 8.8(c) or applied for Investments under subsection 8.7(t) or (C) applied to a prepayment of Indebtedness under subsection 8.15(b)(iv); 

(i) the Borrower and its Restricted Subsidiaries may convert or exchange all or any part of the Senior Notes or any Permitted
Refinancings thereof to Capital Stock (other than Disqualified Stock) of Parent; 
 (j) the Borrower and its Restricted
Subsidiaries may make payments in respect of the Senior Notes and any Permitted Refinancing thereof (i) in connection with any refinancing of the Senior Notes or any Permitted Refinancing thereof permitted pursuant to the terms hereof or
(ii) so long as (x) no Default or Event of Default then exists or would result therefrom and (y) as of the date of such payment, the Consolidated Senior Secured Leverage Ratio (determined on a pro forma basis, after giving effect to
the prepayment of such Indebtedness and any Indebtedness incurred in connection with such prepayment) is less than or equal to 4.0 to 1.0; and 
 (k) the Borrower may pay dividends or make distributions to Parent to permit Parent (i) to pay corporate overhead expenses incurred in the ordinary course of business and (ii) to pay amounts
required for Parent to pay federal, state and local income Taxes imposed directly on Parent to the extent such Taxes are attributable to the income of the Borrower and its Restricted Subsidiaries (including, without limitation, by virtue of Parent
being the common parent of a consolidated or combined Tax group of which the Borrower and/or its Restricted Subsidiaries are members); provided that the amount of any such dividends or distributions (plus any Taxes payable directly by the
Borrower and its Restricted Subsidiaries) shall not exceed the amount of such Taxes that would have been payable directly by the Borrower and/or its Restricted Subsidiaries had the Borrower been the common parent of a separate Tax group that
included only the Borrower and its Restricted Subsidiaries. 
 8.9 Transactions with Affiliates. Enter into after the
Closing Date any transaction, including any purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate (other than the Borrower or any Subsidiary Guarantor) except (a) for transactions which are otherwise
not prohibited under this Agreement and which are upon fair and reasonable terms no less favorable in any material respect to the Borrower or such Restricted Subsidiary than it would obtain in a hypothetical comparable arm’s length transaction
with a Person not an Affiliate, (b) so long as no Event of Default under Section 9(a) or (f) has occurred and is continuing, the payment of monitoring fees, management fees or similar fees to Affiliates of the Borrower in an aggregate
amount not to exceed $2,500,000 during any fiscal year of the Borrower (it being understood that any such fees (within the annual cap) that are accrued and unpaid while an Event of Default under Section 9(a) or (f) continues may be paid at
such time that no Event of Default under Section 9(a) or (f) is continuing, whether in the fiscal year of the Borrower when such fees were originally due and payable or in any subsequent fiscal year of the Borrower), (c) the Equity
Contribution and the issuance of the Closing Date Preferred Stock, (d) the reasonable and customary fees payable to the directors of the Group Members and reimbursement of reasonable out-of-pocket costs of the directors of the Group Members,
(e) the payment of reasonable and customary indemnities to the directors, officers and employees of the Group Members in the ordinary course of business and (f) as permitted under subsection 8.2(b), subsection 8.3(l), subsections 8.4(a)
and (f), subsection 8.6(c), subsection 8.7(c) and (d) and subsection 8.8 or (g) as set forth on Schedule 8.9. 

  
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 8.10 Limitation on Sales and Leasebacks. Enter into any arrangement with any Person
providing for the leasing by any Group Member of real or personal property which has been or is to be sold or transferred by such Group Member to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the
security of such property or rental obligations of such Group Member, provided that the Borrower or any of its Restricted Subsidiaries may enter into such arrangements covering property with an aggregate fair market value not exceeding
$100,000,000 during the term of this Agreement if the Net Proceeds from such sale leaseback arrangements are applied to the prepayment of Term Loans in accordance with the provisions of subsection 4.6(b); provided that the Reinvestment Rights
provided in subsection 4.6(b) shall not be available with respect to such Net Proceeds. 
 8.11 Fiscal Year. Permit the
fiscal year for financial reporting purposes of the Borrower to end on a day other than December 31, unless the Borrower shall have given at least 45 days prior written notice to the Administrative Agent. 

8.12 Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits or limits (other than
a dollar limit, provided that such dollar limit is sufficient in amount to allow at all times the Liens to secure the Obligations) the ability of any Group Member to create, incur, assume or suffer to exist any Lien upon any of its property
or revenues, whether now owned or hereafter acquired, to secure its obligations under the Loan Documents to which it is a party other than (a) this Agreement, the other Loan Documents, the Second Lien Loan Documents and the Senior Notes (and
any agreement governing any Permitted Refinancing in respect of the Loans or the Senior Notes or any Second Lien Permitted Refinancing, so long as any such prohibition or limitation contained in such refinancing agreement is not materially less
favorable to the Lenders that that which exists as of the Closing Date), (b) any agreements governing any secured Indebtedness otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets
financed thereby), (c) an agreement prohibiting only the creation of Liens securing Subordinated Indebtedness, (d) pursuant to applicable law, (e) restrictions by reason of customary provisions restricting assignments, subletting or
other transfers contained in leases, licenses and other similar agreements entered into in the ordinary course of business (provided that such restrictions are limited to the property or assets secured by such Liens or the property or assets
subject to such leases, licenses, or similar agreements, as the case may be), (f) any prohibition or limitation that consists of customary restrictions and conditions contained in any agreement relating to the sale or sale-leaseback of any
property permitted under this Agreement, (g) documents, agreements or constituent documents governing joint ventures, (h) any agreement in effect at the time a Restricted Subsidiary becomes a Restricted Subsidiary as long as such agreement
was not entered into in contemplation of such Person becoming a Restricted Subsidiary, (i) agreements permitted under subsection 8.10, (j) restrictions arising in connection with cash or other deposits permitted under subsections 8.3 and
8.7 and limited to such cash or deposits and (k) customary non-assignment provisions in contracts entered into in the ordinary course of business. 
 8.13 Clauses Restricting Subsidiary Distributions. Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to
(a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any other Restricted Subsidiary, (b) make loans or advances to, or other Investments in, the Borrower
or any other Restricted Subsidiary or (c) transfer any of its assets to the Borrower or any other Restricted Subsidiary, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the
Loan Documents, the Second Lien Loan Documents or the Senior Notes (or any agreement governing any Permitted Refinancing in respect of the 

  
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Loans or the Senior Notes or any Second Lien Permitted Refinancings, so long as any such restriction contained in such refinancing agreement is not materially less favorable to the Lenders that
that which exists as of the Closing Date), (ii) any restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement that has been entered into in connection with the disposition of all or substantially all of the Capital
Stock or all or substantially all of the assets of such Restricted Subsidiary, (iii) applicable law, (iv) restrictions in effect on the Closing Date contained in the agreements governing the Indebtedness in effect on the Closing Date and
in any agreements governing any refinancing thereof if such restrictions are no more restrictive than those contained in the agreements as in effect on the Closing Date governing the Indebtedness being renewed, extended or refinanced,
(v) customary non-assignment provisions with respect to contracts, leases or licensing agreements entered into by the Borrower or any of its Restricted Subsidiaries, in each case entered into in the ordinary course of business,
(vi) customary provisions in joint venture agreements and other similar agreements entered into in the ordinary course of business, (vii) Liens permitted under subsection 8.3 and any documents or instruments governing the terms of any
Indebtedness or other obligations secured by any such Liens; provided that such prohibitions or restrictions apply only to the assets subject to such Liens; (viii) any encumbrance or restriction with respect to a Restricted Subsidiary
pursuant to an agreement relating to any Capital Stock or Indebtedness incurred by such Restricted Subsidiary on or prior to the date on which such Restricted Subsidiary was acquired by the Borrower and outstanding on such date as long as such
agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary, (ix) any customary restriction on cash or other deposits imposed under agreements entered into in the ordinary course of business or net worth
provisions in leases and other agreements entered into in the ordinary course of business, (x) provisions with respect to dividends, the disposition or distribution of assets or property in joint venture agreements, license agreements, asset
sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into in the ordinary course of business; (xi) restrictions on deposits imposed under contracts entered into in the ordinary course of
business; and (xii) any restrictions under any Indebtedness permitted by subsection 8.2 if such restrictions are no more restrictive to the Borrower and its Restricted Subsidiaries than those contained under this Agreement. 

8.14 FCC Licenses. Cause any of the FCC Licenses to be held at any time by any Person other than the Borrower or any of its
wholly-owned Restricted Subsidiaries that are Domestic Subsidiaries (with an exception for those Stations held in a Divestiture Trust pursuant to rule, regulation or order of the FCC). 

8.15 Certain Payments of Indebtedness. (a) Make any payment in violation of any of the subordination provisions of any
Subordinated Indebtedness or any payment of regularly scheduled interest or principal on any Subordinated Indebtedness at any time after the occurrence and during the continuation of an Event of Default under Section 9(a); or (b) make any
payment or prepayment (including payments as a result of acceleration thereof) on the Second Lien Loans (or any Second Lien Permitted Refinancing) or any Subordinated Indebtedness or redeem or otherwise acquire, purchase or defease the Second Lien
Loans (or any Second Lien Permitted Refinancing) or any Subordinated Indebtedness, except that (i) any Group Member may make any such payment in connection with any refinancing of the Second Lien Loans or any Second Lien Permitted Refinancing
or any Subordinated Indebtedness permitted pursuant to the terms hereof; (ii) any Group Member may make payments in respect of the Second Lien Loans or any Second Lien Permitted Refinancing or any Subordinated Indebtedness so long as
(x) no Default or Event of Default then exists or would result therefrom and (y) as of the date of such payment, the Consolidated Senior Secured Leverage Ratio (determined on a pro forma basis, after giving effect to the prepayment of such
Indebtedness and any Indebtedness incurred in connection with such prepayment) is less than or equal to 4.0 to 1.0; (iii) with respect to the Second Lien Loans or any Second Lien Permitted Refinancing, so long as (x) no Default or Event of
Default then exists or would result therefrom and (y) the Borrower could incur $1 of additional Indebtedness under subsection 8.2(o) (with the Consolidated Total Net Leverage Ratio for such purpose being calculated (1)

  
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after giving pro forma effect to the making of such prepayment and any Indebtedness incurred in connection therewith and (2) excluding the proceeds of such Indebtedness in the
determination of unrestricted cash and Cash Equivalents)), any Group Member may prepay the Second Lien Loans or any Second Lien Permitted Refinancing in an aggregate amount not to exceed the Available Amount, (iv) any Group Member may prepay
the Second Lien Loans or any Second Lien Permitted Refinancing or any Subordinated Indebtedness out of the Net Proceeds of the substantially concurrent sale or issuance (other than to any Group Member) of Capital Stock (other than any Disqualified
Stock) of Parent, solely to the extent such Net Proceeds (x) have been contributed by Parent in cash as common equity to the Borrower and (y) have not been (1) included in the calculation of the Available Amount and applied to make an
Investment pursuant to subsection 8.7(r), a Restricted Payment pursuant to subsection 8.8(b) or a prepayment of Second Lien Loans or a Second Lien Permitted Refinancing pursuant to subsection 8.15(b)(iii) or (2) applied for Restricted Payments
under subsections 8.8(c) or 8.8(h) or applied for Investments under subsection 8.7(t), (v) if a Lender has declined a prepayment in accordance with subsection 4.6(f), the Borrower may make a prepayment in respect of the Second Lien Loans in
accordance with subsection 4.5 of the Second Lien Credit Agreement (or, after payment in full of all Second Lien Loans, a prepayment in respect of any Second Lien Permitted Refinancing if required by the terms of such Indebtedness) in an amount
equal to the applicable Declined Prepayment Amount; and (vi) the Borrower and its Restricted Subsidiaries may convert or exchange all or any portion of any Subordinated Indebtedness to Capital Stock (other than Disqualified Stock) of Parent.

 8.16 Amendment of Material Documents. Amend, modify, waive or otherwise change, or consent or agree to any material
amendment, modification, waiver or other change to (a) its certificate of incorporation, by-laws or other organizational documents, (b) any indenture, credit agreement or other document entered into to evidence or govern the terms of any
Indebtedness identified on Schedule 8.2 or permitted to be created, incurred or assumed pursuant to subsection 8.2 (including, for the avoidance of doubt, the Second Lien Credit Agreement) and, in each case, any indenture, credit agreement or other
document entered into with respect to any extension, renewal, replacement or refinancing thereof or (c) any document entered into to evidence or govern the terms of any Preferred Stock, in each case except for any such amendment, modification
or waiver that, (i) would not, in any material respect, adversely affect the interests of the Lenders and (ii) would otherwise not be prohibited hereunder; provided that no such amendment, modification, waiver, change, consent or
agreement shall be made with respect to the Second Lien Credit Agreement unless not prohibited under the Intercreditor Agreement. 
 SECTION 9. EVENTS OF DEFAULT. 
 Upon the occurrence of any of the
following events: 
 (a) The Borrower shall fail to (i) pay any principal of any Loan or Note or Revolving L/C Obligation
when due in accordance with the terms hereof or (ii) pay any interest on any Loan or any other amount payable hereunder within three Business Days after any such interest or other amount becomes due in accordance with the terms thereof or
hereof; or 
 (b) Any representation or warranty made or deemed made by any Loan Party in any Loan Document or which is
contained in any certificate, guarantee, document or financial or other statement furnished under or in connection with this Agreement shall prove to have been incorrect in any material respect on or as of the date made or deemed made; or

 (c) Any Loan Party shall default in the observance or performance of any agreement contained in subsection 3.3(d), 7.7(a) or
Section 8 of this Agreement; provided that a default by the Borrower under subsection 8.1 shall not constitute an Event of Default with respect to the Term Facility 

  
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or any Term Loans unless and until the Majority Revolving Lenders shall have terminated their Revolving Credit Commitments and declared all amounts under the Revolving Credit Facility to be due
and payable (such period commencing with a default under subsection 8.1 and ending on the date on which the Majority Revolving Lenders with respect to the Revolving Credit Facility terminate and accelerate the Revolving Credit Facility, the
“Term Loan Standstill Period”); or 
 (d) Any Loan Party shall default in the observance or performance of any
other agreement contained in any Loan Document, and such default shall continue unremedied for a period of 30 days after written notice thereof from the Administrative Agent to the Borrower; or 

(e) Parent or any of its Restricted Subsidiaries shall (A) default in any payment of principal of or interest on any Indebtedness
(other than the Loans, the Revolving L/C Obligations and any intercompany debt) or in the payment of any Contingent Obligation (other than in respect of the Loans, the Revolving L/C Obligations or any intercompany debt) in respect of Indebtedness,
beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness or such Contingent Obligation was created; or (B) default in the observance or performance of any other agreement or condition relating to
any such Indebtedness or Contingent Obligation in respect of Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other
event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Contingent Obligation (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to
cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity, any applicable grace period having expired, or such Contingent Obligation to become payable, any applicable grace period having expired,
provided that the aggregate principal amount of all such Indebtedness and Contingent Obligations (without duplication of any Indebtedness and Contingent Obligations in respect thereof) which would then become due or payable as described in
this Section 9(e) would equal or exceed $35,000,000; or 
 (f) (i) Parent or any of its Restricted Subsidiaries (other than
any Non-Significant Subsidiary) shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking
to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or
a material portion of its assets, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets, or Parent or any of its Restricted Subsidiaries (other than any
Non-Significant Subsidiary) shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against Parent or any of its Restricted Subsidiaries (other than any Non-Significant Subsidiary) any case, proceeding
or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or
(iii) there shall be commenced against Parent or any of its Restricted Subsidiaries (other than any Non-Significant Subsidiary) any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar
process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or
(iv) Parent or any of its Restricted Subsidiaries (other than any Non-Significant Subsidiary) shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii),
or (iii) above; or (v) Parent or any of its Restricted Subsidiaries (other than any Non-Significant Subsidiary) shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or

  
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 (g) (i) A Reportable Event shall have occurred; (ii) any Plan that is intended to be
qualified under Section 401(a) of the Code shall lose its qualification; (iii) a non-exempt Prohibited Transaction shall have occurred with respect to any Plan; (iv) any Loan Party or any ERISA Affiliate shall have failed to make by
its due date a required installment under Section 430(j) of the Code with respect to any Single Employer Plan or a required contribution to a Multiemployer Plan, in either case whether or not waived; (v) a determination shall have been
made that any Single Employer Plan is, or is expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (vi) any Loan Party or any ERISA Affiliate shall have incurred any
liability under Title IV of ERISA with respect to the termination of any Single Employer Plan, including but not limited to the imposition of any Lien in favor of the PBGC or any Single Employer Plan; (vii) any Loan Party or any ERISA Affiliate
shall have been notified by the sponsor of a Multiemployer Plan that it has incurred or will be assessed Withdrawal Liability to such Multiemployer Plan and such Loan Party or ERISA Affiliate does not have reasonable grounds for contesting such
Withdrawal Liability or is not contesting such Withdrawal Liability in a timely and appropriate manner; or (viii) any Loan Party or any ERISA Affiliate shall have received from the sponsor of a Multiemployer Plan a determination that such
Multiemployer Plan is, or is expected to be, Insolvent, in Reorganization, terminated, or in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA; and in each case in
clauses (i) through (viii) above, such event or condition, together with all other such events or conditions if any, would result in a Material Adverse Effect; or 
 (h) One or more judgments or decrees shall be entered against Parent or any of its Restricted Subsidiaries involving in the aggregate a liability (not paid or fully covered by insurance) of $35,000,000 or
more to the extent that all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within the time required by the terms of such judgment; or 

(i) Except as contemplated by this Agreement or as provided in subsection 11.1, the guarantee contained in Section 2 of the
Guarantee and Collateral Agreement shall cease, for any reason, to be in full force and effect or any Loan Party shall so assert in writing; or 
 (j) Except as contemplated by this Agreement or as provided in subsection 11.1, any Grantor (as defined in the Guarantee and Collateral Agreement) shall breach any covenant or agreement contained in the
Guarantee and Collateral Agreement with the effect that the Guarantee and Collateral Agreement shall cease to be in full force and effect or the Lien granted thereby shall cease to be a Lien with the priority purported to be created thereby and, for
the avoidance of doubt, as required by the Intercreditor Agreement, in each case other than with respect to items of Collateral not exceeding $2,500,000 in the aggregate or any Loan Party shall assert in writing that the Guarantee and Collateral
Agreement or the Intercreditor Agreement is no longer in full force and or effect or the Lien granted by the Guarantee and Collateral Agreement is no longer of the priority purported to be created thereby and, for the avoidance of doubt, as required
by the Intercreditor Agreement; provided that there shall be no Event of Default under this Section 9(j) to the extent such Event of Default arises from the failure of the Administrative Agent to file financing statements or continuation
statements under the Uniform Commercial Code in respect of any Lien granted by the Guarantee and Collateral Agreement; or 
 (k)
A Change in Control shall occur; or 
 (l) The loss, revocation or suspension of, or any material impairment in the ability to
use, any one or more FCC Licenses with respect to any Station of the Borrower or any Restricted Subsidiary generating collective Broadcast Cash Flow equal to or greater than 15% of the total Broadcast Cash Flow of the Borrower and the Subsidiary
Guarantors; 

  
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 then, and in any such event, (a) if such event is an Event of Default with respect to the Borrower
specified in clause (i) or (ii) of paragraph (f) above, automatically (i) the Commitments and the Issuing Lender’s obligation to issue Letters of Credit shall immediately terminate and the Loans hereunder (with accrued
interest thereon) and all other amounts owing under this Agreement and the Loans shall immediately become due and payable, and (ii) all obligations of the Borrower in respect of the Letters of Credit, although contingent and unmatured, shall
become immediately due and payable and the Issuing Lender’s obligation to issue Letters of Credit shall immediately terminate; (b) if such event is an Event of Default arising from a breach of subsection 8.1, any or all of the following
actions may be taken: (X) (i) with the consent of the Majority Revolving Lenders, the Administrative Agent may, or upon the request of the Majority Revolving Lenders, the Administrative Agent shall, by notice to the Borrower declare the
Revolving Credit Commitments to and the Issuing Lender’s obligation to issue Letters of Credit to be terminated forthwith, whereupon the Revolving Credit Commitments and such obligation shall immediately terminate; and (ii) with the
consent of the Majority Revolving Lenders, the Administrative Agent may, or upon the request of the Majority Revolving Lenders, the Administrative Agent shall, by notice to the Borrower, (A) declare the Revolving Credit Loans hereunder (with
accrued interest thereon) and all other amounts owing under the Loan Documents with respect to the Revolving Credit Facility under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately
become due and payable and (B) declare all or any portion of the obligations of the Borrower in respect of the Letters of Credit, although contingent and unmatured, to be due and payable forthwith, whereupon the same shall immediately become
due and payable and/or demand that the Borrower discharge any or all of the obligations supported by the Letters of Credit by paying or prepaying any amount due or to become due in respect of such obligations; and (Y) subject to the proviso in
paragraph (c) above and the expiration of the Term Loan Standstill Period (if applicable), with the consent of the Majority Term Lenders, the Administrative Agent may, or upon the request of the Majority Term Lenders, the Administrative Agent
shall, by notice to the Borrower, declare the Term Loans hereunder (with accrued interest thereon) and all other amounts owing with respect to the Term Facility under this Agreement and the other Loan Documents to be due and payable forthwith,
whereupon the same shall immediately become due and payable; and (c) if such event is any other Event of Default, so long as any such Event of Default shall be continuing, either or both of the following actions may be taken: (i) with the
consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower declare the Commitments and the Issuing Lender’s obligation to issue Letters
of Credit to be terminated forthwith, whereupon the Commitments and such obligation shall immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the
Administrative Agent shall, by notice to the Borrower (A) declare all or a portion of the Loans of all Lenders hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and such Loans to be due and payable
forthwith, whereupon the same shall immediately become due and payable, and (B) declare all or a portion of the obligations of the Borrower in respect of the Letters of Credit, although contingent and unmatured, to be due and payable forthwith,
whereupon the same shall immediately become due and payable and/or demand that the Borrower discharge any or all of the obligations supported by the Letters of Credit by paying or prepaying any amount due or to become due in respect of such
obligations. All payments under this Section 9 on account of undrawn Letters of Credit shall be made by the Borrower directly to a cash collateral account established by the Administrative Agent for such purpose for application to the
Borrower’s Revolving L/C Obligations as drafts are presented under the Letters of Credit, with the balance, if any, to be applied to the Borrower’s obligations under this Agreement and the Loans as the Administrative Agent shall determine
with the approval of the Required Lenders. Except as expressly provided above in this Section 9, presentment, demand, protest and all other notices of any kind are hereby expressly waived. 

  
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 SECTION 10. THE ADMINISTRATIVE AGENT AND THE ISSUING LENDER 

10.1 Appointment. Each Lender hereby irrevocably designates and appoints JPMCB as the Administrative Agent under this Agreement and
irrevocably authorizes JPMCB as Administrative Agent for such Lender to take such action on its behalf under the provisions of the Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative
Agent by the terms of the Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into the Loan Documents or otherwise
exist against the Administrative Agent. 
 10.2 Delegation of Duties. The Administrative Agent may execute any of its
duties under this Agreement and each of the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Without limiting the foregoing, the
Administrative Agent may appoint any of its affiliates as its agent to perform the functions of the Administrative Agent hereunder relating to the advancing of funds to the Borrower and distribution of funds to the Lenders and to perform such other
related functions of the Administrative Agent hereunder as are reasonably incidental to such functions. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with
reasonable care, except as otherwise provided in subsection 10.3. 
 10.3 Exculpatory Provisions. Neither the
Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact, Affiliates or Subsidiaries shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with
the Loan Documents (except for its or such Person’s own gross negligence or willful misconduct), or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or
any officer thereof contained in the Loan Documents or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, the Loan Documents or for the value,
validity, effectiveness, genuineness, enforceability or sufficiency of the Loan Documents or for any failure of any Loan Party to perform its obligations thereunder. The Administrative Agent shall not be under any obligation to any Lender to
ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, any Loan Document, or to inspect the properties, books or records of any Loan Party. 

10.4 Reliance by the Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in
relying, upon any Note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, electronic transmission, telex or teletype message, statement, order or other document or conversation believed by it to be
genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by the Administrative
Agent. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The
Administrative Agent shall be fully justified in failing or refusing to take any action under any Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, where unanimous consent of the Lenders is expressly
required hereunder, such Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such
action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under any Loan Document in accordance with a request of the Required Lenders, and such request and any action taken or failure to act
pursuant thereto shall be binding upon all the Lenders and all future holders of the Notes. 

  
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 10.5 Notice of Default. The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received written notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and
stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall promptly give notice thereof to the Lenders. The Administrative Agent shall take such
action with respect to such Default or Event of Default as shall be directed by the Required Lenders; provided that (i) the Administrative Agent shall not be required to take any action that exposes the Administrative Agent to liability
or that is contrary to this Agreement or applicable law and (ii) unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from
taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 
 10.6 Non-Reliance on Administrative Agent and Other Lenders. Each Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents,
attorneys-in-fact, Subsidiaries or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Loan Parties, shall be deemed to constitute any
representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents
and information as it has deemed appropriate, made its own appraisal of an investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and made its own decision to make its Loans
hereunder and participate in the Letters of Credit and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under the Loan Documents, and to make such investigation as it deems necessary to inform itself
as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent
hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, financial condition, assets, liabilities, net assets, properties, results of
operations, value, prospects and other condition or creditworthiness of the Loan Parties which may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact, Affiliates or
Subsidiaries. 
 10.7 Indemnification. The Lenders severally agree to indemnify the Administrative Agent in its capacity
as such (to the extent not reimbursed by the Loan Parties and without limiting the obligation of the Loan Parties to do so), ratably (determined at the time such indemnity is sought) according to the respective amounts of their respective
Commitments (or, to the extent such Commitments have been terminated, according to the respective outstanding principal amounts of the Loans and obligations, whether as Issuing Lender or a Participating Lender, with respect to Letters of Credit),
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 the Loans) be
imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of the Loan Documents or any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or
omitted by the Administrative Agent under or in connection with any of the foregoing; provided that no 

  
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Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the
Administrative Agent’s gross negligence or willful misconduct. The agreements contained in this subsection 10.7 shall survive the payment of the Notes and all other amounts payable hereunder. 

10.8 Administrative Agent in its Individual Capacity. The Administrative Agent and its Affiliates and Subsidiaries may make loans
to, accept deposits from and generally engage in any kind of business with the Loan Parties as though the Administrative Agent were not the Administrative Agent hereunder. With respect to its Loans made or renewed by it, any Note issued to it and
any Letter of Credit issued by or participated in by it, the Administrative Agent shall have the same rights and powers, duties and liabilities under the Loan Documents as any Lender and may exercise the same as though it were not Administrative
Agent and the terms “Lender” and “Lenders” shall include the Administrative Agent in its individual capacities. 
 10.9 Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the Lenders. If the Administrative Agent shall resign as Administrative
Agent under the Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders which successor agent shall (unless an Event of Default under Section 9(a) or Section 9(f) shall have occurred
and be continuing) be approved by the Borrower (which approval shall not be unreasonably withheld or delayed) whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent and the term “Administrative
Agent” shall mean such successor agent effective upon its appointment, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of
such former Administrative Agent or any of the parties to this Agreement or any holders of the Notes. If no successor agent has accepted appointment as Administrative Agent by the date that is 30 days following a retiring Administrative Agent’s
notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as
the Required Lenders appoint a successor agent as provided for above. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Section 10 shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. 
 10.10 Issuing Lender as
Issuer of Letters of Credit. Each Lender hereby acknowledges that the provisions of this Section 10 shall apply to the Issuing Lender, in its capacity as issuer of any Letter of Credit, in the same manner as such provisions are expressly
stated to apply to the Administrative Agent. 
 10.11 No Other Agent Duties, Etc.. Anything herein to the contrary
notwithstanding, none of the Persons acting as co-syndication agent, co-documentation agent, joint lead arranger or bookrunner listed on the cover page hereof or otherwise shall have any powers, duties or responsibilities under any of the Loan
Documents, except in its capacity as the Administrative Agent, the Issuing Lender, the Swing Line Lender or any other Lender. 

SECTION 11. MISCELLANEOUS 
 11.1 Amendments and Waivers. No Loan Document or any terms thereof may be amended, supplemented, waived or modified except in accordance with the provisions of this subsection 11.1. Except as
expressly set forth in this Agreement, neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended, supplemented or modified except pursuant to a document in writing entered into by the Required
Lenders and the Loan Parties that are party hereto or thereto, as applicable; provided, however, that: 
 (a) no
such waiver and no such amendment, supplement or modification shall (i) directly or indirectly release all or substantially all of the Collateral or all or substantially all of the Guarantors from their obligations under the Guarantee and
Collateral Agreement or (ii) reduce any percentage specified in the definition of Required Lenders, in each case without the written consent of all Lenders; 

  
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 (b) no such waiver and no such amendment, supplement or modification shall (i) extend
the scheduled maturity of any Loan or scheduled installment of any Loan or reduce any scheduled installment of any Loan or reduce the principal amount thereof or extend the expiry date of any Letter of Credit beyond the Revolving Credit Termination
Date, or reduce the rate (provided that only the consent of the Required Lenders shall be necessary to amend the default rate provided in subsection 4.7(c) or to waive any obligation of the Borrower to pay interest at such default rate) or extend
the time of payment of interest thereon, or change the method of calculating interest thereon, or reduce the amount or extend the time of payment of any fee payable to the Lenders hereunder, or increase the amount of any Commitment of any Lender
without the consent of each Lender directly and adversely affected thereby, (ii) amend, modify or waive any provision of this subsection 11.1 or consent to the assignment or transfer by any Loan Party of any of its rights and obligations under
any Loan Document without the consent of all Lenders, (iii) amend, modify or waive subsection 4.16(a) in a manner that would by its terms alter the pro rata sharing of payments required thereby or (iv) amend, modify or waive
Section 6.5 of the Guarantee and Collateral Agreement with respect to the priority of payments set forth therein, in each case, without the written consent of each Lender directly and adversely affected thereby; provided, that any such
waiver, amendment, supplement or modification may be made without the consent of the Required Lenders if such waiver, amendment, supplement or modification otherwise satisfies the requirements of this clause (b); 

(c) no such waiver and no such amendment, supplement or modification shall amend subsection 3.3(d) without the consent of Lenders holding
more than 50% of the Revolving Credit Commitments in respect of the applicable maturing Revolving Credit Commitments (or if the Revolving Credit Commitments in respect of such maturing tranche have been cancelled the sum of (i) the L/C
Participating Interests in the aggregate amount then available to be drawn under all outstanding Letters of Credit issued in respect of such maturing tranche and (ii) the aggregate then outstanding principal amount of Revolving L/C Obligations
in respect of such maturing tranche); 
 (d) no such waiver and no such amendment, supplement or modification shall amend,
modify or waive any provision of Section 10 or subsection 4.21 without the written consent of the then Issuing Lender and the Administrative Agent; and 
 (e) this Agreement and the other Loan Documents may be amended solely with the consent of the Administrative Agent to incorporate the terms of any Incremental Facility or to establish an Extension
permitted by subsection 4.24. 
 Notwithstanding anything to the contrary contained herein, any amendment, modification or
waiver of any provision of subsection 8.1 (and any defined terms solely as used therein) or any other provision to any Loan Document that has been added solely for the benefit of the Revolving Credit Facility (as may be agreed between the Majority
Revolving Lenders and the Borrower) shall require the written consent of the Majority Revolving Lenders (and only the Majority Revolving Lenders) and each Loan Party party hereto. For the avoidance of doubt, it is understood and agreed that the
Required Lenders may not, and nor shall the consent of the Required Lenders be needed to, amend, modify or 

  
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waive any provision of subsection 8.1 (or any defined term as used therein) or any other provision to any Loan Document that has been added solely for the benefit of the Revolving Credit Facility
(as may be agreed between the Majority Revolving Lenders and the Borrower). 
 Any such waiver and any such amendment,
supplement or modification described in this subsection 11.1 shall apply equally to each of the Lenders and shall be binding upon each Loan Party, the Lenders, the Administrative Agent and all future holders of the Loans. No waiver, amendment,
supplement or modification of any Letter of Credit shall extend the expiry date thereof without the written consent of the Participating Lenders. In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be restored to
their former position and rights hereunder and under the outstanding Loans, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of
Default, or impair any right consequent thereon. 
 In connection with any proposed amendment, modification, waiver or
termination (a “Proposed Change”) requiring the consent of all Lenders or all affected Lenders, if the consent of the Required Lenders to such Proposed Change is obtained, but the consent to such Proposed Change of other Lenders
whose consent is required is not obtained (any such Lender whose consent is not obtained as described in this subsection 11.1 being referred to as a “Non-Consenting Lender”), then, the Borrower may, at its sole expense and effort,
upon notice to such Non-Consenting Lender and the Administrative Agent, require such Non-Consenting Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in subsection 11.6), all its interests,
rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that (i) (a) the Borrower shall have received the
prior written consent of the Administrative Agent (and, if a Revolving Credit Commitment is being assigned, each Issuing Lender and the Swing Line Lender), which consent shall not unreasonably be withheld or delayed, (b) such Non-Consenting
Lender shall have received payment of an amount equal to the outstanding principal amount of its Loans, participations in Letters of Credit funded under subsection 3.6(b) and participations under Swing Line Loans, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), (c) the Borrower or such assignee shall
have paid to the Administrative Agent the processing and recordation fee specified in subsection 11.6(d) and (d) such assignee has consented to the Proposed Change and (ii) substantially concurrently with satisfaction of the requirements
set forth in clause (i) of this proviso, such Non-Consenting Lender shall be deemed to have assigned and delegated its interests, rights and obligations under this Agreement and such Non-Consenting Lender shall not be required to execute the
Assignment and Assumption in connection therewith. If the Proposed Change to which the Non-Consenting Lender withholds consent would reduce the Applicable Margin for the period on or prior to the first anniversary of the Closing Date, the Borrower
shall be required to pay such Non-Consenting Lender a 1% premium on the amount of such Non-Consenting Lender’s Loans in connection with any assignment thereof pursuant to this paragraph. 

  
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 11.2 Notices. All notices, requests and demands to or upon the respective parties
hereto to be effective shall be in writing (including by telecopy or electronic transmission), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered by hand on a Business Day during
recipient’s normal business hours, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when sent on a Business Day and received during recipient’s normal business hours with
confirmation of receipt received, addressed as follows in the case of each Loan Party and the Administrative Agent, and as set forth on its signature page hereto in the case of any Lender, or to such other address as may be hereafter notified by the
respective parties hereto and any future holders of the Loans: 
  

			
	The Borrower:	    	Cumulus Media Holdings Inc.
		    	3280 Peachtree Road, N.W., Suite 2300
		    	Atlanta, Georgia 30305
		    	Attention: General Counsel
		    	Telecopy: (404) 260-6877
		
	In the case of the Borrower, with a copy to:	    	Jones Day
		    	1420 Peachtree Street, N.E., Suite 800
		    	Atlanta, Georgia 30309
		    	Attention: John E. Zamer, Esq.
		    	Telecopy: (404) 581-8330
		
	The Administrative Agent:	    	JPMorgan Chase Bank, N.A.
		    	Loan and Agency Services Group
		    	1111 Fannin Street
		    	10th Floor
		    	Houston, Texas 77002
		    	Attention: Yi Chun Kuo
		    	Telecopy: (713) 750-2878
		
	With copies to:	    	JPMorgan Chase Bank, N.A.
		    	383 Madison Avenue, 24th Floor
		    	New York, New York 10179
		    	Telecopy: (212) 270-5127

 provided that the failure to provide the copies of notices to the Borrower provided for in this subsection 11.2
shall not result in any liability to the Administrative Agent or any Lender. 
 Notices and other communications to the Lenders
hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to subsections 3.3, 3.7, 4.1, 4.3, 4.4, 4.5 and
4.6 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 
 11.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or
under the Loan Documents, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power
or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 11.4 Survival of Representations and Warranties. All representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant
hereto or in connection herewith shall survive the execution and delivery of this Agreement, the making of the Loans, Letters of Credit and other extensions of credit hereunder. 

  
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 11.5 Payment of Expenses. The Borrower agrees: 

(a) to pay or reimburse the Administrative Agent, the Issuing Lender, the Arrangers, the Restatement Arrangers and their respective
Affiliates for all of their reasonable out-of-pocket costs and expenses incurred in connection with the preparation, execution and delivery of, any amendment, supplement or modification to, or any waiver of, this Agreement and the other Loan
Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements (including filing and
recording fees and expenses) of counsel to the Administrative Agent, the Arrangers, the Restatement Arrangers and the Lenders (which shall be limited to one counsel, FCC counsel and, if necessary, one local counsel in any relevant jurisdiction and
expenses attributable to processing primary assignments and, solely in case of any actual or perceived conflict of interest, one additional counsel to the affected Lenders taken as a whole); 

(b) to pay or reimburse the Lenders and the Administrative Agent for all their reasonable out-of-pocket costs and expenses incurred in
connection with, and to pay, indemnify, and hold the Administrative Agent and the Lenders harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever arising out of or in connection with, the enforcement or preservation of any rights under any Loan Document and any such other documents or any workout or restructuring of the Loan Documents, limited to out-of-pocket
costs, fees, disbursements and other charges of one counsel, FCC counsel and one local counsel in any relevant jurisdiction for the Administrative Agent and the Lenders taken as a whole (and, solely in case of any actual or perceived conflict of
interest, one additional counsel to the affected Lenders taken as a whole) incurred in connection with the foregoing and in connection with advising the Administrative Agent with respect to its rights and responsibilities under this Agreement, the
other Loan Documents and the documentation relating thereto. 
 (c) to pay, indemnify, and to hold the Administrative Agent and
each Lender harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying similar fees, if any, which may be payable or determined to be payable in connection with the
execution and delivery of, or consummation of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document and any such other documents; and 

(d) to pay, indemnify, and hold the Administrative Agent, each Arranger, each Restatement Arranger, the Issuing Lender and each Lender
and their respective officers, directors, employees, affiliates, advisors, controlling persons and agents (each an “Indemnitee”) harmless from and against any and all other liabilities, obligations, losses, damages (including
punitive damages), penalties, fines, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including reasonable experts’ and consultants’ fees and limited to reasonable fees and disbursements of one
counsel, one FCC counsel and, if necessary, one local counsel in each appropriate jurisdiction, in each case for all Indemnitees taken as a whole (and, solely in the case of any actual or perceived conflict of interest where the Indemnitee affected
by such conflict of interest informs the Borrower of such conflict and thereafter retains its own counsel, of another firm of counsel for such affected Indemnitee) and third party claims for personal injury or real or personal property damage) which
may be incurred by or asserted against the Administrative Agent, any Arranger, any Restatement Arranger or any Lender (x) arising out of or in connection with any investigation, litigation or proceeding related to this Agreement, the other Loan
Documents, the Loans, the actual or proposed use of proceeds of the Loans, or any of the other transactions contemplated hereby or thereby, whether or not the Administrative Agent, any Arranger, any Restatement Arranger or any of the Lenders is a
party thereto, (y) with respect to any environmental matters, any environmental compliance expenses and remediation expenses in connection with the presence, suspected presence, release or suspected release of any Materials of Environmental
Concern in or into the air, soil, groundwater, surface water or improvements at, on, about, under, or 

  
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within the Properties, or any portion thereof, or elsewhere in connection with the transportation of Materials of Environmental Concern to or from the Properties, in each case to the extent
required under Environmental Laws, or (z) without limiting the generality of the foregoing, by reason of or in connection with the execution, performance, delivery, enforcement or administration, of this Agreement, the other Credit Agreement
and any such other documents, or transfer of, or payment or failure to make payments under, Letters of Credit (all the foregoing in this clause (d), collectively, the “indemnified liabilities”), provided that the Borrower
shall have no obligation hereunder to any Indemnitee (x) with respect to indemnified liabilities to the extent they are found by a final, non-appealable judgment of a court to arise from the gross negligence or willful misconduct of, or
material breach by, such Indemnitee, (y) under this subsection 11.5 for any taxes other than Other Taxes or taxes derived from a non-tax claim or (z) with respect to indemnified liabilities arising out of a dispute solely between
Indemnified Parties not involving an act or omission by the Borrower or any of its Affiliates (other than any such indemnified liabilities asserted against any Indemnitee in its capacity, or in fulfilling its role, as an agent, Arranger, Restatement
Arranger or similar role for any Facility (including any Incremental Facility)). All amounts due under this subsection 11.5 shall be payable not later than 10 days after written demand therefor. The agreements in this subsection 11.5 shall survive
repayment of the Loans and all other amounts payable hereunder. 
 11.6 Successors and Assigns; Participations; Purchasing
Lenders. 
 (a) This Agreement shall be binding upon and inure to the benefit of Parent, the Borrower, the Lenders and the
Administrative Agent, all future holders of the Loans, and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Lender that issues any Letter of Credit), except that (i) the Borrower may not assign or
transfer any of its rights or obligations under this Agreement without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign
or otherwise transfer its rights and obligations hereunder except in accordance with this Section. 
 (b) Any Lender other than
a Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other financial institutions or Lender Affiliates (other than a Disqualified Person or an Affiliated Lender
(other than an Affiliated Debt Fund)) (“Participants”) participating interests in any Loan owing to such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of
such Lender or any other interest of such Lender hereunder and under the other Loan Documents. Notwithstanding anything to the contrary in the immediately preceding sentence, each Lender shall have the right to sell one or more participations in all
or any part of its Loans or any other Obligation to one or more lenders or other Persons that provide financing to such Lender in the form of sales and repurchases of participations without having to satisfy the foregoing requirements. In the event
of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the
performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the other Loan Documents and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. The Borrower agrees that if amounts outstanding under this Agreement and the Loans are due and unpaid, or shall have been declared or shall
have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement and any Loan to the same extent as if
the amount of its participating interest were owing directly to it as a Lender under this Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant
to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in 

  
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subsection 11.7. The Borrower also agrees that each Participant shall be entitled to the benefits of, and shall be subject to the limitations of, subsections 4.17, 4.18, 4.19 and 4.20 with
respect to its participation in the Letters of Credit and the Loans outstanding from time to time; provided that no Participant shall be entitled to receive (i) any greater amount pursuant to such subsections than the transferor Lender
would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred or (ii) the benefits of subsection 4.20 unless such Participant complies
with subsections 4.20(f), 4.20(g), 4.20(h) and 4.20(i) as if it were a Lender. Each Lender that sells a participation, acting solely for this purpose as an agent of the Borrower, shall maintain a register on which it enters the name and address of
each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”). No Lender shall have any obligation to
disclose all or any portion of the Participant Register to any Person except to the extent such disclosure is necessary to establish that any Loan, Letter of Credit or Note is in registered form under Section 5f.103.1(c) of the U.S. Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender, each Loan Party and the Administrative Agent shall treat each person whose name is recorded in the Participant Register pursuant to the
terms hereof as the owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary. 

(c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the
prior written consent (not to be unreasonably withheld or delayed) of: 
 (i) the Administrative Agent;
provided that no consent of the Administrative Agent shall be required for an assignment of all or a portion of a Term Loan to a Lender, a Lender Affiliate or an Approved Fund; 

(ii) the Swing Line Lender and the Issuing Lenders; provided that no consent of the Swing Line Lender or Issuing
Lenders shall be required for an assignment of Term Loan only; and 
 (iii) the Borrower; provided that
(A) (i) no consent of the Borrower shall be required for an assignment to a Lender, a Lender Affiliate or an Approved Fund or (ii) if an Event of Default under Section 9(a) or (f) has occurred and is continuing and
(B) the Borrower shall be deemed to have consented to any assignment unless the Borrower has objected thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof, 

sell to any Eligible Assignee (an “Assignee”), all or any part of its rights and obligations under this Agreement, the Notes and the
other Loan Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Assumption executed by such Assignee, such assigning Lender (except as otherwise permitted by subsection
4.22 and subsection 11.1) and, to the extent their consent is required, the Borrower, the Swing Line Lender, the Issuing Lenders and the Administrative Agent, and delivered to the Administrative Agent for its acceptance and recording in the Register
(as defined below); provided that (A) each such sale pursuant to this subsection 11.6(c) of less than all of a Lender’s rights and obligations (I) to a Person which is not then a Lender, a Lender Affiliate or an Approved Fund
shall be of Commitments and/or Loans of not less than $5,000,000 (or in the case of the Term Facility, $1,000,000) and (II) to a Person which is then a Lender, a Lender Affiliate or an Approved Fund may be in any amount and (B) each Assignee
shall comply with the provisions of subsection 4.20 hereof; provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with subsection 11.6(a) in all or any portion of its Loans
(without duplication). For purposes of clause (A) of the first proviso contained in the preceding sentence, the 

  
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amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution, delivery, acceptance and recording, from and after the effective
date determined pursuant to such Assignment and Assumption, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Assumption, have the rights and obligations of a Lender hereunder with the
Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Assumption, be released from its obligations under this Agreement (and, in
the case of an Assignment and Assumption covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such assigning Lender shall cease to be a party hereto but shall continue to be entitled to the
benefits of subsections 4.17, 4.18, 4.19, 4.20 and 11.5). Such Assignment and Assumption shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment
of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such assigning Lender under this Agreement. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its
designating Lender hereunder without the consent of the Borrower or the Administrative Agent any or all of the Loans it may have funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first
sentence of this subsection 11.6(c); provided that such designating Lender complies with subsection 4.20 and shall not be entitled to receive any greater amounts under this Agreement (including subsections 4.18 and 4.20) than the assigning
Conduit Lender was entitled to receive immediately prior to such assignment in respect of the Loans subject to such assignment. 

Notwithstanding anything to the contrary set forth in this Agreement (including subsection 4.16(a) or 11.7(a)) or any other Loan
Document, any Lender may assign all or any portion of its rights and obligations under this Agreement, the Notes and the other Loan Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest to an Affiliated
Lender; provided that any such assignment (other than any such assignment to an Affiliated Debt Fund) shall be subject to the following additional conditions: (1) no Event of Default under Section 9(a) or (f) shall have
occurred and be continuing immediately before and after giving effect to such assignment, (2) after giving effect to such assignment and to all other assignments with all Affiliated Lenders, the aggregate principal amount of all Term Loans then
held by all Affiliated Lenders shall not exceed 25% of the aggregate unpaid principal amount of the Term Loans then outstanding, (3) the Affiliated Lender shall execute a waiver in form and substance reasonably satisfactory to the
Administrative Agent that it shall have no right whatsoever so long as such Person is an Affiliated Lender (i) to vote as a Lender with respect to any amendment, modification, waiver, consent or other such action with respect to any of the
terms of this Agreement or any other Loan Document (it being understood that such interest will be deemed voted in the same proportion as the allocation of voting with respect to such matter by those Lenders who are not Affiliated Lenders),
provided that, notwithstanding the foregoing, (x) such Affiliated Lender shall be permitted to vote as a Lender if such amendment, modification, waiver, consent or other such action (A) requires the vote of all Lenders or all
affected Lenders and all other Lenders or all other affected Lenders, as the case may be, have given their consent thereto, or (B) disproportionately affects such Affiliated Lender in its capacity as a Lender as compared to other Lenders that
are not Affiliated Lenders and (y) no amendment, modification, waiver, consent or other action shall deprive any Affiliated Lender of its share of any payments which the Lenders are entitled to share on a pro rata basis hereunder without
consent of such Affiliated Lender, (ii) subject to subclause (i) of clause (3) of this paragraph, to otherwise vote as a Lender on any matter related to this Agreement or any other Loan Document, (iii) to, in its capacity as a
Lender, attend (or receive any notice of) any meeting, conference call or correspondence with the Administrative Agent or any Lender or receive any information from the Administrative Agent or any Lender, (iv) to receive advice of counsel to
the Administrative Agent or to Lenders other than Affiliated Lenders or to challenge the Lenders’ attorney-client privilege or (v) to make or bring any claim, in its capacity as a Lender, against the Administrative Agent or any Lender with
respect to the duties and obligations of such Persons under the Loan Documents (except with respect to rights expressly retained 

  
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under subclause (i) of clause (3) of this paragraph), (4) each Affiliated Lender shall acknowledge and agree that the Loans owned by it shall be non-voting under sections 1126 and
1129 of the Bankruptcy Code in the event that any proceeding thereunder shall be instituted by or against any Group Member, or, alternatively, to the extent that the foregoing non-voting designation is deemed unenforceable for any reason, each
Affiliated Lender shall vote in such proceedings in the same proportion as the allocation of voting with respect to such matter by those Lenders who are not Affiliated Lenders, except to the extent that any plan of reorganization proposes to treat
the obligations held by such Affiliated Lender in a manner that is less favorable in any material respect to such Affiliated Lender than the proposed treatment of similar obligations held by Lenders that are not Affiliated Lenders, (5) no
Revolving Credit Commitments, Revolving Credit Loans or L/C Participating Interests shall be assigned to any Affiliated Lender; (6) any Loans assigned to the Borrower or any Subsidiary shall be cancelled promptly upon such assignment and
(7) no proceeds of Revolving Credit Loans shall be used by the Borrower or any Subsidiary to purchase Term Loans. 
 For
the purposes of this subsection 11.6, “Approved Fund” means any Person (other than a Disqualified Person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary
course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an affiliate of an entity that administers or manages a Lender. 

(d) The Administrative Agent acting on behalf of and as agent for the Borrower, shall maintain at the address of the Administrative Agent
referred to in subsection 11.2 a copy of each Assignment and Assumption delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount of any
Term Loans, Swing Line Loans and/or Revolving Credit Loans owing to, and if such Lender has any Revolving Credit Commitments and/or the L/C Participating Interests owing to each Lender. The entries in the Register shall be conclusive, in the absence
of manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all purposes of this
Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for
purposes of this agreement unless it has been recorded in the Register as provided in this paragraph. 
 (e) Upon its receipt of
an Assignment and Assumption executed by an assigning Lender, an Assignee and any other party required to executed such Assignment and Assumption pursuant to this subsection 11.6, together with payment to the Administrative Agent of a registration
and processing fee of $3,500, the Administrative Agent shall (i) promptly accept such Assignment and Assumption and (ii) on the effective date determined pursuant thereto, record the information contained therein in the Register and give
notice of such acceptance and recordation to the Lenders and the Borrower. The Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in which the Assignee designates one or more credit
contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Affiliates and their related parties or their respective securities) will be made available and who may receive such
information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 
 (f) The Borrower authorizes each Lender to disclose to any Participant or Assignee (each, a “Transferee”) and any prospective Transferee or to any pledgee referred to in subsection
11.6(g) or to any direct or indirect contractual counterparty in swap agreements or such contractual counterparty’s professional advisor (so long as such contractual counterparty or professional advisor to such contractual counterparty agrees
to be bound by confidentiality provisions at least as restrictive as those of subsection 11.15) any and all financial information in such Lender’s possession concerning the Borrower and its Subsidiaries which has been delivered to such Lender
by or on behalf of the Borrower pursuant to this 

  
 111

 
Agreement or which has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender’s credit evaluation of the Borrower and its Subsidiaries and Affiliates
prior to becoming a party to this Agreement; provided that no such information shall be provided by any Lender to any Disqualified Lender. 
 (g) For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this subsection concerning assignments of Loans and Notes relate only to absolute assignments and that such
provisions do not prohibit assignments creating security interests, including any pledge or assignment (i) by a Lender of any Loan or Note to any Federal Reserve Bank or central bank having jurisdiction over such lender in accordance with
applicable law and (ii) by a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under
any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this subsection 11.6. 
 (h) The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (g) above.

 (i) The Borrower, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit
Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full
of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss,
cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or limit the ability of any such Person to file claims
against a Conduit Lender in connection with any such proceeding. 
 11.7 Adjustments; Set-off. 

(a) Except as otherwise expressly set forth in this Agreement (including subsections 4.23, 4.24 and 11.6), if any Lender (a
“Benefited Lender”) shall at any time receive any payment of all or part of any of its Term Loans, Revolving Credit Loans (other than payment of Swing Line Loans) or L/C Participating Interests, as the case may be, or interest
thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 9(f), or otherwise) in a greater proportion than any such payment to
and collateral received by any other Lender, if any, in respect of such other Lender’s L/C Participating Interests, Term Loans or Revolving Credit Loans, as the case may be, or interest thereon, such Benefited Lender shall purchase for cash
from the other Lenders such portion of each such other Lender’s L/C Participating Interests, Term Loans or Revolving Credit Loans, as the case may be, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds
thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment
or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. The Borrower agrees that each Lender so purchasing
a portion of another Lender’s Loans and/or L/C Participating Interests may exercise all rights of payment (including rights of set-off) with respect to such portion as fully as if such Lender were the direct holder of such portion. The
Administrative Agent shall promptly give the Borrower notice of any set-off, provided that the failure to give such notice shall not affect the validity of such set-off. 

  
 112

 (b) Upon the occurrence of an Event of Default specified in Section 9(a) or
Section 9(f), the Administrative Agent and each Lender are hereby irrevocably authorized at any time and from time to time without notice to the Borrower, any such notice being hereby waived by the Borrower, to set off and appropriate and apply
any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured,
at any time held or owing by the Administrative Agent or such Lender or any of their respective Affiliates to or for the credit or the account of the Borrower or any part thereof in such amounts as the Administrative Agent or such Lender may elect,
on account of the liabilities of the Borrower hereunder and under the other Loan Documents and claims of every nature and description of the Administrative Agent or such Lender against the Borrower in any currency, whether arising hereunder, or
otherwise, under any other Loan Document as the Administrative Agent or such Lender may elect, whether or not the Administrative Agent or such Lender has made any demand for payment and although such liabilities and claims may be contingent or
unmatured. The Administrative Agent and each Lender shall notify the Borrower promptly of any such setoff made by it and the application made by it of the proceeds thereof, provided that the failure to give such notice shall not affect the
validity of such setoff and application. The rights of the Administrative Agent and each Lender under this paragraph are in addition to other rights and remedies (including other rights of setoff) which the Administrative Agent or such Lender may
have. 
 11.8 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number
of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative
Agent. This Agreement shall become effective with respect to the Borrower, the Administrative Agent and the Lenders when the Administrative Agent shall have received a signature page of this Agreement executed by the Borrower and the Lenders, or, in
the case of any Lender, shall have received telephonic confirmation from such Lender stating that such Lender has executed counterparts of this Agreement or the signature pages hereto and sent the same to the Administrative Agent. Delivery of an
executed signature page of this Agreement by e-mail or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. 
 11.9 Integration. Except for matters set forth in the Fee Letter, this Agreement and the other Loan Documents represent the entire agreement of the Loan Parties, the Administrative Agent and the
Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to the subject matter hereof or thereof not expressly set forth
or referred to herein or in the other Loan Documents. 
 11.10 GOVERNING LAW; NO THIRD PARTY RIGHTS. THIS AGREEMENT
AND THE LOANS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND THE LOANS SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK; PROVIDED THAT THE INTERPRETATION OF THE
DEFINITION OF “CLOSING DATE MATERIAL ADVERSE EFFECT” (AND WHETHER OR NOT A CLOSING DATE MATERIAL ADVERSE EFFECT HAS OCCURRED) SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE AS APPLIED TO CONTRACTS
SUCH AS THE ACQUISITION AGREEMENT. THIS AGREEMENT IS SOLELY FOR THE BENEFIT OF THE PARTIES HERETO AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, AND, EXCEPT AS SET FORTH IN SUBSECTION 11.6, NO OTHER PERSONS SHALL HAVE ANY RIGHT, BENEFIT, PRIORITY OR
INTEREST UNDER, OR BECAUSE OF THE EXISTENCE OF, THIS AGREEMENT. 

  
 113

 11.11 SUBMISSION TO JURISDICTION; WAIVERS. EACH PARTY TO THIS AGREEMENT HEREBY
IRREVOCABLY AND UNCONDITIONALLY: 
 (i) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS CREDIT AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, THE
COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND THE APPELLATE COURTS FROM ANY THEREOF; 

(ii) CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS, AND WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER
HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 

(iii) 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 SUCH PARTY AT ITS ADDRESS SET FORTH IN SUBSECTION 11.2 OR AT SUCH OTHER ADDRESS OF WHICH THE ADMINISTRATIVE AGENT SHALL HAVE BEEN NOTIFIED PURSUANT THERETO;

 (iv) AGREES THAT NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION; 
 (v) WAIVES, TO THE MAXIMUM EXTENT NOT
PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO IN THIS SECTION ANY SPECIAL, INDIRECT, PUNITIVE OR CONSEQUENTIAL DAMAGES; AND 

(vi) EACH PARTY HERETO UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO IN PARAGRAPH
(a) ABOVE. 
 11.12 Acknowledgements. Each of Parent and the Borrower hereby acknowledges that: 

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

(b) none of the Administrative Agent or any Lender has any fiduciary relationship to any Loan Party, and the relationship between the
Administrative Agent and the Lenders, on the one hand, and the Loan Parties, on the other hand, is solely that of creditor and debtor; and 
 (c) no joint venture exists among the Lenders or among any Loan Parties and the Lenders. 

  
 114

 11.13 Releases of Guarantees and Liens. 

(a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent is hereby
irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by subsection 11.1) and the Administrative Agent hereby agrees to take any action requested by the Borrower having the
effect of releasing or evidencing the release of any collateral or guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with
subsection 11.1 or (ii) under the circumstances described in paragraph (b) below. 
 (b) At such time as the Loans,
the L/C Obligations and the other obligations under the Loan Documents (other than obligations under or in respect of Specified Swap Agreements or Specified Cash Management Agreements and contingent indemnity obligations not due and payable) shall
have been paid in full in cash, the Commitments have been terminated and no Letters of Credit shall be outstanding, the collateral shall be released from the Liens created by the Guarantee and Collateral Agreement, and the Guarantee and Collateral
Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Loan Party under the Guarantee and Collateral Agreement shall terminate, all without delivery of any instrument or
performance of any act by any Person. 
 11.14 Intercreditor Agreement. Each Lender hereby authorizes and directs the
Administrative Agent (a) to enter into the Intercreditor Agreement on its behalf, perform the Intercreditor Agreement on its behalf and take any actions thereunder as determined by the Administrative Agent to be necessary or advisable to
protect the interest of the Lenders and the Issuing Lender, and each Lender agrees to be bound by the terms of the Intercreditor Agreement and (b) to enter into any other intercreditor agreement reasonably satisfactory to the Administrative
Agent on its behalf, perform such intercreditor agreement on its behalf and take any actions thereunder as determined by the Administrative Agent to be necessary or advisable to protect the interests of the Lenders and the Issuing Lender, and each
Lender agrees to be bound by the terms of such Intercreditor agreement. 
 11.15 Confidentiality. Each of the
Administrative Agent and each Lender agrees to keep confidential all non-public information provided to it by any Loan Party, the Administrative Agent or any Lender pursuant to or in connection with this Agreement; provided that nothing
herein shall prevent the Administrative Agent or any Lender from disclosing any such information (a) to the Administrative Agent or any other Lender, (b) subject to an agreement to comply with confidentiality provisions at least as
restrictive as those of this Section, to any actual or prospective Transferee or any pledgee referred to in subsection 11.6(g) or any direct or indirect counterparty to any swap agreement (or any professional advisor to such counterparty),
(c) to its Affiliates or to its employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its Affiliates (it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such information and instructed to keep such information confidential), (d) upon the request or demand of any Governmental Authority, (e) in response to any order of any court or other Governmental Authority or as
may otherwise be required pursuant to any Requirement of Law, (f) if requested or required to do so in connection with any litigation or similar proceeding, (g) that has been publicly disclosed (other than in violation of this subsection
11.15), (h) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings
issued with respect to such Lender (it being understood that any rating agency to whom such disclosure is made will be informed of the confidential 

  
 115

 
nature of such information and instructed to keep such information confidential) or (i) in connection with the exercise of any remedy hereunder or under any other Loan Document;
provided that, unless prohibited by applicable law or court order, such Lender or the Administrative Agent shall use reasonable efforts to notify the Borrower of any disclosure pursuant to clauses (d) or (e). 

Each Lender acknowledges that information furnished to it pursuant to this Agreement or the other Loan Documents may include material
non-public information concerning the Borrower and its Affiliates and their related parties or their respective securities, and confirms that it has developed compliance procedures regarding the use of material non-public information and that it
will handle such material non-public information in accordance with those procedures and applicable law, including Federal and state securities laws. 
 All information, including requests for waivers and amendments, furnished by the Borrower or the Administrative Agent pursuant to, or in the course of administering, this Agreement or the other Loan
Documents will be syndicate-level information, which may contain material non-public information about the Borrower and its Affiliates and their related parties or their respective securities. Accordingly, each Lender represents to the Borrower and
the Administrative Agent that it has identified in its administrative questionnaire a credit contact who may receive information that may contain material non-public information in accordance with its compliance procedures and applicable law,
including Federal and state securities laws. 
 11.16 Usury Savings. Notwithstanding any other provision herein, the
aggregate interest rate charged hereunder, including all charges or fees in connection therewith deemed in the nature of interest under applicable law, shall not exceed the Highest Lawful Rate (as such term is defined below). If the rate of interest
(determined without regard to the preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate (as defined below), the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the
total amount of interest due hereunder equals the amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition, if and when the Loans made hereunder
are repaid in full the total interest due hereunder (taking into account the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had
at all times been in effect, then to the extent permitted by law, the Borrower shall pay to the Administrative Agent an amount equal to the difference between the amount of interest paid and the amount of interest which would have been paid if the
Highest Lawful Rate had at all times been in effect. Notwithstanding the foregoing, it is the intention of the Lenders and the Borrower to conform strictly to any applicable usury laws. Accordingly, if any Lender contracts for, charges, or receives
any consideration which constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender’s option be applied to the outstanding amount of the Loans
made hereunder or be refunded to the Borrower. As used in this paragraph, the term “Highest Lawful Rate” means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received
under the laws applicable to such Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws now
allow.
 11.17 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 11.18 Patriot Act. Each Lender that is subject to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and
record information that identifies the Borrower and each other Loan Party, which information includes the name and address of the Borrower and each other Loan Party and other information that will allow such Lender to identify the Borrower and each
other Loan Party in accordance with the Act. 

  
 116

 11.19 Reaffirmation Agreement; Consents. (a) Each Lender hereby consents to the
amendments to the Intercreditor Agreement, the Security Documents and the other Loan Documents set forth in the Reaffirmation Agreement. 
 (b) The Required Lenders (as defined in the Existing Credit Agreement) hereby waive the requirement for two Working Days’ notice with respect to any optional prepayment of Loans (as defined in the
Existing Credit Agreement) on the Restatement Effective Date. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

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

			
	CUMULUS MEDIA INC.
		
	By:	 	 /s/

		 	Name:
		 	Title:
	
	CUMULUS MEDIA HOLDINGS INC.
		
	By:	 	 /s/

		 	Name:
		 	Title:

  
 Credit
Agreement Signature Page 

 
			
	 JPMORGAN CHASE BANK, N.A., as Administrative Agent and Issuing Lender

		
	By:	 	 /s/

		 	Name:
		 	Title:

  
 Credit
Agreement Signature Page 

 
			
	UBS SECURITIES LLC, as Co-Syndication Agent
		
	By:	 	 /s/

		 	Name:
		 	Title:

  
 Credit
Agreement Signature Page 

 
			
	MIHI LLC, as Co-Syndication Agent
		
	By:	 	 /s/

		 	Name:
		 	Title:

  
 Credit
Agreement Signature Page 

 
			
	 ROYAL BANK OF CANADA, as Co-Syndication Agent

		
	By:	 	 /s/

		 	Name:
		 	Title:

  
 Credit
Agreement Signature Page 

 
			
	 U.S. BANK NATIONAL ASSOCIATION, as Co- Documentation Agent

		
	By:	 	 /s/

		 	Name:
		 	Title:

  
 Credit
Agreement Signature Page 

 
			
	FIFTH THIRD BANK, as Co-Documentation Agent
		
	By:	 	 /s/

		 	Name:
		 	Title:

  
 Credit
Agreement Signature Page 

 
			
	[LENDERS]
		
	By:	 	 /s/

		 	Name:
		 	Title:

  
 Credit
Agreement Signature PageCredit Agreement

 Exhibit 10.1 

CUSIP 67400DAF3 
  

 
  

CREDIT AGREEMENT 

dated as of 

December 21, 2012 
 among 
 OAKTREE CAPITAL MANAGEMENT, L.P., 

OAKTREE CAPITAL II, L.P., 
 OAKTREE AIF INVESTMENTS, L.P., 
 OAKTREE CAPITAL I, L.P., 

The Lenders Party Hereto, 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent, L/C Issuer and Swing Line Lender, 
 and 
 WELLS FARGO SECURITIES, LLC, 

as Sole Lead Arranger and Sole Lead Bookrunner 
 $750,000,000 SENIOR UNSECURED 
 CREDIT FACILITIES 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE I.   DEFINITIONS	  	 	1	  
			
	 SECTION 1.1.
	  	Defined Terms	  	 	1	  
			
	 SECTION 1.2.
	  	Terms Generally	  	 	26	  
			
	 SECTION 1.3.
	  	Accounting Terms; GAAP	  	 	26	  
			
	 SECTION 1.4.
	  	Time	  	 	27	  
			
	 SECTION 1.5.
	  	Joint and Several Obligations	  	 	27	  
			
	 SECTION 1.6.
	  	Classification of Loans and Borrowings	  	 	27	  
		
	ARTICLE II.   THE CREDITS	  	 	27	  
			
	 SECTION 2.1.
	  	Commitments	  	 	27	  
			
	 SECTION 2.2.
	  	Loans and Borrowings	  	 	28	  
			
	 SECTION 2.3.
	  	Requests for Borrowings	  	 	29	  
			
	 SECTION 2.4.
	  	Funding of Borrowings	  	 	29	  
			
	 SECTION 2.5.
	  	Interest Elections	  	 	30	  
			
	 SECTION 2.6.
	  	Termination and Reduction of Commitments	  	 	31	  
			
	 SECTION 2.7.
	  	Repayment of Loans; Evidence of Debt	  	 	32	  
			
	 SECTION 2.8.
	  	Prepayment of Loans	  	 	33	  
			
	 SECTION 2.9.
	  	Fees	  	 	33	  
			
	 SECTION 2.10.
	  	Interest	  	 	34	  
			
	 SECTION 2.11.
	  	Alternate Rate of Interest	  	 	35	  
			
	 SECTION 2.12.
	  	Increased Costs	  	 	35	  
			
	 SECTION 2.13.
	  	Break Funding Payments	  	 	36	  
			
	 SECTION 2.14.
	  	Taxes	  	 	37	  
			
	 SECTION 2.15.
	  	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	 	39	  
			
	 SECTION 2.16.
	  	Mitigation Obligations; Replacement of Lenders	  	 	40	  
			
	 SECTION 2.17.
	  	Letters of Credit	  	 	41	  
			
	 SECTION 2.18.
	  	Swing Line	  	 	49	  
			
	 SECTION 2.19.
	  	Notes	  	 	53	  
			
	 SECTION 2.20.
	  	Defaulting Lenders	  	 	54	  
		
	 ARTICLE III.   REPRESENTATIONS AND WARRANTIES
	  	 	56	  

  
 -i-

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	Page	 
			
	 SECTION 3.1.
	  	Organization; Powers	  	 	56	  
			
	 SECTION 3.2.
	  	Authorization; Enforceability	  	 	56	  
			
	 SECTION 3.3.
	  	Governmental Approvals; No Conflicts	  	 	56	  
			
	 SECTION 3.4.
	  	Financial Condition; No Material Adverse Change	  	 	56	  
			
	 SECTION 3.5.
	  	Properties	  	 	57	  
			
	 SECTION 3.6.
	  	Litigation and Environmental Matters	  	 	57	  
			
	 SECTION 3.7.
	  	Compliance with Laws and Agreements	  	 	57	  
			
	 SECTION 3.8.
	  	Investment and Holding Company Status	  	 	58	  
			
	 SECTION 3.9.
	  	Taxes	  	 	58	  
			
	 SECTION 3.10.
	  	ERISA	  	 	58	  
			
	 SECTION 3.11.
	  	Disclosure	  	 	58	  
			
	 SECTION 3.12.
	  	No Default	  	 	59	  
			
	 SECTION 3.13.
	  	Subsidiaries	  	 	59	  
			
	 SECTION 3.14.
	  	Federal Regulations	  	 	59	  
			
	 SECTION 3.15.
	  	No Burdensome Restrictions	  	 	59	  
			
	 SECTION 3.16.
	  	Foreign Assets Control, Etc	  	 	59	  
			
	 SECTION 3.17.
	  	Obligations to Rank Pari Passu	  	 	60	  
		
	 ARTICLE IV.   CONDITIONS
	  	 	60	  
			
	 SECTION 4.1.
	  	Effective Date	  	 	60	  
			
	 SECTION 4.2.
	  	Each Credit Event	  	 	61	  
		
	 ARTICLE V.   AFFIRMATIVE COVENANTS
	  	 	62	  
			
	 SECTION 5.1.
	  	Financial Statements and Other Information	  	 	62	  
			
	 SECTION 5.2.
	  	Notices of Material Events	  	 	64	  
			
	 SECTION 5.3.
	  	Existence; Conduct of Business	  	 	64	  
			
	 SECTION 5.4.
	  	Payment of Obligations	  	 	65	  
			
	 SECTION 5.5.
	  	Maintenance of Properties; Insurance	  	 	65	  
			
	 SECTION 5.6.
	  	Books and Records; Inspection Rights	  	 	65	  
			
	 SECTION 5.7.
	  	Compliance with Laws and Contractual Obligations	  	 	65	  
			
	 SECTION 5.8.
	  	Use of Proceeds	  	 	65	  
			
	 SECTION 5.9.
	  	Environmental Laws	  	 	66	  

  
 -ii-

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE VI.   NEGATIVE COVENANTS
	  	 	66	  
			
	 SECTION 6.1.
	  	Indebtedness	  	 	66	  
			
	 SECTION 6.2.
	  	Liens	  	 	68	  
			
	 SECTION 6.3.
	  	Fundamental Changes	  	 	69	  
			
	 SECTION 6.4.
	  	Investments, Loans, Advances, Guarantees and Acquisitions; Hedging Agreements	  	 	70	  
			
	 SECTION 6.5.
	  	Restricted Payments	  	 	71	  
			
	 SECTION 6.6.
	  	Transactions with Affiliates	  	 	71	  
			
	 SECTION 6.7.
	  	Restrictive Agreements; Negative Pledge Clauses	  	 	72	  
			
	 SECTION 6.8.
	  	Financial Condition Covenants	  	 	72	  
			
	 SECTION 6.9.
	  	Reserved	  	 	73	  
			
	 SECTION 6.10.
	  	Changes in Fiscal Periods	  	 	73	  
			
	 SECTION 6.11.
	  	Optional Payments and Modifications of Certain Debt Instruments	  	 	73	  
		
	 ARTICLE VII.   EVENTS OF DEFAULT
	  	 	73	  
		
	 ARTICLE VIII.   THE ADMINISTRATIVE AGENT
	  	 	76	  
			
	 SECTION 8.1.
	  	Appointment, Powers and Immunities	  	 	76	  
			
	 SECTION 8.2.
	  	Reliance by the Administrative Agent	  	 	77	  
			
	 SECTION 8.3.
	  	Defaults	  	 	77	  
			
	 SECTION 8.4.
	  	Indemnification	  	 	77	  
			
	 SECTION 8.5.
	  	Non-Reliance	  	 	78	  
			
	 SECTION 8.6.
	  	Resignation of the Administrative Agent	  	 	78	  
			
	 SECTION 8.7.
	  	Collateral Matters	  	 	79	  
			
	 SECTION 8.8.
	  	Performance of Conditions	  	 	79	  
			
	 SECTION 8.9.
	  	The Administrative Agent in its Individual Capacity	  	 	79	  
		
	 ARTICLE IX.   MISCELLANEOUS
	  	 	80	  
			
	 SECTION 9.1.
	  	Notices	  	 	80	  
			
	 SECTION 9.2.
	  	Waivers; Amendments	  	 	82	  
			
	 SECTION 9.3.
	  	Expenses; Indemnity; Damage Waiver	  	 	83	  
			
	 SECTION 9.4.
	  	Successors and Assigns	  	 	84	  
			
	 SECTION 9.5.
	  	Survival	  	 	88	  

  
 -iii-

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	Page	 
			
	 SECTION 9.6.
	  	Counterparts; Integration; Effectiveness	  	 	88	  
			
	 SECTION 9.7.
	  	Severability	  	 	89	  
			
	 SECTION 9.8.
	  	Right of Setoff	  	 	89	  
			
	 SECTION 9.9.
	  	Governing Law; Jurisdiction; Consent to Service of Process	  	 	89	  
			
	 SECTION 9.10.
	  	No Third Party Rights	  	 	90	  
			
	 SECTION 9.11.
	  	Relationship of Parties	  	 	90	  
			
	 SECTION 9.12.
	  	WAIVER OF JURY TRIAL	  	 	90	  
			
	 SECTION 9.13.
	  	Time	  	 	91	  
			
	 SECTION 9.14.
	  	USA PATRIOT Act	  	 	91	  
			
	 SECTION 9.15.
	  	Headings	  	 	91	  
			
	 SECTION 9.16.
	  	Confidentiality	  	 	91	  
			
	 SECTION 9.17.
	  	Interest Rate Limitation	  	 	92	  
			
	 SECTION 9.18.
	  	Waivers and Agreements of Borrowers	  	 	92	  
			
	 SECTION 9.19.
	  	Clarification	  	 	93	  

  
 -iv-

 TABLE OF CONTENTS 
 (continued) 
  
  

			
	 	  	Page
	 SCHEDULES:
	  	
		
	Schedule 2.1 – Names, Addresses, Commitments, and Proportionate Shares of the Lenders	  	
	Schedule 3.6 – Disclosed Matters	  	
	Schedule 3.13 – Subsidiaries	  	
	Schedule 6.1 – Existing Indebtedness	  	
	Schedule 6.2 – Existing Liens	  	
	Schedule 6.6 – Transactions with Affiliates	  	
	Schedule 6.7 – Existing Restrictions	  	
		
	EXHIBITS:	  	
		
	Exhibit A – Form of Assignment and Acceptance	  	
	Exhibit B – Form of Legal Opinion of Munger, Tolles & Olson LLP, Special Counsel to Borrower	  	
	Exhibit C – Form of Report Under Section 5.1(e)	  	
	Exhibit D – Notice of Swing Line Borrowing	  	
	Exhibit E – Form of Revolving Loan Note	  	
	Exhibit F – Form of Term Loan Note	  	
	Exhibit G – Form of Swing Line Note	  	
	Exhibit H – Form of Compliance Certificate	  	
	Exhibit I – Form of Borrowing Request	  	
	Exhibit J – Form of Interest Election Request	  	

  
 -v-

 CREDIT AGREEMENT dated as of December 21, 2012 (as amended, restated, supplemented, or
otherwise modified from time to time, this “Agreement”), among OAKTREE CAPITAL MANAGEMENT, L.P., a Delaware limited partnership, OAKTREE CAPITAL II, L.P., a Delaware limited partnership, OAKTREE AIF INVESTMENTS, L.P., a Delaware
limited partnership, OAKTREE CAPITAL I, L.P., a Delaware limited partnership (each a “Borrower” and collectively, the “Borrowers”), the LENDERS party hereto from time to time, and WELLS FARGO BANK, NATIONAL
ASSOCIATION as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”), L/C Issuer and Swing Line Lender. WELLS FARGO SECURITIES, LLC (“Wells Fargo Securities”) has been given the titles
of sole lead arranger and sole lead bookrunner in connection with this Agreement (in such capacity, the “Lead Arranger”). 
 WHEREAS, the Borrowers have requested that the Lenders provide the credit facility set forth in this Agreement to the Borrowers, including the Revolving Loans, Term Loans Swing Line Loans and the issuance
of Letters of Credit; and 
 WHEREAS, each Borrower will directly and indirectly benefit from the financing provided to it and
to each other Borrower pursuant to this Agreement; 
 NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I. 
 DEFINITIONS 

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

“ABR” when used in reference to any Loan (or in the case of the Term Loans, a portion thereof) or Borrowing, refers to
whether such Loan (or portion thereof), or the Loans (or portion thereof) comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 

“Administrative Agent” has the meaning set forth in the preamble hereto. 

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

 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through
one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified; provided that for the purposes of Section 6.6, no member of Oaktree Operating Group shall be considered to be an
“Affiliate” of any other member of the Oaktree Operating Group. 
 “Agreement” has the meaning set
forth in the preamble hereto. 

 “Alternate Base Rate” means, on any day, the greatest of (a) the Prime
Rate in effect on such day, (b) the Federal Funds Effective Rate for the day immediately preceding such day plus one and one-half percent (1.50%) and (c) One Month LIBOR Rate for such day (determined on a daily basis as set forth
below) plus one and one-half percent (1.50%). As used in this definition, “One Month LIBOR Rate” shall mean, with respect to any interest rate calculation for a Loan, a portion of a Loan, Borrowing or any other obligation of any Borrower
under the Loan Documents bearing interest at the Alternate Base Rate, a rate per annum equal to the quotient (rounded upward if necessary to the nearest 1/100 of one percent) of (a) the rate per annum referred to as the BBA (British Bankers
Association) LIBOR RATE as reported on Reuters LIBOR page 1, or if not reported by Reuters, as reported by any service selected by the Administrative Agent, on the applicable day (provided that if such day is not a Business Day for which a LIBOR
Rate is quoted, the next preceding Business Day for which a LIBOR Rate is quoted) at or about 11:00 a.m., London time (or as soon thereafter as practicable), for dollar deposits being delivered in the London interbank eurodollar currency market for
a term of one month commencing on such date of determination, divided by (b) one minus the Reserve Requirement in effect on such day. If for any reason rates are not available as provided in clause (a) of the preceding sentence, the rate
to be used in clause (a) shall be, at the Administrative Agent’s discretion (in each case, rounded upward if necessary to the nearest 1/100 of one percent), (i) the rate per annum at which dollar deposits are offered to the
Administrative Agent in the London interbank eurodollar currency market or (ii) the rate at which dollar deposits are offered to the Administrative Agent in, or by the Administrative Agent to major banks in, any offshore interbank eurodollar
market selected by the Administrative Agent, in each case on the applicable day (provided that if such day is not a Business Day for which dollar deposits are offered to or by the Administrative Agent in the London or such offshore interbank
eurodollar currency market, the next preceding Business Day for which dollar deposits are offered to or by the Administrative Agent in the London or such offshore interbank eurodollar currency market) at or about 11:00 a.m., London time (or as soon
thereafter as practicable) (for delivery on such date of determination) for a one month term. 
 “Anti-Terrorism
Law” 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 (d) any other Governmental Rule now or hereafter enacted to monitor, deter or
otherwise prevent terrorism or the funding or support of terrorism. 
 “Applicable Margin” means, at any time
when there is a Debt Rating (as defined below), (a) in the case of interest calculable with respect to each Eurodollar Loan, the percentage set forth in the column headed “Eurodollar” opposite the applicable Tier level below,
(b) in the case of interest calculable with respect to each ABR Loan, the percentage set forth below in the column headed “ABR” opposite the applicable Tier level below, and (c) in the case of the Commitment Fees, the percentage
set forth in the column headed “Commitment Fees” opposite the applicable Tier level below: 
  

															
	 Tier
	  	Debt Rating	  	Eurodollar	 	 	ABR	 	 	Commitment Fees	 
	 I
	  	> A+/A1	  	 	0.875	% 	 	 	0.000	% 	 	 	0.100	% 
	 II
	  	A/A2	  	 	1.000	% 	 	 	0.000	% 	 	 	0.125	% 
	 III
	  	A-/A3	  	 	1.250	% 	 	 	0.250	% 	 	 	0.150	% 
	 IV
	  	BBB+/Baa1	  	 	1.375	% 	 	 	0.375	% 	 	 	0.175	% 
	 V
	  	< BBB/Baa2	  	 	1.750	% 	 	 	0.750	% 	 	 	0.200	% 

  
 2 

 “Debt Rating” means, as of any date of determination, the rating as
determined by either S&P, Fitch Ratings, Moody’s or other nationally recognized rating agency of the non-credit-enhanced, senior unsecured long-term debt of Oaktree Capital Management, L.P. (along with its affiliates); provided that
if (a) there are two ratings and (i) the respective Debt Ratings issued by the foregoing rating agencies differ by one Tier, then the Tier for the higher of such Debt Ratings shall apply (with the Debt Rating for Tier I being the highest
and the Debt Rating for Tier V being the lowest) and (ii) if such Debt Ratings differ by more than one Tier, then the Tier that is one Tier above the Tier of the lower Debt Rating shall apply and (b) there are three or more ratings and the
respective Debt Ratings issued by the foregoing rating agencies fall into different Debt Rating levels, then (i) the Tier for the two highest of such Debt Ratings shall apply and (ii) if the two highest of such Debt Ratings fall into
different Tiers and one of such Debt Ratings is (A) no more than one Debt Rating level higher than the other, then the applicable Tier shall be determined by reference to the lower of such Debt Ratings and (B) two or more Tiers lower than
the other of such Debt Ratings, then the Tier that is one Tier above the Tier of the lower Debt Rating shall apply. 
 Initially
the Applicable Margin shall be based on Tier II. The Applicable Margin shall be subject to adjustment (upwards or downwards, as appropriate), effective as of the date on which S&P, Fitch Ratings, Moody’s or other nationally recognized
rating agency announces a change of Debt Rating that results in a change in the Applicable Margin. 
 Notwithstanding the
foregoing, at any time when there is no Debt Rating, the Applicable Margin for each of Eurodollar Loans, ABR Loans and Commitment Fees shall be determined pursuant to the following pricing grid: 

 

															
	 Tier
	  	Combined Leverage Ratio	  	Eurodollar	 	 	ABR	 	 	Commitment Fees	 
	 I
	  	< 1.00	  	 	0.875	% 	 	 	0.000	% 	 	 	0.100	% 
	 II
	  	> 1.00 < 1.75	  	 	1.000	% 	 	 	0.000	% 	 	 	0.125	% 
	 III
	  	> 1.75 < 2.25	  	 	1.250	% 	 	 	0.250	% 	 	 	0.150	% 
	 IV
	  	> 2.25 < 2.75	  	 	1.375	% 	 	 	0.375	% 	 	 	0.175	% 
	 V
	  	> 2.75	  	 	1.750	% 	 	 	0.750	% 	 	 	0.200	% 

  
 3 

 Any increase or decrease in the Applicable Margin resulting from a change in the Combined
Leverage Ratio shall become effective as of the fifth Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 5.1(c) with respect to any fiscal quarter or fiscal year; provided that
(x) during the period commencing on the date there is no Debt Rating (each, a “Debt Rating Drop Date”) until the fifth Business Day immediately following the date a Compliance Certificate is delivered pursuant to
Section 5.1(c) with respect to the fiscal quarter or fiscal year in which such Debt Rating Drop Date occurs, Tier V shall apply and (y) at any time when there is no Debt Rating, if no Compliance Certificate is delivered when due in
accordance with Section 5.1(c), then Tier V shall apply as of the date of the failure to deliver such Compliance Certificate until such date as the Borrowers deliver such Compliance Certificate and thereafter the Applicable Margin shall be
based on the Combined Leverage Ratio indicated on such Compliance Certificate until such time as the Applicable Margin is further adjusted as set forth in this definition. At any time when there is no Debt Rating, if the Combined Leverage Ratio
reported in any Compliance Certificate shall be determined to have been incorrectly reported and if correctly reported would have resulted in a higher Applicable Margin, then the Applicable Margin shall be retroactively adjusted to reflect the
higher rate that would have been applicable had the Combined Leverage Ratio been correctly reported in such Compliance Certificate and the additional amounts resulting therefrom shall be due and payable within two (2) Business Days of written
notice therefor from the Administrative Agent or any Lender (the Borrowers’ obligations to pay such additional amounts shall survive the payment and performance of all other Obligations and the termination of this Agreement). At any time when
there is no Debt Rating, if the Combined Leverage Ratio reported in any Compliance Certificate shall be determined to have been incorrectly reported and if correctly reported would have resulted in a lower Applicable Margin and such determination is
made within ninety (90) days after the delivery of such Compliance Certificate pursuant to Section 5.1(c) (and notice thereof has been provided to the Administrative Agent within such ninety (90) day period), then the Applicable
Margin shall be retroactively adjusted to reflect the lower rate that would have been applicable had the Combined Leverage Ratio been correctly reported in such Compliance Certificate, and any excess interest paid by the Borrowers to the Lenders
resulting from such incorrect reporting of the Combined Leverage Ratio shall be refunded to the Borrowers within two (2) Business Days of receipt by the applicable Lender or Lenders of written demand therefor from the Borrowers (the
Lenders’ obligations to refund such excess amounts shall survive the termination of this Agreement). 
 “Assets
Under Management” means the Net Asset Value of all investment funds and accounts managed by any member of the Oaktree Operating Group or their respective subsidiaries plus the amount of any undrawn capital that may be called from investors
in such investment funds pursuant to the capital commitments of such investors to such investment funds and fund-level leverage that generates management fees. As used in this definition, “Net Asset Value” means, as of any date, the
value of all assets of an investment fund or account (including cash and accrued interest and dividends) less all liabilities of such investment fund or account (including accrued expenses and any reserves established for contingent liabilities).

 “Assignee” has the meaning set forth in Section 9.4. 

“Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and an Assignee (with the
consent of any party whose consent is required by Section 9.4), and accepted by the Administrative Agent, substantially in the form of Exhibit A or any other form approved by the Administrative Agent. 

  
 4 

 “Attributable Debt” means, in respect of a sale and leaseback transaction
entered into by a Borrower or any Subsidiary of a Borrower, at the time of determination, the present value of the total obligation of the lessee for rental payments during the remaining term of the lease included in such sale and leaseback
transaction, including any period for which such lease has been extended or may, at the sole option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction,
determined in accordance with GAAP. 
 “Availability Period” means the period from and including the Effective
Date to but excluding the Revolving Loan Maturity Date. 
 “Board” means the Board of Governors of the Federal
Reserve System of the United States of America (or any successor). 
 “Borrower” and
“Borrowers” has the meaning set forth in the preamble hereto. 
 “Borrowing” means
(a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect, (b) Term Loans of the same Type made, converted or continued on
the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect or (c) a Swing Line Loan. 
 “Borrowing Request” means a request by a Borrower for a Borrowing in accordance with Section 2.3 substantially in the form of Exhibit I. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City or
Los Angeles are authorized or required by law to remain closed; provided that when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in
dollar deposits in the London interbank market. 
 “Capital Expenditures” means, for any period, with respect
to any Person, the aggregate of all expenditures by such Person and its Subsidiaries for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and
improvements during such period) that should be capitalized under GAAP on a consolidated balance sheet of such Person and its Subsidiaries. 
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP; provided, that for purposes of this definition of Capital Lease Obligations, capital leases shall be determined based upon GAAP as in effect as of the date of this Agreement. 

  
 5 

 “Capital Stock” means any and all shares, partnership, membership or other
interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of
the foregoing. 
 “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent,
for the benefit of the L/C Issuer, the Swing Line Lender and/or the Lenders, as applicable, as collateral subject to a first priority security interest securing the Loans, the L/C Obligations and other obligations of the Borrowers under this
Agreement and the other Loan Documents, cash or deposit account balances in an amount equal to the L/C Obligations, obligations in respect of Swing Line Loans or obligations of a Defaulting Lender, as applicable, pursuant to documentation in form
and substance satisfactory to the Administrative Agent and the L/C Issuer or Swing Line Lender, as applicable (which documents are hereby consented to by the Lenders). Derivatives of such term shall have a corresponding meaning. 

“Change in Control” means (a) the acquisition of direct or indirect beneficial ownership by any Person or group
(within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of Capital Stock representing more than 50% of the aggregate ordinary voting power
represented by the issued and outstanding Capital Stock of any Borrower; or (b) the acquisition of Control of any Borrower by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and
Exchange Commission thereunder as in effect on the date hereof); other than, in the case of (a) or (b), by (i) any beneficial owner as of the Effective Date of ControlCo, (ii) any officer, employee or principal of any member of the
Oaktree Operating Group or any of their respective Subsidiaries that is an equity holder of Oaktree Capital Group, LLC or ControlCo on the Effective Date or is admitted as an equity holder of Oaktree Capital Group, LLC or ControlCo after the
Effective Date in the ordinary course of business, or (iii) any holding company or intermediate entity that is beneficially owned and controlled by any Person identified in the foregoing clauses (i) and (ii). 

“Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement,
(b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.12(b), by any
lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement;
provided, however, notwithstanding anything to the contrary herein, for purposes of this Agreement and the other Loan Documents and to the extent permitted by applicable laws, (x) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, regulations, guidelines or directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless
of the date enacted, adopted or issued. 
 “Charges” has the meaning set forth in Section 9.17.

  
 6 

 “Class”, when used in reference to any Loan or Borrowing, refers to whether
such Loan or the Loans comprising such Borrowing, are Revolving Loans, Term Loans or Swing Line Loans. 

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

“Combined EBITDA” means, for any period, Combined Net Income for such period plus, without duplication and to the extent
reflected as a charge in the statement of such Combined Net Income for such period, the sum of (a) income tax expense, (b) Combined Interest Expense, (c) amortization or writeoff of debt discount and debt issuance costs and
commissions, discounts and other fees and charges associated with Indebtedness (including the Loans), (d) depreciation and amortization expense, (e) amortization of intangibles (including, but not limited to, goodwill) and organization
costs, (f) any extraordinary, unusual or non-recurring non-cash expenses or losses (including, whether or not otherwise includable as a separate item in the statement of such Combined Net Income for such period, non-cash losses on sales of
assets outside of the ordinary course of business); provided that the amounts referred to in this clause (f) shall not, in the aggregate, exceed $25,000,000 for any fiscal year of the Borrowers, and (g) any other non-cash charges,
including non-cash charges resulting from the vesting or issuance of equity to employees, principals or others, and minus, without duplication and to the extent included as income or gain in the statement of such Combined Net Income for such period,
the sum of (a) any extraordinary, unusual or non-recurring non-cash income or gains (including, whether or not otherwise includable as a separate item in the statement of such Combined Net Income for such period, non-cash gains on the sales of
assets outside of the ordinary course of business) and (b) any other non-cash income, all as determined on a combined basis; provided that the contribution to Combined EBITDA of a Subsidiary that is not a wholly owned Subsidiary shall be
calculated in proportion to the Borrowers’ aggregate direct or indirect economic interests in such Subsidiary. For the purposes of calculating Combined EBITDA for any period of four consecutive fiscal quarters (each, a “Reference
Period”) pursuant to any determination of the Combined Leverage Ratio, (i) if at any time during such Reference Period the Borrowers or any Subsidiary shall have made any Material Disposition, the Combined EBITDA for such Reference
Period shall be reduced by an amount equal to the Combined EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the Combined EBITDA (if
negative) attributable thereto for such Reference Period and (ii) if during such Reference Period the Borrowers or any Subsidiary shall have made a Material Acquisition, Combined EBITDA for such Reference Period shall be calculated after giving
pro forma effect thereto as if such Material Acquisition occurred on the first day of such Reference Period. As used in this definition, “Material Acquisition” means any acquisition of property or series of related acquisitions of
property that (a) constitutes assets comprising in excess of 51% of an operating unit of a business or constitutes in excess of 51% of the common stock of a Person and (b) involves the payment of consideration by the Borrowers and their
respective Subsidiaries in excess of $250,000,000; and “Material Disposition” means any Disposition of property or series of related Dispositions of property that yields gross proceeds to one or more of the Borrowers and their
respective Subsidiaries in excess of $250,000,000. 
 “Combined Fixed Charge Coverage Ratio” means, for any
period, the ratio of (a) Combined EBITDA for such period to (b) the sum of (i) Combined Interest Expense for such 

  
 7 

 
period plus (ii) payments of principal on Indebtedness scheduled to be paid during such period; provided that that the calculation made pursuant to clause (b) shall
exclude (x) the scheduled principal payment with respect to the Term Loans on the Term Loan Maturity Date and (y) the scheduled principal payment with respect to any debt securities issued by any Borrower on the final maturity date
thereof. 
 “Combined Interest Expense” means, for any period, the aggregate interest expense (including
interest expense attributable to Capital Lease Obligations) of the Borrowers and their respective Subsidiaries for such period in accordance with GAAP (without any deduction for any interest income of the Borrowers and their respective
Subsidiaries), excluding any Excluded Interest Expense. 
 “Combined Leverage Ratio” means, as at the last day
of any period, the ratio of (a) Combined Total Debt on such day to (b) Combined EBITDA for such period. 

“Combined Net Income” means, for any period, the combined net income (or loss) of the Borrowers and their respective
consolidated Subsidiaries, determined in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of any Borrower or is merged into or
consolidated with any Borrower or any of the Subsidiaries, (b) the income (or deficit) of any Person (other than a Subsidiary of any of the Borrowers) in which any Borrower or any Subsidiary has an ownership interest, except to the extent that
any such income is actually received by such Borrower or such Subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary of the Borrowers to the extent that the declaration or payment of
dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation, Organizational Document or Requirement of Law applicable to such Subsidiary. 

“Combined Net Worth” means at any date, all amounts that would, in conformity with GAAP, be included on a combined
statement of financial condition of the Borrowers and their respective consolidated Subsidiaries under unitholders’ capital at such date without giving effect to any non-cash charges resulting from the vesting or issuance of equity to
employees, principals or others. 
 “Combined Total Debt” means, at any date, the combined principal amount of
all Indebtedness of the Borrowers and their respective consolidated Subsidiaries at such date, determined in accordance with GAAP. 
 “Commitment” means, with respect to each Lender, such Lender’s Revolving Loan Commitment or Term Loan Commitment (as the context requires). 

“Commitment Fees” has the meaning given to that term in Section 2.9(a). 

“Communications” has the meaning given to that term in Section 9.1(b). 

“Confidential Information” means information delivered to any Lender or the Administrative Agent by or on behalf of any
Borrower pursuant to the Loan Documents or otherwise related to the Loans that is non-public or proprietary in nature; provided; however, that 

  
 8 

 
such term does not include information that (a) was publicly known or otherwise known to the receiving party prior to the time of such disclosure, other than from a source having or
appearing to have breached its duties or obligations to any Borrower or its Affiliates by such disclosure, (b) subsequently becomes publicly known through no act or omission by the receiving party or any person acting on its behalf,
(c) otherwise becomes known to the receiving party other than through disclosure by any Borrower or from a source not having and not appearing to have breached its duties or obligations to any Borrower or its Affiliates by such disclosure or
(d) constitutes financial statements delivered to the Lenders and the Administrative Agent under Section 5.1 that are otherwise publicly available. 
 “Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound. 
 “Control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto. 
 “ControlCo” means Oaktree Capital Group Holdings, L.P., a Delaware limited partnership.

 “Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other applicable
liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Governmental Rules from time to time in effect affecting the rights of creditors generally. 

“Default” means any event or condition which upon notice, lapse of time or both would, unless cured or waived, become an
Event of Default. 
 “Defaulting Lender” means, subject to Section 2.20(f), any Lender that has at any
time (a) failed to fund its portion of any amount required to be funded by it under this Agreement and has continued in such failure for two Business Day after written notice from the Administrative Agent, unless such Lender notifies the
Administrative Agent in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically
identified in such writing) has not been satisfied, (b) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Day after the date when due, unless
the subject of a good faith dispute, (c) been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding or that is a subsidiary or Affiliate of any Person that has become the subject of a bankruptcy or insolvency
proceeding, (d) defaulted in fulfilling its monetary or other material obligations generally under other credit facilities in which it is a lender or become a “defaulting lender” (or equivalent designation) thereunder,
(e) notified any Borrower, the Administrative Agent, the L/C Issuer, the Swing Line Lender or any other Lender or party in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public
statement to the effect that it does not intend to comply with its funding obligations under 

  
 9 

 
this Agreement or generally under other credit facilities, unless such writing or public statement relates to such Lenders’ obligation to fund a Loan hereunder and states that such position
is based on such Lender’s determination that a condition precedent to funding (which conditions precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied or
(f) failed within three Business Days after request by the Administrative Agent to confirm in writing that it will comply with the terms of this Agreement relating to its obligations to fund any Borrowing; provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (f) upon receipt of such written confirmation by the Administrative Agent; provided further that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or
acquisition of any equity interest by a Governmental Authority in such Lender or any direct or indirect parent company thereof so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts
within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.
Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (f) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a
Defaulting Lender (subject to Section 2.20(f)) upon delivery of written notice of such determination to the Borrowers, the L/C Issuer, the Swing Line Lender and each Lender. 

“Designated Deposit Account” means a deposit account to be maintained by the Borrowers with the Administrative Agent, as
from time to time designated by the Borrowers by written notification to the Administrative Agent. 
 “Designated
Person” means any Person who (a) is named on the list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control and/or any other similar lists
maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control pursuant to authorizing statute, executive order or regulation, (b) (i) is a Person whose property or interest in property is blocked or subject to
blocking pursuant to Section 1 of the Executive Order or any related legislation or any other similar executive order(s) or (ii) engages in any dealings or transactions prohibited by Section 2 of the Executive Order or is otherwise
associated with any such Person in any manner violative of Section 2 of the Executive Order or (c)(i) is an agency of the government of a country, (ii) an organization controlled by a country, or (iii) a Person resident in a
country that is subject to a sanctions program identified on the list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control, or as otherwise published from time to time, as such program may be applicable to such
agency, organization or Person. 
 “Disclosed Matters” means the actions, suits and proceedings and the
environmental matters disclosed in Schedule 3.6. 
 “dollars” (whether or not capitalized) or
“$” refers to lawful money of the United States of America. 
 “Downgraded Lender” means any
Lender that has a non-investment grade rating from S&P or another nationally recognized rating agency. 

  
 10 

 “Effective Amount” means (a) with respect to Revolving Loans, Term
Loans and Swing Line Loans on any date, the aggregate outstanding principal amount thereof after giving effect to (i) any borrowings and prepayments or repayments of Revolving Loans, Term Loans and Swing Line Loans and (ii) with respect to
Swing Line Loans, any risk participation amongst the Lenders, as the case may be, occurring or deemed to occur on such date; and (b) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving
effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit or
any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date. 

“Effective Date” means the date on which the conditions specified in Section 4.1 shall have been satisfied (or
waived in accordance with Section 9.2), which date is the date of this Agreement. 
 “Eligible Assignee”
means (a) any Lender and any Affiliate of any Lender; and (b) a Person that is (i) a commercial bank, savings and loan association or savings bank organized under the laws of the United States of America, or any state thereof, and
having a combined capital and surplus of at least $5,000,000,000, or (ii) a commercial bank organized under the laws of any other country that is a member of the Organization for Economic Cooperation and Development (the “OECD”), or a
political subdivision of any such country, and having a combined capital and surplus of at least $10,000,000,000; provided that (a) such bank is acting through a branch or agency located in the country in which it is organized or another
country which is also a member of the OECD, and (b) if such bank is not currently a Lender, such bank’s (or such bank’s parent’s) senior unsecured long term indebtedness must be rated BBB or higher by S&P or Baa2 or higher by
Moody’s. Notwithstanding the foregoing, “Eligible Assignee” shall not include (x) without the prior written consent of all of the Lenders, any Borrower or any Affiliate of any Borrower, (y) any natural person or (z) any
Defaulting Lender or any of its Subsidiaries, or any Person which, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (z). 

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions,
notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous
Material or to health and safety matters relating to the environment. 
 “Environmental Liability” means any
liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of any Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation
of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous
Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

  
 11 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that,
together with any Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under
Section 414 of the Code. 
 “ERISA Event” means (a) any “reportable event”, as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by any Borrower or any Borrower’s ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by any
Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by any Borrower or any
Borrower’s ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any Borrower or any Borrower’s ERISA Affiliate of any notice, or the receipt
by any Multiemployer Plan from any Borrower or any Borrower’s ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in
reorganization, within the meaning of Title IV of ERISA. 
 “Eurodollar”, when used in reference to any Loan
(or in the case of the Term Loans, any portion thereof) or Borrowing, refers to whether such Loan (or portion thereof), or the Loans (or portion thereof) comprising such Borrowing, are bearing interest at a rate determined by reference to the LIBOR
Rate. 
 “Event of Default” has the meaning assigned to such term in Article VII. 

“Evergreen Letter of Credit” has the meaning set forth in Section 2.17(b)(iii). 

“Excluded Interest Expense” means, for any period, the aggregate expense associated with the termination of any interest
rate swap as determined in accordance with GAAP. 
 “Excluded Taxes” means, with respect to the Administrative
Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of the Borrowers hereunder, (a) income or franchise Taxes imposed on (or measured by) its net income by the United States of America, or by
any other jurisdiction, (b) any branch profits Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction, (c) any withholding Tax that is attributable to any U.S. Lender’s failure to comply
with Section 2.14(g), (d) in the case of a Foreign Lender, any withholding Tax that is imposed on amounts payable to such Foreign Lender that is in effect at the time such Foreign Lender

  
 12 

 
becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure or inability to comply with Section 2.14(e), except to the
extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from any Borrower with respect to such withholding Tax pursuant to
Section 2.14(a), and (e) any U.S. federal withholding Taxes imposed under 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 23rd September, 2001. 

“Existing Credit Agreement” means that certain Credit Agreement dated as of January 7, 2011, by and among Oaktree
Capital Management, L.P., Oaktree Capital II, L.P., Oaktree AIF Investments, L.P., Oaktree Capital I, L.P., the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent. 

“FATCA” means Sections 1471 through 1474 of the Code, as in effect on the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof. 
 “FASB ASC” shall mean the Accounting Standards Codification of the Financial Accounting Standards Board. 
 “Federal Funds Effective Rate” means, for any day, the rate per annum (rounded upwards to the nearest 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is
not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such
next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate charged to Wells Fargo Bank, National Association on such day on such transactions as determined by the Administrative Agent. 

“Fee Letters” mean, collectively, (i) the letter agreement dated as of November 26, 2012 between the
Borrowers, Wells Fargo Securities and the Administrative Agent regarding certain fees payable by the Borrowers to Wells Fargo Securities and the Administrative Agent as expressly indicated therein and (ii) any other fee letter, engagement
letter, mandate letter or commitment letter executed by one or more of the Borrowers and any of the Administrative Agent or the Lead Arranger in connection with this Agreement. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of any of
the Borrowers. 
 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other
than that in which the Borrowers are located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

  
 13 

 “GAAP” means generally accepted accounting principles in the United States
of America, except any requirement for the consolidation of investment funds advised or managed by the Borrowers and other entities that may be required by FASB ASC 810-20 or similar and subsequent authoritative accounting pronouncements.

 “Governmental Authority” means the government of the United States of America, any other nation or
government or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government. 
 “Governmental Authorization” means any
permit, license, registration, approval, finding of suitability, authorization, plan, directive, order, consent, exemption, waiver, consent order or consent decree of or from, or notice to, action by or filing with, any Governmental Authority.

 “Governmental Rule” means any law, rule, regulation, ordinance, order, code interpretation, judgment,
decree, directive, Governmental Authorization, guidelines, policy or similar form of decision of any Governmental Authority. 

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

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances,
wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law. 

  
 14 

 “Hedging Agreement” means any interest rate protection agreement, foreign
currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 
 “Honor Date” has the meaning given to that term in Section 2.17(c)(i). 
 “Indebtedness” of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money or payment obligations with respect to deposits or advances of any
kind, (b) all payment obligations of such Person evidenced by bonds, debentures, notes or similar instruments, representing an extension of credit to such Person, (c) all obligations of such Person upon which interest charges are
customarily paid, (d) all payment obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person for the deferred purchase price of
property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, but only to the extent of the fair market value of the assets subject to such Lien, (g) all Guarantees by
such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of reimbursement for draws under letters of credit and
letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances and (k) net liabilities of such Person under Hedging Agreements. The Indebtedness of any Person shall include the
Indebtedness of any general partnership and any other entity under which the equity owners of such entity do not have limited liability, in each case, to the extent such Person is liable therefor as a result of such Person’s ownership interest
in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Interest Election Request” means a request by the Borrowers to convert or continue a Revolving Loan in accordance with
Section 2.5. 
 “Interest Payment Date” means (a) with respect to any ABR Loan, each Quarterly
Payment Date and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Loan with an Interest Period of more than three months’
duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. 
 “Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month
that is one, two, three or six months or one week or two weeks thereafter (or, in the case of the initial Eurodollar Term Loan Borrowing on the Effective Date, the initial Interest Period shall commence on the date of such Borrowing and end on
December 31, 2012), as the Borrowers may elect; provided that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day

  
 15 

 
unless, with respect to an Interest Period of one month or greater, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day, (b) any Interest Period with respect to any Interest Period of one month or greater that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the
last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (c) (i) any Interest Period for any Revolving Loan that would otherwise extend beyond the Revolving Loan
Maturity Date shall end on the Revolving Loan Maturity Date and (ii) any Interest Period for any Term Loan that would otherwise extend beyond the Term Loan Maturity Date shall end on the Term Loan Maturity Date. For purposes hereof, the date of
a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“L/C Advance” means with respect to each Lender, such Lender’s participation in any L/C Borrowing in accordance
with its L/C Risk Participation therein. 
 “L/C Borrowing” means an extension of credit resulting from a
drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced or deemed refinanced as a Revolving Loan. 
 “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof, the amendment thereof, the extension of the expiry date thereof, or the renewal or increase of
the amount thereof. 
 “L/C Issuer” means Wells Fargo Bank, National Association in its capacity as issuer of
Letters of Credit hereunder or any successor issuer of Letters of Credit hereunder. 
 “L/C Obligations” means,
as at any date of determination, the aggregate undrawn face amount of all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. 

“L/C Risk Participation” means, with respect to any Lender and any Letter of Credit as of any date of determination, the
sum of (a) such Lender’s Revolving Proportionate Share of the Effective Amount of the L/C Obligation attributable to such Letter of Credit outstanding at such time plus (b) the aggregate amount of all Defaulting Lenders’
Revolving Proportionate Shares of the Effective Amount of the L/C Obligation attributable to such Letter of Credit outstanding at such time that have been reallocated to such Lender pursuant to Section 2.20(d). 

“Lead Arranger” has the meaning set forth in the preamble hereto. Except as expressly set forth in Section 8.4,
Section 9.2 and Section 9.3, the capacity of the Lead Arranger is titular in nature, and the Lead Arranger shall have no special rights or obligations over those of a Lender by reason thereof. 

“Lenders” means the Persons listed on Schedule 2.1 and any other Person that shall have become a party hereto pursuant
to an Assignment and Acceptance in accordance with Section 9.4, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance; provided that Lenders shall also include the L/C Issuer and the Swing
Line Lender (unless the context requires otherwise). 

  
 16 

 “Letter of Credit” means any of the standby letters of credit issued by the
L/C Issuer under this Agreement, either as originally issued or as the same may be supplemented, modified, amended, extended, restated or supplanted. 
 “Letter of Credit Application” means an application and agreement (including any master letter of credit agreement) for the issuance or amendment of a Letter of Credit in the form from
time to time in use by the L/C Issuer. 
 “Letter of Credit Expiration Date” means the day that is thirty
(30) days prior to the Revolving Loan Maturity Date (or, if such day is not a Business Day, the next succeeding Business Day). 
 “Letter of Credit Sublimit” means an amount equal to the lesser of (a) $20,000,000 and (b) the Total Revolving Loan Commitment. The Letter of Credit Sublimit is part of,
and not in addition to, the aggregate amount of the Total Revolving Loan Commitment. 
 “LIBOR Rate” means,
with respect to any Interest Period for the Eurodollar Loans in any Eurodollar Borrowing, a rate per annum equal to the quotient of (a) the rate per annum appearing referred to as the BBA (British Bankers Association) LIBOR RATE as set forth by
any service selected by the Administrative Agent which has been nominated by the British Bankers’ Association as an authorized information vendor for the purpose of displaying such rates on the second Business Day prior to the first day of such
Interest Period at or about 11:00 a.m., London time (or as soon thereafter as practicable), for delivery on the first day of such Interest Period for a term comparable to such Interest Period, divided by (b) one minus the Reserve Requirement
for such Loans in effect from time to time. If for any reason rates are not available as provided in clause (a) of the preceding sentence, the rate to be used in clause (a) shall be, at the Administrative Agent’s reasonable
discretion, (i) the rate per annum at which dollar deposits are offered to the Administrative Agent in the London interbank eurodollar currency market or (ii) the rate at which dollar deposits are offered to the Administrative Agent in, or
by the Administrative Agent to major banks in, any offshore interbank eurodollar market selected by the Administrative Agent, in each case on the second Business Day prior to the commencement of such Interest Period at or about 11:00 a.m., London
time, for delivery on the first day of such Interest Period for a term comparable to such Interest Period and in an amount approximately equal to the amount of the Loan to be made or funded by the Administrative Agent as part of such Borrowing. The
LIBOR Rate shall be adjusted automatically as to all Eurodollar Loans then outstanding as of the effective date of any change in the Reserve Requirement. 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in
the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

  
 17 

 “Loan” means a loan made by the Lenders to the Borrowers pursuant to this
Agreement. 
 “Loan Documents” means and includes this Agreement, the Notes, each Letter of Credit Application,
each Borrowing Request, each Notice of Swing Line Borrowing, each Interest Election Request, each notice of continuation or conversion, the Fee Letters, and all other documents, instruments and agreements delivered by any Borrower to the
Administrative Agent or any Lender in connection with this Agreement or any other Loan Document on or after the date of this Agreement, including any amendments, consents or waivers, as the same may be amended, restated, supplemented or modified
from time to time. 
 “Material Adverse Effect” means a material adverse effect on (a) the business,
assets, property, operations or financial condition of the Borrowers and all of their respective Subsidiaries taken as a whole, (b) the validity or enforceability of this Agreement or any other material Loan Document, or (c) the rights or
remedies of the Administrative Agent or the Lenders hereunder. 
 “Material Indebtedness” means Indebtedness
(other than the Loans), or obligations in respect of one or more Hedging Agreements, of any one or more of the Borrowers and their respective Subsidiaries in an aggregate principal amount exceeding $50,000,000. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of each Borrower or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Borrower
or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time. 
 “Material
Subsidiary” of the Borrowers means, at any time, any Subsidiary of any Borrower having or accounting for (a) assets with a value of not less than 5% of the total value of the aggregate assets of all the Borrowers and their respective
Subsidiaries, taken as a whole, or (b) Combined EBITDA of not less than 5% of the Combined EBITDA of all of the Borrowers and their respective Subsidiaries, taken as a whole, as at the last day of any period for four consecutive fiscal quarters
of such Borrower. 
 “Maximum Rate” has the meaning set forth in Section 9.17. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“Nonrenewal Notice Date” has the meaning set forth in Section 2.17(b)(iii). 

“Note” means a Revolving Loan Note, Term Loan Note or a Swing Line Note. 

“Notice” has the meaning given to that term in Section 9.1(b). 

“Notice of Swing Line Borrowing” means a notice of Swing Line Borrowing pursuant to Section 2.18(b), which if in
writing, shall be substantially in the form of Exhibit D. 

  
 18 

 “Oaktree Operating Group” means a collective reference to Oaktree Capital
I, L.P., Oaktree Capital II, L.P., Oaktree Capital Management (Cayman), L.P., Oaktree Capital Management, L.P., Oaktree Investment Holdings, L.P. and Oaktree AIF Investments, L.P. 

“Organizational Document” means, as to any Person, the certificate of incorporation, by-laws, limited liability company
agreement or other organization or governing documents of such Person. 
 “Other Connection Taxes” means, with
respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrowers hereunder, Taxes imposed as a result of a present or former connection between such recipient and
the jurisdiction imposing such Tax (other than connections arising from such recipient 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 Loan Document, or sold or assigned an interest in any Loan or Loan Document). 
 “Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or
from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement, except with respect to any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to
Section 2.16(b)) or sale of a participation. 
 “Participant” has the meaning set forth in
Section 9.4. 
 “Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (commonly known as the USA Patriot Act). 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 
 “Permitted Encumbrances” means: 

(a) Liens imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.4; 

(b) landlords’, bankers’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other
like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 60 days or are being contested in compliance with Section 5.4; 

(c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance
and other social security laws or regulations; 

  
 19 

 (d) deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
 (e) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do
not materially detract from the value of the affected property or interfere with the ordinary conduct of business of any Borrower or any Subsidiary; and 
 (f) any interest or title of a lessor under any equipment lease entered into by any Borrower or any Subsidiary in the ordinary course of its business and covering only the equipment so leased. 

provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 

“Permitted Investments” means: 
 (a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof), in each case maturing within
five years from the date of acquisition thereof; 
 (b)(i) investments in commercial paper having, at the date of
acquisition thereof, one of the highest two credit ratings obtainable from S&P or from Moody’s, (ii) investments in corporate, asset-backed and municipal and other governmental debt securities and preferred securities (excluding
convertible securities) that are freely tradeable in the financial markets of the U.S. (other than under Rule 144A), maturing within two years from the date of acquisition thereof and having, at such date of acquisition, a credit rating of at least
BBB- from S&P or Baa3 (or, in the case of preferred securities, baa3) from Moody’s, and (iii) investments, in an aggregate amount not in excess of $50,000,000 at any one time, in any securities based on municipal bonds that are freely
tradeable in the financial markets of the U.S. (other than under Rule 144A), maturing within 30 years from the date of acquisition thereof and having, at such date of acquisition, a credit rating of at least AAA- from S&P or Aaa from
Moody’s; 
 (c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within five
years from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of, or licensed to conduct a banking or
trust business in, the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000; 
 (d) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clauses (a) through (c) above and entered into with a financial institution
satisfying the criteria described in clause (c) above; 
 (e) not more than an aggregate of $800,000,000 in any four
consecutive fiscal quarters of funded investments in (A) investment companies or funds in either case advised or managed by one or more of the Borrowers or any of their respective Subsidiaries or an unrelated third party or (B) investments
intended for sale to investment companies or funds advised or managed by one or more of the Borrowers or any of their respective Subsidiaries; 

  
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 (f) not more than an aggregate of $1,000,000,000 during the term of this Agreement of
repurchases of the Capital Stock of Oaktree Capital Group, LLC, ControlCo or any of their respective subsidiaries so long as at the time of any such repurchase, no Default or Event of Default has occurred or would result therefrom; provided
that in no event shall the repurchases of such Capital Stock in any four consecutive fiscal quarter period exceed $500,000,000; 

(g) funded investments in investment companies or funds the assets of which principally consist of obligations and securities of the
types referred to in clauses (a), (b), (c) or (d) above; and 
 (h) investments in Persons engaged in a similar line
of business as a Borrower or a Subsidiary of a Borrower in an aggregate amount of cash not to exceed $250,000,000 invested during any twelve (12) consecutive month period. 

“Permitted Note Financing” means senior notes issued and/or guaranteed by any Borrower in an aggregate principal amount
not to exceed $750,000,000 at any time outstanding, including (a) $75,000,000 aggregate principal of senior notes issued under the Note Purchase Agreement, dated as of June 14, 2004, by and between Oaktree Capital Management, L.P. and each
of the Purchasers listed in Schedule A thereto, as amended; (b) $50,000,000 aggregate principal amount of senior notes issued under the Note Purchase Agreement, dated as of June 6, 2006, by and between Oaktree Capital Management, L.P.
and each of the Purchasers listed in Schedule A thereto, as amended; (c) $50,000,000 aggregate principal amount of senior notes issued under the Note Purchase Agreement, dated as of November 8, 2006 by and between Oaktree Capital
Management, L.P. and each of the Purchasers listed in Schedule A thereto, as amended; (d) $250,000,000 aggregate principal of senior notes issued under the Indenture, dated November 24, 2009, by and among Oaktree Capital Management, L.P.,
ControlCo, Oaktree Capital Group, LLC, Oaktree Capital I, L.P., Oaktree Capital II, L.P., Oaktree AIF Investments, L.P. and Wells Fargo Bank, National Association, as trustee, as amended; and (e) senior notes to be issued and/or guaranteed
after the Effective Date by any Borrower. 
 “Person” means any natural person, corporation, limited liability
company, trust, joint venture, association, company, partnership, Governmental Authority or other entity of whatever nature. 

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV
of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which any Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA. 
 “Platform” has the meaning given to that term in
Section 9.1(b). 
 “Prime Rate” means the per annum rate of interest most recently announced by
Wells Fargo Bank, National Association at its principal office in San Francisco, California as its Prime Rate, with the understanding that Wells Fargo Bank, National Association’s Prime Rate is

  
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one of its base rates and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto, and is evidenced by the recording thereof after its
announcement in such internal publication or publications as Wells Fargo Bank, National Association may designate. Any change in the Alternate Base Rate resulting from a change in the Prime Rate shall become effective on the Business Day on which
each such change in the Prime Rate is announced by Wells Fargo, National Association. 
 “Quarterly Payment
Date” means the last Business Day of each March, June, September and December. 
 “Register” has the
meaning set forth in Section 9.4. 
 “Related Party” means, with respect to any specified Person, such
Person’s Affiliates and the respective directors, officers, employees, partners, agents and advisors of such Person and such Person’s Affiliates. 
 “Required Lenders” means, at any time, Lenders that are not Defaulting Lenders holding more than 50% of the sum of (i) the Revolving Credit Exposures, (ii) the unused Revolving
Loan Commitments plus (iii) the aggregate outstanding principal amount of the Term Loans (or if the Term Loans to be made on the Effective Date shall not yet have been made, the Total Term Loan Commitment), excluding from such sum the aggregate
amount held by Defaulting Lenders, in each case determined at such time; provided that Required Lenders shall comprise no less than two such Lenders that are not Affiliates of one another, unless (x) all Lenders that are not Defaulting
Lenders are Affiliates of one another or (y) there is only one Lender that is not a Defaulting Lender, at such time. 

“Requirement of Law” means, as to any Person, any law, treaty, rule or regulation or order or determination of an
arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Reserve Requirement” means, with respect to any day in an Interest Period for a Eurodollar Loan and for any calculation
of the One Month LIBOR Rate, the aggregate of the maximum of the reserve requirement rates (expressed as a decimal) in effect on such day for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the
Board) maintained by a member bank of the Federal Reserve System. As used herein, the term “reserve requirement” shall include, without limitation, any basic, supplemental or emergency reserve requirements imposed on any Lender by the
Board. 
 “Responsible Officer” means, with respect to each Borrower or its Subsidiaries, the chief executive
officer, president, chief financial officer, managing director, vice president, principal accounting officer, treasurer, controller, assistant treasurer, assistant secretary or secretary of such Borrower or Subsidiary. Any document delivered
hereunder that is signed by a Responsible Officer of a Borrower or Subsidiary and any request or other communication conveyed telephonically or otherwise by a Responsible Officer of a Borrower or Subsidiary (or any individual reasonably believed by
the Administrative Agent to be such Responsible Officer) shall be presumed to have been authorized by all necessary corporate, company, partnership 

  
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and/or other action on the part of such Borrower or Subsidiary and such Responsible Officer (or such individual reasonably believed by the Administrative Agent to be such Responsible Officer)
shall be presumed to have acted on behalf of such Borrower or Subsidiary. 
 “Restricted Payment” means any
dividend or other distribution (whether in cash, securities or other property) on account of any shares of any class of Capital Stock of any Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such shares of Capital Stock of any Borrower or of any option, warrant or other right to acquire any such shares of
Capital Stock of any Borrower. 
 “Revolving Credit Exposure” means, with respect to any Lender at any time,
the outstanding principal amount of such Lender’s Revolving Loans and participations in Swing Line Loans and L/C Obligations at such time. 
 “Revolving Lender” means at any time, any Lender that has a Revolving Loan Commitment at such time or, if the Revolving Loan Commitments have terminated or expired, a Lender with
Revolving Credit Exposure. 
 “Revolving Loan” means a Loan made pursuant to Section 2.1(a)(ii).

 “Revolving Loan Commitment” means with respect to each Revolving Lender, the commitment of such Lender to
make Revolving Loans, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.6 and
(b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.4. The initial amount of each Revolving Lender’s Revolving Loan Commitment is set forth on Schedule 2.1, and/or in the
Assignment and Acceptance pursuant to which such Lender shall have assumed its Revolving Loan Commitment, as applicable. 

“Revolving Loan Maturity Date” means December 21, 2017. 

“Revolving Loan Note” has the meaning set forth in Section 2.19(a). 

“Revolving Proportionate Share” means: 
 (a) With respect to any Lender so long as the Revolving Loan Commitments are in effect, the ratio (expressed as a percentage rounded to the eighth digit to the right of the decimal point) of (i) such
Lender’s Revolving Loan Commitment at such time to (ii) the Total Revolving Loan Commitment at such time; and 
 (b)
With respect to any Lender at any other time, the ratio (expressed as a percentage rounded to the eighth digit to the right of the decimal point) of (i) the sum of (A) the aggregate Effective Amount of such Lender’s Revolving Loans,
(B) such Lender’s pro rata share of the Effective Amount of all L/C Obligations, and (C) such Lender’s pro rata share of the aggregate Effective Amount of all Swing Line Loans to (ii) the sum of (A) the aggregate
Effective Amount of all Revolving Loans and Swing Line Loans and (B) the Effective Amount of all L/C Obligations. 

  
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 The initial Revolving Proportionate Share of each Lender is set forth under the caption
“Revolving Proportionate Share” opposite such Lender’s name on Schedule 2.1. 
 “S&P” means
Standard & Poor’s. 
 “subsidiary” means, with respect to any Person (the
“parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements
if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests
representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of
such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” means any subsidiary of the Borrowers other than any investment fund or any subsidiary thereof that is managed by any Borrower or any Subsidiary. 

“Swing Line” means the revolving credit facility made available by the Swing Line Lender pursuant to Section 2.18.

 “Swing Line Borrowing” means a borrowing of a Swing Line Loan. 

“Swing Line Lender” means Wells Fargo Bank, National Association in its capacity as provider of Swing Line Loans, or any
successor swing line lender hereunder. 
 “Swing Line Loan” means the meaning specified in
Section 2.18(a). 
 “Swing Line Note” has the meaning set forth in Section 2.19(c). 

“Swing Line Risk Participation” shall mean, with respect to any Lender and any Swing Line Loan as of any date of
determination, the sum of (a) such Lender’s Revolving Proportionate Share of the Effective Amount of such Swing Line Loan outstanding at such time plus (b) the aggregate amount of all Defaulting Lenders’ Revolving Proportionate
Shares of the Effective Amount of such Swing Line Loan outstanding at such time that have been reallocated to such Lender pursuant to Section 2.20(d). 
 “Swing Line Settlement Date” means the fifteenth day of each month and the last Business Day of each month. 
 “Swing Line Sublimit” means an amount equal to the lesser of (a) $40,000,000 and (b) the Total Revolving Loan Commitment. The Swing Line Sublimit is part of, and not in
addition to, the Total Revolving Loan Commitment. 

  
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 “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, withholdings or similar charges imposed by any Governmental Authority. 
 “Term Lender” means a
Lender with a Term Loan Commitment or an outstanding Term Loan. 
 “Term Loan” means a Loan made pursuant to
Section 2.1(a)(i). 
 “Term Loan Commitment” means, with respect to each Lender, the commitment, if any,
of such Lender to make a Term Loan hereunder on the Effective Date, expressed as an amount representing the maximum principal amount of the Term Loans to be made by such Lender hereunder. The amount of each Lender’s Term Loan Commitment is set
forth on Schedule 2.1. 
 “Term Loan Maturity Date” means December 21, 2017. 

“Term Loan Note” has the meaning given to that term in Section 2.19(b). 

“Term Proportionate Share” means: 
 (a) With respect to any Lender at any time on or prior to the Effective Date, the ratio (expressed as a percentage rounded to the eighth digit to the right side of the decimal point) of (i) such
Lender’s Term Loan Commitment at such time to (ii) the Total Term Loan Commitment at such time; and 
 (b) With
respect to any Lender at any time after the Effective Date, the ratio (expressed as a percentage rounded to the eighth digit to the right of the decimal point) of (i) the Effective Amount of such Lender’s Term Loan outstanding at such time
to (ii) the Effective Amount of all Term Loans outstanding at such time. 
 The initial Term Proportionate Share of each
Lender is set forth under the caption “Term Proportionate Share” opposite such Lender’s name on Schedule 2.1. 
 “Total Lender Risk Participation” shall mean, with respect to any Lender as of any date of determination, the sum of (a) such Lender’s L/C Risk Participations in all Letters of
Credit outstanding at such time plus (b) such Lender’s Swing Line Risk Participations in all Swing Line Loans outstanding at such time. 
 “Total Revolving Loan Commitment” means, at any time, Five Hundred Million Dollars ($500,000,000) or, if such amount is reduced pursuant to Section 2.6 or Article VII, the amount to
which so reduced and in effect at such time. 
 “Total Term Loan Commitment” means, at any time, Two Hundred
Fifty Million Dollars ($250,000,000) or, if such amount is reduced pursuant to Section 2.6, the amount to which so reduced and in effect at such time. 

  
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 “Transactions” means the execution, delivery and performance by the
Borrowers of this Agreement and the other Loan Documents, the borrowing of Loans, the incurrence of obligations in respect of L/C Obligations and the use of the proceeds thereof. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the
Loans comprising such Borrowing, is determined by reference to the LIBOR Rate or the Alternate Base Rate. 
 “Unfunded
Pension Liability” means the excess of a pension plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that pension plan’s assets, determined in accordance with the assumptions used for
funding the pension plan pursuant to Section 412 of the IRC for the applicable plan year. 
 “Unreimbursed
Amount” has the meaning set forth in Section 2.17(c)(i). 
 “Unused Commitment” means, at any
time, the remainder of (a) the Total Revolving Loan Commitment at such time minus (b) the sum of the Effective Amount of all Revolving Loans and the Effective Amount of all L/C Obligations outstanding at such time. For the avoidance of
doubt, Swing Line Loans shall not be counted as Revolving Loans for purposes of determining the amount of Unused Commitment. 

“U.S. Lender” means a Lender other than a Foreign Lender. 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 SECTION 1.2. Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to
time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors
and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

SECTION 1.3. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature
shall be construed in accordance with GAAP, as in effect from time to time; provided that if the Borrowers notify the 

  
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Administrative Agent that any provision hereof requires amendment to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of
such provision (or if the Administrative Agent notifies the Borrowers that any provision hereof requires amendment for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice is withdrawn or such provision is amended in accordance herewith. Notwithstanding the
foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness and other liabilities of the Borrowers shall be deemed to be carried at 100% of the outstanding
principal amount thereof, and, to the extent applicable, the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded. If generally accepted accounting principles in the United States, as in effect from time to time,
is generally supplanted by the adoption of International Financial Reporting Standards, or if such standards exist as an alternative to generally accepted accounting principles in the United States and the Borrowers select such standards, and such
adoption or such selection would alter the application of any provision of this Agreement, then such adoption or selection shall be treated as a “change occurring after the date hereof in GAAP” for purposes of the foregoing sentence.

 SECTION 1.4. Time. All references in this Agreement and each of the other Loan Documents to a time of day shall mean
Los Angeles, California time, unless otherwise indicated. 
 SECTION 1.5. Joint and Several Obligations. Each of the
Borrowers agrees that its obligations and liabilities under this Agreement and all other Loan Documents are joint and several obligations. Each Borrower acknowledges and agrees that it receives a benefit from the availability of credit under this
Agreement to itself and to each other Borrower. 
 SECTION 1.6. Classification of Loans and Borrowings. For purposes of
this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be
classified and referred to by Class (e.g., a “Revolving Loan Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Loan Borrowing”). 

ARTICLE II. 

THE CREDITS 
 SECTION 2.1. Commitments. 
 (a) Commitments. 

(i) Term Loans. Subject to the terms and conditions set forth herein, each Term Lender agrees to make a term loan
to the Borrowers on the Effective Date in an amount equal to its Term Loan Commitment as in effect on the Effective Date. The Borrowers may not reborrow the principal amount of a Term Loan after repayment or prepayment thereof. 

  
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 (ii) Revolving Loans. Subject to the terms and conditions set forth
herein, each Lender agrees to make Revolving Loans to the Borrowers from time to time during the Availability Period; provided, however, that (i) the sum of (A) the Effective Amount of all Revolving Loans made by such Lender
outstanding as of any date of determination and (B) such Lender’s Total Lender Risk Participation at such time shall not exceed such Lender’s Revolving Loan Commitment at such time and (ii) the sum of (A) the Effective
Amount of all Revolving Loans made by all the Lenders outstanding as of any date of determination and (B) the Effective Amount of all L/C Obligations and Swing Line Loans outstanding at such time shall not exceed the Total Revolving Loan
Commitment at such time. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans until the Revolving Loan Maturity Date. 

SECTION 2.2. Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans
made by the Revolving Lenders ratably in accordance with their respective Revolving Loan Commitments. Each Term Loan shall be made as part of a Borrowing consisting of Term Loans made by the Term Lenders ratably in accordance with their respective
Term Loan Commitments with respect to such Term Loan. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are
several and no Lender shall be responsible for any other Lender’s failure to make Loans as required (except as a result of a reallocation of a Defaulting Lender’s Revolving Proportionate Share of the Effective Amount of L/C Obligations and
Swing Line Loans pursuant to Section 2.20(d)). 
 (b) Subject to Section 2.11, each Borrowing shall be comprised
entirely of ABR Loans or Eurodollar Loans as the Borrowers may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan,
provided that any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement. 
 (c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Loan shall be in an aggregate amount that is an integral multiple of, and not less than, $1,000,000. At the time that
each ABR Borrowing is made, such Loan shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000; provided that an ABR Revolving Loan Borrowing may be in an aggregate amount that is equal to the entire
Unused Commitment. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of seven Eurodollar Borrowings outstanding. 

(d) Notwithstanding any other provision of this Agreement, (i) the Borrowers shall not be entitled to request, or to elect to
convert or continue, any Revolving Loan Borrowing if the Interest Period requested with respect thereto would end after the Revolving Loan Maturity Date and (ii) the Borrowers shall not be entitled to elect to convert or continue any Term Loan
Borrowing if the Interest Period requested with respect thereto would end after the Term Loan Maturity Date. 

  
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 SECTION 2.3. Requests for Borrowings. To request a Revolving Loan Borrowing or Term
Loan Borrowing, the Borrowers shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m. three Business Days before the date of the proposed Borrowing or
(b) in the case of an ABR Borrowing, not later than 11:00 a.m. one Business Day before the date of the proposed Borrowing. Notwithstanding anything to the contrary herein, the Term Loan Borrowings on the Effective Date shall initially
be Eurodollar Borrowings with an initial Interest Period of the duration set forth in the definition of Interest Period; provided that for any Eurodollar Borrowings to be made on the Effective Date, the Borrowers shall have provided prior to
or concurrently with their telephonic Borrowing Request an indemnification letter for the benefit of the Administrative Agent and the Lenders for any costs incurred as set forth in Section 2.13 hereof, in form and substance satisfactory to the
Administrative Agent. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or e-mail to the Administrative Agent of a written Borrowing Request substantially in the form of
Exhibit I and signed by the Borrowers. Each such telephonic Borrowing Request and written Borrowing Request shall specify the following information in compliance with Section 2.2: 

(i) the aggregate amount of such Borrowing; 

(ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(iv) whether such Borrowing is a Revolving Loan Borrowing or Term Loan Borrowing; and 

(v) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period.” 
 If no election as to the Type of any Revolving Loan Borrowing
is specified, then the requested Borrowing shall be a Eurodollar Borrowing with a one-month Interest Period, provided that (A) no Default or Event of Default shall have occurred and be continuing and (B) such Interest Period shall
not extend beyond the Revolving Loan Maturity Date, otherwise such Revolving Loan Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrowers shall be deemed to have
selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such
Lender’s Loan to be made as part of the requested Borrowing.  
 SECTION 2.4. Funding of Borrowings.
(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 p.m. to the account of the Administrative Agent most recently

  
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designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrowers by promptly crediting the amounts so received, in like funds,
to the Designated Deposit Account. 
 (b) Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the Borrowers agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is
made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of the Borrowers, the interest rate applicable to the
requested Loan; provided that if both shall pay, the Administrative Agent will remit Borrowers’ payment back to the Borrowers, without interest. If such Lender pays such amount to the Administrative Agent, then such amount shall
constitute such Lender’s Loan included in such Borrowing. 
 SECTION 2.5. Interest Elections. (a) Each
Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrowers may elect to
convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrowers may elect different options with respect to
different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate
Borrowing. 
 (b) To make an election pursuant to this Section, the Borrowers shall notify the Administrative Agent of such
election by telephone not later than 11:00 a.m. three Business Days before the effective date of the proposed election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, e-mail or
telecopy to the Administrative Agent of a written Interest Election Request substantially in the form of Exhibit J and signed by the Borrowers. 
 (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.2: 

(i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect
to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

  
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 (ii) the effective date of the election made pursuant to such Interest
Election Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR
Borrowing or a Eurodollar Borrowing; 
 (iv) if the resulting Borrowing is an ABR Borrowing, the aggregate amount
(which shall be an integral multiple of $100,000 and not less than $500,000); 
 (v) if the resulting Borrowing
is a Eurodollar Borrowing, the aggregate amount (which shall be an integral multiple of, and not less than, $1,000,000); and 
 (vi) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the
term “Interest Period”. 
 If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest
Period, then the Borrowers shall be deemed to have selected an Interest Period of one month’s duration. 
 (d) Promptly
following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) If the Borrowers fail to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the
Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued as a Eurodollar Borrowing with an Interest Period of one month, subject to the
following sentence. Notwithstanding any contrary provision hereof, (i) if an Event of Default has occurred and is continuing and the Administrative Agent so notifies the Borrowers, then, so long as an Event of Default is continuing (A) no
outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (B) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (ii) no
Revolving Loan Borrowing or Term Loan Borrowing may be made as, be converted into or be continued as a Eurodollar Borrowing with an Interest Period ending after the Revolving Loan Maturity Date or Term Loan Maturity Date, respectively. 

SECTION 2.6. Termination and Reduction of Commitments. 
 (a) Unless previously terminated, (i) the Revolving Loan Commitments shall terminate on the Revolving Loan Maturity Date and (ii) the Term Loan Commitments existing on the Effective Date shall
terminate on the Effective Date immediately after the funding of the Term Loans to be made on the Effective Date. 
 (b) The
Borrowers may at any time terminate, or from time to time reduce, the Revolving Loan Commitments; provided that (i) each reduction of the Revolving Loan Commitments shall be in an amount that is an integral multiple of $500,000 and not
less than $1,000,000 and (ii) the Borrowers shall not terminate or reduce the Revolving Loan Commitments 

  
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if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.8, (A) the sum of the Effective Amount of all Revolving Loans, L/C Obligations and Swing
Line Loans then outstanding would exceed the Total Revolving Loan Commitment, (B) the Total Revolving Loan Commitment would not be greater than or equal to zero, or (C) the Revolving Loan Commitment of any Lender would not be greater than
or equal to zero. 
 (c) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the
Revolving Loan Commitments under paragraph (b) of this Section at least five Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of
any notice, the Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving
Loan Commitments delivered by the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers or the date of termination extended (by notice to the
Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Loan Commitments shall be permanent. Each reduction of the Revolving Loan Commitments shall be made
ratably among the Lenders in accordance with their respective Revolving Loan Commitments. 
 SECTION 2.7. Repayment of Loans;
Evidence of Debt. (a) The Borrowers hereby unconditionally promise to pay (i) to the Administrative Agent for the account of each Revolving Lender, on the Revolving Loan Maturity Date, the unpaid principal amount of each Revolving Loan
of such Lender outstanding as of such date and all Unreimbursed Amounts and (ii) to the Administrative Agent, for the account of each Term Lender, the aggregate outstanding principal amount of the Term Loans on each Quarterly Payment Date in
equal installments in an amount equal to $250,000,000 multiplied by 2.50%, provided that the Borrowers shall pay all outstanding principal on the Term Loans, together with all accrued and unpaid interest thereon, on the Term Loan Maturity
Date. The Borrowers hereby further agree to pay interest on the unpaid principal amount of the Loans, L/C Obligations and other interest bearing obligations from time to time outstanding from the date hereof until payment in full thereof at the
rates per annum, and on the dates, set forth in Section 2.10, Section 2.17, Section 2.18 or otherwise set forth in the Loan Documents, or if no date is specified, on demand. 

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing each Loan made by such Lender and
other amounts owing to such Lender under the Loan Documents, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto and the
L/C Obligations, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the
account of the Lenders and each Lender’s share thereof. The entries made in the accounts maintained pursuant to this paragraph (c) shall be prima facie evidence of the existence and amounts of the obligations recorded
therein; provided that the failure of the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans and L/C Obligations in accordance with the terms
of this Agreement. 

  
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 SECTION 2.8. Prepayment of Loans. 

(a) Optional Prepayment. The Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or
in part, subject to prior notice in accordance with Section 2.8(a)(i) and subject to Section 2.13. 

(i) The Borrowers shall notify the Administrative Agent by telephone (confirmed by e-mail) of any prepayment hereunder
(i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., three Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., one Business Day
before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that if a notice of prepayment is given in
connection with a conditional notice of termination of the Revolving Loan Commitments as contemplated by Section 2.6, then such notice of prepayment may be revoked or extended if such notice of termination is revoked or extended in accordance
with Section 2.6. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an aggregate amount that is
an integral multiple of, and not less than, $1,000,000, or, if less, the entire amount of such Borrowing. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by
accrued interest to the extent required by Section 2.10. Optional prepayments of the Term Loans shall be applied to regular installments of principal due under the Term Loans in inverse order of maturity. 

(b) Mandatory Prepayment. The Borrowers shall prepay (or Cash Collateralize, as applicable) the Loans, the L/C Obligations and
other obligations of the Borrowers under this Agreement and the other Loan Documents as follows: 
 (i) If, at
any time, the Effective Amount of all Revolving Loans, Swing Line Loans and L/C Obligations then outstanding exceeds the Total Revolving Loan Commitment at such time, the Borrowers shall immediately (A) prepay the Swing Line Loans in whole or
to the extent Swing Line Loans in a sufficient amount are then outstanding to eliminate such excess, in part, then (B) prepay the Revolving Loans in whole or to the extent Revolving Loans in a sufficient amount are then outstanding to eliminate
such excess, in part, and then (C) Cash Collateralize the L/C Obligations in an aggregate principal amount equal to any remaining excess. 
 (ii) The Borrowers shall repay each Swing Line Loan on the earlier to occur of (A) the second Swing Line Settlement Date occurring after such Swing Line Loan is made and (B) the Revolving Loan
Maturity Date. 
 SECTION 2.9. Fees. (a) The Borrowers agree to pay to the Administrative Agent for the ratable
benefit of the Lenders commitment fees (collectively, “Commitment  

  
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Fees”), for the period from and including the Effective Date to the Revolving Loan Maturity Date, computed at the Applicable Margin times the average daily amount of the Unused
Commitment during the period from and including the date hereof to but excluding the Revolving Loan Maturity Date. Accrued Commitment Fees shall be payable in arrears on each Quarterly Payment Date and on the date on which the Revolving Loan
Commitments terminate, commencing on the first such date to occur after the date hereof. All Commitment Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). 
 (b) The Borrowers agree to pay to the Lead Arranger and the Administrative Agent the fees payable in
the amounts and at the times set forth in the Fee Letters. 
 (c) All fees payable hereunder shall be paid on the dates due, in
immediately available funds, to the Administrative Agent for distribution, in the case of Commitment Fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 

SECTION 2.10. Interest. (a) The Loans comprising each ABR Borrowing (including each Swing Line Loan) shall bear interest at a
rate per annum equal to the Alternate Base Rate plus the Applicable Margin. 
 (b) The Loans comprising each Eurodollar
Borrowing shall bear interest at a rate per annum equal to the LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin. 
 (c) Notwithstanding the foregoing, (i) if any principal of or interest on any Loan or L/C Obligations is not paid when due, or any fee or other amount payable by the Borrowers under the Loan
Documents is not paid when due and notice thereof is given to the Borrowers, in each case, whether at stated maturity, upon acceleration or otherwise and (ii) upon the occurrence and during the continuance of an Event of Default described in
clause (h) or (i) of Article VII, such overdue amount (in the case of clause (i)) and all Obligations (in the case of clause (ii)) shall bear interest, after as well as before judgment, at a rate per annum equal to (A) in the case of
any Loan, 2% plus the rate otherwise applicable to such Loan as provided above or (B) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided above; provided that (I) in the case of clause
(i) above the additional interest accruing hereunder shall accrue beginning on the date any such payment was due regardless of when the notice contemplated under clause (i) was given to the Borrowers and (II) in the case of
clause (ii) above the additional interest accruing hereunder shall accrue beginning on the first date of any such Event of Default described in clause (h) or (i) of Article VII. 

(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving
Loans, upon termination of the Revolving Loan Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any
Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, (iii) in the event of
any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the 

  
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effective date of such conversion and (iv) all accrued interest on the Revolving Loans and Term Loans shall be payable on the Revolving Loan Maturity Date and Term Loan Maturity Date,
respectively. 
 (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed
by reference to the Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day);
provided that any Loan, Unreimbursed Amount or L/C Borrowing that is paid on the same day it is made or otherwise arises shall bear interest for one day. The applicable Alternate Base Rate or LIBOR Rate shall be determined by the Administrative
Agent, and such determination shall be conclusive absent manifest error. 
 SECTION 2.11. Alternate Rate of Interest. If
prior to the commencement of any Interest Period for a Eurodollar Borrowing: 
 (a) the Administrative Agent determines (which
determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBOR Rate for such Interest Period; or 
 (b) the Administrative Agent is advised by the Required Lenders that the LIBOR Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their
Loans included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrowers by
telephone or e-mail and the Lenders by telephone, e-mail or telecopy, in each case, as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no
longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, (ii) if any Borrowing Request requests a Eurodollar
Borrowing, such Borrowing shall be made as an ABR Borrowing. 
 SECTION 2.12. Increased Costs. (a) If any Change in
Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against
assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the LIBOR Rate); or 
 (ii) impose on any Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender or any participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its
obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrowers will pay to such Lender such additional amount or amounts as will
compensate such Lender for such additional costs incurred or reduction suffered. 

  
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 (b) If any Lender determines that any Change in Law regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to a level
below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital
adequacy), then from time to time the Borrowers will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case
may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrowers and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within
30 days after receipt thereof. 
 (d) Failure or delay on the part of any Lender to demand compensation pursuant to this
Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions
incurred more than six months prior to the date that such Lender notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided
further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.13. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on
the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to
borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable or extendable under Section 2.8(b) and is revoked or extended
in accordance herewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrowers pursuant to Section 2.16, then, in any such event, the
Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event. The loss to any Lender attributable to any such event shall be deemed to be equal to the excess, if any, of (i) the amount of interest that such
Lender would pay for a deposit equal to the principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest Period for such Loan (or, in the case of a failure
to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the LIBOR Rate for such Interest Period, over
(ii) the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such
Lender) for dollar deposits from other banks in the eurodollar market at the commencement of such period. A certificate of any Lender setting forth any amount or 

  
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amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrowers and shall be conclusive absent manifest error. The Borrowers shall pay such
Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
 SECTION 2.14. Taxes.
(a) Any and all payments by or on account of any obligation of the Borrowers hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrowers shall be required to
deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all such required deductions (including deductions applicable to additional sums payable under this
Section) the Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrowers shall make such deductions and (iii) the Borrowers shall
pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 (b) In addition, the
Borrowers shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Without
duplication of Section 2.14(a),the Borrowers shall indemnify the Administrative Agent and each Lender within 30 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or
such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrowers hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section 2.14), and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability, setting forth in reasonable detail the circumstances giving rise thereto and the calculations used to determine such amount, delivered to the Borrowers by a Lender or by the
Administrative Agent on its own behalf or on behalf of a Lender shall be conclusive absent manifest error. 
 (d) As soon as
practicable after any payment of Indemnified Taxes or Other Taxes by the Borrowers to a Governmental Authority, the Borrowers shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrowers are located, or any treaty to which such jurisdiction
is a party, with respect to payments under this Agreement shall deliver to the Borrowers (with a copy to the Administrative Agent), on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement, and at the time or times
prescribed by applicable law or reasonably requested by the Borrowers, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding.
Each Lender shall promptly notify the Borrowers and the Administrative Agent of any change in circumstances of which it has knowledge which would modify adversely or render invalid any such claimed exemption or reduction. Without

  
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limiting the generality of the foregoing, in the event that any Borrower is resident for tax purposes in the United States of America, any Foreign Lender shall deliver to the Borrowers and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrowers or
the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: (i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income
tax treaty to which the United States is a party, (ii) duly completed copies of Internal Revenue Service Form W-8ECI, (iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (1) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of any
Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (3) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal Revenue Service Form
W-8BEN, or (iv) any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States federal withholding tax, duly completed, together with such supplementary documentation as may be prescribed by
applicable law to permit the Borrowers to determine the withholding or deduction required to be made. 
 (f) If a payment made
to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to the Borrowers and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by any Borrower or the Administrative Agent such
documentation as is prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by any Borrower or the Administrative Agent as may be necessary for a
Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.
Solely for purposes of this Section 2.14(f), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 (g) Each U.S. Lender shall deliver to the Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such U.S. Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the request of the Borrowers or the Administrative Agent) duly completed originals of Internal Revenue Service Form W-9 (or any successor form) certifying that such U.S. Lender is
entitled to an exemption from U.S. backup withholding tax. 
 (h) If the Administrative Agent or a Lender determines, in its
reasonable discretion, that it has received a refund of any Taxes as to which it has been indemnified by the Borrowers or with respect to which the Borrowers have paid additional amounts pursuant to this Section 2.14, it shall pay over such
refund to the Borrowers, net of all out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Nothing contained in this
Section 2.14 shall require the Administrative Agent or any Lender to make available any of its tax returns (or any other information relating to its taxes which it deems to be confidential). 

  
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 (i) Each Lender shall use reasonable efforts (consistent with its internal policies and
legal and regulatory restrictions) to select a jurisdiction for its applicable lending office or change the jurisdiction of its applicable lending office, as the case may be, so as to avoid the imposition of any Indemnified Taxes or Other Taxes or
to eliminate or reduce the payment of any additional sums under this Section 2.14; provided that no such selection or change of the jurisdiction for its applicable lending office shall be made if, in the reasonable judgment of such
Lender, such selection or change would be materially disadvantageous to such Lender. 
 SECTION 2.15. Payments Generally; Pro
Rata Treatment; Sharing of Set-offs. (a) The Borrowers shall make each payment required to be made by it hereunder (whether of principal, interest, fees, or under Section 2.12, 2.13 or 2.14, or otherwise) prior to 1:00 p.m. on the date
when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for
purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at the address set forth in Section 9.1 except that payments pursuant to Sections 2.12, 2.13, 2.14 and 9.3 shall be made
directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall
be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All
payments hereunder shall be made in dollars. 
 (b) If at any time insufficient funds are received by and available to the
Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with
the amounts of interest and fees then due to such parties, and (ii) second, to pay principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. 

(c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of
or interest on any of its Loans or the participations in L/C Obligations or in Swing Line Loans held by it, resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans or participations in L/C Obligations
or Swing Line Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations in L/C
Obligations and Swing Line Loans of other Lenders of the same Class to the extent necessary so that the benefit of all such payments shall be shared by the Lenders of the same Class ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans and participations in L/C Obligations and Swing Line Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations shall be rescinded and the purchase price restored to the extent of such recovery, 

  
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without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrowers pursuant to and in accordance with the express terms of this
Agreement (including the application of funds provided for under Section 2.20(b) arising from the existence of a Defaulting Lender) or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of
its Loans or participation in L/C Obligations or Swing Line Loans to any Assignee or Participant, other than to the Borrowers or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrowers consent to
the foregoing and agree, to the extent the Borrowers may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrowers’ rights of set-off and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrowers in the amount of such participation. 
 (d) Unless the Administrative Agent shall have received notice from the Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that
the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such
event, if the Borrowers have not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective Rate. 
 (e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.4(b) or 2.15(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary
provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 

SECTION 2.16. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under
Section 2.12, or if the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, then such Lender shall use reasonable efforts to designate a
different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.12 or 2.14, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to
such Lender. 
 (b) If (i) any Lender requests compensation under Section 2.12, (ii) the Borrowers are required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, (iii) any Lender defaults in its obligation to fund Loans hereunder, (iv) any Lender refuses to approve
any proposed amendment, modification, supplement, extension, termination, consent or waiver with respect to any Loan Document which requires the approval of all Lenders under Section 9.2 and which has been approved by the Required Lenders, or
(v) any Lender is a Defaulting Lender or a Downgraded 

  
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Lender, then in any such case the Borrowers may, at their sole expense and effort, upon notice to any such Lender and the Administrative Agent, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in Section 9.4), all its interests, rights and obligations under this Agreement to an Assignee that shall assume such obligations (which Assignee may be another Lender, if a
Lender accepts such assignment); provided that (A) the Assignee shall be reasonably satisfactory to the Administrative Agent if the Assignee is not another Lender, (B) such Lender shall have received payment of an amount equal to
the outstanding principal of its Loans and participations in L/C Obligations and Swing Line Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the Assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Borrowers (in the case of all other amounts), (C) in the case of any such assignment resulting from a claim for compensation under Section 2.12 or payments required to be made pursuant to
Section 2.14, such assignment will result in a reduction in such compensation or payments, (D) such assignment does not conflict with applicable Governmental Rules and (E) in the case of any such assignment resulting from such
Lender’s refusal to approve any matter described in clause (iv) of this Section 2.16(b), the assignee shall be deemed to have approved such matter(s). A Lender shall not be required to make any such assignment and delegation if, prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply and the Borrowers have not already arranged in writing for one or more replacement
Lenders and any each such potential replacement Lender has not yet agreed in writing to be a replacement Lender with no conditions other than the execution and delivery of an Assignment and Acceptance. 

SECTION 2.17. Letters of Credit. 
 (a) The Letter of Credit Commitment. 
 (i) On the terms and
subject to the conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.17, (1) from time to time on any Business Day during the period from the
Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit in dollars for the account of a Borrower in support of the obligations of such Borrower, and to amend or renew Letters of Credit previously issued by it, in
accordance with subsection (b) below, and (2) to honor drafts under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit; provided that the L/C Issuer shall not be obligated
to make any L/C Credit Extension with respect to any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Effective Amount of all Revolving Loans, Swing Line Loans and L/C Obligations would exceed the Total Revolving Loan
Commitment at such time, (y) the aggregate Effective Amount of the Revolving Loans of any Revolving Lender, plus such Revolving Lender’s Total Lender Risk Participation would exceed such Lender’s Revolving Loan Commitment, or
(z) the Effective Amount of the L/C Obligations would exceed the Letter of Credit Sublimit. Each Letter of Credit shall be in a form acceptable to the L/C Issuer. Within the foregoing limits, and subject to the terms and conditions hereof, the
Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and
reimbursed. 

  
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 (ii) The L/C Issuer shall be under no obligation to issue any Letter of
Credit if: 
 (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms
purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Requirement of Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with
jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with respect to such Letter of
Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not
applicable on the Effective Date and which the L/C Issuer in good faith deems material to it; 
 (B) subject to
Section 2.17(b)(iii), in the case of any Letter of Credit, the expiry date of such requested Letter of Credit would occur later than twelve months after the date of issuance or last renewal unless the Required Lenders have approved such
expiry date; 
 (C) the expiry date of such requested Letter of Credit would occur after the Letter of Credit
Expiration Date, unless all the Lenders have approved such expiry date; 
 (D) the issuance of such Letter of
Credit would violate one or more policies of the L/C Issuer or the terms and conditions of the applicable Letter of Credit Application; 
 (E) such Letter of Credit is in a face amount less than $100,000, or denominated in a currency other than dollars; or 

(F) a default of any Lender’s obligations to fund under Section 2.17(c) exists or any Lender is at such
time a Defaulting Lender hereunder, unless the L/C Issuer has entered into arrangements satisfactory to the L/C Issuer with the Borrowers or such Lender to eliminate the L/C Issuer’s risk with respect to such Lender. 

(iii) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no
obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 

(b) Procedures for Issuance and Amendment of Letters of Credit; Evergreen Letters of Credit. 

(i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrowers delivered to
the L/C Issuer (with a copy to the 

  
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Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrowers. Such Letter of Credit Application must be
received by the L/C Issuer and the Administrative Agent not later than 1:00 p.m., at least three Business Days (or such later date and time as the L/C Issuer may agree in a particular instance in its sole and reasonable discretion) prior to the
proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the
proposed issuance date of the requested Letter of Credit (which date shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be
presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the account party thereunder, and (H) such other matters
as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to be
amended; (B) the proposed date of amendment thereof (which date shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may require. 

(ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent
(by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrowers and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C
Issuer of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a
Letter of Credit for the account of the applicable Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of
each Letter of Credit, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a participation in such Letter of Credit in an amount equal to the product of such Revolving
Lender’s Revolving Proportionate Share times the amount of such Letter of Credit; provided, however that the amount of such Lender’s participation shall be adjusted in the manner set forth in Section 2.20(d). The
Administrative Agent shall promptly notify each Lender upon the issuance of a Letter of Credit. 
 (iii) If the
Borrowers so request in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Evergreen Letter of
Credit”); provided that any such Evergreen Letter of Credit must permit the L/C Issuer to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior
notice to the beneficiary thereof not later than a day (the “Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the
Borrowers shall not be required to make a specific request to the L/C Issuer for any such renewal. Once an Evergreen Letter of Credit has been issued, the 

  
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Revolving Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the renewal of such Letter of Credit at any time to a date not later than the Letter of Credit
Expiration Date; provided, however, that the L/C Issuer shall not permit any such renewal if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof, or
(B) it has received notice (which may be by telephone or in writing) on or before the Business Day immediately preceding the Nonrenewal Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such
renewal or (2) from the Administrative Agent, any Lender or the Borrowers that one or more of the applicable conditions specified in Section 4.2 is not then satisfied. Notwithstanding anything to the contrary contained herein, the L/C
Issuer shall have no obligation to permit the renewal of any Evergreen Letter of Credit at any time. 
 (iv)
Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Borrowers and the Administrative Agent a true
and complete copy of such Letter of Credit or amendment. 
 (c) Drawings and Reimbursements; Funding of Participations.

 (i) Upon any drawing under any Letter of Credit, the L/C Issuer shall notify the Borrowers and the
Administrative Agent of the amount to be paid by the L/C Issuer as a result of such drawing and the date on which payment is to be made by the L/C Issuer to the beneficiary of such Letter of Credit in respect of such drawing. Not later than 1:00
p.m., on the date of any payment by the L/C Issuer under a Letter of Credit (each such date of payment, an “Honor Date”), the Borrowers shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount
of such drawing. If the Borrowers fail to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed
Amount”), and the amount of such Revolving Lender’s L/C Risk Participation with respect thereto. In such event, the Borrowers shall be deemed to have requested an ABR Loan to be disbursed on the Honor Date in an amount equal to the
Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.2 for the principal amount of ABR Loans, but subject to the amount of the unutilized portion of the Total Revolving Loan Commitment and the conditions set
forth in Section 4.2 (other than the delivery of a Borrowing Request). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.17(c)(i) may be given by telephone if immediately confirmed in writing;
provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 
 (ii) Each Revolving Lender (including the Revolving Lender acting as L/C Issuer) shall upon any notice pursuant to Section 2.17(c)(i) make funds available to the Administrative Agent for the account
of the L/C Issuer at the Administrative Agent’s Office in an amount equal to its Revolving Proportionate Share of the Unreimbursed Amount not later than 12:00 p.m. on the Business Day specified in such notice by the Administrative Agent,
whereupon, subject to the provisions of Section 2.17(c)(iii), each 

  
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Revolving Lender that so makes funds available shall be deemed to have made an ABR Loan to the Borrowers in such amount. The Administrative Agent shall remit the funds so received to the L/C
Issuer. 
 (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Loan because
the conditions set forth in Section 4.2 cannot be satisfied or for any other reason, the Borrowers shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which
L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate applicable to Revolving Loans upon the occurrence and during the continuance of an Event of Default. In such event, each Revolving
Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.17(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such
Revolving Lender in satisfaction of its participation obligation under this Section 2.17. 
 (iv) Until each
Revolving Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.17(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Lender’s L/C Risk Participation
with respect thereto shall be solely for the account of the L/C Issuer. For the avoidance of doubt, interest shall accrue beginning on the Honor Date for any such unreimbursed draw under a Letter of Credit. 

(v) Each Revolving Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the L/C Issuer for, or
participate in, amounts drawn under Letters of Credit, as contemplated by this Section 2.17(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense
or other right which such Revolving Lender may have against the L/C Issuer, the Borrowers or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default or Event of Default, or (C) any other occurrence, event
or condition, whether or not similar to any of the foregoing. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrowers to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any
Letter of Credit, together with interest as provided herein. 
 (vi) If any Revolving Lender fails to make
available to the Administrative Agent for the account of the L/C Issuer any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.17(c) by the time specified in Section 2.17(c)(ii), the
L/C Issuer shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is
immediately available to the L/C Issuer at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect. A certificate of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to
any amounts owing under this clause (vi) shall be conclusive absent manifest error. 

  
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 (d) Repayment of Participations. 

(i) At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving
Lender such Revolving Lender’s L/C Advance in respect of such payment in accordance with Section 2.17(c), if the Administrative Agent receives for the account of the L/C Issuer any payment related to such Letter of Credit (whether directly
from the Borrowers or otherwise), including proceeds of cash collateral applied thereto by the Administrative Agent or any payment of interest thereon, the Administrative Agent will distribute to such Revolving Lender a portion of such payment
allocable to such Revolving Lender’s L/C Risk Participation with respect to such Letter of Credit in the same funds as those received by the Administrative Agent. 

(ii) If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to
Section 2.17(c)(i) is required to be returned, each Revolving Lender shall pay to the Administrative Agent for the account of the L/C Issuer a portion of such payment allocable to such Revolving Lender’s L/C Risk Participation with respect
to such Letter of Credit on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Revolving Lender, at a rate per annum equal to the Federal Funds Effective Rate from time
to time in effect. 
 (e) Obligations Absolute. The obligation of the Borrowers to reimburse the L/C Issuer for each
drawing under each Letter of Credit, and to repay each L/C Borrowing and each drawing under a Letter of Credit that is refinanced by a Borrowing of Revolving Loans, shall be absolute, unconditional and irrevocable, and shall be paid strictly in
accordance with the terms of this Agreement and the other Loan Documents under all circumstances, including the following: 
 (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument relating thereto; 

(ii) any change in the time, manner or place of payment of, or in any other term of, all or any of the obligations of the
Borrowers in respect of any Letter of Credit or any other amendment or waiver of, or any consent to departure from, all or any of the Loan Documents; 
 (iii) the existence of any claim, counterclaim, set-off, defense or other right that a Borrower or any other Person may have at any time against any beneficiary or any transferee of such Letter of Credit
(or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or
instrument relating thereto, or any unrelated transaction; 
 (iv) any draft, demand, certificate or other
document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any
document required in order to make a drawing under such Letter of Credit; 

  
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 (v) any payment by the L/C Issuer under such Letter of Credit against
presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under
any Debtor Relief Law; or 
 (vi) any other circumstance or happening whatsoever, whether or not similar to any
of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrowers. 
 The Borrowers’ unconditional obligation to reimburse the L/C Issuer as set forth above is not in limitation of any rights or claims the Borrowers may have against the L/C Issuer or any other Person
for payment under a Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit or failure to pay upon presentation of a draft or certificate that strictly complies with the
terms of such Letter of Credit. 
 (f) Role of L/C Issuer. Each of the Borrowers and the Revolving Lenders agrees that,
in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as
to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. Neither the Administrative Agent nor the L/C Issuer nor any of their respective affiliates, directors, officers, employees,
agents or advisors nor any of the correspondents, participants or assignees of the L/C Issuer shall be liable to any Revolving Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders
or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related
to any Letter of Credit or Letter of Credit Application. The Borrowers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this
assumption is not intended to, and shall not, preclude the Borrowers’ pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. Neither the Administrative Agent nor the L/C
Issuer nor any of their respective affiliates, directors, officers, employees, agents or advisors nor any of the correspondents, participants or assignees of the L/C Issuer shall be liable or responsible for any of the matters described in clauses
(i) through (vi) of Section 2.17(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrowers may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the
Borrowers, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrowers arising from the L/C Issuer’s gross negligence or willful misconduct or the L/C Issuer’s failure
to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the 

  
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terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in substantial compliance
with the terms of a Letter of Credit, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument
transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 

(g) Cash Collateral. 
 (i) Upon the request of the Administrative Agent, if, as of the Revolving Loan Maturity Date, any Letter of Credit may for any reason remains outstanding and partially or wholly undrawn, the Borrowers
shall immediately Cash Collateralize the outstanding L/C Obligations in an amount equal to 105% of the then Effective Amount of the L/C Obligations. 
 (ii) Subject to Section 2.20(e), if at any time during which one or more Letters of Credit are outstanding, any Lender is at such time a Defaulting Lender, then no later than five (5) Business
Days of written demand thereof from the L/C Issuer the Borrowers shall provide the Administrative Agent with cash collateral or similar security satisfactory to the L/C Issuer (in its sole discretion) in respect of such Defaulting Lender’s
obligation to fund under Section 2.17(c) in an amount not less than the aggregate amount of such obligations (after giving effect to Section 2.20(d)). If at any time the Administrative Agent determines that any funds held as cash
collateral are subject to any right or claim of any Person other than the Administrative Agent or that the total amount of such funds is less than the aggregate L/C Obligations in respect of such Defaulting Lender, the Borrowers will, promptly upon
demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited as cash collateral, an amount equal to the excess of (x) such aggregate L/C Obligations over (y) the total amount of funds, if any,
then held as cash collateral that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any for which funds are on deposit as cash collateral, such funds shall be applied, to the extent permitted
under applicable Governmental Rules, to reimburse the L/C Issuer. 
 (iii) The Borrowers hereby grant the
Administrative Agent, for the benefit of the L/C Issuer and the Lenders, a Lien on all such cash and deposit account balances described in the definition of “Cash Collateralize” and all other cash collateral described in this
Section 2.17(g) as security for the L/C Obligations. Cash collateral shall be maintained in segregated, blocked, interest bearing deposit accounts with the Administrative Agent or other institutions satisfactory to it. Such accounts must be the
subject of control agreements pursuant to which the Administrative Agent has “control” as such term is used in the Uniform Commercial Code, sufficient to perfect on a first priority basis a security interest in such cash collateral. The
Lien held by the Administrative Agent in such cash collateral to secure the L/C Obligations shall be released upon the satisfaction of each of the following conditions: (a) no Letters of Credit shall be outstanding, (b) all L/C Obligations
shall have been repaid in full and (c) no Default shall have occurred and be continuing. 

  
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 (h) Applicability of ISP 98. Unless otherwise expressly agreed by the L/C Issuer and
the Borrowers when a Letter of Credit is issued, the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the
time of issuance) shall apply to each Letter of Credit. 
 (i) Letter of Credit Fees. The Borrowers shall pay, to the
Administrative Agent for the account of each Revolving Lender in accordance with its L/C Risk Participation in each Letter of Credit, a Letter of Credit fee for each such Letter of Credit for the period from the date of issuance of such Letter of
Credit until the expiry thereof, at a per annum rate equal to the Applicable Margin for Eurodollar Loans multiplied by the actual daily maximum amount available to be drawn under such Letter of Credit, provided that if the
Borrowers have Cash Collateralized any portion of a Defaulting Lender’s obligations to fund under any Letter of Credit pursuant to Section 2.17(g), the Borrowers shall not be required to pay any fees to such Defaulting Lender during
the period such Defaulting Lender’s obligations are Cash Collateralized. Such fee for each Letter of Credit shall be due and payable quarterly in arrears on each Quarterly Payment Date, commencing with the first such date to occur after the
issuance of such Letter of Credit, and on the Revolving Loan Maturity Date. Each such fee, when due, shall be fully earned and when paid, shall be non-refundable. All letter of credit fees shall be computed on the basis of a year of 360 days
and shall be payable for the actual number of days elapsed. 
 (j) Fronting Fee and Documentary and Processing Charges
Payable to L/C Issuer. The Borrowers shall pay directly to the L/C Issuer for its own account a fronting fee in an amount with respect to each Letter of Credit equal to 0.125% per annum multiplied by the face amount of such Letter of
Credit, due and payable quarterly in arrears on each Quarterly Payment Date, commencing with the first such date to occur after the issuance of such Letter of Credit, and on the Revolving Loan Maturity Date; provided, that in the case of an
increase in the amount of a Letter of Credit after the issuance thereof, such fronting fee shall be payable only on the increased amount thereof. In addition, the Borrowers shall pay directly to the L/C Issuer for its own account the customary,
issuance, presentation, amendment, negotiation and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such fees and charges are due and payable on demand and
are nonrefundable. 
 (k) Conflict with Letter of Credit Application. In the event of any conflict between the terms
hereof and the terms of any Letter of Credit Application, the terms hereof shall control. 
 SECTION 2.18. Swing Line.

 (a) The Swing Line. On the terms and subject to the conditions set forth herein, the Swing Line Lender agrees to make
loans (each such loan, a “Swing Line Loan”) in dollars to the Borrowers from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line
Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Effective Amount of Revolving Loans of the Swing Line Lender in its capacity as a Revolving Lender of Revolving Loans, may exceed the amount of such Revolving
Lender’s Revolving Loan Commitment; provided, however, that after giving effect to any Swing Line Loan, (i) the aggregate Effective Amount of all Revolving Loans, Swing Line Loans and L/C Obligations shall

  
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not exceed the Total Revolving Loan Commitment at such time, and (ii) the aggregate Effective Amount of the Revolving Loans of any Revolving Lender (other than the Swing Line Lender) at such
time, plus such Lender’s Total Lender Risk Participation at such time shall not exceed such Revolving Lender’s Revolving Loan Commitment, and provided, further, that the Swing Line Lender shall not make any Swing Line Loan to
refinance an outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.18, prepay under Section 2.8, and reborrow under this
Section 2.18. Each Swing Line Loan shall be an ABR Loan. Immediately upon the making of a Swing Line Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a
risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Revolving Proportionate Share times the amount of such Swing Line Loan; provided, however that the amount of such Lender’s risk
participation shall be adjusted in the manner set forth in Section 2.20(d). Furthermore, subject to Section 2.20(e), before making any Swing Line Loans (if at such time any Lender is a Defaulting Lender), the Swing Line Lender may
condition the provision of such Swing Line Loans on its receipt of cash collateral or similar security satisfactory to the Swing Line Lender (in its sole discretion) from the Borrowers in respect of such Defaulting Lender’s risk participation
in such Swing Line Loans as set forth below (as adjusted pursuant to Section 2.20(d)). The Borrowers hereby grant to the Administrative Agent, for the benefit of the Swing Line Lender, a security interest in all such cash collateral and all
proceeds of the foregoing. Cash collateral shall be maintained in segregated, blocked, interest bearing deposit accounts with the Administrative Agent or other institutions satisfactory to it. Such accounts must be the subject of control agreements
pursuant to which the Administrative Agent has “control” as such term is used in the Uniform Commercial Code, sufficient to perfect on a first priority basis a security interest in such cash collateral. If at any time the Administrative
Agent determines that any funds held as cash collateral are subject to any right or claim of any Person other than the Administrative Agent or that the total amount of such funds is less than the aggregate risk participation of such Defaulting
Lender in the relevant Swing Line Loan, the Borrowers will, promptly upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited as cash collateral, an amount equal to the excess of (x) such
aggregate risk participation over (y) the total amount of funds, if any, then held as cash collateral that the Administrative Agent determines to be free and clear of any such right and claim. At such times there are Swing Line Loans
outstanding for which funds are on deposit as cash collateral, such funds shall be applied as and when determined by the Swing Line Lender, to the extent permitted under applicable Governmental Rules, to reimburse and otherwise pay the applicable
obligations owing to the Swing Line Lender. 
 (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the
Borrowers’ irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 3:00 p.m., on the
requested borrowing date, and shall specify (i) the amount to be borrowed, which amount shall be a minimum amount of $100,000 or an integral multiple of $25,000 in excess thereof, and (ii) the requested borrowing date, which shall be a
Business Day. Each such telephonic notice must be confirmed promptly by the delivery to the Swing Line Lender and the Administrative Agent of a written Notice of Swing Line Borrowing, appropriately completed and signed by a Responsible Officer of
the Borrowers, which notice may be delivered by telecopy or e-mail. Promptly after receipt by the Swing Line Lender 

  
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of any telephonic Notice of Swing Line Borrowing, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received
such Notice of Swing Line Borrowing and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the
Administrative Agent (including at the request of any Revolving Lender) prior to 4:00 p.m., on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set
forth in the proviso to the first sentence of Section 2.18(a), or (B) that one or more of the applicable conditions specified in Section 4.2 is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line
Lender will, not later than 4:30 p.m., on the borrowing date specified in such Notice of Swing Line Borrowing, make the amount of its Swing Line Loan available to the Borrowers at its office by crediting the account of the Borrowers on the books of
the Swing Line Lender in immediately available funds. 
 (c) Refinancing of Swing Line Loans. 

(i) The Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Borrowers (which
hereby irrevocably requests the Swing Line Lender to act on its behalf for such purpose), under this subsection (c), that each Revolving Lender make an ABR Loan in an amount equal to the amount of such Revolving Lender’s Swing Line Risk
Participation with respect to the Swing Line Loans then outstanding. Such request shall be made in accordance with the requirements of Article II, without regard to the minimum and multiples specified therein for the principal amount of ABR Loans,
but subject to the unutilized portion of the Total Revolving Loan Commitment and the conditions set forth in Section 4.2. The Swing Line Lender shall furnish the Borrowers with a copy of the applicable Borrowing Request promptly after
delivering such notice to the Administrative Agent. Each Revolving Lender shall make an amount equal to its Swing Line Risk Participation in the amount specified in such Borrowing Request available to the Administrative Agent in immediately
available funds for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 12:00 p.m., on the day specified in such Borrowing Request for Revolving Loans, whereupon, subject to Section 2.18(c)(ii), each
Revolving Lender that so makes funds available shall be deemed to have made an ABR Loan to the Borrowers in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lender. 

(ii) If for any reason any Revolving Loan cannot be requested in accordance with Section 2.18(c)(i) or any Swing Line
Loan cannot be refinanced by such a Revolving Loan, the Borrowing Request for Revolving Loans submitted by the Swing Line Lender shall be deemed to be a request by the Swing Line Lender that each of the Revolving Lenders fund the amount of its Swing
Line Risk Participation in the relevant Swing Line Loan and each Revolving Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.18(c)(i) shall be deemed payment in respect of such
Swing Line Risk Participation. 
 (iii) If any Revolving Lender fails to make available to the Administrative
Agent for the account of the Swing Line Lender any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.18(c) by the time 

  
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specified in Section 2.18(c)(i), the Swing Line Lender shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest
thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect. A
certificate of the Swing Line Lender submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error. 

(iv) Each Revolving Lender’s obligation to make Revolving Loans or to purchase and fund Swing Line Risk
Participations in Swing Line Loans pursuant to this Section 2.18(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which such
Revolving Lender may have against the Swing Line Lender, the Borrowers or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default, or (C) any other occurrence, event or condition,
whether or not similar to any of the foregoing. Any such purchase of participations shall not relieve or otherwise impair the obligation of the Borrowers to repay Swing Line Loans, together with interest as provided herein. 

(d) Repayment of Participations. 
 (i) At any time after any Revolving Lender has purchased and funded a Swing Line Risk Participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line Loan,
the Swing Line Lender will distribute to such Lender an amount equal to such Revolving Lender’s Swing Line Risk Participation with respect thereto (appropriately adjusted, in the case of interest payments, to reflect the period of time during
which such Revolving Lender’s Swing Line Risk Participation was outstanding and funded) in the same funds as those received by the Swing Line Lender. 
 (ii) If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender, each Revolving Lender shall pay to the
Swing Line Lender the amount of such Revolving Lender’s Swing Line Risk Participation with respect thereto on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate
per annum equal to the Federal Funds Effective Rate. The Administrative Agent will make such demand upon the request of the Swing Line Lender. 
 (e) Interest for Account of Swing Line Lender. Each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to
(i) the Alternate Base Rate plus the Applicable Margin for ABR Loans minus (ii) the then applicable Commitment Fees percentage determined pursuant to the pricing grid set forth in the definition of “Applicable Margin.” The
Swing Line Lender shall be responsible for invoicing the Borrowers for interest on the Swing Line Loans. Until each Revolving Lender funds its Swing Line Risk Participation pursuant to this Section 2.18 to

  
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refinance such Revolving Lender’s Swing Line Risk Participation with respect to any Swing Line Loan, interest in respect of such Swing Line Risk Participation shall be solely for the account
of the Swing Line Lender. The Borrowers shall pay accrued interest on the unpaid principal amount of each Swing Line Loan on each Quarterly Payment Date and at maturity. 
 (f) Payments Directly to Swing Line Lender. The Borrowers shall make all payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender. 

SECTION 2.19. Notes. 
 (a) Revolving Loan Notes. Each Lender’s Revolving Loans shall be evidenced by a promissory note substantially in the form of Exhibit E (individually, a “Revolving Loan
Note”) which note shall be (i) payable to such Lender, (ii) in the amount of such Lender’s Revolving Loan Commitment, (iii) dated the Effective Date (or such other date acceptable to such Revolving Lender) and
(iv) otherwise appropriately completed. The Borrowers authorize each Lender to record on the schedule annexed to such Lender’s Revolving Loan Note the date and amount of each Revolving Loan made by such Lender and of each payment or
prepayment of principal thereon made by the Borrowers, and agrees that all such notations shall be prima facie evidence of the Loans, payments or prepayments noted thereon; provided, however, that any failure by a Lender to make, or
any error by any Lender in making, any such notation shall not affect the Borrowers’ Loans and other obligations under the Loan Documents. The Borrowers further authorize each Lender to attach to and make a part of such Lender’s Revolving
Loan Note continuations of the schedule attached thereto as necessary. If, because any Lender designates separate applicable lending offices for ABR Loans and Eurodollar Loans, such Lender requests that separate promissory notes be executed to
evidence separately such Revolving Loans, then each such note shall be substantially in the form of Exhibit E, mutatis mutandis to reflect such division, and shall be (A) payable to such Lender, (B) in the amount of such
Lender’s Revolving Loan Commitment, (C) dated the Effective Date and (D) otherwise appropriately completed. Such notes shall, collectively, constitute a Revolving Loan Note. 

(b) Term Loan Notes. Each Term Loan shall be evidenced by a promissory note to each Term Lender substantially in the form of
Exhibit F (individually, a “Term Loan Note”) which note shall be (i) payable to the order of such Term Lender, (ii) in the aggregate amount of such Term Lender’s Term Loan(s), (iii) dated the Effective
Date (or such other date acceptable to such Term Lender) and (iv) otherwise appropriately completed. If, because any Term Lender designates separate Applicable Lending Offices for ABR Loans and Eurodollar Loans, such Term Lender requests that
separate promissory notes be executed to evidence separately such Term Loans, then each such note shall be substantially in the form of Exhibit F, mutatis mutandis to reflect such division, and shall be (w) payable to the order of
such Term Lender, (x) in the amount of such Term Lender’s Term Loan, (y) dated the Effective Date (or such other date acceptable to such Term Lender) and (z) otherwise appropriately completed. Such notes shall, collectively,
constitute a Term Loan Note. 
 (c) Swing Line Notes. The Swing Line Lender’s Swing Line Loans shall be evidenced by
a promissory note substantially in the form of Exhibit G (individually, a “Swing Line Note”) which note shall be (i) payable to the Swing Line Lender, (ii) in the amount of the Swing Line Lender’s Swing Line
Loans, (iii) dated the Effective Date (or such other date acceptable to the Swing Line Lender) and (iv) otherwise appropriately completed. 

  
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 SECTION 2.20. Defaulting Lenders. Notwithstanding anything to the contrary contained
in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 
 (a) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the
definition of “Required Lenders” and in the last sentence of Section 9.2(b). 
 (b) Reallocation of
Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, upon acceleration or otherwise), shall be applied at
such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of
any amounts owing by such Defaulting Lender to the L/C Issuer or Swing Line Lender hereunder; third, if so determined by the Administrative Agent or requested by the L/C Issuer or Swing Line Lender, to be held as Cash Collateral for future
funding obligations of such Defaulting Lender of any participation in any Swing Line Loan or Letter of Credit; fourth, as the Borrowers may request (so long as no Event of Default exists), to the funding of any Loan in respect of which such
Defaulting Lender has failed to fund its portion thereof as required by this Agreement as determined by the Administrative Agent; fifth, as the Borrowers may request and if so agreed by the Administrative Agent, to be held in a deposit
account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or Swing Line Lender as a result of any judgment of a
court of competent jurisdiction obtained by any Lender, the L/C Issuer or Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no
Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal
amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in
Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings
owed to, such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.20(b)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (c) Certain
Fees. The Defaulting Lender (i) shall not be entitled to receive any Commitment Fee under Section 2.9(a) for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fees that
otherwise would have been required to have been paid to that Defaulting Lender) and (ii) shall be limited in its right to receive Letter of Credit fees as provided in Section 2.17(i). 

  
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 (d) Reallocation of Participations. All or any part of such Defaulting Lender’s
Revolving Proportionate Share of the Effective Amount of L/C Obligations and Swing Line Loans shall automatically (effective on the day such Lender becomes a Defaulting Lender) be reallocated among the Non-Defaulting Lenders in accordance with their
respective Revolving Proportionate Shares (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (i) the conditions set forth in Section 4.2 are satisfied at such time (and, unless the Borrowers
shall have otherwise notified the Administrative Agent at the time, the Borrowers shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (ii) such reallocation does not cause the sum of
(A) the Effective Amount of all Revolving Loans made by such Revolving Lender outstanding at such time and (B) such Revolving Lender’s Total Lender Risk Participation at such time to exceed such Revolving Lender’s Revolving Loan
Commitment at such time. 
 (e) Cash Collateral by Borrowers. If the reallocation described in clause (d) above
cannot, or can only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under law, no later than five (5) Business Days following notice by the Administrative Agent, Cash
Collateralize such Defaulting Lender’s Revolving Proportionate Share of the Effective Amount of L/C Obligations and Swing Line Loans (after giving effect to any partial reallocation pursuant to clause (iv) above) in accordance with the
procedures set forth in Sections 2.17(g) and 2.18(a), as applicable, for so long as such L/C Obligations or Swing Line Loans are outstanding. 
 (f) Defaulting Lender Cure. If the Borrowers, the Administrative Agent, Swing Line Lender and the L/C Issuer agree in writing in their sole discretion that a Defaulting Lender should no longer be
deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to
any Cash Collateral), such Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Loans and
funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their Revolving Proportionate Shares (without giving effect to Section 2.20(d)), whereupon such Lender
will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while such Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such
Lender’s having been a Defaulting Lender. 

  
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 ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES 
 The Borrowers represent and warrant to the
Lenders that: 
 SECTION 3.1. Organization; Powers. Each of the Borrowers and their respective Subsidiaries is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

SECTION 3.2. Authorization; Enforceability. The Transactions are within each Borrower’s organizational powers and have been
duly authorized by all necessary organizational action and, if required, action by its partners. Each of this Agreement and any other documents executed and delivered in connection with the Transactions has been duly executed and delivered by each
Borrower and constitutes a legal, valid and binding obligation of each Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 3.3. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation other than violations which,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, (c) will not violate the charter, by-laws, articles, limited liability company agreement, limited partnership agreement or other
organizational documents of any Borrower or any Subsidiary or any order of any Governmental Authority, (d) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Borrower or any Subsidiary or
the assets of any Borrower or any Subsidiary other than violations or defaults which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, (e) will not give rise to a right under any indenture,
agreement or other instrument binding upon any Borrower or any Subsidiary or upon the assets of any Borrower or any Subsidiary to require any material payment to be made by any Borrower or any Subsidiary, and (f) will not result in the creation
or imposition of any Lien on any asset of any Borrower or any Subsidiary. 
 SECTION 3.4. Financial Condition; No Material
Adverse Change. (a) The Borrowers have heretofore furnished to the Lenders combined consolidated statements of financial condition and statements of income, unitholders’ capital and cash flows (or their predecessor’s consolidated
statements) (i) as of and for the fiscal years ended December 31, 2009, 2010 and 2011, reported on by PricewaterhouseCoopers LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal
year ended September 30, 2012, certified by the Borrowers’ chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations

  
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and cash flows of the Borrowers and their respective consolidated Subsidiaries (or their predecessor and its consolidated subsidiaries) as of such dates and for such periods on a combined basis
in accordance with GAAP, subject to year-end audit adjustments. As of the Effective Date, none of the Borrowers or their respective Subsidiaries has any material Guarantees, material contingent liabilities and material liabilities for taxes, or any
long-term leases or unusual forward or long-term commitments, including any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, that are not reflected in the most recent financial statements
referred to in this paragraph. 
 (b) From December 31, 2011 to the Effective Date, there has been no event, development or
circumstance that has had or would reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.5. Properties.
(a) Each of the Borrowers and their respective Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business and none of such property is subject to any Lien except as permitted by
Section 6.2. 
 (b) Each of the Borrowers and their respective Subsidiaries owns, or is licensed to use, all trademarks,
tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by each of the Borrowers and their respective Subsidiaries does not infringe upon the rights of any other Person, except for any such
infringements that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.6. Litigation and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator
or Governmental Authority pending against or, to the knowledge of the Borrowers, threatened against or affecting any Borrower or any of their respective Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination
and that, if adversely determined, would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that arises from this Agreement or the Transactions.

 (b) Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate,
would not reasonably be expected to result in a Material Adverse Effect, none of the Borrowers or any of their respective Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license
or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any
Environmental Liability. 
 (c) Since the date of this Agreement, there has been no change in the status of the Disclosed
Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 
 SECTION 3.7. Compliance with Laws and Agreements. Each of the Borrowers and their respective Subsidiaries is in compliance with all Requirements of Law and Contractual Obligations binding upon it
or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

  
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 SECTION 3.8. Investment and Holding Company Status. (a) None of the Borrowers or
any of their respective Subsidiaries is an “investment company”, or a company “controlled” by an “investment company”, each as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.
Except for net capital and other requirements imposed on registered broker-dealers, none of the Borrowers or any of their respective Subsidiaries is subject to any regulation under any Requirement of Law (other than Regulation X of the Board) that
limits its ability to incur Indebtedness. 
 (b) Each of the Borrowers and their respective Subsidiaries that is engaged in
investment advisory or investment management activities is, and at all times will be, duly registered as an investment adviser if and to the extent required under the Investment Advisers Act of 1940, as amended; and each Subsidiary of a Borrower
which is engaged in broker-dealer business is, and at all times will be, duly registered as a broker-dealer if and to the extent required under the Securities Exchange Act of 1934, as amended, and, as and to the extent required, is, and at all times
will be, a member in good standing of the National Association of Securities Dealers, Inc. 
 SECTION 3.9. Taxes. Each of
the Borrowers and their respective Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it when due and payable, except
(a) Taxes that are being contested in good faith by appropriate proceedings and for which each of the Borrowers or such Subsidiary, as applicable, has set aside on its books adequate reserves with respect thereto in accordance with GAAP or
(b) to the extent that the failure to so file and/or pay could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur,
could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did
not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $5,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded
Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $10,000,000 the fair market
value of the assets of all such underfunded Plans. 
 SECTION 3.11. Disclosure. Each Borrower has disclosed to the
Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, would reasonably be expected to result in a
Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of the Borrowers to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or the
other Loan Documents or delivered hereunder or thereunder (as modified or supplemented by 

  
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other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided that, with respect to projected financial information, the Borrowers represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time
of such preparation. 
 SECTION 3.12. No Default. None of the Borrowers or any of their respective Subsidiaries is in
default under or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

SECTION 3.13. Subsidiaries. Except as disclosed to the Administrative Agent by the Borrowers in writing from time to time after
the Effective Date, (a) Schedule 3.13 sets forth the name and jurisdiction of incorporation, organization or formation of each Subsidiary and the name of the Borrower or other Subsidiary that is the parent of such Subsidiary and the percentage
of such Subsidiary owned directly or indirectly by such parent and (b) there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options or restricted stock granted to
employees or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of any Borrower or any Subsidiary. 
 SECTION 3.14. Federal Regulations. No part of the proceeds of any Loans or Letters of Credit will be used for “buying” or “carrying” any “margin stock” within the
respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect in any manner that violates the provisions of the Regulations of the Board or for any other purpose that violates the provisions of
the Regulations of the Board. The Borrowers are not engaged in the business of extending credit to others for the purpose of “buying” or “carrying” “margin stock”. If requested by any Lender or the Administrative Agent,
each Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. Not more than 25% of the
consolidated assets of the Borrowers and their respective Subsidiaries (excluding treasury shares) and not more than 25% of the unconsolidated assets of each Borrower consists of “margin stock” under Regulation U as now and from time to
time hereafter in effect. 
 SECTION 3.15. No Burdensome Restrictions. No Requirement of Law or Contractual Obligation of
any Borrower would reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.16. Foreign Assets Control,
Etc. 
 (a) None of the Borrowers (i) is, or is controlled by, a Designated Person; (ii) has received funds or
other property from a Designated Person; or (iii) is in breach of or is the subject of any action or investigation under any Anti-Terrorism Law. None of the Borrowers engages or will engage in any dealings or transactions, or is or will be
otherwise associated, with any Designated Person. To the extent applicable, each of the Borrowers and their respective subsidiaries is in compliance, in all material respects, with the Patriot Act. Each Borrower has taken reasonable measures to
ensure compliance with the Anti-Terrorism Laws. 

  
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 (b) No portion of the proceeds of any Loan, L/C Credit Extension or other credit made
hereunder has been or will be used, directly or indirectly for, and no fee, commission, rebate or other value has been or will be paid to, or for the benefit of, any governmental official, political party, official of a political party or any other
Person acting in an official capacity in violation of any Governmental Rule, including the U.S. Foreign Corrupt Practices Act of 1977, as amended. 
 SECTION 3.17. Obligations to Rank Pari Passu. The Indebtedness created under the Loan Documents constitutes unsecured obligations of the Borrowers ranking pari passu with all other present
and future unsecured Indebtedness of the Borrowers that is not by its terms subordinate or junior in rank to any other Indebtedness of the Borrowers. 
 ARTICLE IV. 
 CONDITIONS 

SECTION 4.1. Effective Date. The obligations of the Lenders to make Loans and the obligation of the L/C Issuer to issue Letters of
Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.2): 
 (a) Principal Loan Documents. The Administrative Agent (and if applicable, the L/C Issuer or the Swing Line Lender) shall have received: 

(i) this Agreement, duly executed by the Borrowers and each Lender; 

(ii) a Revolving Loan Note in favor of each Revolving Lender requesting such a Note; 

(iii) a Term Loan Note in favor of each Term Lender requesting such a Note; and 

(iv) a Swing Line Note in favor of the Swing Line Lender. 

(b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and
dated the Effective Date) of Munger, Tolles & Olson LLP, special counsel for the Borrowers, substantially in the form of Exhibit B, and covering such other matters relating to the Borrowers, this Agreement or the Transactions as the
Required Lenders shall reasonably request. The Borrowers hereby request such counsel to deliver such opinion. 
 (c) The
Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Borrower, the authorization of the
Transactions and any other legal matters relating to the Borrowers, this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent. 

  
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 (d) The Administrative Agent shall have received a certificate from each Borrower, dated the
Effective Date and signed by a Responsible Officer of such Borrower, (i) confirming compliance with the conditions set forth in paragraphs (b) and (c) of Section 4.2 and (ii) setting forth the Debt Ratings as of the
Effective Date. 
 (e) The Administrative Agent, the Lenders and the Lead Arranger shall have received (i) to the extent
invoiced, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrowers hereunder and (ii) all fees payable to the Lead Arranger pursuant to the Fee Letter. 

(f) All governmental and third party approvals reasonably necessary in connection with the continuing operations of the Borrowers and
their respective Subsidiaries and the transactions contemplated hereby shall have been obtained and be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any Governmental
Authority that would restrain, prevent or otherwise impose adverse conditions on the financing contemplated hereby. 
 (g) The
Lenders shall have received (i) audited consolidated financial statements of the Borrowers (or their predecessor) for the 2009, 2010 and 2011 fiscal years and (ii) unaudited interim consolidated financial statements of the Borrowers for
each quarterly period ended subsequent to the date of the latest applicable financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are available, and such financial statements shall not, in
the reasonable judgment of the Lenders, reflect any material adverse change in the consolidated financial condition of any Borrower as reflected in the financial statements or projections furnished to the Lenders. 

(h) The Administrative Agent shall have received evidence reasonably satisfactory to it that all amounts outstanding, if any, under the
Existing Credit Agreement have been repaid in full as of the Effective Date and such agreement and the commitments thereunder have been terminated. 
 The Administrative Agent shall notify the Borrowers and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 

SECTION 4.2. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing or any L/C Credit
Extension (including its initial Loan) is subject to the satisfaction of the following conditions: 
 (a) The Borrowers shall
have delivered to the Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender, a Borrowing Request, a Notice of Swing Line Borrowing, Letter of Credit Application or Interest Election Request, as the case may be, for such
extension of credit in accordance with this Agreement; 
 (b) The representations and warranties of the Borrowers set forth in
this Agreement shall be true and correct in all material respects (or if qualified by materiality or Material Adverse Effect, in all respects) on and as of the date of such Borrowing or L/C Credit Extension (unless stated to relate to a specific
earlier date, in which case, such representations and warranties shall be true and correct in all material respects (or if qualified by materiality or Material Adverse Effect, in all respects) as of such earlier date); and 

  
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 (c) At the time of and immediately after giving effect to such Borrowing or L/C Credit
Extension, no Default or Event of Default shall have occurred and be continuing. 
 Each Borrowing and L/C Credit Extension
shall be deemed to constitute a representation and warranty by the Borrowers on the date thereof as to the matters specified in paragraphs (b) and (c) of this Section. 

ARTICLE V. 

AFFIRMATIVE COVENANTS 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan, L/C Obligation and all fees payable hereunder shall have been paid in full, the Borrowers covenant and
agree with the Lenders that: 
 SECTION 5.1. Financial Statements and Other Information. The Borrowers will furnish to
the Administrative Agent and each Lender: 
 (a) Annual Financial Statements—GAAP. within 90 days after the end of
each fiscal year of the Borrowers, an audited combined consolidated statement of financial condition and related statements of operations, unitholders’ capital and cash flows of the Borrowers and their respective consolidated Subsidiaries as of
the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year (or for the Borrowers’ predecessor’s previous fiscal year), all reported on by PricewaterhouseCoopers LLP or other
independent public accountants of recognized national standing to the effect that such combined consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrowers and their
respective consolidated Subsidiaries on a combined basis in accordance with GAAP consistently applied, (B) copies of such accountants’ unqualified opinion and (C) to the extent delivered, management letters from such accountants in
connection with all such combined consolidated financial statements; 
 (b) Quarterly Financial Statements—GAAP.
within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrowers, a combined consolidated statement of financial condition and related statements of operations, unitholders’ capital and cash flows
of the Borrowers and their respective consolidated Subsidiaries as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or
periods of (or, in the case of the statement of financial condition, as of the end of) the previous fiscal year (or for the Borrowers’ predecessor’s previous fiscal year), all certified by one of its Financial Officers as presenting fairly
in all material respects the financial condition and results of operations of the Borrowers and their respective consolidated Subsidiaries on a combined basis in accordance with GAAP consistently applied, subject to normal year-end audit
adjustments; 
 (c) Compliance Certificate. concurrently with any delivery of financial statements under clause
(a) or (b) above, a compliance certificate of a Financial Officer of each of 

  
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the Borrowers substantially in the form of Exhibit H (i) certifying as to whether a Default or Event of Default has occurred and, if a Default or Event of Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.8 , (iii) stating whether any change in GAAP
or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.4 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such
certificate and (iv) certifying as to the then current Debt Ratings; 
 (d) Governmental Filings. within three days
after the same are filed, notice by electronic mail of the filing by Oaktree Capital Group, LLC with the SEC of any periodic reports or current reports made pursuant to the Securities Exchange Act of 1934; 

(e) Assets Under Management. within 45 days after the end of each fiscal quarter of the Borrowers a schedule of the Assets Under
Management on the last day of such quarter, substantially in the form of Exhibit C; 
 (f) Fund or Strategy
Information. without undue delay following the availability thereof, copies of quarterly letters provided to the limited partners of the meaningful active investment funds managed by any Borrower or Subsidiary; provided that the Borrowers
shall only be required to furnish such letters (i) to the extent that, and at such times as, such letters are required to be furnished by the governing documents of such investment funds; (ii) for so long as such letters continue to be
prepared pursuant to the Borrowers’ standard business procedures; and (iii) to the extent that such letters can be furnished without violating any Governmental Rule or binding confidentiality obligation to which any Borrower or Subsidiary
is a party; 
 (g) Additional Information. promptly following any request therefor, such other information regarding the
operations, business affairs and financial condition of any Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request;
provided that the Borrowers shall only be required to furnish such information (i) to the extent that such information can be furnished without violating any Governmental Rule or binding confidentiality agreement to which any Borrower or
any Subsidiary is a party; and (ii) to the extent such materials are not expressly excluded from the provisions of Section 5.1(a) through Section 5.1(f). 
 The Borrowers hereby acknowledge that (a) the Administrative Agent will make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrowers
hereunder (the “Borrower Materials”) by posting the Borrower Materials on one or more Platforms and (b) certain of the Lenders may be “public-side” Lenders (i.e. Lenders that do not wish to receive non-public
information with respect to the Oaktree Operating Group, their subsidiaries or their securities) (each, a “Public Lender”). The Borrowers hereby agree that (w) all Borrower Material that are to be made available to Public
Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof, (x) by marking Borrower Materials “PUBLIC” the
Borrowers shall be deemed to have authorized the Administrative Agent, the L/C Issuer and the Lenders to treat such Borrower Materials as either publicly available information 

  
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or not material information (although it may be sensitive and proprietary) with respect to the Oaktree Operating Group, their subsidiaries or their securities for purposes of United States
Federal and state security laws; (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent shall be
entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.” 
 In lieu of furnishing the Administrative Agent with the filings referred to in Section 5.1(d) above, Oaktree Capital Group, LLC may make available the filings that it submits to the SEC at
www.sec.gov or at such other website as notified to the Administrative Agent and the Lenders, which shall be deemed to have satisfied the requirements of furnishing such filings required by Section 5.1(d). 

SECTION 5.2. Notices of Material Events. The Borrowers will furnish to the Administrative Agent and each Lender prompt written
notice of the following: 
 (a) the occurrence of any Default or Event of Default; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or
affecting any Borrower or any Affiliate thereof that, if adversely determined, would reasonably be expected to result in a Material Adverse Effect; 
 (c) any involuntary suspension or termination of the registration of any Borrower or any Subsidiary as an investment adviser under the Investment Advisers Act of 1940, as amended, or any cancellation or
expiration without renewal or replacement of any material investment advisory agreement or similar contract to which any Borrower or any Subsidiary is a party; 
 (d) any announcement by S&P, Fitch Ratings, Moody’s or other nationally recognized rating agency of any change in a Debt Rating; and 

(e) any other development that results in, or would reasonably be expected to result in, a Material Adverse Effect. 

Each notice delivered under this Section shall be accompanied by a statement of a Responsible Officer of the applicable Borrower
setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
 SECTION 5.3. Existence; Conduct of Business. Each Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force
and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution
permitted under Section 6.3. 

  
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 SECTION 5.4. Payment of Obligations. Each Borrower will, and will cause each of its
Subsidiaries to, pay its obligations, including Tax liabilities, which, if not paid, would result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being
contested in good faith by appropriate proceedings, (b) such Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto if required in accordance with GAAP and (c) the failure to make payment pending such
contest would not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.5. Maintenance of Properties;
Insurance. Each Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and
(b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar
locations. 
 SECTION 5.6. Books and Records; Inspection Rights. Each Borrower will, and will cause each of its
Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. Each Borrower will, and will cause each of its Subsidiaries to,
permit any representatives designated by the Administrative Agent (or if an Event of Default has occurred and is occurring, any Lender) at reasonable times and upon reasonable prior notice, to visit and inspect its properties, to examine and make
extracts from its books and records, and to discuss its affairs, finances and condition with its officers and, provided that such Borrower is afforded the opportunity to participate in such discussions, its independent accountants, all at such
reasonable times and as often as reasonably requested, subject to Section 9.16 hereof; provided, however, in no event shall such visitations, inspections or examinations occur more frequently than once per calendar year so long as no
Event of Default has occurred and is occurring. 
 SECTION 5.7. Compliance with Laws and Contractual Obligations. Each
Borrower will, and will cause each of its Subsidiaries to, comply with (a) its Organizational Documents, (b) all Requirements of Law applicable to it or its property and maintain all Governmental Authorizations, and (c) all
Contractual Obligations, except where in each case, the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.8. Use of Proceeds. The proceeds of the Loans and Letters of Credit will be used only to (a) provide for the
working capital and general corporate purposes of the Borrowers and their respective Subsidiaries, including to repay any amounts outstanding under the Existing Credit Agreement, to provide the funding necessary for the Borrowers to make capital
contributions to investment companies, funds or accounts which are managed by a member of the Oaktree Operating Group or their respective Subsidiaries or for which such Oaktree Operating Group member or such Subsidiary acts as a general partner or
investment manager, and, to the extent permitted under this Agreement, to make equity distributions or fund repurchases by Oaktree Capital Group, LLC or ControlCo of their respective Capital Stock, to make investments, loans or advances as permitted
by Section 6.4 and to fund Restricted Payments permitted by Section 6.5 and (b) pay fees and expenses incurred in connection with the Transactions. No part of the proceeds of any Loan or Letter of Credit will be used, whether directly
or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U or X. 

  
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 SECTION 5.9. Environmental Laws. Each Borrower will, and will cause each of its
Subsidiaries to, (a) comply in all material respects with all applicable Environmental Laws, and obtain and comply in all material respects with and maintain any and all Governmental Authorizations required by applicable Environmental Laws, and
(b) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all
Governmental Authorities regarding Environmental Laws, except in each case to the extent that non-compliance therewith would not reasonably be expected to result in a Material Adverse Effect. 

ARTICLE VI. 

NEGATIVE COVENANTS 
 Until the Commitments have expired or terminated and the principal of and interest on each Loan, L/C Obligation and all fees payable hereunder have been paid in full, the Borrowers covenant and agree with
the Lenders that: 
 SECTION 6.1. Indebtedness. The Borrowers will not (x) create, incur, assume or permit to exist
any Indebtedness or (y) permit any Subsidiary to create, incur, assume or permit to exist any Indebtedness or preferred Capital Stock, except, in each case: 
 (a) Indebtedness created hereunder; 
 (b) Indebtedness existing on the date hereof
and set forth in Schedule 6.1 and any extensions, renewals or replacements of any such Indebtedness that do not increase the outstanding principal amount, or shorten the maturity, thereof; 

(c) Indebtedness of a Borrower to any Subsidiary or other Borrower, and of any Subsidiary to any Borrower or any wholly owned Subsidiary
of a Borrower; 
 (d) Indebtedness of a Borrower or Subsidiary to Oaktree Capital Management (Cayman), L.P., Oaktree Investment
Holdings, L.P. or any of their respective subsidiaries in an aggregate amount not to exceed $25,000,000 at any time outstanding; 
 (e) Guarantees of Indebtedness permitted hereunder; 
 (f) Indebtedness of any
Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or
secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) such Indebtedness
is incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (f) when added to the aggregate principal
amount of Attributable Debt outstanding, shall not exceed $30,000,000 at any one time; 

  
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 (g) Indebtedness of any Person that becomes a Subsidiary after the date hereof;
provided that such Indebtedness exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary; 

(h) Indebtedness of any Borrower or any Subsidiary as an account party in respect of letters of credit in a maximum amount of $20,000,000
at any one time; 
 (i) Unsecured Indebtedness of a Borrower to its partners to finance the Borrowers’ equity contributions
in investment companies or funds for which it or any Subsidiary acts as a general partner or an investment advisor in an aggregate amount not to exceed $10,000,000 at any one time; 

(j) any Permitted Note Financing, provided that at the time of any new issuance or guarantee of any such senior notes, no Default
or Event of Default has occurred or would result therefrom; 
 (k) Indebtedness incurred for the purchase or lease of a
corporate jet, in an amount not to exceed $50,000,000 at any one time; 
 (l) Guarantees by the Borrowers of loans extended to
employees or principals of the Borrowers and other Persons for taxes payable upon the vesting of equity interests in connection with equity-based compensation arrangements; 
 (m) Indebtedness of the Borrowers or any of their Subsidiaries in the nature of any contingent obligations of any Borrower or any such Subsidiary as the general partner (or equivalent) of any investment
funds managed by any member of the Oaktree Operating Group or any of their respective subsidiaries, either now existing or newly created in respect of any Indebtedness of those funds; 

(n) obligations pursuant to Hedging Agreements entered into in the ordinary course of business and not for speculative purposes;

 (o) Indebtedness permitted by Section 6.4; 
 (p) Unsecured Indebtedness of the Borrowers and their respective Subsidiaries in an aggregate amount not to exceed $50,000,000 at any one time. 

For purposes of compliance with this Section, (1) in the event any Indebtedness meets the criteria set forth in more than one of
clauses (a) through (p) of this Section, the Borrowers in their sole collective discretion may (x) classify or reclassify such Indebtedness in any manner that complies with this Section and (y) divide and classify such
Indebtedness among more than one of the clauses of this Section and, in each case, such Indebtedness shall be treated as having been permitted pursuant to such clause, and (2) Indebtedness in any currency other than U.S. dollars shall be valued
in U.S. dollars as of the date such investment was made. 

  
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 SECTION 6.2. Liens. The Borrowers will not, and will not permit any Subsidiary to,
create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except: 
 (a)
Permitted Encumbrances; 
 (b) any Lien on any property or asset of any Borrower or any Subsidiary existing on the date hereof
and set forth in Schedule 6.2; provided that (i) such Lien shall not apply to any other property or asset of any Borrower or any Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof;

 (c) any Lien existing on any property or asset prior to the acquisition thereof (including by merger or consolidation) by any
Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation
of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrowers or their respective Subsidiaries and (iii) such Lien shall
secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be; 
 (d) Liens on property, plant and equipment acquired, constructed or improved by the Borrowers or their respective Subsidiaries; provided that (i) such security interests secure Indebtedness
permitted by clause (f) of Section 6.1, (ii) such security interests and the Indebtedness secured thereby are incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement,
(iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such property, plant and equipment and (iv) such security interests shall not apply to any other property or assets of the Borrowers or
their respective Subsidiaries; 
 (e) Liens on the corporate jet described in Section 6.1(k) and the proceeds thereof
securing the Indebtedness permitted by Section 6.1(k); 
 (f) in the case of a Subsidiary that serves as the general
partner (or equivalent) of an investment fund managed by any of the Borrowers or any of their Affiliates, any Lien on such Subsidiary’s interests and rights as a general partner (or equivalent) of such fund or any special purpose vehicle owned
by such limited partnership; provided that such Lien shall not extend to such Subsidiary’s right to receive distributions or any incentive allocation from such fund; 

(g) Liens on property acquired or leased by a Borrower or a Subsidiary of a Borrower securing the related Capital Lease Obligations
permitted hereunder; 
 (h) attachment, judgment and other similar Liens that do not constitute an Event of Default pursuant to
subsection (k) of Article VIII; and 
 (i) Liens arising out of the refinancing extension, renewal or refunding of any
Indebtedness secured by any Lien permitted by any of the foregoing clauses of this Section, provided that the Lien does not apply to any additional property or asset. 

  
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 For purposes of compliance with this Section, (x) in the event that any Lien meets the
criteria set forth in more than one of clauses (a) through (i) of this Section, Borrowers in their sole discretion may classify or reclassify such Lien in any manner that complies with this Section and such Lien shall be treated as having
been permitted pursuant to only one of such clauses of this section; and (y) any Indebtedness secured by a Lien may be divided and classified among more than one of the clauses of this Section and, in each case, such Lien shall be treated as
having been permitted pursuant to such clause. 
 SECTION 6.3. Fundamental Changes. (a) Each Borrower will not, and
will not permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions)
all or substantially all of the Borrowers’ assets (measured on a collective basis across all Borrowers), or all or substantially all of the Capital Stock of the Borrowers’ Subsidiaries (measured on a collective basis across all Borrowers)
(in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default or Event of Default shall have occurred and be continuing (i) any
Person, including a Subsidiary or Borrower, may merge into or consolidate with any of the Borrowers in a transaction in which a Borrower is the surviving entity, (ii) any Person, other than a Borrower but including a Subsidiary, may merge into
or consolidate with any Subsidiary in a transaction in which the surviving entity is a Subsidiary that is wholly owned by one or more of the Borrowers, (iii) any Borrower may merge into or consolidate with any Subsidiary in a transaction in
which the surviving entity is a wholly owned Subsidiary, provided that (solely in a case of such a transaction involving a Borrower other than Oaktree AIF Investments, L.P.), such wholly owned Subsidiary agrees to become a Borrower hereunder
and executes and delivers documents reasonably requested by the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent with respect thereto (including, but not limited to, an opinion of counsel), (iv) any
Subsidiary may sell, transfer, lease or otherwise dispose of its assets to any of the Borrowers or to a wholly owned Subsidiary, (v) any Borrower may sell, transfer, lease or otherwise dispose of its assets (including any Capital Stock) to any
other Borrower, (vi) any Borrower may sell, transfer, lease or otherwise dispose of its assets (including any Capital Stock) to a wholly owned Subsidiary, provided that in the event such transaction results in a transfer, lease or other
disposition of all or substantially all of the Borrowers’ assets (measured on a collective basis across all Borrowers) to such Subsidiary, such Subsidiary agrees to become a Borrower hereunder and executes and delivers documents reasonably
requested by the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent with respect thereto (including, but not limited to, an opinion of counsel), (vii) any Subsidiary may merge or consolidate with any
other Person in a transaction in which the other Person is the surviving entity or sell, transfer, lease or otherwise dispose of its assets to any other Person which, in each case, (A) prior to such transaction did not have any operations and
(B) the Borrowers own the same type and percentage of equity interests in such other Person as the Borrowers owned in such Subsidiary prior to such transaction, (viii) Oaktree AIF Investments, L.P. or any Subsidiary of a Borrower may
liquidate or dissolve if Oaktree AIF Investments, L.P. or such Borrower, respectively, determines in good faith that such liquidation or dissolution is in its best interests and is not materially disadvantageous to the Lenders and (ix) any
Borrower may transfer any Capital Stock of any of its Subsidiaries to any other Borrower or any wholly owned Subsidiary of another Borrower; 

  
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provided that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless the Borrowers’ investment therein is
also permitted by Section 6.4. 
 (b) Each Borrower will not, and will not permit any of its Subsidiaries to, engage to any
material extent in any business other than businesses of the type conducted by such Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto. 

SECTION 6.4. Investments, Loans, Advances, Guarantees and Acquisitions; Hedging Agreements. (a) The Borrowers will not, and
will not permit any of their respective Subsidiaries to, purchase or acquire any Capital Stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist
any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other
Person constituting a business unit, except: 
 (i) Permitted Investments; 

(ii) investments by a Borrower in the Capital Stock of its Subsidiaries (including newly created or acquired
Subsidiaries); 
 (iii) loans or advances made by the Borrowers to any Subsidiary and made by any Subsidiary to
the Borrowers or any other Subsidiary, and any loans and advances to any Subsidiary shall include such loans and advances to foreign Subsidiaries and Oaktree Capital Management (Cayman) L.P., Oaktree Investment Holdings, L.P. and their respective
subsidiaries to fund the operating costs and budgeted Capital Expenditures of such entities; provided that at the time of such loan or advance, no Default or Event of Default shall have occurred and be continuing or would result therefrom;

 (iv) Guarantees (A) constituting Indebtedness permitted by Section 6.1 and (B) of other
obligations (including lease obligations of Subsidiaries and Oaktree Capital Management (Cayman) L.P., Oaktree Investment Holdings, L.P. and their respective subsidiaries) not prohibited by this Agreement; and 

(v) loans or advances made directly by a Borrower or indirectly by a Borrower through one or more intermediaries to the
employees and/or principals of any member of the Oaktree Operating Group or any of their respective subsidiaries (A) that are outstanding for less than four months, (B) that are secured by (x) the Capital Stock of ControlCo or
(y) “points” in the management fee or incentive allocation of any investment fund or any subsidiary thereof that is managed by any Borrower or any Subsidiary, in each case, held by such employees and/or principals, or (C) in an
aggregate principal amount not to exceed $50,000,000 at any one time outstanding for all Borrowers. 

  
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 (b) The Borrowers will not, and will not permit any of their respective Subsidiaries to,
enter into any Hedging Agreement, other than Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which any member of the Oaktree Operating Group or any subsidiary thereof is exposed in the conduct of its
business or the management of its liabilities or entered into in connection with the issuance or contemplated issuance of a Permitted Note Financing. 
 SECTION 6.5. Restricted Payments. The Borrowers will not, and will not permit any of their respective Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any
Restricted Payment, except (a) any Subsidiary of a Borrower may declare and pay dividends on, or make distributions with respect to, its Capital Stock to a Borrower or any intervening Subsidiary, (b) that so long as no Default or Event of
Default shall have occurred and be continuing or would result therefrom, the Borrowers or any of their respective Subsidiaries may declare and pay dividends with respect to its Capital Stock payable solely in additional shares of its Capital Stock,
or declare and pay dividends or make distributions in cash solely to holders of its Capital Stock, (c) the Borrowers may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or
employees of the Borrowers and their respective Subsidiaries; (d) the Borrowers or any of their respective Subsidiaries may declare and pay dividends and make distributions to holders of their Capital Stock at any time in amounts intended to
enable such holders to discharge their respective U.S. federal, state and local and non-U.S. income and franchise tax liabilities arising from allocations made (or expected to be made) to such holder in respect of such Capital Stock (which amounts
may be calculated based on the assumption that such holders are taxed at the highest marginal federal, state and local tax rates applicable to an individual domiciled in Los Angeles, California). 

SECTION 6.6. Transactions with Affiliates. The Borrowers will not, and will not permit any of their respective Subsidiaries to,
sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except 

(a) in the ordinary course of business at prices and on terms and conditions not less favorable to a Borrower or such Subsidiary than
could be obtained on an arm’s-length basis from unrelated third parties; 
 (b) transactions between or among the Borrowers
and their wholly owned Subsidiaries not involving any other Affiliate; 
 (c) any Restricted Payment permitted by
Section 6.5; 
 (d) as identified on Schedule 6.6; and 

(e) transfers or contributions of property, assets or Capital Stock from an Affiliate of any Borrower to any Subsidiary or Borrower,
provided that (i) no Default or Event of Default then exists or would result after giving effect thereto, (ii) the representations and warranties of the Borrowers set forth in this Agreement are true and correct in all material
respects on and as of the date of and after giving effect to such transfer or contribution (unless stated to 

  
 71 

 
relate to a specific earlier date, in which case, such representations and warranties shall be true and correct in all material respects as of such earlier date), (iii) if the transfer or
contribution is of Capital Stock of any Person and results in such Person becoming a Subsidiary of any Borrower, then no Default or Event of Default pursuant to Section 6.8 would have existed if such Person were a Subsidiary of a Borrower as of
the last day of the Borrowers’ most recently ended fiscal quarter and (iv) no cash or other property (other than equity interests of the recipient of such transfer or contribution to the transferor in respect thereof) is transferred from
any of the Borrowers or their respective Subsidiaries to such Affiliate or any owner, directly or indirectly, of such Affiliate, in connection with such transfer or contribution. 

SECTION 6.7. Restrictive Agreements; Negative Pledge Clauses. The Borrowers will not, and will not permit any of their respective
Subsidiaries to, directly or indirectly, enter into, incur or permit to exist or become effective any agreement or other arrangement that prohibits, limits, restricts or imposes any condition upon (a) the ability of any Borrower or any
Subsidiary to create, incur, assume or permit to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, or (b) the ability of any Subsidiary to pay dividends or other distributions on account of
any shares of its Capital Stock or to make or repay loans or advances to the Borrowers or any other Subsidiary or to Guarantee Indebtedness of the Borrowers or any other Subsidiary; provided that (i) the foregoing shall not apply to
restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.7 (and any extension, renewal or amendment or modification
thereof, provided that such extension, renewal, amendment or modification does not expand the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements
relating to the sale of a Subsidiary, business or assets pending such sale; provided such restrictions and conditions apply only to the Subsidiary, business or assets that is to be sold and such sale is permitted hereunder, (iv) clause
(a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such
Indebtedness; (v) clause (a) of the foregoing shall not apply to customary provisions in leases restricting the assignment thereof; and (vi) the foregoing shall not apply to restrictions and conditions contained in agreements
evidencing the Permitted Note Financing. 
 SECTION 6.8. Financial Condition Covenants. 

(a) Combined Leverage Ratio. The Borrowers will not permit the Combined Leverage Ratio as of the last day of any period of four
consecutive fiscal quarters of the Borrowers ending with any fiscal quarter to be equal to or greater than the ratio of 3.00 to 1.00. 
 (b) Combined Fixed Charge Coverage Ratio. The Borrowers will not permit the Combined Fixed Charge Coverage Ratio for any period of four consecutive fiscal quarters of the Borrowers ending with any
fiscal quarter to be equal to or less than the ratio of 2.50 to 1.00. 
 (c) Combined Net Worth. The Borrowers will not
permit the Combined Net Worth at any time to be less than $600,000,000. 

  
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 (d) Minimum Assets. The Borrowers will not permit the Assets Under Management at any
time to be less than $50,000,000,000. 
 SECTION 6.9. Reserved. 

SECTION 6.10. Changes in Fiscal Periods. The Borrowers will not permit the fiscal year of the Borrowers to end on a day other than
December 31 or change the Borrowers’ method of determining fiscal quarters, except, in each case, with the consent (not to be unreasonably withheld) of the Required Lenders. 

SECTION 6.11. Optional Payments and Modifications of Certain Debt Instruments. The Borrowers will not, and will not permit any of
their respective Subsidiaries to, make or offer to make any optional or voluntary payment, prepayment, repurchase or redemption of or otherwise optionally or voluntarily defease any Indebtedness other than: 

(a) the Indebtedness under this Agreement and the other Loan Documents; and 

(b) so long as no Default or Event of Default has occurred or would result therefrom, prepayments of Indebtedness made when the sum of
the Effective Amount of all Revolving Loans , the Effective Amount of all Swing Line Loans , and the Effective Amount of all L/C Obligations outstanding at such time is equal to zero. 

The Borrowers also will not, and will not permit any of their respective Subsidiaries to amend, modify, waive or otherwise change, or
consent or agree to any amendment, modification, waiver or other change to, any of the terms relating to the payment or prepayment of principal of or interest on, any such Indebtedness that would accelerate the maturity or increase the amount of any
payment of principal thereof. 
 ARTICLE VII. 
 EVENTS OF DEFAULT 
 If any of the following events (“Events of
Default”) shall occur: 
 (a) any Borrower shall fail to pay any principal of any Loan or L/C Obligation when and as
the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b) any Borrower shall fail to pay any interest on any Loan or L/C Obligation or any fee or any other amount (other than an amount
referred to in clause (a) of this Article) payable under this Agreement or the other Loan Documents, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five days; 

(c) any representation or warranty made or deemed made by or on behalf of any Borrower in or in connection with this Agreement or the
other Loan Documents or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or the other Loan Documents or any amendment or
modification hereof or thereof, shall prove to have been materially incorrect when made or deemed made; 

  
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 (d) any Borrower shall fail to observe or perform any covenant, condition or agreement
contained in Section 5.2, 5.3 (with respect to such Borrower’s existence) or 5.8 or in Article VI; provided that with respect to any non-consensual Lien on any property or asset of any Borrower or any Subsidiary, no Default or Event
of Default shall exist under this clause (d) unless any such Lien shall not have been terminated, removed or released within 30 days from the date such Lien was initially placed thereon; 

(e) any Borrower shall fail to observe or perform any covenant, condition or agreement contained in this Agreement or any other Loan
Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent (given at the request of any Lender) to
the Borrowers; 
 (f) any Borrower or any Material Subsidiary shall fail to make any payment (whether of principal or interest
and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable; 
 (g) any
event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause
any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due
as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 
 (h) an involuntary
proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Borrower or any Material Subsidiary or their respective debts, or of a material part of their
respective assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
any Borrower or any Material Subsidiary or for a material part of their respective assets, and, in any such case, such proceeding or petition shall continue undismissed for 90 days or an order or decree approving or ordering any of the foregoing
shall be entered; 
 (i) any Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any
petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely
and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Borrower or
any Material Subsidiary or for a material part of their respective assets, (iv) file an answer admitting the material allegations of a petition filed against any of them in any such proceeding, (v) make a general assignment for the benefit
of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

  
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 (j) any Borrower or any Material Subsidiary shall become unable, admit in writing or fail
generally to pay their respective debts as they become due; 
 (k) one or more judgments for the payment of money in an
aggregate amount in excess of $20,000,000 in excess of applicable insurance shall be rendered against any Borrower, any Material Subsidiary or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days during
which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Borrower or any Material Subsidiary to enforce any such judgment; 

(l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that
have occurred, could reasonably be expected to result in a Material Adverse Effect; 
 (m) a Change in Control shall occur;

 (n) any Borrower or any Subsidiary shall become a Designated Person; 

(o) the aggregate amount of the Unfunded Pension Liabilities of the Borrowers and their respective Subsidiaries shall exceed $10,000,000
at any time; or 
 (p) any Loan Document or any material term thereof shall cease to be, or be asserted by any Borrower not to
be, a legal, valid and binding obligation of such Borrower (or any other Borrower) enforceable in accordance with its terms; 
 then, and in
every such event (other than an event with respect to any Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the
Required Lenders shall, by notice to the Borrowers take one or all of the following actions, at the same or different times: (i) terminate the Commitments and any obligation of the L/C Issuer to make L/C Credit Extensions and thereupon the
Commitments and such obligation of the L/C Issuer shall terminate immediately, (ii) declare all or a portion of the Loans and L/C Obligations then outstanding to be due and payable in whole (or in part, in which case any principal not so
declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans and L/C Obligations so declared to be due and payable, together with accrued interest thereon and all fees and other
obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers to the extent permitted by applicable law,
(iii) require that the Borrowers Cash Collateralize the L/C Obligations in an amount equal to 105% of the then Effective Amount of the L/C Obligations, and (iv) exercise all other rights and remedies under the Loan Documents and applicable
law; and in case of any event with respect to any Borrower described in clause (h) or (i) of this Article, the Commitments and the obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate and the principal
of the Loans and L/C Obligations then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall automatically become due and

  
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payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers, and the obligation of the Borrowers to Cash Collateralize the L/C
Obligations in an amount equal to the then Effective Amount of the L/C Obligations shall automatically become effective, which amounts shall be immediately pledged and delivered to the Administrative Agent as security for the L/C Obligations,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers to the extent permitted by applicable law. 
 ARTICLE VIII. 
 THE ADMINISTRATIVE AGENT 

SECTION 8.1. Appointment, Powers and Immunities 
 (a) Each Lender hereby appoints and authorizes Wells Fargo Bank, National Association and its successors to act as its administrative agent hereunder and under the other Loan Documents with such powers as
are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Each Lender hereby authorizes the Administrative Agent to take
such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers as are set forth herein or therein, together with such other powers as are reasonably incidental thereto. The Lead Arranger
shall not have any duties or responsibilities or any liabilities under this Agreement or any other Loan Document and, except to the extent expressly set forth in Section 9.2(b), any amendments, consents, waivers or any other actions
taken in connection with this Agreement or the other Loan Documents shall not require the consent of the Lead Arranger in such capacity. The Administrative Agent shall not have any duties or responsibilities except those expressly set forth in this
Agreement or in any other Loan Document, be a trustee for any Lender or have any fiduciary duty to any Lender. Notwithstanding anything to the contrary contained herein the Administrative Agent shall not be required to take any action which is
contrary to this Agreement or any other Loan Document or any applicable Governmental Rule. None of the Administrative Agent or any Lender shall be responsible to any other Lender for any recitals, statements, representations or warranties made by
any Borrower contained in this Agreement or in any other Loan Document, for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure by any Borrower to perform its
obligations hereunder or thereunder. The Administrative Agent may employ agents and attorneys-in-fact and shall not be responsible to any Lender for the negligence or misconduct of any such agents or attorneys-in-fact selected by it with reasonable
care. None of the Administrative Agent or any of its directors, officers, employees, agents or advisors shall be responsible to any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in
connection herewith or therewith, except to the extent arising from its or their own gross negligence or willful misconduct. Except as otherwise provided under this Agreement, the Administrative Agent shall take such action with respect to the Loan
Documents as shall be directed by the Required Lenders or in the absence of such direction such action as the Administrative Agent in good faith deems advisable under the circumstances. 

  
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 (b) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit
issued by it and the documents associated therewith until such time (and except for so long) as the Administrative Agent may agree at the request of the Required Lenders to act for the L/C Issuer with respect thereto; provided,
however, that the L/C Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent in this Article VIII with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of
Credit issued by it or proposed to be issued by it and the application and agreements for letters of credit pertaining to the Letters of Credit as fully as if the term “Administrative Agent” as used in this Article VIII included the L/C
Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect to the L/C Issuer. 

SECTION 8.2. Reliance by the Administrative Agent. The Administrative Agent, the L/C Issuer and the Swing Line Lender shall be
entitled to rely upon any certificate, notice or other document (including any cable, telegram, facsimile, e-mail or telex) believed by it in good faith to be genuine and correct and to have been signed or sent by or on behalf of the proper Person
or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the Administrative Agent with reasonable care. As to any other matters not expressly provided for by this Agreement, the
Administrative Agent shall not be required to take any action or exercise any discretion, but shall be required to act or to refrain from acting upon instructions of the Required Lenders and shall in all cases be fully protected by the Lenders in
acting, or in refraining from acting, hereunder or under any other Loan Document in accordance with the instructions of the Required Lenders (or additional Lenders if required by Section 9.2), and such instructions of the Required Lenders (or
additional Lenders as the case may be) and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders. 
 SECTION 8.3. Defaults. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received a
written notice from a Lender or the Borrowers, referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “Notice of Default”. If the Administrative Agent receives such a notice of the
occurrence of a Default or Event of Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed
by the Required Lenders; provided, however, that until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action,
with respect to such Default or Event of Default as it shall deem advisable in the best interest of the Lenders. Notwithstanding anything to the contrary contained herein, the order and manner in which the Lenders’ rights and remedies are to be
exercised (including the enforcement by any Lender of its Note) shall be determined by the Required Lenders in their sole discretion. 
 SECTION 8.4. Indemnification. Without limiting the obligations of the Borrowers hereunder, each Lender agrees to indemnify the Administrative Agent and Lead Arranger, ratably in accordance with its
pro rata share of all obligations of the Borrowers and Commitments, for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may at any
time be imposed on, incurred by or asserted against the Administrative Agent or the Lead 

  
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Arranger in any way relating to or arising out of this Agreement or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or the
enforcement of any of the terms hereof or thereof (in each case, including any amount required to be paid by the Borrowers under Section 9.3(a) or Section 9.3(b)) to the extent not reimbursed by the Borrowers within 10 days after demand
therefor (which demand shall be deemed made during the existence of any Event of Default under clause (h) or (i) of Article VII); provided, however, that no Lender shall be liable for any of the foregoing to the extent any of
the foregoing arise from the Administrative Agent’s gross negligence or willful misconduct. The Administrative Agent shall be fully justified in refusing to take or in continuing to take any action hereunder unless it shall first be indemnified
to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The obligations of each Lender under this Section 8.4 shall survive the payment
and performance of the obligations of the Borrowers, the termination of this Agreement and any Lender ceasing to be a party to this Agreement (with respect to events which occurred prior to the time such Lender ceased to be a Lender hereunder).

 SECTION 8.5. Non-Reliance. Each Lender represents that it has, independently and without reliance on the
Administrative Agent, or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of the business, prospects, management, financial condition and affairs of the Borrowers and their respective
Subsidiaries and its own decision to enter into this Agreement and agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at
the time, continue to make its own appraisals and decisions in taking or not taking action under this Agreement. Neither the Administrative Agent nor any of its affiliates nor any of their respective directors, officers, employees, agents or
advisors shall (a) be required to keep any Lender informed as to the performance or observance by any Borrower of the obligations under this Agreement or any other document referred to or provided for herein or to make inquiry of, or to inspect
the properties or books of any Borrower; (b) have any duty or responsibility to disclose to or otherwise provide any Lender, and shall not be liable for the failure to disclose or otherwise provide any Lender, with any credit or other
information concerning any Borrower which may come into the possession of the Administrative Agent or that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity, except for notices,
reports and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent hereunder; or (c) be responsible to any Lender for (i) any recital, statement, representation or warranty made by any
Borrower or any officer, employee or agent of any Borrower in this Agreement or in any of the other Loan Documents, (ii) the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any Loan Document,
(iii) the value or sufficiency of the collateral, if any, or the validity or perfection of any of the liens or security interests intended to be created by the Loan Documents, or (iv) any failure by any Borrower to perform its obligations
under this Agreement or any other Loan Document. 
 SECTION 8.6. Resignation of the Administrative Agent. The
Administrative Agent may resign at any time by giving thirty (30) days prior written notice thereof to the Borrowers and the Lenders. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative
Agent, which successor Administrative Agent, if not 

  
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a Lender, shall be reasonably acceptable to the Borrowers; provided, however, that the Borrowers shall have no right to approve a successor Administrative Agent if a Default or
Event of Default has occurred and is continuing. Upon the acceptance of any appointment as the Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with
all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from the duties and obligations thereafter arising hereunder; provided that the retiring Administrative
Agent shall be discharged from the duties and obligations arising hereunder from and after the end of such thirty (30) day even if no successor has been appointed. If no such successor has been appointed, the Required Lenders shall act as the
Administrative Agent hereunder. After any retiring Administrative Agent’s resignation hereunder as the Administrative Agent, the provisions of this Article VIII shall continue in effect for its benefit in respect of any actions taken or omitted
to be taken by it while it was acting as the Administrative Agent. The successor Administrative Agent (or if there is no successor one of the Lenders appointed by the Required Lenders that accepts such appointment) shall also simultaneously replace
the then existing Administrative Agent and the then existing Administrative Agent shall be fully released as “L/C Issuer,” and “Swing Line Lender” hereunder pursuant to documentation in form and substance reasonably satisfactory
to the then existing Administrative Agent. 
 SECTION 8.7. Collateral Matters. Unless all the Lenders otherwise consent
in writing, any and all cash collateral for the L/C Obligations shall be released to the Borrowers, to the extent not applied to the L/C Obligations, only if (a) the Commitments have been terminated and (b) all L/C Obligations have been
paid in full and are no longer outstanding. 
 SECTION 8.8. Performance of Conditions. For the purpose of determining
fulfillment by the Borrowers of conditions precedent specified in Article IV only, each Lender shall be deemed to have consented to, and approved or accepted, or to be satisfied with each document or other matter sent by the Administrative Agent to
such Lender for consent, approval, acceptance or satisfaction, or required under Article IV to be consented to, or approved by or acceptable or satisfactory to, that Lender, unless an officer of the Administrative Agent who is responsible for the
transactions contemplated by the Loan Documents shall have received written notice from that Lender prior to the making of the requested Loan or the issuance of the requested Letter of Credit or the making of any other L/C Credit Extension
specifying its objection thereto and either (i) such objection shall not have been withdrawn by written notice to the Administrative Agent or (ii) in the case of any condition to the making of a Loan, that Lender shall not have made
available to the Administrative Agent that Lender’s Revolving Proportionate Share of such Loan, Letter of Credit or other L/C Credit Extension. 
 SECTION 8.9. The Administrative Agent in its Individual Capacity. The Administrative Agent and its affiliates may make loans to, issue letters of credit for the account of, accept deposits from and
generally engage in any kind of banking or other business with any Borrower and its Affiliates as though the Administrative Agent were not the Administrative Agent, L/C Issuer or Swing Line Lender hereunder. With respect to Loans, if any, made by
the Administrative Agent in its capacity as a Lender, the Administrative Agent in its capacity as a Lender shall have the same rights and powers under this Agreement and the other Loan Documents as any other Lender and may exercise the same as
though it were not the 

  
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Administrative Agent, L/C Issuer or Swing Line Lender, and the terms “Lender” or “Lenders” shall include the Administrative Agent in its capacity as a Lender. The
Administrative Agent shall not be deemed to hold a fiduciary, trust or other special relationship with any Lender and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or
otherwise exist against the Administrative Agent. 
 ARTICLE IX. 

MISCELLANEOUS 
 SECTION 9.1. Notices. 
 (a) Except as otherwise provided herein, all
notices, requests, demands, consents, instructions or other communications to or upon the Borrowers, any Lender or the Administrative Agent under this Agreement or the other Loan Documents shall be in writing and faxed, mailed, e-mailed or
delivered, if to the Borrowers at its e-mail address or address set forth below or to the Administrative Agent, the L/C Issuer or the Swing Line Lender, at its respective telecopy number, e-mail address or address set forth below or, if to any
Lender, at the address, e-mail address or telecopy number specified for such Lender in Schedule 2.1 (or to such other telecopy number, e-mail address or address for any party as indicated in any notice given by that party to the other parties). All
such notices and communications shall be effective (i) when sent by an overnight courier service of recognized standing, on the second Business Day following the deposit with such service; (ii) when mailed, first-class postage prepaid and
addressed as aforesaid through the United States Postal Service, upon receipt; (iii) when delivered by hand, upon delivery; and (iv) when sent by telecopy transmission, upon confirmation of receipt; provided, however, that
(A) any notice delivered to the Administrative Agent, the L/C Issuer or the Swing Line Lender under Article II shall not be effective until actually received by such Person, (B) any notice delivered to the Administrative Agent, the L/C
Issuer or the Swing Line Lender under Article II that is sent via e-mail must be sent in the form of a signed PDF or similar document image file that is attached to an e-mail sent to the e-mail address or e-mail addresses of the Administrative
Agent, the L/C Issuer or the Swing Line Lender, as applicable, (C) the e-mail or other web-based communication expressly permitted under Section 9.1(b) or otherwise shall no longer be permitted if the Administrative Agent has notified the
Borrowers that it is incapable of receiving such notices and communications by e-mail or other web-based communication and (D) unless the Administrative Agent otherwise prescribes, notices and other web-based communication sent to an e-mail
address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement (it being
understood that an “auto-response” shall not constitute any such written acknowledgement)); provided that if such e-mail notice or other web-based communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 
  

			
	The Administrative Agent,	 	 
	the L/C Issuer and	 	
	the Swing Line Lender:	 	Wells Fargo Bank, National Association
		 	333 South Grand Avenue, 3rd Floor

  
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	 	 	Los Angeles, CA 90071
		 	Attention: Janet N. Yamamoto
		 	Tel. No. (213) 253-6141
		 	Fax No. (866) 359-9230
		 	E-mail: yamamojn@wellsfargo.com
		
	The Borrowers:	 	c/o Oaktree Capital Management, L.P.
		 	333 South Grand Avenue, 28th Floor
		 	Los Angeles, California 90071
		 	Attention: David M. Kirchheimer
		 	E-mail: dkircheimer@oaktreecapital.com
		 	With copy to: Todd E. Molz
		 	E-mail: tmolz@oaktreecapital.com

 In any case where this Agreement authorizes notices, requests, demands or other communications by the Borrowers to the
Administrative Agent or any Lender to be made by telephone, e-mail or telecopy, the Administrative Agent or any Lender may conclusively presume that anyone purporting to be a person designated in any incumbency certificate or other similar document
received by the Administrative Agent or a Lender is such a person. 
 (b) The Borrowers agree that the Administrative Agent may
make any material delivered by the Borrowers to the Administrative Agent, as well as any amendments, waivers, consents, and other written information, documents, instruments and other materials relating to the Borrowers, or any other materials or
matters relating to this Agreement, the other Loan Documents or any of the transactions contemplated hereby (collectively, the “Communications”) available to the Lenders by posting such notices on an electronic delivery system
(which may be provided by the Administrative Agent, an Affiliate of the Administrative Agent, or any Person that is not an Affiliate of the Administrative Agent), such as IntraLinks, The Debt Exchange, Inc. or a substantially similar electronic
system (the “Platform”). The Borrowers acknowledge that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such
distribution, (ii) the Platform is provided “as is” and “as available” and (iii) neither the Administrative Agent nor any of its Affiliates warrants the accuracy, completeness, timeliness, sufficiency, or sequencing of
the Communications posted on the Platform. The Administrative Agent and its Affiliates expressly disclaim with respect to the Platform any liability for errors in transmission, incorrect or incomplete downloading, delays in posting or delivery, or
problems accessing the Communications posted on the Platform and any liability for any losses, costs, expenses or liabilities that may be suffered or incurred in connection with the Platform except for liability determined by a final, non-appealable
judgment of a court of competent jurisdiction to be due to the Administrative Agent’s or any such Affiliate’s respective gross negligence or willful misconduct. No warranty of any kind, express, implied or statutory, including any warranty
of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by the Administrative Agent or any of its Affiliates in connection with the Platform. Each Lender
agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying that any Communication has been posted to the Platform shall for purposes of this Agreement constitute effective delivery to such Lender of such
information, documents or other materials comprising such Communication. Each Lender agrees (i) to notify, 

  
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on or before the date such Lender becomes a party to this Agreement, the Administrative Agent in writing of such Lender’s e-mail address to which a Notice may be sent (and from time to time
thereafter to ensure that the Administrative Agent has on record an effective e-mail address for such Lender) and (ii) that any Notice may be sent to such e-mail address. 
 SECTION 9.2. Waivers; Amendments. 
 (a) No failure or delay by the
Administrative Agent, the L/C Issuer or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to
enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the L/C Issuer and the Lenders hereunder are cumulative and are not
exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrowers therefrom shall in any event be effective unless the same shall be permitted by paragraph
(b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or L/C Credit Extension shall not
be construed as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent, the L/C Issuer or any Lender may have had notice or knowledge of such Default or Event of Default at the time. 

(b) Neither this Agreement, nor any other Loan Document, nor any provision hereof or thereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall
(i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or L/C Obligation or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the
written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or L/C Obligation, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or
excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.15(b) or (c) in a manner that would alter the pro rata
sharing of payments required thereby, without the written consent of each Lender, (v) amend, modify or otherwise affect the rights and duties of the Swing Line lender without the written consent of the Swing Line Lender, (vi) amend, modify
or otherwise affect the rights and duties of the L/C Issuer under this Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued without the written consent of the L/C Issuer, (vii) amend, modify or
otherwise affect the rights of the Lead Arranger under Section 9.3 without the written consent of the Lead Arranger or (viii) change any of the provisions of this Section or the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; provided
further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent. 

  
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 Notwithstanding the foregoing, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders),
except that (x) the Revolving Loan Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected
Lender that by its terms affects Defaulting Lenders more adversely than other affected Lenders shall require the consent of any then existing Defaulting Lender which has acknowledged that it is a Defaulting Lender. 

SECTION 9.3. Expenses; Indemnity; Damage Waiver. (a) The Borrowers shall pay (i) all reasonable out-of-pocket expenses
incurred by the Administrative Agent, L/C Issuer, the Lead Arranger, Swing Line Lender and their Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, L/C Issuer, the Lead Arranger and Swing
Line Lender, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket expenses incurred by the Administrative Agent or, upon the occurrence and during the continuation of a Default or an Event of Default, Lenders, including the fees,
charges and disbursements of one counsel for the Administrative Agent and the Lenders selected by the Administrative Agent, in connection with the enforcement or protection of their rights in connection with this Agreement, including its rights
under this Section, or in connection with the Loans or L/C Credit Extensions made hereunder, including in connection with any workout, restructuring or negotiations in respect thereof. 

(b) The Borrowers shall indemnify the Administrative Agent, the Lead Arranger, the L/C Issuer, the Swing Line Lender, and each Lender,
and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, costs and related expenses,
including the fees, charges and disbursements of (A) one counsel for the Administrative Agent, the Lead Arranger, the L/C Issuer and the Swing Line Lender selected by the Administrative Agent and, if any such Indemnitee determines in good faith
(on its own or on the advice of counsel) that there are actual or potential conflicts of interest among one or more such Indemnitees, any counsel for each such Indemnitee making such determination and (B) one counsel for the other Indemnitees
selected by the Administrative Agent and, if any such Indemnitee determines in good faith (on its own or on the advice of counsel) that there are actual or potential conflicts of interest among one or more such Indemnitees, any counsel for each such
Indemnitee making such determination, in each case, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, the Loan Documents or any agreement or
instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan, L/C Credit Extension or the
use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrowers or any of their respective Subsidiaries, or any Environmental
Liability related in any way to the Borrowers or any of their respective Subsidiaries, or (iv) any actual or prospective 

  
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claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities, costs or related expenses have resulted from the gross negligence or willful misconduct of such
Indemnitee or such Indemnitee’s directors, officers or employees. For the avoidance of doubt, references to “one counsel” in this Section 9.3 shall mean one law firm (as opposed to one lawyer) and each applicable Person with
decision making authority may replace its counsel as it deems appropriate and such original counsel and each subsequent replacement counsel, as applicable, shall be deemed to be one counsel for purposes of this Section 9.3. This
Section 9.3(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 
 (c) To the extent permitted by applicable law, the Borrowers shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, the Loan Documents or any agreement or instrument contemplated hereby, the Transactions, any Loan or L/C Credit
Extension or the use of the proceeds thereof. 
 SECTION 9.4. Successors and Assigns. (a) The provisions of this
Agreement and the Loan Documents shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrowers may not assign or otherwise transfer any of their
rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrowers without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its
rights or obligations hereunder except in accordance with this Section. 
 (b)(i) Subject to the conditions set forth in
paragraph (b)(ii) below, any Lender may assign to one or more Eligible Assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Revolving Loan
Commitments, L/C Obligations and the Loans at the time owing to it) with the prior written consent of: 
 (A) the
Borrowers; provided that no consent of the Borrowers shall be required for an assignment to a Lender, an affiliate of a Lender or, if an Event of Default has occurred and is continuing, any other Eligible Assignee; and 

(B) the Administrative Agent, L/C Issuer, and Swing Line Lender provided that (1) no consent of the
Administrative Agent, L/C Issuer or Swing Line Lender shall be required for an assignment of any Revolving Loan Commitment to an assignee that is a Lender with a Revolving Loan Commitment immediately prior to giving effect to such assignment,
(2) no consent of the Administrative Agent, L/C Issuer or Swing Line Lender shall be required for an assignment to an affiliate of a Lender, (3) no consent of the L/C Issuer or Swing Line Lender shall be required for an assignment of any
Term Loans and (4) such consent shall not be unreasonably withheld or delayed. 

  
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 (ii) Assignments shall be subject to the following additional conditions:

 (A) except in the case of an assignment to a Lender or an affiliate of a Lender or an assignment of the entire
remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to
such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrowers and the Administrative Agent otherwise consent; provided that (1) no such consent of the Borrowers shall be required
if an Event of Default has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its affiliates; 
 (B) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with payment by such parties of a processing and recordation fee of $3,500;
and 
 (C) the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire. 
 Notwithstanding anything to the contrary contained herein, if at any time Wells Fargo Bank, National
Association assigns all of its Commitments and Loans pursuant to subsection (b) above, Wells Fargo Bank, National Association may, (i) upon 30 days’ notice to the Borrowers and the Lenders, resign as L/C Issuer and/or (ii) upon
five Business Days’ notice to the Borrowers, terminate the Swing Line. In the event of any such resignation as L/C Issuer or termination of the Swing Line, the Borrowers shall be entitled to appoint from among the Lenders a successor L/C Issuer
or Swing Line Lender hereunder; provided, however, that no failure by the Borrowers to appoint any such successor shall affect the resignation of Wells Fargo Bank, National Association as L/C Issuer or the termination of the Swing Line, as the case
may be. Wells Fargo Bank, National Association shall retain all the rights and obligations of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C
Obligations with respect thereto (including the right to require the Lenders to make ABR Loans or fund participations in Unreimbursed Amounts pursuant to Section 2.17(c)). If Wells Fargo Bank, National Association terminates the Swing Line, it
shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such termination, including the right to require the Lenders to make ABR Loans or
fund participations in outstanding Swing Line Loans pursuant to Section 2.18(c). 
 In connection with any assignment of
rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the
Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with
the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable 

  
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assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender
hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Revolving Proportionate Share.
Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Governmental Rules without compliance with the provisions of this paragraph, then the assignee
of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, from and after the effective date specified in each Assignment and Acceptance the Assignee thereunder shall
be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement (including, without limitation, the rights and obligations described in
Section 2.14(e), (f), and (g)), and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14 and 9.3). Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.4 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in
accordance with paragraph (c) of this Section. 
 (iv) The Administrative Agent, acting for this
purpose as an agent of the Borrowers, shall maintain at one of its offices a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal
amount of the Loans owing to, each Lender pursuant to the, terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the
Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. 

(v) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an Assignee, the
Assignee’s completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless
it has been recorded in the Register as provided in this paragraph. The Administrative Agent agrees to make the Register available during regular business hours for inspection by the Borrowers and any Lender upon reasonable prior notice. 

  
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 (c) Any Lender may, without notice to or consent of the Borrowers, at any time sell to one
or more banks or other financial institutions (“Participants”) participating interests in all or a portion of any Loan owing to such Lender, any Commitment of such Lender or any other interest of such Lender under this Agreement and
the other Loan Documents (including for purposes of this subsection (c), participations in L/C Obligations and in Swing Line Loans ). In the event of any such sale by a Lender of participating interests, such Lender’s obligations under this
Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, and the Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any such sale is effected may require the selling Lender to obtain the consent of the Participant in order for such Lender to agree in writing to any
amendment, waiver or consent of a type specified in clause (i), (ii) or (iii) of Section 9.2(b) but may not otherwise require the selling Lender to obtain the consent of such Participant to any other amendment, waiver or consent
hereunder; provided that increases in the Commitment or Loans shall be permitted without the consent if any Participant’s participation is not increased as a result thereof. The Borrowers agree that if amounts outstanding under this
Agreement and the other Loan Documents are not paid when due (whether upon acceleration or otherwise), each Participant shall, to the fullest extent permitted by law, be deemed to have the right of setoff in respect of its participating interest in
amounts owing under this Agreement and any other Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement or any other Loan Documents; provided, however, that
(i) no Participant shall exercise any rights under this sentence without the consent of the Administrative Agent, (ii) no Participant shall have any rights under this sentence which are greater than those of the selling Lender and
(iii) such rights of setoff shall be subject to the obligation of such Participant to share the payment so obtained with all of the Lenders as provided in Section 2.15. The Borrowers also agree that any Lender which has transferred any
participating interest in its Commitments or Loans shall, notwithstanding any such transfer, be entitled to the full benefits accorded such Lender under Sections 2.12, 2.13 and 2.14, as if such Lender had not made such transfer. 

(d) Registration. Upon its receipt of an Assignment Agreement executed by an Assignor Lender and an Assignee Lender (and, to the
extent required by Section 9.4(b), by the Borrowers and the Administrative Agent) together with payment to the Administrative Agent by Assignor Lender of a registration and processing fee of $3,500 paid by the parties thereto, the
Administrative Agent shall (i) promptly accept such Assignment Agreement and (ii) on the Assignment Effective Date determined pursuant thereto record the information contained therein in the Register and give notice of such acceptance and
recordation to the Lenders and the Borrowers. The Administrative Agent may, from time to time at its election, prepare and deliver to the Lenders and the Borrowers a revised Schedule 2.1 reflecting the names, addresses and Commitment or Loans of all
Lenders then parties hereto (and in any event Schedule 2.1 shall be deemed amended to reflect any assignment consummated pursuant to the terms of this Agreement or upon any Lender becoming a party to this Agreement by any other means. 

(e) Confidentiality. Subject to Section 9.16, the Administrative Agent and the Lenders may disclose the Loan Documents and
any financial or other information relating to the Borrowers and their respective Subsidiaries to each other or to any potential Participant or Assignee Lender. 

  
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 (f) Pledges to Federal Reserve Banks; Other Pledges of Notes. Notwithstanding any
other provision of this Agreement, any Lender may at any time assign all or a portion of its rights under this Agreement and the other Loan Documents to a Federal Reserve Bank or any central bank having jurisdiction over such Lender. No such
assignment shall relieve the assigning Lender from its obligations under this Agreement and the other Loan Documents. 
 (g)
True Sale. All participations in the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents or any portion thereof, whether pursuant to provisions hereof or otherwise, are intended
to be “true sales” for purposes of financial reporting in accordance with Statement of Financial Accounting Standards No. 140. Accordingly, the L/C Issuer or any Lender that sells or is deemed to have sold a participation in the
Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents (including any participations in Letters of Credit and/or Loans, any participations described in Section 9.4(c) and any
participations under Section 2.15(c) (each a “Participation Seller”) hereby agrees that if such Participation Seller receives any payment in respect of the Loans, the L/C Obligations and other obligations of the Borrowers under
this Agreement and the other Loan Documents to which such participation relates through the exercise of setoff by such Participation Seller against the Borrowers or any other obligor, then such Participation Seller agrees to promptly pay to the
participating party in such participation such participant’s pro rata share of such setoff (after giving effect to any sharing with the Lenders under Section 2.15(c) hereof). 

SECTION 9.5. Survival. All covenants, agreements, representations and warranties made by the Borrowers herein and in the
certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of
any Loans regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default, Event of Default or incorrect representation or
warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any L/C Obligation or any fee or any other amount payable under this Agreement is
outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14 and 9.3 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 
 SECTION 9.6. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement and the Loan Documents constitute the entire agreement among the parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof (including, except to the extent expressly set forth therein, the commitment letter dated as of November 26, 2012 between the Borrowers, Wells Fargo
Securities and the Administrative Agent). Except as provided in Section 4.1, this Agreement shall become effective when it shall have been executed by the 

  
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Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by e-mail of a PDF or similar electronic image file shall be
effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 9.7. Severability. Any provision
of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 9.8. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at
any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to
or for the credit or the account of the Borrowers against any of and all the obligations any Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under
this Agreement and although such obligations may be unmatured; provided, however, that such Lender shall not set off any amount owed to any Borrower under any credit or other debt facility in which any Borrower or a Subsidiary of a
Borrower or any investment funds for which a Borrower or a Subsidiary of a Borrower acts as a general partner or an investment advisor and such Lender are lenders thereunder or in which such Lender is an agent. The rights of each Lender under this
Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 
 SECTION
9.9. Governing Law; Jurisdiction; Consent to Service of Process. 
 (a) Unless otherwise expressly provided in any Loan
Document, this Agreement and each of the other Loan Documents shall be governed by and construed in accordance with the laws of the State of New York without reference to conflicts of law rules other than Section 5-1401 of the General
Obligations Law of the State of New York. The scope of the foregoing governing law provision is intended to be all-encompassing of any and all disputes that may be brought in any court or any mediation or arbitration proceeding and that relate to
the subject matter of the Loan Documents, including contract claims, tort claims, breach of duty claims and all other common law and statutory claims. 
 (b) Each Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of
the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of
the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the
parties hereto agrees that a final judgment in 

  
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any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect
any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against any Borrower or its properties in the courts of any jurisdiction. 

(c) Each Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.1. Nothing in this Agreement will affect the right of any party to this
Agreement to serve process in any other manner permitted by law. 
 SECTION 9.10. No Third Party Rights. Nothing
expressed in or to be implied from this Agreement is intended to give, or shall be construed to give, any Person, other than the parties hereto and their permitted successors and assigns hereunder, any benefit or legal or equitable right, remedy or
claim under or by virtue of this Agreement or under or by virtue of any provision herein. 
 SECTION 9.11. Relationship of
Parties. The relationship between the Borrowers, on the one hand, and the Lenders and the Administrative Agent, on the other, is, and at all times shall remain, solely that of borrowers and lenders. None of the Lenders or the Administrative
Agent shall under any circumstances be construed to be partners or joint venturers of the Borrowers or any of their Affiliates; nor shall the Lenders nor the Administrative Agent under any circumstances be deemed to be in a relationship of
confidence or trust or a fiduciary, advisory or agency relationship with the Borrowers or any of their Affiliates, or to owe any fiduciary duty to the Borrowers or any of their Affiliates. The Lenders and the Administrative Agent do not undertake or
assume any responsibility or duty to the Borrowers or any of their Affiliates to select, review, inspect, supervise, pass judgment upon or otherwise inform the Borrowers or any of their Affiliates of any matter in connection with its or their
property, any security held by the Administrative Agent or any Lender or the operations of the Borrowers or any of their Affiliates. The Administrative Agent, each Lender and their Affiliates may have economic interests that conflict with those of
the Borrowers. The Borrowers and each of their Affiliates shall rely entirely on their own judgment with respect to such matters, and any review, inspection, supervision, exercise of judgment or supply of information undertaken or assumed by any
Lender or the Administrative Agent in connection with such matters is solely for the protection of the Lenders and the Administrative Agent and neither the Borrowers nor any of their Affiliates is entitled to rely thereon. 

SECTION 9.12. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT 

  
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OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 9.13. Time. Time is of the
essence as to each term or provision of this Agreement and each of the other Loan Documents. 
 SECTION 9.14. USA PATRIOT
Act. Each Lender hereby notifies the Borrowers that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of the
Borrowers and other information that will allow such Lender to identify the Borrowers in accordance with the Patriot Act. 

SECTION 9.15. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference
only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 9.16. Confidentiality. Neither any Lender nor the Administrative Agent shall use the Confidential Information for any purpose other than in connection with the Loan Documents, the
transactions contemplated hereunder or any credit decisions that any Lender or the Administrative Agent may make or be contemplating in respect of any one or more entities in the Oaktree Operating Group and any of their respective subsidiaries and
Affiliates nor disclose to any Person any Confidential Information, except that any Lender or the Administrative Agent may disclose any Confidential Information (a) to its own directors, officers, employees, auditors, counsel and other advisors
and to its Affiliates and their respective agents and advisors who are bound by obligations of confidentiality sufficient to ensure their compliance herewith; (b) to any other Lender or the Administrative Agent; (c) if required, requested
or appropriate in any report, statement or testimony submitted to any Governmental Authority having or claiming to have jurisdiction over such Lender or the Administrative Agent (provided that the Administrative Agent and Lenders shall not be
required to provide notice regarding examination of the financial condition or other routine examination of the Administrative Agent or such Lender by such Governmental Authority); (d) if required in response to any summons or subpoena;
(e) in connection with any enforcement by the Lenders and the Administrative Agent of their rights under this Agreement or the other Loan Documents or any litigation among the parties relating to the Loan Documents or the transactions
contemplated thereby; (f) to comply with any Requirement of Law applicable to such Lender, the L/C Issuer or the Administrative Agent; (g) to any Assignee Lender or Participant, any prospective Assignee Lender or Participant or to any
direct or indirect contractual counterparties (or professional advisors thereto) to any swap or derivative transaction relating to any Borrower and its obligations hereunder; provided that such Assignee Lender or Participant or prospective
Assignee Lender or Participant, direct or indirect contractual counterparty and professional advisor thereto agrees to be bound by the provisions of (or provisions at least as restrictive as) 

  
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this Section 9.16; (h) to any rating agency when required by it, provided that, prior to any such disclosure, such rating agency shall undertake in writing to preserve the
confidentiality of any Confidential Information received by it from the Administrative Agent or any Lender; or (i) otherwise with the prior consent of the Borrowers; provided, however, that any disclosure made in violation of this
Agreement shall not affect the obligations of the Borrowers or the rights of the Administrative Agent and the Lenders under this Agreement and the other Loan Documents. In the case of disclosure pursuant to clauses (c), (d) and (f), the
disclosing Lender shall use reasonable efforts to, to the extent permitted by law, provide prior notice of such disclosure to the Borrowers; provided, however, that any failure to provide such notice shall not affect the obligations of
the Borrowers or the rights of the Administrative Agent and the Lenders under this Agreement and the other Loan Documents. Nothing in this Section 9.16 shall limit the use of any Platform as described in Section 9.1(b); provided
that the recipient of any Confidential Information through such Platform shall be required to agree to maintain the confidentiality of such Confidential Information by means of a “click-through” confidentiality agreement or similar
agreement. 
 SECTION 9.17. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the
interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the
“Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this
Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the
Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
 SECTION 9.18. Waivers and
Agreements of Borrowers. While not intended by the parties hereto, if it is determined that any Borrower is a surety of any other Borrower: 
 (a) Without limiting the provisions of Section 1.5, the covenants, agreements and obligations of each Borrower set forth herein are joint and several and shall be primary obligations of such
Borrower, and such obligations shall be absolute, unconditional and irrevocable, and shall remain in full force and effect without regard to, and shall not be released, discharged or in any way affected by, any circumstance or condition whatsoever,
foreseeable or unforeseeable. 
 (b) Each Borrower hereby waives, to the fullest extent permitted by applicable law,
(i) any right of redemption with respect to any collateral after the sale hereunder, and all rights, if any, of marshalling of any collateral or other security for the Loans, the L/C Obligations and other obligations of the Borrowers under this
Agreement and the other Loan Documents and (ii) any right (except as shall be required by applicable statute and cannot be waived) to require the Administrative Agent or any Lender to (A) proceed against any other Borrower or any other
Person, (B) proceed against or exhaust any other collateral or security for any of the Loans, the 

  
 92 

 
L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents or (C) pursue any remedy in the Administrative Agent’s or any Lender’s
power whatsoever. Each Borrower hereby waives any defense based on or arising out of any defense of any other Borrower or any other Person other than payment in full of the Loans, the L/C Obligations and other obligations of the Borrowers under this
Agreement and the other Loan Documents, including any defense based on or arising out of the disability of any other Borrower or any other Person, or the enforceability of the Loans, the L/C Obligations and other obligations of the Borrowers under
this Agreement and the other Loan Documents or any part thereof from any cause, or the cessation from any cause of the liability of any other Borrower other than payment in full of the Loans, the L/C Obligations and other obligations of the
Borrowers under this Agreement and the other Loan Documents. To the extent any collateral secures the Obligations, the Administrative Agent may, at its election, foreclose on any security held by the Administrative Agent by one or more judicial or
non-judicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Administrative Agent may have against any other Borrower
or any other Person, or any security, without affecting or impairing in any way the liability of any Borrower hereunder except to the extent the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other
Loan Documents have been paid in full. Each Borrower waives all rights and defenses arising out of an election of remedies by the Administrative Agent, even though that election of remedies, such as nonjudicial foreclosure with respect to security
for a guaranteed obligation, has destroyed such Borrower’s rights of subrogation and reimbursement against the other Borrower. 
 SECTION 9.19. Clarification. Notwithstanding anything to the contrary, the parties hereto understand and agree that Wells Fargo Bank, National Association is acting in various capacities under this
Agreement and the other Loan Documents and therefore shall be permitted to fulfill its roles and manage its various duties hereunder in such manner as Wells Fargo Bank, National Association sees fit and, for the avoidance of doubt, in lieu of
sending notices to itself when acting in different capacities Wells Fargo Bank, National Association may keep internal records regarding all such communications, notices and actions related to this Agreement and the other Loan Documents in
accordance with its past practice. 
 [This Space Intentionally Left Blank] 

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

			
	OAKTREE CAPITAL MANAGEMENT, L.P.
		
	By:	 	     /s/ John B. Frank

		 	Name: John B. Frank
		 	Title:  Managing Principal
		
	By:	 	     /s/ David M. Kirchheimer

		 	Name: David M. Kirchheimer
		 	Title:   Principal, Chief Financial Officer and
		 	            Administrative Officer
	
	OAKTREE CAPITAL II, L.P.
		
	By:	 	     /s/ John B. Frank

		 	Name: John B. Frank
		 	Title:   Managing Principal
		
	By:	 	     /s/ David M. Kirchheimer

		 	Name: David M. Kirchheimer
		 	Title:   Chief Financial Officer
	
	OAKTREE AIF INVESTMENTS, L.P.
		
	By:	 	     /s/ John B. Frank

		 	Name: John B. Frank
		 	Title:  Managing Principal
		
	By:	 	     /s/ David M. Kirchheimer

		 	Name: David M. Kirchheimer
		 	Title:   Chief Financial Officer
	
	OAKTREE CAPITAL I, L.P.
		
	By:	 	     /s/ John B. Frank

		 	Name: John B. Frank
		 	Title:   Managing Principal
		
	By:	 	     /s/ David M. Kirchheimer

		 	Name: David M. Kirchheimer
		 	Title:   Chief Financial Officer

  

 
			
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Administrative Agent, L/C
Issuer, Swing Line Lender and a Lender
		
	By:	 	     /s/ Janet N. Yamamoto

		 	Name: Janet N. Yamamoto
		 	Title:   Senior Vice President

  

 
			
	BANK OF AMERICA, N.A.,
	as a Lender
		
	By:	 	     /s/ Juan S. Agudelo

		 	Name: Juan S. Agudelo
		 	Title:   Assistant Vice President

  

 
			
	THE BANK OF NEW YORK MELLON,
	as a Lender
		
	By:	 	     /s/ Joanne Carey

		 	Name: Joanne Carey
		 	Title:   Vice President

  

 
			
	JPMORGAN CHASE BANK, N.A.,
	as a Lender
		
	By:	 	     /s/ Matthew Griffith

		 	Name: Matthew Griffith
		 	Title:   Executive Director

  

 
			
	HSBC BANK USA, NATIONAL ASSOCIATION,
as a Lender
		
	By:	 	     /s/ Stephanie W. Lee

		 	Name: Stephanie W. Lee
		 	Title:   Director

  

 
			
	CITIBANK, N.A.,
	 as a Lender

		
	By:	 	     /s/ Dane Graham

		 	Name: Dane Graham
		 	Title:   Director

  

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH, as a Lender
		
	By:	 	     /s/ Doreen Barr

		 	Name: Doreen Barr
		 	Title:  Director
		
	By:	 	     /s/ Michael D. Spaight

		 	Name: Michael D. Spaight
		 	Title:   Associate

  

 
			
	GOLDMAN SACHS BANK USA,
	as a Lender
		
	By:	 	     /s/ Mark Walton

		 	Name: Mark Walton
		 	Title:   Authorized Signatory

  

 
			
	MORGAN STANLEY BANK, N.A.,
	as a Lender
		
	By:	 	     /s/ Michael King

		 	Name: Michael King
		 	Title:   Authorized Signatory

  

 
			
	UNION BANK, N.A.,
	as a Lender
		
	By:	 	     /s/ Peter C. Thompson

		 	Name: Peter C. Thompson
		 	Title:   Vice President

  

 
			
	BARCLAYS BANK PLC,
	as a Lender
		
	By:	 	     /s/ Alicia Borys

		 	Name: Alicia Borys
		 	Title:   Vice President

  

 
			
	DEUTSCHE BANK TRUST COMPANY
AMERICAS, as a Lender
		
	By:	 	     /s/ Evelyn Thierry

		 	Name: Evelyn Thierry
		 	Title:   Director
		
	By:	 	     /s/ Courtney E. Meehan

		 	Name: Courtney E. Meehan
		 	Title:   Vice President

  

 
			
	U.S. BANK NATIONAL ASSOCIATION,
as a Lender
		
	By:	 	     /s/ Barry K. Chung

		 	Name: Barry K. Chung
		 	Title:   Senior Vice President

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