Document:

Exhibit 10.3

 

 

SECURITY AGREEMENT

 

By

 

BARRINGTON BROADCASTING GROUP LLC,

as Borrower

 

and

 

THE GUARANTORS PARTY HERETO

 

and

 

BANK OF AMERICA, N.A.,

as Collateral Agent

 

 

Dated as of August 11, 2006

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  PREAMBLE

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  RECITALS

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  AGREEMENT

  	
   

  	
  2

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
   

  
	
   

  	
   

  	
   

  
	
  DEFINITIONS AND INTERPRETATION

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
  2

  
	
  SECTION 1.2.

  	
  Interpretation

  	
  9

  
	
  SECTION 1.3.

  	
  Resolution of Drafting Ambiguities

  	
  9

  
	
  SECTION 1.4.

  	
  Perfection Certificate

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  
	
   

  	
   

  	
   

  
	
  GRANT OF SECURITY AND SECURED OBLIGATIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Grant of Security Interest

  	
  10

  
	
  SECTION 2.2.

  	
  Filings

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  
	
   

  	
   

  	
   

  
	
  PERFECTION; SUPPLEMENTS; FURTHER
  ASSURANCES;

  	
   

  
	
  USE OF PLEDGED COLLATERAL

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Delivery of Certificated Securities
  Collateral

  	
  12

  
	
  SECTION 3.2.

  	
  Perfection of Uncertificated Securities
  Collateral

  	
  13

  
	
  SECTION 3.3.

  	
  Financing Statements and Other Filings;
  Maintenance of Perfected Security Interest

  	
  13

  
	
  SECTION 3.4.

  	
  Other Actions

  	
  13

  
	
  SECTION 3.5.

  	
  Joinder of Additional Guarantors

  	
  17

  
	
  SECTION 3.6.

  	
  Supplements; Further Assurances

  	
  17

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  
	
   

  	
   

  	
   

  
	
  REPRESENTATIONS, WARRANTIES AND COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Title

  	
  18

  
	
  SECTION 4.2.

  	
  Validity of Security Interest

  	
  18

  
	
  SECTION 4.3.

  	
  Defense of Claims; Transferability of
  Pledged Collateral

  	
  19

  

 

i

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 4.4.

  	
  Other Financing Statements

  	
  19

  
	
  SECTION 4.5.

  	
  Chief Executive Office; Change of Name;
  Jurisdiction of Organization

  	
  19

  
	
  SECTION 4.6.

  	
  Location of Inventory and Equipment

  	
  20

  
	
  SECTION 4.7.

  	
  Due Authorization and Issuance

  	
  20

  
	
  SECTION 4.8.

  	
  Pledged Collateral

  	
  20

  
	
  SECTION 4.9.

  	
  Consents, etc

  	
  21

  
	
  SECTION 4.10.

  	
  Insurance

  	
  21

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  
	
   

  	
   

  	
   

  
	
  CERTAIN PROVISIONS CONCERNING SECURITIES
  COLLATERAL

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Pledge of Additional Securities Collateral

  	
  21

  
	
  SECTION 5.2.

  	
  Voting Rights; Distributions; etc

  	
  21

  
	
  SECTION 5.3.

  	
  Defaults, etc

  	
  23

  
	
  SECTION 5.4.

  	
  Certain Agreements of Pledgors As Issuers
  and Holders of Equity Interests

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  
	
   

  	
   

  	
   

  
	
  CERTAIN PROVISIONS CONCERNING INTELLECTUAL

  	
   

  
	
  PROPERTY COLLATERAL

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Grant of Intellectual Property License

  	
  24

  
	
  SECTION 6.2.

  	
  Protection of Collateral Agent’s Security

  	
  24

  
	
  SECTION 6.3.

  	
  After-Acquired Property

  	
  25

  
	
  SECTION 6.4.

  	
  Litigation

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  
	
   

  	
   

  	
   

  
	
  CERTAIN PROVISIONS CONCERNING RECEIVABLES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Maintenance of Records

  	
  26

  
	
  SECTION 7.2.

  	
  Legend

  	
  26

  
	
  SECTION 7.3.

  	
  Modification of Terms, etc

  	
  26

  
	
  SECTION 7.4.

  	
  Collection

  	
  26

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
   

  
	
   

  	
   

  	
   

  
	
  TRANSFERS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Transfers of Pledged Collateral

  	
  27

  

 

ii

 

	
   

  	
   

  	
  Page

  
	
  ARTICLE IX

  	
   

  
	
   

  	
   

  	
   

  
	
  REMEDIES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
  Remedies

  	
  27

  
	
  SECTION 9.2.

  	
  Notice of Sale

  	
  29

  
	
  SECTION 9.3.

  	
  Waiver of Notice and Claims

  	
  30

  
	
  SECTION 9.4.

  	
  Certain Sales of Pledged Collateral

  	
  30

  
	
  SECTION 9.5.

  	
  No Waiver; Cumulative Remedies

  	
  32

  
	
  SECTION 9.6.

  	
  Certain Additional Actions Regarding
  Intellectual Property

  	
  32

  
	
  SECTION 9.7.

  	
  Certain Regulatory Requirements

  	
  33

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
   

  
	
   

  	
   

  	
   

  
	
  APPLICATION OF PROCEEDS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 10.1.

  	
  Application of Proceeds

  	
  34

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
   

  
	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.1.

  	
  Concerning Collateral Agent

  	
  34

  
	
  SECTION 11.2.

  	
  Collateral Agent May Perform; Collateral
  Agent Appointed Attorney-in-Fact

  	
  35

  
	
  SECTION 11.3.

  	
  Continuing Security Interest; Assignment

  	
  36

  
	
  SECTION 11.4.

  	
  Termination; Release

  	
  36

  
	
  SECTION 11.5.

  	
  Modification in Writing

  	
  37

  
	
  SECTION 11.6.

  	
  Notices

  	
  37

  
	
  SECTION 11.7.

  	
  Governing Law, Consent to Jurisdiction and
  Service of Process; Waiver of Jury Trial

  	
  37

  
	
  SECTION 11.8.

  	
  Severability of Provisions

  	
  37

  
	
  SECTION 11.9.

  	
  Execution in Counterparts

  	
  38

  
	
  SECTION 11.10.

  	
  Business Days

  	
  38

  
	
  SECTION 11.11.

  	
  No Credit for Payment of Taxes or
  Imposition

  	
  38

  
	
  SECTION 11.12.

  	
  No Claims Against Collateral Agent

  	
  38

  
	
  SECTION 11.13.

  	
  No Release

  	
  38

  
	
  SECTION 11.14.

  	
  Obligations Absolute

  	
  39

  
	
   

  	
   

  	
   

  
	
  SIGNATURES

  	
   

  	
  S-1

  
	
   

  	
   

  	
   

  
	
  EXHIBIT 1

  	
  Form of Issuer’s Acknowledgment

  	
   

  
	
  EXHIBIT 2

  	
  Form of Securities Pledge Amendment

  	
   

  
	
  EXHIBIT 3

  	
  Form of Joinder Agreement

  	
   

  
	
  EXHIBIT 4

  	
  Form of Control Agreement Concerning
  Securities Accounts

  	
   

  

 

iii

 

	
  EXHIBIT 5

  	
  Form of Control Agreement Concerning
  Deposit Accounts

  	
   

  
	
  EXHIBIT 6

  	
  Form of Copyright Security Agreement

  	
   

  
	
  EXHIBIT 7

  	
  Form of Patent Security Agreement

  	
   

  
	
  EXHIBIT 8

  	
  Form of Trademark Security Agreement

  	
   

  

 

iv

 

SECURITY
AGREEMENT

 

This SECURITY AGREEMENT dated as of August 11,
2006 (as amended, amended and restated, supplemented or otherwise modified from
time to time in accordance with the provisions hereof, this “Agreement”)
made by and among BARRINGTON BROADCASTING GROUP LLC, a Delaware limited
liability company (“Borrower”), BARRINGTON BROADCASTING LLC, a Delaware
limited liability company (“Holdings”), and the other Guarantors, if
any, listed on the signature pages hereto (the “Original Guarantors”) or
from time to time party hereto by execution of a Joinder Agreement (the “Additional
Guarantors,” and together with the Original Guarantors and Holdings, the “Guarantors”),
as pledgors, assignors and debtors (Borrower, together with the Guarantors, in
such capacities and together with any successors in such capacities, the “Pledgors,”
and each, a “Pledgor”), in favor of BANK OF AMERICA, N.A., in its
capacity as collateral agent pursuant to the Credit Agreement (as hereinafter
defined), as pledgee, assignee and secured party (in such capacities and
together with any successors in such capacities, the “Collateral Agent”).

 

R
E C I T A L S :

 

A.            Borrower,
Holdings, the Collateral Agent and the lending institutions listed therein (the
“Lenders”) have entered into that certain credit agreement, dated as of August
11, 2006 (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”; which term shall also include
and refer to any increase in the amount of indebtedness under the Credit
Agreement and any refinancing or replacement of the Credit Agreement (whether
under a bank facility, securities offering or otherwise) or one or more
successor or replacement facilities whether or not with a different group of
agents or lenders (whether under a bank facility, securities offering or otherwise)
and whether or not with different obligors upon the Administrative Agent’s
acknowledgment of the termination of the predecessor Credit Agreement).

 

B.            Each
Guarantor has, pursuant to the Credit Agreement, unconditionally guaranteed the
Secured Obligations.

 

C.            Borrower
and each Guarantor will receive substantial benefits from the execution,
delivery and performance of the obligations under the Credit Agreement and the
other Loan Documents and each is, therefore, willing to enter into this
Agreement.

 

D.            This
Agreement is given by each Pledgor in favor of the Collateral Agent for the
benefit of the Secured Parties (as hereinafter defined) to secure the payment and
performance of all of the Secured Obligations.

 

E.             It
is a condition to (i) the obligations of the Lenders to make the Loans under
the Credit Agreement, (ii) the obligations of the L/C Issuer to issue Letters
of Credit and (iii) the performance of the obligations of the Secured Parties
under Swap Contracts that 

 

 

constitute
Secured Obligations that each Pledgor execute and deliver the applicable Loan
Documents, including this Agreement.

 

A
G R E E M E N T :

 

NOW THEREFORE, in consideration of the foregoing
premises and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, each Pledgor and the Collateral Agent hereby
agree as follows:

 

ARTICLE I

DEFINITIONS AND INTERPRETATION

 

SECTION 1.1.        Definitions.

 

(a)           Unless otherwise defined herein or in
the Credit Agreement, capitalized terms used herein that are defined in the UCC
shall have the meanings assigned to them in the UCC; provided that in
any event, the following terms shall have the meanings assigned to them in the
UCC:

 

“Accounts”; “Bank”; “Chattel
Paper”; “Commercial Tort Claim”; “Commodity Account”; “Commodity
Contract”; “Commodity Intermediary”; “Documents”; “Electronic
Chattel Paper”; “Entitlement Order”; “Equipment”; “Financial
Asset”; “Fixtures”; “Goods”, “Inventory”; “Letter-of-Credit
Rights”; “Letters of Credit”; “Money”; “Payment
Intangibles”; “Proceeds”; “ Records”; “Securities Account”;
“Securities Intermediary”; “Supporting Obligations”; and “Tangible
Chattel Paper.”

 

(b)           Terms used but not otherwise defined
herein that are defined in the Credit Agreement shall have the meanings given
to them in the Credit Agreement. Sections 1.02 and 1.07 of the
Credit Agreement shall apply herein mutatis mutandis.

 

(c)           The following terms shall have the
following meanings:

 

“Account Debtor” shall mean each
person who is obligated on a Receivable or Supporting Obligation related
thereto.

 

“Agreement” shall have the meaning
assigned to such term in the Preamble hereof.

 

“Borrower” shall have the meaning
assigned to such term in the Preamble hereof.

 

2

 

“Collateral Agent” shall have the
meaning assigned to such term in the Preamble hereof.

 

“Collateral Support” shall mean all
property (real or personal) assigned, hypothecated or otherwise securing any
Pledged Collateral and shall include any security agreement or other agreement
granting a lien or security interest in such real or personal property.

 

“Commodity Account Control Agreement”
shall mean a control agreement in a form that is reasonably satisfactory to the
Administrative Agent establishing the Collateral Agent’s Control with respect
to any Commodity Account.

 

“Communications Act” means the
Communications Act of 1934, as amended from time to time, and the regulations
promulgated thereunder.

 

“Contracts” shall mean, collectively,
with respect to each Pledgor, the Acquisition Documents, all sale, service, performance,
equipment or property lease contracts, agreements and grants and all other
contracts, agreements or grants (in each case, whether written or oral, or
third party or intercompany), between such Pledgor and any third party, and all
assignments, amendments, restatements, supplements, extensions, renewals,
replacements or modifications thereof.

 

“Control” shall mean (i) in the
case of each Deposit Account, “control,” as such term is defined in Section 9-104
of the UCC, (ii) in the case of any Security Entitlement, “control,” as
such term is defined in Section 8-106 of the UCC, and (iii) in the case of
any Commodity Contract, “control,” as such term is defined in Section 9-106 of
the UCC.

 

“Control Agreements” shall mean,
collectively, the Deposit Account Control Agreement, the Securities Account
Control Agreement and the Commodity Account Control Agreement.

 

“Copyrights” shall mean, collectively,
with respect to each Pledgor, all copyrights (whether statutory or common law,
whether established or registered in the United States or any other country or
any political subdivision thereof, whether registered or unregistered and
whether published or unpublished) and all copyright registrations and applications
made by such Pledgor, in each case, whether now owned or hereafter created or
acquired by or assigned to such Pledgor, together with any and all (i) rights
and privileges arising under applicable law with respect to such Pledgor’s use
of such copyrights, (ii) reissues, renewals, continuations and extensions
thereof and amendments thereto, (iii) income, fees, royalties, damages, claims
and payments now or hereafter due and/or payable with respect thereto,
including damages and payments for past, present or future infringements
thereof, (iv) rights corresponding thereto throughout the world and (v)
rights to sue for past, present or future infringements thereof.

 

“Copyright Security Agreement” shall
mean an agreement substantially in the form of Exhibit 6 hereto.

 

3

 

“Credit Agreement” shall have the
meaning assigned to such term in Recital A hereof.

 

“Deposit Account Control Agreement”
shall mean an agreement substantially in the form of Exhibit 5 hereto or
such other form that is reasonably satisfactory to the Collateral Agent
establishing the Collateral Agent’s Control with respect to any Deposit
Account.

 

“Deposit Accounts” shall mean,
collectively, with respect to each Pledgor, (i) all “deposit accounts” as such
term is defined in the UCC and in any event shall include the LC Account and
all accounts and sub-accounts relating to any of the foregoing accounts and
(ii) all cash, funds, checks, notes and instruments from time to time on
deposit in any of the accounts or sub-accounts described in clause (i) of this
definition.

 

“Distributions” shall mean,
collectively, with respect to each Pledgor, all dividends, cash, options,
warrants, rights, instruments, distributions, returns of capital or principal,
income, interest, profits and other property, interests (debt or equity) or proceeds,
including as a result of a split, revision, reclassification or other like
change of the Pledged Securities, from time to time received, receivable or otherwise
distributed to such Pledgor in respect of or in exchange for any or all of the
Pledged Securities or Intercompany Notes.

 

“Excluded Property” shall mean

 

(a)           any Pledged
Securities which are specifically excluded from the definition of Pledged
Securities by virtue of the proviso to such definition; and

 

(b)           any Special Property
that would otherwise be included in the Pledged Collateral (and such property
shall not be deemed to constitute a part of the Pledged Collateral).

 

provided,
however, that Excluded Property shall not include any Proceeds,
substitutions or replacements of any Excluded Property (unless such Proceeds,
substitutions or replacements would constitute Excluded Property).

 

“FCC License” means any license,
permit, certificate of compliance, franchise, approval or authorization granted
or issued by the FCC and owned or held by Borrower or any of its Subsidiaries
in order to conduct the broadcast operations of a television station.

 

“General Intangibles” shall mean,
collectively, with respect to each Pledgor, all “general intangibles,” as such
term is defined in the UCC, of such Pledgor and, in any event, shall include
(i) all of such Pledgor’s rights, title and interest in, to and under all Contracts
and insurance policies (including all rights and remedies relating to
monetary damages, including indemnification rights and remedies, and claims for
damages or other relief pursuant to or in respect of any Contract),
(ii) all know-how and warranties relating to any of the Pledged Collateral
or the Mortgaged Property, (iii) any and all other rights, claims, choses-in-action
and causes of 

 

4

 

action of such
Pledgor against any other person and the benefits of any and all collateral or
other security given by any other person in connection therewith, (iv) all
guarantees, endorsements and indemnifications on, or of, any of the Pledged
Collateral or any of the Mortgaged Property, (v) all lists, books,
records, correspondence, ledgers, printouts, files (whether in printed form or
stored electronically), tapes and other papers or materials containing
information relating to any of the Pledged Collateral or any of the Mortgaged
Property, including all customer or tenant lists, identification of suppliers,
data, plans, blueprints, specifications, designs, drawings, appraisals,
recorded knowledge, surveys, studies, engineering reports, test reports,
manuals, standards, processing standards, performance standards, catalogs, research
data, computer and automatic machinery software and programs and the like,
field repair data, accounting information pertaining to such Pledgor’s
operations or any of the Pledged Collateral or any of the Mortgaged Property
and all media in which or on which any of the information or knowledge or data
or records may be recorded or stored and all computer programs used for the
compilation or printout of such information, knowledge, records or data,
(vi) all licenses, consents, permits, variances, certifications,
authorizations and approvals, however characterized, now or hereafter acquired
or held by such Pledgor, including building permits, certificates of occupancy,
environmental certificates, industrial permits or licenses and certificates of
operation and (vii) all rights to reserves, deferred payments, deposits,
refunds, indemnification of claims and claims for tax or other refunds against
any Governmental Authority.

 

“Goodwill” shall mean, collectively,
with respect to each Pledgor, the goodwill connected with such Pledgor’s business
including all goodwill connected with (i) the use of and symbolized by any
Trademark or Intellectual Property License with respect to any Trademark in
which such Pledgor has any interest, (ii) all know-how, trade secrets,
customer and supplier lists, proprietary information, inventions, methods,
procedures, formulae, descriptions, compositions, technical data, drawings,
specifications, name plates, catalogs, confidential information and the right
to limit the use or disclosure thereof by any person, pricing and cost information,
business and marketing plans and proposals, consulting agreements, engineering
contracts and such other assets which relate to such goodwill and (iii) all
product lines of such Pledgor’s business.

 

“Guarantors” shall have the meaning
assigned to such term in the Preamble hereof.

 

“Instruments” shall mean,
collectively, with respect to each Pledgor, all “instruments,” as such term is
defined in Article 9, rather than Article 3, of the UCC, and shall
include all promissory notes, drafts, bills of exchange or acceptances.

 

“Intellectual Property Collateral”
shall mean, collectively, the Patents, Trademarks, Copyrights, Intellectual
Property Licenses and Goodwill.

 

“Intellectual Property Licenses” shall
mean, collectively, with respect to each Pledgor, all United States written license
and distribution agreements to which such Pledgor is a party with, and
covenants not to sue, any other party with respect to any Patent, Trademark or
Copyright or any other patent, trademark or copyright, whether such Pledgor is
a licensor or 

 

5

 

licensee,
distributor or distributee under any such license or distribution agreement,
together with any and all (i) renewals, extensions, supplements and
continuations thereof, (ii) income, fees, royalties, damages, claims and
payments now and hereafter due and/or payable thereunder and with respect
thereto including damages and payments for past, present or future
infringements or violations thereof, (iii) rights to sue for past, present
and future infringements or violations thereof and (iv) other rights to use,
exploit or practice any or all of the Patents, Trademarks or Copyrights or any
other patent, trademark or copyright.

 

“Intercompany Notes” shall mean, with
respect to each Pledgor, all intercompany notes described in Schedule 11
to the Perfection Certificate and intercompany notes hereafter acquired by such
Pledgor and all certificates, instruments or documents evidencing such
intercompany notes, and all assignments, amendments, restatements, supplements,
extensions, renewals, replacements or modifications thereof to the extent
permitted pursuant to the terms hereof.

 

“Investment Property” shall mean a
security, whether certificated or uncertificated, Security Entitlement,
Securities Accounts, Commodity Contract or Commodity Account, excluding,
however, the Securities Collateral.

 

“Joinder Agreement” shall mean an
agreement substantially in the form of Exhibit 3 hereto.

 

“LC Account” shall mean any account
established and maintained in accordance with the provisions of 

Section 2.03(g) of the Credit Agreement and all property from time to
time on deposit in such LC Account.

 

“Lenders” shall have the meaning
assigned to such term in Recital A hereof.

 

“Material Intellectual Property Collateral”
shall mean any Intellectual Property Collateral that is material to the properties,
operations, business, financial condition or results of operation of Borrower
and its Subsidiaries, taken as a whole.

 

“Mortgaged Property” shall have the
meaning assigned to such term in the Mortgages.

 

“Organizational Document” shall mean
the certificate of incorporation or any other organizational document of any
corporate entity.

 

“Patent Security Agreement” shall mean
an agreement substantially in the form of Exhibit 7 hereto.

 

“Patents” shall mean, collectively,
with respect to each Pledgor, all United States patents issued or assigned to,
and all patent applications and registrations made by, such Pledgor, together
with any and all (i) rights and privileges arising under applicable United
States law with 

 

6

 

respect to
such Pledgor’s use of any patents, (ii) inventions and improvements described
and claimed therein, (iii) reissues, divisions, continuations, renewals,
extensions and continuations-in-part thereof and amendments thereto, (iv)
income, fees, royalties, damages, claims and payments now or hereafter due
and/or payable thereunder and with respect thereto including damages and payments
for past, present or future infringements thereof, (v) rights corresponding
thereto in the United States and (vi) rights to sue for past, present or future
infringements thereof.

 

“Perfection Certificate” shall mean
that certain perfection certificate dated the date hereof, executed and
delivered by each Pledgor in favor of the Collateral Agent for the benefit of
the Secured Parties, and each other Perfection Certificate (which shall be in
form and substance reasonably acceptable to the Collateral Agent) executed and
delivered by the applicable Guarantor in favor of the Collateral Agent for the
benefit of the Secured Parties contemporaneously with the execution and
delivery of each Joinder Agreement executed in accordance with Section 3.5
hereof, in each case, as the same may be amended, amended and restated, supplemented
or otherwise modified from time to time in accordance with the Credit Agreement
or upon the request of the Collateral Agent.

 

“Pledge Amendment” shall have the
meaning assigned to such term in Section 5.1 hereof.

 

“Pledged Collateral” shall have the
meaning assigned to such term in Section 2.1 hereof.

 

“Pledged Securities” shall mean,
collectively, with respect to each Pledgor, (i) all issued and outstanding
Equity Interests of each issuer set forth on Schedules 10(a) and 10(b)
to the Perfection Certificate as being owned by such Pledgor and all options,
warrants, rights, agreements and additional Equity Interests of whatever class
of any such issuer acquired by such Pledgor (including by issuance), together
with all rights, privileges, authority and powers of such Pledgor relating to
such Equity Interests in each such issuer or under any Organizational Document
of each such issuer, and the certificates, instruments and agreements
representing such Equity Interests and any and all interest of such Pledgor in
the entries on the books of any financial intermediary pertaining to such
Equity Interests, (ii) all Equity Interests of any issuer, which Equity
Interests are hereafter acquired by such Pledgor (including by issuance) and
all options, warrants, rights, agreements and additional Equity Interests of
whatever class of any such issuer acquired by such Pledgor (including by
issuance), together with all rights, privileges, authority and powers of such
Pledgor relating to such Equity Interests or under any Organizational Document
of any such issuer, and the certificates, instruments and agreements
representing such Equity Interests and any and all interest of such Pledgor in
the entries on the books of any financial intermediary pertaining to such
Equity Interests, from time to time acquired by such Pledgor in any manner, and
(iii) all Equity Interests issued in respect of the Equity Interests referred
to in clause (i) or (ii) upon any consolidation or merger of any issuer of such
Equity Interests; provided, however, that Pledged Securities
shall not include any Equity Interests which are not required to be pledged pursuant
to Section 6.09(d) of the Credit Agreement.

 

7

 

“Pledgor” shall have the meaning
assigned to such term in the Preamble hereof.

 

“Receivables” shall mean all (i)
Accounts, (ii) Chattel Paper, (iii) Payment Intangibles, (iv) General
Intangibles, (v) Instruments and (vi) all other rights to payment, whether or
not earned by performance, for goods or other property sold, leased, licensed,
assigned or otherwise disposed of, or services rendered or to be rendered,
regardless of how classified under the UCC together with all of Pledgors’
rights, if any, in any goods or other property giving rise to such right to
payment and all Collateral Support and Supporting Obligations related thereto
and all Records relating thereto.

 

“Secured Parties” shall mean,
collectively, (i) the Administrative Agent, (ii) the Collateral Agent, (iii)
each other Agent, (iv) the Lenders, (v) each party to a Swap Contract or
Treasury Management Agreement if at the date of entering into such Swap
Contract or Treasury Management Agreement such person was a Lender or an
Affiliate of a Lender and such person executes and delivers to the Administrative
Agent a letter agreement in form and substance reasonably acceptable to the
Administrative Agent pursuant to which such person (x) appoints the
Collateral Agent as its agent under the applicable Loan Documents and
(y) agrees to be bound by the provisions of Sections 10.04 and
10.15 of the Credit Agreement and (vi) solely with respect to Secured Obligations
under Section 10.04(b) of the Credit Agreement, the other Indemnitees.

 

“Securities Account Control Agreement”
shall mean an agreement substantially in the form of Exhibit 4 hereto or
such other form that is reasonably satisfactory to the Collateral Agent
establishing the Collateral Agent’s Control with respect to any Securities
Account.

 

“Securities Collateral” shall mean,
collectively, the Pledged Securities, the Intercompany Notes and the Distributions.

 

“Special Property” shall mean:

 

(a)           any
permit, lease or license held by any Pledgor that validly prohibits the
creation by such Pledgor of a security interest therein;

 

(b)           any
permit, lease or license held by any Pledgor to the extent that any Requirement
of Law applicable thereto prohibits the creation of a security interest
therein; and

 

(c)           Equipment
owned by any Pledgor on the date hereof or hereafter that is subject to a Lien
securing a Purchase Money Obligation or Capital Lease Obligation permitted to
be incurred pursuant to the provisions of the Credit Agreement if the contract
or other agreement in which such Lien is granted (or the documentation
providing for such Purchase Money Obligation or Capital Lease Obligation)
validly prohibits the creation of any other Lien on such Equipment;

 

8

 

provided,
however, that in each case described in clauses (a) and (b) of this
definition, such property shall constitute Special Property only to the extent
and for so long as such permit, lease or license or Requirement of Law
applicable thereto validly prohibits the creation of a Lien on such property in
favor of the Collateral Agent and, upon the termination of such prohibition
(howsoever occurring), such property shall cease to constitute Special Property.

 

“Trademark Security Agreement” shall
mean an agreement substantially in the form of Exhibit 8 hereto.

 

“Trademarks” shall mean, collectively,
with respect to each Pledgor, all of such Pledgor’s United States trademarks
(including service marks), slogans, logos, certification marks, trade dress,
uniform resource locations (URL’s), domain names, corporate names and trade
names, whether registered or unregistered, owned by or assigned to such Pledgor
and all registrations and applications for the foregoing (except for “intent-to-use”
applications for trademark or service mark registrations filed pursuant to
Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, unless and until an Amendment
to Allege Use or a Statement of Use under Sections 1(c) and 1(d) of said Act
has been filed), together with any and all (i) rights and privileges
arising under applicable United States law with respect to such Pledgor’s use
of any trademarks, (ii) reissues, continuations, extensions and renewals
thereof and amendments thereto, (iii) income, fees, royalties, damages and
payments now and hereafter due and/or payable thereunder and with respect
thereto, including damages, claims and payments for past, present or future
infringements thereof, (iv) rights corresponding thereto in the United
States and (v) rights to sue for past, present and future infringements
thereof.

 

“UCC” shall mean the Uniform
Commercial Code as in effect from time to time in the State of New York; provided,
however, that, at any time, if by reason of mandatory provisions of law,
any or all of the perfection or priority of the Collateral Agent’s and the
Secured Parties’ security interest in any item or portion of the Pledged
Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction
other than the State of New York, the term “UCC” shall mean the Uniform
Commercial Code as in effect, at such time, in such other jurisdiction for
purposes of the provisions hereof relating to such perfection or priority.

 

SECTION 1.2.        Interpretation. The rules of
interpretation specified in the Credit Agreement (including Section 1.02
thereof) shall be applicable to this Agreement.

 

SECTION 1.3.        Resolution of Drafting Ambiguities.
Each Pledgor acknowledges and agrees that it was represented by counsel in connection
with the execution and delivery hereof, that it and its counsel reviewed and
participated in the preparation and negotiation hereof and that any rule of
construction to the effect that ambiguities are to be resolved against the
drafting party (i.e., the Collateral Agent) shall not be employed in the
interpretation hereof.

 

SECTION 1.4.        Perfection Certificate. The
Collateral Agent and each Secured Party agree that the Perfection Certificate
and all descriptions of Pledged Collateral and schedules thereto are and shall
at all times remain a part of this Agreement.

 

9

 

ARTICLE II

GRANT OF SECURITY AND SECURED OBLIGATIONS

 

SECTION 2.1.        Grant of Security Interest. As
collateral security for the payment and performance in full of all the Secured
Obligations, each Pledgor hereby pledges and grants to the Collateral Agent for
the benefit of the Secured Parties, a lien on and security interest in all of
the right, title and interest of such Pledgor in, to and under the following
property, wherever located, and whether now existing or hereafter arising or
acquired from time to time (collectively, the “Pledged Collateral”):

 

(i)                        all
Accounts;

 

(ii)                     all
Equipment, Goods, Inventory and Fixtures;

 

(iii)                  all
Documents, Instruments and Chattel Paper;

 

(iv)                 all
Letters of Credit and Letter-of-Credit Rights;

 

(v)                    all
Securities Collateral;

 

(vi)                 all
Investment Property;

 

(vii)              all
Intellectual Property Collateral;

 

(viii)           the
Commercial Tort Claims described on Schedule 13 to the Perfection
Certificate;

 

(ix)                   all
General Intangibles;

 

(x)                      all
Money and all Deposit Accounts;

 

(xi)                   all
Supporting Obligations;

 

(xii)                all
rights of such Pledgor under or relating to the FCC Licenses and the proceeds
of any FCC Licenses, provided that such security interest does not
include at any time any FCC Licenses to the extent (but only to the extent)
that at such time the Collateral Agent may not validly possess a security
interest therein pursuant to the Communications Act, as in effect at such time,
but such security interest does include, to the maximum extent permitted by
law, all rights incident or appurtenant to the FCC Licenses and the right to
receive all proceeds derived from or in connection with the sale, assignment or
transfer of the FCC Licenses;

 

10

 

(xiii)             all
books and records relating to the Pledged Collateral; and

 

(xiv)            to
the extent not covered by clauses (i) through (xiii) of this sentence, all
other personal property of such Pledgor, whether tangible or intangible, and
all Proceeds and products of each of the foregoing (including, without limitation,
the proceeds of any FCC License) and all accessions to, substitutions and
replacements for, and rents, profits and products of, each of the foregoing,
any and all Proceeds of any insurance, indemnity, warranty or guaranty payable
to such Pledgor from time to time with respect to any of the foregoing.

 

Notwithstanding anything to the contrary
contained in clauses (i) through (xiv) above, the security interest created by
this Agreement shall not extend to, and the term “Pledged Collateral” shall not
include, any Excluded Property and (i) the Pledgors shall from time to
time at the reasonable request of the Collateral Agent give written notice to
the Collateral Agent identifying in reasonable detail the Excluded Property and
shall provide to the Collateral Agent such other information regarding the Excluded
Property as the Collateral Agent may reasonably request and (ii) from and
after the Closing Date, no Pledgor shall permit to become effective in any document
creating, governing or providing for any permit, license or agreement a
provision that would prohibit the creation of a Lien on such permit, license or
agreement in favor of the Collateral Agent unless such Pledgor believes, in its
reasonable judgment, that such prohibition is usual and customary in transactions
of such type.

 

SECTION 2.2.        Filings. (a)  Each Pledgor hereby irrevocably authorizes
the Collateral Agent at any time and from time to time to file in any relevant
jurisdiction within the U.S. any financing statements (including fixture
filings) and amendments thereto that contain the information required by
Article 9 of the Uniform Commercial Code of each applicable jurisdiction for
the filing of any financing statement or amendment relating to the Pledged
Collateral, including (i) whether such Pledgor is an organization, the type of
organization and any organizational identification number issued to such
Pledgor, (ii) any financing or continuation statements or other documents
without the signature of such Pledgor where permitted by law, including the
filing of a financing statement describing the Pledged Collateral as “all
assets now owned or hereafter acquired by the Pledgor or in which Pledgor
otherwise has rights” and (iii) in the case of a financing statement filed as a
fixture filing or covering Pledged Collateral constituting minerals or the like
to be extracted or timber to be cut, a sufficient description of the real
property to which such Pledged Collateral relates. Each Pledgor agrees to
provide all information described in the immediately preceding sentence to the
Collateral Agent promptly upon request by the Collateral Agent.

 

(b)           Each Pledgor hereby ratifies its
authorization for the Collateral Agent to file in any relevant jurisdiction any
financing statements relating to the Pledged Collateral if filed prior to the
date hereof.

 

11

 

(c)           Each Pledgor hereby further
authorizes the Collateral Agent to file filings with the United States Patent
and Trademark Office or United States Copyright Office (or any successor
office), including this Agreement, the Copyright Security Agreement, the Patent
Security Agreement and the Trademark Security Agreement, or other documents for
the purpose of perfecting, confirming, continuing, enforcing or protecting the
security interest granted by such Pledgor hereunder, without the signature of
such Pledgor, and naming such Pledgor where permitted by law, as debtor, and
the Collateral Agent, as secured party.

 

(d)           Each Pledgor hereby agrees to notify
the Collateral Agent when an Amendment to Allege Use or a Statement of Use
under Sections 1(c) and 1(d) of the Lanham Act, 15 U.S.C. § 1051 has been
filed in the United States Patent and Trademark Office in respect of any “intent-to-use”
applications for trademark or service mark registrations filed pursuant to Section
1(b) of such Act within 45 days of the end of the fiscal quarter in which such
filing is made.

 

ARTICLE III

PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;

USE OF PLEDGED COLLATERAL

 

SECTION 3.1.        Delivery of Certificated Securities
Collateral. Each Pledgor represents and warrants that all certificates,
agreements or instruments representing or evidencing the Securities Collateral
in existence on the date hereof have been delivered to the Collateral Agent in
suitable form for transfer by delivery or accompanied by duly executed
instruments of transfer or assignment in blank and that (assuming continuing
possession by the Collateral Agent of any such Securities Collateral
constituting Certificated Securities), the Collateral Agent has a perfected security
interest therein prior to all other Liens on such Securities Collateral except for
Liens permitted by the Credit Agreement that have priority over, or are pari
passu with, the security interest on such Securities Collateral by operation of
law. Each Pledgor hereby agrees that all certificates, agreements or
instruments representing or evidencing Securities Collateral acquired by such
Pledgor after the date hereof shall promptly (but in any event within five Business
Days after receipt thereof by such Pledgor) be delivered to and held by or on
behalf of the Collateral Agent pursuant hereto. All certificated Securities Collateral
shall be in suitable form for transfer by delivery or shall be accompanied by
duly executed instruments of transfer or assignment in blank, all in form and
substance reasonably satisfactory to the Collateral Agent. Subject to Section
9.7(a) hereof, The Collateral Agent shall have the right, at any time upon
the occurrence and during the continuance of any Event of Default, to endorse,
assign or otherwise transfer to or to register in the name of the Collateral Agent
or any of its nominees or endorse for negotiation any or all of the Securities
Collateral, without any indication that such Securities Collateral is subject
to the security interest hereunder. In addition, upon the occurrence and during
the continuance of an Event of Default, the Collateral Agent shall have the
right at any time to 

 

12

 

exchange certificates representing or
evidencing Securities Collateral for certificates of smaller or larger denominations.

 

SECTION 3.2.        Perfection of Uncertificated
Securities Collateral. Each Pledgor represents and warrants that the Collateral
Agent has a perfected security interest in all uncertificated Pledged
Securities pledged by it hereunder that are in existence on the date hereof
prior to all other Liens on such Securities Collateral except for Liens permitted
by the Credit Agreement that have priority over, or are pari passu with, the
security interest on such Pledged Securities by operation of law. Each Pledgor
hereby agrees that if any of the Pledged Securities are at any time not
evidenced by certificates of ownership, then each applicable Pledgor shall, to
the extent permitted by applicable law, (i) cause the issuer to execute and
deliver to the Collateral Agent an acknowledgment of the pledge of such Pledged
Securities substantially in the form of Exhibit 1 hereto or such
other form that is reasonably satisfactory to the Collateral Agent, (ii) if
necessary to perfect a security interest in such Pledged Securities, cause such
pledge to be recorded on the equityholder register or the books of the issuer,
execute any customary pledge forms or other documents necessary or appropriate
to complete the pledge and give the Collateral Agent the right to transfer such
Pledged Securities under the terms hereof, (iii) upon request by the Collateral
Agent, provide to the Collateral Agent an opinion of counsel, in form and substance
reasonably satisfactory to the Collateral Agent, confirming such pledge and
perfection thereof, and (iv) after the occurrence and during the continuance of
any Event of Default, upon request by the Collateral Agent, (A) cause the Organizational
Documents of each such issuer that is a Subsidiary of Borrower to be amended to
provide that such Pledged Securities shall be treated as “securities” for
purposes of the UCC and (B) cause such Pledged Securities to become
certificated and delivered to the Collateral Agent in accordance with the
provisions of Section 3.1.

 

SECTION 3.3.        Financing Statements and Other
Filings; Maintenance of Perfected Security Interest. Each Pledgor
represents and warrants that all financing statements, agreements, instruments
and other documents necessary to perfect the security interest granted by it to
the Collateral Agent in respect of the Pledged Collateral have been delivered
to the Collateral Agent in completed and, to the extent necessary or
appropriate, duly executed form for filing in each governmental, municipal or
other office specified in Schedule 7 to the Perfection Certificate. Each
Pledgor agrees that at the sole cost and expense of the Pledgors, such Pledgor
will maintain the security interest created by this Agreement in the Pledged
Collateral as a perfected security interest subject only to Liens permitted by
the Credit Agreement and prior to all other Liens on such Pledged Collateral
except for Liens permitted by the Credit Agreement that have priority over, or
are pari passu with, the security interest on such Pledged Securities by operation
of law.

 

SECTION 3.4.        Other Actions. In order to
further ensure the attachment, perfection and priority of, and the ability of
the Collateral Agent to enforce, the Collateral Agent’s security interest in
the Pledged Collateral, each Pledgor represents and warrants (as to itself) as 

 

13

 

follows and agrees, in each case at such
Pledgor’s own expense, to take the following actions with respect to the
following Pledged Collateral:

 

(a)           Instruments and Tangible Chattel
Paper. As of the date hereof, no amounts payable under or in connection
with any of the Pledged Collateral are evidenced by any Instrument or Tangible
Chattel Paper other than such Instruments and Tangible Chattel Paper listed in Schedule 11
to the Perfection Certificate. Each Instrument and each item of Tangible
Chattel Paper listed in Schedule 11 to the Perfection Certificate has
been properly endorsed, assigned and delivered to the Collateral Agent,
accompanied by instruments of transfer or assignment duly executed in blank. If
at any time any amount then payable under or in connection with any of the
Pledged Collateral shall be evidenced by any Instrument or Tangible Chattel
Paper, and such amount, together with all amounts payable evidenced by any
Instrument or Tangible Chattel Paper not previously delivered to the Collateral
Agent exceeds $500,000 in the aggregate for all Pledgors, the Pledgor acquiring
such Instrument or Tangible Chattel Paper shall promptly (but in any event
within five days after receipt thereof) endorse, assign and deliver the same to
the Collateral Agent, accompanied by such instruments of transfer or assignment
duly executed in blank as the Collateral Agent may from time to time specify.

 

(b)           Deposit Accounts. As of the
date hereof, no Pledgor has any Deposit Accounts other than the accounts listed
in Schedule 14 to the Perfection Certificate. The Collateral Agent has a
first priority perfected security interest in each such Deposit Account, which
security interest is perfected by Control. No Pledgor shall hereafter establish
and maintain any Deposit Account in which more than $500,000 in the aggregate
will be on deposit unless (1) it shall have given the Collateral Agent 10 Business
Days’ prior written notice of its intention to establish such new Deposit
Account with a Bank, (2) such Bank shall be reasonably acceptable to the
Collateral Agent and (3) such Bank and such Pledgor shall have duly
executed and delivered to the Collateral Agent a Deposit Account Control
Agreement with respect to such Deposit Account. The Collateral Agent agrees
with each Pledgor that the Collateral Agent shall not give any instructions
directing the disposition of funds from time to time credited to any Deposit Account
or withhold any withdrawal rights from such Pledgor with respect to funds from
time to time credited to any Deposit Account unless an Event of Default has
occurred and is continuing and subject to Section 9.7(a) hereof. The
provisions of this Section 3.4(b) shall not apply to the LC Account or
to any other Deposit Accounts for which the Collateral Agent is the Bank. No
Pledgor shall grant Control of any Deposit Account to any person other than the
Collateral Agent.

 

(c)           Securities Accounts and Commodity
Accounts. (i)  As of the date hereof,
no Pledgor has any Securities Accounts or Commodity Accounts other than those
listed in Schedule 14 to the Perfection Certificate. The Collateral
Agent has a first priority perfected security interest in each such Securities
Account and Commodity Account, which security interest is perfected by Control.
No Pledgor shall hereafter establish and 

 

14

 

maintain any Securities Account or Commodity
Account with any Securities Intermediary or Commodity Intermediary in which
more than $500,000 in the aggregate will be on deposit unless (1) it shall
have given the Collateral Agent 10 Business Days’ prior written notice of its
intention to establish such new Securities Account or Commodity Account with
such Securities Intermediary or Commodity Intermediary, (2) such
Securities Intermediary or Commodity Intermediary shall be reasonably
acceptable to the Collateral Agent and (3) such Securities Intermediary or
Commodity Intermediary, as the case may be, and such Pledgor shall have duly executed
and delivered a Control Agreement with respect to such Securities Account or
Commodity Account, as the case may be. Each Pledgor shall accept any cash and
Investment Property in trust for the benefit of the Collateral Agent and within
one (1) Business Day of actual receipt thereof, deposit any and all cash and
Investment Property received by it into a Deposit Account or Securities Account
subject to Collateral Agent’s Control. The Collateral Agent agrees with each
Pledgor that the Collateral Agent shall not give any Entitlement Orders or
instructions or directions to any issuer of uncertificated securities,
Securities Intermediary or Commodity Intermediary, and shall not withhold its
consent to the exercise of any withdrawal or dealing rights by such Pledgor,
unless an Event of Default has occurred and is continuing or, after giving
effect to any such investment and withdrawal rights, would occur and, in either
event, subject to Section 9.7(a) hereof. The provisions of this Section
3.4(c) shall not apply to any Financial Assets credited to a Securities
Account for which the Collateral Agent is the Securities Intermediary. No
Pledgor shall grant Control over any Investment Property to any person other
than the Collateral Agent.

 

(ii)           As
between the Collateral Agent and the Pledgors, the Pledgors shall bear the
investment risk with respect to the Investment Property and Pledged Securities,
and the risk of loss of, damage to, or the destruction of the Investment
Property and Pledged Securities, whether in the possession of, or maintained as
a Security Entitlement or deposit by, or subject to the Control of, the
Collateral Agent, a Securities Intermediary, a Commodity Intermediary, any
Pledgor or any other person.

 

(d)           Electronic Chattel Paper and
Transferable Records. As of the date hereof, no amount under or in connection
with any of the Pledged Collateral is evidenced by any Electronic Chattel Paper
or any “transferable record” (as that term is defined in Section 201 of the
Federal Electronic Signatures in Global and National Commerce Act, or in
Section 16 of the Uniform Electronic Transactions Act as in effect in any
relevant jurisdiction) other than such Electronic Chattel Paper and
transferable records listed in Schedule 11 to the Perfection Certificate.
If any amount payable under or in connection with any of the Pledged Collateral
shall be evidenced by any Electronic Chattel Paper or any transferable record,
the Pledgor acquiring such Electronic Chattel Paper or transferable record
shall promptly notify the Collateral Agent thereof and shall take such action
as the Collateral Agent may reasonably request to vest in the Collateral Agent
control of such Electronic Chattel Paper under Section 9-105 of the UCC or
control under Section 201 of the Federal Electronic Signatures in Global and
National Commerce Act or, as the case 

 

15

 

may be, Section 16 of the Uniform
Electronic Transactions Act, as so in effect in such jurisdiction, of such
transferable record. The requirement in the preceding sentence shall not apply
to the extent that such amount, together with all amounts payable evidenced by
Electronic Chattel Paper or any transferable record in which the Collateral
Agent has not been vested with control within the meaning of the statutes
described in the immediately preceding sentence, does not exceed $500,000 in
the aggregate for all Pledgors. The Collateral Agent agrees with such Pledgor
that the Collateral Agent will arrange, pursuant to procedures satisfactory to
the Collateral Agent and so long as such procedures will not result in the
Collateral Agent’s loss of control, for the Pledgor to make alterations to the
Electronic Chattel Paper or transferable record permitted under Section 9-105
of the UCC or, as the case may be, Section 201 of the Federal Electronic
Signatures in Global and National Commerce Act or Section 16 of the
Uniform Electronic Transactions Act for a party in control to allow without
loss of control, unless an Event of Default has occurred and is continuing or
would occur after taking into account any action by such Pledgor with respect
to such Electronic Chattel Paper or transferable record and, in either event,
subject to Section 9.7(a) hereof.

 

(e)           Letter-of-Credit Rights. If
any Pledgor is at any time a beneficiary under a Letter of Credit now or hereafter
issued in favor of such Pledgor other than a Letter of Credit issued pursuant
to the Credit Agreement, such Pledgor shall promptly notify the Collateral
Agent thereof and such Pledgor shall, at the request of the Collateral Agent,
pursuant to an agreement in form and substance reasonably satisfactory to the
Collateral Agent, either (i) arrange for the issuer and any confirmer of such
Letter of Credit to consent to an assignment to the Collateral Agent of the
proceeds of any drawing under the Letter of Credit or (ii) arrange for the
Collateral Agent to become the transferee beneficiary of such Letter of Credit,
with the Collateral Agent agreeing, in each case, that the proceeds of any drawing
under the Letter of Credit are to be applied as provided in the Credit
Agreement. The actions in the preceding sentence shall not be required to the
extent that the amount of any such Letter of Credit, together with the
aggregate amount of all other Letters of Credit for which the actions described
above in clause (i) and (ii) have not been taken, does not exceed $500,000 in
the aggregate for all Pledgors.

 

(f)            Commercial Tort Claims. As of
the date hereof, each Pledgor hereby represents and warrants that it holds no
Commercial Tort Claims other than those listed in Schedule 13 to the
Perfection Certificate. If any Pledgor shall at any time hold or acquire a
Commercial Tort Claim, such Pledgor shall immediately notify the Collateral
Agent in writing signed by such Pledgor of the brief details thereof and grant
to the Collateral Agent in such writing a security interest therein and in the
Proceeds thereof, all upon the terms of this Agreement, with such writing to be
in form and substance reasonably satisfactory to the Collateral Agent. The
requirement in the preceding sentence shall not apply to the extent that the amount
of such Commercial Tort Claim, together with the amount of all other Commercial
Tort Claims held by any Pledgor in which the Collateral 

 

16

 

Agent does not have a security interest, does
not exceed $500,000 in the aggregate for all Pledgors.

 

(g)           Landlord’s Access Agreements. Each
Pledgor shall use its commercially reasonable efforts to obtain as soon as
practicable after the date hereof with respect to each location set forth in Schedule 8(a)
to the Perfection Certificate, where such Pledgor maintains Pledged Collateral,
a Landlord Access Agreement, and use commercially reasonable efforts to obtain
a Landlord Access Agreement and/or landlord’s lien waiver, as applicable, from
all such landlords, as applicable, who from time to time have possession of any
Pledged Collateral if reasonably requested by the Collateral Agent.

 

SECTION 3.5.        Joinder of Additional Guarantors.
The Pledgors shall cause each Subsidiary of Borrower which, from time to time,
after the date hereof shall be required to pledge any assets to the Collateral
Agent for the benefit of the Secured Parties pursuant to the provisions of the
Credit Agreement, to execute and deliver to the Collateral Agent (i) a
Joinder Agreement substantially in the form of Exhibit 3 hereto and
(ii) a Perfection Certificate, in each case, within thirty (30) days of the
date on which it was acquired or created and, upon such execution and delivery,
such Subsidiary shall constitute a “Guarantor” and a “Pledgor” for all purposes
hereunder with the same force and effect as if originally named as a Guarantor
and Pledgor herein. The execution and delivery of such Joinder Agreement shall
not require the consent of any Pledgor hereunder. The rights and obligations of
each Pledgor hereunder shall remain in full force and effect notwithstanding
the addition of any new Guarantor and Pledgor as a party to this Agreement.

 

SECTION 3.6.        Supplements; Further Assurances. Each
Pledgor shall take such further actions, and execute and/or deliver to the
Collateral Agent such additional financing statements, amendments, assignments,
agreements, supplements, powers and instruments, as the Collateral Agent may in
its reasonable judgment deem necessary or appropriate in order to create,
perfect, preserve and protect the security interest in the Pledged Collateral as
provided herein and the rights and interests granted to the Collateral Agent
hereunder, to carry into effect the purposes hereof or better to assure and
confirm the validity, enforceability and priority of the Collateral Agent’s
security interest in the Pledged Collateral or permit the Collateral Agent to
exercise and enforce its rights, powers and remedies hereunder with respect to
any Pledged Collateral, including the filing of financing statements, continuation
statements and other documents (including this Agreement) under the Uniform
Commercial Code (or other similar laws) in effect in any jurisdiction with
respect to the security interest created hereby and the execution and delivery
of Control Agreements, all in form reasonably satisfactory to the Collateral
Agent and in such offices (including the United States Patent and Trademark
Office and the United States Copyright Office) wherever required by law to perfect,
continue and maintain the validity, enforceability and priority of the security
interest in the Pledged Collateral as provided herein and to preserve the other
rights and interests granted to the Collateral Agent hereunder, as against
third parties, with respect to the Pledged Collateral. Without limiting the
generality of the foregoing, each Pledgor shall make, execute, endorse, acknowledge,
file or refile and/or deliver to 

 

17

 

the Collateral Agent from time to time upon
reasonable request by the Collateral Agent such lists, schedules, descriptions
and designations of the Pledged Collateral, copies of warehouse receipts,
receipts in the nature of warehouse receipts, bills of lading, documents of
title, vouchers, invoices, schedules, confirmatory assignments, supplements,
additional security agreements, conveyances, financing statements, transfer
endorsements, powers of attorney, certificates, reports and other assurances or
instruments as the Collateral Agent shall reasonably request for such purposes.
If an Event of Default has occurred and is continuing, the Collateral Agent may
institute and maintain, in its own name or in the name of any Pledgor, but
subject to Section 9.7(a) hereof, such suits and proceedings as the
Collateral Agent may be advised by counsel shall be necessary or reasonably expedient
to prevent any impairment of the security interest in or the perfection thereof
in the Pledged Collateral. All of the foregoing shall be at the sole cost and expense
of the Pledgors.

 

ARTICLE IV

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Each Pledgor represents, warrants and
covenants as follows:

 

SECTION 4.1.        Title. Except for the security
interest granted to the Collateral Agent for the ratable benefit of the Secured
Parties pursuant to this Agreement and Liens permitted by the Credit Agreement,
such Pledgor owns and has rights and, as to Pledged Collateral acquired by it
from time to time after the date hereof, will own and have rights in each item
of Pledged Collateral pledged by it hereunder, free and clear of any and all
Liens or claims of others. In addition, no Liens or claims exist on the
Securities Collateral, other than as permitted by Section 7.02 of
the Credit Agreement.

 

SECTION 4.2.        Validity of Security Interest. The
security interest in and Lien on the Pledged Collateral granted to the
Collateral Agent for the benefit of the Secured Parties hereunder constitutes
(a) a legal and valid security interest in all the Pledged Collateral
securing the payment and performance of the Secured Obligations, and (b)
subject to the filings and other actions described in Schedule 7 to the
Perfection Certificate, the payment of all applicable fees, the delivery to and
continuing possession by the Collateral Agent of all Certificated Securities,
all Instruments, all Tangible Chattel Paper and all Documents a security
interest in which is perfected by possession, and the obtaining and maintenance
of “control” (as described in the Uniform Commercial Code as in effect in the
applicable jurisdiction) by the Collateral Agent of all Deposit Accounts, all
Securities Accounts, all Commodities Accounts, all Electronic Chattel Paper,
Letter of Credit Rights and all Uncertificated Securities, in each case a
security interest in which is perfected by such “control”, a perfected security
interest in all the Pledged Collateral (provided that no representation
is made with respect to the perfection of security interests in any Deposit Accounts
that is not subject to a Deposit Account Control Agreement). The security 

 

18

 

interest and Lien granted to the Collateral
Agent for the benefit of the Secured Parties pursuant to this Agreement in and
on the Pledged Collateral will at all times constitute perfected Liens prior to
all other Liens on the Pledged Collateral except for Liens permitted by the
Credit Agreement that have priority over, or are pari passu with, the security
interest on such Pledged Collateral by operation of law.

 

SECTION 4.3.        Defense of Claims; Transferability of
Pledged Collateral. Each Pledgor shall, at its own cost and expense, defend
title to the Pledged Collateral pledged by it hereunder and the security
interest therein and Lien thereon granted to the Collateral Agent and the
priority thereof against all claims and demands of all persons, at its own cost
and expense, at any time claiming any interest therein adverse to the
Collateral Agent or any other Secured Party other than Liens permitted by the
Credit Agreement. There is no agreement, order, judgment or decree, and no
Pledgor shall enter into any agreement or take any other action, that would
restrict the transferability of any of the Pledged Collateral or otherwise
impair or conflict with such Pledgor’s obligations or the rights of the
Collateral Agent hereunder, other than as may be required by the Communications
Act.

 

SECTION 4.4.        Other Financing Statements. It
has not filed, nor authorized any third party to file (nor will there be), any
valid or effective financing statement (or similar statement, instrument of
registration or public notice under the law of any jurisdiction) covering or purporting
to cover any interest of any kind in the Pledged Collateral, except such as
have been filed in favor of the Collateral Agent pursuant to this Agreement or
in favor of any holder of a Lien permitted by the Credit Agreement with respect
to such Liens permitted by the Credit Agreement or financing statements or
public notices relating to the termination statements listed on Schedule 9
to the Perfection Certificate. No Pledgor shall execute, authorize or permit to
be filed in any public office any financing statement (or similar statement,
instrument of registration or public notice under the law of any jurisdiction)
relating to any Pledged Collateral, except financing statements and other
statements and instruments filed or to be filed in respect of and covering the
security interests granted by such Pledgor to the holder of the Liens permitted
by the Credit Agreement.

 

SECTION 4.5.        Chief Executive Office; Change of
Name; Jurisdiction of Organization.

 

(a)           No Pledgor will effect any change
(i) in such Pledgor’s legal name, (ii) in the location of such
Pledgor’s chief executive office, (iii) in such Pledgor’s identity or
organizational structure, (iv) in such Pledgor’s Federal Taxpayer
Identification Number or organizational identification number, if any, or
(v) in such Pledgor’s jurisdiction of organization (in each case, including
by merging with or into any other entity, reorganizing, dissolving,
liquidating, reorganizing or organizing in any other jurisdiction), until
(A) it shall have given the Collateral Agent and the Administrative Agent
not less than 30 days’ prior written notice (in the form of an Officers’
Certificate), or such lesser notice period agreed to by the Collateral Agent,
of its intention so to do, clearly describing such change and providing such
other information in connection 

 

19

 

therewith as the Collateral Agent or the
Administrative Agent may reasonably request and (B) it shall have taken
all action reasonably satisfactory to the Collateral Agent to maintain the
perfection and priority of the security interest of the Collateral Agent for
the benefit of the Secured Parties in the Collateral, if applicable. Each
Pledgor agrees to promptly provide the Collateral Agent with certified
Organizational Documents reflecting any of the changes described in the
preceding sentence. Each Pledgor also agrees to promptly notify the Collateral
Agent of any change in the location of any office in which it maintains books
or records relating to Collateral owned by it or any office or facility at
which Collateral is located (including the establishment of any such new office
or facility), other than changes in location to a Mortgaged Property.

 

(b)           If any Pledgor fails to provide
information to the Collateral Agent about any changes described in Section 4.5(a)
hereof on a timely basis, the Collateral Agent shall not be liable or responsible
to any party for any failure to maintain a perfected security interest in such
Pledgor’s property constituting Pledged Collateral, for which the Collateral
Agent needed to have information relating to such changes. The Collateral Agent
shall have no duty to inquire about such changes if any Pledgor does not inform
the Collateral Agent of such changes, the parties acknowledging and agreeing that
it would not be feasible or practical for the Collateral Agent to search for
information on such changes if such information is not provided by any Pledgor.

 

SECTION 4.6.        Location of Inventory and Equipment.
It shall not move any Equipment or Inventory in an aggregate amount exceeding $500,000
in value to any location, other than any location that is listed in the
relevant Schedules to the Perfection Certificate, unless (i) it shall have
given the Collateral Agent not less than 30 days’ prior written notice (in the
form of an Officers’ Certificate) of its intention so to do, clearly describing
such new location and providing such other information in connection therewith
as the Collateral Agent may request and (ii) to the extent applicable with
respect to such new location, such Pledgor shall have complied with Section
3.4(g); provided that in no event shall any Equipment or Inventory of
any Pledgor be moved to any location outside of the continental United States.

 

SECTION 4.7.        Due Authorization and Issuance. All
of the Pledged Securities existing on the date hereof have been, and to the
extent any such Pledged Securities are hereafter issued, such Pledged
Securities will be, upon such issuance, duly authorized, validly issued and
fully paid and non-assessable to the extent applicable. There is no amount or
other obligation owing by any Pledgor to any issuer of the Pledged Securities
in exchange for or in connection with the issuance of such Pledged Securities
or any Pledgor’s status as a partner or a member of any issuer of such Pledged
Securities.

 

SECTION 4.8.        Pledged Collateral. All
information set forth herein, including the schedules hereto, and all information
contained in any documents, schedules and lists heretofore delivered to any
Secured Party, including the Perfection Certificate and the schedules thereto,
in connection with this Agreement, in each case, relating to the Pledged
Collateral, is accurate and complete in all material respects. The description
of the Pledged Collateral on the 

 

20

 

schedules to the Perfection Certificate is
accurate and complete in all material respects as to Pledged Collateral of the
type required to be described therein.

 

SECTION 4.9.        Consents, etc. In the event that the
Collateral Agent desires to exercise any remedies, voting or consensual rights
or attorney-in-fact powers set forth in this Agreement and reasonably determines
that it is necessary to obtain any approvals or consents of any Governmental Authority
or any other person therefor, then, upon the reasonable request of the
Collateral Agent, such Pledgor agrees to use its commercially reasonable efforts
to assist and aid the Collateral Agent to obtain as soon as practicable any
necessary approvals or consents for the exercise of any such remedies, rights
and powers.

 

SECTION 4.10.      Insurance. In the event that the
proceeds of any insurance claim are paid to any Pledgor after the Collateral
Agent has exercised its right to foreclose after an Event of Default, such Net
Cash Proceeds shall be held in trust for the benefit of the Collateral Agent
and immediately after receipt thereof shall be paid to the Collateral Agent for
application in accordance with the Credit Agreement.

 

ARTICLE V

CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL

 

SECTION 5.1.        Pledge of Additional Securities
Collateral. Each Pledgor shall, upon obtaining any Pledged Securities or
Intercompany Notes of any person, accept the same in trust for the benefit of
the Collateral Agent and promptly (but in any event within five Business Days
after receipt thereof) deliver to the Collateral Agent a pledge amendment, duly
executed by such Pledgor, in substantially the form of Exhibit 2 hereto
(each, a “Pledge Amendment”), and the certificates and other documents required
under Section 3.1 and Section 3.2 hereof in respect of the
additional Pledged Securities or Intercompany Notes which are to be pledged
pursuant to this Agreement, and confirming the attachment of the Lien hereby
created on and in respect of such additional Pledged Securities or Intercompany
Notes. Each Pledgor hereby authorizes the Collateral Agent to attach each
Pledge Amendment to this Agreement and agrees that all Pledged Securities or
Intercompany Notes listed on any Pledge Amendment delivered to the Collateral
Agent shall for all purposes hereunder be considered Pledged Collateral.

 

SECTION 5.2.        Voting Rights; Distributions; etc.

 

(a)           So long as no Event of Default shall
have occurred and be continuing:

 

(i)            Each
Pledgor shall be entitled to exercise any and all voting and other consensual
rights pertaining to the Securities Collateral or any part thereof for any 

 

21

 

purpose not inconsistent with the terms or
purposes hereof, the Credit Agreement or any other document evidencing the Secured
Obligations; provided, however, that no Pledgor shall in any
event exercise such rights in any manner which could reasonably be expected to
have a Material Adverse Effect.

 

(ii)           Each
Pledgor shall be entitled to receive and retain, and to utilize free and clear
of the Lien hereof, any and all Distributions, but only if and to the extent
made in accordance with the provisions of the Credit Agreement; provided,
however, that any and all such Distributions consisting of rights or
interests in the form of securities shall be forthwith delivered to the
Collateral Agent to hold as Pledged Collateral and shall, if received by any
Pledgor, be received in trust for the benefit of the Collateral Agent, be
segregated from the other property or funds of such Pledgor and be promptly
(but in any event within five Business Days after receipt thereof) delivered to
the Collateral Agent as Pledged Collateral in the same form as so received
(with any necessary endorsement).

 

(b)           So long as no Event of Default shall
have occurred and be continuing, the Collateral Agent shall be deemed without
further action or formality to have granted to each Pledgor all necessary
consents relating to voting rights and shall, if necessary, upon written
request of any Pledgor and at the sole cost and expense of the Pledgors, from
time to time execute and deliver (or cause to be executed and delivered) to
such Pledgor all such instruments as such Pledgor may reasonably request in
order to permit such Pledgor to exercise the voting and other rights which it
is entitled to exercise pursuant to Section 5.2(a)(i) hereof and to
receive the Distributions which it is authorized to receive and retain pursuant
to Section 5.2(a)(ii) hereof.

 

(c)           Upon the occurrence and during the
continuance of any Event of Default:

 

(i)            Except
as provided in Section 9.7(a) hereof, all rights of each Pledgor to
exercise the voting and other consensual rights it would otherwise be entitled
to exercise pursuant to Section 5.2(a)(i) hereof shall immediately
cease, and all such rights shall thereupon become vested in the Collateral
Agent, which shall thereupon have the sole right to exercise such voting and
other consensual rights.

 

(ii)           Upon
delivery of notice from the Collateral Agent to Borrower that all rights of
each Pledgor to receive Distributions which it would otherwise be authorized to
receive and retain pursuant to Section 5.2(a)(ii) have been suspended,
all such rights shall immediately cease thereupon become vested in the
Collateral Agent, which shall thereupon have the sole right to receive and hold
as Pledged Collateral such Distributions.

 

(d)           Each Pledgor shall, at its sole cost
and expense, from time to time execute and deliver to the Collateral Agent appropriate
instruments as the Collateral Agent may reasonably request in order to permit
the Collateral Agent, subject to Section 9.7(a) hereof, to exercise the
voting and other rights which it may be entitled to exercise pursuant to Section 5.2(a)(i)
hereof and to receive all Distributions which it may be entitled to receive under
Section 5.2(a)(ii) hereof.

 

22

 

(e)           All Distributions which are received
by any Pledgor contrary to the provisions of Section 5.2(a)(ii) hereof
shall be received in trust for the benefit of the Collateral Agent, shall be
segregated from other funds of such Pledgor and shall immediately be paid over
to the Collateral Agent as Pledged Collateral in the same form as so received
(with any necessary endorsement).

 

SECTION 5.3.        Defaults, etc. Such Pledgor is
not in default in the payment of any portion of any mandatory capital contribution,
if any, required to be made under any agreement to which such Pledgor is a
party relating to the Pledged Securities pledged by it, and such Pledgor is not
in default or violation of any other material provision of any such agreement
to which such Pledgor is a party. No Securities Collateral pledged by such
Pledgor is subject to any defense, offset or counterclaim, nor have any of the
foregoing been asserted or alleged against such Pledgor by any person with
respect thereto, and as of the date hereof, there are no certificates,
instruments, documents or other writings (other than the Organizational
Documents and certificates representing such Pledged Securities that have been
delivered to the Collateral Agent) which evidence any Pledged Securities of
such Pledgor.

 

SECTION 5.4.        Certain Agreements of Pledgors As
Issuers and Holders of Equity Interests.

 

(a)           In the case of each Pledgor which is
an issuer of Securities Collateral, such Pledgor agrees to be bound by the
terms of this Agreement relating to the Securities Collateral issued by it and
will comply with such terms insofar as such terms are applicable to it.

 

(b)           In the case of each Pledgor which is
a partner, shareholder or member, as the case may be, in a partnership, limited
liability company or other entity, such Pledgor hereby consents to the extent
required by the applicable Organizational Document to the pledge by each other
Pledgor, pursuant to the terms hereof, of the Pledged Securities in such
partnership, limited liability company or other entity and, upon the occurrence
and during the continuance of an Event of Default, but subject to Section
9.7(a) hereof, to the transfer of such Pledged Securities to the Collateral
Agent or its nominee and to the substitution of the Collateral Agent or its
nominee as a substituted partner, shareholder or member in such partnership,
limited liability company or other entity with all the rights, powers and
duties of a general partner, limited partner, shareholder or member, as the
case may be.

 

23

 

ARTICLE VI

CERTAIN PROVISIONS CONCERNING INTELLECTUAL

PROPERTY COLLATERAL

 

SECTION 6.1.        Grant of Intellectual Property
License. For the purpose of enabling the Collateral Agent, during the continuance
of an Event of Default, but subject to Section 9.7(a) hereof, to
exercise rights and remedies under Article IX hereof at such time as the
Collateral Agent shall be lawfully entitled to exercise such rights and
remedies, and for no other purpose, each Pledgor hereby grants to the
Collateral Agent, to the extent assignable, an irrevocable, non-exclusive
license to use, assign, license or sublicense any of the Intellectual Property
Collateral now owned or hereafter acquired by such Pledgor, wherever the same
may be located. Such license shall include access to all media in which any of
the licensed items may be recorded or stored and to all computer programs used
for the compilation or printout hereof.

 

SECTION 6.2.        Protection of Collateral Agent’s
Security. On a continuing basis, each Pledgor shall, at its sole cost and
expense, (i) promptly following its becoming aware thereof, notify the
Collateral Agent of any adverse determination in any proceeding or the institution
of any proceeding in any federal, state or local court or administrative body
or in the United States Patent and Trademark Office or the United States
Copyright Office regarding any Material Intellectual Property Collateral, such
Pledgor’s right to register such Material Intellectual Property Collateral or
its right to keep and maintain such registration in full force and effect,
(ii) maintain all Material Intellectual Property Collateral as presently
used and operated, (iii) not permit to lapse or become abandoned any Material
Intellectual Property Collateral, and not settle or compromise any pending or
future litigation or administrative proceeding with respect to any such Material
Intellectual Property Collateral, in either case except as shall be consistent
with such Pledgor’s commercially reasonable business judgment, (iv) upon
such Pledgor obtaining knowledge thereof, promptly notify the Collateral Agent
in writing of any event which may be reasonably expected to materially and
adversely affect the value or utility of any Material Intellectual Property
Collateral or the rights and remedies of the Collateral Agent in relation
thereto including a levy or threat of levy or any legal process against any
Material Intellectual Property Collateral, (v) not license any Intellectual
Property Collateral other than licenses entered into by such Pledgor in, or
incidental to, the ordinary course of business, or amend or permit the amendment
of any of the licenses in a manner that materially and adversely affects the
right to receive payments thereunder, or in any manner that would materially
impair the value of any Material Intellectual Property Collateral or the Lien
on and security interest in the Material Intellectual Property Collateral
created therein hereby, without the consent of the Collateral Agent,
(vi) diligently keep adequate records respecting all Material Intellectual
Property Collateral and (vii) furnish to the Collateral Agent from time to
time upon the Collateral Agent’s request therefor reasonably detailed
statements and amended schedules further identifying and describing the
Intellectual Property Collateral and such other materials evidencing or reports
pertaining to any Intellectual Property Collateral as the Collateral Agent may
from time to time request.

 

24

 

SECTION 6.3.        After-Acquired Property. If any
Pledgor shall at any time after the date hereof (i) obtain any rights to any
additional Intellectual Property Collateral or (ii) become entitled to the
benefit of any additional Intellectual Property Collateral or any renewal or
extension thereof, including any reissue, division, continuation, or
continuation-in-part of any Intellectual Property Collateral, or any improvement
on any Intellectual Property Collateral, the provisions hereof shall
automatically apply thereto and any such item enumerated in the preceding
clause (i) or (ii) shall automatically constitute Intellectual Property
Collateral as if such would have constituted Intellectual Property Collateral
at the time of execution hereof and be subject to the Lien and security
interest created by this Agreement without further action by any party. Each
Pledgor shall within 45 days of the end of each fiscal quarter provide to the
Collateral Agent written notice of any of the foregoing and confirm the
attachment of the Lien and security interest created by this Agreement to any
rights described in clauses (i) and (ii) above by execution of an instrument in
form reasonably acceptable to the Collateral Agent and the filing of any
instruments or statements as shall be reasonably necessary to create, preserve,
protect or perfect the Collateral Agent’s security interest in such
Intellectual Property Collateral. Further, each Pledgor authorizes the
Collateral Agent to modify this Agreement by amending Schedules 12(a)
and 12(b) to the Perfection Certificate to include any Intellectual
Property Collateral of such Pledgor acquired or arising after the date hereof.

 

SECTION 6.4.        Litigation. Unless there shall
occur and be continuing any Event of Default, each Pledgor shall have the right
to commence and prosecute in its own name, as the party in interest, for its
own benefit and at the sole cost and expense of the Pledgors, such applications
for protection of the Intellectual Property Collateral and suits, proceedings
or other actions to prevent the infringement, counterfeiting, unfair
competition, dilution, diminution in value or other damage as are necessary to
protect the Intellectual Property Collateral. Upon the occurrence and during
the continuance of any Event of Default, but subject to Section 9.7(a)
hereof, the Collateral Agent shall have the right but shall in no way be obligated
to file applications for protection of the Intellectual Property Collateral
and/or bring suit in the name of any Pledgor, the Collateral Agent or the
Secured Parties to enforce the Intellectual Property Collateral and any license
thereunder. In the event of suit against any Material Intellectual Property
Collateral, each Pledgor shall, at the reasonable request of the Collateral
Agent, do any and all lawful acts and execute any and all documents requested
by the Collateral Agent in aid of such enforcement and the Pledgors shall
promptly reimburse and indemnify the Collateral Agent for all costs and
expenses incurred by the Collateral Agent in the exercise of its rights under
this Section 6.4 in accordance with Section 10.04 of
the Credit Agreement. In the event that the Collateral Agent shall elect not to
bring suit to enforce the Material Intellectual Property Collateral, each
Pledgor agrees, at the reasonable request of the Collateral Agent, to take all
commercially reasonable actions necessary, whether by suit, proceeding or other
action, to prevent the infringement, counterfeiting, unfair competition,
dilution, diminution in value of or other damage to any of the Material Intellectual
Property Collateral by any person.

 

25

 

ARTICLE VII

CERTAIN PROVISIONS CONCERNING RECEIVABLES

 

SECTION 7.1.        Maintenance of Records. Each
Pledgor shall keep and maintain at its own cost and expense complete records of
each Receivable, in a manner consistent with prudent business practice, including
records of all payments received, all credits granted thereon, all merchandise
returned and all other documentation relating thereto. Each Pledgor shall, at
such Pledgor’s sole cost and expense, upon the Collateral Agent’s demand made
at any time after the occurrence and during the continuance of any Event of
Default, but subject to Section 9.7(a) hereof, deliver all tangible
evidence of Receivables, including all documents evidencing Receivables and any
books and records relating thereto to the Collateral Agent or to its representatives
(copies of which evidence and books and records may be retained by such
Pledgor). Upon the occurrence and during the continuance of any Event of
Default, but subject to Section 9.7(a) hereof, the Collateral Agent may
transfer a full and complete copy of any Pledgor’s books, records, credit
information, reports, memoranda and all other writings relating to the
Receivables to and for the use by any person that has acquired or is
contemplating acquisition of an interest in the Receivables or the Collateral
Agent’s security interest therein without the consent of any Pledgor; provided
that such person agrees to keep such information confidential pursuant to terms
similar to those of Section 10.07 of the Credit Agreement.

 

SECTION 7.2.        Legend. Each Pledgor shall
legend, at the request of the Collateral Agent and in form and manner reasonably
satisfactory to the Collateral Agent, the Receivables and the other books,
records and documents of such Pledgor evidencing or pertaining to the
Receivables with an appropriate reference to the fact that the Receivables have
been assigned to the Collateral Agent for the benefit of the Secured Parties
and that the Collateral Agent has a security interest therein.

 

SECTION 7.3.        Modification of Terms, etc. No
Pledgor shall rescind or cancel any obligations evidenced by any Receivable or
modify any term thereof or make any adjustment with respect thereto except in
the ordinary course of business or as permitted by the Credit Agreement, or
extend or renew any such obligations except in the ordinary course of business or
as permitted by the Credit Agreement, or compromise or settle any dispute,
claim, suit or legal proceeding relating thereto or sell any Receivable or
interest therein except in the ordinary course of business or as permitted by
the Credit Agreement, without the prior written consent of the Collateral Agent.
Each Pledgor shall timely fulfill all obligations on its part to be fulfilled
under or in connection with the Receivables.

 

SECTION 7.4.        Collection. Each Pledgor shall
cause to be collected from the Account Debtor of each of the Receivables, as
and when due in the ordinary course of business and consistent with prudent
business practice (including Receivables that are delinquent, such Receivables
to be collected in accordance with generally accepted commercial collection
procedures), any and all amounts owing under or on account of such Receivable,
and apply forthwith 

 

26

 

upon receipt thereof all such amounts as are
so collected to the outstanding balance of such Receivable, except that any
Pledgor may, with respect to a Receivable, allow in the ordinary course of
business (i) a refund or credit due as a result of returned or damaged or
defective merchandise and (ii) such extensions of time to pay amounts due in
respect of Receivables and such other modifications of payment terms or
settlements in respect of Receivables as shall be commercially reasonable in
the circumstances, all in accordance with such Pledgor’s ordinary course of
business consistent with its collection practices as in effect from time to
time. The costs and expenses (including attorneys’ fees) of collection, in any
case, whether incurred by any Pledgor, the Collateral Agent or any Secured
Party, shall be paid by the Pledgors.

 

ARTICLE VIII

TRANSFERS

 

SECTION 8.1.        Transfers of Pledged Collateral. No
Pledgor shall sell, convey, assign or otherwise dispose of, or grant any option
with respect to, any of the Pledged Collateral pledged by it hereunder except
as permitted by the Credit Agreement.

 

ARTICLE IX

REMEDIES

 

SECTION 9.1.        Remedies. Upon the occurrence and
during the continuance of any Event of Default, but subject to Section
9.7(a) hereof, the Collateral Agent may from time to time exercise in
respect of the Pledged Collateral, in addition to the other rights and remedies
provided for herein or otherwise available to it, the following remedies:

 

(i)            Personally,
or by agents or attorneys, immediately take possession of the Pledged
Collateral or any part thereof, from any Pledgor or any other person who then
has possession of any part thereof with or (to the fullest extent permitted by
applicable law) without notice or process of law, and for that purpose may enter
upon any Pledgor’s premises where any of the Pledged Collateral is located,
remove such Pledged Collateral, remain present at such premises to receive
copies of all communications and remittances relating to the Pledged Collateral
and use in connection with such removal and possession any and all services, supplies,
aids and other facilities of any Pledgor;

 

(ii)           Demand,
sue for, collect or receive any money or property at any time payable or
receivable in respect of the Pledged Collateral including instructing the
obligor or obligors on any agreement, instrument or other obligation constituting
part of the 

 

27

 

Pledged Collateral to make any payment
required by the terms of such agreement, instrument or other obligation
directly to the Collateral Agent, and in connection with any of the foregoing,
compromise, settle, extend the time for payment and make other modifications
with respect thereto; provided, however, that in the event that
any such payments are made directly to any Pledgor, prior to receipt by any
such obligor of such instruction, such Pledgor shall segregate all amounts
received pursuant thereto in trust for the benefit of the Collateral Agent and
shall promptly (but in no event later than two (2) Business Days after receipt
thereof) pay such amounts to the Collateral Agent;

 

(iii)          Sell,
assign, grant a license to use or otherwise liquidate, or direct any Pledgor to
sell, assign, grant a license to use or otherwise liquidate, any and all
investments made in whole or in part with the Pledged Collateral or any part
thereof, and take possession of the proceeds of any such sale, assignment,
license or liquidation;

 

(iv)          Take possession of
the Pledged Collateral or any part thereof, by directing any Pledgor in writing
to deliver the same to the Collateral Agent at any place or places so
designated by the Collateral Agent, in which event such Pledgor shall at its
own expense:  (A) forthwith cause
the same to be moved to the place or places designated by the Collateral Agent
and therewith delivered to the Collateral Agent, (B) store and keep any
Pledged Collateral so delivered to the Collateral Agent at such place or places
pending further action by the Collateral Agent and (C) while the Pledged
Collateral shall be so stored and kept, provide such security and maintenance
services as shall be necessary to protect the same and to preserve and maintain
them in good condition. Each Pledgor’s obligation to deliver the Pledged
Collateral as contemplated in this Section 9.1(iv) is of the
essence hereof. Upon application to a court of equity having jurisdiction, the
Collateral Agent shall be entitled to a decree requiring specific performance
by any Pledgor of such obligation;

 

(v)           Withdraw
all moneys, instruments, securities and other property in any bank, financial
securities, deposit or other account of any Pledgor constituting Pledged
Collateral for application to the Secured Obligations as provided in Article
X hereof;

 

(vi)          Retain
and apply the Distributions to the Secured Obligations as provided in Article X
hereof;

 

(vii)         Exercise
any and all rights as beneficial and legal owner of the Pledged Collateral,
including perfecting assignment of and exercising any and all voting,
consensual and other rights and powers with respect to any Pledged Collateral;
and

 

(viii)        Exercise
all the rights and remedies of a secured party on default under the UCC, and
the Collateral Agent may also in its sole discretion, without notice except as
specified in Section 9.2 hereof, sell, assign or grant a license to
use the Pledged Collateral or any part thereof in one or more parcels at public
or private sale, at any exchange, broker’s board or at any of the Collateral
Agent’s offices or elsewhere, for cash, on credit or 

 

28

 

for future delivery, and at such price or
prices and upon such other terms as the Collateral Agent may deem commercially
reasonable. The Collateral Agent or any other Secured Party or any of their
respective Affiliates may be the purchaser, licensee, assignee or recipient of
the Pledged Collateral or any part thereof at any such sale and shall be
entitled, for the purpose of bidding and making settlement or payment of the
purchase price for all or any portion of the Pledged Collateral sold, assigned
or licensed at such sale, to use and apply any of the Secured Obligations owed
to such person as a credit on account of the purchase price of the Pledged
Collateral or any part thereof payable by such person at such sale. Each
purchaser, assignee, licensee or recipient at any such sale shall acquire the
property sold, assigned or licensed absolutely free from any claim or right on
the part of any Pledgor, and each Pledgor hereby waives, to the fullest extent
permitted by law, all rights of redemption, stay and/or appraisal which it now
has or may at any time in the future have under any rule of law or statute now
existing or hereafter enacted. The Collateral Agent shall not be obligated to
make any sale of the Pledged Collateral or any part thereof regardless of
notice of sale having been given. The Collateral Agent may adjourn any public
or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and
place to which it was so adjourned. Each Pledgor hereby waives, to the fullest
extent permitted by law, any claims against the Collateral Agent arising by
reason of the fact that the price at which the Pledged Collateral or any part
thereof may have been sold, assigned or licensed at such a private sale was
less than the price which might have been obtained at a public sale, even if
the Collateral Agent accepts the first offer received and does not offer such
Pledged Collateral to more than one offeree.

 

To enforce the provisions of this Section
9.1, upon the Administrative Agent’s declaration that the Loans then outstanding
are due and payable pursuant to clause (ii) of Section 8.01 of the
Credit Agreement, the Collateral Agent shall be empowered to request the
appointment of a receiver from any court of competent jurisdiction. Such
receiver shall be instructed to seek from the FCC the consent to an involuntary
transfer of control of the FCC Licenses for the purposes of seeking a bona fide
purchaser to whom control will ultimately be transferred. Each Pledgor hereby
agrees to authorize such involuntary transfer of control upon the request of
the receiver so appointed and, if any Pledgor shall refuse to authorize the
transfer, such Pledgor’s approval may be ordered or required by the court. Such
receiver shall have the power to dispose of the FCC Licenses and the Pledged
Collateral in any manner provided to the Collateral Agent in this Section
9.1.

 

SECTION 9.2.        Notice of Sale. Each Pledgor acknowledges
and agrees that, to the extent notice of sale or other disposition of the
Pledged Collateral or any part thereof shall be required by law, ten (10) days’
prior notice to such Pledgor of the time and place of any public sale or of the
time after which any private sale or other intended disposition is to take
place shall be commercially reasonable notification of such matters. To the
extent permitted by applicable law, no notification need be given to any
Pledgor if it has signed, after the occurrence of an 

 

29

 

Event of Default, a statement renouncing or
modifying any right to notification of sale or other intended disposition.

 

SECTION 9.3.        Waiver of Notice and Claims. Each
Pledgor hereby waives, to the fullest extent permitted by applicable law,
notice or judicial hearing in connection with the Collateral Agent’s taking
possession or the Collateral Agent’s disposition of the Pledged Collateral or
any part thereof, including any and all prior notice and hearing for any
prejudgment remedy or remedies and any such right which such Pledgor would
otherwise have under law, and each Pledgor hereby further waives, to the
fullest extent permitted by applicable law: 
(i) all damages occasioned by such taking of possession,
(ii) all other requirements as to the time, place and terms of sale or
other requirements with respect to the enforcement of the Collateral Agent’s
rights hereunder and (iii) all rights of redemption, appraisal, valuation,
stay, extension or moratorium now or hereafter in force under any applicable
law. The Collateral Agent shall not be liable for any incorrect or improper
payment made pursuant to this Article IX in the absence of gross
negligence or willful misconduct on the part of the Collateral Agent. To the
extent permitted by applicable law, any sale of, or the grant of options to
purchase, or any other realization upon, any Pledged Collateral shall operate
to divest all right, title, interest, claim and demand, either at law or in
equity, of the applicable Pledgor therein and thereto, and shall be a perpetual
bar both at law and in equity against such Pledgor and against any and all
persons claiming or attempting to claim the Pledged Collateral so sold,
optioned or realized upon, or any part thereof, from, through or under such
Pledgor.

 

SECTION 9.4.        Certain Sales of Pledged Collateral.

 

(a)           Each Pledgor recognizes that, by
reason of certain prohibitions contained in the laws, rules, regulations or
orders of any Governmental Authority, the Collateral Agent may be compelled,
with respect to any sale of all or any part of the Pledged Collateral, to limit
purchasers to those who meet the requirements of such Governmental Authority. Each
Pledgor acknowledges that any such sales may be at prices and on terms less
favorable to the Collateral Agent than those obtainable through a public sale
without such restrictions, and, notwithstanding such circumstances, agrees that
any such restricted sale shall not be deemed to have been made in an unreasonable
manner by reason of the sale described herein and that, except as may be required
by applicable law, the Collateral Agent shall have no obligation to engage in
public sales.

 

(b)           Each Pledgor recognizes that, by
reason of certain prohibitions contained in the Securities Act, and applicable
state securities laws, the Collateral Agent may be compelled, with respect to
any sale of all or any part of the Securities Collateral and Investment
Property, to limit purchasers to persons who will agree, among other things, to
acquire such Securities Collateral or Investment Property for their own
account, for investment and not with a view to the distribution or resale
thereof. Each Pledgor acknowledges that any such private sales may be at prices
and on terms less favorable to the Collateral Agent than those obtainable
through a public sale without such restrictions (including a public offering
made pursuant to a registration statement under the Securities Act), and,
notwithstanding such circumstances, agrees 

 

30

 

that any such private sale shall not be
deemed to have been made in an unreasonable manner by reason of the sale
described herein and that the Collateral Agent shall have no obligation to engage
in public sales and no obligation to delay the sale of any Securities
Collateral or Investment Property for the period of time necessary to permit
the issuer thereof to register it for a form of public sale requiring
registration under the Securities Act or under applicable state securities
laws, even if such issuer would agree to do so.

 

(c)           Notwithstanding the foregoing, each
Pledgor shall, upon the occurrence and during the continuance of any Event of
Default, at the reasonable request of the Collateral Agent, for the benefit of
the Collateral Agent, use its commercially reasonable efforts to cause any
registration, qualification under or compliance with any Federal or state
securities law or laws to be effected with respect to all or any part of the
Securities Collateral as soon as practicable and at the sole cost and expense
of the Pledgors. Each Pledgor will use its commercially reasonable efforts to
cause such registration to be effected (and be kept effective) and will use its
commercially reasonable efforts to cause such qualification and compliance to
be effected (and be kept effective) as may be so requested and as would permit
or facilitate the sale and distribution of such Securities Collateral including
registration under the Securities Act (or any similar statute then in effect),
appropriate qualifications under applicable blue sky or other state securities
laws and appropriate compliance with all other requirements of any Governmental
Authority. Each Pledgor shall use its commercially reasonable efforts to cause
the Collateral Agent to be kept advised in writing as to the progress of each
such registration, qualification or compliance and as to the completion
thereof, shall furnish to the Collateral Agent such number of prospectuses,
offering circulars or other documents incident thereto as the Collateral Agent
from time to time may request, and shall indemnify and shall cause the issuer
of the Securities Collateral to indemnify the Collateral Agent and all others
participating in the distribution of such Securities Collateral against all
claims, losses, damages and liabilities caused by any untrue statement (or
alleged untrue statement) of a material fact contained therein (or in any
related registration statement, notification or the like) or by any omission (or
alleged omission) to state therein (or in any related registration statement,
notification or the like) a material fact required to be stated therein or
necessary to make the statements therein not misleading other than with respect
to written information relating to and provided by a Secured Party.

 

(d)           If the Collateral Agent determines to
exercise its right to sell any or all of the Securities Collateral or Investment
Property, upon written request, the applicable Pledgor shall from time to time
furnish to the Collateral Agent all such information as the Collateral Agent
may reasonably request in order to determine the number of securities included
in the Securities Collateral or Investment Property which may be sold by the
Collateral Agent as exempt transactions under the Securities Act and the rules
of the Securities and Exchange Commission thereunder, as the same are from time
to time in effect.

 

(e)           Each Pledgor further agrees that a
breach of any of the covenants contained in this Section 9.4 will cause
irreparable injury to the Collateral Agent and the other Secured Parties, that
the Collateral Agent and the other Secured Parties have no adequate remedy at 

 

31

 

law in respect of such breach and, as a consequence,
that each and every covenant contained in this Section 9.4 shall be
specifically enforceable against such Pledgor, and to the fullest extent
permitted by applicable law such Pledgor hereby waives and agrees not to assert
any defenses against an action for specific performance of such covenants
except for a defense that no Event of Default has occurred and is continuing or
that all of the Secured Obligations shall have been paid in full in cash.

 

SECTION 9.5.        No Waiver; Cumulative Remedies.

 

(a)           No failure on the part of the
Collateral Agent to exercise, no course of dealing with respect to, and no
delay on the part of the Collateral Agent in exercising, any right, power or
remedy hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any such right, power, privilege or remedy hereunder
preclude any other or further exercise thereof or the exercise of any other
right, power, privilege or remedy; nor shall the Collateral Agent be required
to look first to, enforce or exhaust any other security, collateral or
guaranties. All rights and remedies herein provided are cumulative and are not
exclusive of any rights or remedies provided by law or otherwise available.

 

(b)           In
the event that the Collateral Agent shall have instituted any proceeding to
enforce any right, power, privilege or remedy under this Agreement or any other
Loan Document by foreclosure, sale, entry or otherwise, and such proceeding
shall have been discontinued or abandoned for any reason or shall have been
determined adversely to the Collateral Agent, then and in every such case, the
Pledgors, the Collateral Agent and each other Secured Party shall be restored
to their respective former positions and rights hereunder with respect to the
Pledged Collateral, and all rights, remedies, privileges and powers of the
Collateral Agent and the other Secured Parties shall continue as if no such
proceeding had been instituted.

 

SECTION 9.6.        Certain Additional Actions Regarding
Intellectual Property. If any Event of Default shall have occurred and be
continuing, but subject to Section 9.7(a) hereof, upon the written
demand of the Collateral Agent, each Pledgor shall execute and deliver to the
Collateral Agent an assignment or assignments of the registered Patents, Trademarks
and/or Copyrights and Goodwill owned by such Pledgor and such other documents
as are necessary or appropriate to carry out the intent and purposes hereof. Within
five (5) Business Days of written notice thereafter from the Collateral Agent,
each Pledgor shall make available to the Collateral Agent, to the extent within
such Pledgor’s power and authority, such personnel in such Pledgor’s employ on
the date of the Event of Default as the Collateral Agent may reasonably
designate to permit such Pledgor to continue, directly or indirectly, to produce,
advertise and sell the products and services sold by such Pledgor under the
registered Patents, Trademarks and/or Copyrights owned by such Pledgor, and
such persons shall be available to perform their prior functions on the
Collateral Agent’s behalf.

 

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SECTION 9.7.        Certain Regulatory Requirements.

 

(a)           Notwithstanding any other provision
of this Agreement, any foreclosure on, sale, transfer or other disposition of,
or the exercise of any rights to vote or consent with respect to any of the
Collateral as provided herein or any other action taken or to be taken by the
Collateral Agent or any other Secured Party hereunder shall be in compliance
with the Communications Act, and to the extent required thereby, subject to the
prior approval of the FCC.

 

(b)           It is the intention of the parties
hereto that the Liens in favor of the Collateral Agent on the Collateral shall
in all relevant aspects be subject to and governed by said statutes, rules and
regulations and that nothing in this Agreement shall be construed to diminish
the control exercised by the Pledgor except in accordance with the provisions
of such statutory requirements, rules and regulations. Each Pledgor agrees that
upon the request from time to time by the Collateral Agent it will actively
pursue obtaining any governmental, regulatory or third party consents,
approvals or authorizations referred to in this Article IX, including, upon any
request of the Collateral Agent following an Event of Default, the preparation,
signing and filing with (or causing to be prepared, signed and filed with) the
FCC of any application or application for consent to the assignment of the FCC
Licenses or transfer of control required to be signed by Borrower or any of the
Guarantors necessary or appropriate under the FCC’s rules and regulations for
approval of any sale or transfer of any of the Pledged Collateral or the assets
of Borrower or any of the Guarantors or any transfer of control in respect of
any FCC License.

 

(c)           Notwithstanding any other provision
of this Agreement or any provision of the Credit Agreement or any other Loan
Document to the contrary, following the occurrence and during the continuation
of an Event of Default, the voting rights with respect to any Pledged
Collateral that consists of equity securities in any Pledgor that holds an FCC
License or that, directly or indirectly through one or more subsidiaries,
controls and entity that holds an FCC License, shall, to the extent required by
provisions of the Communications Act, remain with the party or parties
previously approved by the FCC to hold such voting rights to the Collateral
Agent or otherwise. There shall be either a public or private arm’s length sale
of such equity securities, and, to the extent required by provisions of the
Communications Act, the successful bidder for, or purchaser of, such equity
securities at such sale shall neither acquire nor exercise any rights with
respect to such equity securities until such time as the FCC shall have granted
its consent to such acquisition or exercise.

 

(d)           For the avoidance of any doubt, in
the event of any conflict between any provision of this Section 9.7 and
any other provision of this Agreement or any provision of the Credit Agreement
or any other Loan Document, the provision of this Section 9.7 shall
control.

 

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ARTICLE X

APPLICATION OF PROCEEDS

 

SECTION 10.1.      Application of Proceeds. The
proceeds received by the Collateral Agent in respect of any sale of, collection
from or other realization upon all or any part of the Pledged Collateral
pursuant to the exercise by the Collateral Agent of its remedies shall be
applied, together with any other sums then held by the Collateral Agent
pursuant to this Agreement, in accordance with the Credit Agreement.

 

ARTICLE XI

MISCELLANEOUS

 

SECTION 11.1.      Concerning Collateral Agent.

 

(a)           The Collateral Agent has been
appointed as collateral agent pursuant to the Credit Agreement. The actions of
the Collateral Agent hereunder are subject to the provisions of the Credit
Agreement. The Collateral Agent shall have the right hereunder to make demands,
to give notices, to exercise or refrain from exercising any rights, and to take
or refrain from taking action (including the release or substitution of the
Pledged Collateral), in accordance with this Agreement and the Credit Agreement.
The Collateral Agent may employ agents and attorneys-in-fact in connection
herewith and shall not be liable for the negligence or misconduct of any such
agents or attorneys-in-fact selected by it in good faith. The Collateral Agent
may resign and a successor Collateral Agent may be appointed in the manner
provided in the Credit Agreement. Upon the acceptance of any appointment as the
Collateral Agent by a successor Collateral Agent, that successor Collateral
Agent shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Collateral Agent under this Agreement,
and the retiring Collateral Agent shall thereupon be discharged from its duties
and obligations under this Agreement. After any retiring Collateral Agent’s
resignation, the provisions hereof shall inure to its benefit as to any actions
taken or omitted to be taken by it under this Agreement while it was the
Collateral Agent.

 

(b)           The Collateral Agent shall be deemed
to have exercised reasonable care in the custody and preservation of the
Pledged Collateral in its possession if such Pledged Collateral is accorded
treatment substantially equivalent to that which the Collateral Agent, in its
individual capacity, accords its own property consisting of similar instruments
or interests, it being understood that neither the Collateral Agent nor any of
the Secured Parties shall have responsibility for (i) ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or
other matters relating to any Securities Collateral, whether or not the
Collateral Agent or any other Secured Party has or is deemed to have knowledge
of such matters or (ii) taking 

 

34

 

any necessary steps to preserve rights
against any person with respect to any Pledged Collateral.

 

(c)           The
Collateral Agent shall be entitled to rely upon any written notice, statement,
certificate, order or other document or any telephone message believed by it to
be genuine and correct and to have been signed, sent or made by the proper person,
and, with respect to all matters pertaining to this Agreement and its duties
hereunder, upon advice of counsel selected by it.

 

(d)           If
any item of Pledged Collateral also constitutes collateral granted to the
Collateral Agent under any other deed of trust, mortgage, security agreement,
pledge or instrument of any type, in the event of any conflict between the
provisions hereof and the provisions of such other deed of trust, mortgage,
security agreement, pledge or instrument of any type in respect of such
collateral, the Collateral Agent, in its sole discretion, shall select which
provision or provisions shall control.

 

SECTION 11.2.      Collateral Agent May Perform;
Collateral Agent Appointed Attorney-in-Fact. If any Pledgor shall fail to
perform any covenants contained in this Agreement after giving effect to all
applicable grace periods (including such Pledgor’s covenants to (i) pay the premiums
in respect of all required insurance policies hereunder, (ii) pay and discharge
any taxes, assessments and special assessments, levies, fees and governmental
charges imposed upon or assessed against, and landlords’, carriers’, mechanics’,
workmen’s, repairmen’s, laborers’, materialmen’s, suppliers’ and warehousemen’s
Liens and other claims arising by operation of law against, all or any portion
of the Pledged Collateral, (iii) make repairs, (iv) discharge Liens or (v) pay
or perform any obligations of such Pledgor under any Pledged Collateral) or if
any representation or warranty on the part of any Pledgor contained herein
shall be breached, the Collateral Agent may (but shall not be obligated to) do
the same or cause it to be done or remedy any such breach, and may expend funds
for such purpose; provided, however, that the Collateral Agent
shall in no event be bound to inquire into the validity of any tax, Lien,
imposition or other obligation which such Pledgor fails to pay or perform as
and when required hereby and which such Pledgor does not contest in accordance
with the provisions of the Credit Agreement. Any and all amounts so expended by
the Collateral Agent shall be paid by the Pledgors in accordance with the
provisions of Section 10.04 of the Credit Agreement. Neither the
provisions of this Section 11.2 nor any action taken by the Collateral
Agent pursuant to the provisions of this Section 11.2 shall prevent any
such failure to observe any covenant contained in this Agreement nor any breach
of representation or warranty from constituting an Event of Default. Each
Pledgor hereby appoints the Collateral Agent its attorney-in-fact, with full
power and authority in the place and stead of such Pledgor and in the name of
such Pledgor, or otherwise, from time to time in the Collateral Agent’s
discretion to take any action and to execute any instrument consistent with the
terms of the Credit Agreement, this Agreement and the other Security Documents
which the Collateral Agent may deem necessary or advisable to accomplish the
purposes hereof (but the Collateral Agent shall not be obligated to and shall
have no liability to such Pledgor or any third party for failure to so do or
take action). The foregoing grant of authority is a power of attorney 

 

35

 

coupled with an interest and such appointment
shall be irrevocable for the term hereof. Each Pledgor hereby ratifies all that
such attorney shall lawfully do or cause to be done by virtue hereof.

 

SECTION 11.3.      Continuing Security Interest;
Assignment. This Agreement shall create a continuing security interest in
the Pledged Collateral and shall (i) be binding upon the Pledgors, their
respective successors and assigns and (ii) inure, together with the rights
and remedies of the Collateral Agent hereunder, to the benefit of the
Collateral Agent and the other Secured Parties and each of their respective
successors, transferees and assigns. No other persons (including any other
creditor of any Pledgor) shall have any interest herein or any right or benefit
with respect hereto. Without limiting the generality of the foregoing
clause (ii), any Secured Party may assign or otherwise transfer any
indebtedness held by it secured by this Agreement to any other person to the
extent permitted by the Credit Agreement, and such other person shall thereupon
become vested with all the benefits in respect thereof granted to such Secured
Party, herein or otherwise, subject however, to the provisions of the Credit
Agreement and, in the case of a Secured Party that is a party to a Swap
Contract or Treasury Management Agreement, such Swap Contract or Treasury
Management Agreement.

 

SECTION 11.4.      Termination; Release. (a)  When all the Secured Obligations have been
paid in full (other than contingent indemnification or reimbursement
obligations) and the Commitments of the Lenders to make any Loan or to issue
any Letter of Credit under the Credit Agreement shall have expired or been
sooner terminated and all Letters of Credit have been terminated or cash
collateralized in accordance with the provisions of the Credit Agreement, this
Agreement shall terminate. Upon termination of this Agreement the Pledged
Collateral shall be released from the Lien of this Agreement. Upon such release,
the Collateral Agent shall, upon the request and at the sole cost and expense
of the Pledgors, assign, transfer and deliver to the Pledgors, against receipt
and without recourse to or warranty by the Collateral Agent except as to the
fact that the Collateral Agent has not encumbered the released assets, such of
the Pledged Collateral or any part thereof to be released (in the case of a
release) as may be in possession of the Collateral Agent and as shall not have
been sold or otherwise applied pursuant to the terms hereof, and, with respect
to any other Pledged Collateral, proper documents and instruments (including
UCC-3 termination financing statements or releases) acknowledging the termination
hereof or the release of such Pledged Collateral, as the case may be.

 

(b)           Notwithstanding
the foregoing, if (i) the Obligations (other than contingent indemnification or
reimbursement obligations) have been paid in full and the Commitments of the
Lenders to make any Loan or to issue any Letter of Credit under the Credit
Agreement shall have expired or been sooner terminated and all Letters of
Credit have been terminated or cash collateralized in accordance with the
provisions of the Credit Agreement, (ii) Secured Obligations of the type
described in clause (b) of the definition of Secured Obligations (“Remaining
Secured Obligations”) remain outstanding and (iii) all or a portion of the
repayment of the Obligations is financed by the proceeds of Indebtedness of one
or more Loan Parties or any affiliate of a Loan Party (“Refinancing
Indebtedness”) which Refinancing Indebtedness is secured by 

 

36

 

property of such persons, this
Agreement shall terminate as if the Remaining Secured Obligations have been
paid in full and the provisions of paragraph (a) of this Section 11.4
shall apply concurrently with the incurrence of the Refinancing Indebtedness
and the securing of the Refinancing Indebtedness and the Remaining Secured
Obligations on an equal and ratable basis. For the avoidance of doubt, if the
Refinancing Indebtedness is not secured, this Agreement shall not terminate but
shall remain in full force and effect.

 

(c)           If any of the Pledged Collateral is
sold, transferred or otherwise disposed of by any Pledgor in a transaction permitted
by the Credit Agreement, then the Lien created pursuant to this Agreement in
such Pledged Collateral shall be released, and the Collateral Agent, at the
request and sole expense of such Pledgor, shall execute and deliver to such Pledgor
all releases or other documents reasonably necessary or desirable for the
release of such Pledged Collateral from the security interests created hereby; provided
that Borrower shall provide to the Collateral Agent evidence of such
transaction’s compliance with the Credit Agreement as the Collateral Agent
shall reasonably request.

 

SECTION 11.5.      Modification in Writing. No
amendment, modification, supplement, termination or waiver of or to any
provision hereof, nor consent to any departure by any Pledgor therefrom, shall
be effective unless the same shall be made in accordance with the terms of the
Credit Agreement and unless in writing and signed by the Collateral Agent. Any
amendment, modification or supplement of or to any provision hereof, any waiver
of any provision hereof and any consent to any departure by any Pledgor from
the terms of any provision hereof in each case shall be effective only in the
specific instance and for the specific purpose for which made or given. Except
where notice is specifically required by this Agreement or any other document
evidencing the Secured Obligations, no notice to or demand on any Pledgor in
any case shall entitle any Pledgor to any other or further notice or demand in
similar or other circumstances.

 

SECTION 11.6.      Notices. Unless otherwise provided
herein or in the Credit Agreement, any notice or other communication herein
required or permitted to be given shall be given in the manner and become
effective as set forth in the Credit Agreement, as to any Pledgor, addressed to
it at the address of Borrower set forth in the Credit Agreement and as to the
Collateral Agent, addressed to it at the address set forth in the Credit
Agreement, or in each case at such other address as shall be designated by such
party in a written notice to the other party complying as to delivery with the
terms of this Section 11.6.

 

SECTION 11.7.      Governing Law, Consent to Jurisdiction
and Service of Process; Waiver of Jury Trial. Sections 10.14
and 10.15 of the Credit Agreement are incorporated herein, mutatis mutandis, as if a part hereof.

 

SECTION 11.8.      Severability of Provisions. Any
provision hereof which is invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such
invalidity, illegality or unenforceability without invalidating the remaining 

 

37

 

provisions hereof or affecting the validity,
legality or enforceability of such provision in any other jurisdiction.

 

SECTION 11.9.      Execution in Counterparts. This
Agreement and any amendments, waivers, consents or supplements hereto may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed to be an original, but all such counterparts together shall constitute
one and the same agreement.

 

SECTION 11.10.    Business Days. In the event any time
period or any date provided in this Agreement ends or falls on a day other than
a Business Day, then such time period shall be deemed to end and such date
shall be deemed to fall on the next succeeding Business Day, and performance
herein may be made on such Business Day, with the same force and effect as if
made on such other day.

 

SECTION 11.11.    No Credit for Payment of Taxes or
Imposition. No Pledgor shall be entitled to any credit against the principal,
premium, if any, or interest payable under the Credit Agreement, and no Pledgor
shall be entitled to any credit against any other sums which may become payable
under the terms thereof or hereof, by reason of the payment of any Tax on the
Pledged Collateral or any part thereof.

 

SECTION 11.12.    No Claims Against Collateral Agent. Nothing
contained in this Agreement shall constitute any consent or request by the
Collateral Agent, express or implied, for the performance of any labor or
services or the furnishing of any materials or other property in respect of the
Pledged Collateral or any part thereof, nor as giving any Pledgor any right,
power or authority to contract for or permit the performance of any labor or
services or the furnishing of any materials or other property in such fashion
as would permit the making of any claim against the Collateral Agent in respect
thereof or any claim that any Lien based on the performance of such labor or
services or the furnishing of any such materials or other property is prior to
the Lien hereof.

 

SECTION 11.13.    No Release. Nothing set forth in this
Agreement or any other Loan Document, nor the exercise by the Collateral Agent
of any of the rights or remedies hereunder, shall relieve any Pledgor from the
performance of any term, covenant, condition or agreement on such Pledgor’s
part to be performed or observed under or in respect of any of the Pledged
Collateral or from any liability to any person under or in respect of any of
the Pledged Collateral or shall impose any obligation on the Collateral Agent
or any other Secured Party to perform or observe any such term, covenant,
condition or agreement on such Pledgor’s part to be so performed or observed or
shall impose any liability on the Collateral Agent or any other Secured Party
for any act or omission on the part of such Pledgor relating thereto or for any
breach of any representation or warranty on the part of such Pledgor contained
in this Agreement, the Credit Agreement or the other Loan Documents, or under
or in respect of the Pledged Collateral or made in connection herewith or
therewith. Anything herein to the contrary notwithstanding, neither the
Collateral Agent nor any other Secured Party shall have any obligation or
liability 

 

38

 

under any contracts, agreements or other
documents included in the Pledged Collateral by reason of this Agreement, nor
shall the Collateral Agent or any other Secured Party be obligated to perform
any of the obligations or duties of any Pledgor thereunder or to take any
action to collect or enforce any such contract, agreement or other document
included in the Pledged Collateral hereunder. The obligations of each Pledgor
contained in this Section 11.13 shall survive the termination
hereof and the discharge of such Pledgor’s other obligations under this
Agreement, the Credit Agreement and the other Loan Documents.

 

SECTION 11.14.    Obligations Absolute. To the fullest
extent permitted by applicable law, all obligations of each Pledgor hereunder
shall be absolute and unconditional irrespective of:

 

(i)      any bankruptcy,
insolvency, reorganization, arrangement, readjustment, composition, liquidation
or the like of any other Pledgor;

 

(ii)     any lack of validity or
enforceability of the Credit Agreement, any Swap Contract or Treasury
Management Agreement or any other Loan Document, or any other agreement or
instrument relating thereto;

 

(iii)    any change in the time,
manner or place of payment of, or in any other term of, all or any of the
Secured Obligations, or any other amendment or waiver of or any consent to any
departure from the Credit Agreement, any Swap Contract or any other Loan
Document or any other agreement or instrument relating thereto;

 

(iv)    any pledge, exchange,
release or non-perfection of any other collateral, or any release or amendment
or waiver of or consent to any departure from any guarantee, for all or any of
the Secured Obligations;

 

(v)     any exercise, non-exercise
or waiver of any right, remedy, power or privilege under or in respect hereof,
the Credit Agreement, any Swap Contract or any other Loan Document except as
specifically set forth in a waiver granted pursuant to the provisions of Section 11.5
hereof; or

 

(vi)    any other circumstances
which might otherwise constitute a defense available to, or a discharge of, any
Pledgor other than the payment in full in cash of all Secured Obligations.

 

39

 

IN WITNESS WHEREOF, each Pledgor and the
Collateral Agent have caused this Agreement to be duly executed and delivered
by their duly authorized officers as of the date first above written.

 

 

	
   

  	
  BARRINGTON BROADCASTING

  
	
   

  	
  GROUP LLC,

  
	
   

  	
  as Pledgor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON BROADCASTING, LLC,

  
	
   

  	
  as Pledgor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul McNicol

  	
   

  
	
   

  	
   

  	
  Name: Paul M. McNicol

  
	
   

  	
   

  	
  Title: Senior Vice President and Secretary

  
					

 

 

 

 

 

 

	
   

  	
  BARRINGTON
  PEORIA LLC

  
	
   

  	
  BARRINGTON
  QUINCY LLC

  
	
   

  	
  BARRINGTON
  FLINT LLC

  
	
   

  	
  BARRINGTON
  JEFFERSON CITY LLC

  
	
   

  	
  BARRINGTON
  BAY CITY LLC

  
	
   

  	
  BARRINGTON
  AMARILLO LLC

  
	
   

  	
  BARRINGTON
  MYRTLE BEACH LLC

  
	
   

  	
  BARRINGTON
  TOLEDO LLC

  
	
   

  	
  BARRINGTON
  SYRACUSE LLC

  
	
   

  	
  BARRINGTON
  COLUMBIA LLC

  
	
   

  	
  BARRINGTON
  HARLINGEN LLC

  
	
   

  	
  BARRINGTON
  COLORADO SPRINGS LLC

  
	
   

  	
  BARRINGTON
  TRAVERSE CITY LLC

  
	
   

  	
  BARRINGTON
  ALBANY LLC

  
	
   

  	
  BARRINGTON
  MARQUETTE LLC

  
	
   

  	
  BARRINGTON
  KIRKSVILLE LLC, each, as a Pledgor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren
  Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren
  Spector

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  

 

 

 

 

	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as Collateral
  Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Aaron
  Peyton

  	
   

  
	
   

  	
   

  	
  Name: Aaron
  Peyton

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

 

EXHIBIT 1

 

[Form of]

ISSUER’S ACKNOWLEDGMENT

 

The undersigned hereby (i) acknowledges
receipt of the Security Agreement (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Security Agreement;”
capitalized terms used but not otherwise defined herein shall have the meanings
assigned to such terms in the Security Agreement), dated as of August 11, 2006 made
by and among BARRINGTON BROADCASTING GROUP LLC, a Delaware limited liability
company (“Borrower”), BARRINGTON BROADCASTING LLC, a Delaware limited
liability company (“Holdings”), and the Guarantors party thereto and BANK
OF AMERICA, N.A., as collateral agent (in such capacity and together with any
successors in such capacity, the “Collateral Agent”), (ii) agrees
promptly to note on its books the security interests granted to the Collateral
Agent and confirmed under the Security Agreement, (iii) agrees that it will
comply with instructions of the Collateral Agent with respect to the applicable
Securities Collateral without further consent by the applicable Pledgor, (iv)
agrees to notify the Collateral Agent upon obtaining knowledge of any interest
in favor of any person in the applicable Securities Collateral that is adverse
to the interest of the Collateral Agent therein and (v) waives any right
or requirement at any time hereafter to receive a copy of the Security Agreement
in connection with the registration of any Securities Collateral thereunder in
the name of the Collateral Agent or its nominee or the exercise of voting
rights by the Collateral Agent or its nominee.

 

	
   

  	
  [                                                          ]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT 2

 

[Form of]

SECURITIES PLEDGE AMENDMENT

 

This Securities Pledge Amendment, dated as of
[                    ],
is delivered pursuant to Section 5.1 of the Security Agreement (as
amended, amended and restated, supplemented or otherwise modified from time to
time, the “Security Agreement;” capitalized terms used but not otherwise
defined herein shall have the meanings assigned to such terms in the Security
Agreement), dated as of August 11, 2006 made by and among BARRINGTON BROADCASTING
GROUP LLC, a Delaware limited liability company (“Borrower”), BARRINGTON
BROADCASTING LLC, a Delaware limited liability company (“Holdings”), and
the Guarantors party thereto and BANK OF AMERICA, N.A., as collateral agent (in
such capacity and together with any successors in such capacity, the “Collateral
Agent”). The undersigned hereby agrees that this Securities Pledge
Amendment may be attached to the Security Agreement and that the Pledged
Securities and/or Intercompany Notes listed on this Securities Pledge Amendment
shall be deemed to be and shall become part of the Pledged Collateral and shall
secure all Secured Obligations.

 

PLEDGED
SECURITIES

 

	
  ISSUER

  	
   

  	
  CLASS

  OF STOCK

  OR

  INTERESTS

  	
   

  	
  PAR

  VALUE

  	
   

  	
  CERTIFICATE

  NO(S).

  	
   

  	
  NUMBER OF

  SHARES

  OR

  INTERESTS

  	
   

  	
  PERCENTAGE OF

  ALL ISSUED CAPITAL

  OR OTHER EQUITY

  INTERESTS OF ISSUER

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

INTERCOMPANY
NOTES

 

	
  ISSUER

  	
   

  	
  PRINCIPAL

  AMOUNT

  	
   

  	
  DATE OF

  ISSUANCE

  	
   

  	
  INTEREST

  RATE

  	
   

  	
  MATURITY

  DATE

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  [                                                                        ],

  
	
   

  	
  as Pledgor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  AGREED TO AND ACCEPTED:

  	
   

  
	
   

  	
   

  
	
  BANK OF AMERICA, N.A.,

  	
   

  
	
  as Collateral Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
						

 

2

 

EXHIBIT 3

 

[Form of]

JOINDER AGREEMENT

 

[Name of New Pledgor]

[Address of New Pledgor]

 

[Date]

 

                                                       

                                                       

                                                       

                                                       

 

Ladies and
Gentlemen:

 

Reference is made to the Security Agreement
(as amended, amended and restated, supplemented or otherwise modified from time
to time, the “Security Agreement;” capitalized terms used but not
otherwise defined herein shall have the meanings assigned to such terms in the
Security Agreement), dated as of August 11, 2006 made by and among BARRINGTON
BROADCASTING GROUP LLC, a Delaware limited liability company (“Borrower”),
BARRINGTON BROADCASTING LLC, a Delaware limited liability company (“Holdings”),
and the Guarantors party thereto and BANK OF AMERICA, N.A., as collateral agent
(in such capacity and together with any successors in such capacity, the “Collateral
Agent”).

 

This Joinder Agreement supplements the
Security Agreement and is delivered by the undersigned,
[                         ]
(the “New Pledgor”), pursuant to Section 3.5 of the Security Agreement.
The New Pledgor hereby agrees to be bound as a Guarantor and as a Pledgor party
to the Security Agreement by all of the terms, covenants and conditions set
forth in the Security Agreement to the same extent that it would have been
bound if it had been a signatory to the Security Agreement on the date of the
Security Agreement. Without limiting the generality of the foregoing, the New
Pledgor hereby grants and pledges to the Collateral Agent, as collateral
security for the full, prompt and complete payment and performance when due
(whether at stated maturity, by acceleration or otherwise) of the Secured
Obligations, a Lien on and security interest in, all of its right, title and
interest in, to and under the Pledged Collateral owned by it and expressly
assumes all obligations and liabilities of a Guarantor and Pledgor thereunder. The
New Pledgor hereby makes each of the representations and warranties and agrees
to each of the covenants applicable to the Pledgors contained in the Security
Agreement.

 

 

Annexed hereto are supplements to the
schedules to the Security Agreement with respect to the New Pledgor. Such supplements
shall be deemed to be part of the Security Agreement.

 

This Joinder Agreement and any amendments,
waivers, consents or supplements hereto may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed to be an original, but all
such counterparts together shall constitute one and the same agreement.

 

THIS JOINDER AGREEMENT SHALL BE GOVERNED BY,
AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK.

 

2

 

IN WITNESS WHEREOF, the New Pledgor has
caused this Joinder Agreement to be executed and delivered by its duly
authorized officer as of the date first above written.

 

 

	
   

  	
  [NEW PLEDGOR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  AGREED TO AND ACCEPTED:

  	
   

  
	
   

  	
   

  
	
  BANK OF AMERICA, N.A.,

  	
   

  
	
  as Collateral Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
						

 

[Schedules to be attached]

 

3

 

EXHIBIT 4

 

[Form of]

CONTROL AGREEMENT CONCERNING SECURITIES ACCOUNTS

 

This Control Agreement Concerning Securities
Accounts (this “Control Agreement”), dated as of
[                    ],
by and among
[                         ]
(the “Pledgor”), Bank of America, N.A., 
(the “Control Agent”) and
[              ]
(the “Securities Intermediary”), is delivered pursuant to Section
3.4(c) of that certain security agreement (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Security Agreement”),
dated as of August 11, 2006 made by and among BARRINGTON BROADCASTING GROUP
LLC, a Delaware limited liability company (“Borrower”), BARRINGTON
BROADCASTING LLC, a Delaware limited liability company (“Holdings”), and
the Guarantors party thereto and BANK OF AMERICA, N.A., as collateral agent (in
such capacity and together with any successors in such capacity, the “Collateral
Agent”). This Control Agreement is for the purpose of perfecting the
security interests of the Secured Parties granted by the Pledgor in the
Designated Accounts described below. All references herein to the “UCC” shall
mean the Uniform Commercial Code as in effect from time to time in the State of
New York. Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the Security Agreement.

 

Section 1.               Confirmation of Establishment
and Maintenance of Designated Accounts. The Securities Intermediary hereby
confirms and agrees that (i) the Securities Intermediary has established for
the Pledgor and maintains the account(s) listed in Schedule I annexed
hereto (such account(s), together with each such other securities account
maintained by the Pledgor with the Securities Intermediary collectively, the “Designated
Accounts” and each a “Designated Account”), (ii) each Designated
Account will be maintained in the manner set forth herein until termination of
this Control Agreement, (iii) this Control Agreement is the valid and legally
binding obligation of the Securities Intermediary, (iv) the Securities
Intermediary is a “securities intermediary” as defined in Article 8-102(a)(14)
of the UCC, (v) each of the Designated Accounts is a “securities account” as
such term is defined in Section 8-501(a) of the UCC and (vi) all securities or
other property underlying any financial assets which are credited to any
Designated Account shall be registered in the name of the Securities
Intermediary, endorsed to the Securities Intermediary or in blank or credited
to another securities account maintained in the name of the Securities
Intermediary and in no case will any financial asset credited to any Designated
Account be registered in the name of the Pledgor, payable to the order of the
Pledgor or specially endorsed to the Pledgor, except to the extent the
foregoing have been specially endorsed to the Securities Intermediary or in
blank.

 

Section 2.               “Financial
Assets” Election. All parties hereto agree that each item of Investment
Property and all other property held in or credited to any Designated Account 

 

 

(the “Account
Property”) shall be treated as a “financial asset” within the meaning of
Section 8-102(a)(9) of the UCC.

 

Section 3.               Entitlement
Order. If at any time the Securities Intermediary shall receive an “entitlement
order” (within the meaning of Section 8-102(a)(8) of the UCC) issued by the Control
Agent and relating to any financial asset maintained in one or more of the
Designated Accounts, the Securities Intermediary shall comply with such
entitlement order without further consent by the Pledgor or any other person. The
Securities Intermediary shall also comply with instructions directing the
Securities Intermediary with respect to the sale, exchange or transfer of any
Account Property held in each Designated Account originated by a Pledgor, or
any representative of, or investment manager appointed by, a Pledgor unless a
Notice of Sole Control has been delivered and not withdrawn by the Control
Agent pursuant to Section 9(i) hereof to the Securities Intermediary. The
Securities Intermediary shall comply with, and is fully entitled to rely upon,
any entitlement order from the Control Agent, even if such entitlement order is
contrary to any entitlement order that the Pledgor may give or may have given
to the Securities Intermediary.

 

Section 4.               Subordination
of Lien; Waiver of Set-Off. The Securities Intermediary hereby agrees that
any security interest in, lien on, encumbrance, claim or (except as provided in
the next sentence) right of setoff against, any Designated Account or any
Account Property it now has or subsequently obtains shall be subordinate to the
security interests of the Control Agent in the Designated Accounts and the
Account Property therein or credited thereto. The Securities Intermediary
agrees not to exercise any present or future right of recoupment or set-off
against any of the Designated Accounts or to assert against any of the
Designated Accounts any present or future security interest, banker’s lien or
any other lien or claim (including claim for penalties) that the Securities
Intermediary may at any time have against or in any of the Designated Accounts
or any Account Property therein or credited thereto; provided, however,
that the Securities Intermediary may set off all amounts due to the Securities
Intermediary in respect of its customary fees and expenses for the routine
maintenance and operation of the Designated Accounts, including overdraft fees
and amounts advanced to settle authorized transactions.

 

Section 5.               Choice
of Law. Both this Control Agreement and the Designated Accounts shall be
governed by the laws of the State of New York. Regardless of any provision in
any other agreement, for purposes of the UCC, New York shall be deemed to be
the Securities Intermediary’s jurisdiction and the Designated Accounts (as well
as the security entitlements related thereto) shall be governed by the laws of
the State of New York.

 

Section 6.               Conflict
with Other Agreements; Amendments. As of the date hereof, there are no
other agreements entered into between the Securities Intermediary and the
Pledgor with respect to any Designated Account or any security entitlements or
other financial assets credited thereto (other than standard and customary
documentation with respect to the establishment and maintenance of such
Designated Accounts). The Securities Intermediary and the Pledgor will not
enter into any other agreement with respect to any Designated Account 

 

2

 

unless the Control
Agent shall have received prior written notice thereof. The Securities Intermediary
and the Pledgor have not and will not enter into any other agreement with
respect to (i) creation or perfection of any security interest in or (ii)
control of security entitlements maintained in any of the Designated Accounts
or purporting to limit or condition the obligation of the Securities Intermediary
to comply with entitlement orders with respect to any Account Property held in
or credited to any Designated Account as set forth in Section 3hereof without the prior written consent of the Control
Agent acting in its sole discretion. In the event of any conflict with respect
to control over any Designated Account between this Control Agreement (or any
portion hereof) and any other agreement now existing or hereafter entered into,
the terms of this Control Agreement shall prevail. No amendment or modification
of this Control Agreement or waiver of any rights hereunder shall be binding on
any party hereto unless it is in writing and is signed by all the parties
hereto.

 

Section 7.               Certain
Agreements.

 

(i)            As of the date hereof,
the Securities Intermediary has furnished to the Control Agent the most recent
account statement issued by the Securities Intermediary with respect to each of
the Designated Accounts and the financial assets and cash balances held
therein, identifying the financial assets held therein in a manner acceptable
to the Control Agent. Each such statement accurately reflects the assets held
in such Designated Account as of the date thereof.

 

(ii)           The Securities
Intermediary will, upon its receipt of each supplement to the Security
Agreement signed by the Pledgor and identifying one or more financial assets as
“Pledged Collateral,” enter into its records, including computer records, with
respect to each Designated Account a notation with respect to any such financial
asset so that such records and reports generated with respect thereto identify
such financial asset as “Pledged.”

 

Section 8.               Notice
of Adverse Claims. Except for the claims and interest of the Control Agent
and of the Pledgor in the Account Property held in or credited to the
Designated Accounts, the Securities Intermediary on the date hereof does not
know of any claim to, security interest in, lien on, or encumbrance against,
any Designated Account or Account Property held in or credited thereto and does
not know of any claim that any person or entity other than the Control Agent has
been given “control” (within the meaning of Section 8-106 of the UCC) of any
Designated Account or any such Account Property. If the Securities Intermediary
becomes aware that any person or entity is asserting any lien, encumbrance,
security interest or adverse claim (including any writ, garnishment, judgment,
warrant of attachment, execution or similar process or any claim of control)
against any of the Account Property held in or credited to any Designated Account,
the Securities Intermediary shall promptly notify the Control Agent and the
Pledgor thereof.

 

Section 9.               Maintenance
of Designated Accounts. In addition to the obligations of the Securities
Intermediary in Section 3 hereof, the Securities Intermediary
agrees to maintain the Designated Accounts as follows:

 

3

 

(i)            Notice of Sole
Control. If at any time the Control Agent delivers to the Securities
Intermediary a notice instructing the Securities Intermediary to terminate
Pledgor’s access to any Designated Account pursuant to a Notice of Sole Control
substantially in the form of Exhibit A annexed hereto (the “Notice of
Sole Control”) and until such time as the Notice of Sole Control is
withdrawn by such Control Agent (by the written notice to the Securities
Intermediary), the Securities Intermediary agrees that, after receipt of such
notice, it will take all instructions with respect to such Designated Account
solely from the Control Agent, terminate all instructions and orders originated
by the Pledgor with respect to the Designated Accounts or any Account Property
therein, and cease taking instructions from Pledgor, including, without
limitation, instructions for investment, distribution or transfer of any
financial asset maintained in any Designated Account. Permitting settlement of
trades pending at the time of receipt of such notice shall not constitute a
violation of the immediately preceding sentence.

 

(ii)           Voting Rights.
Unless a Notice of Sole Control has been received by the Securities
Intermediary and not withdrawn by the Control Agent, the Pledgor, or an
investment manager on behalf of the Pledgor, shall direct the Securities
Intermediary with respect to the voting of any financial assets credited to any
Designated Account.

 

(iii)          Statements and
Confirmations. The Securities Intermediary will send copies of all
statements and other correspondence (excluding routine confirmations)
concerning any Designated Account or any financial assets credited thereto
simultaneously to each of the Pledgor and the Control Agent at the address set
forth in Section 11 hereof. The Securities Intermediary will
provide to the Control Agent, upon the Control Agent’s request therefor from
time to time and, in any event, as of the last business day of each calendar
month, a statement of the market value of each financial asset maintained in
each Designated Account. The Securities Intermediary shall not change the name
or account number of any Designated Account without the prior written consent
of (A) prior to delivery pursuant to Section 9(i) hereof of a
Notice of Sole Control, the Pledgor and (B) subsequent to the delivery of a
Notice of Sole Control, the Control Agent.

 

(iv)          Perfection in
Certificated Securities. The Securities Intermediary acknowledges that, in
the event that it should come into possession of any certificate representing
any security or other Account Property held in or credited to any of the Designated
Accounts, the Securities Intermediary shall retain possession of the same on
behalf and for the benefit of the Control Agent and such act shall cause the
Securities Intermediary to be deemed holding such certificate for the Control
Agent, if necessary to perfect the Control Agent’s security interest in such
securities or assets. The Securities Intermediary hereby acknowledges its
receipt of a copy of each Security Agreement, which shall also serve as notice
to the Securities Intermediary of a security interest in collateral held on
behalf and for the benefit of the Control Agent.

 

4

 

Section 10.             Successors;
Assignment. The terms of this Control Agreement shall be binding upon, and
shall inure to the benefit of, the parties hereto and their respective
corporate successors and permitted assignees.

 

Section 11.             Notices.
Any notice, request or other communication required or permitted to be given
under this Control Agreement shall be in writing and deemed to have been properly
given when delivered in person, or when sent by telecopy or other electronic
means and electronic confirmation of error free receipt is received or
two (2) days after being sent by certified or registered United States
mail, return receipt requested, postage prepaid, addressed to the party at the
address set forth below.

 

	
   

  	
  Pledgor:

  	
  [                                        ]

  
	
   

  	
   

  	
  [Address]

  
	
   

  	
   

  	
  Attention:

  
	
   

  	
   

  	
  Telecopy:

  
	
   

  	
   

  	
  Telephone:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with copy
  to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [                                        ]

  
	
   

  	
   

  	
  [Address]

  
	
   

  	
   

  	
  Attention:

  
	
   

  	
   

  	
  Telecopy:

  
	
   

  	
   

  	
  Telephone:

  
	
   

  	
   

  	
   

  
	
   

  	
  Securities

  	
   

  
	
   

  	
  Intermediary:

  	
  [                                        ]

  
	
   

  	
   

  	
  [Address]

  
	
   

  	
   

  	
  Attention:

  
	
   

  	
   

  	
  Telecopy:

  
	
   

  	
   

  	
  Telephone:

  
	
   

  	
   

  	
   

  
	
   

  	
  Control

  	
   

  
	
   

  	
  Agent:

  	
  Bank of
  America, N.A., as Control Agent

  
	
   

  	
   

  	
  [Bank of
  America Plaza]

  
	
   

  	
   

  	
  [901 Main
  Street]

  
	
   

  	
   

  	
  [Mail Code:
  TX1-492-14-12]

  
	
   

  	
   

  	
  [Dallas, TX
  75202-3714]

  
	
   

  	
   

  	
  Attention:
  [Charlotte Con]

  
	
   

  	
   

  	
  Telecopy: [(214)-290-9653]

  
	
   

  	
   

  	
  Telephone:
  [(214)-209-1225]

  

 

5

 

	
   

  	
   

  	
  with a copy
  to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Cahill
  Gordon & Reindel LLP

  
	
   

  	
   

  	
  80 Pine
  Street

  
	
   

  	
   

  	
  New York,
  New York 10005

  
	
   

  	
   

  	
  Attention:

  	
  Ann S.
  Makich

  
	
   

  	
   

  	
  Telecopy:

  	
  (212)
  269-5420

  
	
   

  	
   

  	
  Telephone:

  	
  (212)
  701-3000

  

 

Any party may change its address for notices
in the manner set forth above.

 

Section 12.             Termination.

 

(i)            Except as otherwise
provided in this Section 12, the obligations of the Securities
Intermediary hereunder and this Control Agreement shall continue in effect
until the security interests of the Control Agent in the Designated Accounts
and any and all Account Property held therein or credited thereto have been
terminated pursuant to the terms of the Security Agreement and the Control
Agent has notified the Securities Intermediary of such termination in writing.

 

(ii)           The Securities
Intermediary, acting alone, may terminate this Control Agreement at any time
and for any reason by written notice delivered to the Control Agent and the
Pledgor not less than thirty (30) days prior to the effective termination date.

 

(iii)          Prior to any
termination of this Control Agreement pursuant to this Section 12, the
Securities Intermediary hereby agrees that it shall promptly take, at Pledgor’s
sole cost and expense, all reasonable actions necessary to facilitate the
transfer of any Account Property in or credited to the Designated Accounts as
follows:  (i) in the case of a
termination of this Control Agreement under Section 12(i) hereto, to the
institution designated in writing by Pledgor; and (ii) in all other cases,
to the institution designated in writing by the Control Agent.

 

Section 13.             Fees
and Expenses. The Securities Intermediary agrees to look solely to the
Pledgor for payment of any and all fees, costs, charges and expenses incurred
or otherwise relating to the Designated Accounts and services provided by the
Securities Intermediary hereunder (collectively, the “Account Expenses”),
and the Pledgor agrees to pay such Account Expenses to the Securities Intermediary
on demand therefor. The Pledgor acknowledges and agrees that it shall be, and
at all times remains, solely liable to the Securities Intermediary for all
Account Expenses.

 

Section 14.             Severability.
If any term or provision set forth in this Control Agreement shall be invalid
or unenforceable, the remainder of this Control Agreement, other than those
provisions held invalid or unenforceable, shall be construed in all respects as
if such invalid or unenforceable term or provision were omitted.

 

6

 

Section 15.             Counterparts.
This Control Agreement may be executed in any number of counterparts, all of
which shall constitute one and the same instrument, and any party hereto may
execute this Control Agreement by signing and delivering one or more counterparts.

 

[signature page follows]

 

7

 

	
   

  	
  [                                                                    ],

  
	
   

  	
  as Pledgor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as Control
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [                                                                    ],

  
	
   

  	
  as
  Securities Intermediary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

S-1

 

 

SCHEDULE I

 

Designated Account(s)

 

 

Exhibit A

[Letterhead of BANK OF AMERICA, N.A.]

 

 

[Date]

 

[Securities Intermediary]

[Address]

Attention:

 

Re:                               Notice of Sole Control

 

Ladies and
Gentlemen:

 

As referenced in Section 9(i) of the
Control Agreement Concerning Securities Accounts dated as of
[                    ],
by and among
[                    ],
us and you (the “Control Agreement”) (a copy of which is attached) we
hereby give you notice of our sole control over the financial assets maintained
in the Designated Account(s) referred to in the Control Agreement, account
numbers:                                         
(the “Specified Designated Accounts”). You are hereby instructed not to
accept any direction, instruction or entitlement order with respect to
financial assets maintained in the Specified Designated Accounts from any
person other than the undersigned unless otherwise ordered by a court of
competent jurisdiction.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as Control
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

2

 

EXHIBIT 5

 

[Form of]

 

CONTROL AGREEMENT CONCERNING DEPOSIT ACCOUNTS

 

This CONTROL AGREEMENT CONCERNING DEPOSIT
ACCOUNTS (this “Control Agreement”), dated as of
[                    ],
by and among [                         ]
(the “Pledgor”), BANK OF AMERICA, N.A. (the “Control Agent”) and
[                         ]
(the “Bank”), is delivered pursuant to Section 3.4(b) of
that certain security agreement (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Security Agreement”),
dated as of August 11, 2006 made by and among BARRINGTON BROADCASTING GROUP
LLC, a Delaware limited liability company (“Borrower”), BARRINGTON BROADCASTING
LLC, a Delaware limited liability company (“Holdings”), and the
Guarantors party thereto and BANK OF AMERICA, N.A., as collateral agent (in
such capacity and together with any successors in such capacity, the “Collateral
Agent”). This Control Agreement is for the purpose of perfecting the
security interests of the Secured Parties granted by the Pledgor in the Designated
Accounts described below. All references herein to the “UCC” shall mean the
Uniform Commercial Code as in effect from time to time in the State of New York.
Capitalized terms used but not defined herein shall have the meanings assigned
to such terms in the Security Agreement.

 

Section 1.                                            Confirmation
of Establishment and Maintenance of Designated Accounts. The Bank
hereby confirms and agrees that (i) the Bank has established for the Pledgor
and maintains the deposit account(s) listed in Schedule 1 annexed hereto
(such account(s), together with each such other deposit account maintained by
the Pledgor with the Bank collectively, the “Designated Accounts” and
each a “Designated Account”), (ii) each Designated Account will be
maintained in the manner set forth herein until termination of this Control
Agreement, (iii) the Bank is a “bank,” as such term is defined in the UCC, (iv)
this Control Agreement is the valid and legally binding obligation of the Bank
and (v) each Designated Account is a “deposit account” as such term is defined
in Article 9 of the UCC.

 

Section 2.               Control.
The Bank shall comply with instructions originated by the Control Agent without
further consent of the Pledgor or any person acting or purporting to act for
the Pledgor being required, including, without limitation, directing disposition
of the funds in each Designated Account. The Bank shall also comply with
instructions from the Pledgor directing the disposition of funds in one or more
of the Designated Accounts unless a Notice of Sole Control substantially in the
form of Exhibit A annexed hereto (the “Notice of Sole Control”)
has been delivered and not withdrawn by the Control Agent pursuant to Section
8(i) hereof. Until such time as the Bank has received a Notice of Sole
Control, the Bank shall be entitled to distribute to the Pledgor all fund
balances held in the Designated Accounts. Notwithstanding anything to the
contrary contained herein, if at any time the Bank shall receive conflicting 

 

 

instructions
from the Control Agent and the Pledgor, the Bank shall follow the instructions
of the Control Agent and not the Pledgor.

 

Section 3.               Subordination
of Lien; Waiver of Set-Off. The Bank hereby agrees that any security
interest in, lien on, encumbrance, claim or (except as provided in the next
sentence) right of setoff against, any Designated Account or any funds therein
it now has or subsequently obtains shall be subordinate to the security
interest of the Control Agent in the Designated Accounts and the funds therein
or credited thereto. The Bank agrees not to exercise any present or future
right of recoupment or set-off against any of the Designated Accounts or to assert
against any of the Designated Accounts any present or future security interest,
banker’s lien or any other lien or claim (including claim for penalties) that
the Bank may at any time have against or in any of the Designated Accounts or
any funds therein; provided, however, that the Bank may set off
(i) all amounts due to the Bank in respect of its customary fees and expenses
for the routine maintenance and operation of the Designated Accounts, including
overdraft fees, and (ii) the face amount of any checks or other items which
have been credited to any Designated Account but are subsequently returned unpaid
because of uncollected or insufficient funds).

 

Section 4.               Choice
of Law. Both this Control Agreement and the Designated Accounts shall be
governed by the laws of the State of New York, without regard to conflicts of
law principles that would require the application of the laws of another
jurisdiction. Regardless of any provision in any other agreement, for purposes
of the UCC, New York shall be deemed to be the Bank’s jurisdiction and the Designated
Account(s) shall be governed by the law of the State of New York, without
regard to conflicts of law principles that would require the application of the
laws of another jurisdiction.

 

Section 5.               Conflict
with Other Agreements; Amendments. As of the date hereof, there are no
other agreements entered into between the Bank and the Pledgor with respect to
any Designated Account or any funds credited thereto (other than standard and
customary documentation with respect to the establishment and maintenance of
such Designated Accounts). The Bank and the Pledgor will not enter into any
other agreement with respect to any Designated Account unless the Control Agent
shall have received prior written notice thereof. The Bank and the Pledgor have
not and will not enter into any other agreement with respect to control of the
Designated Accounts or purporting to limit or condition the obligation of the
Bank to comply with any orders or instructions with respect to any Designated Account
as set forth in Section 2 hereof without the prior written consent
of the Control Agent acting in its sole discretion. In the event of any
conflict with respect to control over any Designated Account between this
Control Agreement (or any portion hereof) and any other agreement now existing
or hereafter entered into, the terms of this Control Agreement shall prevail. No
amendment or modification of this Control Agreement or waiver of any right
hereunder shall be binding on any party hereto unless it is in writing and is
signed by all the parties hereto.

 

2

 

Section 6.               Certain
Agreements. As of the date hereof, the Bank has furnished to the Control Agent
the most recent account statement issued by the Bank with respect to each of
the Designated Accounts and the cash balances held therein. Each such statement
accurately reflects the assets held in such Designated Account as of the date
thereof.

 

Section 7.               Notice
of Adverse Claims. Except for the claims and interest of the Secured
Parties and of the Pledgor in the Designated Accounts, the Bank on the date
hereof does not know of any claim to, security interest in, lien on, or encumbrance
against, any Designated Account or in any funds credited thereto and does not
know of any claim that any person or entity other than the Control Agent has
been given control (within the meaning of Section 9-104 of the UCC) of any
Designated Account or any such funds. If the Bank becomes aware that any person
or entity is asserting any lien, encumbrance, security interest or adverse
claim (including any writ, garnishment, judgment, warrant of attachment,
execution or similar process or any claim of control) against any funds in any
Designated Account, the Bank shall promptly notify the Control Agent and the Pledgor
thereof.

 

Section 8.               Maintenance
of Designated Accounts. In addition to the obligations of the Bank in Section 2
hereof, the Bank agrees to maintain the Designated Accounts as follows:

 

(i)            Notice of Sole
Control. If at any time the Control Agent delivers to the Bank a Notice of
Sole Control and until such time as the Notice of Sole Control has been
withdrawn by the Control Agent (by written notice to the Bank), the Bank agrees
that, after receipt of such notice, it will take all instruction with respect
to such Designated Account solely from the Control Agent, terminate all
instructions and orders originated by the Pledgor with respect to the
Designated Accounts or any funds therein, and cease taking instructions from
the Pledgor, including, without limitation, instructions for distribution or
transfer of any funds in any Designated Account.

 

(ii)           Statements and
Confirmations. The Bank will send copies of all statements and other
correspondence (excluding routine confirmations) concerning any Designated
Account simultaneously to the Pledgor and the Control Agent at the address set
forth in Section 10 hereof. The Bank will promptly provide to the Control
Agent, upon request therefor from time to time and, in any event, as of the
last business day of each calendar month, a statement of the cash balance in
each Designated Account. The Bank shall not change the name or account number
of any Designated Account without the prior written consent of the Control
Agent.

 

Section 9.               Successors;
Assignment. The terms of this Control Agreement shall be binding upon, and
shall inure to the benefit of, the parties hereto and their respective
corporate successors and permitted assignees.

 

Section 10.             Notices.
Any notice, request or other communication required or permitted to be given
under this Control Agreement shall be in writing and deemed to have been 

 

3

 

properly given
when delivered in person, or when sent by telecopy or other electronic means
and electronic confirmation of error free receipt is received or two (2)
days after being sent by certified or registered United States mail, return
receipt requested, postage prepaid, addressed to the party at the address set
forth below.

 

Pledgor:                                                   [                                        ]

[Address]

Attention:

Telecopy:

Telephone:

with copy to:

[                                        ]

[Address] 

Attention:              

Telecopy:              

Telephone:

 

Bank:                                                                 [                                             ]

[                                             ]

[                                             ]

Attention:

Telecopy:

Telephone:

 

4

 

Control

Agent:                                                           Bank
of America, N.A., as Control Agent

[Bank of America Plaza]

[901 Main Street]

[Mail Code: TX1-492-14-12]

[Dallas, TX 75202-3714]

Attention:  [Charlotte Con]

Telecopy:  [(214)-290-9653]

Telephone: [(214)-209-1225]

 

with a copy to:

 

Cahill Gordon & Reindel LLP

80 Pine Street

New York, New York 10005

Attention:                 Ann
S. Makich

Telecopy:                   (212)
269-5420

Telephone:            (212)
701-3000

 

Any party may change its address for notices
in the manner set forth above.

 

Section 11.             Termination.

 

(i)            Except as otherwise
provided in this Section 11, the obligations of the Bank hereunder and
this Control Agreement shall continue in effect until the security interests of
the Control Agent in the Designated Accounts and any and all funds therein have
been terminated pursuant to the terms of the Security Agreement and the Control
Agent has notified the Bank of such termination in writing.

 

(ii)           The Bank, acting
alone, may terminate this Control Agreement at any time and for any reason by
written notice delivered to the Control Agent and the Pledgor not less than
thirty (30) days prior to the effective termination date.

 

(iii)          Prior to any
termination of this Control Agreement pursuant to this Section 11, the Bank
hereby agrees that it shall promptly take, at Pledgor’s sole cost and expense,
all reasonable actions necessary to facilitate the transfer of any funds in the
Designated Accounts as follows:  (a) in
the case of a termination of this Control Agreement under Section 11(i),
to the institution designated in writing by Pledgor; and (b) in all other
cases, to the institution designated in writing by the Control Agent.

 

Section 12.             Fees
and Expenses. The Bank agrees to look solely to the Pledgor for payment of
any and all fees, costs, charges and expenses incurred or otherwise relating to
the Designated Accounts and services provided by the Bank hereunder
(collectively, the “Account Expenses”), and the Pledgor agrees to pay
such Account Expenses to the Bank on demand therefor. 

 

5

 

The Pledgor
acknowledges and agrees that it shall be, and at all times remains, solely
liable to the Bank for all Account Expenses.

 

Section 13.             Severability.
If any term or provision set forth in this Control Agreement shall be invalid
or unenforceable, the remainder of this Control Agreement, other than those
provisions held invalid or unenforceable, shall be construed in all respects as
if such invalid or unenforceable term or provision were omitted.

 

Section 14.             Counterparts.
This Control Agreement may be executed in any number of counterparts, all of
which shall constitute one and the same instrument, and any party hereto may
execute this Control Agreement by signing and delivering one or more counterparts.

 

[signature page follows]

 

6

 

	
   

  	
  [                                                            ]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as Control
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [                                                            ],

  
	
   

  	
  as Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

S-1

 

SCHEDULE 1

 

Designated Account(s)

 

 

[Letterhead of BANK OF AMERICA, N.A.]

 

[Date]

 

[Bank]

[Address]

 

	
  Attention:

  	
   

  	
   

  

 

Re:          Notice
of Sole Control

 

 

Ladies and Gentlemen:

 

As referenced in Section 8(i) of the
Control Agreement Concerning Deposit Accounts dated as of
[                    ],
by and among
[                    ],
us and you (the “Control Agreement”) (a copy of which is attached) we
hereby give you notice of our sole control over the Designated Account(s)
referred to in the Control Agreement, having account number(s):                                                                     
 (the “Specified Designated Accounts”).
You are hereby instructed not to accept any direction or instructions with
respect to the Specified Designated Accounts or any funds credited thereto from
any person other than the undersigned, unless otherwise ordered by a court of
competent jurisdiction.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as Control
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT 6

 

[Form of]

 

Copyright
Security Agreement

 

Copyright Security Agreement,
dated as of
[                    ],
by [                  ]
and [                     ]
(individually, a “Pledgor”, and, collectively, the “Pledgors”),
in favor of BANK OF AMERICA, N.A., in its capacity as collateral agent pursuant
to the Credit Agreement (in such capacity, the “Collateral Agent”).

 

W I
T N E S S E T H:

 

WHEREAS, the Pledgors are party to a Security
Agreement of even date herewith (the “Security Agreement”) in favor of
the Collateral Agent pursuant to which the Pledgors are required to execute and
deliver this Copyright Security Agreement;

 

NOW, THEREFORE, in consideration of the
premises and to induce the Collateral Agent, for the benefit of the Secured
Parties, to enter into the Credit Agreement, the Pledgors hereby agree with the
Collateral Agent as follows:

 

SECTION 1.           Defined
Terms. Unless otherwise defined herein, terms defined in the Security
Agreement and used herein have the meanings given to them in the Security Agreement.

 

SECTION 2.           Grant
of Security Interest in Copyright Collateral. Each Pledgor hereby pledges
and grants to the Collateral Agent for the benefit of the Secured Parties in
the Security Agreement a lien on and security interest in and to all of its
right, title and interest in, to and under all the following Pledged Collateral
of such Pledgor:

 

(a)                                  Copyrights
of such Pledgor listed on Schedule I attached hereto; and

 

(b)                                 all
Proceeds of any and all of the foregoing (other than Excluded Property).

 

SECTION 3.           Security
Agreement. Each Pledgor hereby acknowledges and affirms that the rights and
remedies of the Collateral Agent with respect to the security interest in the
Copyrights confirmed hereby are more fully set forth in the Security Agreement,
the terms and provisions of which are incorporated by reference herein as if
fully set forth herein. In the event that any provision of this Copyright
Security Agreement is deemed to conflict with the Security Agreement, the
provisions of the Security Agreement shall control unless the Collateral Agent
shall otherwise determine.

 

 

SECTION 4.           Termination.
Upon the payment in full of the Secured Obligations and automatic termination
of the Security Agreement, the Collateral Agent shall execute, acknowledge, and
deliver to the Pledgors an instrument in writing in recordable form evidencing
the release of the collateral pledge, grant, assignment, lien and security
interest in the Copyrights under the Security Agreement and this Copyright Security
Agreement.

 

SECTION 5.           Counterparts.
This Copyright Security Agreement may be executed in any number of counterparts,
all of which shall constitute one and the same instrument, and any party hereto
may execute this Copyright Security Agreement by signing and delivering one or
more counterparts.

 

[signature
page follows]

 

2

 

IN WITNESS WHEREOF, each Pledgor has caused
this Copyright Security Agreement to be executed and delivered by its duly
authorized officer as of the date first set forth above.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [PLEDGORS]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

	
  Accepted and Agreed:

  
	
   

  
	
  BANK OF AMERICA, N.A.,

  
	
  as Collateral Agent

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

3

 

SCHEDULE I

to

COPYRIGHT SECURITY AGREEMENT

COPYRIGHT REGISTRATIONS AND COPYRIGHT APPLICATIONS

 

Copyright
Registrations:

 

	
  OWNER

  	
   

  	
  REGISTRATION

  NUMBER

  	
   

  	
  

  TITLE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT 7

 

[Form of]

 

Patent
Security Agreement

 

Patent Security Agreement,
dated as of
[                    ],
by [               ]
and [                   ]
(individually, a “Pledgor”, and, collectively, the “Pledgors”),
in favor of BANK OF AMERICA, N.A., in its capacity as collateral agent pursuant
to the Credit Agreement (in such capacity, the “Collateral Agent”).

 

W I
T N E S S E T H:

 

WHEREAS, the Pledgors are party to a Security
Agreement of even date herewith (the “Security Agreement”) in favor of
the Collateral Agent pursuant to which the Pledgors are required to execute and
deliver this Patent Security Agreement;

 

NOW, THEREFORE, in consideration of the
premises and to induce the Collateral Agent, for the benefit of the Secured
Parties, to enter into the Credit Agreement, the Pledgors hereby agree with the
Collateral Agent as follows:

 

SECTION 1.           Defined
Terms. Unless otherwise defined herein, terms defined in the Security
Agreement and used herein have the meanings given to them in the Security Agreement.

 

SECTION 2.           Grant
of Security Interest in Patent Collateral. Each Pledgor hereby pledges and
grants to the Collateral Agent for the benefit of the Secured Parties in the
Security Agreement a lien on and security interest in and to all of its right,
title and interest in, to and under all the following Pledged Collateral of
such Pledgor:

 

(a)                                  Patents
of such Pledgor listed on Schedule I attached hereto; and

 

(b)                                 all
Proceeds of any and all of the foregoing (other than Excluded Property).

 

SECTION 3.           Security
Agreement. Each Pledgor hereby acknowledges and affirms that the rights and
remedies of the Collateral Agent with respect to the security interest in the
Patents confirmed hereby are more fully set forth in the Security Agreement,
the terms and provisions of which are incorporated by reference herein as if
fully set forth herein. In the event that any provision of this Patent Security
Agreement is deemed to conflict with the Security Agreement, the provisions of
the Security Agreement shall control unless the Collateral Agent shall
otherwise determine.

 

 

SECTION 4.           Termination.
Upon the payment in full of the Secured Obligations and automatic termination
of the Security Agreement, the Collateral Agent shall execute, acknowledge, and
deliver to the Pledgors an instrument in writing in recordable form evidencing the
release of the collateral pledge, grant, assignment, lien and security interest
in the Patents under the Security Agreement and this Patent Security Agreement.

 

SECTION 5.           Counterparts.
This Patent Security Agreement may be executed in any number of counterparts,
all of which shall constitute one and the same instrument, and any party hereto
may execute this Patent Security Agreement by signing and delivering one or
more counterparts.

 

[signature
page follows]

 

2

 

IN WITNESS WHEREOF, each Pledgor has caused
this Patent Security Agreement to be executed and delivered by its duly
authorized officer as of the date first set forth above.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  [PLEDGORS]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

	
  Accepted and Agreed:

  
	
   

  
	
  BANK OF AMERICA, N.A.,

  
	
  as Collateral Agent

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

3

 

SCHEDULE I

to

PATENT SECURITY AGREEMENT

PATENT REGISTRATIONS AND PATENT APPLICATIONS

 

Patent
Registrations:

 

	
  OWNER

  	
   

  	
  REGISTRATION

  NUMBER

  	
   

  	
  

  NAME

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

Patent
Applications:

 

	
  OWNER

  	
   

  	
  APPLICATION

  NUMBER

  	
   

  	
  

  NAME

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT 8

 

[Form of]

 

Trademark
Security Agreement

 

Trademark Security Agreement,
dated as of
[                    ],
by [                ]
and [                 ]
(individually, a “Pledgor”, and, collectively, the “Pledgors”),
in favor of BANK OF AMERICA, N.A., in its capacity as collateral agent pursuant
to the Credit Agreement (in such capacity, the “Collateral Agent”).

 

W I
T N E S S E T H:

 

WHEREAS, the Pledgors are party to a Security
Agreement of even date herewith (the “Security Agreement”) in favor of
the Collateral Agent pursuant to which the Pledgors are required to execute and
deliver this Trademark Security Agreement;

 

NOW, THEREFORE, in consideration of the
premises and to induce the Collateral Agent, for the benefit of the Secured
Parties, to enter into the Credit Agreement, the Pledgors hereby agree with the
Collateral Agent as follows:

 

SECTION 1.           Defined
Terms. Unless otherwise defined herein, terms defined in the Security
Agreement and used herein have the meanings given to them in the Security Agreement.

 

SECTION 2.           Grant
of Security Interest in Trademark Collateral. Each Pledgor hereby pledges and
grants to the Collateral Agent for the benefit of the Secured Parties in the Security
Agreement a lien on and security interest in and to all of its right, title and
interest in, to and under all the following Pledged Collateral of such Pledgor:

 

(a)           Trademarks of such Pledgor listed on Schedule
I attached hereto;

 

(b)           all Goodwill associated with such
Trademarks; and

 

(c)           all Proceeds of any and all of the
foregoing (other than Excluded Property).

 

SECTION 3.           Security
Agreement. Each Pledgor hereby acknowledges and affirms that the rights and
remedies of the Collateral Agent with respect to the security interest in the
Trademarks confirmed hereby are more fully set forth in the Security Agreement,
the terms and provisions of which are incorporated by reference herein as if
fully set forth herein. In the event that any provision of this Trademark
Security Agreement is deemed to conflict with the Security Agreement, the
provisions of the Security Agreement shall control unless the Collateral Agent
shall otherwise determine.

 

 

SECTION 4.           Termination.
Upon the payment in full of the Secured Obligations and automatic termination
of the Security Agreement, the Collateral Agent shall execute, acknowledge, and
deliver to the Pledgors an instrument in writing in recordable form evidencing
the release of the collateral pledge, grant, assignment, lien and security
interest in the Trademarks under the Security Agreement and this Trademark
Security Agreement.

 

SECTION 5.           Counterparts.
This Trademark Security Agreement may be executed in any number of counterparts,
all of which shall constitute one and the same instrument, and any party hereto
may execute this Trademark Security Agreement by signing and delivering one or
more counterparts.

 

[signature
page follows]

 

2

 

IN WITNESS WHEREOF, each Pledgor has caused
this Trademark Security Agreement to be executed and delivered by its duly
authorized officer as of the date first set forth above.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [PLEDGORS]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

	
  Accepted and Agreed:

  
	
   

  
	
  BANK OF AMERICA, N.A.,

  
	
  as Collateral Agent

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

3

 

SCHEDULE I

to

TRADEMARK SECURITY AGREEMENT

TRADEMARK REGISTRATIONS AND TRADEMARK APPLICATIONS

 

Trademark
Registrations:

 

	
  OWNER

  	
   

  	
  REGISTRATION

  NUMBER

  	
   

  	
  

  TRADEMARK

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

Trademark
Applications:

 

	
  OWNER

  	
   

  	
  APPLICATION

  NUMBER

  	
   

  	
  

  TRADEMARKExhibit 10.4

 

BARRINGTON GUARANTY

 

GUARANTY AGREEMENT
(this “Agreement”) dated as of August 11, 2006, among Barrington
Broadcasting Group LLC, a Delaware limited liability company (“Barrington”),
Barrington Broadcasting LLC, a Delaware limited liability company (the “Parent
Guarantor”), Barrington Peoria LLC, Barrington Quincy LLC, Barrington Flint
LLC, Barrington Jefferson City LLC, Barrington Bay City LLC, Barrington
Amarillo LLC, Barrington Myrtle Beach LLC, Barrington Toledo LLC, Barrington
Syracuse LLC, Barrington Columbia LLC, Barrington Harlingen LLC, Barrington
Colorado Springs LLC, Barrington Traverse City LLC, Barrington Albany LLC, Barrington
Marquette LLC, Barrington Kirksville LLC, Barrington Peoria License LLC,
Barrington Quincy License LLC, Barrington Flint License LLC, Barrington
Jefferson City License LLC, Barrington Bay City License LLC, Barrington
Amarillo LLC, Barrington Myrtle Beach LLC, Barrington Toledo License LLC,
Barrington Syracuse License LLC, Barrington Columbia License LLC, Barrington
Harlingen License LLC, Barrington Colorado Springs License LLC, Barrington
Traverse City License LLC, Barrington Albany License LLC, Barrington Marquette
License LLC, Barrington Kirksville License LLC and Barrington Broadcasting
Capital Corporation (collectively, the “Subsidiary Guarantors”) and any
other Person (as defined in the Credit Agreement) which may become a Guarantor
hereunder pursuant to a duly executed joinder agreement in the form attached as
Exhibit A hereto (each, an “Additional Subsidiary Guarantor”, and,
together with Barrington, the Parent Guarantor and the Subsidiary Guarantors,
the “Guarantors” and each, a “Guarantor”) and Bank of America,
N.A., as collateral agent (in such capacity, the “Collateral Agent”) for
the Secured Parties (as defined in the Credit Agreement referred to below).

 

Reference is made to that certain Credit
Agreement dated as of August 11, 2006 (as amended, amended and restated,
extended, supplemented or otherwise modified in writing from time to time, the “Credit
Agreement,” the terms defined therein being used herein as therein
defined), among SagamoreHill of Carolina LLC, a Delaware limited liability
company (“Borrower”), each lender from time to time party thereto, Bank
of America, N.A., as Administrative Agent, and Collateral Agent, Wachovia Bank,
National Association, as Syndication Agent, Banc of America Securities LLC and
Wachovia Capital Markets, LLC, as Joint Lead Arrangers and Joint Bookrunning
Managers, and CIT Lending Services Corporation, as Documentation Agent. Capitalized
terms used and not defined herein (including, without limitation, the term “Secured
Obligations,” as used in Section 1 and elsewhere herein) are used with
the meanings assigned to such terms in the Credit Agreement.

 

The Lenders have agreed to make Loans to Borrower
pursuant to, and upon the terms and subject to the conditions specified in, the
Credit Agreement. Each Guarantor acknowledges that it has derived and will
derive substantial benefit from the making of the Loans by the Lenders to Borrower.
As consideration therefor and in order to induce the Lenders to make Loans
under the Credit Agreement, each Guarantor is willing to execute this Agreement.

 

This Guaranty is secured by, and entitled to
the benefits of, the Security Agreement, dated as of August 11, 2005, by and
among Barrington, the Guarantors and the Collateral Agent for the benefit of
the Secured Parties.

 

Accordingly, the parties hereto agree as
follows:

 

SECTION 1.         Guarantee. Each
Guarantor unconditionally guarantees, jointly with any other Guarantors of the Secured
Obligations under the Credit Agreement and other Loan Documents and severally,
as a primary obligor and not merely as a surety, the due and punctual payment
of the Secured Obligations. To the fullest extent permitted by applicable law,
each Guarantor waives notice of, or any requirement for further assent to, any
agreements or arrangements whatsoever by the Secured Parties with 

 

 

any other person pertaining to the Secured Obligations,
including agreements and arrangements for payment, extension, renewal, subordination,
composition, arrangement, discharge or release of the whole or any part of the Secured
Obligations, or for the discharge or surrender of any or all security, or for
the compromise, whether by way of acceptance of part payment or otherwise, and,
to the fullest extent permitted by applicable law, the same shall in no way
impair each Guarantor’s liability hereunder.

 

SECTION 2.         Obligations Not Waived. To the
fullest extent permitted by applicable law, each Guarantor waives presentment
to, demand of payment from and protest to Borrower or any other person of any
of the Secured Obligations, and also waives notice of acceptance of its
guarantee, notice of protest for nonpayment and all other formalities. To the
fullest extent permitted by applicable law, the Guaranty of each Guarantor
hereunder shall not be affected by (a) the failure of any Secured Party or any
Guarantor to assert any claim or demand or to enforce or exercise any right or
remedy against Borrower or any Guarantor under the provisions of the Credit
Agreement, any other Loan Document or otherwise; (b) any extension, renewal or
increase of or in any of the Secured Obligations; (c) any rescission, waiver,
amendment or modification of, or any release from, any of the terms or
provisions of this Agreement, the Credit Agreement, any other Loan Document,
any guarantee or any other agreement or instrument, including with respect to
any Guarantor under the Loan Documents; or (d) the release of (or the failure
to perfect a security interest in) any of the security held by or on behalf of
the Collateral Agent or any other Secured Party.

 

SECTION 3.         Security. Each
Guarantor authorizes the Collateral Agent to (a) take and hold security pursuant
to the terms of any other Loan Documents for the payment of this Guaranty and
the Secured Obligations and exchange, enforce, waive and release any such
security pursuant to the terms of any other Loan Documents; (b) apply such
security and direct the order or manner of sale thereof as it in its sole
discretion may determine subject to the terms of any other Loan Documents; and
(c) release or substitute any one or more endorsees, other Guarantors or
other obligors pursuant to the terms of any other Loan Documents. In no event
shall this Section 3 require any Guarantor to grant security, except as
required by the terms of the Loan Documents.

 

SECTION 4.         Guarantee of Payment. Each
Guarantor further agrees that its guarantee constitutes a guarantee of payment
when due and not of collection, and, to the fullest extent permitted by
applicable law, waives any right to require that any resort be had by the
Collateral Agent or any other Secured Party to any of the security held for payment
of the Secured Obligations or to any balance of any deposit account or credit
on the books of the Collateral Agent or any other Secured Party in favor of Borrower
or any other person.

 

SECTION 5.         No Discharge or Diminishment of Guaranty. To the fullest extent permitted by applicable law
and except as otherwise expressly provided in this Agreement, the Secured Obligations
of each Guarantor hereunder shall not be subject to any reduction, limitation,
impairment or termination for any reason (other than the indefeasible payment
in full in cash of the Secured Obligations), including any claim of waiver,
release, surrender, alteration or compromise of any of the Secured Obligations,
and shall not be subject to any defense (other than a defense of payment) or
setoff, counterclaim, recoupment or termination whatsoever by reason of the
invalidity, illegality or unenforceability of the Secured Obligations or
otherwise. Without limiting the generality of the foregoing, the obligations of
each Guarantor hereunder shall, to the fullest extent permitted by applicable
law, not be discharged or impaired or otherwise affected by the failure of the
Collateral Agent or any other Secured Party to assert any claim or demand or to
enforce any remedy under the Credit Agreement, any other Loan Document, any
guarantee or any other agreement or instrument, by any amendment, waiver or
modification of any provision of the Credit Agreement or any other Loan
Document or other agreement or instrument, by any default, failure or delay,
willful or otherwise, in the performance of the Secured Obligations, or by any 

 

F-2

 

other act, omission or delay to do any other
act that may or might in any manner or to any extent vary the risk of any
Guarantor or that would otherwise operate as a discharge of any Guarantor as a
matter of law or equity (other than the indefeasible payment in full in cash of
all the Secured Obligations) or which would impair or eliminate any right of
any Guarantor to subrogation.

 

SECTION 6.         Defenses Waived. To the fullest extent permitted by applicable law,
each Guarantor waives any defense based on or arising out of the
unenforceability of the Secured Obligations or any part thereof from any cause
or the cessation from any cause of the liability (other than the final and
indefeasible payment in full in cash of the Secured Obligations) of Borrower or
any other person. Subject to the terms of the other Loan Documents, the
Collateral Agent and the other Secured Parties may, at their election,
foreclose on any security held by one or more of them by one or more judicial
or nonjudicial sales, accept an assignment of any such security in lieu of
foreclosure, compromise or adjust any part of the Secured Obligations, make any
other accommodation with Borrower or any other Guarantor or exercise any other
right or remedy available to them against Borrower or any other Guarantor,
without affecting or impairing in any way the liability of each Guarantor
hereunder except to the extent the Secured Obligations have been fully,finally and indefeasibly paid in cash. Pursuant to and to
the fullest extent permitted by applicable law, each Guarantor waives any
defense arising out of any such election even though such election operates,
pursuant to applicable law, to impair or to extinguish any right of
reimbursement or subrogation or other right or remedy of each Guarantor against
Borrower or any other Guarantor or any security.

 

SECTION 7.         Agreement to Pay; Subordination. In furtherance of the foregoing and not in
limitation of any other right that the Collateral Agent or any other Secured
Party has at law or in equity against each Guarantor by virtue hereof, upon the
failure of Borrower or any other Loan Party or Guarantor to pay any Secured Obligation
when and as the same shall become due, whether at maturity, by acceleration,
after notice of prepayment or otherwise, each Guarantor hereby promises to and
will forthwith pay, or cause to be paid, to the Collateral Agent or such other
Secured Party as designated thereby in cash an amount equal to the unpaid
principal amount of such Secured Obligations then due, together with accrued
and unpaid interest and fees on such Secured Obligations. Upon payment by each
Guarantor of any sums to the Collateral Agent or any Secured Party as provided
above, all rights of each Guarantor against Borrower arising as a result
thereof by way of right of subrogation, contribution, reimbursement, indemnity
or otherwise shall in all respects be subordinate and junior in right of
payment to the prior indefeasible payment in full in cash of all the Secured Obligations.
In addition, any indebtedness of Borrower or any Subsidiary now or hereafter
held by each Guarantor that is required by the Credit Agreement to be subordinated
to the Secured Obligations is hereby subordinated in right of payment to the
prior payment in full of the Secured Obligations. If any amount shall be paid
to any Guarantor on account of (i) such subrogation, contribution,
reimbursement, indemnity or similar right or (ii) any such indebtedness at any
time when any Secured Obligation then due and owing has not been paid, such
amount shall be held in trust for the benefit of the Secured Parties and shall
forthwith be paid to the Collateral Agent to be credited against the payment of
the Secured Obligations, whether matured or unmatured, in accordance with the
terms of the Loan Documents.

 

SECTION 8.         General Limitation on Guarantee Obligations. In
any action or proceeding involving any state corporate law, or any state,
Federal or foreign bankruptcy, insolvency, reorganization or other law
affecting the rights of creditors generally, if the obligations of any Guarantor
under this Agreement would otherwise be held or determined to be void,
voidable, invalid or unenforceable, or subordinated to the claims of any other
creditors, on account of the amount of its liability under this Agreement,
then, notwithstanding any other provision to the contrary, the amount of such
liability shall, without any further action by any Guarantor, any creditor or
any other Person, be automatically limited and 

 

F-3

 

reduced to the highest amount that is valid
and enforceable and not subordinated to the claims of other creditors as
determined in such action or proceeding.

 

SECTION 9.         Information. Each
Guarantor assumes all responsibility for being and keeping itself informed of Borrower’s
financial condition and assets, all other circumstances bearing upon the risk
of nonpayment of the Secured Obligations and the nature, scope and extent of
the risks that each Guarantor assumes and incurs hereunder and agrees that none
of the Collateral Agent or the other Secured Parties will have any duty to
advise such Guarantor of information known to it or any of them regarding such
circumstances or risks.

 

SECTION 10.       Covenant; Representations and Warranties. Each Guarantor agrees and covenants to, and to
cause its Subsidiaries to, abide by each of the covenants of the Loan Parties
under the Credit Agreement pertaining to such Guarantor or its Subsidiary, such
that no Loan Party will not be in breach of any such covenants. Each Guarantor
represents and warrants that all representations and warranties contained in
the Credit Agreement are true and correct in all material respects as it applies
to it as if it were a Loan Party thereunder, provided
that each reference in any such representation and warranty to the knowledge of
any Loan Party shall, for the purposes of this Section 10, be deemed to be
a reference to Guarantor’s knowledge.

 

SECTION 11.       Termination. The
Guaranties made hereunder shall terminate when (i) the principal of and premium,
if any, and interest (including interest accruing during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, regardless of
whether allowed or allowable in such proceeding) on all Loans; and (ii) all
other Secured Obligations then due and owing, have in each case been
indefeasibly paid in full and the Lenders have no further commitment to lend under
the Credit Agreement; provided that
any such Guaranty shall continue to be effective or be reinstated, as the case
may be, if at any time any payment, or any part thereof, on any Secured Obligation
is rescinded or must otherwise be restored by any Secured Party upon the bankruptcy
or reorganization of Borrower, the Guarantors or otherwise.

 

SECTION 12.       Binding Effect; Several Agreement; Assignments; Releases. Whenever in this Agreement any of the parties
hereto is referred to, such reference shall be deemed to include the successors
and assigns of such party; and all covenants, promises and agreements by or on
behalf of each Guarantor that are contained in this Agreement shall bind and
inure to the benefit of each party hereto and their respective successors and
assigns. This Agreement shall become effective as to each Guarantor when a
counterpart hereof executed on behalf of each Guarantor shall have been
delivered to the Collateral Agent and a counterpart hereof shall have been
executed on behalf of the Collateral Agent, and thereafter shall be binding
upon each Guarantor and the Collateral Agent and their respective successors
and assigns, and shall inure to the benefit of each Guarantor, the Collateral
Agent and the other Secured Parties, and their respective successors and assigns,
except that neither Borrower nor the Guarantors shall have the right to assign
its rights or obligations hereunder or any interest herein (and any such attempted
assignment shall be void) without the prior written consent of the Required
Lenders. The Collateral Agent is hereby expressly authorized to, and agrees
upon request of Borrower it will, release any Subsidiary Guarantor from its
obligations hereunder (including its Guaranty) in the event that all the Equity
Interests of such Subsidiary Guarantor shall be sold, transferred or otherwise
disposed of to a person other than Parent Guarantor or any of its Subsidiaries in
a transaction permitted by the Barrington Credit Facility.

 

SECTION 13.       Waivers; Amendment. (a)  No
failure or delay of the Collateral Agent in exercising any power or right
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 

 

F-4

 

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 Collateral Agent hereunder and of the other Secured Parties
under the other Loan Documents 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 any Guarantor therefrom shall
in any event be effective unless the same shall be permitted by paragraph (b)
below, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. No notice or demand on any
Guarantor in any case shall entitle such Guarantor to any other or further
notice or demand in similar or other circumstances.

 

(b)           Neither this Agreement nor any
provision hereof may be waived, amended or modified except pursuant to a
written agreement entered into between Borrower, the Guarantors and the
Collateral Agent (with the consent of the Lenders if required under the Credit
Agreement).

 

(c)           Notwithstanding any provision herein
to the contrary, the Lenders and the Administrative Agent shall not, without
the prior written consent of the Guarantors, enter into any amendment of the Loan
Documents after the date hereof of which would: (i) increase the principal
amount of the Obligations by more than $100,000 over the term of the Credit
Agreement; (ii) increase or change the definition of the Applicable Rate, or
change the definition of Base Rate or Eurodollar Rate, in each case as set
forth in the Loan Agreement (except to the same extent such defined terms are
changed in the Barrington Credit Facility), (iii) change to an earlier date any
date upon which payment of principal or interest is due and payable, or (iv)
change the prepayment provisions in any way that would have the effect of
adding any new mandatory prepayment; provided that
if the Lenders and the Administrative Agent shall amend or modify the Credit
Agreement in a manner described in clause (i) or (ii) above, this Agreement
shall remain in full force and effect but shall not extend to cover such
additional or increased amount of principal or interest.

 

SECTION
14.      GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 15.       Notices. All
communications and notices hereunder shall be in writing and given as provided
in Section 10.02 of the Credit Agreement. All communications and notices hereunder
to each Guarantor shall be given to it at its respective addresses set forth in
Schedule 10.02 of the Credit Agreement, with a copy to Borrower at its address
set forth in such schedule.

 

SECTION 16.       Survival of Agreement; Severability. (a)  All
covenants, agreements, representations and warranties made by Borrower and the
Guarantors herein and in the certificates or other instruments prepared or
delivered in connection with or pursuant to this Agreement or any other Loan
Document shall be considered to have been relied upon by the Collateral Agent
and the other Secured Parties and shall survive the making by the Lenders of
the Loans and the issuance of the Letters of Credit by the L/C Issuer regardless
of any investigation made by the Secured Parties or on their behalf, and shall
continue in full force and effect as long as the principal of or any accrued
interest on any Loan or any other fee or amount payable under this Agreement or
any other Loan Document is outstanding and unpaid or the Commitments have not
been terminated.

 

(b)           In the event any one or more of the
provisions contained in this Agreement or in any other Loan Document should be
held invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein and therein
shall not in any way be affected or impaired thereby (it being understood that
the invalidity of a particular provision in a particular jurisdiction shall not
in and of itself affect the validity of such provision in any other jurisdiction).

 

F-5

 

The parties shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to
that of the invalid, illegal or unenforceable provisions.

 

SECTION 17.       Counterparts. This
Agreement may be executed in counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute a single
contract, and shall become effective as provided in Section 12. Delivery of an
executed signature page to this Agreement by facsimile transmission shall be as
effective as delivery of a manually executed counterpart of this Agreement.

 

SECTION 18.       Rules of Interpretation.
The rules of interpretation specified in Section 1.02 of the Credit Agreement
shall be applicable to this Agreement.

 

SECTION 19.       Jurisdiction; Consent to Service of Process. (a)  Each
party hereto hereby irrevocably and unconditionally submits, for itself and its
property, to the nonexclusive jurisdiction of any New York State court or
Federal court of the United States of America sitting in New York City, and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement or the other Loan Documents, 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 court or, to the extent
permitted by law, in such Federal court. Each of the parties hereto agrees that
a final judgment in any such action or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Agreement shall affect any right that the
Collateral Agent or any other Secured Party may otherwise have to bring any
action or proceeding relating to this Agreement or the other Loan Documents
against each Guarantor or its properties in the courts of any jurisdiction.

 

(b)           Each party hereto hereby irrevocably
and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection that 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
or the other Loan Documents in any New York State or Federal court. 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.

 

(c)           Each party to this Agreement
irrevocably consents to service of process in the manner provided for notices
in Section 15. 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
20.      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
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. 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 AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 20.

 

F-6

 

SECTION 21.       Right of Setoff. If an
Event of Default shall have occurred and be continuing, each Secured Party 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 Secured Party to or for the credit or
the account of each Guarantor against any or all of the obligations of such
Guarantor now or hereafter existing under this Agreement and the other Loan
Documents held by such Secured Party, irrespective of whether or not the
Collateral Agent or any Secured Party shall have made any demand under this
Agreement or any other Loan Document and although such obligations may be unmatured.
The rights of each Secured Party under this Section 21 are in addition to other
rights and remedies (including other rights of setoff) which such Secured Party
may have.

 

SECTION 22.       Effectiveness of Obligations. The
covenants, agreements and other obligations hereunder of the Guarantors will
become effective concurrently with (but not prior to) the effectiveness of the Credit
Agreement, and thereupon such covenants, agreements and other obligations shall
become fully effective and operative without any further grant, act,
confirmation or consent by the Guarantors.

 

F-7

 

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

 

 

	
   

  	
  BARRINGTON BROADCASTING GROUP LLC,

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON BROADCASTING LLC,

  
	
   

  	
  as Parent
  Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul McNicol

  	
   

  
	
   

  	
   

  	
  Name: Paul McNicol

  	
   

  
	
   

  	
   

  	
  Title: Senior Vice President and Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON PEORIA LLC

  
	
   

  	
  BARRINGTON QUINCY LLC

  
	
   

  	
  BARRINGTON FLINT LLC

  
	
   

  	
  BARRINGTON JEFFERSON CITY LLC

  
	
   

  	
  BARRINGTON BAY CITY LLC

  
	
   

  	
  BARRINGTON AMARILLO LLC

  
	
   

  	
  BARRINGTON MYRTLE BEACH LLC

  
	
   

  	
  BARRINGTON TOLEDO LLC

  
	
   

  	
  BARRINGTON SYRACUSE LLC

  
	
   

  	
  BARRINGTON COLUMBIA LLC

  
	
   

  	
  BARRINGTON HARLINGEN LLC

  
	
   

  	
  BARRINGTON KIRKSVILLE LLC

  
	
   

  	
  BARRINGTON COLORADO SPRINGS LLC

  
	
   

  	
  BARRINGTON TRAVERSE CITY LLC

  
	
   

  	
  BARRINGTON ALBANY LLC

  
	
   

  	
  BARRINGTON MARQUETTE LLC

  
	
   

  	
  BARRINGTON KIRKSVILLE LLC

  
	
   

  	
  BARRINGTON PEORIA LICENSE LLC

  
	
   

  	
  BARRINGTON QUINCY LICENSE LLC

  
	
   

  	
  BARRINGTON FLINT LICENSE LLC

  
	
   

  	
  BARRINGTON JEFFERSON CITY LICENSE LLC

  
	
   

  	
  BARRINGTON BAY CITY LICENSE LLC

  
	
   

  	
  BARRINGTON AMARILLO LICENSE LLC

  
	
   

  	
  BARRINGTON MYRTLE BEACH LICENSE LLC

  
	
   

  	
  BARRINGTON TOLEDO LICENSE LLC

  
	
   

  	
  BARRINGTON SYRACUSE LICENSE LLC

  
	
   

  	
  BARRINGTON COLUMBIA LICENSE LLC

  
	
   

  	
  BARRINGTON HARLINGEN LICENSE LLC

  
	
   

  	
  BARRINGTON COLORADO SPRINGS LICENSE LLC

  
	
   

  	
  BARRINGTON TRAVERSE CITY LICENSE

  
	
   

  	
  BARRINGTON ALBANY LICENSE LLC

  
	
   

  	
  BARRINGTON MARQUETTE LICENSE LLC

  
	
   

  	
  BARRINGTON KIRKSVILLE LICENSE LLC

  
	
   

  	
  BARRINGTON BROADCASTING CAPITAL

  CORPORATION, each, as a Guarantor

  

 

 

 

	
   

  	
  BARRINGTON JEFFERSON CITY LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON BAY CITY LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON AMARILLO LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON MYRTLE BEACH LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON TOLEDO LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  

 

F-2

 

	
   

  	
  BARRINGTON SYRACUSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON COLUMBIA LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON HARLINGEN LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON COLORADO SPRINGS LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON TRAVERSE CITY LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  

 

F-3

 

	
   

  	
  BARRINGTON ALBANY LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON MARQUETTE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON KIRKSVILLE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON PEORIA LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON QUINCY LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  

 

F-4

 

	
   

  	
  BARRINGTON FLINT LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON JEFFERSON CITY LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON BAY CITY LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON AMARILLO LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON MYRTLE BEACH LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  

 

F-5

 

	
   

  	
  BARRINGTON TOLEDO LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON SYRACUSE LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON COLUMBIA LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON HARLINGEN LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON
  COLORADO SPRINGS LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  

 

F-6

 

	
   

  	
  BARRINGTON TRAVERSE CITY LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON ALBANY LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON MARQUETTE LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON KIRKSVILLE LICENSE LLC,

  	
   

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARRINGTON
  BROADCASTING CAPITAL CORPORATION,

  
	
   

  	
  as Guarantor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren Spector

  	
   

  
	
   

  	
   

  	
  Name: Warren Spector

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  	
   

  

 

F-7

 

	
   

  	
  BANK OF AMERICA, N.A., as Collateral Agent

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Aaron Peyton

  	
   

  
	
   

  	
   

  	
  Name: Aaron Peyton

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  	
   

  

 

 

EXHIBIT A

to the Barrington Guaranty

 

[Form of]

JOINDER AGREEMENT

 

Reference is made to that certain Credit
Agreement dated as of August 11, 2006 (as amended, amended and restated,
extended, supplemented or otherwise modified in writing from time to time, the “Credit
Agreement,” the terms defined therein being used herein as therein
defined), among SagamoreHill of Carolina LLC, a Delaware limited liability
company, each lender from time to time party thereto, Bank of America, N.A., as
Administrative Agent and Collateral Agent, Wachovia Bank, National Association,
as Syndication Agent, Banc of America Securities LLC and Wachovia Capital
Markets, LLC, as Joint Lead Arrangers and Joint Bookrunning Managers, and CIT
Lending Services Corporation, as Documentation Agent. Capitalized terms used
and not defined herein are used with the meanings assigned to such terms in the
Credit Agreement.

 

W I T N E S S E T H:

 

WHEREAS, Barrington, the Parent Guarantor,
the Subsidiary Guarantors, any other Person (as defined in the Barrington Credit
Facility) which may become a Guarantor thereunder pursuant to a duly executed
joinder agreement in the form attached as Exhibit A thereto (each an “Additional
Subsidiary Guarantor”, and together with the Parent Guarantor and the
Subsidiary Guarantors, the “Guarantors” and each, a “Guarantor”) and
Bank of America, N.A., as collateral agent (in such capacity, the “Collateral
Agent”) for the Secured Parties (as defined in the Credit Agreement) are
parties to the Guaranty Agreement (the “Guaranty”) dated as of August 11,
2006.

 

WHEREAS, the Lenders have agreed to make
Loans to Borrower pursuant to, and upon the terms and subject to the conditions
specified in, the Credit Agreement.

 

WHEREAS, each Guarantor acknowledges that it
has derived and will derive substantial benefit from the making of the Loans by
the Lenders to Borrower.

 

WHEREAS, pursuant to Section 6.09(d) of the Credit
Agreement and Section 6.09(d) of the Barrington Credit Facility, each
Subsidiary that was not in existence on the date of the Credit Agreement and is
not a Foreign Subsidiary is required to become a Guarantor under the Guaranty by
executing a joinder agreement.

 

WHEREAS, the undersigned Subsidiary (the “New
Guarantor”) is executing this joinder agreement (“Joinder Agreement”)
to the Guaranty as consideration for the Loans previously made.

 

NOW, THEREFORE, the Administrative Agent,
Collateral Agent and the New Guarantor hereby agree as follows:

 

(a)           Guarantee. In
accordance with Section 6.09(d) of the Credit Agreement and Section 6.09(d) of
the Barrington Credit Facility, the New Guarantor by its signature below becomes
a Guarantor under the Guaranty with the same force and effect as if originally
named therein as a Guarantor.

 

 

(b)           Representations and
Warranties. The New Guarantor hereby (a) agrees to all the terms and
provisions of the Guaranty applicable to it and its subsidiaries as a Guarantor
thereunder and (b) represents and warrants that the representations and
warranties made by it as a Guarantor thereunder are true and correct in all
material respects (except that any representation and warranty that is
qualified as to “materiality” or “Material Adverse Effect” shall be true and
correct in all respects) on and as of the date hereof. Each reference to a
Guarantor in the Guaranty shall be deemed to include the New Guarantor.

 

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

 

(d)           Counterparts. This
Joinder Agreement may be executed in counterparts, each of which shall
constitute an original. Delivery of an executed signature page to this Joinder
Agreement by facsimile transmission shall be as effective as delivery of a
manually executed counterpart of this Joinder Agreement.

 

(e)           No Waiver. Except
as expressly supplemented hereby, the Guaranty shall remain in full force and
effect.

 

(f)            Notices. All
notices, requests and demands to or upon the New Guarantor, any Agent or any
Lender shall be governed by the terms of Section 10.02 of the Credit Agreement.

 

(g)           Governing Law. THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION.

 

[Signature Pages Follow]

 

2

 

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

 

 

	
   

  	
  [NEW GUARANTOR]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for Notices:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Entity
  Name]

  	
   

  
	
   

  	
  [Street
  Address]

  	
   

  
	
   

  	
  [City,
  State, Zip Code]

  	
   

  
	
   

  	
  Attn: [              ]

  	
   

  
	
   

  	
  Telephone: [              ]

  	
   

  
	
   

  	
  Facsimile: [              ]

  	
   

  
	
   

  	
  E-mail
  Address: [              ]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  	
   

  
	
   

  	
  as
  Collateral Agent

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]