Document:

Shared Collateral Agreement, dated as of May 2, 2005, between Hawaiian Telcom

 Exhibit 10.3 
  
 EXECUTION COPY 
  

  
 SHARED COLLATERAL AGREEMENT 
  
 dated as of 
  
 May 2, 2005 
  
 between 
  
 HAWAIIAN TELCOM, INC. 
  
 and 
  
 JPMORGAN CHASE BANK, N.A.,

  
 as Collateral Agent 
  

 TABLE OF CONTENTS 
  

					
	ARTICLE I
	
	Definitions
			
	SECTION 1.01.	  	 Credit Agreement
	  	1
			
	SECTION 1.02.	  	 Other Defined Terms
	  	1
	
	ARTICLE II
	
	Pledge of Securities
			
	SECTION 2.01.	  	 Pledge
	  	5
			
	SECTION 2.02.	  	 Delivery of the Pledged Collateral
	  	6
			
	SECTION 2.03.	  	 Representations, Warranties and Covenants
	  	7
			
	SECTION 2.04.	  	 Certification of Limited Liability Company and Limited Partnership Interests
	  	8
			
	SECTION 2.05.	  	 Registration in Nominee Name; Denominations
	  	8
			
	SECTION 2.06.	  	 Voting Rights; Dividends and Interest
	  	8
	
	ARTICLE III
	
	Security Interests in Personal Property
			
	SECTION 3.01.	  	 Security Interest
	  	10
			
	SECTION 3.02.	  	 Representations and Warranties
	  	12
			
	SECTION 3.03.	  	 Covenants
	  	14
			
	SECTION 3.04.	  	 Other Actions
	  	17
			
	SECTION 3.05.	  	 Covenants Regarding Patent, Trademark and Copyright Collateral
	  	18
	
	ARTICLE IV
	
	Remedies
			
	SECTION 4.01.	  	 Remedies Upon Default
	  	20

					
			
	SECTION 4.02.	  	 Application of Proceeds
	  	22
			
	SECTION 4.03.	  	 Grant of License to Use Intellectual Property
	  	22
			
	SECTION 4.04.	  	 Securities Act
	  	23
			
	SECTION 4.05.	  	 Registration
	  	23
	
	ARTICLE V
	
	Miscellaneous
			
	SECTION 5.01.	  	 Notices
	  	24
			
	SECTION 5.02.	  	 Waivers; Amendment
	  	24
			
	SECTION 5.03.	  	 Collateral Agent’s Fees and Expenses; Indemnification
	  	25
			
	SECTION 5.04.	  	 Successors and Assigns
	  	26
			
	SECTION 5.05.	  	 Survival of Agreement
	  	26
			
	SECTION 5.06.	  	 Counterparts; Effectiveness; Several Agreement
	  	26
			
	SECTION 5.07.	  	 Severability
	  	26
			
	SECTION 5.08.	  	 Subordination
	  	27
			
	SECTION 5.09.	  	 Right of Set-Off
	  	27
			
	SECTION 5.10.	  	 Governing Law; Jurisdiction; Consent to Service of Process
	  	27
			
	SECTION 5.11.	  	 WAIVER OF JURY TRIAL
	  	28
			
	SECTION 5.12.	  	 Headings
	  	28
			
	SECTION 5.13.	  	 Security Interest Absolute
	  	28
			
	SECTION 5.14.	  	 Termination or Release
	  	28
			
	SECTION 5.15.	  	 Collateral Agent Appointed Attorney-in-Fact
	  	29
			
	SECTION 5.16.	  	 Compliance with Laws
	  	29
			
	SECTION 5.17.	  	 Limitation on Collateral Agent’s Responsibilities with Respect to Debenture Holders
	  	30

 Schedules 
  

			
	 Schedule I
	  	Pledged Stock; Debt Securities
	 Schedule II
	  	Intellectual Property

  
 Exhibits

  

			
	 Exhibit I
	  	Form of Perfection Certificate

 SHARED COLLATERAL AGREEMENT dated as of May 2, 2005, between HAWAIIAN TELCOM, INC. and JPMORGAN
CHASE BANK, N.A., as Collateral Agent. 
  
 Reference is made to
the Credit Agreement dated as of May 2, 2005 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Hawaiian Telcom Communications, Inc. (the “Borrower”), Hawaiian
Telcom Holdco, Inc. (“Holdings”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit
Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. The Grantor (as defined herein) is an affiliate of the Borrower, will derive substantial benefits
from the extension of credit to the Borrower pursuant to the Credit Agreement and is willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit. In connection with the granting of a security interest in the
Collateral (as defined herein) to secure the Loan Obligations (as defined herein), the Grantor is required by Section 4.05 of the Indenture (as defined herein) to grant an equal on ratable security interest in the Collateral to secure the
Debenture Obligations (as defined herein). Accordingly, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 Definitions

  
 SECTION 1.01. Credit Agreement.
(a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Credit Agreement. All terms defined in the New York UCC (as defined herein) and not defined in this Agreement have the meanings
specified therein; the term “instrument” shall have the meaning specified in Article 9 of the New York UCC. 
  
 (b) The rules of construction specified in Section 1.03 of the Credit Agreement also apply to this Agreement. 
  
 SECTION 1.02. Other Defined Terms. As used in this Agreement, the
following terms have the meanings specified below: 
  
 “Account Debtor” means any Person who is or who may become obligated to the Grantor under, with respect to or on account of an Account. 
  
 “Acquisition Agreement” means the Amended and Restated Agreement of Merger dated as of April 8, 2005,
among GTE Corporation, Verizon HoldCo LLC, Holdings and the Borrower. 
  
 “Article 9 Collateral” has the meaning assigned to such term in Section 3.01. 
  

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 “Collateral” means Article 9 Collateral and Pledged Collateral. 
  
 “Communications Act” means the Communications Act of 1934
and any successor Federal statute, and the rules, regulations and published policies of the FCC thereunder, all as amended and in effect from time to time. 
  
 “Copyright License” means any written agreement, now or hereafter in effect, granting any right to any third party under any copyright
now or hereafter owned by the Grantor or that the Grantor otherwise has the right to license, or granting any right to the Grantor under any copyright now or hereafter owned by any third party, and all rights of the Grantor under any such agreement.

  
 “Copyrights” means all of the following now
owned or hereafter acquired by the Grantor: (a) all copyright rights in any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise, and (b) all registrations and
applications for registration of any such copyright in the United States or any other country, including registrations, recordings, supplemental registrations and pending applications for registration in the United States Copyright Office, including
those listed on Schedule II. 
  
 “Credit
Agreement” has the meaning assigned to such term in the preliminary statement of this Agreement. 
  
 “Debentures” means the Grantor’s 7% Debentures, Series A, due 2006 and 7.375% Debentures, Series B, due 2006 issued under the
Indenture. 
  
 “Debenture Holder” shall mean the
person in whose name a Debenture shall be registered in the books of the Grantor kept for such purpose. 
  
 “Debenture Obligations” means the due and punctual payment by the Grantor of the principal and interest on the Debentures, when and as
due. 
  
 “Event of Default” means an Event of
Default as defined in the Credit Agreement. 
  
 “FCC” means the Federal Communications Commission and any successor agency of the Federal government administering the Communications Act. 
  
 “FCC Licenses” means all licenses, certificates, permits or other authorizations granted by the FCC
pursuant to the Communications Act which are required for the conduct of any business or activity subject thereto. 
  
 “Federal Securities Laws” has the meaning assigned to such term in Section 4.04. 
  
 “General Intangibles” means all choses in action and causes
of action and all other intangible personal property of every kind and nature (other than Accounts) now owned or hereafter acquired by the Grantor, including corporate or other business 

  

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records, indemnification claims, contract rights (including rights under leases, whether entered into as lessor or lessee, Swap Agreements, the Acquisition
Agreement, the Verizon Agreements and other agreements), FCC Licenses, Intellectual Property, goodwill, registrations, franchises, tax refund claims and any letter of credit, guarantee, claim, security interest or other security held by or granted
to the Grantor to secure payment by an Account Debtor of any of the Accounts. 
  
 “Grantor” means Hawaiian Telcom, Inc., a Hawaii corporation. 
  
 “Indenture” means the indenture dated as of February 1, 1995, between the Grantor and the Trustee as in effect on the date hereof.

  
 “Intellectual Property” means all
intellectual and similar property of every kind and nature now owned or hereafter acquired by the Grantor, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, confidential or proprietary technical and business
information, know-how, show-how or other data or information, software and databases and all embodiments or fixations thereof and related documentation, registrations and franchises, and all additions, improvements and accessions to, and books and
records describing or used in connection with, any of the foregoing. 
  
 “License” means any Patent License, Trademark License, Copyright License or other license or sublicense agreement to which the Grantor is a party. 
  
 “Loan Document Obligations” means (a) the due and punctual payment by the Borrower of (i) the
unpaid principal of 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 the Loans, when and as due,
whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under the Credit Agreement in respect of any Letter of Credit, when and as due, including
payments in respect of reimbursement of disbursements, interest thereon and obligations to provide cash collateral, and (iii) all other monetary obligations of the Borrower to any of the Secured Parties under the Credit Agreement and each of
the other Loan Documents, including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the
pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual performance of all other obligations of the Borrower under or pursuant to
the Credit Agreement and each of the other Loan Documents, and (c) the due and punctual payment and performance of all the obligations of each other Loan Party, including the Grantor, under or pursuant to this Agreement, the Non-Shared
Collateral Agreement and each of the other Loan Documents, including without limitation the Guarantee Obligations of the Grantor under the Non-Shared Collateral Agreement. 
  

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 “Loan Obligations” means (a) Loan Document Obligations and (b) the due and
punctual payment and performance of all obligations of each Loan Party under each Swap Agreement that (i) is in effect on the Effective Date with a counterparty that is a Lender or an Affiliate of a Lender as of the Effective Date or
(ii) is entered into after the Effective Date with any counterparty that is a Lender or an Affiliate of a Lender at the time such Swap Agreement is entered into, provided, that for purposes of this Agreement, the amount of any
obligations under any Swap Agreement shall be reduced by the amount of cash deposits, if any, securing the Swap Agreement and which are held by the counterparty to such Swap Agreement. 
  
 “New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York.

  
 “Non-Shared Collateral Agreement” means the
Guarantee and Collateral Agreement dated the date hereof among Holdings, the Borrower, the Subsidiaries of Holdings party thereto and the Collateral Agent. 
  
 “Obligations” means the Loan Obligations and the Debenture Obligations. 
  
 “Patent License” means any written agreement, now or hereafter in effect, granting to any third party any
right to make, use or sell any invention on which a patent, now or hereafter owned by the Grantor or that the Grantor otherwise has the right to license, is in existence, or granting to the Grantor any right to make, use or sell any invention on
which a patent, now or hereafter owned by any third party, is in existence, and all rights of the Grantor under any such agreement. 
  
 “Patents” means all of the following now owned or hereafter acquired by the Grantor: (a) all letters patent of the United States or
the equivalent thereof in any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or the equivalent thereof in any other country, including registrations, recordings and pending
applications in the United States Patent and Trademark Office or any similar offices in any other country, including those listed on Schedule II, and (b) all reissues, continuations, divisions, continuations-in-part, renewals or extensions
thereof, and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein. 
  
 “Perfection Certificate” means a certificate substantially in the form of Exhibit I, completed and supplemented with the schedules
and attachments contemplated thereby, and duly executed by a Financial Officer and the chief legal officer of the Borrower. 
  
 “Pledged Collateral” has the meaning assigned to such term in Section 2.01. 
  
 “Pledged Debt Securities” has the meaning assigned to such
term in Section 2.01. 
  

 4 

 “Pledged Securities” means any promissory notes, stock certificates or other
certificated securities now or hereafter included in the Pledged Collateral, including all certificates, instruments or other documents representing or evidencing any Pledged Collateral. 
  
 “Pledged Stock” has the meaning assigned to such term in Section 2.01. 
  
 “Proceeds” has the meaning specified in Section 9-102
of the New York UCC. 
  
 “Secured Parties” means
(a) the Lenders, (b) the Collateral Agent, (c) the Issuing Bank, (d) each counterparty to any Swap Agreement with a Loan Party the obligations under which constitute Obligations, (e) the beneficiaries of each indemnification
obligation undertaken by any Loan Party under any Loan Document, (f) the Debenture Holders, (g) the Trustee and (h) the permitted successors and assigns of each of the foregoing. 
  
 “Security Interest” has the meaning assigned to such term in
Section 3.01. 
  
 “Trademark License” means
any written agreement, now or hereafter in effect, granting to any third party any right to use any trademark now or hereafter owned by the Grantor or that the Grantor otherwise has the right to license, or granting to the Grantor any right to use
any trademark now or hereafter owned by any third party, and all rights of the Grantor under any such agreement. 
  
 “Trademarks” means all of the following now owned or hereafter acquired by the Grantor: (a) all trademarks, service marks, trade
names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like nature, now existing or hereafter adopted or acquired,
all registrations and recordings thereof, and all registration and recording applications filed in connection therewith (excluding intent-to-use applications), including registrations and registration applications in the United States Patent and
Trademark Office (excluding intent-to-use applications) or any similar offices in any State of the United States or any other country or any political subdivision thereof, and all extensions or renewals thereof, including those listed on
Schedule II, (b) all goodwill associated therewith or symbolized thereby and (c) all other assets, rights and interests that uniquely reflect or embody such goodwill. 
  
 “Trustee” means The Bank of New York Trust Company, N.A., and its successors and assigns. 
  
 ARTICLE II 
  
 Pledge of Securities 
  
 SECTION 2.01. Pledge. As security for the payment or performance, as the case may be, in full of the Obligations, the Grantor hereby assigns and
pledges to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, 

  

 5 

 
and hereby grants to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, a security interest in, all of the
Grantor’s right, title and interest in, to and under (a) the shares of capital stock and other Equity Interests of each Subsidiary owned by it and listed on Schedule I and any other Equity Interests of each Subsidiary obtained in the
future by the Grantor and the certificates representing all such Equity Interests (the “Pledged Stock”); provided that the Pledged Stock shall not include (i) more than 65% of the issued and outstanding voting Equity
Interests of any “first-tier” Foreign Subsidiary directly owned by the Grantor, (ii) to the extent applicable law requires that a subsidiary of the Grantor issue directors’ qualifying shares, such qualifying shares and
(iii) any Equity Interests described in Section 5.12(c)(iii) of the Credit Agreement; (b)(i) the debt securities listed opposite the name of the Grantor on Schedule I, (ii) any debt securities in the future issued to the
Grantor by Holdings, the Borrower or any Subsidiary and (iii) the certificates, promissory notes and any other instruments evidencing such debt securities (the “Pledged Debt Securities”); (c) all other property that may be
delivered to and held by the Collateral Agent pursuant to the terms of this Section 2.01; (d) subject to Section 2.06, all payments of principal or interest, dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities referred to in clauses (a) and (b) above; (e) subject to Section 2.06,
all rights and privileges of the Grantor with respect to the securities and other property referred to in clauses (a), (b), (c) and (d) above; and (f) all Proceeds of any of the foregoing (the items referred to in
clauses (a) through (f) above being collectively referred to as the “Pledged Collateral”). 
  
 TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto,
unto the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, forever; subject, however, to the terms, covenants and conditions hereinafter set forth. 
  
 SECTION 2.02. Delivery of the Pledged Collateral. (a) The Grantor
agrees promptly to deliver or cause to be delivered to the Collateral Agent any and all Pledged Securities. 
  
 (b) The Grantor will cause any Indebtedness for borrowed money owed to the Grantor by Holdings, the Borrower or any Subsidiary to be evidenced by a duly
executed promissory note that is pledged and delivered to the Collateral Agent pursuant to the terms hereof. 
  
 (c) Upon delivery to the Collateral Agent, (i) any Pledged Securities shall be accompanied by stock powers or note powers, as applicable, duly
executed in blank or other instruments of transfer reasonably satisfactory to the Collateral Agent and by such other instruments and documents as the Collateral Agent may reasonably request and (ii) all other property comprising part of the
Pledged Collateral delivered pursuant to the terms of this Agreement shall be accompanied, to the extent necessary or reasonably required to perfect the security interest in or allow realization on the Pledged Collateral, by proper instruments of
assignment duly executed by the Grantor and such other instruments or documents as the Collateral Agent may reasonably request. Each delivery 

  

 6 

 
of Pledged Securities shall be accompanied by a schedule describing the securities, which schedule shall be attached hereto as Schedule I and made a
part hereof; provided that failure to attach any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each schedule so delivered shall supplement any prior schedules so delivered. 
  
 SECTION 2.03. Representations, Warranties and Covenants. The Grantor
represents, warrants and covenants to and with the Collateral Agent, for the benefit of the Secured Parties, that: 
  
 (a) Schedule I correctly sets forth the percentage of the issued and outstanding shares of each class of the Equity Interests of the
issuer thereof represented by the Pledged Stock and includes all Equity Interests, debt securities and promissory notes or other instruments evidencing Indebtedness required to be pledged hereunder in order to satisfy the Collateral and Guarantee
Requirement; 
  
 (b) the Pledged Stock and
Pledged Debt Securities have been duly and validly authorized and issued by the issuers thereof and (i) in the case of Pledged Stock, are fully paid and nonassessable and (ii) in the case of Pledged Debt Securities, are legal, valid and
binding obligations of the issuers thereof; 
  
 (c) except for the security interests granted hereunder, the Grantor (i) is and, subject to any transfers made in compliance with the Credit Agreement, will continue to be the direct owner, beneficially and of record, of the Pledged
Securities indicated on Schedule I, (ii) holds the same free and clear of all Liens, other than Liens created by this Agreement, Permitted Encumbrances and transfers made in compliance with the Credit Agreement, (iii) will make no
assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the Pledged Collateral, other than Liens created by this Agreement, Permitted Encumbrances and transfers made in compliance
with the Credit Agreement, and (iv) subject to any right of the Grantor under the Loan Documents to dispose of Pledged Collateral, will use commercially reasonable efforts to defend its title or interest thereto or therein against any and all
Liens (other than the Lien created by this Agreement and Permitted Encumbrances), however, arising, of all Persons whomsoever; 
  
 (d) except for restrictions and limitations imposed by the Loan Documents or securities laws generally, the Pledged Collateral is and will
continue to be freely transferable and assignable, and none of the Pledged Collateral (other than limited liability company or partnership interests) is or will be subject to any option, right of first refusal, shareholders agreement, charter or
by-law provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect the pledge of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Collateral
Agent of rights and remedies hereunder; 
  

 7 

 (e) the Grantor has the power and authority to pledge the Pledged Collateral pledged by
it hereunder in the manner hereby done or contemplated; 
  
 (f) no consent or approval of any Governmental Authority, any securities exchange or any other Person was or is necessary to the validity of the pledge effected hereby (other than such as have been obtained and are in
full force and effect); 
  
 (g) by virtue of the
execution and delivery by the Grantor of this Agreement, when any Pledged Securities are delivered to the Collateral Agent in accordance with this Agreement, the Collateral Agent will obtain a legal, valid and perfected first priority lien upon and
security interest in such Pledged Securities as security for the payment and performance of the Obligations; and 
  
 (h) the pledge effected hereby is effective to vest in the Collateral Agent, for the benefit of the Secured Parties, the rights of the
Collateral Agent in the Pledged Collateral as set forth herein. 
  
 SECTION 2.04. Certification of Limited Liability Company and Limited Partnership Interests. Each interest in any limited liability company or limited partnership controlled by the Grantor and pledged hereunder shall be represented by
a certificate, shall be a “security” within the meaning of Article 8 of the New York UCC and shall be governed by Article 8 of the New York UCC. 
  
 SECTION 2.05. Registration in Nominee Name; Denominations. The Collateral Agent, on behalf of the Secured Parties,
shall have the right (in its sole and absolute discretion) to hold the Pledged Securities in its own name as pledgee or the name of its nominee (as pledgee or as sub-agent) if an Event of Default shall have occurred and be continuing or in the name
of the Grantor, endorsed or assigned in blank or in favor of the Collateral Agent. The Grantor will promptly give to the Collateral Agent copies of any notices or other communications received by it with respect to Pledged Securities registered in
the name of the Grantor. If an Event of Default shall have occurred and be continuing the Collateral Agent shall have the right to exchange the certificates representing Pledged Securities for certificates of smaller or larger denominations for any
purpose consistent with this Agreement. 
  
 SECTION 2.06.
Voting Rights; Dividends and Interest. (a) Unless and until an Event of Default shall have occurred and be continuing and the Collateral Agent shall have given notice to the Grantor that its rights under this Section 3.06 are being
suspended: 
  
 (i) The Grantor shall be entitled
to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Securities or any part thereof for any purpose consistent with the terms of this Agreement, the Credit Agreement and the other Loan Documents;
provided that such rights and powers shall not be exercised in any manner that could materially and adversely affect the rights inuring to a holder of any Pledged Securities or the rights and 

  

 8 

 
remedies of any of the Collateral Agent or the other Secured Parties under this Agreement or the Credit Agreement or any other Loan Document or the ability
of the Secured Parties to exercise the same. 
  
 (ii) The Collateral Agent shall execute and deliver to the Grantor, or cause to be executed and delivered to the Grantor, all such proxies, powers of attorney and other instruments as the Grantor may reasonably request for the purpose of
enabling the Grantor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above. 
  
 (iii) The Grantor shall be entitled to receive and retain any and all dividends, interest, principal and other distributions paid on or
distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance with, the terms and conditions
of the Credit Agreement, the other Loan Documents and applicable laws; provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged Stock or Pledged Debt Securities, whether resulting from a
subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a result of any merger,
consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by the Grantor, shall not be commingled by the Grantor with any of its
other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Collateral Agent and shall be forthwith delivered to the Collateral Agent in the same form as so received (with any necessary
endorsement). 
  
 (b) Upon the occurrence and during the
continuance of an Event of Default, after the Collateral Agent shall have notified the Grantor of the suspension of its rights under this Section 3.06 all rights of the Grantor to dividends, interest, principal or other distributions that the
Grantor is authorized to receive pursuant to paragraph (a)(iii) of this Section 2.06 shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to
receive and retain such dividends, interest, principal or other distributions. All dividends, interest, principal or other distributions received by the Grantor contrary to the provisions of this Section 2.06 shall be held in trust for the
benefit of the Collateral Agent, shall be segregated from other property or funds of the Grantor and shall be forthwith delivered to the Collateral Agent upon demand in the same form as so received (with any necessary endorsement). Any and all money
and other property paid over to or received by the Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by the Collateral Agent in an account to be established by the Collateral Agent upon receipt of such money or
other property and shall be applied in accordance with the provisions of Section 4.02. After all Events of Default have been cured or waived and the Borrower has delivered to the Collateral Agent a certificate to that effect, the Collateral
Agent shall, promptly repay to the Grantor (without interest) all dividends, interest, principal or other 

  

 9 

 
distributions that the Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 2.06 and that remain
in such account. 
  
 (c) Upon the occurrence and during the
continuance of an Event of Default, after the Collateral Agent shall have notified the Grantor of the suspension of its rights under this Section 3.06 all rights of the Grantor to exercise the voting and consensual rights and powers it is
entitled to exercise pursuant to paragraph (a)(i) of this Section 2.06, and the obligations of the Collateral Agent under paragraph (a)(ii) of this Section 2.06, shall cease, and all such rights shall thereupon become vested in
the Collateral Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that, unless otherwise directed by the Required Lenders, the Collateral Agent shall have the
right from time to time following and during the continuance of an Event of Default to permit the Grantor to exercise such rights. After all Events of Default have been cured or waived and the Borrower has delivered to the Collateral Agent a
certificate to that effect, the Grantor will have the right to exercise the voting and consensual rights and powers that the Grantor would otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above. 
  
 ARTICLE III 
  
 Security Interests in Personal Property 
  
 SECTION 3.01. Security Interest. (a) As security for the payment or performance when due, as the case may be, in
full of the Obligations, the Grantor hereby assigns and pledges to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the benefit of
the Secured Parties, a security interest (the “Security Interest”) in, all right, title or interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by the Grantor or in which
the Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Article 9 Collateral”): 
  
 (i) all Accounts; 
  
 (ii) all Chattel Paper; 
  
 (iii) all Deposit Accounts; 
  
 (iv) all Documents; 
  
 (v) all Equipment; 
  
 (vi) all General Intangibles; 
  
 (vii) all Instruments; 
  
 (viii) all Inventory; 
  

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 (ix) all Investment Property; 
  
 (x) Letter-of-Credit rights; 
  
 (xi) all books and records pertaining to the Article 9
Collateral; and 
  
 (xii) to the extent not
otherwise included, all Proceeds and products of any and all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing. 
  
 (b) Notwithstanding the foregoing, no security interest shall be granted in (i) any FCC License or other Intellectual
Property to the extent that the Communications Act or other applicable law prohibits the granting of a security interest therein, (ii) any Intellectual Property to the extent that such grant of a security interest constitutes or results in the
abandonment, invalidation or unenforceability of any right, title or interest of the Grantor in such Intellectual Property (other than to the extent that any contractual provision giving rise to such abandonment, invalidation or unenforceability
would be rendered ineffective pursuant to Section 9-406, 9-408 or 9-409 of the New York UCC or any other applicable law (including, without limitation, Title 11 of the United States Code) or principles of equity); provided, that
immediately upon the ineffectiveness, lapse or termination of any provision giving rise to such abandonment, invalidation or unenforceability, the Collateral shall include, and the applicable Grantor shall be deemed to have granted a security
interest in, such Intellectual Property as if such provision had never been in effect; provided further that the applicable Grantor shall use commercially reasonable efforts to have such provision waived or eliminated, (iii) any property
excluded from the definition of Pledged Stock by virtue of the proviso to Section 3.01(a) hereof, (iv) any assets with respect to which the Collateral and Guarantee requirement need not be satisfied as a result of Section 5.12(c) of
the Credit Agreement; provided that the applicable Grantor shall use commercially reasonable efforts to have waived or eliminated any contractual obligation of the types described in clauses (iii) and (iv) of Section 5.12(c) of
the Credit Agreement, (v) any Letter of Credit rights to the extent the Grantor is required by applicable law to apply the proceeds of a drawing of such Letter of Credit for a specific purpose or (vi) the Grantor’s right, title or
interest in any license, contract or agreement to which the Grantor is a party or any of its right, title or interest thereunder to the extent, but only to the extent, that such a grant would, under the terms of such license, contract or agreement,
result in a breach of the terms of, or constitute a default under, any license, contract or agreement evidencing or giving rise to such property (other than to the extent that any such term would be rendered ineffective pursuant to
Section 9-406, 9-408 or -409 of the New York UCC or any other applicable law (including, without limitation, Title 11 of the United States Code) or principles of equity); provided, that immediately upon the ineffectiveness, lapse or
termination of any such provision, the Collateral shall include, and the Grantor shall be deemed to have granted a security interest in, all such rights and interests as if such provision had never been in effect; provided further that the
Grantor shall use commercially reasonable efforts to have such provision waived or eliminated. Any property in which a security interest is not granted pursuant to this paragraph shall not be considered “Article 9 Collateral” for purposes
of this Agreement. 
  

 11 

 (c) The Grantor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to
file in any relevant jurisdiction any initial financing statements (including fixture filings) with respect to the Article 9 Collateral or any part thereof and amendments thereto that (i) indicate the Collateral as all assets of the
Grantor or words of similar effect as being of an equal or lesser scope or with greater detail, and (ii) 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, including (a) whether the Grantor is an organization, the type of organization and any organizational identification number issued to the Grantor and (b) in the case of a financing statement filed as a
fixture filing or covering Article 9 Collateral constituting minerals or the like to be extracted or timber to be cut, a sufficient description of the real property to which such Article 9 Collateral relates. The Grantor agrees to provide
such information to the Collateral Agent promptly upon request. 
  
 The Collateral Agent is further authorized to file with the United States Patent and Trademark Office or United States Copyright Office (or any successor office or any similar office in any other country) such documents as may be reasonably
necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by the Grantor, without the signature of the Grantor, and naming the Grantor as debtor and the Collateral Agent as
secured party. 
  
 (d) The Security Interest is granted as
security only and shall not subject the Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of the Grantor with respect to or arising out of the Article 9 Collateral. 
  
 SECTION 3.02. Representations and Warranties. The Grantor represents
and warrants to the Collateral Agent and the Secured Parties that: 
  
 (a) The Grantor has good and valid rights in and title to the Article 9 Collateral with respect to which it has purported to grant a Security Interest hereunder and has full power and authority to grant to the Collateral Agent the
Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other Person other than any consent or
approval that has been obtained and is in full force and effect. 
  
 (b) The Perfection Certificate has been duly prepared, completed and executed and the information set forth therein, including the exact legal name of the Grantor, is correct and complete in all material respects as of the Effective Date.
The Uniform Commercial Code financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations prepared by the Collateral Agent based upon the information provided to the Collateral Agent in the
Perfection Certificate for filing in each governmental, municipal or other office specified in Schedule 2 to the Perfection Certificate (or specified by notice from the Borrower to the Collateral Agent after the Effective Date in the case of
filings, recordings or registrations required by Section 5.03(a) or 5.13 of the Credit Agreement), are all the filings, recordings and 

  

 12 

 
registrations (other than filings that may be required to be made in the United States Patent and Trademark Office and the United States Copyright Office in
order to perfect the Security Interest in Article 9 Collateral consisting of United States Patents, United States Trademarks and United States Copyrights) that are necessary to publish notice of and protect the validity of and to establish a
legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of all Article 9 Collateral in which the Security Interest may be perfected by filing, recording or registration
in the United States (or any political subdivision thereof) and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as
provided under applicable law with respect to the filing of continuation statements. The Grantor represents and warrants that a fully executed agreement in the form hereof (or a short form hereof) and containing a description of all Article 9
Collateral consisting of Intellectual Property with respect to United States Patents and United States registered Trademarks (and Trademarks for which United States registration applications are pending and in which a security interest is granted
hereunder) and United States registered Copyrights have been delivered to the Collateral Agent for recording by the United States Patent and Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. § 261,
15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations thereunder, as applicable, and otherwise as may be required pursuant to the laws of any other necessary jurisdiction, to protect the validity of and to
establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of all Article 9 Collateral consisting of Patents, Trademarks and Copyrights in which a security
interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or
reregistration is necessary (other than such actions as are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting of Patents, Trademarks and Copyrights (or registration or application for registration
thereof) acquired or developed after the date hereof). 
  
 (c) The
Security Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral securing the payment and performance of the Obligations, (ii) subject to the filings described in Section 3.02(b), a perfected
security interest in all Article 9 Collateral in which a security interest may be perfected by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its
territories and possessions pursuant to the Uniform Commercial Code or other applicable law in such jurisdictions and (iii) a security interest that shall be perfected in all Article 9 Collateral in which a security interest may be
perfected upon the receipt and recording of this Agreement (or a short form hereof) with the United States Patent and Trademark Office and the United States Copyright Office, as applicable and otherwise as may be required pursuant to the laws of any
other necessary jurisdiction. The Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral, other than Liens expressly permitted to be prior to the Security Interest pursuant to Section 6.02 of the
Credit Agreement or arising by operation of law. 
  

 13 

 (d) The Article 9 Collateral is owned by the Grantor free and clear of any Lien, except for Liens
expressly permitted pursuant to Section 6.02 of the Credit Agreement or arising by operation of law. The Grantor has not filed or consented to the filing of (i) any financing statement or analogous document under the Uniform Commercial
Code or any other applicable laws covering any Article 9 Collateral, (ii) any assignment in which the Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with the
United States Patent and Trademark Office or the United States Copyright Office or (iii) any assignment in which the Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9
Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted
pursuant to Section 6.02 of the Credit Agreement. 
  
 SECTION
3.03. Covenants. (a) The Grantor agrees promptly to notify the Collateral Agent in writing of any change (i) in name, (ii) in its identity or type of organization or corporate structure, (iii) in its Federal Taxpayer
Identification Number or organizational identification number or (iv) in its jurisdiction of organization. The Grantor agrees to promptly provide the Collateral Agent with certified organizational documents reflecting any of the changes
described in the first sentence of this paragraph. The Grantor agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the Uniform Commercial Code or otherwise that are required in
order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected first priority security interest in all the Article 9 Collateral. The Grantor agrees promptly to notify the Collateral Agent if
any material portion of the Article 9 Collateral owned or held by the Grantor is damaged or destroyed. 
  
 (b) The Grantor agrees to maintain, at its own cost and expense, such complete and accurate records with respect to the Article 9 Collateral owned by
it as is consistent with its current practices and in accordance with such prudent and standard practices used in industries that are the same as or similar to those in which the Grantor is engaged and, at such time or times as the Collateral Agent
may reasonably request, promptly to prepare and deliver to the Collateral Agent a duly certified schedule or schedules in form and detail satisfactory to the Collateral Agent showing the identity, amount and location of any material Article 9
Collateral. 
  
 (c) Upon the request of the Collateral Agent, the
Borrower shall deliver to the Collateral Agent an updated Perfection Certificate certified by a Financial Officer of the Borrower reflecting all changes since the date of the Perfection Certificate delivered on the Effective Date or the date of the
most recent Perfection Certificate delivered pursuant to this paragraph. 
  
 (d) Subject to the rights of the Grantor under the Loan Documents to dispose of Collateral, the Grantor shall, at its own expense, use commercially reasonable efforts to defend title to the Article 9 Collateral
against all Persons and to defend the 

  

 14 

 
Security Interest of the Collateral Agent in the Article 9 Collateral and the priority thereof against any Lien not expressly permitted pursuant to
Section 6.02 of the Credit Agreement. 
  
 (e) The Grantor
agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Collateral Agent may from time to time reasonably request to better assure, preserve,
protect and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement, the granting of the Security Interest and the
filing of any financing statements (including fixture filings) or other documents in connection herewith or therewith. If any amount payable under or in connection with any of the Article 9 Collateral shall be or become evidenced by any
promissory note or other instrument (other than a check), such note or instrument shall be promptly pledged and delivered to the Collateral Agent, duly endorsed in a manner reasonably satisfactory to the Collateral Agent; provided that this
sentence shall not apply to any promissory note or other instrument evidencing an amount not in excess of $3,000,000 other than any promissory note evidencing intercompany indebtedness. 
  
 Without limiting the generality of the foregoing, the Grantor hereby authorizes the Collateral Agent, with prompt notice
thereof to the Grantor, to supplement this Agreement by supplementing Schedule II or adding additional schedules hereto to specifically identify any asset or item that may constitute registered Copyrights, Patents or registered Trademarks, or
applications for the foregoing, and which is material to the conduct of the Grantor’s business; provided that the Grantor shall have the right, exercisable within 30 days after it has been notified by the Collateral Agent of the
specific identification of such Collateral, to advise the Collateral Agent in writing of any inaccuracy of the representations and warranties made by the Grantor hereunder with respect to such Collateral. The Grantor agrees that it will use
commercially reasonable efforts to take such action as shall be necessary in order that all representations and warranties hereunder shall be true and correct with respect to such Collateral within 30 days after the date it has been notified by
the Collateral Agent of the specific identification of such Collateral. 
  
 (f) The Collateral Agent and such Persons as the Collateral Agent may reasonably designate shall have the right, at the Grantor’s own cost and expense, at reasonable times and upon reasonable prior notice, to inspect the Article 9
Collateral, all records related thereto (and to make extracts and copies from such records) and the premises upon which any of the Article 9 Collateral is located, to discuss the Grantor’s affairs with the officers of the Grantor and its
independent accountants and to verify, in accordance with Section 5.08 of the Credit Agreement, the validity, amount, quality, quantity, value, condition and status of, or any other matter relating to, the Article 9 Collateral, including,
in the case of Accounts or Article 9 Collateral in the possession of any third person, by contacting Account Debtors or the third person possessing such Article 9 Collateral for the purpose of making such a verification. The Collateral
Agent shall have the absolute right to share any information it gains from such inspection or verification with any Secured Party. 
  

 15 

 (g) At its option, the Collateral Agent may discharge past due taxes, assessments, charges, fees, Liens,
security interests or other encumbrances at any time levied or placed on the Article 9 Collateral and not permitted pursuant to Section 6.02 of the Credit Agreement unless properly contested in good faith pursuant to Section 5.05 of
the Credit Agreement, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent the Grantor fails to do so as required by the Credit Agreement or this Agreement, and the Grantor jointly and severally agrees to
reimburse the Collateral Agent on demand for any reasonable payment made or any reasonable expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided that nothing in this paragraph shall be interpreted as
excusing the Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of the Grantor with respect to taxes, assessments, charges, fees, Liens,
security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents. 
  
 (h) The Grantor shall remain liable to observe and perform all the conditions and obligations to be observed and performed by it under each contract,
agreement or instrument relating to the Article 9 Collateral, all in accordance with the terms and conditions thereof, and the Grantor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties from
and against any and all liability for such performance. 
  
 (i)
The Grantor shall not make or permit to be made an assignment, pledge or hypothecation of the Article 9 Collateral or grant any other Lien in respect of the Article 9 Collateral, except as permitted by the Credit Agreement. The Grantor shall
not make or permit to be made any transfer of the Article 9 Collateral and the Grantor shall remain at all times in possession of the Article 9 Collateral, except that unless and until the Collateral Agent shall notify the Grantor that an
Event of Default shall have occurred and be continuing and that during the continuance thereof the Grantor shall not sell, convey, lease, assign, transfer or otherwise dispose of any Article 9 Collateral (which notice may be given by telephone
if promptly confirmed in writing), the Grantor may use and dispose of the Article 9 Collateral in any lawful manner not inconsistent with the provisions of this Agreement, the Credit Agreement or any other Loan Document. 
  
 (j) The Grantor will not, without the Collateral Agent’s prior written
consent, not to be unreasonably withheld, grant any extension of the time of payment of any Accounts included in the Article 9 Collateral, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly,
any Person liable for the payment thereof or allow any credit or discount whatsoever thereon, other than extensions, compromises, settlements, releases, credits or discounts granted or made in the ordinary course of business and consistent with its
current practices or in accordance with such prudent and standard practice used in industries that are the same as or similar to those in which the Grantor is engaged. 
  
 (k) The Grantor, at its own expense, shall maintain or cause to be maintained insurance covering physical loss or damage to
the Inventory and Equipment 

  

 16 

 
consistent with its current practices and in accordance with such prudent and standard policies used in industries that are the same or similar to those in
which the Grantor is engaged and otherwise in accordance with the requirements set forth in Section 5.07 of the Credit Agreement. The Grantor irrevocably makes, constitutes and appoints the Collateral Agent (and all officers, employees or
agents designated by the Collateral Agent) as the Grantor’s true and lawful agent (and attorney-in-fact) for the purpose, during the continuance of an Event of Default, of making, settling and adjusting claims in respect of Article 9
Collateral under policies of insurance, endorsing the name of the Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect thereto.
In the event that the Grantor at any time or times shall fail to obtain or maintain any of the policies of insurance required hereby or to pay any premium in whole or part relating thereto, the Collateral Agent may, without waiving or releasing any
obligation or liability of the Grantor hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium and take any other actions with respect thereto as the Collateral Agent reasonably
deems advisable. All sums disbursed by the Collateral Agent in connection with this paragraph, including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, upon demand, by the Grantor to the
Collateral Agent and shall be additional Obligations secured hereby. 
  
 (l) The Grantor shall maintain, in form and manner reasonably satisfactory to the Collateral Agent, records of its Chattel Paper and its books, records and documents evidencing or pertaining thereto. 
  
 SECTION 3.04. Other Actions. In order to further insure the
attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, the Security Interest, the Grantor agrees, in each case at the Grantor’s own expense, to take the following actions with respect to the following
Article 9 Collateral: 
  
 (a)
Instruments. If the Grantor shall at any time hold or acquire any Instruments, the Grantor shall forthwith 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 reasonably request; provided that, notwithstanding the foregoing, this sentence shall not apply to any Instrument evidencing an amount not in excess of $3,000,000, other than any
Instrument issued by the Borrower, Holdings or a subsidiary thereof. 
  
 (b) Electronic Chattel Paper and Transferable Records. If the Grantor at any time holds or acquires an interest in 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, the Grantor shall promptly notify the Collateral
Agent thereof and, at the request of the Collateral Agent, shall take such action as the Collateral Agent may reasonably request to vest in the Collateral Agent control under New York UCC Section 9-105 of such electronic chattel paper or
control under Section 201 of the 

  

 17 

 
Federal Electronic Signatures in Global and National Commerce Act or, as the case may be, Section 16 of the Uniform Electronic Transactions Act, as so
in effect in such jurisdiction, of such transferable record; provided that, notwithstanding the foregoing, this sentence shall not apply to any electronic chattel paper or other “transferable record” evidencing an amount not in
excess of $50,000 on an individual basis or $1,000,000 on an aggregate basis. The Collateral Agent agrees with the Grantor that the Collateral Agent will arrange, pursuant to procedures reasonably satisfactory to the Collateral Agent and so long as
such procedures will not result in the Collateral Agent’s loss of control, for the Grantor to make alterations to the electronic chattel paper or transferable record permitted under UCC Section 9-105 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 the Grantor with respect to such electronic chattel paper or transferable record. 
  
 (c) Letter-of-Credit Rights. If the Grantor is at any time a beneficiary under a letter of credit with a face amount in excess of
$3,000,000 now or hereafter issued in favor of the Grantor, the Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, the Grantor shall, 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 the 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 paid to the Grantor
unless an Event of Default has occurred or is continuing. 
  
 (d) Commercial Tort Claims. If the Grantor shall at any time hold or acquire a commercial tort claim in an amount reasonably estimated to exceed $3,000,000, the Grantor shall promptly notify the Collateral
Agent thereof in a writing signed by the Grantor including a summary description of such claim 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. 
  
 SECTION 3.05. Covenants Regarding Patent, Trademark and Copyright Collateral. (a) The Grantor agrees that it will not do any act or omit to do any act (and will exercise commercially reasonable efforts to
prevent its licensees from doing any act as omitting to do any act) whereby any Patent that is material to the conduct of the Grantor’s business may become prematurely invalidated or dedicated to the public, and agrees that it shall take
commercially reasonable steps with respect to any products covered by any such Patent as necessary and sufficient to establish and preserve its rights under applicable patent laws. 
  

 18 

 (b) The Grantor (either itself or through its licensees or its sublicensees) will, for each Trademark
material to the conduct of the Grantor’s business, (i) maintain such Trademark in full force free from any abandonment or invalidity for non-use, (ii) display such Trademark with notice of Federal or foreign registration or claim of
trademark or service mark as required to establish and preserve its rights under applicable law and (iii) not knowingly use or knowingly permit the use of such Trademark in violation of any third party rights. 
  
 (c) The Grantor (either itself or through its licensees or sublicensees)
will, for each work covered by a Copyright that is material to the conduct of the Grantor’s business, continue to publish, reproduce, display, adopt and distribute the work with appropriate copyright notice as required to establish and preserve
its rights under applicable copyright laws. 
  
 (d) The Grantor
shall notify the Collateral Agent promptly if it knows that any Patent, Trademark or Copyright material to the conduct of its business may become imminently abandoned or lost or prematurely dedicated to the public, or of any materially adverse
determination or development (including the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, United States Copyright Office or any court or similar office of any country)
regarding the Grantor’s ownership of any Patent, Trademark or Copyright, its right to register the same, or its right to keep and maintain the same. 
  
 (e) In the event that the Grantor, either itself or through any agent, employee, licensee or designee, files an application for any Patent, Trademark or
Copyright (or for the registration of any Trademark or Copyright) with the United States Patent and Trademark Office, United States Copyright Office or any office or agency in any political subdivision of the United States or in any other country or
any political subdivision thereof, or receives notification that an intent-to-use Trademark application has been approved, the Grantor shall promptly inform the Collateral Agent, and, upon request of the Collateral Agent, shall execute and deliver
any and all agreements, instruments, documents and papers as the Collateral Agent may reasonably request to evidence the Collateral Agent’s security interest in such Patent, Trademark or Copyright, and the Grantor hereby appoints the Collateral
Agent as its attorney-in-fact to file such writings for the foregoing purposes, all acts of such attorney being hereby ratified and confirmed; such power, being coupled with an interest, is irrevocable. 
  
 (f) The Grantor will take all necessary steps that are consistent with the
practice in any proceeding before the United States Patent and Trademark Office, United States Copyright Office or any office or agency in any political subdivision of the United States or in any other country or any political subdivision thereof,
to maintain and pursue each application relating to the Patents, Trademarks and/or Copyrights which are material to the conduct of the Grantor’s business (and to obtain the relevant grant or registration) and to maintain each issued Patent and
each registration of the Trademarks and Copyrights that is material to the conduct of the Grantor’s business, including timely filings of applications for renewal, affidavits of use, affidavits of incontestability and payment of maintenance
fees, and, if the Grantor believes it necessary in its reasonable 

  

 19 

 
business judgment, to initiate opposition, interference and cancelation proceedings against third parties. 
  
 (g) In the event that the Grantor has reason to believe that any
Article 9 Collateral consisting of a Patent, Trademark or Copyright material to the conduct of the Grantor’s business has been or is about to be materially infringed, misappropriated or diluted by a third party, the Grantor promptly shall
notify the Collateral Agent and shall, if the Grantor believes it necessary in its reasonable business judgment, promptly sue for infringement, misappropriation or dilution and to recover any and all damages for such infringement, misappropriation
or dilution, and take such other actions as are appropriate under the circumstances to protect such Article 9 Collateral. 
  
 (h) Upon and during the continuance of an Event of Default, the Grantor shall use commercially reasonable efforts to obtain all requisite consents or
approvals by the licensor of each Copyright License, Patent License or Trademark License to effect the assignment of all the Grantor’s right, title and interest thereunder to the Collateral Agent or its designee. 
  
 ARTICLE IV 
  
 Remedies 
  
 SECTION 4.01. Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, the Grantor agrees to deliver each item
of Collateral to the Collateral Agent on demand, and it is agreed that the Collateral Agent shall have the right to take any of or all the following actions at the same or different times: (a) with respect to any Article 9 Collateral
consisting of Intellectual Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance of any of or all such Article 9 Collateral by the Grantor to the Collateral Agent, or to license or sublicense,
whether general, special or otherwise, and whether on an exclusive or nonexclusive basis, any such Article 9 Collateral throughout the world on such terms and conditions and in such manner as the Collateral Agent shall determine (other than in
violation of any then-existing licensing arrangements to the extent that waivers cannot be obtained), and (b) with or without legal process and with or without prior notice or demand for performance, to take possession of the Article 9
Collateral and without liability for trespass to enter any premises where the Article 9 Collateral may be located for the purpose of taking possession of or removing the Article 9 Collateral and, generally, to exercise any and all rights
afforded to a secured party under the Uniform Commercial Code or other applicable law. Without limiting the generality of the foregoing, the Grantor agrees that the Collateral Agent shall have the right, subject to the mandatory requirements of
applicable law, to sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Collateral Agent shall
deem appropriate. The Collateral Agent shall be authorized at any such sale of securities (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons who will represent and agree that they are purchasing the
Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon 

  

 20 

 
consummation of any such sale the Collateral Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral
so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part of the Grantor, and the Grantor hereby waives (to the extent permitted by law) all rights of redemption, stay
and appraisal which the Grantor 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 give the Grantor 10 days’ written notice (which the Grantor agrees is reasonable notice within the meaning of
Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale
and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board
or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Collateral Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or
portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent shall not be obligated to make any sale of any Collateral if
it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from
time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In case any sale of all or any part of the Collateral is made on credit
or for future delivery, the Collateral so sold shall be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not incur any liability in case any such purchaser or
purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent permitted by law, private) sale made pursuant to this
Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of redemption, stay, valuation or appraisal on the part of the Grantor (all said rights being also hereby waived and released to the extent
permitted by law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to such Secured Party from the Grantor as a credit against the purchase price, and such Secured
Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to the Grantor therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be
treated as a sale thereof; the Collateral Agent shall be free to carry out such sale pursuant to such agreement and the Grantor shall not be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact
that after the Collateral Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Collateral
Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral 

  

 21 

 
or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed
receiver. Any sale pursuant to the provisions of this Section 4.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions.

  
 SECTION 4.02. Application of Proceeds. The Collateral
Agent shall promptly apply the proceeds of any collection or sale of Collateral pursuant to the exercise of remedies hereunder, including any Collateral consisting of cash realized pursuant to the exercise of remedies hereunder, as follows:

  
 FIRST, to the payment of all costs and
expenses incurred by the Collateral Agent in connection with such collection or sale or otherwise in connection with this Agreement, any other Loan Document, the Indenture or any of the Obligations, including all court costs and the fees and
expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent hereunder or under any other Loan Document on behalf of the Grantor and any other costs or expenses incurred in connection with the exercise of any
right or remedy hereunder or under any other Loan Document or the Indenture; 
  
 SECOND, to the payment in full of the Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such
distribution); and 
  
 THIRD, to the Grantor, its
successors or assigns, or as a court of competent jurisdiction may otherwise direct. 
  
 The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power
of sale granted by statute or under a judicial proceeding), the receipt by the Collateral Agent or by the officer making the sale of such proceeds shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such
purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof. 
  
 SECTION 4.03. Grant of License to Use Intellectual Property. For the
purpose of enabling the Collateral Agent to exercise rights and remedies under this Agreement at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, the Grantor hereby grants to the Collateral Agent a
nonexclusive license (which shall be irrevocable during the term of this Agreement and exercisable without payment of royalty or other compensation to the Grantor) to use, license or sublicense, provided that the Collateral Agent comply with the
terms of any applicable License, solely to the extent necessary to properly exercise its remedies during such Event of Default, any of the Article 9 Collateral consisting of Intellectual Property now 

  

 22 

 
owned or hereafter acquired by the Grantor, and wherever the same may be located, and, provided the Collateral Agent comply with the terms of any applicable
License, including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof. The use of such license by the
Collateral Agent may be exercised, at the option of the Collateral Agent, upon the occurrence and solely during the continuation of an Event of Default; provided that any license, sublicense or other transaction entered into by the Collateral
Agent in accordance herewith shall be binding upon the Grantor notwithstanding any subsequent cure of an Event of Default. 
  
 SECTION 4.04. Securities Act. In view of the position of the Grantor in relation to the Pledged Collateral, or because of other current or future
circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar federal statute hereafter enacted analogous in purpose or effect (such Act and any such similar statute as from time to time in
effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder. The Grantor understands that compliance with the Federal Securities Laws might very strictly limit the
course of conduct of the Collateral Agent if the Collateral Agent were to attempt to dispose of all or any part of the Pledged Collateral, and might also limit the extent to which or the manner in which any subsequent transferee of any Pledged
Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Collateral Agent in any attempt to dispose of all or part of the Pledged Collateral under applicable Blue Sky or other state
securities laws or similar laws analogous in purpose or effect. The Grantor recognizes that in light of such restrictions and limitations the Collateral Agent may, with respect to any sale of the Pledged Collateral, limit the purchasers to those who
will agree, among other things, to acquire such Pledged Collateral for their own account, for investment, and not with a view to the distribution or resale thereof. The Grantor acknowledges and agrees that in light of such restrictions and
limitations, the Collateral Agent, in its sole and absolute discretion (a) may proceed to make such a sale whether or not a registration statement for the purpose of registering such Pledged Collateral or part thereof shall have been filed
under the Federal Securities Laws and (b) may approach and negotiate with a single potential purchaser to effect such sale. The Grantor acknowledges and agrees that any such sale might result in prices and other terms less favorable to the
seller than if such sale were a public sale without such restrictions. In the event of any such sale, the Collateral Agent shall incur no responsibility or liability for selling all or any part of the Pledged Collateral at a price that the
Collateral Agent, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred until after
registration as aforesaid or if more than a single purchaser were approached. The provisions of this Section 4.04 will apply notwithstanding the existence of a public or private market upon which the quotations or sales prices may exceed
substantially the price at which the Collateral Agent sells. 
  
 SECTION 4.05. Registration. The Grantor agrees that, upon the occurrence and during the continuance of an Event of Default, if for any reason the Collateral Agent desires to sell any of the Pledged Collateral at a public sale, it
will, at 

  

 23 

 
any time and from time to time, upon the written request of the Collateral Agent, use its commercially reasonable efforts to take or to cause the issuer of
such Pledged Collateral to take such action and prepare, distribute and/or file such documents, as are required or advisable in the reasonable opinion of counsel for the Collateral Agent to permit the public sale of such Pledged Collateral. The
Grantor further agrees to indemnify, defend and hold harmless the Collateral Agent, each other Secured Party, any underwriter and their respective officers, directors, affiliates and controlling persons from and against all loss, liability,
expenses, costs of counsel (including, without limitation, reasonable fees and expenses to the Collateral Agent of legal counsel), and claims (including the costs of investigation) that they may incur insofar as such loss, liability, expense or
claim arises out of or is based upon any alleged untrue statement of a material fact contained in any prospectus (or any amendment or supplement thereto) or in any notification or offering circular, or arises out of or is based upon any alleged
omission to state a material fact required to be stated therein or necessary to make the statements in any thereof not misleading, except insofar as the same may have been caused by any untrue statement or omission based upon information furnished
in writing to the Grantor or the issuer of such Pledged Collateral by the Collateral Agent or any other Secured Party expressly for use therein. The Grantor further agrees, upon such written request referred to above, to use its commercially
reasonable efforts to qualify, file or register, or cause the issuer of such Pledged Collateral to qualify, file or register, any of the Pledged Collateral under the Blue Sky or other securities laws of such states as may be requested by the
Collateral Agent and keep effective, or cause to be kept effective, all such qualifications, filings or registrations. The Grantor will bear all costs and expenses of carrying out its obligations under this Section 4.05. The Grantor
acknowledges that there is no adequate remedy at law for failure by it to comply with the provisions of this Section 4.05 and that such failure would not be adequately compensable in damages, and therefore agrees that its agreements contained
in this Section 4.05 may be specifically enforced. 
  
 ARTICLE
V 
  
 Miscellaneous 
  
 SECTION 5.01. Notices. All communications and notices hereunder shall
(except as otherwise expressly permitted herein) be in writing and given as provided in Section 9.01 of the Credit Agreement. All communications and notices hereunder to the Grantor shall be given to it in care of the Borrower as provided in
Section 9.01 of the Credit Agreement. 
  
 SECTION 5.02.
Waivers; Amendment. (a) No failure or delay by the Collateral Agent, the Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the
Collateral Agent, the Issuing Bank and the Lenders hereunder and 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 

  

 24 

 
departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 5.02, and
then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a
waiver of any Default, regardless of whether the Collateral Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. No notice or demand on any Loan Party in any case shall entitle any Loan Party 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 an agreement or agreements in writing entered into by the Collateral Agent and the Grantor, subject to any consent required in
accordance with Section 9.02 of the Credit Agreement; provided that Section 4.02 hereof shall not be amended in a manner adverse to the Debenture Holders without the requisite written consent of the Debenture Holders or the Trustee
under the Indenture. Except as set forth in this Section 5.02(b), neither the Debenture Holders nor the Trustee shall have any rights to approve any amendment, waiver, modification, charge, discharge or termination with respect to this
Agreement. 
  
 SECTION 5.03. Collateral Agent’s Fees and
Expenses; Indemnification. (a) The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its expenses incurred hereunder as provided in Section 9.03 of the Credit Agreement. 
  
 (b) Without limitation of its indemnification obligations under the other
Loan Documents, the Grantor agrees to indemnify the Collateral Agent and the other Indemnitees (as defined in Section 9.03 of the Credit Agreement) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of, the execution, delivery or
performance of this Agreement or any claim, litigation, investigation or proceeding relating to any of the foregoing agreement or instrument contemplated hereby, or to the Collateral, whether or not any Indemnitee is a party thereto; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or wilful misconduct of such Indemnitee. 
  
 (c) Any such amounts payable as provided hereunder shall be additional Obligations secured hereby and by the other Security Documents. The provisions of this Section 5.03 shall remain operative and in full force
and effect regardless of the termination of this Agreement or any other Loan Document or the Indenture, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term
or provision of this Agreement or any other Loan Document or the Indenture, or any investigation made by or on behalf of the Collateral Agent or any other Secured Party. All amounts due under this Section 5.03 shall be payable on written demand
therefor. 
  

 25 

 SECTION 5.04. Successors and Assigns. Whenever in this Agreement any of the parties hereto is
referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Grantor or the Collateral Agent that are contained in this Agreement shall
bind and inure to the benefit of their respective successors and assigns. 
  
 SECTION 5.05. Survival of Agreement. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents 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 Lenders and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of
any Letters of Credit, regardless of any investigation made by any Lender or on its behalf and notwithstanding that the Collateral Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or
warranty at the time any credit is extended under the Credit Agreement, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under any Loan Document is
outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. 
  
 SECTION 5.06. Counterparts; Effectiveness; Several Agreement. This Agreement may be executed in counterparts, each of which shall constitute an
original but all of which when taken together shall constitute single contract. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.
This Agreement shall become effective when a counterpart hereof executed on behalf of the Grantor 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 the Grantor and the Collateral Agent and their respective permitted successors and assigns, and shall inure to the benefit of the Grantor, the Collateral Agent and the other Secured Parties and their respective successors and
assigns, except that the Grantor shall have no right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated by this
Agreement or the Credit Agreement. 
  
 SECTION 5.07.
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting
the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 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. 
  

 26 

 SECTION 5.08. Subordination. Notwithstanding any provision of this Agreement to the contrary, all
rights of indemnity, contribution or subrogation of the Grantor under applicable law or otherwise shall be fully subordinated to the indefeasible payment in full in cash of the Obligations. 
  
 SECTION 5.09. Right of Set-Off. If an Event of Default shall have
occurred and be continuing, each Lender and each of its Affiliates 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 obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Grantor against any of and all the obligations of the Grantor now or hereafter existing under this
agreement owed to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section 5.09 are in addition to other
rights and remedies (including other rights of set-off) which such Lender may have. 
  
 SECTION 5.10. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
  
 (b) The Grantor hereby irrevocably and unconditionally submits, for itself
and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in
any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document or the Indenture shall affect any right that the Collateral Agent,
the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Grantor or its properties in the courts of any jurisdiction. 
  
 (c) The Grantor hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to
in paragraph (b) of this Section 5.10. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

  
 (d) Each party to this Agreement irrevocably consents to
service of process in the manner provided for notices in Section 5.01. Nothing in this Agreement or 

  

 27 

 
any other Loan Document or the Indenture will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

  
 SECTION 5.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.11.

  
 SECTION 5.12. Headings. Article and Section headings
and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
  
 SECTION 5.13. Security Interest Absolute. All rights of the Collateral
Agent hereunder, the Security Interest, the grant of a security interest in the Pledged Collateral and all obligations of the Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of
the Credit Agreement, any other Loan Document, the Indenture, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of,
or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or the Indenture or any other agreement or instrument, (c) any
exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Obligations, or (d) any other
circumstance that might otherwise constitute a defense available to, or a discharge of, the Grantor in respect of the Obligations or this Agreement (other than a defense of payment or performance). 
  
 SECTION 5.14. Termination or Release. (a) This Agreement, the
Security Interest and all other security interests granted hereby shall terminate when all the Loan Document Obligations have been indefeasibly paid in full and the Lenders have no further commitment to lend under the Credit Agreement, the LC
Exposure has been reduced to zero and the Issuing Bank has no further obligations to issue Letters of Credit under the Credit Agreement. For the avoidance of doubt, upon payment in full of the Debenture Obligations, the Trustee and the Debenture
Holders shall no longer be Secured Parties and shall no longer be entitled to the benefits of this Agreement. 
  

 28 

 (b) Upon any sale or other transfer by the Grantor of any Collateral that is permitted under the Credit
Agreement, or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 9.02 of the Credit Agreement, the security interest in such Collateral shall be
automatically released. 
  
 (c) In connection with any termination
or release pursuant to paragraph (a) or (b), the Collateral Agent shall execute and deliver to the Grantor, at the Grantor’s expense, all documents that the Grantor shall reasonably request to evidence such termination or release. Any
execution and delivery of documents pursuant to this Section 5.14 shall be without recourse to or warranty by the Collateral Agent. 
  
 SECTION 5.15. Collateral Agent Appointed Attorney-in-Fact. The Grantor hereby appoints the Collateral Agent the attorney-in-fact of the Grantor for
the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled
with an interest. The Collateral Agent shall have the right, upon the occurrence and during the continuance of an Event of Default, with full power of substitution either in the Collateral Agent’s name or in the name of the Grantor (a) to
receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and
give discharges and releases of all or any of the Collateral; (c) to sign the name of the Grantor on any invoice or bill of lading relating to any of the Collateral; (d) to send verifications of Accounts Receivable to any Account Debtor;
(e) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any
Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; (g) to notify, or to require the Grantor to notify, Account Debtors to make payment directly to
the Collateral Agent; and (h) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this
Agreement, as fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes; provided that nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make
any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys
due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and
neither they nor their officers, directors, employees or agents shall be responsible to the Grantor for any act or failure to act hereunder, except for their own gross negligence or wilful misconduct. 
  
 SECTION 5.16. Compliance with Laws. Notwithstanding anything herein
which may be construed to the contrary, no action shall be taken by any of the 

  

 29 

 
Collateral Agent and the Secured Parties with respect to the Licenses or any license, permit, certificate or authorization of the FCC or any other federal,
state or local regulatory or governmental bodies applicable to or having jurisdiction over the Grantor unless and until any required approval under the Communications Act or any other applicable communications law, and any applicable rules and
regulations thereunder, requiring the consent to or approval of such action by the FCC or any governmental or other communications authority, have been satisfied and, to the extent applicable, any action taken with respect to, concerning or
affecting the Collateral, directly or indirectly, or any Security Interest granted therein by the Collateral Agent and the Secured Parties shall be subject to any required approval of the FCC and any state or local communications regulatory
authority and all applicable communications laws. 
  
 SECTION
5.17. Limitation on Collateral Agent’s Responsibilities with Respect to Debenture Holders. (a) The obligations of the Collateral Agent to the Debenture Holders and the Trustee hereunder shall be limited solely to (i) holding
the Collateral for the ratable benefit of the Debenture Holders and the Trustee for so long as (A) any Debenture Obligations remain outstanding and (B) any Debenture Obligations are secured by such Collateral, (ii) subject to the
instructions of the Required Lenders, enforcing the rights of the Debenture Holders in their capacities as Secured Parties in respect of Collateral and (iii) distributing any proceeds received by the Collateral Agent from the sale, collection
or realization of the Collateral to the Debenture Holders and the Trustee in respect of the Debenture Obligations in accordance with the terms of this Agreement. Neither the Debenture Holders nor the Trustee shall be entitled to exercise (or direct
the Collateral Agent to exercise) any rights or remedies hereunder with respect to the Obligations, including without limitation the right to receive any payments, enforce any Security Interest, request any action, institute proceedings, give any
instructions, make any election, notice Account Debtors, make collections, sell or otherwise foreclose on any portion of the Collateral or execute any amendment, supplement, or acknowledgment hereof. This Agreement shall not create any liability of
the Collateral Agent or the Secured Parties to the Debenture Holders or to the Trustee by reason of actions taken with respect to the creation, perfection or continuation of Security Interests on the Collateral, actions with respect to the
occurrence of an Event of Default, actions with respect to the foreclosure upon, sale, release, or depreciation of, or failure to realize upon, any of the Collateral or action with respect to the collection of any claim for all or any part of the
Obligations from any Account Debtor, guarantor or any other party or the valuation, use or protection of the Collateral. 
  
 (b) The Collateral Agent shall not be required to ascertain or inquire as to the performance by the Grantor of the Debenture Obligations. 
  
 (c) The Collateral Agent may execute any of the powers granted under this
Agreement and perform any duty hereunder either directly or by or through agents or attorneys-in-fact, and shall not be responsible for the gross negligence or wilful misconduct of any agents or attorneys-in-fact selected by it with reasonable care
and without gross negligence or wilful misconduct. 
  

 30 

 (d) The Collateral Agent shall not be deemed to have actual, constructive, direct or indirect notice or
knowledge of the occurrence of any Event of Default unless and until the Collateral Agent shall have received a notice of Event of Default or a notice from the Grantor, the Trustee or the Secured Parties to the Collateral Agent in its capacity as
Collateral Agent indicating that an Event of Default has occurred. The Collateral Agent shall have no obligation either prior to or after receiving such notice to inquire whether an Event of Default has, in fact, occurred and shall be entitled to
rely conclusively, and shall be fully protected in so relying, on any notice so furnished to it. 
  
 (e) Notwithstanding anything to the contrary herein, nothing in this Agreement shall or shall be construed to (i) result in the Security Interest
hereunder for the benefit of the Debenture Holders not securing the Debenture Obligations less than equally and ratably with the Loan Obligations pursuant to Section 4.05 of the Indenture to the extent required or (ii) modify or affect the
rights of the Debenture Holders to receive the pro rata share specified in Section 4.02 of any proceeds of any collection or sale of Collateral. 

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

							
	 HAWAIIAN TELCOM, INC.,

			
	 	 	 by
	 	 /s/ Michael S. Ruley

	 	 	 	 	 Name:
	 	 Michael S. Ruley

	 	 	 	 	 Title:
	 	 Chief Executive Officer

	
	 JPMORGAN CHASE BANK, N.A., AS
 COLLATERAL AGENT,

			
	 	 	 by
	 	 /s/ John Kowalczuk

	 	 	 	 	 Name:
	 	 John Kowalczuk

	 	 	 	 	 Title:
	 	 Vice President

 Schedule I to 
 the Guarantee and 
 Collateral Agreement 
  
 EQUITY INTERESTS 
  

									
	 Issuer

	 	 Number of
 Certificate

	 	 Registered
 Owner

	 	 Number and
 Class of
 Equity Interest

	 	 Percentage
 of Equity Interests

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  
 DEBT SECURITIES

  

							
	 Issuer

	 	 Principal
 Amount

	 	 Date of Note

	 	 Maturity Date

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 Schedule III to 
 the Guarantee and 
 Collateral Agreement 
  
 U.S. COPYRIGHTS OWNED BY HAWAIIAN TELCOM, INC. 
  
 [State if no copyrights are owned. List in numerical order by Registration No.] 
  
 U.S. Copyright Registrations 
  

					
	 Title

	 	 Reg. No.

	 	 Author

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  
 Pending U.S.
Copyright Applications for Registration 
  

							
	 Title

	 	 Author

	 	 Class

	 	 Date Filed

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  
 Non-U.S. Copyright
Registrations 
  
 [List in alphabetical order by country/numerical order by
Registration No. within each country] 
  

							
	 Country

	 	 Title

	 	 Reg. No.

	 	 Author

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  
 Non-U.S. Pending
Copyright Applications for Registration 
  
 [List in alphabetical order by
country.] 
  

									
	 Country

	 	 Title

	 	 Author

	 	 Class

	 	 Date Filed

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 PATENTS OWNED BY HAWAIIAN TELCOM, INC. 
  
 [State if no patents are owned. List in numerical order by Patent No./Patent Application No.] 
  
 U.S. Patent Registrations 
  

			
	 Patent Numbers

	 	 Issue Date

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  
 U.S. Patent
Applications 
  

			
	 Patent Application No.

	 	 Filing Date

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  
 Non-U.S. Patent
Registrations 
  
 [List in alphabetical order by country/numerical order by
Patent No. within each country] 
  

					
	 Country

	 	 Issue Date

	 	 Patent No.

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  
 Non-U.S. Patent
Applications 
  
 [List in alphabetical order by country/numerical order by
Application No. within each country] 
  

					
	 Country

	 	 Filing Date

	 	 Patent Application No.

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

 2 

 TRADEMARK/TRADE NAMES OWNED BY HAWAIIAN TELCOM, INC. 
  
 [State if no trademarks/trade names are owned. List in numerical order by trademark
registration/application no.] 
  
 U.S. Trademark Registrations

  

					
	 Mark

	 	 Reg. Date

	 	 Reg. No.

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  
 U.S. Trademark
Applications 
  

					
	 Mark

	 	 Filing Date

	 	 Application No.

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  
 State Trademark
Registrations 
  
 [List in alphabetical order by state/numerical order by
trademark no. within each state] 
  

							
	 State

	 	 Mark

	 	 Filing Date

	 	 Application No.

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  
 Non-U.S. Trademark
Registrations 
  
 [List in alphabetical order by country/numerical order by
trademark no. within each country] 
  

							
	 Country

	 	 Mark

	 	 Reg. Date

	 	 Reg. No.

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  
 Non-U.S. Trademark
Applications 
  
 [List in alphabetical order by country/numerical order by
application no.] 
  

							
	 Country

	 	 Mark

	 	 Application Date

	 	 Application No.

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  

 3 

 Trade Names 
  

			
	 Country(s) Where Used

	 	 Trade Names

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

 4Directory Services Agreement by and between Hawaiian Telcom Communications

 Exhibit 10.8 
  
 DIRECTORY SERVICES AGREEMENT 
  

This Directory Services Agreement (the “Agreement”) is made and entered into effective as of February 4, 2005 (the “Effective
Date”), by and between HAWAIIAN TELCOM MERGER SUB, INC., a Delaware corporation (hereinafter referred to as “Publisher”), and
L. M. BERRY AND COMPANY, a Georgia corporation (“Berry”) (Publisher and Berry are each individually referred to as a “party,”
and collectively as the “parties”). 
  
 RECITALS 
  
 WHEREAS, Publisher will acquire all the rights and
interests of those Hawaiian directories hereinafter identified (the “Directories”) in a transaction currently anticipated to be completed on or about March 31, 2005 (the “Closing”); and 
  
 WHEREAS, Berry provides various services related to the production, publishing and printing
of telephone directories, including services related to selling advertising in such directories, as well as services related to managing the operations of a telephone directory publishing business; 
  
 WHEREAS, Publisher desires to engage Berry to provide or perform those certain services
hereinafter specified to assist in the publication of 2005 editions of each of the Directories and provide the other services specified in the Agreement; and 
  
 WHEREAS, Publisher also desires to engage Berry to provide and perform those certain services hereinafter specified for five (5) subsequent annual editions of each
of the Directories beginning with the 2006 editions of those Directories and provide the other services specified in the Agreement; 
  
 NOW THEREFORE, in consideration of the promises and mutual covenants contained herein and good and valuable consideration, the sufficiency and receipt of which is hereby
acknowledged, the parties agree as follows: 
  
 FORMAT

  
 This Agreement states the terms and conditions that govern the rights and
duties of the parties in respect to the services identified herein. 
  
 Schedules
are annexed hereto and are incorporated herein by reference and are made a part hereof, are subject to all the terms and conditions of this Agreement and contain such additional terms and conditions as are agreed to by the parties. In the event of
any conflict between the terms of this Agreement and the terms of a Schedule, the terms of the Schedule shall control and govern. 
  

	1.	DEFINITIONS 

  
 The defined terms used in this Agreement shall have the meanings set forth in this Section 1 or as defined in the text of the Agreement. 
  
 1.1 “Affiliate” shall mean, with respect to any entity, any other entity Controlling, Controlled by or
under common Control with such entity. 

 1.2 “Closing Date” means the date upon which the transfer of the directories business
from Publisher’s predecessor in interest to Publisher becomes effective. 
  
 1.3 “Control” and its derivatives shall mean, with regard to any entity, the legal, beneficial or equitable ownership, directly or indirectly, of interest sufficient to exercise control over the
management of such entity. 
  
 1.4 “Directories”
shall mean those Hawaiian directories published by Publisher with respect to which Publisher engages Berry to provide Services, including any print or electronic directories, Internet-based directories, or other form of listing publications. The
Directories are identified in Schedule 1 (Directories), as such Schedule may be amended from time to time by Publisher, so long as any new Directory covers only listings in the State of Hawaii. Addition of any proposed Directories outside Hawaii or
that represent new forms of delivery other than print or Internet-based directories are subject to mutual written agreement. 
  
 1.5 “Intellectual Property Rights” shall mean all intellectual property and other such proprietary rights now known or hereafter
recognized throughout the world, including, without limitation, all database rights, patent rights, copyrights, trademark rights and trade secret rights. 
  
 1.6 “Publisher Information” shall mean the following information, whether originals or duplicates, and all Intellectual Property Rights
relating to such information: (i) all advertising records; (ii) all records and data related to advertisers and all other customers/subscribers of Publisher; (iii) all proprietary or confidential information, data and materials provided by
Publisher to Berry or to which Berry receives access in the course of performing Services hereunder; (iv) all reports, studies and other materials paid for or developed solely for Publisher by Berry or third parties at Publisher’s request;
(v) all information, data and materials obtained by Berry from Publisher, any advertiser or any Publisher customer or subscriber, including any information relating to such advertiser or Publisher customer or subscriber’s actual or
proposed listings or advertising program for the Directories; (vi) all information in data bases including alphabetical, classified directory data bases, electronic advertising data base systems and software developed for and relating primarily
to Publisher or Directories and (vii) all Subscriber Information; (viii) trade secrets; and (ix) all information, data and materials, including artwork, ad design and spec art, developed by Berry in performing advertising or marketing
services hereunder. 
  
 1.7 “Services” shall mean
the services listed herein and in the Schedules that Berry will perform pursuant to this Agreement. 
  
 1.8 “Subscriber Information” shall mean information related to individuals or businesses included in any Directory. 
  

	2.	SCOPE OF AGREEMENT/SERVICES 

  
 2.1 2005 Directories. Commencing upon the Effective Date hereof, Berry will 

  

 2 

 
provide and perform all tasks necessary to publish the 2005 editions of the East Honolulu, Leeward, Windward and Oahu directories, including converting all
Content provided by Publisher into such format as is necessary and agreed upon by the parties for Berry to publish such Directories, as well as assist Publisher to manage the printing and distribution of such Mid-Cycle Directories and to prepare to
publish the other Directories. Without limiting the foregoing, Berry will provide and perform the Services specified in Schedule 3(a) (the Conversion Schedule) and in Schedule 3(b) (Preliminary Sales and Marketing Consulting Services Schedule).
Berry will meet the applicable Milestones set forth in Schedule 2 (Milestones) in connection with performing these Services. 
  
 2.2 2006 and Subsequent Directories. Berry will provide and perform all Services necessary to publish, print and distribute the 2006 through 2010
editions of the Directories, and such other editions or Directories agreed upon by the parties, including the Services specified in Schedule 4 (Services Schedule), and to market and sell advertising for the Directories, including the Services
specified in Schedule 5 (the Marketing Schedule). Berry will meet the applicable Milestones set forth in Schedule 2 (Milestones) in connection with performing these Services. 
  
 2.3 Internet Directory. Berry will provide and perform all Services necessary to develop and host on a website with a
URL designated by Publisher (the “Publisher Site”) an Internet-based version of the Directories in the form and including the Content specified by Publisher, and sell advertising for the Internet-based Directory and drive traffic to
the website, including the Services as specified in Schedule 6 (Internet Services). Berry will meet the applicable Milestones set forth in Schedule 2 (Milestones) in connection with performing these Services. 
  
 2.4 Fees. Berry shall be compensated for the services to be provided
hereunder in the manner specified in Schedule 8 (Financial Schedule). Unless a provision of this Agreement (including any Schedules) expressly states that specified services, tasks or responsibilities will be subject to particular fees or
expenditures by Publisher in addition to those set forth in Schedule 8, Berry will assume any and all costs associated with providing the Services and not charge Publisher any fees or seek reimbursement from Publisher for any costs for such Service.

  
 2.5 Relationship of the Parties. It is understood and
agreed that Berry and its agents and employees are neither agents nor employees of Publisher or any Publisher subsidiary. As such, neither Berry, its agents nor employees shall have any authority to act for or on behalf of, or to obligate Publisher
or any of its Affiliates to any contract or in any other manner not specifically authorized by this Agreement except as authorized in writing by Publisher. Nothing contained in this Agreement or any of the Schedules hereto shall be construed to be,
or constitute, a joint venture, association, agency or partnership between the parties and the parties shall report revenues and costs in a manner consistent with their respective accounting practices. 
  
 2.6 Compliance with Laws. The parties, in the performance of their
respective obligations under this Agreement, shall comply with all statutes, laws, rules, regulations and other legal requirements (“Laws”) governing the provision of the Services, including identifying and procuring permits,
certificates, approvals and inspections required under such Laws, as well as complying with all data privacy, junk mail and spam Laws and regulations. If 

  

 3 

 
a charge of non-compliance with any such Laws occurs, the party against which such charge of non-compliance is made shall promptly notify the other party in
writing of such charge and shall promptly remedy such non-compliance at its own expense; provided, however, if either party’s non-compliance results from an act or failure to act by the other party (“responsible party”), then
the responsible party shall promptly remedy the non-compliance at its own expense and pay any fee or penalty, or reimburse the other party for any fee or penalty, imposed by a governmental authority as a result of such non-compliance. If either
party becomes aware of any changes in Law that relate to delivery of the Services or Publisher’s receipt of the Services, then such party will notify the other party of such changes. With respect to any changes related to Berry’s future
delivery of Services, Berry and Publisher shall work together pursuant to the Change Control Procedures to identify the impact of such changes on Berry’s delivery of the Services, and any changes in the fees charged to Publisher or the costs to
be borne by Publisher, as a result and shall work together to implement any necessary modifications to the Services prior to the deadline imposed by the governmental authority having jurisdiction for such requirement or change. The parties will use
all reasonable efforts to minimize the incremental cost of compliance with such Laws. 
  
 2.7 Subcontracts. Publisher acknowledges that Berry may desire to subcontract to a third party or third parties the performance of some of the Services that Berry is obligated to provide under this Agreement.
Berry agrees to notify Publisher of all material subcontracts and to provide Publisher with such information as Publisher may reasonably request to evaluate proposed subcontractors and the proposed Services Berry desires such subcontractors to
render. Publisher acknowledges that some of the subcontractors Berry retains for subcontracted performance of Services, Berry also uses to perform services for Berry in other aspects of Berry’s business, and for such subcontractors, Publisher
will not have a prior consent right. However, Berry may not subcontract any sales or material production Services, or Services to be rendered relating exclusively to the Directories under this Agreement, unless approved in writing on a case-by-case
basis by Publisher, including as to the identity and acceptability of the proposed subcontractor, the acceptability of any particular subcontract, and the scope of Services to be performed by that subcontractor. No subcontracting shall release Berry
from its responsibility for its obligations under this Agreement. Berry shall be responsible for the work and activities of each of its subcontractors, including compliance with the terms of this Agreement. Berry shall be responsible for all
payments to its subcontractors and in no event shall any subcontracting of Services by Berry result in additional payments or less revenue-sharing by Publisher. 
  

2.8 Benchmarking. In addition to receiving Berry’s Service Level performance reports pursuant to Section 3.2, Publisher may also
independently analyze Berry’s compliance with the Service Levels and provide Berry feedback regarding Berry’s performance. For Services where Publisher will also bear a portion of the expenses of such Service, including the Internet
Services, Publisher will be entitled to independently analyze the costs of such Services and provide Berry feedback regarding Berry’s efficiency and cost-effectiveness. If as part of benchmarking, Publisher in good faith determines that
Berry’s performance is not within the standards established by the Service Levels requirements, or for benchmarking of costs, where Publisher determines in good faith that Berry’s expenses are too high relative to prevailing industry
norms, Publisher may notify Berry and the parties will meet to adjust the Services to improve performance or cost effectiveness, as applicable, pursuant to Section 5. 
  

 4 

 2.9 Berry Services Manager. Berry agrees to appoint at its own expense an individual who will
serve as the primary Berry representative to Publisher under this Agreement. This person will have overall responsibility for managing and coordinating the performance of Berry’s obligations under this Agreement and will be authorized to act
for and on behalf of Berry with respect to all matters relating to this Agreement. 
  
 2.10 Publisher Services Advisor. Publisher agrees to appoint at its own expense an individual who will serve as the primary Publisher representative to Berry under this Agreement. This person will have overall
responsibility for managing and coordinating any performance of Publisher’s obligations under this Agreement and will be authorized to act for and on behalf of Publisher with respect to all matters relating to this Agreement. 
  
 2.11 Local Exchange Carrier. The parties acknowledge and agree that
much of the alphabetical listing data, and daily service order activity updating that data, is not generated by either party, but will be obtained from the incumbent local exchange carrier or, for purposes of the 2005 Directories, from the incumbent
local exchange carrier’s directories affiliate. As between the parties, Publisher will be responsible for engaging in, maintaining and enforcing any agreements with the incumbent local exchange carrier and its affiliates as necessary to obtain
the alphabetical listings information, daily service order activity, and all other rights, local exchange carrier obligations and data reasonably necessary to enable the parties to undertake the activities contemplated under this Agreement. The
foregoing does not relieve Berry of its obligations to provide Services hereunder and Berry will still have the operational responsibilities set forth in this Agreement to work with the local exchange carrier and its affiliates to obtain and
maintain (and validate to the extent provided for in the Schedules) data under Publisher’s agreements and to engage in the other Services required of Berry hereunder. 
  

	3.	SERVICE LEVELS 

  
 3.1 Service Levels. Berry shall perform the Services in accordance with the requirements, specifications and service levels (collectively,
“Service Levels”) set forth in the Schedules, including Schedule 7 (Service Levels). 
  
 3.2 Berry Monitoring and Reporting; Monitoring Tools. Berry shall measure its performance of the Services, including against the applicable Service
Levels, and report to Publisher regarding such performance as may be detailed in the Schedules or otherwise agreed upon by the parties. These reports will be delivered monthly unless a different period is set forth in the applicable Schedule. If the
content of a report is not expressly described in a Schedule, then the report will contain at least the following information: the Service monitored, the applicable Service Levels, the means of monitoring and the results of the monitoring. If a
Service Level has not been met, or if a remediation effort was under way during the time period covered by the report, the report will also describe the progress or outcome of the remediation efforts. Publisher will be entitled to conduct technical
audits from time to time upon written notice to Berry to verify that the reports delivered to Publisher accurately reflect Berry’s performance in accordance with the Services Levels. 
  
 3.3 Adjustment of Service Levels. The parties shall review the Service Levels at least annually to ensure that they
remain appropriate to the Services. Either party may, at any 

  

 5 

 
time upon written notice to the other party, initiate discussions to review and adjust any Service Level at any time pursuant to Section 5. 

 
 3.4 Root-Cause Analysis. With respect to any Berry failure to
provide the Services in accordance with the applicable Service Levels, in addition to any other applicable remedy set forth in the Schedules or otherwise available to the parties, Berry shall, as soon as reasonably practicable, perform a root-cause
analysis to identify the cause of such failure or incident, provide Publisher with a report detailing the cause of, and procedure for correcting, such failure or incident, and promptly implement procedures for correcting such failure or incident.

  
 3.5 Remedies for Failure to Meet Service Levels.

  
 a. For failures to meet the Service
Levels or for any other material failure to provide a Service in accordance with the requirements set forth in a Schedule, Berry will provide the remediation efforts detailed in the applicable Schedule in accordance with the terms and timelines set
forth therein. 
  
 b. If, despite the
remediation efforts undertaken pursuant hereto, the affected Service continues to fail to comply with the applicable Service Level after (i) thirty (30) days of remediation efforts (to run concurrently with the material breach cure period
under Section 8.1 if applicable), (ii) such shorter period of time as may be set forth in the applicable Schedule, or (iii) a longer period of time if the remediation will by its nature take longer than thirty (30) days to
complete and Publisher approves such longer period in writing (such approval not to be unreasonably withheld), then the parties shall undertake the corrective action process outlined in Section 3.6 below. If the parties cannot resolve the
dispute and either the remediation efforts are not successful or thereafter Berry continues not to perform in accordance with established Service Levels, then Publisher shall be entitled to terminate this Agreement for cause pursuant to
Section 8.1. 
  
 3.6 Dispute Escalation Process.

  
 a. Initial Notice; Good Faith
Discussion. If either party determines that the other party has failed to perform its obligations for a particular Service, the party making the determination will notify the other party of the deficiency. Upon receipt of notice, the parties
will promptly discuss the corrective action plan in person or by telephone and will attempt in good faith to agree to a mutually acceptable corrective action plan. If the parties cannot agree upon a corrective action plan within ten (10) days
of the original notice date, the issue will be escalated in accordance with clause (b) below. 
  
 b. Management Escalation. If the issue is not resolved in accordance with clause (a) above, the issue will promptly be
elevated to senior management at the respective parties. For Publisher, escalation will be made to Michael Ruley, or his successor. For Berry, escalation will be made to its Executive Vice-President, Kathy Geiger-Schwab or her successor. The
respective management representatives will immediately discuss the issue in person or by telephone and the parties will attempt in good faith to resolve the issue for a period of ten (10) days. If the issue is not resolved, as agreed by the
parties, within such ten (10) day period, the issue will be escalated to the chief executive officers of the parties for resolution. 
  

 6 

	4.	PUBLISHER OF THE DIRECTORIES 

  
 4.1 Directories. As publisher, in addition to those general rights afforded publishers, subject, however, to Sections 4.3 and 5 hereof, Publisher
has full discretion and is responsible for all policies and procedures associated with the Directories, including the right and sole authority to establish and maintain all policies and procedures related to the printing, advertising, and
distribution of all Directories, the right to establish its own specifications for the Directories to be published, set credit policies, refuse or accept advertising based on credit considerations, exercise its own discretion as to content of
advertising it will accept, determine its own advertising and commission rates, determine the scope and duration of each of its Directories, determine the publishing dates for each of its Directories, determine product mix and new product
introduction, and the right to make any changes in any Directory, including the merging, combination or reformatting or elimination of any Directory. 
  
 4.2 Internet. In addition to those general rights afforded publishers listed above, if any of the Directories are Directories accessible by the
Internet (each an “Internet Directory”), Publisher has full discretion and is responsible for all policies and procedures associated with the Internet Directory, including determining the portal design, user interface advertising policies
and the like. 
  
 4.3 Specifications. The Directories,
unless altered by Publisher, shall generally have the same specifications and format as the directories published by Publisher (or its predecessor) in 2004, as more fully described in the Directory Product Descriptions for each Directory as set
forth in Schedule 1 (Directories). In the event that Publisher elects to materially modify the Directories, subject to the terms of Section 5, Publisher shall provide Berry with the modifications to be made, the associated costs, and will mutually
agree with Berry on a timetable for the introduction of the modifications. 
  

	5.	CHANGES 

  
 5.1 General. The parties acknowledge that the scope or characteristics of the Services or the requirements regarding Directories as set forth in
the Directory Product Descriptions attached to Schedule 1 may change during the term of this Agreement. The parties agree to use the following procedures (the “Change Control Procedures”) to implement Changes. For purposes of
this Agreement, “Changes” shall mean any material change to the Services that would materially alter the service content, scope, or Service Levels, or materially alter the cost to Berry of providing the Services. Examples of Changes
would include material or substantial changes to the specifications of a Directory, but not day-to-day operational issues normally handled by publishing staff in the routine performance of their activities. The parties further agree that not all
modifications to the Services may constitute Changes; as part of the routine operation of Publisher and Berry, modifications that are not material or significant may be conducted without recourse to the Change Control Procedures; provided that
Publisher is notified on a regular basis of the modifications being implemented on Publisher’s behalf or that affect Publisher. 
  
 5.2 Changes. Subject to Section 5.6 below, Changes shall be implemented only by mutual written agreement of the parties through these Change
Control Procedures, except as 

  

 7 

 
may be necessary on an emergency, temporary basis to maintain the continuity of the Services. The parties acknowledge and agree that the implementation of a
Change does not necessarily require an increase in the fees payable by Publisher, the costs to be borne by Publisher, or a reduction in the scope of Services or the Service Levels provided hereunder. 
  
 5.3 Requests for Changes. Requests for Changes shall be submitted for
review in accordance with the Change Control Procedures, and shall include a reasonably detailed description of the requested Change together with the basis for such Change. Within ten (10) business days after Berry receives a request from
Publisher for a Change, either Berry or a joint project team working on the Service to be impacted, as appropriate, shall prepare and provide to Publisher an initial written proposal for the Change (a “Change Proposal”), which
proposal will include Berry’s initial proposals regarding (A) the Services and the applicable schedule for performing the Services, including Publisher’s related obligations, to effect the Change, (B) the applicable Service
Levels or Service Level changes resulting from the Change, (C) the resources required to perform Services effecting the Change and resulting from the Change, and (D) the fees or costs for the Changed Services. The Change Proposal shall
also contain a description of any other anticipated costs that Publisher will incur as a result of the Change that it would otherwise not have incurred. Berry will also indicate the areas of the Change Proposal where additional analysis may be
required to complete the Change Proposal. On a schedule to be agreed upon by the parties in the circumstances, but presumed not to exceed fifteen (15) days after receipt of Publisher’s request, Berry will deliver to Publisher a completed
Change Proposal. Within ten (10) days after receiving such Change Proposal, Publisher shall either approve the Change Proposal, notify Berry that Publisher desires to discuss the Change Proposal further, or withdraw the request for such Change.
Publisher’s failure to approve the Change Proposal or notify Berry that Publisher desires to discuss the Change Proposal further within this ten (10) day period shall be deemed a rejection of the Change Proposal, and the Change shall not
be implemented. 
  
 5.4 Implementation of Changes. All
Changes are subject to the written approval of the parties. Only following receipt of each party’s written approval may Berry begin to implement the approved Change. Fees for performance of additional work to implement the Change, if any, will
be invoiced and paid in accordance with the schedule set forth in the agreed-upon Change Proposal. 
  
 5.5 Included Changes. 
  
 a. For Changes requested by Publisher which require Berry to provide additional services or perform additional tasks but do not
require Berry to add additional resources (e.g., hardware, software, personnel, etc.), or for modifications to the Services or Directories that are not material or significant, Berry will perform such Changes at no additional charge to Publisher.

  
 b. For Changes requested by Publisher
which require Berry to provide additional services or perform additional tasks which are significantly related to the Services (e.g., it would not be commercially or technically practical to engage a third party to provide such services or perform
such tasks given their relationship to the Services already being provided by Berry), Berry agrees that the fees for the services or tasks will be competitive with, 

  

 8 

 
and will not materially exceed, fees charged by other service providers of comparable services or tasks. 
  
 5.6 Impact of Failure to Agree on a Change. If the parties cannot
agree on the terms to implement a requested Change following good faith discussions and escalation, as appropriate, Publisher may elect to (a) implement the Change on its own, (b) obtain services from a third party to perform such Change
on Publisher’s behalf, or (c) require Berry to perform such Change if the Change is required for safety or regulatory reasons, or is related to the existing Directories. If Berry is required to perform or implement a Change pursuant to
(c) above, then subject to Section 5.5, the parties will agree either on their own or through the dispute resolution procedures set forth in Section 17 below, to equitable sharing of the resulting expenses and revenue. Nothing in this
Section requires Berry to perform Services for a Directory outside Hawaii or for development of any new Services. If Berry does not perform or implement a Change, Berry will not be entitled to receive a share of any resulting incremental revenue
resulting from the implementation of such Change. 
  
 5.7
Impact of Changes on the Term. In no event may any Change extend the term of the Agreement or provide for Services which extend beyond the term of the Agreement. If a Change does extend beyond the term or extend any of the Services beyond the
term, any obligations which extend beyond the term will be deemed null and void. 
  
 5.8 Changes Caused by Delay of the Closing Date. If the Closing Date does not occur by June 30, 2005, and such delay materially affects the timing and scope of the Services to be delivered, or the costs to
provide the Services or the anticipated economic benefits to be derived by the parties, the parties agree to meet and discuss appropriate and equitable adjustments to the Services, the fees and the revenue sharing that are affected by the delay, as
well as any Changes that may be required to address the impact of the delay. 
  

	6.	PUBLISHER INFORMATION 

  
 6.1 Obligation of Confidentiality. Berry agrees that all Publisher Information is confidential and contains and incorporates proprietary
information and trade secrets of Publisher. Berry binds and obligates itself, its Affiliates, its agents, and employees, not to sell, use, disclose or distribute to any entity, directly or indirectly, for any purpose whatsoever, other than in
connection with the performance of this Agreement, any Publisher Information furnished to it or them or acquired by it or them, in connection with, under or by virtue of this Agreement; and it is especially agreed that all order information,
records, research data, electronic information, lists of names, telephone numbers and other data including advertiser or subscriber contracts and computer software and Subscriber Information, furnished to Berry or developed or obtained by Berry in
connection with Berry’s services under this Agreement are furnished upon the express condition that such information or data will be used only in furtherance of the provisions of this Agreement, and that all data bases, and printed or
electronic information furnished by Publisher or developed by Berry for use in connection with the performance of this Agreement, will, unless otherwise exempted herein, be delivered to Publisher immediately after the termination of this Agreement.
The provisions of this Section shall survive termination or expiration of this Agreement for a period of five (5) years. 
  

 9 

 6.2 License of Publisher Information. Subject to the terms and conditions of this Agreement,
Publisher hereby grants to Berry a non-exclusive, royalty free license to use and/or copy Publisher Information solely for the purpose of performing the Services. 
  
 6.3 Access to Publisher Information. Publisher shall have access to all Publisher Information, wherever maintained,
at all times during the term of this Agreement including, at Publisher’s sole discretion and expense, the right to retain copies thereof. Further, Publisher shall have the right, during normal business hours, to review and make copies of all
Publisher Information or at Berry’s actual cost to have Berry supply Publisher or its designee copies of Publisher Information in a form requested by Publisher. 
  
 6.4 Obligation of Berry at Termination/Expiration. Berry agrees that upon termination and/or expiration of this
Agreement or upon termination and/or expiration of any Directory covered by this Agreement, Berry, upon written request by Publisher, in addition to Publisher’s rights described elsewhere in this Agreement, shall promptly (within ten
(10) days) return to Publisher or its designee all Publisher Information in Berry’s possession in an electronic format and medium reasonably acceptable to Publisher. Berry further agrees that it will demand and obtain, by whatever lawful
means, the return of Publisher Information made available by Berry to any third party. Berry shall, however, have the right to retain copies of Publisher Information subject to the confidentiality provision of this Agreement as are necessary to
fulfill and discharge its obligations or as are required to comply with laws, regulations, or administrative regulation, to provide continuing customer services or to resolve any financial issues between the parties. Upon completion of all such
duties or resolution of those outstanding financial issues, all remaining copies will be destroyed or returned to Publisher at Publisher’s discretion, together with a certification by an officer of Berry that all Publisher Information has been
returned or destroyed as the case may be, and Berry shall retain no copies of that information either in paper or electronic form. Berry shall bear all costs associated with providing such material including, but not limited to, costs or expenses
for packing and shipping. 
  
 6.5 Information Systems.
Unless provided by Publisher or as otherwise specified in a Schedule, all information systems utilized and developed by Berry in connection with the provision of its services shall remain the sole and exclusive property of Berry, its affiliates
and/or agents, subject to the access rights and licenses set forth herein or in the applicable Schedule. While Publisher is granted a non-exclusive right to access certain identified systems and utilize specified software and hardware, such right or
limited use license is limited to the term of this Agreement and the respective duties of the parties. Publisher is granted no title or ownership interest in any proprietary Berry or affiliate or agent system, software or process and all proprietary
information related to such shall be used and protected by Publisher to the degree and in the manner Berry is required to protect Publisher confidential information. Upon termination or expiration of this Agreement including any applicable wind-down
period, Publisher shall cease use of all such proprietary information systems and software and return to Berry all such information systems and related documents in Publisher’s possession. 
  

 10 

	7.	TERM 

  
 7.1 Term. This Agreement shall be for an initial term commencing upon the Effective Date, including the partial 2005 Directory Cycle, and continuing for the period of time necessary for the publication of five
(5) issues (to be exclusive of any 2005 issues) and then, unless extended as hereinafter provided, terminating (subject to Section 20 below) upon the publication of the fifth (5th) issue of the last Directory on the Directory Schedule. The publication of one (1) edition of each Directory listed on the Directory Schedule shall
constitute a “Directory Cycle.” 
  
 7.2 Extensions.
Unless earlier terminated as provided herein, this Agreement may be extended for additional Directory Cycles upon the mutual written agreement of the parties, such agreement to be reached no later than twelve (12) months prior to
publication of the first Directory in the next Directory Cycle. For any extended term, after issuance of a notice of termination in accordance with the terms hereof, the Agreement will terminate upon publication of the final issue of the last
Directory listed on the Directory Schedule. 
  

	8.	TERMINATION 

  
 8.1 Termination for Cause. Either party may terminate this Agreement, or may separately terminate the Internet Services portion of the Agreement if
the breach applies only to the Internet Services, in the event the other materially breaches this Agreement or fails to perform any material obligation hereunder, including repeated failures to perform in accordance with Service Levels or failures
to perform the Services as otherwise required, upon the following conditions: 
  
 a. The party asserting the breach shall give written notice specifying in reasonable detail the nature of the breach and the remedy required (the “Cure Notice”). 
  
 b. The party in breach shall cure the breach within
thirty (30) days of its receipt of the Cure Notice. 
  
 c. If such cure is not achieved, the party asserting the breach shall be entitled to declare the Agreement terminated by giving written notice which will identify the effective date of termination (the
“Termination Notice”). 
  
 8.2 Dispute
Resolution. Should either party dispute either the existence of a material breach or the timing for or adequacy of the cure, such dispute shall be brought under the Dispute Resolution Procedures set forth in Section 17 but the 30-day
cure period and the initial 30-day dispute resolution period shall run concurrently. 
  
 8.3 Other Termination Rights. In addition to the right to terminate for a material breach, the parties shall have the following specific rights of termination: 
  
 a. Publisher may terminate this Agreement if Berry
materially or substantially fails to perform the Services required to complete publication of the 2005 Directories or the Services listed in the Consulting Services Schedule. This termination right is exercisable only prior to September, 2005. If
Publisher decides to terminate the Agreement 

  

 11 

 
pursuant to this Section 8.3(a), then it will provide Berry thirty (30) days prior written notice and during that thirty (30) day period, the
parties agree to negotiate in good faith whether Berry will be permitted to continue to perform Services on Publisher’s behalf. 
  
 b. Publisher may terminate this Agreement upon completion of the sales campaigns for the 2007 Directory Cycle if the average annual
growth of Gross Internet and Print Revenues Sold (each as defined in Schedule 8) for the 2006 and 2007 Directory Cycles is less than three percent (3%) per annum over the Gross Print Revenues Sold and Gross Internet Revenues Sold subsequent to
the Closing for the 2005 Directories and 2006 Directories, as applicable. Publisher must exercise this right of termination within one hundred and eighty (180) days of the last sales day of the last Directory of the 2007 Directory Cycle or it
will be waived. The effective date of such termination shall be at least one hundred and eighty (180) days after the notice date and the transition shall be subject to the provisions of Section 20 below. 
  
 c. Publisher may terminate this Agreement upon the
assignment (other than an assignment pursuant to the sale of all or substantially all of the assets of Berry, the sale of the stock of Berry, or any merger, consolidation or similar transaction involving Berry) of Berry’s responsibilities to a
third party not authorized by Publisher and not within the control group of companies owned by Berry or BellSouth Corporation. Upon such an assignment Publisher shall have the right to terminate this Agreement effective upon thirty (30) days
written notice. 
  
 d. Publisher shall
also have the right to terminate the Agreement for convenience to be effective upon any date that is on or after the conclusion of the initial distribution of the last Directory of the 2006 Directory Cycle, by providing at least ninety
(90) days’ advance written notice to Berry, and the payment of the appropriate termination fees stipulated in Section 2.6 of Schedule 8 (Financial Schedule) on or before the effective date of termination without regard to any trailing
obligations to provide customer service or collections for directories published prior to such termination 
  
 e. Either party, upon sixty (60) days prior written notice, may terminate this Agreement upon a declaration, filing or finding
of bankruptcy or insolvency of the other not cured within thirty (30) days of such declaration, filing or finding. 
  
 f. Either party, upon thirty (30) days prior written notice, may terminate this Agreement if the Closing Date does not occur
by July 31, 2005. In the event of termination pursuant to this paragraph 8.3(f), Publisher shall pay to Berry the amount set out in Schedule 8, paragraph 2.5(b), Table C, based upon the effective date of termination, plus any amounts unpaid and
past due under paragraph 3.1 of Schedule 8 as of the effective date of termination. 
  
 g. Prior to the Closing Date, Publisher may terminate this Agreement immediately upon written notice in the event that Publisher
discontinues its efforts to procure the directory business from the current publisher of the Directories. In such case, Berry will immediately cease all work performed under this Agreement and will be entitled to compensation for work performed
under this Agreement after the Effective Date based upon the amounts set out in Schedule 8, paragraph 2.5(b), Table C and the effective date of termination, 

  

 12 

 
plus any amount unpaid and past-due under paragraph 3.1 of Schedule 8 as of the effective date of termination. 
  
 8.4 Effect of Termination. Expiration or termination of this Agreement
at any time for any reason shall not relieve either party from any accrued obligations hereunder due and owing upon the date of expiration or termination. Expiration or termination of the Agreement shall trigger the wind down procedures set forth in
Section 20. 
  
 8.5 Survival. The following provisions
will survive the expiration or termination of this Agreement: 2.5, 2.6, 6, 8.4, 8.5, 9.1, 9.2, 10, 11, 12, 13, 17, 20 and 21. 
  

	9.	INDEMNITY AND INSURANCE 

  
 9.1 Indemnification. 
  
 a. Each party shall indemnify, defend and hold the other party and each of its affiliates, officers, directors, shareholders,
employees, contractors, subcontractors, agents and representatives, harmless from and against any and all liabilities, damages, losses, fines, penalties, costs and expenses (individually and collectively “Damages”), arising from any
claims, demands, complaints, actions, suits, or other proceedings (individually and collectively, “Claims”) resulting from or based upon (i) any error, omission, misrepresentation or the negligence or willful misconduct
of a party, its employees or subcontractors; (ii) the breach of any representation or warranty; (iii) any material breach of this Agreement; (iv) any claims of intellectual property infringement or misappropriation; (v) any
injuries or death to persons or damage to property, including theft, caused by the acts or omissions of a party; and (vi) any failure to comply with Laws. 
  

b. If both parties have responsibility, or responsibility cannot be clearly determined between the parties, costs, settlement
judgments, and attorneys’ fees shall be shared between the parties in the same ratio as each party’s apportioned blame for the damages, as agreed upon by the parties or as determined by a court or by an arbitrator pursuant to the dispute
resolution procedures set forth in Section 17. 
  
 9.2
Indemnification Procedure. If a third party brings a claim against a party which is subject to indemnification pursuant to Section 9.1, the party entitled to indemnification (the “Indemnified Party”) will provide the party
with the indemnification obligation (the “Indemnifying Party”) with prompt notice of such claim, provided that the failure to do so will not excuse the Indemnifying Party of its obligations under Section 9.1 except to the
extent prejudiced by such failure or delay. The Indemnifying Party will defend any such claim and have the sole right to control the defense and settlement of such claim, provided that the Indemnified Party may not, without the Indemnified
Party’s consent, enter into any settlement which admits guilt, liability or culpability on the part of the Indemnified Party. The Indemnified Party will provide reasonable cooperation to the Indemnifying Party in defending any such claim. The
Indemnified Party shall have the right, if it so desires, to be represented by its own attorneys at its own expense. 
  
 9.3 Insurance. Berry and Publisher shall each procure and maintain during the term of this Agreement, at each party’s sole cost and expense,
policies of insurance naming the other 

  

 13 

 
party as an additional insured (except for Workers’ Compensation Insurance, where instead the parties will waive their rights of subrogation against
each other and shall cause their respective insurers to do so as well), in such amounts and upon such terms as follows: 
  
 a. Commercial General Liability covering claims for product liability, bodily injury, death, personal injury or property damage
with limits of at least $3,000,000 for each occurrence with a General Aggregate limit of at least $3,000,000 (this minimum can also be satisfied by combination with an umbrella insurance policy); 
  
 b. Comprehensive Automobile Liability covering
ownership, operation and maintenance of all owned, non-owned and hired automobiles used in connection with the performance of this Agreement, with limits of at least $3,000,000 for each accident (this minimum can also be satisfied by combination
with an umbrella insurance policy); and 
  
 c. Worker’s Compensation with statutory limits as required in the state where the Services are being provided, and Employer’s Liability or “Stop Gap” coverage with limits of at least $500,000 for each accident,
$500,000 disease-each employee, $500,000 disease-policy limit. 
  
 All such
policies identified under this Section shall be issued by reputable and financially sound insurance companies with a minimum A.M. Best Rating of A-VII or better and shall provide that no non-renewal, material adverse change or cancellation shall be
effective unless the additional named insured received at least thirty (30) days’ prior written notice. Each party shall furnish to the other party prior to commencing performance, and, on policy renewal thereafter, certificates evidencing
that such policies are in full force and effect. Each certificate so furnished shall acknowledge that other party is named as an additional insured under the applicable policies and shall set forth on its face the applicable limits of liability. The
failure of either party to furnish any such certificate shall not diminish or otherwise affect its obligation to procure and maintain any policies of insurance contemplated by this Section. The obligation to insure imposed by this Section shall not
relieve the parties of any obligations imposed upon it by other Sections of this Agreement. 
  
 9.4 Employees. All persons furnished by Berry or Publisher shall be considered solely Berry’s or Publisher’s employees or agents, as the case may be, but in no case shall such employees or agents be
considered an employee of the other party, and Berry or Publisher individually shall be responsible for payment of all unemployment, Social Security, and other payroll taxes, including contributions from them when required by law. 
  

	10.	LIMITATION OF LIABILITY 

  
 10.1 Liability Limitation. EXCEPT FOR ANY BREACH OF A CONFIDENTIALITY OBLIGATION OR DAMAGES PAYABLE TO A THIRD PARTY WHICH ARE SUBJECT TO
INDEMNIFICATION HEREUNDER, IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, LOST PROFITS, LOST INCOME OR LOST REVENUE, INCIDENTAL DAMAGES, SPECIAL DAMAGES, OR CONSEQUENTIAL DAMAGES,
ARISING OUT OF OR RELATING TO ITS PERFORMANCE OR FAILURE 

  

 14 

 
TO PERFORM UNDER THIS AGREEMENT, WHETHER BASED ON AN ACTION OR CLAIM IN CONTRACT, EQUITY, NEGLIGENCE OR OTHERWISE, AND EVEN IF ADVISED OF THE POSSIBILITY OF
SUCH DAMAGES. 
  

	11.	COVENANT NOT TO COMPETE 

  
 11.1 During the term of this Agreement and for a period of twenty-four (24) months thereafter, Berry shall not publish, on its own behalf, nor
provide any directory sales or publishing services for another publisher, for directories, whether in print, electronic, or other media, in the geographic areas comprising the primary distribution areas of the final issue of the Directories.

  

	12.	NON-SOLICITATION OF EMPLOYEES 

  
 12.1 In recognition that the employees of the respective parties are essential to the fulfillment of their employer’s obligations, it is
agreed that neither party shall hire, solicit, or otherwise directly or indirectly induce or assist in the solicitation for hire of: (a) the other party’s employees during the term or any extension of this Agreement and for a period of one
(1) year thereafter, or (b) former employees within one (1) year after such employee’s termination or separation date from employment with the respective party, without the prior written consent of the other party.
Notwithstanding the foregoing, upon termination or expiration of this Agreement, Publisher shall not be restricted from soliciting for hire, or hiring, any employees that perform substantially all their work relating to this Agreement, and that
reside in Hawaii, excepting any management employee relocated to Hawaii by Berry during the term hereof. 
  

	13.	OWNERSHIP; CONFIDENTIALITY 

  
 13.1 Ownership. The parties acknowledge that as between Publisher and Berry, Publisher shall own all right, title and interest in and to all
Publisher Information and all Directories, including all Intellectual Property Rights therein. Berry hereby grants and assigns to Publisher all of Berry’s rights, title, and interest (including, without limitation, all Intellectual Property
Rights) in and to content contributed to the Directories by or at the direction of Berry and its contractors pursuant to this Agreement. Berry agrees to execute all papers, including patent applications, invention assignments and copyright
assignments, and otherwise agrees to assist Publisher as reasonably required at Publisher’s reasonable expense to perfect in Publisher the rights, title and other interests in Berry’s work product expressly granted to Publisher under this
Agreement. 
  
 13.2 Confidential Information. The rights
and obligations of the parties with respect to the ownership and use of the confidential information of each party is defined in and controlled by the Confidentiality Agreement. 
  

	14.	WARRANTIES 

  
 14.1 Authority. Publisher and Berry warrant that the signatory(ies) to this Agreement on their respective behalf is authorized and has the
requisite corporate authority to bind such party. Berry represents and warrants that it has all applicable right, title and authority 

  

 15 

 
to provide the Services, and that the Services and any deliverables that Berry provides under this Agreement do not infringe upon or misappropriate any
intellectual property or proprietary rights of any third party. 
  
 14.2 Services. Berry represents and warrants that it will perform the Services in a workmanlike and reasonable manner in accordance with the Service Descriptions and Service Levels. 
  
 14.3 Relationship with the LEC. Publisher warrants that it is the
owner or an authorized licensee of the brand of the Incumbent Local Exchange Carrier (ILEC or LEC) for each print Directory and that all print Directories are and shall remain during the term of this Agreement the exclusive directories for the LEC
in Hawaii covered thereby. In addition, Publisher represents that it will maintain all necessary agreements with the LEC to enable the parties to perform their respective obligations under this Agreement and to enjoy their respective rights under
this Agreement. 
  

	15.	PUBLISHER EMPLOYEES; EEO 

  
 15.1 Offer of Employment By Berry. Prior to beginning the sales campaigns for the 2006 Directories, Berry agrees to extend offers to hire those
Publisher employees to be agreed upon in writing by the parties. Any offer of employment shall be subject to Berry’s discretion and standard hiring requirements, including the completion by each prospective employee of an application, an
acceptable background investigation and drug screen, proof of citizenship or immigration status, and a conflict of interest check, execution of a standard employee non-compete, non-solicitation and non-disclosure agreement, and shall otherwise be
subject to Berry’s standard terms and conditions and general policies of employment. For those employees offered a position, each will be offered a position at the same location where the employee was previously employed or within a reasonable
commuting distance from such location. The base salaries and benefits (including health care benefits and accrued vacation and sick time) to be offered as well as titles and job descriptions to be offered shall be in Berry’s reasonable
judgment, provided that such salaries and benefits are substantially consistent with Berry’s general practices. Berry will take into account each such employees’ aggregated seniority earned by their time working for Publisher and
Publisher’s predecessor for purposes of granting vacation to employees accepting offered employment. Any employee accepting an offer of employment by Berry shall terminate employment with Publisher prior to commencing employment with Berry and
Publisher shall be responsible for any and all rights and obligations relative to such employees which were incurred or accrued prior to the termination of employment with Publisher, including salary or other compensation, benefits, benefit
payments, expense reimbursements, and unpaid vacation. Berry shall be responsible for any salary, benefits payments, vacation, or other similar expenses incurred after the effective date of hire of the applicable employees.  
  
 15.2 EEO. Berry agrees to abide by all provisions of the Equal
Employment Opportunity Commission Act and any regulations thereunder as set forth by various federal, state, and local authorities. 
  

 16 

	16.	AUDIT 

  
 16.1 Technical Audit. Upon at least ten (10) calendar days’ notice from Publisher, Berry shall provide Publisher, and any of
Publisher’s designated agents, or Publisher’s regulators with access to (a) facilities where Berry is performing Services, (b) Berry personnel, and (c) data and records relating to the Services, as well as any assistance
that they may require for the purpose of performing audits or inspections of the Services, the locations from which Berry provides the Services (including computer systems), and the business of Publisher relating to the Services (including to verify
performance of the Services, the use of Publisher resources in accordance with the terms of this Agreement, the conduct of Berry’s operations and procedures. 
  
 16.2 Regulatory Compliance Audit. Upon at least fifteen (15) days notice, if any audit by an auditor designated
by Publisher or a regulatory authority results in Berry being notified that Berry is not in compliance with any Law or audit requirement, or indicates that there are any significant deficiencies in Berry’s internal control environment, or in
the disclosure controls and procedures of Publisher, Berry shall (i) promptly take actions to comply with such Law or audit requirement (including as may be necessary to ensure that Publisher is in compliance with the applicable requirements of
the Sarbanes-Oxley Act of 2002 and the rules and regulations thereunder promulgated by the United States Securities and Exchange Commission), and correct the significant deficiencies that are identified. The fifteen (15)-day notice period will not
be applicable where extenuating circumstances require immediate access (e.g., legal or regulatory compliance), so long as Publisher provides notice as soon as practicable. Without limiting the foregoing, if Publisher reasonably determines that a
risk identified in any audit (i) would reasonably be considered a significant deficiency in Publisher’s internal control environment (as such deficiency is characterized under the standards of the American Institute of Certified Public
Accountants); (ii) would require Publisher to disclose the risk in accordance with Section 302 of the Sarbanes-Oxley Act of 2002; or (iii) would prevent Publisher from attesting to the effectiveness of its internal control environment
pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, then Berry will use all commercially reasonable efforts to resolve such risk within fifteen (15) days after Publisher provides the audit report to Berry. 
  
 16.3 Fees and Expenses Audit. Upon notice from either party, the other
party shall provide the notifying party and agents appointed by the notifying party (“Agents”) with access to such financial records and supporting documentation as may be requested by the notifying party, and the notifying party or
its Agents may audit the fees and expenses to determine if such are accurate and in accordance with this Agreement. Subject to the dispute resolution provisions of Section 17, if, as a result of such audit, the notifying party determines that
the other party has overcharged the notifying party, it shall notify the other party of the amount of such overcharge and the other party shall promptly pay to the notifying party the amount of the overcharge, plus interest (at the rate in
Section 4.0 of Schedule 8 (Financial Terms) calculated from the date of receipt by the other party of the overcharged amount until the date of payment to the notifying party. If an audit reveals that the other party has undercharged the
notifying party, it shall notify the other party and promptly pay to the other party the amount of the undercharge, plus interest calculated from the date such charges were originally invoiced until the date of payment. In addition to the notifying
party’s rights set forth above, if any audit reveals an 

  

 17 

 
overcharge greater or equal to five percent (5%) of amount actually owing during the period being audited, the other party shall reimburse the notifying
party for the reasonable costs of such audit. 
  
 16.4 Record
Retention. Each party shall retain a complete audit trail of financial and non-financial transactions resulting from or related to this Agreement, and all records and supporting documentation sufficient to satisfy the requirements set forth in
this Section 16 and to document the Services and the fees or expenses paid or payable under this Agreement, as required by Law, and in any event for at least seven (7) years after the later of the termination or expiration of this
Agreement. 
  
 16.5 Facilities. Each party shall provide to
the other and to the other’s Agents, on its premises, space, office furnishings (including lockable cabinets), and utilities as the other party or such Agents may reasonably require to perform the audits described in this Section 16.

  
 16.6 Third-Party Auditors. All external auditors and
inspectors will be required to execute confidentiality agreements with Publisher and Berry in a form reasonably satisfactory to both parties. 
  
 16.7 General. There is no restriction on the number or frequency of audits under this Section. Audits will be conducted in a manner that does not
unreasonably interfere with the other party’s ability to provide the Services. No audit shall require a party to breach an obligation of confidentiality or nondisclosure owed by that party to any third party; provided, however, that the audited
party shall use all reasonable efforts to make all financial data necessary to confirm costs, expenses or revenue available to the auditing party. If the other party believes that an audit (or number of audits) is or is likely to have a direct
affect on its ability to provide the Services, the parties will address such concerns in accordance with the dispute resolution procedures of Section 17.  
  

	17.	DISPUTE RESOLUTION PROCEDURE 

  
 17.1 Disputes. In the event a dispute arises under this Agreement, the parties shall initiate the following procedure for the resolution of such
dispute (“Dispute Resolution Procedure”). 
  
 a. The parties shall attempt to identify an individual that each is willing to accept as a mediator of the disputed issue. (For purposes of the following Dispute Resolution Procedure, if a single mediator is
selected, then this mediator shall commence the proceeding with the submission provided for in subparagraph (b). In the event that such an individual cannot be agreed upon within seven (7) business days of the determination that a dispute
requiring resolution exists, then each party will select a mediator within five (5) business days, that each in its sole discretion feels competent to resolve the dispute. The two (2) designated mediators will in turn mutually select a
third mediator who shall be added as a mediator of the dispute. Collectively the three mediators will be referred to as the “Dispute Resolution Panel.” 
  
 b. Each of the parties shall submit to the Dispute Resolution Panel such materials and written
presentations as they feel will assist the Panel in resolving the issue that is subject to dispute. The Dispute Resolution Panel may, but need not, elect to request an oral presentation from each of the parties regarding the issue to be resolved.

  

 18 

 c. The Dispute Resolution Panel must apply criteria set forth in the Agreement
that relates to the particular issue to be resolved. The Dispute Resolution Panel may not develop a basis for resolving the dispute that is inconsistent with or not found in the Agreement. 
  
 d. The Dispute Resolution Panel shall require that
the parties’ presentations provided for in subparagraph (b) be presented to the Dispute Resolution Panel within ten (10) business days of the selection of the Dispute Resolution Panel. If oral presentation is desired by the Panel,
such oral presentation shall occur within five (5) business days of the submission of the written materials, and the Dispute Resolution Panel shall render its decision within five (5) business days of the last presentation (whether written
or oral) to them. 
  
 e. A resolution of
the dispute concurred in by at least a majority of the Dispute Resolution Panel shall be binding on the parties. In the event that the Panel is unable to reach a unanimous or concurring decision, then the position that is the average of the two
Panelists that are the closest shall be the resolution of the dispute. In the event that all Panelists are equally distant, then the middle Panelist’s position shall be the resolution of the Panel. 
  
 f. All costs of the dispute resolution procedure
shall be borne equally by the parties, excluding each party’s costs for counsel and other advisors. 
  
 g. There shall be no judicial or other appeal from the determination of the Dispute Resolution Panel. 
  
 h. Accounting Disputes as described in the Financial
Schedule shall be resolved under the terms of the Financial Schedule. 
  

	18.	FORCE MAJEURE 

  
 18.1 If any party hereto shall be prevented from performing any of its obligations under this Agreement because of any act of God, lockout, riot or
civil commotion, act of public enemy, law, order or act of government, whether federal, state or local, or other similar event beyond the party’s control, hereinafter referred as a “force majeure event,” then that party shall be
excused from performing any of its obligations which are so prevented. However, the party so excused is responsible for performing those obligations, of which it had been relieved due to the force majeure event, as soon as the force majeure event
has ceased to prevent the party’s performance. 
  

	19.	ACCESS TO BERRY TRAINING 

  
 19.1 Berry will make available, and Publisher personnel, but not the personnel of the successors and assigns of Publisher, will have access to the
Berry Management Assessment Center and other training that Berry provides to its employees, excluding any training offered by Berry Affiliates. Publisher’s access to Berry Management Assessment Center training or any other Berry training
courses will be limited to five persons per year to any individual course. To the extent that any Publisher personnel should wish to participate in any of the course offerings 

  

 19 

 
offered by Berry, Berry will make the reasonable arrangements to allow such Publisher personnel to attend the training programs at Berry’s cost.
Publisher shall be responsible for the expenses incurred by its employees in attending such training and any incremental costs incurred by Berry by such attendance, i.e., additional textbooks or training materials, etc. Should the volume of
Publisher participation materially increase Berry’s costs, the parties shall agree to appropriate reimbursement at Berry’s actual direct cost. All training manuals and other materials shall be the exclusive property of Berry and
Publisher’s personnel will return all such materials to Berry upon the conclusion of the course. 
  

	20.	WINDING DOWN PROCEDURES 

  
 20.1 Winding Down Procedures. In anticipation of the termination or expiration of this Agreement or of Berry’s duties with respect to the
Services or Directories, Publisher will provide reasonable written instructions establishing procedures for the wind down of the business relationship created by this Agreement and the orderly transition of the Services upon the issuance of written
notice of such termination or expiration. Berry agrees to use in good faith its best efforts to comply with Publisher’s directives in carrying out such procedures, including making all data files available for transfer in industry standard
formats. Publisher and Berry agree that it is mutually beneficial to the parties’ customers and to the public that an orderly transition process occur, which focuses on providing continued quality service to the advertisers and
preventing undue disruption and loss to Publisher’s business. Specifically, but not as a limitation on its obligations hereunder, Berry shall carry out its duties hereunder during the wind down period in conformity with the terms of this
Agreement. 
  
 20.2 Wind Down Committee. Upon the issuance
of written notice of termination or expiration of this Agreement or as to any Directories or Services or as soon thereafter as practicable, Publisher and Berry shall meet to discuss the instructions of Publisher given pursuant to the wind down
procedures above and to coordinate the aspects of the wind down process. Both Publisher and Berry shall designate a representative or representatives to a wind down team (“Wind Down Team”), all of which representatives shall
coordinate the wind down of the business relationship between Publisher and Berry in accordance with the standards set forth above. 
  
 20.3 Transition- Expiration. For a period beginning one hundred and eighty (180) days prior to the expiration of the original or any extended
term of the Agreement, Berry will continue to provide Services in accordance with Publisher’s instructions under subparagraph 20.1, and the agreed upon transition plan for the remainder of the final Directory Cycle. 
  
 20.4 Transition- Termination for Convenience. In the event Publisher
exercises it right of termination pursuant to subparagraph 8.3(d) hereof, for the period commencing with the effective date of termination set out in Publisher’s notice of termination issued in accordance with subparagraph 8.3(d) and ending no
later than one hundred eighty (180) days after the effective date of termination (the “Convenience Transition Period”), Berry will continue to provide the Services in accordance with Publisher’s instructions under subparagraph
20.1, and the agreed upon transition plan for the Directories for the remainder of the then current Directory Cycle, unless Publisher directs otherwise. If Publisher directs that Berry not begin a sales campaign for a Directory where the sales
campaign would normally begin or Publisher 

  

 20 

 
directs that Berry cease an on-going sales campaign, then Berry shall have no further responsibility to provide Services for that Directory and will
transition its responsibilities to Publisher or Publisher’s designee in accordance with the transition plan. Publisher may direct Berry to begin a sales campaign for a Directory where such sales campaign would normally begin during the
Convenience Transition Period but with the object of transitioning responsibilities from Berry for such Directory prior to the completion of the sales campaign or the publication, printing and distribution of such Directory. In such event or in the
event where Publisher directs Berry to transition an ongoing sales campaign, Publisher will pay Berry the applicable termination charges set forth in paragraph 2.5 (a) of Schedule 8 (Financial Terms). 
  
 20.5 Transition- Termination for Sales Performance. In the event
Publisher elects to terminate the Agreement pursuant to subparagraph 8.3(b) hereof, for the period commencing with the date of Publisher’s notice of termination to Berry and ending on the effective date of termination (“Termination
Transition Period”), Berry will continue to provide the Services, in accordance with Publisher’s instructions under subparagraph 20.1, and the agreed upon transition plan for Directories having sales campaign start dates within that
period, unless Publisher directs otherwise. If Publisher directs that Berry not begin a sales campaign for a Directory where the sales campaign would normally begin, or Publisher directs that Berry cease an on-going sales campaign, then Berry shall
have no further responsibility to provide Services for that Directory and will transition its responsibilities to Publisher or Publisher’s designee in accordance with the transition plan. Publisher may direct Berry to begin a sales campaign for
a Directory where such sales campaign would normally begin during the Termination Transition Period but with the object of transitioning responsibilities from Berry for such Directory prior to the completion of the sales campaign or the publication,
printing and distribution of such Directory. In such event or in the event where Publisher directs Berry to transition an ongoing sales campaign, Publisher will pay Berry a standard sales commission on all sales of advertising made by Berry for such
Directory prior to the expiration of its obligations and will pay Berry a reasonable amount for other expenses incurred by Berry regarding such Directory. The amounts payable will be set forth in the transition plan for such Directory. 

 
 20.6 Transition- For Cause- Other. In the event either party
exercises a right of termination under paragraph 8.1 or subparagraphs 8.3(a), 8.3(c), 8.3(e) or 8.3(f) hereof the provision of Services shall terminate as of the effective date of termination set out in the notice. 
  
 20.7 Information Transfer. Regardless of any other time restrictions
or schedules set forth in this Section 20, during the Termination Transition Period or Convenience Transition Period, as applicable, and for such time as may reasonably be required to achieve a transfer of all applicable data, Publisher and
Berry agree to provide for an orderly process whereby all advertising records and all customer subscriber record data will be transferred to Publisher, or any other entity designated by Publisher, in an industry-standard format and containing the
content reasonably required by Publisher. To the extent that Berry shall perform customer service responsibilities for the life of the final issue of the directories that will be published prior to the effective date of the termination or expiration
of this Agreement or Berry’s duties with respect to the Directory(ies) of Publisher, Publisher and Berry agree to provide for an orderly process whereby advertising records and customer subscriber record data will be transferred to Publisher,
or any other entity designated by Publisher, in an industry-standard format and containing the content reasonably required by Publisher. 
  

 21 

 20.8 Cool Off Period. During the term of the Agreement and for a period of two (2) years
after its termination or expiration for any reason, the parties agree to take reasonable measures to avoid subscriber confusion with respect to the identity of competing directory publishers, including mandatory statements during subscriber contacts
clearly identifying the company and product represented. 
  

	21.	MISCELLANEOUS 

  
 21.1 Notice. Unless otherwise specified herein, all notices or communications which are required or permitted hereunder shall be in writing and
shall be deemed to have been duly given if delivered in person or mailed by certified or registered mail, return receipt requested and postage prepaid, as follows: 
  

			
	 If to Berry:
  
 Daniel J. Graham
 President and CEO
 L. M. Berry and Company
 3170 Kettering Boulevard
 Dayton, Ohio 45439
  
 With a copy to:
  
 Joseph S. Armanini

General Counsel
 L. M. Berry and Company
 3170 Kettering Boulevard
 Dayton, Ohio 45439
	 	 If to Publisher:
  
 Ron Montgomery
 c/o Matthew P. Boyer
 Managing Director
 THE CARLYLE GROUP
 520 Madison Avenue
 New York, NY 10022

  
 21.2 Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of the State of Hawaii, without regard to principles of conflicts of laws. 
  
 21.3 Counterparts. This Agreement may be executed in any number of counterparts, but all such counterparts shall constitute but one agreement.

  
 21.4 Waiver. Any of the terms and conditions of this
Agreement may be waived at any time and from time-to-time in writing by the party entitled to the benefit thereof without affecting any other terms and conditions of this Agreement. The waiver by either party hereto of a breach of any provision of
this Agreement shall not operate or be construed as a waiver of any subsequent breach. 
  
 21.5 Severability. The invalidity or unenforceability of any term or provision of this Agreement shall not effect the validity or enforceability of any of the remaining terms or provisions hereof. 

 

 22 

 21.6 Headings; Construction. The headings to the clauses, sub-clause and parts of this Agreement
are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. Any ambiguity in this Agreement shall be interpreted equitably without regard to which party drafted the
Agreement or any provision thereof. The terms “this Agreement,” “hereof,” “hereunder” and any similar expressions refer to this Agreement and not to any particular Section or other portion hereof. The parties hereto
agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting party will not be applied in the construction or interpretation of this Agreement. As used in this Agreement, the words “include”
and “including,” and variations thereof, will be deemed to be followed by the words “without limitation.” 
  
 21.7 Cumulative Remedies. Except as specifically provided for to the contrary, all remedies provided for in this Agreement shall be cumulative and
in addition to and not in lieu of any other remedies available to any party at law, in equity or otherwise. 
  
 21.8 Entire Agreement; Amendment. This Agreement (including the Schedules hereto) constitutes the full and entire understanding and agreement
between the parties with regard to the subject matter hereof, and supersedes any prior communications, representations, understandings and agreements, either oral or written, between the parties with respect to such subject matter. Except as
expressly provided otherwise herein, this Agreement may not be altered except by a written instrument signed by authorized legal representatives of both parties. Any waiver of the provisions of this Agreement or of a party’s rights or remedies
under this Agreement must be in writing to be effective. Failure, neglect or delay by a party to enforce the provisions of this Agreement or its rights or remedies at any time will not be construed and will not be deemed to be a waiver of such
party’s rights under this Agreement and will not in any way affect the validity of the whole or any part of this Agreement or prejudice such party’s right to take subsequent action. No single or partial exercise of any right, power or
privilege granted under this Agreement shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 
  
 21.9 Binding Effect. This Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the respective successors and permitted
assignees of the parties hereto. Except as otherwise expressively provided herein, nothing expressed or implied herein is intended or shall be construed to confer upon or give any person, firm or corporation, other than the parties hereto, any right
or remedy hereunder or by reason hereof. 
  
 21.10 Assignment.
Except as provided herein to the contrary, this Agreement shall not be assigned, or novated, by operation of law or otherwise by either party, except upon the written consent of the non-assigning party, which consent shall not be unreasonably
withheld, conditioned or delayed. No partial assignment of this Agreement shall be permitted. Publisher may assign all of its rights and obligations hereunder to an Affiliate without first obtaining Berry’s consent provided Publisher gives
Berry written notice and Publisher’s Affiliate agrees to be bound by the terms and conditions hereof and has the authority and capability to perform the obligations assumed, pursuant to assignment or transfer of all necessary rights under any
publishing or other necessary agreements with the LEC to the Affiliate. Publisher may assign all of its rights and obligations hereunder to any successor to the business of Publisher by acquisition, change of control, merger, consolidation, or sale
of substantially all of Publisher’s assets without first obtaining Berry’s consent, provided that such successor is the assignee or transferee of all necessary rights under Publisher’s publishing and other necessary agreements with
the LEC and is not a direct competitor of Berry engaged in the print directory advertising and publishing business (provided, however, for the purposes of this subpart (ii) only, “direct competitor” shall not include a private equity
firm that maintains an ownership interest in a direct competitor of Berry engaged in the print directory advertising and publishing business or any entity formed or used by a private equity firm in consummating a transaction contemplated by this
Section 21). If Berry is unwilling to consent to an assignment by Publisher to a direct competitor of Berry, and Publisher completes the underlying transaction without Berry’s consent, such assignment shall not constitute a breach of this
Agreement, but Berry shall be entitled to terminate this Agreement upon one hundred eighty (180) days’ written notice, such notice to be delivered no later than sixty (60) days after the completion of such transaction. It is expressly
understood that in the event that a successor to Publisher is a customer of Berry at the time of a transaction covered by this section, then Berry shall not have any termination rights as a result of such transaction. 
  

 23 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

									
	L. M. BERRY AND COMPANY	 	 	 	HAWAIIAN TELCOM MERGER SUB, INC.
					
	 	 	/s/ Daniel J. Graham	 	 	 	 	 	/s/ Matthew P. Boyer
	By:	 	Daniel J. Graham	 	 	 	By:	 	Matthew P. Boyer
	Title:	 	President and CEO	 	 	 	Title:	 	Vice President and Secretary

  

 24

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