Document:

Five Year Credit Agreement

 Exhibit 10.1 
  
 FIVE-YEAR 
  
 CREDIT AGREEMENT 
  
 dated as of June 4, 2004 
  
 by and among 
  
 COX RADIO, INC.

  
 and 
  
 The Lenders Party Hereto 
  
 and 
  
 JPMORGAN CHASE BANK 
 as Administrative Agent for the Lenders 
  

  
 WACHOVIA BANK, NATIONAL ASSOCIATION 
 as Co-Syndication Agent 
  

  
 BANK OF AMERICA, N.A. 
 as Co-Syndication Agent 
  

  

J.P. MORGAN SECURITIES INC. 
 as Co-Lead
Arranger and Joint Bookrunner 
  

  
 WACHOVIA CAPITAL MARKETS, LLC, 
 as Co-Lead
Arranger and Joint Bookrunner 
  

  

 COX RADIO, INC. 
  

Table of Contents 
  

							
	 ARTICLE I
	  	1
	 	 	SECTION 1.01.	 	Defined Terms	  	1
	 	 	SECTION 1.02.	 	Terms Generally	  	15
	 	 	SECTION 1.03.	 	Accounting Terms; GAAP	  	15
		
	 ARTICLE II
	  	15
	 	 	SECTION 2.01.	 	Revolving Credit Loans	  	15
	 	 	SECTION 2.02.	 	Setoff, Counterclaims and Taxes	  	24
	 	 	SECTION 2.03.	 	Withholding Tax Exemption	  	25
	 	 	SECTION 2.04.	 	Discretionary Loans	  	26
	 	 	SECTION 2.05.	 	Interest Election	  	27
	 	 	SECTION 2.06.	 	Obligations Several, Not Joint	  	28
	 	 	SECTION 2.07.	 	Replacement of Lenders	  	28
	 	 	SECTION 2.08.	 	Letters of Credit	  	29
	 	 	SECTION 2.09.	 	Evidence of Debt	  	33
		
	 ARTICLE III
	  	34
	 	 	SECTION 3.01.	 	Optional Prepayments	  	34
	 	 	SECTION 3.02.	 	Required Prepayments	  	34
	 	 	SECTION 3.03.	 	Place, etc. of Payments and Prepayments	  	35
		
	ARTICLE IV	  	36
	 	 	SECTION 4.01.	 	Optional Reduction or Termination of Commitments	  	36
	 	 	SECTION 4.02.	 	Termination of Commitments	  	36
	 	 	SECTION 4.03.	 	Commitment Fees	  	36
	 	 	SECTION 4.04.	 	LC Participation Fees	  	37
	 	 	SECTION 4.05.	 	Administrative Agent’s Fee	  	37
		
	 ARTICLE V
	  	37
		
	 ARTICLE VI
	  	37
	 	 	SECTION 6.01.	 	Organization; Qualification; Subsidiaries	  	37
	 	 	SECTION 6.02.	 	Financial Statements	  	38
	 	 	SECTION 6.03.	 	Actions Pending	  	38
	 	 	SECTION 6.04.	 	Default	  	38
	 	 	SECTION 6.05.	 	Title to Assets; Licenses; Intellectual Property	  	38
	 	 	SECTION 6.06.	 	Payment of Taxes	  	39
	 	 	SECTION 6.07.	 	Conflicting or Adverse Agreements or Restrictions	  	39
	 	 	SECTION 6.08.	 	Purpose of Loans	  	39
	 	 	SECTION 6.09.	 	Authority; Validity	  	39
	 	 	SECTION 6.10.	 	Consents or Approvals	  	39
	 	 	SECTION 6.11.	 	Compliance with Law	  	40

  

 i 

							
	 	 	SECTION 6.12.	 	ERISA	  	40
	 	 	SECTION 6.13.	 	Investment Company Act	  	40
	 	 	SECTION 6.14.	 	Disclosure	  	40
		
	 ARTICLE VII
	  	40
	 	 	SECTION 7.01.	 	Conditions Precedent to the Initial Extension of Credit	  	40
	 	 	SECTION 7.02.	 	Conditions Precedent to Each Extension of Credit	  	41
		
	 ARTICLE VIII
	  	42
	 	 	SECTION 8.01.	 	Certain Financial Covenants	  	42
	 	 	SECTION 8.02.	 	Financial Statements and Information	  	43
	 	 	SECTION 8.03.	 	Existence; Laws; Obligations	  	44
	 	 	SECTION 8.04.	 	Notice of Litigation and Other Matters	  	45
	 	 	SECTION 8.05.	 	Books and Records	  	45
	 	 	SECTION 8.06.	 	Inspection of Property and Records	  	45
	 	 	SECTION 8.07.	 	Maintenance of Property; Insurance	  	46
	 	 	SECTION 8.08.	 	ERISA	  	46
	 	 	SECTION 8.09.	 	Maintenance of Business Lines	  	46
	 	 	SECTION 8.10.	 	Compliance with Material FCC Licenses	  	46
		
	 ARTICLE IX
	  	47
	 	 	SECTION 9.01.	 	Mortgages, Etc	  	47
	 	 	SECTION 9.02.	 	Merger; Consolidation; Disposition of Assets	  	48
	 	 	SECTION 9.03.	 	Restricted Payments	  	48
	 	 	SECTION 9.04.	 	Limitation on Margin Stock	  	48
	 	 	SECTION 9.05.	 	Loans and Advances to and Investments in Unrestricted Subsidiaries	  	48
	 	 	SECTION 9.06.	 	Debt	  	49
	 	 	SECTION 9.07.	 	Transactions with Affiliates	  	49
		
	 ARTICLE X
	  	50
	 	 	SECTION 10.01.	 	Failure to Pay Principal or Interest	  	50
	 	 	SECTION 10.02.	 	Failure to Pay Other Sums	  	50
	 	 	SECTION 10.03.	 	Failure to Pay Other Debt	  	50
	 	 	SECTION 10.04.	 	Misrepresentation or Breach of Warranty	  	51
	 	 	SECTION 10.05.	 	Violation of Certain Covenants	  	51
	 	 	SECTION 10.06.	 	Violation of Other Covenants, etc.	  	51
	 	 	SECTION 10.07.	 	Undischarged Judgment	  	51
	 	 	SECTION 10.08.	 	Change of Control	  	51
	 	 	SECTION 10.09.	 	Assignment for Benefit of Creditors or Nonpayment of Debts	  	51
	 	 	SECTION 10.10.	 	Voluntary Bankruptcy	  	51
	 	 	SECTION 10.11.	 	Involuntary Bankruptcy	  	52
	 	 	SECTION 10.12.	 	Dissolution	  	52

  

 ii 

							
		
	 ARTICLE XI
	  	52
		
	 ARTICLE XII
	  	53
	 	 	SECTION 12.01.	 	Appointment of Administrative Agent	  	53
	 	 	SECTION 12.02.	 	Indemnification of Administrative Agent	  	53
	 	 	SECTION 12.03.	 	Limitation of Liability	  	54
	 	 	SECTION 12.04.	 	Independent Credit Decision	  	54
	 	 	SECTION 12.05.	 	Rights of JPMCB	  	55
	 	 	SECTION 12.06.	 	Successor to the Administrative Agent	  	55
	 	 	SECTION 12.07.	 	Other Agents and Sub-Agents	  	55
		
	 ARTICLE XIII
	  	56
	 	 	SECTION 13.01.	 	Payment of Expenses	  	56
	 	 	SECTION 13.02.	 	Notices	  	56
	 	 	SECTION 13.03.	 	Setoff	  	57
	 	 	SECTION 13.04.	 	Indemnity and Judgments	  	58
	 	 	SECTION 13.05.	 	Interest	  	58
	 	 	SECTION 13.06.	 	Governing Law; Submission to Jurisdiction; Venue	  	59
	 	 	SECTION 13.07.	 	Survival of Representations and Warranties; Binding Effect; Assignment	  	60
	 	 	SECTION 13.08.	 	Counterparts	  	64
	 	 	SECTION 13.09.	 	Severability	  	64
	 	 	SECTION 13.10.	 	Descriptive Headings	  	64
	 	 	SECTION 13.11.	 	Representation of the Lenders; Notification by the Lenders	  	64
	 	 	SECTION 13.12.	 	Final Agreement of the Parties	  	64
	 	 	SECTION 13.13.	 	Waiver of Jury Trial	  	64
	 	 	SECTION 13.14.	 	Confidentiality	  	65

  

 iii 

 List of Exhibits 
  
 The Exhibits below have been omitted but will be provided to the Securities and Exchange Commission supplementally upon its
request. 
  

					
			
	 Exhibit 2.01(a)
	 	-	 	Lenders and Commitments
			
	 Exhibit 2.01(h)(iv)
	 	-	 	Eurocurrency Liabilities (Regulation D)
			
	 Exhibit 2.08
	 	-	 	Existing Letters of Credit
			
	 Exhibit 6.01
	 	-	 	List of Subsidiaries
			
	 Exhibit 6.03
	 	-	 	List of Actions Pending
			
	 Exhibit 7.01(a)
	 	-	 	Opinion of the Company’s Counsel addressed to the Lenders
			
	 Exhibit 7.01(b)
	 	-	 	Officer’s Certificate
			
	 Exhibit 9.01(d)
	 	-	 	List of Liens and Security Interests
			
	 Exhibit 13.02
	 	-	 	Addresses for Notices
			
	 Exhibit 13.07(c)
	 	-	 	Assignment and Acceptance

  

 iv 

 THIS FIVE-YEAR CREDIT AGREEMENT (the “Agreement”), made as of the 4th day of June, 2004, is among COX RADIO, INC. (the “Company”), the LENDERS party hereto and JPMORGAN CHASE BANK, as Administrative
Agent for the Lenders (hereinafter in such capacity called the “Administrative Agent”), WACHOVIA BANK, NATIONAL ASSOCIATION, as Co-Syndication Agent, BANK OF AMERICA, N.A., as Co-Syndication Agent, J.P. MORGAN SECURITIES INC., as
Co-Lead Arranger and Joint Bookrunner and WACHOVIA CAPITAL MARKETS, LLC, as Co-Lead Arranger and Joint Bookrunner. 
  
 The Company has requested the Lenders to extend Commitments (such term and each other capitalized term used and not otherwise defined herein having the
meaning assigned to it in Article I) under which the Company may obtain extensions of credit in an aggregate principal or face amount at any time outstanding not greater than $500,000,000 (of which up to $50,000,000 may be in the form of letters of
credit). The proceeds of the Borrowings made and the letters of credit issued hereunder will be used by the Company only to refinance other borrowings of the Company and letters of credit issued for its account and for general corporate purposes of
the Company and its Subsidiaries. 
  
 The Lenders are willing to
establish the credit facility referred to in the preceding paragraph upon the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 SECTION 1.01. Defined Terms. As used in this Agreement, the following words and terms shall have the respective meanings indicated opposite each of
them: 
  
 “Additional Letter of Credit” shall
mean a letter of credit issued hereunder by the Issuing Lender on or after the date hereof. 
  
 “Affiliate” shall mean, when used with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified. 
  
 “Agreement” shall mean this Five-Year Credit Agreement, as the same may be amended from time to time. 
  
 “Alternate Base Rate” shall mean, for any day, a rate per annum equal to the greater of (a) the Floating Rate in effect on such day; or
(b) the Federal Funds Borrowing Rate in effect for such day plus 1⁄2 of 1%. For purposes of this Agreement, any change in the Alternate Base Rate due to a change in the Floating Rate or the Federal Funds Borrowing Rate shall be effective on the
effective date of such change in the Floating Rate or the Federal Funds Borrowing Rate. 
  

 1 

 “Alternate Base Rate Loans” shall mean those Loans which may be made under this
Agreement and which are described in Section 2.01(e)(ii) on which the Company shall pay interest at a rate based on the Alternate Base Rate. 
  
 “Applicable Percentage” shall mean, with respect to any Lender at any time, the percentage of the aggregate amount of the Commitments
represented by such Lender’s Commitment at such time. If the Commitments have terminated or expired, the Applicable Percentage shall be determined based upon the Commitments most recently in effect, giving effect to any assignments. 

 
 “Assignment and Acceptance” shall have the meaning
specified in Section 13.07(c) hereof. 
  
 “Borrowings” and individually, “Borrowing” shall mean a Conventional Borrowing. 
  
 “Borrowing Date” shall mean a date upon which a Borrowing or Discretionary Borrowing is to be made under Article II. 
  
 “Borrowing Pro Rata Share” shall mean, with respect to any
Lender, a fraction (expressed as a percentage rounded upward, if necessary, to the nearest whole multiple of 0.01%) (A) the numerator of which shall be a principal amount equal to such Lender’s Commitment, and (B) the denominator of which shall
be the aggregate principal amount equal to all Lenders’ Commitments. 
  
 “Business Day” shall mean a day when the Reference Lenders and the Administrative Agent are open for business; provided that if the applicable Business Day relates to Eurodollar Loans, it shall
mean a day when the Reference Lenders and the Administrative Agent are open for business and banks are open for dealings in Dollar deposits in the London interbank market. 
  
 “CD Rate” for any Interest Period shall mean, for each CD Rate Loan comprising all or part of the relevant
Conventional Borrowing, an interest rate per annum determined by the Administrative Agent to be equal to the sum of: 
  
 (a) the rate per annum obtained by dividing (i) the per annum rate of interest determined by the Administrative Agent to be the average (rounded upward to
the nearest whole multiple of 0.01%, if such average is not such a multiple) of the bid rate determined independently by each Reference Lender, at 10:00 a.m. (New York, New York time), or as soon thereafter as is practicable, on the first day of
such Interest Period, of a certificate of deposit dealer of recognized standing selected by each Reference Lender for the purchase at face value of its certificates of deposit in an amount approximately equal or comparable to the aggregate principal
amount of such CD Rate Loans, with a maturity equal to such Interest Period, by (ii) the result obtained by subtracting from 100% all reserve (including, without limitation, any imposed by the Board of Governors of the Federal Reserve System),
special deposit or similar requirements (expressed as a rate per annum) applicable (or scheduled at the time of determination to become applicable during, such Interest Period) to such certificates of deposit, plus 
  

 2 

 (b) the weighted average of annual assessment rates, determined by the Administrative Agent to be in
effect on the first day of such Interest Period, used to determine the then current annual assessment payable by the Reference Lenders to the Federal Deposit Insurance Corporation for such Corporation’s insuring Dollar deposits of such
Reference Lenders in the United States. 
  
 “CD Rate
Loans” shall mean those Loans which may be made under this Agreement and which are described in Section 2.01(e)(i) on which the Company shall pay interest at a rate based on the CD Rate. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as
amended. 
  
 “Commitment” shall mean as to any
Lender the amount set forth beside such Lender’s name on Exhibit 2.01(a) attached hereto as such amount may be increased or reduced from time to time pursuant to the terms of this Agreement and “Commitments” shall mean the
Commitments of all of the Lenders. 
  
 “Commitment
Fees” shall have the meaning set forth in Section 4.03. 
  
 “Commitment Fee Rate” shall have the meaning set forth under the definition of “Margin Percentage”. 
  
 “Consolidated Debt” shall mean, without duplication, all Debt of the Company and its Restricted Subsidiaries on a consolidated basis
determined in accordance with GAAP, and including guaranties of indebtedness for borrowed money or for the deferred purchase price of Property and obligations under or with respect to standby letters of credit of the Company and the Restricted
Subsidiaries, but only to the extent such liabilities for guaranties or standby letters of credit in the aggregate exceed $25,000,000; provided further that for purposes of this definition, Consolidated Debt shall not include guaranties by
the Company or any Restricted Subsidiary of overdrafts of any Restricted Subsidiary, which occur in the ordinary course of business and remain outstanding for a period not to exceed seven Business Days; provided further, that for purposes of
computing the Leverage Ratio, such computation shall exclude any effect on the Company’s or any Restricted Subsidiary’s debt securities or Indexed Securities in respect of the accounting for all derivative financial instruments in
accordance with GAAP, including derivative financial instruments that may be embedded in the Company’s or any Restricted Subsidiary’s debt securities or Indexed Securities and freestanding derivative financial instruments used by the
Company or any Restricted Subsidiary for hedging purposes, but such computation shall in any event include the original principal amount and any accreted principal amount of such debt securities and Indexed Securities. The effect on the computation
of the Leverage Ratio that may be excluded in respect of the accounting for all derivative financial instruments in accordance with GAAP includes: (i) entries associated with the mark-to-market of all freestanding and embedded derivative financial
instruments classified as a component of 
  

 3 

 the Company’s or any Restricted Subsidiary’s debt securities or Indexed Securities in the consolidated balance
sheet of the Company and (ii) entries to record and accrete additional debt discount that may arise from the bifurcation of derivative financial instruments embedded in the Company’s or any Restricted Subsidiary’s debt securities or
Indexed Securities. 
  
 “Consolidated Interest
Expense” shall mean the sum of (i) interest expense, after giving effect to any net payments made or received by the Company and its Restricted Subsidiaries with respect to interest rate swaps, caps and floors or other similar agreements,
and (ii) capitalized interest expense, in each case of the Company and its Restricted Subsidiaries for the most recently completed four fiscal quarter period, all on a consolidated basis determined in accordance with GAAP; provided that for
purposes of this definition, interest expense shall exclude any effect on interest expense in respect of the accounting for all derivative financial instruments in accordance with GAAP, including derivative financial instruments that may be embedded
in the Company’s or any Restricted Subsidiary’s debt securities or Indexed Securities and freestanding derivative financial instruments that may be used by the Company or any Restricted Subsidiary for hedging purposes. The effect on
interest expense that may be excluded in respect of the accounting for all derivative financial instruments in accordance with GAAP includes: (i) entries to record noncash interest expense (or income) associated with the mark-to-market of
freestanding and embedded derivative financial instruments, (ii) noncash interest expense associated with the accretion of additional debt discount that may arise from the bifurcation of derivative financial instruments embedded in the
Company’s or any Restricted Subsidiary’s debt securities or Indexed Securities, and (iii) noncash interest expense (or income) that may arise if the Company’s or any Restricted Subsidiary’s hedging strategies become ineffective,
as determined in accordance with GAAP. 
  
 “Consolidated
Net Worth” shall mean total assets of the Company and all Restricted Subsidiaries less all liabilities of the Company and all Restricted Subsidiaries, as determined in accordance with GAAP. 
  
 “Consolidated Operating Cash Flow” shall mean, for the most
recently completed fiscal quarter and the three immediately preceding fiscal quarters, the sum of (i) operating income of the Company and its Restricted Subsidiaries (less actual cash payments for broadcast program rights and cash dividends and
other cash distributions to the holders of minority interests in the Company’s Restricted Subsidiaries), to the extent otherwise reflected in operating income before giving effect to depreciation, amortization (including amortization in respect
of broadcast program rights), other non-cash charges and equity in earnings (losses) of unconsolidated investees on a consolidated basis determined in accordance with GAAP and non-recurring one-time charges and (ii) cash dividends and cash
distributions, other than extraordinary distributions, from unconsolidated investees of the Company and its Restricted Subsidiaries, on a consolidated basis determined in accordance with GAAP minus, without duplication, (iii) the amount of
cash payments in respect of items that were originally reflected in operating income (whether in such period or any earlier period) as non-cash charges. 
  

 4 

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

  
 “Conventional Borrowings” and individually,
“Conventional Borrowing”, shall mean borrowings by the Company made under Section 2.01(a) or converted or continued under Section 2.05 consisting of simultaneous Loans (other than Discretionary Loans) from the Lenders. 

 
 “Conventional Loans” and individually
“Conventional Loan”, shall mean CD Rate Loans, Federal Funds Rate Loans, Alternate Base Rate Loans or Eurodollar Loans, pursuant to Section 2.01(a). 
  
 “Counsel for the Company” shall mean Dow, Lohnes & Albertson, PLLC. 
  
 “Cox Family” shall include those certain trusts commonly
referred to as the Dayton-Cox Trust A, the Barbara Cox Anthony Atlanta Trust, the Anne Cox Chambers Atlanta Trust, Barbara Cox Anthony, Garner Anthony, Anne Cox Chambers, and the estates, executors and administrators, and lineal descendants of the
above-named individuals, any private foundation or other charitable entity of which the above-described individuals constitute a majority of the trustees, directors or managers, and any corporation, partnership, limited liability company, trust or
other entity in which the above-named trusts or above-described individuals and the estates, executors and administrators, and lineal descendants of the above-named individuals in the aggregate have a direct or indirect beneficial interest or voting
control of greater than 50%. 
  
 “Debt” shall
mean with respect to any Person and without duplication (i) indebtedness for borrowed money or for the deferred purchase price of Property in respect of which such Person is liable, contingently or otherwise, as obligor, guarantor or otherwise, or
in respect of which such Person directly or indirectly assures a creditor against loss, and (ii) the capitalized portions of obligations under leases which shall have been or should have been, in accordance with GAAP, recorded as capital leases.

  
 “Default Rate” shall mean a rate per annum
(for the actual number of days elapsed, based on a year of 365 or 366 days, as the case may be) which shall be equal to the lesser of (i) in the case of a Conventional Loan, the Alternate Base Rate plus 1%, or the Highest Lawful Rate, (ii) in the
case of a Discretionary Loan, the Negotiated Rate plus 1% or the Highest Lawful Rate, and (iii) in the case of LC Disbursements, the Alternate Base Rate plus 1%, or the Highest Lawful Rate. 
  
 “Depositary” shall have the meaning set forth in Section
13.03. 
  
 “Discretionary Borrowings”, and
individually “Discretionary Borrowing”, shall mean borrowings by the Company under Section 2.04 consisting of Discretionary Loans from the Lenders. 
  

 5 

 “Discretionary Loan Interest Period” shall mean the period which shall commence on the
Borrowing Date with respect to a Discretionary Loan and shall end on a date which shall be agreed to by the Company and the Lender, by telephone (to be promptly confirmed in writing by the Company); provided, however, that no Discretionary
Loan Interest Period shall extend beyond the Termination Date. 
  
 “Discretionary Loans” shall have the meaning set forth in Section 2.04(a). 
  
 “Dollars” and “$” shall mean lawful currency of the United States of America. 
  
 “ERISA” shall mean the Employee Retirement Income Security
Act of 1974, as amended. 
  
 “Eurodollar Event”
shall have the meaning set forth in Section 2.01(f)(i). 
  
 “Eurodollar Loans” shall mean those Loans which may be made under this Agreement and which are described in Section 2.01(e)(iii) on which the Company shall pay interest at a rate based on the Eurodollar Rate. 
  
 “Eurodollar Rate” for any Interest Period shall mean, for
each Eurodollar Loan comprising part of the relevant Conventional Borrowing, an interest rate per annum equal to the per annum rate appearing on Page 3750 of the Dow Jones Market Service (or on any successor or substitute page of such Service, or
any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of
interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to
such Interest Period. In the event that such rate is not available at such time for any reason, then the “Eurodollar Rate” with respect to such Borrowing for such Interest Period shall be the rate at which dollar deposits of
$5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of such Interest Period. 
  
 “Event of Default” shall mean any of the events specified in Article X; provided that there has been satisfied any requirement in connection with such event for the giving of notice, or the lapse of time, or the
happening of any further condition, event or act, and “Default” shall mean any of such events, whether or not any such requirement has been satisfied. 
  
 “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Issuing Lender, any Lender or
any other recipient of any payment to be made by or on account of any obligation of the Company hereunder: 
  
 (a) taxes that are imposed on or measured by its overall net income by the United States; 
  

 6 

 (b) taxes that are imposed on or measured by its overall net income or profits (and franchise taxes
imposed on or measured by income, earnings or retained earnings) by (i) the state or foreign jurisdiction in or under the laws of which it is organized or any political subdivision thereof, (ii) the state or foreign jurisdiction of its principal
office or Lending Office, or (iii) any state or foreign jurisdiction solely as a result of a current or former connection between it and such jurisdiction (other than any such connection arising solely from its having executed, delivered or
performed its obligations or received payment under, or enforced, this Agreement, the Loans or the Letters of Credit) or any political subdivision thereof; 
  
 (c) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which it is located, or any political
subdivision thereof; and 
  
 (d) in the case of a Foreign Lender,
any U.S. withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office, but only to the extent greater than the amount of any Indemnified Taxes to
which such Foreign Lender would be entitled at the time of such designation) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 2.03. 
  
 “Existing Credit Agreements” shall mean (a) the 364-Day
Credit Agreement dated as of June 30, 2000, as amended by the Amended and Restated 364-Day Credit Agreement dated as of June 29, 2001, among the Company, the banks party thereto and The Chase Manhattan Bank, as agent for such banks, the Amendment
dated as of December 17, 2001, the Amended and Restated 364-Day Credit Agreement dated as of June 28, 2002 among the Company, the banks party thereto and JPMorgan Chase Bank, as agent for such banks, and the Amended and Restated 364-Day Credit
Agreement dated as of June 27, 2003 among the Company, the banks party thereto and JPMorgan Chase Bank, as agent for such banks, and (b) the Five-Year Credit Agreement dated as of June 30, 2000, as amended by the First Amendment dated as of June 29,
2001, the Second Amendment dated as of December 17, 2001 and the Third Amendment dated as of June 28, 2002, among the Company, the banks party thereto, and The Chase Manhattan Bank, as agent for such banks. 
  
 “Existing Letters of Credit” shall mean the letters of
credit issued by an Issuing Lender before the date hereof, outstanding on the date hereof and listed in Exhibit 2.08. 
  
 “FCC” shall mean the Federal Communications Commission or any successor governmental agency thereto. 
  

 7 

 “Federal Funds Borrowing Rate” shall mean, for any day, a fluctuating interest rate per
annum equal to the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day received by
the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
  
 “Federal Funds Rate Loans” shall mean those Loans which may be made under this Agreement and which are described in Section 2.01(e)(iv)
on which the Company shall pay interest at a rate based on the Federal Funds Borrowing Rate. 
  
 “Financial Institution” shall mean an entity which regularly engages in one or more of the following activities: making loans, issuing letters of credit or purchasing loans or loan commitments or
interests in loans, loan commitments or letters of credit. 
  
 “Floating Rate” shall mean, as of a particular date, the prime rate most recently determined by JPMCB. Without notice to the Company or any other Person, the Floating Rate shall change automatically from time to time as and
in the amount by which said prime rate shall fluctuate, with each such change to be effective as of the date of each change in such prime rate. The Floating Rate is a reference rate and does not necessarily represent the lowest or best rate actually
charged to any customer. JPMCB may make commercial loans or other loans at rates of interest at, above or below the Floating Rate. 
  
 “Foreign Lender” shall mean any Lender that is not a “United States person” (as such term is defined in Section 7701(a)(30) of
the Code). 
  
 “GAAP” shall mean generally
accepted accounting principles in the United States of America. 
  
 “Highest Lawful Rate” shall mean the maximum nonusurious interest rate, if any, that at any applicable time may be contracted for, taken, reserved, charged or received on any Revolving Credit Loan, LC Disbursement or on the
other amounts which may be owing to any Lender pursuant to this Agreement (including, without limitation, pursuant to Section 2.04) under the laws applicable to such Lender and this transaction. 
  
 “Indemnified Taxes” shall mean Taxes other than Excluded
Taxes. 
  
 “Indexed Securities” shall mean
securities or financial contracts of the Company issued and outstanding from time to time whose fair value is derived from an index, such as the trading price of another referenced security. 
  
 “Interest Election Request” shall mean a request by the
Company to convert or continue a Conventional Borrowing in accordance with Section 2.05. 
  

 8 

 “Interest Payment Date” shall mean the last day of each Interest Period. 
  
 “Interest Period” shall mean, with respect to each CD Rate
Loan and Eurodollar Loan hereunder, the period commencing on the Borrowing Date of such Loan or the date such Borrowing is continued or converted from another type of Borrowing and: 
  
 (a) in the case of CD Rate Loans, ending 30, 60, 90 or 180 days thereafter; and 
  
 (b) in the case of Eurodollar Loans, ending one, two, three or six months
thereafter; 
  
 in each case as the Company may select in the Notice of
Conventional Borrowing or Interest Election Request; provided, however, that (i) no Interest Period for a Conventional Loan may be chosen that would extend beyond the Termination Date, (ii) whenever the last day of any Interest Period would
otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day; provided that with respect to Eurodollar Loans, any Interest Period that would otherwise
end on a day that is not a Business Day shall be extended to the next succeeding Business Day only if such Business Day does not fall in another month, and in the event the next succeeding Business Day falls in another month, the Interest Period for
such Eurodollar Loan shall be accelerated so that such Interest Period shall end on the next preceding Business Day and (iii) any Interest Period that begins on a day for which there is no numerically corresponding day in the last month of such
Interest Period shall end on the last Business Day of the last month of such Interest Period. In no event shall there be more than 10 Interest Periods in effect at any one time. 
  
 “Issuing Lender” shall mean, with respect to any Letter of Credit, JPMCB, Wachovia Bank, National
Association, or Bank of America, N.A., as selected by the Company, in its capacity as issuer of such Letter of Credit, and its successors in such capacity as provided in Section 2.08(i). The Issuing Lender may, in its discretion, arrange for one or
more Letters of Credit to be issued by Affiliates of the Issuing Lender, in which case the term “Issuing Lender” shall include any such Affiliate executing this Agreement as Issuing Lender, in its capacity as issuer of Letters of Credit
hereunder. 
  
 “JPMCB” shall mean JPMorgan Chase
Bank, a New York banking corporation having its principal offices located at 270 Park Avenue, New York, New York 10017. 
  
 “LC Disbursement” shall mean a payment made by the Issuing Lender pursuant to a Letter of Credit. 
  
 “LC Exposure” shall mean, at any time, the sum of (i) the
aggregate undrawn amount of all outstanding Letters of Credit at such time plus (ii) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Company at such time. The LC Exposure of any Lender at any
time shall be its Applicable Percentage of the total LC Exposure at such time. 
  

 9 

 “LC Participation Fees” shall have the meaning set forth in Section 4.04. 
  
 “Lender Affiliate” shall mean, (a) with respect to any
Lender, (i) an Affiliate of such Lender or (ii) any entity (whether a corporation, partnership, trust or otherwise) that is primarily engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the
ordinary course of its business and is Controlled by a Lender or an Affiliate of such Lender and (b) with respect to any Lender that is a fund which invests in bank loans and similar extensions of credit, any other fund that invests in bank loans
and similar extensions of credit and is Controlled by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
  
 “Lenders” shall mean the Persons listed on Exhibit 2.01(a), each such Lender’s respective successors (which successors shall include
any entity resulting from a merger or consolidation) and any other Person that shall have become a party hereto pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and
Acceptance. 
  
 “Lending Office” shall mean, with
respect to any Lender, as to a Conventional Loan, its principal office in the city identified with such Lender, in Section 13.02, or such other office or branch of such Lender as it shall designate in writing from time to time to the Company.

  
 “Letter of Credit” shall mean any Existing
Letter of Credit or Additional Letter of Credit. 
  
 “Leverage Ratio” shall mean, at any time, the ratio of (a) Consolidated Debt (less the aggregate amount of cash and cash equivalents of the Company and its Restricted Subsidiaries representing the unused proceeds of
securities issued after the date hereof to refinance Debt obligations scheduled to mature within 90 days) as of the last day of the fiscal quarter most recently ended for which financial statements shall have been delivered to the Lenders pursuant
to Section 8.02, to (b) Pro Forma Consolidated Operating Cash Flow for the period ending on such day.  
  
 “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or
security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sales agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such asset. 
  
 “Loans”, and individually “Loan” shall mean CD Rate Loans, Federal Funds Rate Loans, Alternate Base Rate Loans, Eurodollar Loans, Discretionary Loans, and/or Conventional Loans, as the case may be.

  
 “Majority Lenders” shall mean, for the period
from the date hereof to and including the Termination Date, Lenders having more than 50% of the Commitments and, for the period after the Termination Date until such time as the Revolving Credit Loans are paid in full, Lenders having more than 50%
of the aggregate principal amount of Revolving Credit Loans outstanding and the aggregate LC Exposure. 
  

 10 

 “Margin Percentage” shall mean at any date that percentage (a) to be added to the CD
Rate, the Federal Funds Borrowing Rate or the Eurodollar Rate, as appropriate, pursuant to Section 2.01(e)(i), Section 2.01(e)(iii) or Section 2.01(e)(iv) for purposes of determining the per annum rate of interest applicable from time to time to CD
Rate Loans, Federal Funds Rate Loans and Eurodollar Loans and (b) to be used in computing the Commitment Fee Rate pursuant to Section 4.03, set forth under the appropriate column below opposite the Category corresponding to the Company’s
corporate credit ratings by S&P or Moody’s, respectively, on such date: 
  
  

															
	 	  	 	  	Margin Percentage

	 
	 Category

	  	 Ratings

	  	CD Rate

	 	 	 Eurodollar
 Rate

	 	 	 Federal Funds
Borrowing
 Rate

	 	 	 Commitment
 Fee Rate

	 
	 1
	  	>A-/A3	  	.525	%	 	.400	%	 	.525	%	 	.100	%
	 2
	  	BBB+/Baa1	  	.625	%	 	.500	%	 	.625	%	 	.125	%
	 3
	  	BBB/Baa2	  	.750	%	 	.625	%	 	.750	%	 	.150	%
	 4
	  	BBB-/Baa3	  	.875	%	 	.750	%	 	.875	%	 	.200	%
	 5
	  	<BB+/Ba1	  	1.125	%	 	1.000	%	 	1.125	%	 	.250	%

  
 ; provided
however that for any date on which the sum of (i) aggregate principal amount of outstanding Loans (including Discretionary Loans) and the aggregate LC Exposure exceeds 50% of the aggregate Commitments hereunder (or, following the termination of
the Commitments hereunder, 50% of the aggregate Commitments hereunder immediately prior to such termination), the “Margin Percentage” (other than in respect of the Commitment Fee Rate) will be increased by 0.125%. 
  
 For purposes of the foregoing, (i) if either S&P or Moody’s shall
not have in effect a corporate credit rating (other than by reason of the circumstances referred to in the last sentence of this definition), then the Margin Percentage shall be based upon the rating of the other rating agency; (ii) if the two
corporate credit ratings established or deemed to have been established by S&P and Moody’s for the Company shall fall within different Categories from one another and such difference shall be one ratings level, the Margin Percentage shall
be based on the Category corresponding to the higher of the two ratings; (iii) if the two corporate credit ratings established or deemed to have been established by S&P and Moody’s for the Company shall fall within different Categories from
one another and such difference shall be two ratings levels or more, the Margin Percentage shall be based on the Category corresponding to the rating at midpoint or, if there is no midpoint rating, the rating which is one level lower than the higher
rating ,and 
  

 11 

 (iv) if the corporate credit ratings established or deemed to have been established by S&P or Moody’s for the
Company shall be changed (other than as a result of a change in the rating system of S&P or Moody’s), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in the Margin
Percentage shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of S&P or Moody’s shall change, or if any
such rating agency shall cease to be in the credit rating business, the Company and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency
and, pending the effectiveness of any such amendment, the Margin Percentage shall be determined by reference to the rating most recently in effect prior to such change or cessation. 
  
 “Margin Stock” shall mean “margin stock” as that term is defined in Regulation U of the Board of
Governors of the Federal Reserve System. 
  
 “Material
Adverse Effect” shall mean a material adverse effect on the business, properties or financial condition of the Company and its Restricted Subsidiaries on a consolidated basis or on the ability of the Company to perform its obligations under
this Agreement. 
  
 “Material FCC Licenses” shall
have the meaning set forth in Section 8.04. 
  
 “Maximum
Permissible Rate” shall have the meaning set forth in Section 13.05. 
  
 “Moody’s” shall mean Moody’s Investors Service, Inc. 
  
 “Negotiated Rate” shall mean, in the case of any Discretionary Loan, the rate of interest per annum quoted by the applicable Lender to,
and accepted by, the Company at the time of the applicable borrowing request hereunder as the rate such Discretionary Loan shall bear for the requested Discretionary Loan Interest Period. 
  
 “Notice of Conventional Borrowing” shall have the meaning set forth in Section 2.01(c). 
  
 “Officer’s Certificate” shall mean a certificate signed
in the name of the Company by either its Chief Executive Officer, its President, one of its Vice Presidents or its Treasurer. 
  
 “Other Taxes” shall mean all present or future stamp, registration or documentary taxes or any other excise or property taxes, charges or
similar levies arising from any payment made hereunder or from the execution, delivery, registration or enforcement of, or otherwise with respect to, this Agreement, the Loans or the Letters of Credit. 
  
 “PBGC” shall have the meaning set forth in Section 6.12.

  

 12 

 “Permitted Lien” shall mean any Lien permitted pursuant to Section 9.01. 
  
 “Person” shall mean an individual, partnership, joint
venture, corporation, limited liability company, bank, trust, unincorporated organization, government or any department or agency thereof or other entity. 
  
 “Plan” shall mean any employee pension benefit plan within the meaning of Title IV of ERISA which is either (i) maintained for employees
of the Company, of any Subsidiary, or of any member of a “controlled group of corporations” or “combined group of trades or businesses under common control” as such terms are defined, respectively, in Sections 1563 and 414 of the
Internal Revenue Code of 1986, as amended, and the regulations thereunder, of which the Company or any Subsidiary is a party, or (ii) maintained pursuant to a collective bargaining agreement or any other arrangement under which more than one
employer makes contributions and to which the Company, any Subsidiary or any member of a “controlled group of corporations” or “combined group of trades or businesses under common control” defined as aforesaid, is at the time in
question making or accruing an obligation to make contributions or has within the preceding five plan years made contributions. 
  
 “Prepayment Pro Rata Share” shall mean, with respect to any Lender as to prepayment of Conventional Loans, a fraction (expressed as a
percentage rounded upward, if necessary, to the nearest whole multiple of 0.000000001%) (i) the numerator of which shall be the principal amount outstanding under Conventional Loans made to the Company by such Lender at such time and (ii) the
denominator of which shall be the aggregate principal amount outstanding under all Conventional Loans made to the Company by all Lenders at such time. 
  
 “Pro Forma Consolidated Operating Cash Flow” shall mean Consolidated Operating Cash Flow, excluding therefrom all Consolidated Operating
Cash Flow attributable to any Property sold or otherwise disposed of other than in the ordinary course of business during any applicable four fiscal quarter period in question as if such Property were not owned at any time during such period, and
including therein all Consolidated Operating Cash Flow attributable to any Property acquired other than in the ordinary course of business during any applicable four fiscal quarter period in question as if such Property were at all times owned
during such period. 
  
 “Property” shall mean all
types of real and personal property, whether tangible, intangible or mixed. 
  
 “Quarterly Date” shall mean the last day of each March, June, September and December, beginning with June 30, 2004, or if any such date is not a Business Day, the respective Quarterly Date shall be
the next succeeding Business Day. 
  
 “Reference
Lenders”, and individually “Reference Lender”, shall mean JPMCB, Bank of America, N.A. and Wachovia Bank, N.A. 
  
 “Register” shall have the meaning specified in Section 13.07(f) hereof. 
  

 13 

 “Regulation D” shall mean Regulation D of the Board of Governors of the Federal Reserve
System. 
  
 “Related Parties” shall mean, with
respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
  
 “Required Prepayment Date” shall have the meaning specified in Section 2.01(f)(i) hereof. 
  
 “Restricted Payment” shall have the meaning set forth in
Section 9.03. 
  
 “Restricted Subsidiary” shall
mean each Subsidiary other than those identified as Unrestricted Subsidiaries in Exhibit 6.01; provided, however, that a Restricted Subsidiary may be designated by the Company as an Unrestricted Subsidiary or an Unrestricted Subsidiary may be
redesignated by the Company as a Restricted Subsidiary if immediately after giving effect to such designation no Default or Event of Default shall have occurred and be continuing, and the Company shall promptly deliver to the Administrative Agent
notice of any such designation or redesignation; provided further that after the initial designation of an Unrestricted Subsidiary by the Company at any time, only three further redesignations of such Subsidiary shall be permitted.

  
 “Revolving Credit Loans” shall mean Loans
made under Section 2.01(a). 
  
 “S&P” shall
mean Standard and Poor’s Ratings Group. 
  
 “SPC” shall have the meaning specified in Section 13.07(d). 
  
 “Subsidiary” shall mean any Person of which more than 50% of the outstanding shares, having voting power under ordinary circumstances to elect a majority of the Board of Directors or other governing
body of such Person, shall at the time be owned, directly or indirectly, by the Company, by any one or more Subsidiaries, or by the Company and one or more Subsidiaries. 
  
 “Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings,
assessments, fees or other charges imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto. 
  
 “Termination Date” shall mean June 4, 2009. 
  
 “Unrestricted Subsidiary” shall mean any Subsidiary so designated in accordance with the terms of this Agreement, and shall include any
subsidiary of any Subsidiary so designated. 
  
 “Wholly
Owned”, when used with respect to a Subsidiary, shall mean the beneficial ownership by the Company of 100% of the equity securities of such Subsidiary. 
  

 14 

 SECTION 1.02. Terms Generally. The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed
to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise, (a) any definition of or reference to
any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words
of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections and Exhibits shall be construed to refer to Articles and Sections of, and
Exhibits to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including real and personal
property, cash, securities, accounts and contract rights. 
  
 SECTION 1.03. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Company
notifies the Administrative Agent that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if
the Administrative Agent notifies the Company that the Majority Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

  
 ARTICLE II 
  
 The Loans 
  
 SECTION 2.01. Revolving Credit Loans. 
  
 (a) Conventional Loan Commitment. Subject to and upon the terms and conditions set forth in this Agreement, each
Lender severally agrees to make Conventional Loans to the Company on any one or more Business Days on or after the date hereof and prior to the Termination Date, up to an aggregate principal amount of Conventional Loans not exceeding at any one time
outstanding an amount equal to such Lender’s Commitment, less the principal amount outstanding at such time of all Discretionary Loans made to the Company by such Lender and the LC Exposure of such 
  

 15 

 Lender at such time, if any; provided, however, in no event shall the aggregate outstanding principal amount of
Conventional Loans, Discretionary Loans and the aggregate LC Exposure ever exceed $500,000,000, as such amount may be reduced pursuant to the terms of this Agreement. Each Conventional Borrowing shall be in an aggregate amount of not less than
$3,000,000 and an integral multiple of $250,000. Subject to the foregoing, each Conventional Borrowing shall be made simultaneously from the Lenders according to their Borrowing Pro Rata Share of the principal amount requested for each Conventional
Borrowing and shall consist of Conventional Loans of the same type (e.g., Alternate Base Rate Loans, Federal Funds Rate Loans, CD Rate Loans or Eurodollar Loans) with the same Interest Period from each Lender. Within such limits and during
such period, the Company may borrow, repay and reborrow under this Section 2.01(a). 
  
 (b) Repayment of Conventional Loans. The Company hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Conventional Loan on
the Termination Date. 
  
 (c) Conventional Borrowing
Procedures; Delivery of Proceeds; Recordation of Loans. (i) Each Conventional Borrowing under this Section 2.01 shall be made on at least, (A) in the case of a Conventional Borrowing consisting of Alternate Base Rate Loans or Federal Funds Rate
Loans, prior oral or written notice from the Company to the Administrative Agent by 10:00 a.m. (New York, New York time) on the same day as the requested borrowing (and the Administrative Agent shall prior to 12:00 noon (New York, New York time)
provide oral or written notice of the requested borrowing to the Lenders, (B) in the case of a Conventional Borrowing consisting of CD Rate Loans, one Business Day’s prior written or oral notice from the Company to the Administrative Agent by
10:00 a.m. (New York, New York time) and (C) in the case of a Conventional Borrowing consisting of Eurodollar Loans, three Business Days’ prior written or oral notice from the Company to the Administrative Agent by 10:00 a.m. (New York, New
York time) (and the Administrative Agent shall, in the case of (B) and (C) above, upon receipt of such notice provide to each Lender prior oral or written notice by 11:30 a.m. (New York, New York time) on the date such notice is received by the
Administrative Agent) (“Notice of Conventional Borrowing”); provided, however, that with respect to each oral Notice of Conventional Borrowing, the Company shall deliver promptly to the Administrative Agent a confirmatory
written Notice of Conventional Borrowing. Each Notice of Conventional Borrowing shall be irrevocable and shall (A) specify (v) the total principal amount of the proposed Conventional Borrowing, (w) whether the Conventional Borrowing will be
comprised of CD Rate Loans, Alternate Base Rate Loans, Federal Funds Rate Loans or Eurodollar Loans, (x) the applicable Interest Period (if any) for such Loans (which may not extend beyond the Termination Date), (y) the Borrowing Date and (z) the
bank account into which the funds with respect to such Conventional Borrowing shall be deposited, and (B) certify to the calculations demonstrating that the sum of the aggregate outstanding principal amount of Loans and the aggregate LC Exposure,
after giving effect to such Conventional Borrowing, does not exceed the Commitments. If no election as to the type of Conventional Borrowing is specified, then the requested Conventional Borrowing shall consist of Alternate Base 
  

 16 

 Rate Loans. If no Interest Period is specified with respect to any Conventional Borrowing consisting of CD Loans or
Eurodollar Loans, then the Company shall be deemed to have selected the shortest permitted Interest Period. The Administrative Agent shall promptly give like notice to the other Lenders, and on the Borrowing Date each Lender shall make its share of
the Conventional Borrowing available at the principal banking office of the Administrative Agent, 270 Park Avenue, New York, New York 10017, no later than 2:00 p.m. (New York, New York time) in immediately available funds. 
  
 (ii) The Administrative Agent shall pay or deliver the proceeds of each
Borrowing to or upon the order of the Company. Each Lender shall keep accurate records as to the Loans made by it, including (A) the date and principal amount of each Loan, (B) the rate of interest applicable to such Loan, and (C) each payment of
principal thereon; provided, however, that the failure of such Lender to record such amounts, dates and rates shall not diminish or impair the Company’s obligation to repay all principal advanced and to pay all interest accruing under
its Revolving Credit Loan in accordance with the terms hereof. 
  
 (d) Substitute Rate. Anything in this Agreement to the contrary notwithstanding, if at any time prior to the determination of the rate with respect to any proposed Revolving Credit Loan (i) the Majority Lenders in their discretion
shall determine with respect to Eurodollar Loans to be made or continued by them on the applicable Borrowing Date or continuation date or, with respect to other Conventional Loans to be converted to Eurodollar Loans, on the applicable conversion
date, that there is a reasonable probability that Dollar deposits will not be offered to such Lenders in the interbank eurodollar market for a period of time equal to the applicable Interest Period in amounts equal to the amount of each such
Lender’s Eurodollar Loan in Dollars or that the Eurodollar Rate does not reflect the cost of funding by the Lenders or that adequate and fair means do not exist to be able to determine the Eurodollar Rate, or (ii) the Administrative Agent in
its discretion shall determine with respect to CD Rate Loans to be made by the Lenders on the applicable Borrowing Date of such proposed Revolving Credit Loan that bid rates will not be provided by certificate of deposit dealers of recognized
standing for the purchase at face value of certificates of deposit of the Reference Lenders for a period of time equal to the applicable Interest Period in amounts approximately equal or comparable to the aggregate principal amount of such Loans
with a maturity equal to the applicable Interest Period, then: 
  
 (A) the Majority Lenders (acting through the Administrative Agent) or the Administrative Agent, as the case may be, shall give the Company notice thereof; and 
  
 (B) Alternate Base Rate Loans or Federal Funds Rate Loans, as selected by the Company in accordance with Section 2.01(c)
(or, if the Company does not provide timely notice of its selection, Alternate Base Rate Loans) shall be made in lieu of any Eurodollar Loans or CD Rate Loans, as the case may be, that were to have been made at such time. 
  

 17 

 (e) Interest. The Revolving Credit Loans shall bear interest as follows: 
  
 (i) Each CD Rate Loan shall be made in Dollars and shall bear interest on
the unpaid principal amount thereof from time to time outstanding at a rate per annum (for the actual number of days elapsed, based on a year of 360 days) which shall be equal to the lesser of (A) the CD Rate plus the applicable Margin Percentage,
or (B) the Highest Lawful Rate. 
  
 (ii) Each Alternate Base Rate
Loan shall be made in Dollars and shall bear interest on the unpaid principal amount thereof from time to time outstanding at a rate per annum (for the actual number of days elapsed, based on a year of 365 or 366 days, as the case may be) which
shall be equal to the lesser of (A) the Alternate Base Rate, or (B) the Highest Lawful Rate. 
  
 (iii) Each Eurodollar Loan shall be made in Dollars and shall bear interest on the unpaid principal amount thereof from time to time outstanding at a rate per annum (for the actual number of days elapsed, based on a
year of 360 days) which shall be equal to the lesser of (A) the Eurodollar Rate plus the applicable Margin Percentage, or (B) the Highest Lawful Rate. 
  
 (iv) Each Federal Funds Rate Loan shall be made in Dollars and shall bear interest on the unpaid principal amount thereof from time to time outstanding
at a rate per annum (for the actual number of days elapsed, based on a year of 360 days) which shall be equal to the lesser of (A) the Federal Funds Borrowing Rate plus the applicable Margin Percentage, or (B) the Highest Lawful Rate. 
  
 (v) Interest on the outstanding principal of each Loan shall accrue from and
including the Borrowing Date for such Loan to but excluding the date such Loan is paid in full and shall be due and payable (A) on the Interest Payment Date for each CD Rate Loan or Eurodollar Loan and on each Quarterly Date for each Alternate Base
Rate Loan or Federal Funds Rate Loan, (B) as to any Eurodollar Loan having an Interest Period greater than three months, at the end of the third month of the Interest Period for such Loan, (C) as to any CD Rate Loan having an Interest Period greater
than 90 days, on the 90th day of the Interest Period for such Loan, and (D) as to all Loans, at maturity, whether by acceleration or otherwise, or after notice of prepayment in accordance with Section 2.01(f)(i) or Section 3.01(c) hereof, on and
after the Required Prepayment Date or the applicable prepayment date, as the case may be, as specified in such notice. 
  
 (vi) Past due principal, pursuant to acceleration, the Company’s failure to make a prepayment on the date specified in the applicable prepayment
notice or otherwise, and to the extent permitted by applicable law, past due interest and (after the occurrence of an Event of Default) past due fees, pursuant to acceleration or otherwise, shall bear interest from their respective due dates, until
paid, at the Default Rate. 
  

 18 

 (f) Change of Law. 
  
 (i) Anything in this Agreement to the contrary notwithstanding, if at any time any Lender in good faith determines (which
determination shall be conclusive absent manifest error) that any change after the date hereof in any applicable law, rule or regulation or in the interpretation or administration thereof makes it unlawful, or any central bank or other governmental
authority asserts that it is unlawful (any of the above being described as a “Eurodollar Event”), for such Lender or its foreign branch or branches to maintain or fund any Loan by means of Dollar deposits obtained in the interbank
eurodollar market, then, at the option of such Lender (to the extent practicable, after consultation with the Company as to its preference and after making a reasonable effort to give effect to such preference) , the aggregate principal amount of
each of such Lender’s Eurodollar Loans then outstanding, which Loans are directly affected by such Eurodollar Event shall either (x) be prepaid or (y) be converted to a Loan of another type that is not so directly affected by such Eurodollar
Event. Any remaining obligation of such Lender hereunder to make Eurodollar Loans (but not Federal Funds Rate Loans, CD Rate Loans or Alternate Base Rate Loans), shall be suspended for so long as such Eurodollar Event shall continue. Upon the
occurrence of any Eurodollar Event, and at any time thereafter so long as such Eurodollar Event shall continue, such Lender may exercise its aforesaid option by giving written notice thereof to the Administrative Agent and the Company. Any
prepayment of any Eurodollar Loan which is required under this Section 2.01(f) shall be made, together with accrued and unpaid interest and all other amounts payable to such Lender under this Agreement with respect to such prepaid Loan (including,
without limitation, amounts payable pursuant to Section 2.01(g)), on the date stated in the notice to the Company referred to above, which date (“Required Prepayment Date”) shall be not less than 15 days (or such earlier date as
shall be necessary to comply with the relevant law, rule or regulation) from the date of such notice. If any Eurodollar Loan is required to be prepaid under this Section 2.01(f), the Lenders agree that at the written request of the Company, the
Lender that has made such Eurodollar Loan shall make a Loan of another type, as selected by the Company, that, in each case, is not so directly affected by such Eurodollar Event on the Required Prepayment Date to the Company in the same principal
amount as the Eurodollar Loan of such Lender being so prepaid. Any such written request by the Company for Alternate Base Rate Loans or CD Rate Loans under this Section 2.01(f) shall be irrevocable and, in order to be effective, must be delivered to
the Administrative Agent not less than one Business Day prior to the Required Prepayment Date. 
  
 (ii) Notwithstanding the foregoing, in the event the Company is required to pay to any Lender amounts with respect to any Borrowing pursuant to Section
2.01(f)(i) other than a Discretionary Borrowing, the Company may give notice to such Lender (with copies to the Administrative Agent) that it wishes to seek one or more assignees (which may be one or more of the Lenders) to assume the Commitment of
such Lender and to purchase its outstanding Loans and the Administrative Agent will use its best efforts to assist the Company in obtaining an assignee; provided that if more than one Lender requests that the Company pay substantially and
proportionately equal additional amounts under Section 2.01(f)(i) and the Company elects to seek an assignee to assume the Commitments of any of such affected Lenders, the Company must seek an 
  

 19 

 assignee or assignees to assume the Commitments of all of such affected Lenders. Each Lender requesting compensation
pursuant to Section 2.01(f)(i) agrees to sell its Commitment, Loans and interest in this Agreement in accordance with Section 13.07 to any such assignee for an amount equal to the sum of the outstanding unpaid principal of and accrued interest on
such Loans, plus all other fees and amounts (including, without limitation, any compensation claimed by such Lender under Section 2.01(f)(i) and Section 2.01(g)) due such Lender hereunder calculated, in each case, to the date such Commitment, Loans
and interest are purchased. Upon such sale or prepayment, each such Lender shall have no further Commitment or other obligation to the Company hereunder. 
  
 (g) Fundings and Exchange Losses. In the event of (i) any payment or prepayment (whether authorized or required hereunder pursuant to acceleration
or otherwise) or conversion of all or a portion of any CD Rate Loan or Eurodollar Loan on a day other than the last day of the Interest Period therefor, (ii) any failure to make, prepay, continue or convert a Borrowing consisting of any CD Rate Loan
or Eurodollar Loan after the delivery of the Notice of Conventional Borrowing, Interest Election Request or notice of prepayment, as the case may be, for such CD Rate Loan or Eurodollar Loan on the applicable Borrowing Date or continuation,
conversion or prepayment date therefor, (iii) the failure of any Loan to be made by any Lender due to any condition precedent to a Loan not being satisfied or as a result of this Section 2.01 or due to any other action or inaction of the Company, or
(iv) the assignment of any CD Rate Loan or Eurodollar Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Company, the Company shall pay to each affected Lender upon its request made on or before 45
days after the occurrence of any such event, acting through the Administrative Agent, such amount or amounts (to the extent such amount or amounts would not be usurious under applicable law) as may be necessary to compensate such Lender for any
direct costs and losses incurred by such Lender (including, without limitation, such amount or amounts as will compensate it for the amount by which the rate of interest that would have accrued on such Loan had such event not occurred, at the
Eurodollar Rate or CD Rate, as the case may be, for the period from the date of such prepayment to the end of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have
begun on the date of such failure), exceeds the rate of interest that would accrue for such period at the interest rate which such Lender would bid, at the beginning of such period, for deposits of a comparable amount and period from lenders in the
relevant eurodollar or domestic certificate of deposit market, all as determined by such Lender in its good faith discretion), but otherwise without penalty. Any such claim by a Lender for compensation shall be made through the Administrative Agent
and shall be accompanied by a certificate signed by an officer of such Lender authorized to so act on behalf of such Lender, setting forth in reasonable detail the computation upon which such claim is based. The obligations of the Company under this
Section 2.01(g) shall survive the termination of this Agreement. 
  

 20 

 (h) Increased Costs - Taxes, Reserve Requirements, Etc. 
  
 (i) The Company for and on behalf of each Lender (including without
limitation the Issuing Lender) shall pay or cause to be paid directly to the appropriate governmental authority or shall reimburse or compensate each Lender upon demand by such Lender in good faith, acting through the Administrative Agent, for all
costs incurred, losses suffered or payments made, as determined by such Lender, by reason of any and all present or future Taxes (including, without limitation, any interest equalization tax or any similar tax on the acquisition of debt
obligations), whether or not such Taxes were correctly or legally asserted, on or with regard to any aspect of the transactions with respect to this Agreement, the Loans and the Letters of Credit (except for (i) Excluded Taxes and (ii) Indemnified
Taxes or Other Taxes paid pursuant to Section 2.01(h)(ii), Section 2.02 or Section 2.03). 
  
 (ii) The Company shall pay immediately upon demand by any Lender (including without limitation the Issuing Lender), acting through the Administrative Agent, any Other Taxes in connection with any Loans, Letters of
Credit or this Agreement or in connection with the enforcement hereof or thereof; provided that the Company shall not be required to pay any such Other Taxes on behalf of any Lender that (i) becomes a party to this Agreement by assignment
pursuant to Section 13.07 or (ii) designates a new Lending Office, in each case to the extent such Other Taxes are imposed at the time such Lender becomes a party to this Agreement or designates a new Lending Office in an amount greater than the
amount the assignor or such Lender was entitled to at the time of the assignment or designation. 
  
 (iii) If any Lender or the Administrative Agent receives a refund in respect of Taxes for which such Lender or the Administrative Agent has received
payment from the Company hereunder, it shall promptly notify the Company of such refund and shall, within 30 days after receipt of such refund, if no Event of Default has occurred, repay such refund to the Company with interest if any interest is
received thereon by such Lender or the Administrative Agent; provided, that if an Event of Default has occurred and is continuing, such refund shall be applied to the outstanding Loans or paid to the Company once such Event of Default no
longer exists; provided further, that the Company, upon the request of such Lender or the Administrative Agent, agrees to return such refund (plus penalties, interest or other charges) to such Lender or the Administrative Agent in the
event such Lender or the Administrative Agent is required to repay such refund. 
  
 (iv) (A) The Company shall reimburse or compensate each Lender upon demand by such Lender, acting through the Administrative Agent, for all costs incurred, losses suffered or payments made in connection with any CD
Rate Loans, Eurodollar Loans, or any part thereof which costs, losses or payments are a result of any future reserve, special deposit or similar requirement against assets of, liabilities of, deposits with or for the account of, or Loans by such
Lender imposed on such Lender, its foreign lending branch, or the interbank eurodollar market by any regulatory authority, central bank or other governmental authority, whether or not having the force of law, including, without limitation,
Regulation D. 
  

 21 

 (B) If as a result of (y) the introduction of or any change in or in the interpretation or
administration of any law or regulation after the date hereof or (z) the compliance with any request made after the date hereof from any central bank or other governmental authority (whether or not having the force of law), there shall be any
increase in the cost to any Lender of agreeing to make or making, funding or maintaining Loans, or issuing Letters of Credit or acquiring or holding participations in Letters of Credit, for which such Lender shall not have been reimbursed pursuant
to the provisions of clause (A) above (other than any such increase in costs resulting from Taxes, as to which Sections 2.01(h)(i)-(ii) and 2.02 shall govern), then the Company shall from time to time, upon demand by such Lender, acting through the
Administrative Agent, pay to such Lender additional amounts sufficient to indemnify such Lender against the full amount of such increased cost. 
  
 (C) Any Lender claiming reimbursement or compensation under this Section 2.01(h)(iv) shall make its demand on or before 45 days after the end of each
Interest Period during which any such cost is incurred, loss is suffered or payment is made and shall provide the Administrative Agent, which in turn shall provide the Company, with a written statement in reasonable detail the calculation of the
amount and basis of its request, which statement, subject to Section 2.01(i), shall be conclusive absent manifest error; provided that in the event any reimbursement or compensation demanded by a Lender under this Section 2.01(h) is a result
of reserves actually maintained pursuant to the requirements imposed by Regulation D with respect to “Eurocurrency liabilities” (as defined or within the meaning of such Regulation), such demand shall be accompanied by a statement of such
Lender in the form of Exhibit 2.01(h)(iv) attached hereto, which statement shall be conclusive and binding on the Company, subject to Section 2.01(i), except in the case of manifest error. No Lender may request reimbursement or compensation under
this Section 2.01(h)(iv) for any period prior to the period for which demand has been made in accordance with the foregoing sentence. In preparing any statement delivered under this Section 2.01(h)(iv), such Lender may employ such assumptions and
allocation of costs and expenses as it shall in good faith deem reasonable and may be determined by any reasonable averaging and attribution method. So long as any notice requirement provided for herein has been satisfied, any decision by the
Administrative Agent or any Lender not to require payment of any interest, cost or other amount payable under this Section 2.01(h)(iv), or to calculate any amount payable by a particular method, on any occasion, shall in no way limit or be deemed a
waiver of the Administrative Agent’s or such Lender’s right to require full payment of any interest, cost or other amount payable hereunder, or to calculate any amount payable by another method, on any other or subsequent occasion for a
subsequent Interest Period. 
  
 (v) If any Lender shall have
determined in good faith that any applicable law, rule, regulation or guideline regarding capital adequacy (each, a “Capital Adequacy Pronouncement”) adopted after the date hereof, or any change after the date hereof in any Capital
Adequacy Pronouncement now or hereafter in effect, or any change after the date hereof in the interpretation or administration of any Capital Adequacy Pronouncement now or hereafter in effect by any governmental authority, central bank or comparable
agency charged with the interpretation or administration thereof, or 
  

 22 

 compliance by any Lender (or any Lending Office of such Lender) with any request or directive regarding capital adequacy
(whether or not having the force of law) made after the date hereof of any such governmental authority, central bank or comparable agency has the effect of reducing the rate of return on such Lender’s capital or the capital of any Person
controlling such Lender as a consequence of its obligations hereunder to a level below that which such Lender would have achieved as a consequence of its obligations hereunder but for such adoption, change or compliance (taking into consideration
such Lender’s policies with respect to capital adequacy) by an amount deemed in good faith by such Lender to be material, then from time to time, upon notice by the Lender requesting (through the Administrative Agent) compensation, under this
Section 2.01(h)(v) within 90 days after such Lender has obtained knowledge of such event, the Company shall pay to the Administrative Agent for the account of such Lender such additional amount or amounts as will compensate such Lender for such
reduction. Any such claim by a Lender for compensation shall be made through the Administrative Agent and shall be accompanied by a certificate signed by an officer of such Lender authorized to so act on behalf of such Lender setting forth in
reasonable detail the calculation upon which such claim is based. 
  
 (vi) Notwithstanding the foregoing, in the event the Company is required to pay to any Lender amounts pursuant to Section 2.01(h)(i)-(ii), 2.01(h)(iv)-(v) or Section 2.02, the Company may give notice to such Lender (with copies to the
Administrative Agent) that it wishes to seek one or more assignees (which may be one or more of the Lenders) to assume the Commitment of such Lender and to purchase its outstanding Loans and participations in Letters of Credit and the Administrative
Agent will use its best efforts to assist the Company in obtaining an assignee; provided that if more than one Lender requests that the Company pay substantially and proportionately equal additional amounts under Section 2.01(h) or Section
2.02 and the Company elects to seek an assignee to assume the Commitments of any of such affected Lenders, the Company must seek an assignee or assignees to assume the Commitments of all of such affected Lenders. Each Lender requesting compensation
pursuant to Section 2.01(h)(i), Section 2.01(h)(ii), Section 2.01(h)(iv), Section 2.01(h)(v) or Section 2.02 agrees to sell its Commitment, its outstanding Loans and participations in Letters of Credit and interest in this Agreement in accordance
with Section 13.07 to any such assignee for an amount equal to the sum of the outstanding unpaid principal of and accrued interest on such Loans, plus all other fees and amounts (including, without limitation, any compensation claimed by such Lender
under Section 2.01(g) or Section 2.02) due such Lender hereunder calculated, in each case, to the date such Commitment, Loans and interest are purchased. Upon such sale or prepayment, each such Lender shall have no further Commitment or other
obligation to the Company hereunder. 
  
 (vii) Any Lender
claiming any amounts pursuant to this Section 2.01(h) or Section 2.02 shall use its reasonable good faith efforts (consistent with its internal policies and legal and regulatory restrictions) to avoid or minimize the payment by the Company of any
amounts under this Section 2.01(h) or Section 2.02, including changing the jurisdiction of its Lending Office; provided that no such change or action shall be required to be made or taken if, in the reasonable judgment of such Lender, such
change would be materially disadvantageous to such Lender. 
  

 23 

 (viii) The aggregate amount payable, reimbursable or compensable by the Company to or for the account of
a Lender under this Section 2.01(h) shall not include any cost covered by the amount received by such Lender from the Company through the Administrative Agent in connection with the calculation of the CD Rate. The Company agrees to indemnify and
hold the Administrative Agent and each Lender harmless from and against any and all liabilities with respect to or resulting from any delay in the payment or omission to pay such amounts. The obligations of the Company under this Section 2.01(h)
created in accordance with this Section 2.01(h) shall survive the termination of the Commitments and/or this Agreement. 
  
 (i) Calculation Errors. Each calculation by the Administrative Agent or any Lender with respect to amounts owing or to be owing by the Company
pursuant to this Agreement or any Loan or Letter of Credit shall be conclusive except in the case of error. In the event the Administrative Agent determines in good faith within a reasonable time that any such error shall have occurred in connection
with the determination of the applicable interest rate for any Loan or Letter of Credit which results in the Company paying either more or less than the amount which would have been due and payable but for such error, then (i) any Lender that
received an overpayment shall promptly refund such overpayment to the Company and (ii) if any Lender received an underpayment, the Company shall promptly pay to such Lender the amount of such underpayment. In the event it is determined within
a reasonable time that any Lender, acting through the Administrative Agent, has miscalculated any amount for which it has demanded reimbursement or compensation from the Company in respect of amounts owing by the Company other than interest which
results in the Company paying more or less than the amount which would have been due and payable but for such error, such Lender or the Company, as the case may be, shall promptly refund or pay, as the case may be, to the other the full amount of
such overpayment or underpayment. In the event it is determined within a reasonable time that the Company has miscalculated the Commitment Fees due under Section 4.03, which results in the Company paying more or less than the amount which would have
been due and payable but for such error, (x) any Lender that received an overpayment shall promptly refund such overpayment to the Company and (y) if any Lender received an underpayment, the Company shall promptly pay to such Lender the amount of
such underpayment. Any party making a request for payment pursuant to this Section 2.01(i) shall provide with such request a statement in reasonable detail showing the calculation of the amount requested. 
  
 SECTION 2.02. Setoff, Counterclaims and Taxes. All payments (whether
of principal, interest, fees, reimbursements or otherwise) under this Agreement shall be made by the Company without setoff or counterclaim and shall be made free and clear of and without deduction (except as specifically provided in Section 2.03)
for any Taxes now or hereafter imposed, other than for Excluded Taxes. Except as specifically provided in Section 2.03, if the Company shall be required by applicable law to deduct or withhold from any such payment any such Taxes (other than
Excluded Taxes), then the Company shall (i) notwithstanding anything to the contrary in this Agreement, deduct or withhold an amount equal to such Tax from the amounts payable under this Agreement, (ii) make such Tax payment as so required to the
relevant governmental authority in accordance with applicable law, and (iii) provided that such Lender has complied with 
  

 24 

 the requirements of Section 2.03, pay to the Administrative Agent for the account of such Lender, on the date of each
such payment, such additional amount as may be necessary in order that the net amount received by such Lender after such deduction or withholding (including any deduction or withholding applicable to additional amounts payable under this Section
2.02) shall equal the amount which would have been received if such deduction or withholding were not required. The Company shall confirm that all applicable Taxes (other than Excluded Taxes), if any, imposed on this Agreement or transactions
hereunder shall have been properly and legally paid by it to the appropriate taxing authorities by sending official Tax receipts or notarized copies of such receipts to the Administrative Agent within 30 calendar days after payment of any applicable
Tax, to the extent such receipts are issued therefor, or other written proof of payment thereof that is reasonably satisfactory to the Administrative Agent. Upon request of any Lender, the Administrative Agent shall forward to such Lender a copy of
such official receipt or a copy of such notarized copy of such receipt or other written proof of payment. 
  
 SECTION 2.03. Withholding Tax Exemption. 
  
 (a) To the extent not previously delivered, at least five Business Days prior to the first date on which interest or fees are payable hereunder to the
Lenders in the case of each Lender that is listed on the signature pages of this Agreement, and on the later of such date and the date of the assignment pursuant to Section 13.07 pursuant to which it becomes a Lender in the case of each other
Lender, and from time to time thereafter as reasonably requested in writing by the Company (but only so long thereafter as such Lender remains lawfully able to do so): 
  
 (i) each Lender that is a “United States person” that is not a “domestic” corporation
(as such terms are defined in Section 7701(a)(30) of the Code) shall provide each of the Administrative Agent and the Company with an original Internal Revenue Service Form W-9, or any successor or other form prescribed by the Internal Revenue
Service, properly completed and duly executed under penalties of perjury; and 
  
 (ii) each Lender that is a Foreign Lender shall provide each of the Administrative Agent and the Company with either: 
  
 (A) an original Internal Revenue Service Form W-8BEN, W-8IMY or W-8ECI, as appropriate, or any successor or other form prescribed by the
Internal Revenue Service, properly completed and duly executed under penalties of perjury, certifying that such Lender is exempt or entitled to a zero (0) rate of United States withholding tax on payments pursuant to this Agreement, or 

 
 (B) a certificate, duly executed under penalties of
perjury, that it is not (I) a “bank” (within the meaning of Section 881(c)(3)(A)of the Code), (II) a “ten-percent shareholder” (within the meaning of Section 871(h)(3)(B) of the Code) of the Company, or (III) a “controlled
foreign corporation” related to the Company (within the meaning of Section 
  

 25 

 864(d)(4) of the Code), and an original Internal Revenue Service Form W-8BEN or Form W-8IMY, as
appropriate, or any successor or other form prescribed by the Internal Revenue Service, properly completed and duly executed under penalties of perjury, certifying that such Lender is exempt from United States withholding tax on payments pursuant to
this Agreement. 
  
 (b) Each Lender shall deliver such new forms
and documents prescribed by the Internal Revenue Service upon the expiration or obsolescence of any previously delivered forms or other documents referred to in Section 2.03(a), or after the occurrence of any event requiring a change in the most
recent forms or other documents delivered by such Lender. Such Lender shall promptly provide written notice to each of the Administrative Agent and the Company at any time it determines that it is no longer in a position to provide any previously
delivered form or other document (or any other form of certification adopted by the Internal Revenue Service for such purpose). 
  
 (c) In no event will any withholding by the Company on any interest payable to any Lender as contemplated by this Section 2.03 give rise to a Default
under Section 10.01 with respect to payments of interest. 
  
 SECTION 2.04. Discretionary Loans. 
  
 (a) Each
Lender may, in its sole discretion and on terms and conditions satisfactory to it and the Company that are not inconsistent with the provisions of this Agreement, make additional Loans to the Company under its Commitment in Dollars, on any one or
more Business Days on or after the date hereof and prior to the Termination Date (“Discretionary Loans”), which Loans will be payable to the appropriate Lender upon such terms and conditions; provided, however, that the
Company will not permit to remain outstanding any Discretionary Loans from any Lender, and no Lender will make any Discretionary Loans to the Company, if the aggregate principal amount of the Discretionary Loans and Conventional Loans payable to
such Lender, together with such Lender’s LC Exposure at such time, exceeds such Lender’s Commitment. Should any Discretionary Loan be outstanding from any Lender on a date on which a Conventional Borrowing is to be made, such Conventional
Borrowing shall be made available only if the Company has paid or shall simultaneously with the making of such Conventional Loan pay such portions of Discretionary Loans (including, without limitation, the payment of the amount of any losses payable
pursuant to Section 2.01(g) actually incurred by such Lender as a result of such prepayment) as shall be necessary to make available a portion of each Lender’s Commitment at least equal to such Lender’s share of such Conventional
Borrowing. No Discretionary Loan shall have a maturity, final payment date or interest period that extends beyond the Termination Date. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the
indebtedness to such Lender resulting from each Discretionary Loan made by such Lender. The entries made in the accounts maintained pursuant to this Section 2.04(a) shall be prima facie evidence of the existence and amounts of the obligations
therein recorded; provided, however, that the failure of any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Company to repay 
  

 26 

 the Discretionary Loans in accordance with their terms. The Company hereby unconditionally promises to pay to each Lender
the then unpaid principal amount of each Discretionary Loan made by such Lender on the earlier of the Termination Date and the date on which such principal amount is due pursuant to the terms of such Discretionary Loan. 
  
 (b) Promptly upon written request of the Administrative Agent, each Lender
will certify in writing the Borrowing Date, principal amount and maturity date of any Discretionary Loans made during any period for which the Commitment Fee under Section 4.03 is to be calculated. The Company agrees to certify to the Administrative
Agent on or before each Quarterly Date the Borrowing Date, principal amount, maturity date and lending Lender for all Discretionary Loans made during any period for which the Commitment Fee under Section 4.03 is to be calculated. 
  
 SECTION 2.05. Interest Election. (a) Each Conventional Borrowing
initially shall be of the type specified in the applicable Notice of Conventional Borrowing and, in the case of a Conventional Borrowing consisting of CD Rate Loans or, Eurodollar Loans shall have an initial Interest Period as specified in such
Notice of Conventional Borrowing. Thereafter, the Company may elect to convert such Conventional Borrowing to a different type or to continue such Conventional Borrowing and, in the case of a Conventional Borrowing consisting of CD Rate Loans or,
Eurodollar Loans, may elect Interest Periods therefor, all as provided in this Section 2.05. The Company may elect different options with respect to different portions of the affected Conventional Borrowing, in which case each such portion shall be
allocated ratably among the Lenders holding the Loans comprising such Conventional Borrowing, and the Loans comprising each such portion shall be considered a separate Conventional Borrowing. This Section 2.05 shall not apply to Discretionary
Borrowings. 
  
 (b) To make an election pursuant to this Section
2.05, the Company shall notify the Administrative Agent of such election by telephone by the time that a notice of borrowing would be required under the applicable provisions of Section 2.01 if the Company were requesting the advancement of new
funds of the same type resulting from such election to be made on the effective date of such election. Each such telephonic election shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a
written Interest Election Request in a form approved by the Administrative Agent and signed by the Company. 
  
 (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.01: 
  
 (i) the Borrowing to which such Interest Election Request applies and, if
different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be
specified for each resulting Borrowing); 
  

 27 

 (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be
a Business Day; 
  
 (iii) in the case of a Conventional
Borrowing, whether the resulting Borrowing is to be an Alternate Base Rate Loan, a Federal Funds Rate Loan, a CD Rate Loan or a Eurodollar Loan; and 
  
 (iv) if the resulting Borrowing is a CD Rate Loan or a Eurodollar Loan, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period.” 
  
 If any such Interest Election Request requests a CD Rate Loan or a Eurodollar Loan but does not specify an Interest Period, or if the Company fails to
deliver a timely Interest Election Request with respect to such a Borrowing prior to the end of the Interest Period applicable thereto, then, unless in the case or such failure to deliver and Interest Rate Election the applicable Loans are repaid,
the Company shall be deemed to have selected the shortest possible Interest Period. 
  
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
  
 (e) Notwithstanding any contrary provision hereof, if an Event of Default
exists and the Administrative Agent, at the request of the Majority Lenders, so notifies the Company, then, so long as an Event of Default is continuing (i) no outstanding Conventional Borrowing may be converted to or continued as a Eurodollar Loan
and (ii) unless repaid, each Eurodollar Loan shall be converted to an Alternate Base Rate Loan at the end of the Interest Period applicable thereto. The foregoing is without prejudice to the other rights and remedies available hereunder upon an
Event of Default. 
  
 SECTION 2.06. Obligations Several, Not
Joint. The obligations of the Lenders hereunder are several and not joint. The failure of any Lender to make the Loan to be made by it as part of any borrowing shall not relieve any other Lender of its obligation to make its Loan on the date of
such borrowing, and no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the date of any borrowing. 
  
 SECTION 2.07. Replacement of Lenders. If any Lender requests compensation under Section 2.03, or if the Company is
required to pay any additional amount to any Lender or any governmental authority for the account of any Lender pursuant to Section 2.02, or if any Lender defaults in its obligation to fund Loans or issue Letters of Credit hereunder, then the
Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 13.07), all
its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a 
  

 28 

 Lender accepts such assignment); provided that (i) the Company shall have received the prior written consent of
the Administrative Agent, which consent shall not be unreasonably withheld and (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder, from the assignee or the Company. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to
require such assignment and delegation cease to apply. 
  
 SECTION
2.08. Letters of Credit. (a) General. Subject to the terms and conditions set forth herein, the Company may request the issuance of Additional Letters of Credit for its own account, in a form reasonably acceptable to the Administrative
Agent and the Issuing Lender, at any time and from time to time prior to the date five Business Days prior to the Termination Date. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of
any form of letter of credit application or other agreement submitted by the Company to, or entered into by the Company with, any Issuing Lender relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 

 
 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain
Conditions. To request the issuance of an Additional Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Company shall hand deliver or telecopy (or transmit by electronic communication, if
arrangements for doing so have been approved by the Issuing Lender) to the Issuing Lender and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of an
Additional Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to
expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of
Credit. If requested by the Issuing Lender, the Company also shall submit a letter of credit application on the Issuing Lender’s standard form in connection with any request for an Additional Letter of Credit. A Letter of Credit shall be
issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Company shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or
extension (i) the LC Exposure shall not exceed $50,000,000 and (ii) the sum of (I) the outstanding aggregate principal amount of all Loans and (II) the LC Exposure shall not exceed the aggregate Commitments. 
  
 (c) Expiration Date. Each Letter of Credit shall expire at or prior to
the earlier of (i) close of business on the date that is five Business Days prior to the Termination Date and (ii) the first anniversary of the date of the issuance (or the most recent extension or renewal) of such Letter of Credit. It is understood
that any Letter of Credit may provide for the renewal thereof for additional periods, which shall in no event extend beyond the date referred to in clause (i) above. 
  

 29 

 (d) Participations. On the date hereof, without further action by any party hereto, the Issuing
Lender shall be deemed to have granted to each Lender, and each Lender shall be deemed to have acquired from the Issuing Lender, a participation in each Existing Letter of Credit equal to such Lender’s Applicable Percentage of (i) the aggregate
amount available to be drawn thereunder and (ii) the aggregate unpaid amount of any outstanding reimbursement obligations in respect thereof. Such participations shall be on all the same terms and conditions as participations granted in Additional
Letters of Credit under the immediately succeeding sentence. By the issuance of an Additional Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Lender or
the Lenders, the Issuing Lender hereby grants to each Lender, and each Lender hereby acquires from the Issuing Lender, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be
drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Lender, such Lender’s
Applicable Percentage of each LC Disbursement made by the Issuing Lender and not reimbursed by the Company on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Company for any
reason. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including
any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or
reduction whatsoever. 
  
 (e) Reimbursement. If the Issuing
Lender shall make any LC Disbursement in respect of a Letter of Credit, the Company shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than (i) 12:00 noon, New York City time,
on the date that such LC Disbursement is made, if the Company shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or (ii) if such notice has not been received by the Company prior to 10:00 a.m.,
New York City time, on the date that such LC Disbursement is made, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Company receives such notice; provided that, if such LC Disbursement is
not less than the minimum borrowing amount, the Company may, subject to the conditions to borrowing set forth herein, request that such payment be financed with an Alternate Base Rate Loan or Federal Funds Rate Loan in an equivalent amount and, to
the extent so financed, the Company’s obligation to make such payment shall be discharged and replaced by the resulting Alternate Base Rate Loan or Federal Funds Rate Loan. If the Company fails to make such payment when due, the Administrative
Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Company in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the
Administrative Agent its Applicable Percentage of the LC Disbursement not reimbursed by the Company, in the same manner as provided in Section 2.01 with respect to Loans made by such Lender (and Section 2.01 shall apply, 
  

 30 

 mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the
Issuing Lender the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Company pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing
Lender or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse the Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. Any payment made by a Lender pursuant to this paragraph
to reimburse the Issuing Lender for any LC Disbursement (other than the funding of Alternate Base Rate Loans or Federal Funds Rate Loans as contemplated above) shall not constitute a Loan and shall not relieve the Company of its obligation to
reimburse such LC Disbursement. 
  
 (f) Obligations
Absolute. The Company’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement
under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of
Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Lender under a Letter of Credit against presentation of a draft or other document that
does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable
discharge of, or provide a right of setoff against, the Company’s obligations hereunder. Neither the Administrative Agent, the Lenders, the Issuing Lender, nor any of their Related Parties, shall have any liability or responsibility by reason
of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission,
interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical
terms or any consequence arising from causes beyond the control of the Issuing Lender; provided that the foregoing shall not be construed to excuse the Issuing Lender from liability to the Company to the extent of any direct damages (as opposed to
consequential damages, claims in respect of which are hereby waived by the Company to the extent permitted by applicable law) suffered by the Company that are caused by the Issuing Lender’s failure to exercise care when determining whether
drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or wilful misconduct on the part of the Issuing Lender (as finally determined by
a court of competent jurisdiction), the Issuing Lender shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents
presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Lender may, at its sole discretion, either accept and make payment upon such documents without responsibility for further
investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 
  

 31 

 (g) Disbursement Procedures. The Issuing Lender shall, promptly following its receipt thereof,
examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Lender shall promptly notify the Administrative Agent and the Company by telephone (confirmed by telecopy) of such demand for payment and
whether the Issuing Lender has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Company of its obligation to reimburse the Issuing Lender and the Lenders with
respect to any such LC Disbursement. 
  
 (h) Interim
Interest. If the Issuing Lender shall make any LC Disbursement, then, unless the Company shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and
including the date such LC Disbursement is made to but excluding the date that the Company reimburses such LC Disbursement, (i) at the Alternate Base Rate until the date on which the Company is obligated to reimburse the Issuing Bank for such LC
Disbursement pursuant to Section 2.08(e), and (ii) at the Default Rate thereafter. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Lender, except that interest accrued on and after the date of payment by any
Lender pursuant to paragraph (e) of this Section to reimburse any Issuing Lender shall be for the account of such Lender to the extent of such payment. 
  
 (i) Replacement of the Issuing Lender, Indemnity. The Issuing Lender may be replaced at any time by written agreement among the Company, the
Administrative Agent, the Issuing Lender and the successor Issuing Lender. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Lender. At the time any such replacement shall become effective, the Company shall
pay all unpaid fees accrued for the account of the replaced Issuing Lender. From and after the effective date of any such replacement, (i) the successor Issuing Lender shall have all the rights and obligations of the replaced Issuing Lender under
this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Lender” shall be deemed to refer to such successor or to any previous Issuing Lender, or to such successor and all
previous Issuing Lenders, as the context shall require. After the replacement of the Issuing Lender hereunder, the replaced Issuing Lender shall remain a party hereto and shall continue to have all the rights and obligations of the Issuing Lender
under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. The Lenders agree to indemnify each Issuing Lender (to the extent not reimbursed by the
Company), ratably according to the respective amounts of the LC Exposure then held by each of them (or if no LC Exposure is at the time outstanding, ratably according to the respective amount of their Commitments), from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against such Issuing Lender in its capacity as such
in any way relating to or arising out of this Agreement, or any action taken or omitted by the 
  

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 Administrative Agent under this Agreement; provided that no Lender shall be liable for any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Issuing Lender’s gross negligence or wilful misconduct. 
  
 (j) Cash Collateralization. If any Event of Default shall occur and be
continuing, on the Business Day that the Company receives notice from the Administrative Agent or the Majority Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC
Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Company shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal
to the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become effective immediately, and such deposit
shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Company described in Section 10.10 or 10.11. Such deposit shall be held by the Administrative Agent
as collateral for the payment and performance of the obligations of the Company under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any
interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Company’s risk and expense, such deposits shall not bear interest. Interest or profits,
if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Lender for LC Disbursements for which it has not been reimbursed and, to the extent not so
applied, shall be held for the satisfaction of the reimbursement obligations of the Company for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing
greater than 50% of the total LC Exposure), be applied to satisfy other obligations of the Company under this Agreement. If the Company is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of
Default, such amount (to the extent not applied as aforesaid) shall be returned to the Company within three Business Days after all Events of Default have been cured or waived. 
  
 SECTION 2.09. Evidence of Debt. Any Lender may request that Loans made by it be evidenced by a promissory note. In
such event, the Company shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative
Agent and the Company. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 13.07) be represented by one or more promissory notes in such form payable to the
order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
  

 33 

 ARTICLE III 
  
 Optional and Required Prepayments; 
 Interest Payment Date and Commitment Reduction Date Payments; Other Payments 
  
 SECTION 3.01. Optional Prepayments. Loans may be prepaid in whole or from time to time in part at the option of the Company on any Business Day, without premium or penalty, notwithstanding that such Business
Day is not an Interest Payment Date; provided that: 
  
 (a) losses, if any, incurred by any Lender under Section 2.01(g) shall be payable with respect to each such prepayment of any such CD Rate Loan or Eurodollar Loan; and 
  
 (b) all partial prepayments shall be in an aggregate principal amount of at least $2,000,000 and an integral multiple of
$100,000; and 
  
 (c) the Company shall give the Administrative
Agent not less than one full Business Day’s prior oral or written notice of each prepayment of any Eurodollar Loans or CD Rate Loans, or any portion thereof, and notice to the Administrative Agent not less than 10:00 a.m. (New York, New York
time) on the same day of the prepayment of Federal Funds Rate Loans or Alternate Base Rate Loans, or any portion thereof, proposed to be made pursuant to this Section 3.01, specifying the aggregate principal amount to be prepaid and the prepayment
date; provided, however, that with respect to each oral notice of a prepayment, the Company shall deliver promptly to the Administrative Agent a confirmatory written notice of such proposed prepayment. The Administrative Agent shall promptly
notify the Lenders of the principal amount to be prepaid and the prepayment date. Notice of such prepayment shall be irrevocable and having been given as aforesaid, the principal amount specified in such notice, together with accrued and unpaid
interest thereon to the date of prepayment, shall become due and payable on such prepayment date, and the provisions of Section 2.01(g) shall be applicable. The Company shall have no optional right to prepay the principal amount of any Revolving
Credit Loan other than as provided in this Section 3.01. 
  
 SECTION 3.02. Required Prepayments. 
  
 (a) If
the Company shall reduce or terminate the respective Commitments of the Lenders pursuant to Section 4.01, it will prepay to each Lender on the effective date of any such reduction or termination: 
  
 (i) in the case of a reduction of the Commitments, that part
of such unpaid principal amount outstanding of the Conventional Loans and the Discretionary Loans held by such Lender that exceeds the amount of the Commitment of such Lender immediately after such reduction, and 
  
 (ii) in the case of termination of the Commitments, the
entire unpaid principal amount of the Conventional Loans and the Discretionary Loans; together, in each case, with accrued and unpaid interest on the amount being so prepaid and all other amounts accrued and owing under this Agreement on such date.

  

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 (b) If on any Borrowing Date the principal amount outstanding on Loans (when taken together with the LC
Exposure of the relevant Lender) made to the Company by any Lender shall exceed the Commitment of such Lender, the Company shall promptly pay to such Lender an amount equal to such excess, together with accrued and unpaid interest on the amount so
prepaid and all other amounts accrued and owing under this Agreement on such date. 
  
 (c) Notwithstanding the foregoing, in the event any prepayment required by Section 3.02(a) or Section 3.02(b) with respect to any Revolving Credit Loan would become due on a date that is not an Interest Payment Date
and as a result thereof the Company would incur liabilities under Section 2.01(g), the Company shall make such prepayment to the Administrative Agent on the due date; provided, however, that, if the Company so elects, interest shall continue
to accrue on any Loan so prepaid and shall be paid by the Company to the Administrative Agent on the applicable Interest Payment Date. So long as no Default or Event of Default shall have occurred and be continuing, the Administrative Agent shall
hold the proceeds of such prepayment for the benefit of the Lenders, in an interest bearing account, until such time as such proceeds can be applied towards payment of the Revolving Credit Loans in accordance with the provisions of this Agreement
without resulting in any liability to the Company under Section 2.01(g). All interest which may accrue on such amounts so held in escrow shall be held by the Administrative Agent for the benefit of the Company. 
  
 (d) All prepayments made pursuant to the provisions of this Section 3.02
shall be applied, in the case of Conventional Loans, first, towards payment of all Federal Funds Rate Loans and Alternate Base Rate Loans, as the Company directs, and secondly, and subject to the provisions of Section 2.01(g), towards payment of the
appropriate amount of CD Rate Loans and Eurodollar Loans, as the Company directs. The Company shall have no right to reborrow any amount prepaid under Section 3.02(a). 
  
 SECTION 3.03. Place, etc. of Payments and Prepayments. All payments and prepayments made in accordance with the
provisions of this Agreement (other than with respect to Discretionary Loans) in respect of the Commitment Fees and the Administrative Agent’s fee and of principal of and interest on the Revolving Credit Loans and of LC Disbursements and
interest thereon shall be made to the Administrative Agent in Dollars at its office at 270 Park Avenue, New York, New York 10017, in immediately available funds for the accounts of the Lenders. The Administrative Agent will promptly distribute to
the Lenders, in accordance with each Lender’s Prepayment Pro Rata Share as to all Loans other than Discretionary Loans, in immediately available funds, the amount of principal, interest, LC Disbursements, Commitment Fees and LC Participation
Fees received by the Administrative Agent for the account of the Lenders; provided that if interest shall accrue on any Revolving Credit Loan at a rate different from the rate applicable to any other Revolving Credit Loan, payment and
distribution of interest shall be based on the respective accrual rates applicable to such Revolving Credit Loans. Any payment to the Administrative Agent for the account of a Lender under this 
  

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 Agreement shall constitute payment by the Company to such Lender of the amounts so paid to the Administrative Agent, and
any Revolving Credit Loans or portions thereof so paid shall not be considered outstanding for any purpose after the date of such payment to the Administrative Agent. 
  
 ARTICLE IV 
  
 Reduction of Commitments; Fees 
  
 SECTION 4.01. Optional Reduction or Termination of Commitments. The Company may at any time or from time to time reduce ratably in proportion to
their respective Commitments or terminate in whole, the respective Commitments of the Lenders hereunder by giving not less than three full Business Days’ prior written notice to such effect to the Administrative Agent; provided that any
partial reduction shall be in an aggregate amount of not less than $3,000,000 and an integral multiple of $250,000; provided further that the Commitments may not be reduced to an amount less than the aggregate principal amount of Conventional
Loans, Discretionary Loans and LC Exposure outstanding at such time, unless simultaneously therewith the Company shall make a prepayment in accordance with Section 3.02(a) hereof. The Administrative Agent shall promptly notify each Lender of its
proportionate share of and of the date of each such reduction. After each such reduction, the Commitment Fees owing to each Lender shall be calculated upon the Commitment of such Lender as so reduced. In the event of acceleration of the maturity
date of any Revolving Credit Loan, the Commitments hereunder of the Lenders shall thereupon automatically terminate without notice. Each such reduction or any termination of the Commitments hereunder shall be irrevocable. 
  
 SECTION 4.02. Termination of Commitments. The Commitment of each
Lender shall automatically terminate on the Termination Date. 
  
 SECTION 4.03. Commitment Fees. (a) The Company agrees to pay to the Administrative Agent for the account of each Lender, in Dollars, commitment fees (“Commitment Fees”), computed on a daily basis of a year of 365 or
366 days, as the case may be, from the effective date of this Agreement pursuant to Section 13.08 to and including the Termination Date at a rate per annum equal to the applicable Commitment Fee Rate from time to time in effect on the daily average
unused amount of the Commitment of such Lender (taking into account all Conventional Loans and Discretionary Loans of such Lender outstanding on the dates covered by such calculation). Each such Commitment Fee shall be payable on or before the 15th
day following each Quarterly Date and on the Termination Date or on such earlier date as the Commitment of such Lender shall terminate pursuant to the terms of this Agreement. 
  
 (b) For purposes of computing Commitment Fees with respect to Commitments, a Commitment of a Lender shall be deemed to be
used to the extent of the LC Exposure of such Lender. 
  

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 SECTION 4.04. LC Participation Fees. The Company agrees to pay (i) to the Administrative Agent for
the account of each Lender a participation fee (“LC Participation Fee”) with respect to its participations in Letters of Credit, which shall accrue at the Margin Percentage used to determine the interest rate applicable to
Eurodollar Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Closing Date to but excluding the date on which
such Lender ceases to have any LC Exposure, and (ii) to the Issuing Lender a fronting fee, which shall accrue at the rate or rates per annum separately agreed upon by the Company and the Issuing Lender on the average daily stated amount of the
Letters of Credit issued by the Issuing Lender during the period from and including the Closing Date to but excluding the date on which there ceases to be any LC Exposure, as well as the Issuing Lender’s standard fees with respect to the
issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Accrued participation fees and fronting fees shall be payable on or before the fifteenth day following each Quarterly Date and on the Termination
Date or on such earlier date as the Commitments shall terminate pursuant to the terms of this Agreement; and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the Issuing
Lender pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the
first day but excluding the last day). 
  
 SECTION 4.05
Administrative Agent’s Fee. Until payment in full of the Loans and termination of the Commitments, the Company agrees to pay to the Administrative Agent, for its own account, the annual administration fee provided for in the fee letter
executed by them. 
  
 ARTICLE V 
  
 Application of Proceeds 
  
 The Company agrees that the proceeds of the Revolving Credit Loans and
Discretionary Loans hereunder shall be used by the Company only to refinance other borrowings of the Company and for general corporate purposes of the Company and its Subsidiaries. The Letters of Credit will be used for general corporate purposes.

  
 ARTICLE VI 
  
 Representations and Warranties 
  
 The Company represents and warrants that: 
  
 SECTION 6.01. Organization; Qualification; Subsidiaries. The Company
and each Subsidiary (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization, (ii) has the corporate or 
  

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 organizational power to own its properties and to carry on its business as now conducted, and (iii) is duly qualified to
do business and is in good standing in every jurisdiction where failure to be duly qualified would have a Material Adverse Effect. Attached hereto as Exhibit 6.01 is a correct and complete list setting forth, as of the date of this Agreement: (A)
the name of each Subsidiary, (B) the Company’s and its Subsidiaries’ aggregate percentage interest in such Subsidiary, and (C) whether such Subsidiary is a Restricted or Unrestricted Subsidiary. All shares of capital stock of Restricted
Subsidiaries owned by the Company or any Restricted Subsidiary are owned thereby free and clear of all Liens. 
  
 SECTION 6.02. Financial Statements. The Company has furnished (either in hard copy or electronically) each Lender with the consolidated financial
statements for the Company and its Subsidiaries as at and for its fiscal year ended December 31, 2003, accompanied by the opinion of Deloitte & Touche, and quarterly consolidated financial statements as at and for the period ended March 31,
2004. Such statements have been prepared in conformity with GAAP consistently applied throughout the period involved, except as may be explained in such opinion and except, in the case of interim statements, for year-end audit adjustments and the
absence of footnotes. Such statements fairly present in all material respects the financial condition of the Company and its Subsidiaries on a consolidated basis and the results of its and their operations as at the dates and for the periods
indicated. There has been no material adverse change in the financial condition or the business or properties of the Company and its Subsidiaries on a consolidated basis since December 31, 2003. 
  
 SECTION 6.03. Actions Pending. Except as disclosed in Exhibit 6.03
attached hereto, there is no action, suit or proceeding pending or, to the knowledge of the Company, threatened against the Company or any Subsidiary before any court or administrative agency or other governmental authority which could reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect. 
  
 SECTION 6.04. Default. Neither the Company nor any Subsidiary is (i) in default under the provisions of any instrument evidencing any Debt or any other liability, contingent or otherwise, or of any agreement
relating thereto or (ii) in default under or in violation of any order, writ, injunction or decree of any court, or in default under or in violation of any order, regulation or demand of any governmental instrumentality, other than for such defaults
or violations under clauses (i) and (ii) above which taken in the aggregate do not have a Material Adverse Effect. 
  
 SECTION 6.05. Title to Assets; Licenses; Intellectual Property. (a) Except as would not have a Material Adverse Effect, the Company and each
Restricted Subsidiary have good and marketable title to their respective assets, subject to no Liens except Permitted Liens. 
  
 (b) Each of the Company and the Restricted Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents, licenses and other
intellectual property material to the business of the Company and the Restricted Subsidiaries, taken as a whole, and the use thereof by the Company and the Restricted 
  

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 Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  
 SECTION 6.06. Payment of Taxes. The Company and each Subsidiary have filed all Federal and material state income and franchise tax returns, or extensions therefor, which, to the knowledge of the officers
thereof, are required to be filed and have paid all material taxes shown on said returns and all material assessments which are due (other than those the amount or validity of which are currently being contested in good faith by appropriate
proceedings). The Company and its officers know of no claims by any governmental authority for any unpaid taxes which claims in the aggregate could reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 6.07. Conflicting or Adverse Agreements or Restrictions.
Neither the Company nor any Subsidiary is a party to any contract or agreement or subject to any restriction which has a Material Adverse Effect. Neither the execution nor delivery of this Agreement nor compliance with the terms and provisions
hereof or of any instruments required hereby will be contrary to the provisions of, or constitute a default under, (i) the charter or by-laws of the Company or any Subsidiary or (ii) any law or any regulation, order, writ, injunction or decree of
any court or governmental authority or any material agreement to which the Company or any Subsidiary is a party or by which it is bound or to which it is subject, except for such noncompliance or defaults referred to in this clause (ii) which,
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 6.08. Purpose of Loans. Neither the Company nor any Subsidiary is engaged principally, or as one of its important activities, in the
business of extending credit for the purpose of purchasing or carrying Margin Stock. This Agreement and the transactions contemplated hereby comply in all respects with Regulations U, T and X of the Board of Governors of the Federal Reserve System.
Neither the Company nor any agent acting on its behalf has taken any action which might cause this Agreement to violate Regulations U, T or X or to violate the Securities Exchange Act of 1934, in each case as in effect now or as the same may
hereafter be in effect on the date of any Loan. 
  
 SECTION 6.09.
Authority; Validity. The Company has the corporate power and authority to make and carry out this Agreement and the transactions contemplated herein, to make the borrowings provided for herein and to perform its obligations hereunder; and all
such action has been duly authorized by all necessary corporate proceedings on its part. This Agreement has been duly and validly executed and delivered by the Company and constitutes a valid and legally binding agreement of the Company, enforceable
in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights and general principles of equity. 
  
 SECTION 6.10. Consents or Approvals. No order, consent, approval,
license, authorization or validation of any governmental authority and no registration or 
  

 39 

 filing with or notice to any governmental authority is necessary to authorize or permit, or is required in connection
with, the execution and delivery of this Agreement, the making of borrowings pursuant hereto or the performance of the obligations of the Company hereunder. 
  
 SECTION 6.11. Compliance with Law. Neither the Company nor any of its Subsidiaries are in violation of any Federal, state or local laws or orders
affecting the Company or any Subsidiary or any of their businesses and operations which taken alone, or in the aggregate, could reasonably be expected to have a Material Adverse Effect. Neither the Company nor any Subsidiary has failed to obtain any
license, permit, franchise, consent or authorization of any governmental authority necessary to the ownership of its properties or the operation of its business, which failure could reasonably be expected to have a Material Adverse Effect.

  
 SECTION 6.12. ERISA. The Company and its Subsidiaries
are in compliance in all material respects with the applicable provisions of ERISA. Neither the Company nor any Subsidiary, taken individually or in the aggregate, is obligated to pay any material accumulated funding deficiency within the meaning of
ERISA or Section 4971 of the Internal Revenue Code of 1986, as amended, or is obligated to pay any material liability to the Pension Benefit Guaranty Corporation established under ERISA, or any successor thereto under ERISA (the
“PBGC”) (other than the payment of premiums to the PBGC as required by ERISA), in connection with any Plan. 
  
 SECTION 6.13. Investment Company Act. Neither the Company nor any Subsidiary (i) is an investment company as that term is defined in the Investment
Company Act of 1940, as amended, (ii) directly or indirectly controls or is controlled by a company which is an investment company as that term is defined in the Investment Company Act of 1940, as amended, or (iii) is otherwise subject to regulation
under the Investment Company Act of 1940, as amended. 
  
 SECTION
6.14. Disclosure. All material information furnished by or on behalf of the Company in writing to the Administrative Agent or any Lender pursuant to the terms of this Agreement after the date hereof and concerning the historical operations of
the Company, will not, when made, include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they are made, not materially misleading.

  
 ARTICLE VII 
  
 Conditions 
  
 SECTION 7.01. Conditions Precedent to the Initial Extension of Credit.
The obligation of the Lenders to fund the initial Borrowing or Discretionary Borrowing after the date of this Agreement (or issue the first Additional Letter of Credit hereunder, whichever occurs first) is subject to the following conditions:

  
 (a) The Administrative Agent shall have received on behalf of
the Lenders from Counsel for the Company their opinion in the form attached hereto as Exhibit 7.01(a), with such changes therein as may be agreed upon by the Company and the Administrative Agent. 
  
  

 40 

 (b) The Administrative Agent shall have received on behalf of the Lenders an Officer’s Certificate
substantially in the form attached hereto as Exhibit 7.01(b). 
  
 (c) The Administrative Agent shall have received all fees and other amounts payable in connection with this Agreement on or prior to the date hereof, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses
required to be reimbursed or paid by the Company hereunder. 
  
 (d) The Existing Credit Agreements shall have been terminated and the principal of and interest accrued on all loans thereunder and all other amounts due and payable thereunder shall have been paid or shall be paid with the proceeds of the
initial Borrowing or Discretionary Borrowing hereunder. 
  
 (e)
The Company shall have delivered to the Administrative Agent and each Lender such other documentation as the Administrative Agent may reasonably request. 
  
 Following the satisfaction of the conditions set forth in this Section 7.01, the Administrative Agent shall inform the Company and the Lenders in writing
thereof. 
  
 SECTION 7.02. Conditions Precedent to Each
Extension of Credit. The obligation of the Lenders to fund each borrowing (including, without limitation, the initial Borrowing or Discretionary Borrowing after the date of this Agreement) and of the Issuing Lender to issue, amend, renew or
extend Letters of Credit (but, in the case of any amendment, only if such amendment has the effect of increasing the LC Exposure of any Lender or extending the maturity of the applicable Letter of Credit), and of the Lenders to purchase the
participations in the Existing Letters of Credit pursuant to the first sentence of Section 2.08(d), is subject to the following (in the case of a Discretionary Borrowing, unless otherwise agreed by the relevant Lender): 
  
 (a) The Administrative Agent shall have received by telecopy or otherwise,
the Notice of Conventional Borrowing required by Section 2.01(c) or notice of issuance, amendment, renewal or extension required by Section 2.08(b), or the Company and the relevant Lender shall have agreed on terms and conditions for such
Discretionary Borrowing satisfactory to such Lender and the Company that are not inconsistent with the provisions of this Agreement. 
  
 (b) After giving effect to such extension of credit, and to the application of the proceeds (if any) thereof, the representations and warranties contained
in Article VI, other than the representations and warranties made by the Company in the last sentence of Section 6.02 and Sections 6.03 and 6.04, shall be true in all material respects on and as of the particular date of extension of credit as
though made on and as of such date (except, in the case of any exhibit referred to in Article VI, to the extent such exhibit expressly relates to a prior date) and each such extension of credit shall be deemed to 
  

 41 

 constitute a representation and warranty by the Company on the applicable date (except, in the case of any exhibit
referred to in Article VI, to the extent such exhibit expressly relates to an earlier date) as to the matters set forth in Article VI (other than the representations and warranties made by the Company in the last sentence of Section 6.02 and in
Sections 6.03 and 6.04). 
  
 (c) Except as otherwise set forth
therein, or in certificates accompanying such financial statements, the most recent financial statements delivered to the Lenders pursuant to Section 8.02 fairly present in all material respects the financial condition of the Company and its
Subsidiaries on a consolidated basis and the results of its and their operations as at the dates and for the periods indicated. Each such extension of credit shall be deemed to constitute a representation and warranty by the Company on the
applicable date to such effect. 
  
 (d) No Default shall have
occurred and be continuing or shall occur after giving effect to such extension of credit and the application of the proceeds (if any) thereof, and each extension of credit shall be deemed to constitute a representation and warranty by the Company
on the applicable date to such effect. 
  
 (e) After giving effect
to such extension of credit, and the application of the proceeds (if any) thereof, (x) the sum of the aggregate outstanding principal amount of Loans and the aggregate LC Exposure shall not exceed the Commitments and (y) the aggregate LC Exposure
shall not exceed $50,000,000. Each such extension of credit shall be deemed to constitute a representation and warranty by the Company on the applicable date to such effect. 
  
 ARTICLE VIII 
  
 Affirmative Covenants 
  
 The Company covenants and agrees that, so long as the Company may borrow hereunder and until payment in full of the Revolving Credit Loans and, unless
otherwise agreed, any Discretionary Loans and until all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, the Company will: 
  
 SECTION 8.01. Certain Financial Covenants. Maintain at all times: 
  
 (a) a Leverage Ratio of not more than 5.0 to 1.0; and 
  
 (b) a ratio of Consolidated Operating Cash Flow to
Consolidated Interest Expense of not less than 2.0 to 1.0. 
  

 42 

 SECTION 8.02. Financial Statements and Information. Deliver to each of the Lenders (either in hard
copy or electronically): 
  
 (a) as soon as available, and in any
event within 90 days, after the end of each fiscal year (i) a copy of the consolidated annual audited financial statements of the Company and its Subsidiaries for such fiscal year containing a balance sheet, an income statement, a statement of
shareholders’ equity and a consolidated statement of cash flows, all in reasonable detail, together with the unqualified opinion of Deloitte & Touche or another independent certified public accountant of recognized national standing, that
such statements have been prepared in accordance with GAAP, consistently applied, except as may be explained in such opinion, and fairly present in all material respects the financial condition of the Company and its Subsidiaries on a consolidated
basis and the results of its and their operations as at the dates and for the periods indicated and (ii) a copy of the reconciliation sheet, certified by a financial officer of the Company, setting forth the adjustments required to the consolidated
audited financial statements of the Company and its Subsidiaries referred to above in this paragraph (a) in order to arrive at the consolidated financial statements of the Company and its Restricted Subsidiaries; 
  
 (b) as soon as available, and in any event within 60 days, after the end of
each of the first three quarterly accounting periods in each fiscal year (i) a copy of the consolidated unaudited financial statements of the Company and its Subsidiaries as at the end of such quarter and for the period then ended, containing a
balance sheet, an income statement, a statement of shareholders’ equity and a consolidated statement of cash flows, all in reasonable detail and certified by a financial officer of the Company to have been prepared in accordance with GAAP,
consistently applied, except as may be explained in such certificate and except, in the case of interim statements, for year end audit adjustments and the absence of footnotes, and as fairly presenting in all material respects the financial
condition of the Company and its Subsidiaries on a consolidated basis and the results of its and their operations as at the dates and for the periods indicated and (ii) a copy of the reconciliation sheet, certified by the Company, setting forth the
adjustments required to the consolidated quarterly financial statements of the Company and its Subsidiaries referred to above in this paragraph (b) in order to arrive at the consolidated financial statements of the Company and its Restricted
Subsidiaries; 
  
 (c) promptly after the filing thereof, copies of
all statements and reports filed with the Securities and Exchange Commission, other than Form S-8 registration statements and other reports relating to employee benefit plans, supplements to registration statements relating solely to the pricing of
securities offerings for which registration statements were previously filed and Forms D; 
  
 (d) promptly, and in any case within five Business Days, after any officer of the Company obtains knowledge of an Event of Default or Default, an Officer’s Certificate specifying the nature of such Event of
Default or Default, the period of existence thereof, and what action the Company has taken and proposes to take with respect thereto; 
  
 (e) promptly upon the Company’s or any Subsidiary’s receipt thereof, copies of all notices received from the FCC regarding the termination,
cancellation, revocation or taking of any other materially adverse action with respect to any Material FCC Licenses; and 
  

 43 

 (f) promptly after request, such additional financial or other information as the Administrative Agent or
any Lender acting through the Administrative Agent may reasonably request from time to time. 
  
 All financial statements specified in clauses (a) and (b) above shall be furnished with comparative consolidated figures for the corresponding period in the preceding year. Together with each delivery of financial
statements required by clauses (a) and (b) above, the Company will deliver to each Lender (i) such schedules, computations and other information as may be required to demonstrate that the Company is in compliance with its covenants in Sections 8.01,
9.01(i), 9.03, 9.05 and 9.06 or reflecting any noncompliance therewith as at the applicable date, and (ii) an Officer’s Certificate stating that, to the knowledge of such officer, there exists no Default or Event of Default or if , to the
knowledge of such officer any such Default or Event of Default exists, stating the nature thereof, the period of existence thereof, and what action the Company has taken and proposes to take with respect thereto. Together with each delivery of
financial statements required by clause (a) above, the Company will deliver to each Lender a written statement of said accountants that, in conducting the audit necessary to the issuance of an opinion on such financial statements, nothing came to
their attention that caused them to believe that an Event of Default or Default relating to financial and accounting matters (an “Accounting Event of Default or Default”) had occurred, or, if such accountants shall have obtained
knowledge of any such Accounting Event of Default or Default, such statement shall specify the nature and period of existence thereof; provided that such accountants shall not be liable directly or indirectly to any Lender for failure to
obtain knowledge of any such Accounting Event of Default or Default, and provided further that in issuing such statement, such accountants shall not be required to go beyond those auditing procedures conducted in connection with their
issuance of the opinion referred to above. Each Lender is authorized to deliver a copy of any financial statement delivered to it to any regulatory body having jurisdiction over it and to any other Person as may be required by applicable law, rules
and regulations. 
  
 Financial statements required to be delivered
pursuant to Section 8.02(a)(i) or (b)(i) or statements and reports required to be delivered pursuant to Section 8.02(c) (to the extent any such documents are included in materials otherwise filed with the SEC) shall be deemed to have been delivered
on the date on which notice is received by the Administrative Agent that such information has been posted on the Company’s website on the Internet at www.coxradio.com, at sec.gov/edgar/searchdgar/webusers.htm or at another website
identified in such notice and accessible by the Lenders without charge (except in the case of statements of beneficial ownership of securities on Form 3, 4 or 5, which shall be deemed to have been delivered when so posted regardless of whether such
notice is received). The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and each Lender shall be solely responsible for requesting delivery to it or maintaining its
copies of such documents. 
  
 SECTION 8.03. Existence; Laws;
Obligations. Maintain its corporate existence, comply and cause its Subsidiaries to comply, in all respects material to the financial condition, business and properties of the Company and its Subsidiaries on a 
  

 44 

 consolidated basis, with all applicable laws and regulations and pay and cause its Subsidiaries to pay all Taxes,
assessments, governmental charges and other obligations which if unpaid might become a Lien (other than a Permitted Lien) against the Property of the Company or a Subsidiary, except obligations being contested in good faith by appropriate
proceedings. 
  
 SECTION 8.04. Notice of Litigation and Other
Matters. Promptly notify the Administrative Agent in writing of (i) any action, suit or proceeding pending or to the knowledge of the Company threatened, before any governmental authority (including, without limitation, any bankruptcy or similar
proceeding by or against the Company or any Subsidiary) which, in the view of the Company, could reasonably be expected to have a Material Adverse Effect, (ii) the failure of any Unrestricted Subsidiary to pay when due (after giving effect to any
grace period permitted from time to time) any Debt of such Unrestricted Subsidiary, the outstanding amount of which exceeds, singularly or in the aggregate, $50,000,000, or the holder of such Debt declares, or may declare, such Debt due prior to its
stated maturity because of the occurrence of a default or other event thereunder or with respect thereto, if such failure, declaration or right to declare could reasonably be expected to have a Material Adverse Effect, (iii) any revocation,
suspension or expiration (other than expiration at maturity in accordance with their terms) of FCC licenses or franchises which are material to the operations of the Company and the Restricted Subsidiaries on a consolidated basis (the
“Material FCC Licenses”), (iv) the designation by the Company of a Subsidiary as an Unrestricted Subsidiary pursuant to the terms hereof, which notice shall (A) set forth the calculations evidencing compliance with Section 8.01
after giving effect to such designation, determined in accordance with the most recent financial statements delivered to the Lenders pursuant to Section 6.02 or Section 8.02, as the case may be, and (B) be deemed to be a representation and warranty
of the Company that at the time of such designation and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing. Promptly after the receipt by the Administrative Agent of any notice provided for in this
Section 8.04, the Administrative Agent will provide the Lenders with a copy of such notice. 
  
 SECTION 8.05. Books and Records. Maintain, and cause its Subsidiaries to maintain, proper books of record and account in accordance with GAAP and in accordance, in all material respects, with applicable
corporate, securities and financial reporting laws. 
  
 SECTION
8.06. Inspection of Property and Records. Permit any Person designated in writing by the Administrative Agent, or any Lender acting through the Administrative Agent (i) to visit and inspect any of the properties of the Company and any
Restricted Subsidiary and discuss its and their respective affairs and finances with its and their respective principal officers and to inspect any of the corporate books and financial records of the Company and any Restricted Subsidiary and (ii)
from and after the occurrence of an Event of Default, to make copies of and abstracts from the books and records of account of the Company and its Restricted Subsidiaries, in each case all upon reasonable prior notice and at such times as the
Administrative Agent or any Lender acting through the Administrative Agent may reasonably request. Notwithstanding Section 13.01, but without prejudice to any other provision contained herein, unless any 
  

 45 

 such visit or inspection is conducted after the occurrence and during the continuance of a Default or an Event of
Default, the Company shall not be required to pay any costs or expenses incurred by the Administrative Agent, any Lender or any other Person in connection with any such visit or inspection. 
  
 SECTION 8.07. Maintenance of Property; Insurance. Cause its Property
and the Property of its Subsidiaries to be maintained, preserved and protected and kept in good repair, working order and condition so as not to materially and adversely affect the business carried on in connection therewith and maintain, and cause
its Subsidiaries to maintain, insurance with responsible companies in such amounts and against such risks as is reasonably deemed appropriate by the Company. 
  
 SECTION 8.08. ERISA. Comply in all material respects with the applicable provisions of ERISA and furnish to the Administrative Agent (i) as soon as
possible, and in any event within 30 days after the Company or a duly appointed administrator of a Plan knows that any “reportable event” (as such term is defined in Section 4043 of ERISA), other than a reportable event for which the
notice requirement has been waived by the PBGC under Sections 4043.22, 4043.23, 4043.27 through 4043.32 (inclusive) and 4043.34 of the PBGC regulations) with respect to any Plan has occurred, a statement of the chief financial officer of the Company
setting forth details as to such reportable event and the action which the Company proposes to take with respect thereto, together with a copy of any notice of such reportable event given to the PBGC (provided, however, that if such notice
has not been submitted to the PBGC as of the date of the required notice to the Administrative Agent under this Section 8.08, a copy of such notice to the PBGC shall be provided to the Administrative Agent as of the date provided to the PBGC) and
(ii) promptly after receipt thereof, a copy of any notice the Company, any Subsidiary or any member of the controlled group of corporations may receive from the PBGC relating to the intention of the PBGC to terminate any Plan. 
  
 SECTION 8.09. Maintenance of Business Lines. Maintain and cause its
Restricted Subsidiaries to maintain lines of business in radio broadcasting and related lines of business that are similar in scope to the existing business lines and operations of the Company and its Restricted Subsidiaries. 
  
 SECTION 8.10. Compliance with Material FCC Licenses. The Company will
maintain, and will cause each Subsidiary to maintain, in full force and effect at all times during the term of this Agreement, and will materially comply with, and will cause each Subsidiary to materially comply with, the terms and provisions of,
the Material FCC Licenses. 
  

 46 

 ARTICLE IX 
  
 Negative Covenants 
  
 So long as the Company may borrow hereunder and until payment in full of the Revolving Credit Loans and, unless otherwise agreed, any Discretionary Loans,
and until all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed: 
  
 SECTION 9.01. Mortgages, Etc. The Company will not and will not permit any Restricted Subsidiary to create or permit to exist any Lien upon any of
its assets, whether now owned or hereafter acquired, or assign or otherwise convey any right to receive income, except 
  
 (a) Liens for Taxes, assessments, governmental charges and other similar obligations not yet due or which are being contested in good faith by appropriate
proceedings; 
  
 (b) other Liens incidental to the conduct of its
business or the ownership of its assets which were not incurred in connection with the borrowing of money, and which do not in the aggregate materially detract from the value of its assets or materially impair the use thereof in the operation of its
business; 
  
 (c) Liens on assets of a Restricted Subsidiary to
secure obligations of such Restricted Subsidiary to the Company or a Wholly Owned Restricted Subsidiary; 
  
 (d) Liens existing on the date hereof which are (i) described in Exhibit 9.01(d) attached hereto, (ii) securing Debt reflected in the consolidated
financial statements of the Company referred to in Section 6.02 or (iii) Liens on Property that were existing at the time of the acquisition thereof by the Company or any Restricted Subsidiary or placed thereon to secure a portion of the purchase
price thereof; 
  
 (e) Liens on Property acquired after the date
hereof, existing at the time of acquisition thereof by the Company or any Restricted Subsidiary or placed thereon within one year of such acquisition to secure a portion of the purchase price thereof; provided that no such Lien may encumber
or cover any other Property of such Restricted Subsidiary, of the Company or of any other Restricted Subsidiary; 
  
 (f) Liens on the stock of Unrestricted Subsidiaries; 
  
 (g) to the extent not covered by clause (b) above, Liens of attachment, judgments or awards in respect of which adequate reserves have been established in
accordance with GAAP and which do not constitute an Event of Default; 
  
 (h) Liens securing interest rate and currency hedging arrangements in a notional amount which, when taken together with the notional amounts of all other outstanding hedging arrangements secured in accordance with this clause (h), does not
at the time incurred exceed $100,000,000, so long as (i) the related Debt is permitted to be incurred in accordance with the terms hereof and (ii) such arrangements are entered into by the Company or any Subsidiary solely for risk management
purposes; and 
  
 (i) other Liens on Property of the Company and
its Restricted Subsidiaries having an aggregate value of not more than 15% of Consolidated Net Worth as of the end of each fiscal quarter. 
  

 47 

 SECTION 9.02. Merger; Consolidation; Disposition of Assets. The Company will not merge or
consolidate with any other corporation or sell or dispose of all or substantially all of its assets unless the Company shall be the continuing or surviving corporation and both before and after giving effect to such merger or consolidation no
Default or Event of Default shall exist. The Company will not and will not permit any Restricted Subsidiary to sell, lease or transfer or otherwise dispose of (whether in one transaction or a series of transactions), its assets that are material to
the business, operations or financial condition of the Company and its Restricted Subsidiaries, taken as a whole, other than inventory in the ordinary course of business and stock of Unrestricted Subsidiaries, unless both before and after giving
effect to such disposition no Default or Event of Default shall exist. 
  
 SECTION 9.03. Restricted Payments. The Company will not, and will not permit any Restricted Subsidiary to, pay or declare any dividend (exclusive of stock dividends and cash dividends paid by the Subsidiaries to the Company or to
Restricted Subsidiaries) or redeem or acquire, directly or indirectly, any of the stock of the Company or such Subsidiary or any warrant or option to purchase any of such stock (any of the foregoing, a “Restricted Payment”), if (a)
the Leverage Ratio would have exceeded 4.5 to 1.0 as of the end of the four fiscal quarter period most recently ended on a pro forma basis as if such Restricted Payment had occurred on the first day of such four fiscal quarter period, or (b) the
Company is not in compliance with its obligations under clauses (a) and (b) (and the related provisions of the last paragraph) of Section 8.02. Notwithstanding the foregoing, there shall not be included in the foregoing limitations or computations
(A) exchanges of stock for other stock, (B) retirements of stock out of the proceeds of the sale of other stock after the date hereof, (C) net acquisitions after giving effect to stock issuances to employees by the Company of its stock from certain
employees of the Company pursuant to the Company’s stock repurchase agreements in an aggregate amount not to exceed $10,000,000 in any one calendar year, or (D) purchases or other acquisitions in arm’s-length transactions of the capital
stock of any Subsidiary not Wholly Owned by the Company from stockholders of such Subsidiary that are not members of the Cox Family. 
  
 SECTION 9.04. Limitation on Margin Stock. The Company will not and will not permit any Subsidiary to own or acquire Margin Stock such that at any
time any extension of credit under this Agreement shall be in violation of Regulation U of the Federal Reserve System. 
  
 SECTION 9.05. Loans and Advances to and Investments in Unrestricted Subsidiaries. The Company will not and will not permit any Restricted
Subsidiary to make any loan or advance to, or any capital contribution to or other investment in (any of the foregoing, an “Investment”), any Unrestricted Subsidiary, if at the time of such Investment, and after giving effect
thereto, (a) the Leverage Ratio would have exceeded 4.5 to 1.0 as of the end of the four fiscal quarter period most recently ended on a pro forma basis as if such Investment had occurred on the first day of such four fiscal quarter period, unless
such Investment is on terms which are no less favorable to the Company or Restricted Subsidiary, as the case may be, than would obtain in a comparable arm’s-length transaction with an unaffiliated Person, or (b) a Default or Event of Default
shall 
  

 48 

 have occurred and be continuing; provided that so long as no Event of Default shall have occurred and be
continuing, the Company and its Restricted Subsidiaries may continue to make Investments consisting of obligations of Unrestricted Subsidiaries to the Company and its Restricted Subsidiaries arising in the ordinary course of business as a result of
short-term advances and/or pooling of cash in connection with cash management programs conducted by Unrestricted Subsidiaries on behalf of the Company and its Restricted Subsidiaries. 
  
 SECTION 9.06. Debt. The Company will not permit any Restricted Subsidiary to create, incur or suffer to exist any
Debt except: 
  
 (a) Debt outstanding on the date hereof which is
reflected in the consolidated financial statements of the Company referred to in Section 6.02; and 
  
 (b) additional Debt in an amount which, when taken together with all other outstanding Debt incurred in reliance on this clause (b) and, without
duplication, all outstanding Debt of the Company and its Restricted Subsidiaries secured by Liens incurred in reliance on clause (i) of Section 9.01, does not at the time it is incurred exceed 15% of Consolidated Net Worth. 
  
 SECTION 9.07. Transactions with Affiliates. The Company will not, and
will not permit any Restricted Subsidiary to, directly or indirectly enter into any transaction or series of transactions, whether or not in the ordinary course of business, with any Affiliate of the Company other than (a) with the Company or one or
more Subsidiaries that are otherwise permitted by this Agreement, (b) transactions on terms and conditions substantially as favorable to the Company or such Restricted Subsidiary, taken as a whole, as would be obtainable by the Company or such
Restricted Subsidiary at the time in comparable arm’s length transactions with Persons other than Affiliates of the Company, (c) transactions involving the Company and its Restricted Subsidiaries exclusively, (d) any executive or employee
incentive or compensation plan, contract or other arrangement (including any loans or extensions of credit in connection therewith) if such plan, contract or arrangement is approved either by the stockholders of the Company (in accordance with such
voting requirements as may be applicable) or by the Board of Directors (or similar governing body) of the Company (or any committee thereof) by unanimous consent or at a meeting at which a quorum of disinterested directors is present or by any
person designated by such Board of Directors (or similar governing body) or committee thereof by unanimous consent or at such a meeting to approve such agreements on behalf of the Company, and (e) any tax sharing agreement with the Company’s
Affiliates; provided, however, that any such tax sharing agreement shall apportion tax liabilities between or among the parties based on factors customarily used in similar agreements to determine such apportionment. 
  

 49 

 ARTICLE X 
  
 Events of Default 
  
 If any of the following events shall occur and be continuing, then (i) the obligation of the Lenders to make Loans hereunder and of the Issuing Lender to
issue, amend, renew or extend Letters of Credit shall immediately terminate and (ii) upon the written request of the Majority Lenders, the Administrative Agent shall, by notice to the Company, declare all Revolving Credit Loans then outstanding
hereunder (together with all interest accrued and unpaid thereon and all other amounts owing or payable hereunder) to be, and thereupon such Revolving Credit Loans (and other amounts as aforesaid) shall become, immediately due and payable without
presentment, demand, protest, notice of intent to accelerate or other notice of any kind to the Company, all of which are hereby expressly waived; provided that, in the case of an event described in Sections 10.09 through 10.12, inclusive,
with respect to the Company, all Revolving Credit Loans then outstanding hereunder (and other amounts as aforesaid) shall become immediately due and payable without presentment, demand, protest, notice of intent to accelerate, notice of acceleration
or other notice of any kind to the Company, all of which are hereby expressly waived: 
  
 SECTION 10.01. Failure to Pay Principal or Interest. The Company does not pay or prepay any principal of any Revolving Credit Loan or any LC Disbursement within five days after the date due or the Company does
not pay or prepay any interest on any Revolving Credit or any LC Disbursement Loan (i) on or before five days after actual receipt of oral or written notice from the Administrative Agent as to the amount of interest due, but in no event shall the
Company be required to pay or prepay any such interest prior to the date due, or (ii) within 10 days after the due date thereof if no notice is actually received by the Company from the Administrative Agent with respect to the amount of interest
due; or 
  
 SECTION 10.02. Failure to Pay Other Sums. The
Company does not pay any sums (other than payments of principal and interest on the Revolving Credit Loans or of LC Disbursements or interest thereon, in each case covered by Section 10.01) payable to the Administrative Agent or any Lender under the
terms of this Agreement (including, without limitation, amounts due and payable under Section 3.02(a)) within 10 days after the date due (or, in the case of the Commitment Fees or LC Participation Fees payable to the Administrative Agent for the
account of each Lender pursuant to Section 4.03 or 4.04, 10 days after written notice of nonpayment has been received by the Company from the Administrative Agent or any Lender); or 
  
 SECTION 10.03. Failure to Pay Other Debt. (i) The Company or any Restricted Subsidiary does not pay when due any
other Debt of the Company or any Restricted Subsidiary, the outstanding amount of which exceeds, singularly or in the aggregate, $25,000,000, in respect of which any applicable grace period has expired, provided that a default under other
Debt of the Company or any Restricted Subsidiary as described in this clause (i) shall not constitute an Event of Default under this Agreement if such default is the result of a failure to pay caused by an error or omission of an administrative or
operational nature and funds were available to enable the Company or such Restricted Subsidiary to make the payment when due, unless either (x) the Company 
  

 50 

 or such Restricted Subsidiary is aware of such default and, if no grace period of at least 3 days is provided for under
the other Debt, 3 days have passed since the Company or Restricted Subsidiary became aware of such default without the curing of the default, or (y) such other Debt has become due prior to the maturity thereof; and provided further that,
during the continuance of any applicable grace period or such 3 day period, any such failure to pay such other Debt when due shall constitute a Default (but not an Event of Default) hereunder; or (ii) the Company or any Restricted Subsidiary shall
otherwise default under any other Debt of the Company or any Restricted Subsidiary, the outstanding amount of which exceeds, singularly or in the aggregate, $25,000,000, in respect of which any applicable notice has been given and such Debt has been
declared due prior to any maturity thereof; provided that during the continuance of any applicable grace period with respect thereto, such event shall constitute a Default (but not an Event of Default) hereunder; or 
  
 SECTION 10.04. Misrepresentation or Breach of Warranty. (i) Any
representation or warranty made or deemed made by the Company herein or (ii) any other written or formally presented information provided by the Company pursuant to this Agreement after the date hereof concerning the historical operations of the
Company, when made or deemed made, shall be incorrect in any material respect; or 
  
 SECTION 10.05. Violation of Certain Covenants. The Company violates any covenant, agreement or condition contained in Article V or Section 8.01 or Article IX; or 
  
 SECTION 10.06. Violation of Other Covenants, etc. The Company violates
any other covenant, agreement or condition contained herein and such violation shall not have been remedied within 30 days after written notice has been received by the Company from the Administrative Agent or any Lender; or 
  
 SECTION 10.07. Undischarged Judgment. Final judgment for the payment
of money in excess of $25,000,000 (excluding any amount as to which an insurer having an A.M. Best rating of “A” or better and being in a financial size category of XII or better (as such category is defined as of the date hereof) has
acknowledged liability) shall be rendered against the Company or any Restricted Subsidiary and the same shall remain undischarged for a period of 30 days during which period execution shall not be effectively stayed; or 
  
 SECTION 10.08. Change of Control. The Cox Family shall cease at any
time to Control the Company; or 
  
 SECTION 10.09. Assignment
for Benefit of Creditors or Nonpayment of Debts. The Company or any Restricted Subsidiary makes an assignment for the benefit of creditors or is generally not paying its debts as such debts become due; or 
  
 SECTION 10.10. Voluntary Bankruptcy. The Company or any Restricted
Subsidiary petitions or applies to any tribunal for or consents to the appointment of, or taking possession by, a trustee, receiver, custodian, liquidator or similar official of the 
  

 51 

 Company or any Restricted Subsidiary, or of any substantial part of the assets of the Company or any Restricted
Subsidiary, or commences any case or proceedings relating to the Company or any Restricted Subsidiary under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or other liquidation law of any jurisdiction; or

  
 SECTION 10.11. Involuntary Bankruptcy. Any such
petition or application is filed, or any such case or proceedings are commenced, against the Company or any Restricted Subsidiary, and the Company or such Restricted Subsidiary by any act indicates its approval thereof, consent thereto or
acquiescence therein, or an order for relief is entered in an involuntary case under the bankruptcy law of the United States of America, or an order, judgment or decree is entered appointing such trustee, receiver, custodian, liquidator or similar
official or adjudicating the Company or any Restricted Subsidiary bankrupt or insolvent, or approving the petition in any such case or proceedings, and such order, judgment or decree remains in effect for 60 days; or 
  
 SECTION 10.12. Dissolution. Any order is entered in any proceeding
against the Company or any Restricted Subsidiary decreeing the dissolution or split-up of the Company or such Restricted Subsidiary, and such order remains unstayed and in effect for 60 days. 
  
 ARTICLE XI 
  
 Modifications, Amendments or Waivers 
  
 Any of the provisions of this Agreement may from time to time be modified or amended by, or waived with, the written consent
of the Majority Lenders; provided that no such waiver, modification or amendment may be made which will: 
  
 (a) increase the amount or extend the term of the Commitment of any Lender hereunder, other than as permitted by Section 4.01, without the prior written
consent of all the Lenders; or 
  
 (b) extend the time for payment
of principal of or interest on any Revolving Credit Loan or of any LC Disbursement or interest thereon, or the time for payment of any revolving line of credit or facility fee, or waive an Event of Default with respect to payment of any LC
Disbursement, principal, interest or fee, or reduce the principal amount of or the rate of interest on any Revolving Credit Loan or any LC Disbursement, or otherwise affect the terms of payment of the principal of or interest (other than to increase
the interest rate or the Commitment Fees or LC Participation Fees, which may be effected with the written consent of the Majority Lenders) on any Revolving Credit Loan or any LC Disbursement, or reduce the amount of the Commitment Fees or LC
Participation Fees, or otherwise affect the terms of payment of any such fee, without the prior written consent of the affected Lender; or 
  
 (c) change the definition of Majority Lenders without the prior written consent of all the Lenders; or 
  

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 (d) waive, modify or amend the provisions of Article V or this Article XI or any other provision of this
Agreement that requires the consent of all of the Lenders without the prior written consent of all the Lenders; or 
  
 (e) waive, modify or amend the provisions of Article XII without the prior written consent of the Administrative Agent and the Majority Lenders; or

  
 (f) amend, modify or otherwise affect the rights or duties of
the Issuing Lender hereunder without the prior written consent of the Issuing Lender. 
  
 No failure or delay on the part of the Administrative Agent or any Lender in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such
power, right or remedy or any abandonment or discontinuance of steps to enforce such a power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy hereunder. The remedies provided for in
this Agreement are cumulative and not exclusive of any remedies provided by law or in equity. No modification or waiver of any provision of this Agreement nor consent to any departure by the Company therefrom shall in any event be effective unless
the same shall be in writing, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on the Company in any case shall entitle the Company to any other or further
notice or demand in similar or other circumstances. 
  
 ARTICLE XII

  
 The Administrative Agent 
  
 SECTION 12.01. Appointment of Administrative Agent. Each of the
Lenders irrevocably appoints and authorizes the Administrative Agent to act on its behalf under this Agreement, and to exercise such powers hereunder as are specifically delegated to or required of the Administrative Agent by the terms hereof,
together with such powers as may be reasonably incidental thereto. As to any matters not expressly provided for by this Agreement, the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to
act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Majority Lenders, and such instructions shall be binding upon all Lenders; provided, however, that the
Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or applicable law. 
  
 SECTION 12.02. Indemnification of Administrative Agent. The Administrative Agent shall not be required to take any
action hereunder or to prosecute or defend any suit in respect of this Agreement, unless indemnified to its satisfaction by the Lenders against loss, cost, liability and expense. If any indemnity furnished to the Administrative Agent shall become
impaired, it may call for additional indemnity and cease to do the acts indemnified against until such additional indemnity is given. In addition, the Lenders agree to indemnify the Administrative Agent (to the extent not 
  

 53 

 reimbursed by the Company), ratably according to the respective principal amounts of the Revolving Credit Loans and the
LC Exposure then held by each of them (or if no LC Exposure and Revolving Credit Loans are at the time outstanding, ratably according to the respective amount of their Commitments), from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this
Agreement, or any action taken or omitted by the Administrative Agent under this Agreement; provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence or wilful misconduct. 
  
 SECTION 12.03. Limitation of Liability. Neither the Administrative Agent nor any of its directors, officers, employees, attorneys or agents shall
be liable for any action taken or omitted by it or them hereunder, or in connection herewith, (i) with the consent or at the request of the Majority Lenders, or (ii) in the absence of its or their own gross negligence or willful misconduct. Without
limitation of the generality of the foregoing, the Administrative Agent: (t) except as expressly set forth herein, shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or
any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity, (u) may treat the payee with respect to any Revolving Credit Loan as the proper payee thereof until the
Administrative Agent receives written notice of the assignment or transfer thereof signed by such payee and in form satisfactory to the Administrative Agent; (v) may consult with legal counsel (including Counsel for the Company), independent public
accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (w) makes no warranty or representation to
any Lender and shall not be responsible to any Lender for any statements, warranties or representations made in or in connection with this Agreement; (x) shall not have any duty to ascertain or to inquire as to the performance or observance of any
of the terms, covenants or conditions of this Agreement, or to inspect the Property (including the books and records) of the Company; (y) shall not be responsible to any Lender for the due execution, legality, validity, enforceability and
genuineness of this Agreement, or any other instrument or document furnished pursuant hereto; and (z) shall incur no liability under or in respect of this Agreement by acting upon any notice or consent (whether oral or written and whether by
telephone, telegram, cable or telex), certificate or other instrument or writing (which may be by telegram, cable or telex) believed by it to be genuine and communicated, signed or sent by the proper Person or Persons. 
  
 SECTION 12.04. Independent Credit Decision. Each Lender agrees that it
has relied solely upon its independent review of the financial statements of the Company and all other representations and warranties made by the Company herein or otherwise in making the credit decisions preliminary to entering into this Agreement
and agrees that it will continue to rely solely upon its independent review of the facts and circumstances of the Company in making future decisions with respect to this Agreement 
  

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 and the Revolving Credit Loans and the LC Exposure. Each Lender agrees that it has not relied and will not rely upon the
Administrative Agent or any other Lender respecting the ability of the Company to perform its obligations pursuant to this Agreement. 
  
 SECTION 12.05. Rights of JPMCB. With respect to its Commitment, its participation in Letters of Credit, the Letters of Credit issued by it and the
Loans made by it, JPMCB shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless
otherwise expressly indicated, include JPMCB in its individual capacity. JPMCB and its Affiliates may accept deposits from, lend money to, act as trustee under indentures of, and generally engage in any kind of business with, the Company, any of the
Subsidiaries and any Person or entity who may do business with or own securities of any of them or of their subsidiaries, all as if JPMCB were not the Administrative Agent and without any duty to account therefor to the Lenders. 
  
 SECTION 12.06. Successor to the Administrative Agent. The
Administrative Agent may resign at any time as Administrative Agent under this Agreement, by giving 30 days’ prior written notice thereof to the Lenders and the Company and may be removed as Administrative Agent under this Agreement, at any
time with or without cause by the Company and the Majority Lenders. Upon any such resignation or removal, the Company (with the consent of the Majority Lenders, which shall not be unreasonably withheld) shall have the right to appoint a successor
Administrative Agent thereunder. If no successor Administrative Agent shall have been so appointed by the Company (with the consent of the Majority Lenders), and shall have accepted such appointment, within 30 days after the retiring Administrative
Agent’s giving of notice of resignation or the Majority Lenders’ removal of the retiring Administrative Agent, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a
commercial bank organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $500,000,000. Upon the acceptance of any appointment as Administrative Agent under this Agreement
by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent
shall be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent’s resignation or removal as Administrative Agent under this Agreement, the provisions of this Article XII shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. 
  
 SECTION 12.07. Other Agents and Sub-Agents. None of the Lenders identified on the facing page or signature pages or elsewhere herein as
“syndication agent” or “co-documentation agent” shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing,
none of the Lenders so identified shall have or be deemed to have any fiduciary relationship with any Lenders. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders so identified in deciding to 
  

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 enter into this Agreement or in taking or not taking action hereunder. The Administrative Agent may perform any and all
its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers
through their respective Related Parties. The exculpatory provisions of the preceding Sections of this Article XII shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to
their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
  
 ARTICLE XIII 
  
 Miscellaneous 
  
 SECTION 13.01. Payment of Expenses. Any provision hereof to the contrary notwithstanding (other than the last sentence of Section 8.06), and whether or not the transactions contemplated by this Agreement shall
be consummated, the Company agrees to pay on demand (i) all reasonable costs and expenses of the Administrative Agent and the Lenders or any Lender in connection with the preparation, execution and delivery of this Agreement and all amendments
hereto (including, without limitation, waivers hereunder and workouts with respect to Loans hereunder), and the other instruments and documents to be delivered hereunder or with respect to any amendment hereto, including, without limitation, the
reasonable fees and out-of-pocket expenses of any counsel for the Administrative Agent and the Lenders or any Lender with respect thereto, provided, however, that so long as no Event of Default has occurred and is continuing, such
reasonable counsel expenses shall be limited to the reasonable expenses of counsel for the Administrative Agent, (ii) all reasonable increases in costs and expenses of the Administrative Agent and the Lenders or any Lender (including reasonable
counsel fees and expenses, including reasonable allocated costs of in-house legal counsel to the Administrative Agent or any Lender), if any, in connection with the administration of this Agreement after the occurrence of a Default (in the case of
the Administrative Agent only) or Event of Default (in the case of the Administrative Agent and the Lenders or any Lender) and so long as the same is continuing, and (iii) all reasonable costs and expenses of the Administrative Agent and the Lenders
or any Lender (including reasonable counsel fees and expenses, including reasonable allocated costs of in-house legal counsel to the Administrative Agent or any Lender), if any, in connection with the enforcement of this Agreement and the other
instruments and documents to be delivered hereunder. The obligations of the Company under this Section 13.01 shall survive the termination of this Agreement and the payment of the Revolving Credit Loans. It is understood that except as set forth in
Section 2.09 the Company shall not be responsible for any costs, fees or expenses related to any assignment or participation by any Lender of any of its rights hereunder (including its Commitment, the Loans made by it or its participation in any
Letters or Credit). 
  
 SECTION 13.02. Notices. The
Administrative Agent or any Lender giving consent or notice to the Company provided for hereunder, shall notify each Lender and the Administrative Agent thereof; provided that consents and notices by a Lender 
  

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 with respect to Discretionary Loans need only be given to the Administrative Agent. In the event that any Lender shall
transfer any Revolving Credit Loan in accordance with Section 13.07(c), it shall immediately so advise the Administrative Agent which shall be entitled to assume conclusively that no transfer of any Revolving Credit Loan has been made by any Lender
unless and until the Administrative Agent receives written notice to the contrary. Except as otherwise specifically permitted by this Agreement with respect to oral Notices of Borrowing, notices and other communications provided for herein shall be
in writing (including facsimile or electronic communication) and shall be delivered, mailed, or transmitted addressed to the addressees set forth on Exhibit 13.02, attached hereto (or, as to the Company or the Administrative Agent, at such other
address as shall be designated by such party to the other parties in a written notice to the other parties and, as to each other party, at such other address as shall be designated by such party in a written notice to the Company and the
Administrative Agent). All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given upon receipt The Administrative Agent and the Lenders may at any time waive
any requirement for notice hereunder. 
  
 SECTION 13.03.
Setoff. If one or more Events of Default as defined herein shall occur and be continuing, any Lender which is owed any obligation hereunder (“Depositary”) shall have the right, in addition to all other rights and remedies
available to it, and is hereby authorized, to the extent permitted by applicable law, at any time and from time to time, without notice to the Company (any such notice being hereby expressly waived by the Company), to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness (whether or not then due and payable) at any time owing by the Depositary to or for the credit or the account of the Company, against any and
all of the obligations of the Company now or hereafter existing under this Agreement, irrespective of whether or not the Depositary shall have made any demand for satisfaction of such obligations and although such obligations may be unmatured. Each
Depositary agrees to notify the Company and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. The rights of
each Depositary under this Section 13.03 are in addition to other rights and remedies (including, without limitation, other rights of setoff) which such Depositary may have hereunder or under any applicable law. Each Depositary agrees that (i) if it
shall exercise any such right of banker’s lien, setoff, counterclaim or similar right pursuant hereto, it will apply the proceeds thereof first to the payment of Revolving Credit Loans and LC Disbursements outstanding hereunder and thereafter
to the payment of Discretionary Loans which may be owing to it and (ii) if it shall through the exercise of a right of banker’s lien, setoff, counterclaim or otherwise obtain payment of a proportion of the Revolving Credit Loans and
participations in LC Disbursements held by it in excess of the proportion of the Revolving Credit Loans and participations in LC Disbursements of each of the other Depositaries being paid simultaneously, it shall be deemed to have simultaneously
purchased from each other Depositary a participation in the Revolving Credit Loans and participations in LC Disbursements owed to such other Depositaries so that the amount of unpaid Revolving Credit Loans and participations therein and
participations in LC Disbursements held by all Depositaries shall be proportionate to the original principal amount of the Revolving Credit Loans and 
  

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 participations in LC Disbursements held by them; and in each case it shall promptly remit to each such Depositary the
amount of the participation thus deemed to have been purchased. The Company expressly consents to the foregoing arrangements, and in furtherance thereof, agrees that at such time as an Event of Default hereunder has occurred, the Administrative
Agent shall provide to each Lender a schedule setting forth the Commitment of each Lender hereunder to permit each Lender to correctly determine the portion which its Commitment hereunder bears to the aggregate of all Commitments hereunder. If all
or any portion of any such excess payment is thereafter recovered from the Depositary which received the same, the purchase provided for herein shall be deemed to have been rescinded to the extent of such recovery, without interest. 
  
 SECTION 13.04. Indemnity and Judgments. The Company agrees to
indemnify the Administrative Agent and each of the Lenders and the Issuing Lenders and each of their respective directors, officers, employees, agents, attorneys, controlling persons and Affiliates from and hold each harmless against any and all
losses, costs, liabilities, claims, damages and expenses incurred by any of the foregoing Persons (collectively, the “indemnified liabilities”), including, without limitation, attorneys’ fees, settlement costs, court costs and
other legal expenses, arising out of or by reason of any participation in, or any action or omission in connection with, this Agreement or any Loan (including any Discretionary Loan) hereunder or any Letter of Credit issued hereunder (including any
refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit) or any investigation, litigation or other
proceedings brought or threatened relating thereto, or to any use or proposed use to be made by the Company or any Subsidiary of the Loans or Letters of Credit, but only to the extent that the indemnified liabilities arise out of or by reason of
claims made by Persons other than the Administrative Agent or any Lender; provided that no such Person shall be entitled to be indemnified and held harmless against any such indemnified liabilities arising out of or by reason of the gross
negligence or willful misconduct of such Person; provided further, however, that to the extent any indemnified liability arise out of or by reason of claims relating to the negotiation, execution and delivery of this Agreement, the
administrative functions of the Administrative Agent under this Agreement, or the performance obligations of the Lenders under this Agreement, the Administrative Agent and the Lenders shall not be entitled to be indemnified and held harmless against
any such indemnified liabilities arising out of or by reason of the negligence of the Administrative Agent or any Lender. The obligations of the Company under this Section 13.04 shall survive the termination of this Agreement and the payment of the
Revolving Credit Loans. 
  
 SECTION 13.05. Interest.
Anything in this Agreement to the contrary notwithstanding, the Company shall never be required to pay unearned interest on any Loan and shall never be required to pay interest on any Loan at a rate in excess of the Highest Lawful Rate, and if the
effective rate of interest which would otherwise be payable under this Agreement would exceed the Highest Lawful Rate, or if any Lender shall receive any unearned interest or shall receive monies that are deemed to constitute 
  

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 interest which would increase the effective rate of interest payable under this Agreement to a rate in excess of the
Highest Lawful Rate, then (i) in lieu of the amount of interest which would otherwise be payable under this Agreement, the Company shall pay the Highest Lawful Rate, and (ii) any unearned interest paid by the Company or any interest paid by the
Company in excess of the Highest Lawful Rate shall be credited on the principal of such Loan, and, thereafter, refunded to the Company. It is further agreed that, without limitation of the foregoing, all calculations of the rate of interest
contracted for, charged or received by any Lender under this Agreement, that are made for the purpose of determining whether such rate exceeds the Highest Lawful Rate applicable to such Lender (such Highest Lawful Rate being such Lender’s
“Maximum Permissible Rate”), shall be made, to the extent permitted by usury laws applicable to such Lender (now or hereafter enacted), by amortizing, prorating and spreading in equal parts during the period of the full stated term
of the Loans all interest at any time contracted for, charged or received by such Lender in connection therewith. If at any time and from time to time (y) the amount of interest payable to any Lender on any date shall be computed at such
Lender’s Maximum Permissible Rate pursuant to this Section 13.05 and (z) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Lender would be less than the amount of interest payable to such
Lender computed at such Lender’s Maximum Permissible Rate, then the amount of interest payable to such Lender in respect of such subsequent interest computation period shall continue to be computed at such Lender’s Maximum Permissible Rate
until the total amount of interest payable to such Lender shall equal the total amount of interest which would have been payable to such Lender if the total amount of interest had been computed without giving effect to this Section. 
  
 SECTION 13.06. Governing Law; Submission to Jurisdiction; Venue. (a)
THIS AGREEMENT AND OTHER DOCUMENTS EXECUTED IN CONNECTION HEREWITH SHALL BE DEEMED TO BE CONTRACTS AND AGREEMENTS EXECUTED BY THE COMPANY, THE ADMINISTRATIVE AGENT AND THE LENDERS UNDER THE LAWS OF THE STATE OF NEW YORK AND OF THE UNITED STATES
AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF SAID STATE AND OF THE UNITED STATES. Without limitation of the foregoing, nothing in this Agreement shall be deemed to constitute a waiver of any rights
which any Lender may have under applicable Federal law relating to the amount of interest which such Lender may contract for, take, receive or charge in respect of any Loans, including any right to take, receive, reserve and charge interest at the
rate allowed by the laws of the state where such Lender is located. Any legal action or proceeding with respect to this Agreement may be brought in the courts of the State of New York sitting in New York City or of the United States for the Southern
District of New York, and by execution and delivery of this Agreement, the Company hereby irrevocably accepts for itself and in respect of its Property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts. The
Company further irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to the Company at its address
for notices pursuant to Section 13.02, such service to become effective 15 days after such mailing. Nothing herein shall affect the right of the Administrative Agent or any Lender to serve process in any other manner permitted by law or to commence
legal proceedings or otherwise proceed against the Company in any other jurisdiction. 
  

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 (b) The Company irrevocably waives any objection which it may now or hereafter have to the laying of
venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement brought in the courts referred to in clause (a) above and hereby further irrevocably waives and agrees not to plead or claim in any such court
that any such action or proceeding brought in any such court has been brought in an inconvenient forum. 
  
 SECTION 13.07. Survival of Representations and Warranties; Binding Effect; Assignment. 
  
 (a) All representations, warranties and covenants contained herein or made
in writing by the Company in connection herewith shall survive the execution and delivery of this Agreement and will bind and inure to the benefit of the respective successors and assigns of the parties hereto, whether so expressed or not. This
Agreement shall become effective when it shall have been executed by the Company, the Administrative Agent and each of the Lenders, and thereafter shall be binding upon and inure to the benefit of the Company, the Administrative Agent and the
Lenders, and their respective successors and assigns, except that the Company shall not have the right to assign its rights or obligations hereunder or any interest herein without the prior written consent of each Lender. 
  
 (b) Each Lender may grant participations to one or more Financial
Institutions in or to all or any part of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment) pursuant to such participation agreements and certificates as are customary in the banking
industry; provided, however, that (i) such Lender’s obligations under this Agreement (including, without limitation its Commitment to the Company hereunder) shall remain unchanged, (ii) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (iii) the Company, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement, including without limitation, such Lender’s rights under Article XI hereof. In connection with any such participation, each Lender may deliver such financial information concerning the Company and its
Subsidiaries to permit such participant to make an informed and independent credit decision concerning such participation; provided, however, that each such Lender shall obtain from each such participant an agreement to the effect that
all such information delivered to it in connection with such participation shall be treated in accordance with the provisions of Section 13.14. Upon request of the Company, each Lender shall give prompt notice to the Company of each such
participation to Financial Institutions that are not Affiliates of such Lender, identifying each such participant and the interest acquired by each such participant. This Agreement shall not be construed so as to confer any right or benefit upon any
Person, including, without limitation, any Financial Institution acquiring a participation in any Loan, other than the parties to this 
  

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 Agreement, except that any Financial Institution acquiring a participation shall be entitled to the benefits conferred
upon the Lenders by Sections 2.01(g)-(h) and 2.02, as limited or modified by Sections 2.01(i) and 2.03 (provided that the cost to the Company is not in excess of what such cost would have been had such participation not been granted).

  
 (c) Subject (except in the case of assignments to Lenders or
Lender Affiliates) to the prior written consent of the Company, the Administrative Agent and each Issuing Lender (which consents shall not be unreasonably withheld or delayed), each Lender may assign to a bank or other Person all or a portion of its
rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment); provided, however, that (i) each such assignment shall be of a constant, and not a varying, percentage of all of the assigning
Lender’s rights and obligations under this Agreement and shall be in an amount equal to or greater than $5,000,000 of the assigning Lender’s Commitment (except in the case of assignments to Lenders or Lender Affiliates, assignment of the
assigning Lender’s entire remaining commitment or unless otherwise agreed by the Company), (ii) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an
Assignment and Acceptance in substantially the form of Exhibit 13.07(c) attached hereto (the “Assignment and Acceptance”), together with a processing and recordation fee of $3,500; provided, however, that such
recordation fee shall not be payable if such transfer is made pursuant to Sections 2.01(f) or (h)(vi), and provided, further, that any consent of the Company required under this paragraph shall not be required if an Event of Default
has occurred and is continuing. Upon such execution, delivery, acceptance and recording, from and after the effective date specified in each Assignment and Acceptance, which effective date shall be the date on which such Assignment and Acceptance is
accepted by the Administrative Agent, (x) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations
of a Lender under this Agreement and (y) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its
obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto).

  
 (d) Notwithstanding anything to the contrary contained herein,
any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Company, the
option to provide to the Company all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Company pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC
to make any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof, and such Granting Lender shall be
liable hereunder generally for all acts and omissions of such SPC as if such acts and omissions were committed by such Granting Lender; (iii) the SPC shall have no rights or benefits under this Agreement or any Note or any other related 

 

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 documents (its rights against such Granting Lender being as set forth in any agreements between such SPC and such
Granting Lender), and shall not constitute a “Lender” hereunder; (iv) all amounts payable by the Company to the Granting Lender shall be determined as if such Granting Lender had not granted such option, and as if such Granting Lender were
funding each of its Loans and its share of the Commitments in the same way that it is funding the portion of such Loans and its share of the Loan Commitments in which no such option has been granted; and (v) in no event shall a Granting Lender agree
with a SPC to take or refrain from taking any action hereunder or under any Note or any other related document, except that such Granting Lender may agree with the SPC that it will not, without the consent of the SPC, agree to any modification,
supplement or waiver of this Section 13.07(d). The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees
that (i) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender), (ii) no SPC shall be entitled to the benefits of Sections 2.01(f), (g) or (h) (or
any other increased costs protection provision) other than as contemplated by clause (iv) of the second preceding sentence and (iii) the Granting Lender shall for all purposes, including, without limitation, the approval of any amendment or waiver
of any provision of this Agreement or any related document, remain the Lender of record hereunder. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the
date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other person in instituting against, such SPC any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States of any State thereof. In addition, notwithstanding anything to the contrary contained in this Section 13.07(d) any SPC may (i) with notice to, but
without the prior written consent of, the Company and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loan to the Granting Lender or to any financial institutions (consented to
by the Company and Administrative Agent) providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its
Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC, provided that prior to any such disclosure, such rating agency, commercial paper dealer or provider of
any surety, guarantee or credit or liquidity enhancement shall undertake in writing to preserve the confidentiality of such information. This Section may not be amended without the written consent of the SPC. 
  
 (e) By executing and delivering an Assignment and Acceptance, the Lender
assignor thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and
assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of any other instrument or

  

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 document furnished pursuant thereto; (ii) such assigning Lender makes no representation or warranty and assumes no
responsibility with respect to the financial condition of the Company or the performance or observance by the Company of any of its respective obligations under this Agreement; (iii) such assignee confirms that it has received a copy of this
Agreement, together with copies of the financial statements referred to in Sections 6.02 and 8.02 and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and
Acceptance; (iv) such assignee will, independently and without reliance upon the Administrative Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit decisions in taking or not taking action under this Agreement; (v) such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are
delegated to the Administrative Agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (vi) such assignee agrees that it will perform in accordance with its terms all of the obligations which by the terms of
this Agreement are required to be performed by it as a Lender. 
  
 (f) The Administrative Agent shall maintain at its address referred to in Section 13.02 a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders
and the Commitment of, and principal amount of the Revolving Credit Loans, and Discretionary Loans, if any, owing to, each Lender, and participations in LC Disbursements held by each Lender, in each case from time to time (the
“Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Company, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register
as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. 
  
 (g) Upon its receipt of an Assignment and Acceptance executed by an assigning
Lender, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit 13.07(c) attached hereto, (i) accept such Assignment and Acceptance, (ii) record the information contained
therein in the Register and (iii) give prompt notice thereof to the Company. 
  
 (h) Notwithstanding any other provision in this Agreement, any Lender may at any time, without the consent of the Company, assign all or any portion of its rights under this Agreement (including, without limitation,
the Loans) in favor of any Federal Reserve Lender in accordance with Regulation A of the Board of Governors of the Federal Reserve System; provided that no such assignment shall release a Lender from any of its obligations hereunder or
substitute any such Federal Reserve Lender for such Lender as a party hereto. In order to facilitate such an assignment to a Federal Reserve Bank, the Company shall, at the request of the assigning Lender, duly execute and deliver to the assigning
Lender a promissory note or notes evidencing the Loans made to the Company by the assigning Lender hereunder. 
  

 63 

 SECTION 13.08. Counterparts. This Agreement may be executed in several counterparts, and by the
parties hereto on separate counterparts. When counterparts executed by all the parties shall have been delivered to the Administrative Agent, this Agreement shall become effective, and at such time the Administrative Agent shall notify the Company
and each Lender. Each counterpart, when so executed and delivered, shall constitute an original instrument, and all such separate counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page
of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
  
 SECTION 13.09. Severability. Should any clause, sentence, paragraph or section of this Agreement be judicially declared to be invalid,
unenforceable or void, such decision will not have the effect of invalidating or voiding the remainder of this Agreement, and the parties hereto agree that the part or parts of this Agreement so held to be invalid, unenforceable or void will be
deemed to have been stricken herefrom and the remainder will have the same force and effectiveness as if such part or parts had never been included herein. 
  
 SECTION 13.10. Descriptive Headings. The section headings in this Agreement have been inserted for convenience only and shall be given no
substantive meaning or significance whatever in construing the terms and provisions of this Agreement. 
  
 SECTION 13.11. Representation of the Lenders; Notification by the Lenders. (a) Each Lender hereby represents and warrants that it is not relying
upon any Margin Stock as collateral in extending or maintaining the credit to the Company represented by this Agreement. 
  
 (b) Each Lender hereby notifies the Company that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October
26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and other information that will allow such Lender to
identify the Company in accordance with the Act. 
  
 SECTION
13.12. Final Agreement of the Parties. This Agreement (including the Exhibits hereto) represents the final agreement of the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the
parties. There are no oral agreements between the parties. 
  
 SECTION 13.13. Waiver of Jury Trial. THE COMPANY, THE AGENT AND EACH LENDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LEGAL ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 
  

 64 

 SECTION 13.14. Confidentiality. Each of the Administrative Agent, the Issuing Lenders and the
Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and
other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any
regulatory authority, (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or any suit,
action or proceeding relating to this Agreement or the enforcement of rights hereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section 13.14, to (A) any assignee of or participant in, or any
prospective assignee of or participant in, any of its rights or obligations under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Company and its obligations, (vii)
with the consent of the Company or (viii) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section or (B) becomes available to the Administrative Agent, any Issuing Lender or any Lender on a
nonconfidential basis from a source other than the Company or any of its agents. For the purposes of this Section 14.13, “Information” means all information received from or on behalf of the Company or any of its Subsidiaries relating to
the Company, any of its Subsidiaries, or any of their respective businesses. Any Person required to maintain the confidentiality of Information as provided in this Section 13.14 shall be considered to have complied with its obligation to do so if
such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
  

 65 

 IN WITNESS WHEREOF this Agreement has been executed by the duly authorized signatories of the parties
hereto in several counterparts all as of the day and year first above written. 
  

			
	 COX RADIO, INC.,

		
	 by
	 	 /s/ Richard J. Jacobson

	 Name:
	 	 Richard J. Jacobson

	 Title:
	 	 Treasurer

  

 66 

			
	 JPMORGAN CHASE,
     individually and as Administrative Agent

		
	 by
	 	 /s/ James L. Stone

	 Name:
	 	 James L. Stone

	 Title:
	 	 Managing Director

	
	 BANK OF AMERICA, N.A.,

		
	 by
	 	 /s/ Richard M. Peck

	 Name:
	 	 Richard M. Peck

	 Title:
	 	 Principal

	
	 WACHOVIA BANK, N.A.,

		
	 by
	 	 /s/ Franklin M. Wessinger

	 Name:
	 	 Franklin M. Wessinger

	 Title:
	 	 Managing Director

	
	 CITIBANK, N.A.

		
	 by
	 	 /s/ Maureen Maroney

	 Name:
	 	 Maureen Maroney

	 Title:
	 	 Director

	
	 SUNTRUST BANK

		
	 by
	 	 /s/ Thomas C. Palmer

	 Name:
	 	 Thomas C. Palmer

	 Title:
	 	 Managing Director

	
	 MIZUHO CORPORATE BANK, LTD.

		
	 by
	 	 /s/ Mark Gronich

	 Name:
	 	 Mark Gronich

	 Title:
	 	 Senior Vice President

	
	 REGIONS BANK

		
	 by
	 	 /s/ J. Timothy Tolex

	 Name:
	 	 J. Timothy Tolex

	 Title:
	 	 Vice President

  

 67 

			
	 THE BANK OF NEW YORK

		
	 by
	 	 /s/ Cynthia L. Rogers

	 Name:
	 	 Cynthia L. Rogers

	 Title:
	 	 Vice President

	
	BANK OF TOKYO-MITSUBISHI TRUST COMPANY
		
	 by
	 	 /s/ Karen Ossolinski

	 Name:
	 	 Karen Ossolinski

	 Title:
	 	 Vice President

	
	 BARCLAYS BANK PLC

		
	 by
	 	 /s/ L. Peter Yetman

	 Name:
	 	 L. Peter Yetman

	 Title:
	 	 Director

	
	CREDIT SUISSE FIRST BOSTON, ACTING THROUGH ITS CAYMAN ISLANDS BRANCH
		
	 by
	 	 /s/ Bill O’Daly

	 Name:
	 	 Bill O’Daly

	 Title:
	 	 Director

		
	 by
	 	 /s/ Doreen B. Welch

	 Name:
	 	 Doreen B. Welch

	 Title:
	 	 Associate

	
	DRESDNER BANK AG, NEW YORK & GRAND CAYMAN BRANCHES
		
	 by
	 	 /s/ Brian Smith

	 Name:
	 	 Brian Smith

	 Title:
	 	 Managing Director

		
	 by
	 	 /s/ Brian Schneider

	 Name:
	 	 Brian Schneider

	 Title:
	 	 Vice President

  

 68 

			
	 LEHMAN BROTHERS BANK, FSB

		
	 by
	 	 /s/ Gary T. Taylor

	 Name:
	 	 Gary T. Taylor

	 Title:
	 	 Vice President

	
	 MERRILL LYNCH BANK USA

		
	 by
	 	 /s/ Louis Alder

	 Name:
	 	 Louis Alder

	 Title:
	 	 Director

	
	 MORGAN STANLEY BANK

		
	 by
	 	 /s/ Daniel Twenge

	 Name:
	 	 Daniel Twenge

	 Title:
	 	 Vice President

	
	 SOCIETE GENERALE

		
	 by
	 	 /s/ Mark Vigl

	 Name:
	 	 Mark Vigl

	 Title:
	 	 Managing Director

	
	 SUMITOMO MITSUI BANKING CORP.,
 NEW
YORK

		
	 by
	 	 /s/ Edward D. Henderson, Jr.

	 Name:
	 	 Edward D. Henderson, Jr.

	 Title:
	 	 General Manager

	
	 THE BANK OF NOVA SCOTIA

		
	 by
	 	 /s/ Ian A. Hodgart

	 Name:
	 	 Ian A. Hodgart

	 Title:
	 	 Authorized Signatory

	
	 THE ROYAL BANK OF SCOTLAND PLC

		
	 by
	 	 /s/ Maria Amaral-LeBlanc

	 Name:
	 	 Maria Amaral-LeBlanc

	 Title:
	 	 Senior Vice President

  

 69 

			
	 UBS LOAN FINANCE LLC

		
	 by
	 	 /s/ Joselin Fernandes

	 Name:
	 	 Joselin Fernandes

	 Title:
	 	Associate Director Banking Products Services, US
		
	 by
	 	 /s/ Doris Mesa

	 Name:
	 	 Doris Mesa

	 Title:
	 	Associate Director Banking Products Services, US
	
	 UFJ BANK LIMITED

		
	 by
	 	 /s/ Garry Weiss

	 Name:
	 	 Garry Weiss

	 Title:
	 	 Vice President

	
	 WILLIAM STREET CREDIT CORPORATION

		
	 by
	 	 /s/ David Weil

	 Name:
	 	 David Weil

	 Title:
	 	 
	
	 CHANG HWA COMMERCIAL BANK, LTD.

		
	 by
	 	 /s/ Ming-Hsien Lin

	 Name:
	 	 Ming-Hsien Lin

	 Title:
	 	 SVP & General Manager

	
	 FIFTH THIRD BANK

		
	 by
	 	 /s/ Kevin C. M. Jones

	 Name:
	 	 Kevin C. M. Jones

	 Title:
	 	 Vice President

  

 70 

			
	 FIRST HAWAIIAN BANK

		
	 by
	 	 /s/ Jeffrey N. Higashi

	 Name:
	 	 Jeffrey N. Higashi

	 Title:
	 	 Assistant Vice President

	
	NATIONAL AUSTRALIA BANK LIMITED, A.P.N. 12004044937
		
	 by
	 	 /s/ Eduardo Salazar

	 Name:
	 	 Eduardo Salazar

	 Title:
	 	 Senior Vice President

	
	 PNC BANK N.A.

		
	 by
	 	 /s/ Sharon Geffel

	 Name:
	 	 Sharon Geffel

	 Title:
	 	 Vice President

	
	THE NORINCHUKIN BANK, NEW YORK BRANCH
		
	 by
	 	 /s/ Masanori Shoji

	 Name:
	 	 Masanori Shoji

	 Title:
	 	 Joint General Manager

	
	 U.S. BANK NATIONAL ASSOCIATION

		
	 by
	 	 /s/ Gail F. Scannell

	 Name:
	 	 Gail F. Scannell

	 Title:
	 	 Vice President

  

 71Amended and Restated 2001 Omnibus Stock Ownership Plan

 Exhibit 10(h) 
  
 McDONALD’S CORPORATION 
 AMENDED
AND RESTATED 2001 OMNIBUS STOCK OWNERSHIP PLAN 
 Approved by shareholders May 20, 2004 
  
 THE PLAN 
  
 McDonald’s Corporation, a Delaware corporation (the “Company”), established the McDonald’s Corporation 2001 Omnibus
Stock Ownership Plan (the “Plan”) effective as of May 17, 2001, and the Plan was approved by the Company’s stockholders at the May 17, 2001 Annual Meeting. The Plan as originally so established permitted the grant of stock options,
restricted stock, stock appreciation rights, performance units, stock bonuses and other stock-based awards. 
  
 The Plan has been amended and restated effective as of March 18, 2004 (the “Effective Date”), subject to the approval of the Company’s stockholders at the May 20, 2004 Annual Meeting. The Plan as so
amended permits the grant of stock options, restricted stock, stock appreciation rights, stock bonuses, dividend equivalents and other stock-based awards. 
  
 The terms and conditions of the Plan as in effect before the Effective Date shall continue to apply to Awards granted before the Effective Date. 
  

	1.	Purpose 

  
 The purpose of this Plan is to advance the interest of the Company by encouraging and enabling the acquisition of a larger personal financial interest in the Company by those employees and non-employee directors and
senior directors upon whose judgment and efforts the Company is largely dependent for the successful conduct of its operations. It is anticipated that the acquisition of such financial interest and Stock ownership will stimulate the efforts of such
employees and directors on behalf of the Company, strengthen their desire to continue in the service of the Company, and encourage shareholder and entrepreneurial perspectives through Stock ownership. It is also anticipated that the opportunity to
obtain such financial interest and Stock ownership will prove attractive to promising new employees and will assist the Company in attracting such employees. 
  

	2.	Definitions 

  
 As used in this Plan, the terms set forth below shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 
  

	 	(a)	“Affiliate Service” of a Grantee who is an employee of the Company means the Grantee’s Company Service plus the Grantee’s aggregate number of years of
employment with any Subsidiary during the period before it became a Subsidiary, unless the Committee determines otherwise in connection with an entity’s becoming a Subsidiary. 

  

	 	(b)	“Award” means any stock options, shares of restricted stock, stock appreciation rights, stock bonuses, dividend equivalents and other stock-based awards granted
under this Plan. In addition, for purposes of Section 3(d) only, “Award” means any award granted under any Prior Plan. 

  

	 	(c)	“Award Agreement” has the meaning specified in Section 4(c)(iv). 

  

	 	(d)	“Board” means the Board of Directors of the Company. 

  

	 	(e)	“Business Combination” has the meaning specified in Section 2(g)(iii). 

  

	 	(f)	“Cause” means (i) in the case of a Grantee who is an employee of the Company or a Subsidiary, the Grantee’s commission of any act or acts involving dishonesty,
fraud, illegality or moral turpitude, and (ii) in the case of a Grantee who is a non-employee director or senior director of the Company, cause pursuant to Article Thirteenth (c) of the Company’s Restated Certificate of Incorporation.

  

	 	(g)	“Change in Control” means the happening of any of the following events: 

  

	 	(i)	 the acquisition by any Person of “beneficial ownership” (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of 20% or more of either (A) the
then-outstanding shares of Stock (“Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of 

  

 33 

	 	 
the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for
purposes of this Section 2(g)(i), the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from the Company, (2) any acquisition by the Company, (3) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any entity controlled by the Company or (4) any acquisition by any entity pursuant to a transaction that complies with Sections 2(g)(iii)(A), (B) and (C); or 

  

	 	(ii)	individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the
Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election
contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

  

	 	(iii)	consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Company and/or any entity controlled by the
Company, or a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any entity controlled by the Company (each, a “Business
Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting
Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of
the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company
Voting Securities, as the case may be, (B) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination) beneficially
owns, directly or indirectly, 20% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such
corporation, except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors of the entity resulting from such Business Combination were members of the
Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 

  

	 	(iv)	approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

  

	 	(h)	“Code” means the Internal Revenue Code of 1986, as amended, and regulations and rulings thereunder. References to a particular section of, or rule under, the Code
shall include references to successor provisions. 

  

	 	(i)	“Committee” has the meaning specified in Section 4(a). 

  

	 	(j)	“Company” has the meaning specified in the first paragraph. 

  

	 	(k)	“Company Service” of a Grantee who is an employee of the Company or a Subsidiary means the Grantee’s aggregate number of years of employment with the Company
and its Subsidiaries during periods when those entities were Subsidiaries. 

  

	 	(l)	“Disability” as it regards employees means, a “disability” within the meaning of the Company’s Profit Sharing and Savings Program, as amended from
time to time. 

  
 “Disability” as
it regards non-employee directors and senior directors means a physical or mental condition that prevents the director from performing his or her duties as a member of the Board or a senior director, as applicable, and that is expected to be
permanent or for an indefinite duration exceeding one year. 
  

 34 

	 	(m)	“Disaffiliation” of a Subsidiary means the Subsidiary’s ceasing to be a Subsidiary for any reason (including, without limitation, as a result of a public
offering, or a spinoff or sale by the Company, of the stock of the Subsidiary). 

  

	 	(n)	“dividend equivalent” means an Award made pursuant to Section 6(g). 

  

	 	(o)	“Effective Date” means March 18, 2004. 

  

	 	(p)	“Fair Market Value” of any security of the Company means, as of any applicable date, the closing price of the security at the close of normal trading hours on the
New York Stock Exchange, or, if no such sale of the security shall have occurred on such date, on the next preceding date on which there was such a sale. 

  

	 	(q)	“Foreign Equity Incentive Plan” has the meaning specified in Section 14. 

  

	 	(r)	“Grant Date” has the meaning specified in Section 6(a)(i). 

  

	 	(s)	“Grantee” means an individual who has been granted an Award. 

  

	 	(t)	“Immediate Family” means a Grantee’s spouse, children, grandchildren, stepchildren, parents, stepparents, grandparents, siblings, nieces, nephews and in-laws.

  

	 	(u)	“including” or “includes” means “including, without limitation,” or “includes, without limitation.” 

 

	 	(v)	“Incumbent Board” has the meaning specified in Section 2(g)(ii). 

  

	 	(w)	“Minimum Consideration” means $.01 per share or such larger amount determined pursuant to resolution of the Board to be “capital” (within the meaning of
Section 154 of the Delaware General Corporation Law). 

  

	 	(x)	“Minimum Vesting Requirement” means a requirement that (A) in the case of Awards to which the Minimum Vesting Requirement applies covering up to an aggregate of 2.5
million shares (subject to adjustment as provided in Section 22), that such Awards become nonforfeitable not sooner than the first anniversary of the Grant Date; and (B) in the case of all other Awards to which the Minimum Vesting Requirement
applies, that such Awards become nonforfeitable not more rapidly than in three equal installments on each of the first three anniversaries of the Grant Date; in either case, subject to Sections 12, 13 and 21. 

  

	 	(y)	“1934 Act” means the Securities Exchange Act of 1934, as amended, and regulations and rulings thereunder. References to a particular section of, or rule under, the
1934 Act shall include references to successor provisions. 

  

	 	(z)	“non-employee director” means a member of the Board who is not an employee of the Company. 

  

	 	(aa)	“Option Price” means the per-share purchase price of Stock subject to a stock option. 

  

	 	(bb)	“other stock-based award” means an Award made pursuant to Section 6(h). 

  

	 	(cc)	“Outstanding Company Common Stock” has the meaning specified in Section 2(g)(i). 

  

	 	(dd)	“Outstanding Company Voting Securities” has the meaning specified in Section 2(g)(i). 

  

	 	(ee)	“Performance Percentage” has the meaning specified in Section 6(f)(i)(C). 

  

	 	(ff)	“Permissible Transferee” has the meaning specified in Section 8. 

  

	 	(gg)	“Person” means any “individual,” “entity” or “group,” within the meaning of Section 13(d)(3) or 14(d)(2) of the 1934
Act. 

  

	 	(hh)	“Plan” means this McDonald’s Corporation Amended and Restated 2001 Omnibus Stock Ownership Plan. 

  

	 	(ii)	“Prior Plan” means the McDonald’s Corporation 1992 Stock Ownership Incentive Plan, as amended and restated, and the McDonald’s Corporation 1975 Stock
Ownership Option Plan, as amended and restated. 

  

 35 

	 	(jj)	“Qualified Performance-Based Award” means any Award that is intended to qualify for the Section 162(m) Exemption, as provided in Section 23.

  

	 	(kk)	“Qualified Performance Goal” means a performance goal established by the Committee in connection with the grant of a Qualified Performance-Based Award, which (i) is
based on the attainment of specified levels of one or more Specified Performance Goals, and (ii) is set by the Committee within the time period prescribed by Section 162(m) of the Code; provided, that in the case of a stock option or stock
appreciation right, the Qualified Performance Goal shall be considered to have been established without special action by the Committee, by virtue of the fact that the Stock subject to such Award must increase in value over its Fair Market Value on
the Grant Date (or over a higher value) in order for the Grantee to realize any compensation from exercising the stock option or stock appreciation right. 

  

	 	(ll)	“Retirement” as it regards employees means a Termination of Employment any time after attaining either (i) age 60 with at least 20 years of Affiliate Service, or
(ii) combined age and years of Affiliate Service equal to or greater than 70, other than a Termination of Employment for Cause. 

  
 “Retirement” as it regards non-employee directors and senior directors means Termination of Directorship with at least 10 years of
service as a member of the Board and/or a senior director or after age 70. 
  

	 	(mm)	“Section 16 Grantee” means an individual subject to potential liability under Section 16(b) of the 1934 Act with respect to transactions involving equity securities
of the Company. 

  

	 	(nn)	“Section 162(m) Exemption” means the exemption from the limitation on deductibility imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C)
of the Code. 

  

	 	(oo)	“Service-Vesting Award” means an Award, the vesting of which is contingent solely on the continued service of the Grantee as an employee of the Company and its
Subsidiaries or as a non-employee director or a senior director of the Company. 

  

	 	(pp)	“Special Circumstances” for a Termination of Employment of a Grantee means (i) the Grantee’s employment was terminated by the Company or a Subsidiary without
Cause, or (ii) the Grantee becomes an owner-operator of a McDonald’s restaurant in connection with the Termination of Employment. 

  

	 	(qq)	“Specified Performance Goal” means any of the following measures as applied to the Company as a whole or to any Subsidiary, division or other unit of the Company:
revenue; operating income; net income; basic or diluted earnings per share; return on revenue; return on assets; return on equity; return on total capital; or total shareholder return. 

  

	 	(rr)	“Stock” means the common stock of the Company, par value $.01 per share. 

  

	 	(ss)	“Subsidiary” means any entity in which the Company directly or through intervening subsidiaries owns 25% or more of the total combined voting power or value of all
classes of stock, or, in the case of an unincorporated entity, a 25% or more interest in the capital and profits. 

  

	 	(tt)	“Tendered Restricted Stock” has the meaning specified in Section 9(a). 

  

	 	(uu)	“Termination of Directorship” means the first date upon which a non-employee director or a senior director is neither a member of the Board nor a senior director.

  

	 	(vv)	“Termination of Employment” of a Grantee means the termination of the Grantee’s employment with the Company and the Subsidiaries. A Grantee employed by a
Subsidiary also shall be deemed to incur a Termination of Employment if there occurs a Disaffiliation of that Subsidiary, unless either (i) the Grantee is, immediately after the Disaffiliation, an employee of the Company or one of the remaining
Subsidiaries, or (ii) in connection with the Disaffiliation, the Awards held by the Grantee are assumed, or replaced with new awards, by the former Subsidiary or an entity that controls the former Subsidiary following the Disaffiliation.

  

	 	(ww)	“Unit Value” has the meaning specified in Section 9(c)(iii). 

  

 36 

	3.	Scope of this Plan 

  

	 	(a)	The total number of shares of Stock delivered to Grantees pursuant to this Plan shall not exceed 116.5 million (including 2.5 million shares available as of the Effective Date under
the McDonald’s Corporation 1975 Stock Ownership Option Plan, as amended and restated), subject to the other provisions of this Section 3 and to adjustment as provided in Section 22. Such shares may be treasury shares or newly-issued shares or
both, as may be determined from time to time by the Board or by the Committee appointed pursuant to Section 4. 

  

	 	(b)	Subject to adjustment as provided in Section 22, the maximum number of shares of Stock for which stock options and stock appreciation rights may be granted to any Grantee in any
one-year period shall be 2 million, and the maximum number of shares of Stock that may be granted to any Grantee in any one-year period in the form of restricted stock, dividend equivalents (other than dividend equivalents that are part of another
Award), and other stock-based awards, in each case that are Qualified Performance-based Awards, shall be 500,000 (provided, that in the case of dividend equivalents, the number of shares taken into account for this purpose shall be the number of
shares with respect to which the dividend equivalents are calculated). Subject to the other provisions of this Section 3 and subject to adjustment as provided in Section 22, not more than 500,000 bonus shares of Stock may be granted under this Plan.

  

	 	(c)	If and to the extent an Award granted under this Plan shall, after the Effective Date, expire or terminate for any reason without having been exercised in full, or shall be
forfeited or settled for cash, the shares of Stock (including restricted stock) associated with the expired, terminated or forfeited portion of such Award shall become available for other Awards. In no event shall the number of shares of Stock
considered to be delivered pursuant to the exercise of a stock appreciation right include the shares that represent the grant or exercise price thereof, which shares are not delivered to the Grantee upon exercise. 

  

	 	(d)	If and to the extent an Award granted under a Prior Plan shall, after the Effective Date, expire or terminate for any reason without having been exercised in full, or shall be
forfeited or settled for cash, the shares of Stock (including restricted stock) associated with the expired, terminated or forfeited portion of such Award shall become available for Awards under this Plan. If, after the Effective Date, a Grantee
uses shares of Stock owned by the Grantee (by either actual delivery or by attestation) to pay the Option Price of any stock option granted under this Plan or a Prior Plan or to satisfy any tax-withholding obligation with respect to an Award granted
under this Plan or a Prior Plan, the number of shares of Stock delivered or attested to shall be added to the number of shares of Stock available for delivery under this Plan. To the extent any shares of Stock subject to a stock option granted under
this Plan are withheld, after the Effective Date, to satisfy the Option Price of that stock option, or any shares of Stock subject to an Award granted under this Plan are withheld to satisfy any tax-withholding obligation, such shares shall not be
deemed to have been delivered for purposes of determining the maximum number of shares of Stock available for delivery under this Plan. To the extent any shares of Stock subject to an Award granted under a Prior Plan are withheld, after the
Effective Date, to satisfy any tax-withholding obligation, such shares shall be added to the maximum number of shares of Stock available for delivery under this Plan. Notwithstanding the foregoing, no shares of Stock that become available for Awards
granted under this Plan pursuant to the foregoing provisions of this Section 3(d) shall be available for grants of incentive stock options pursuant to Section 6(c). 

  

	4.	Administration 

  

	 	(a)	Subject to Section 4(b), this Plan shall be administered by a committee appointed by the Board (the “Committee”). All members of the Committee shall be “outside
directors” (as defined or interpreted for purposes of the Section 162(m) Exemption). The composition of the Committee also shall be subject to such limitations as the Board deems appropriate to permit transactions in Stock pursuant to this Plan
to be exempt from liability under Rule 16b-3 under the 1934 Act and to satisfy the “independence” requirements of any national securities exchange on which the Stock is listed. 

  

	 	(b)	The Board may, in its discretion, reserve to itself any or all of the authority and responsibility of the Committee. To the extent that the Board has reserved to itself the
authority and responsibility of the Committee, all references to the Committee in this Plan shall be deemed to refer to the Board. 

  

	 	(c)	The Committee shall have full and final authority, in its discretion, but subject to the express provisions of this Plan (including without limitation Section 23(e)), as follows:

  

	 	(i)	to grant Awards, 

  

 37 

	 	(ii)	to determine (A) when Awards may be granted, and (B) whether or not specific Awards shall be identified with other specific Awards, and, if so, whether they shall be exercisable
cumulatively with or alternatively to such other specific Awards, 

  

	 	(iii)	to interpret this Plan and to make all determinations necessary or advisable for the administration of this Plan, 

  

	 	(iv)	to determine all terms and provisions of all Awards, including without limitation any restrictions or conditions (including specifying such performance criteria as the Committee
deems appropriate, and imposing restrictions with respect to Stock acquired upon exercise of a stock option, which restrictions may continue beyond the Grantee’s Termination of Employment or Termination of Directorship, as applicable), which
shall be set forth in a written agreement for each Award (the “Award Agreements”), which need not be identical, and, with the consent of the Grantee, to modify any such Award Agreement at any time, 

  

	 	(v)	to authorize foreign Subsidiaries to adopt Foreign Equity Incentive Plans as provided in Section 14, 

  

	 	(vi)	to delegate any or all of its duties and responsibilities under this Plan to any individual or group of individuals it deems appropriate, except its duties and responsibilities with
respect to Section 16 Grantees and with respect to Qualified Performance-Based Awards, and (A) the acts of such delegates shall be treated hereunder as acts of the Committee and (B) such delegates shall report to the Committee regarding the
delegated duties and responsibilities, 

  

	 	(vii)	to accelerate the exercisability of, and to accelerate or waive any or all of the restrictions and conditions applicable to, any Award or any group of Awards, other than the Minimum
Vesting Requirement, for any reason, 

  

	 	(viii)	subject to Section 6(a)(ii), to extend the time during which any Award or group of Awards may be exercised or earned, 

  

	 	(ix)	to make such adjustments or modifications to Awards to Grantees working outside the United States as are necessary and advisable to fulfill the purposes of this Plan,

  

	 	(x)	to impose such additional conditions, restrictions and limitations upon the grant, exercise or retention of Awards as the Committee may, before or concurrently with the grant
thereof, deem appropriate, including requiring simultaneous exercise of related identified Awards and limiting the percentage of Awards that may from time to time be exercised by a Grantee, and 

  

	 	(xi)	to prescribe rules and regulations concerning the transferability of any Awards, and to make such adjustments or modifications to Awards transferable pursuant to Section 8 as are
necessary and advisable to fulfill the purposes of this Plan. 

  

	 	(d)	The determination of the Committee on all matters relating to this Plan or any Award Agreement shall be made in its sole discretion, and shall be conclusive and final. No member of
the Committee shall be liable for any action or determination made in good faith with respect to this Plan or any Award. 

  

	5.	Eligibility 

  
 Awards may be granted to any employee (including any officer) of the Company or any of its domestic Subsidiaries, any employee, officer or director of any of the Company’s foreign Subsidiaries, and to any
non-employee director or senior director of the Company. In selecting the individuals to whom Awards may be granted, as well as in determining the number of shares of Stock subject to, and the other terms and conditions applicable to, each Award,
the Committee shall take into consideration such factors as it deems relevant in promoting the purposes of this Plan. 
  

	6.	Conditions to Grants 

  

	 	(a)	General conditions. 

  

	 	(i)	The “Grant Date” of an Award shall be the date on which the Committee grants the Award or such later date as specified in advance by the Committee.

  

 38 

	 	(ii)	The term of each Award shall be a period of 10 years from the Grant Date; provided, that the Committee may determine that the term of an Award will be a different period, not longer
than 15 years from the Grant Date; and provided, further, that in any event the term of each Award shall be subject to earlier termination as herein provided. 

  

	 	(iii)	A Grantee may, if otherwise eligible, be granted additional Awards in any combination. 

  

	 	(b)	Grant of Stock Options and Option Price. A stock option represents the right to purchase a share of Stock at a predetermined Option Price. No later than the Grant Date of any
stock option, the Committee shall establish the Option Price of such stock option. The per-share Option Price of a stock option shall not be less than 100% of the Fair Market Value of a share of the Stock on the Grant Date. Such Option Price shall
be subject to adjustment as provided in Section 22. The applicable Award Agreement may provide that the stock option shall be exercisable for restricted stock. 

  

	 	(c)	Grant of Incentive Stock Options. At the time of the grant of any stock option, the Committee may designate such stock option as an “incentive stock option” as
defined in Section 422 of the Code. Any stock option not so designated shall not be an incentive stock option, even if it otherwise meets the requirements of Section 422 of the Code. Any stock option so designated that nevertheless fails (either at
the time of grant or at any time thereafter as a result of accelerated vesting or otherwise) to meet the requirements of Section 422 of the Code, in whole or in part, shall be treated as a stock option that is not an incentive stock option to the
extent of such failure. The terms of any incentive stock option shall require the Grantee to notify the Committee or its designee of any “disqualifying disposition” (as defined in Section 421(b) of the Code) of any Stock issued pursuant to
the exercise of the incentive stock option within 10 days after such disposition. 

  

	 	(d)	Grant of Shares of Restricted Stock. 

  

	 	(i)	Shares of restricted stock are shares of Stock that are awarded to a Grantee and that, during a restricted period, may be forfeitable to the Company upon such conditions as may be
set forth in the applicable Award Agreement. Restricted stock may not be sold, assigned, transferred, pledged or otherwise encumbered during the restricted period. 

  

	 	(ii)	The Committee shall, in its discretion, determine the amount, if any, that a Grantee shall pay for shares of restricted stock, subject to the following sentence. Except with respect
to shares of restricted stock that are treasury shares, for which no payment need be required, the Committee shall require the Grantee to pay at least the Minimum Consideration for each share of restricted stock granted to such Grantee. Such payment
shall be made in full by the Grantee before the delivery of the shares and in any event no later than 10 days after the Grant Date for such shares. 

  

	 	(iii)	The Committee may, but need not, provide that all or any portion of a Grantee’s Award of restricted stock, or restricted stock acquired upon exercise of a stock option, shall
be forfeited: 

  

	 	(A)	except as otherwise specified in the Award Agreement, upon the Grantee’s Termination of Employment as provided in Section 12, or 

  

	 	(B)	if the Company or the Grantee does not achieve specified performance goals (if any) within a specified time period after the Grant Date and before the Grantee’s Termination of
Employment, or 

  

	 	(C)	upon failure to satisfy such other conditions as the Committee may specify in the applicable Award Agreement; 

  
 provided, that each such Award that is a Service-Vesting Award shall be
subject to the Minimum Vesting Requirement. 
  

	 	(iv)	 If a share of restricted stock is forfeited, then, if the Grantee was required to pay for such share or acquired such share upon the exercise of a stock option: (A)
the Grantee shall be deemed to have resold such share to the Company at the lesser of (1) the amount paid or, if the restricted stock was acquired on exercise of a stock option, the Option Price paid by the Grantee for such share, or (2) the Fair
Market Value of a share of Stock on the date of such forfeiture; (B) the Company shall pay to the Grantee the amount determined under clause (A) of this sentence as soon as is administratively practical; and (C) such share shall cease to be
outstanding, and shall no longer confer on the Grantee thereof any rights as a stockholder of the 

  

 39 

	 	 
Company, from and after the later of the date the event causing the forfeiture occurred or the date of the Company’s tender of the payment specified in
clause (B) of this sentence, whether or not such tender is accepted by the Grantee. 

  

	 	(v)	The Committee may provide that any share of restricted stock shall be held (together with a stock power executed in blank by the Grantee) in escrow by the Secretary of the Company
until such share becomes nonforfeitable or is forfeited. Any share of restricted stock shall bear an appropriate legend specifying that such share is non-transferable and subject to the restrictions set forth in this Plan and the applicable Award
Agreement. If any share of restricted stock becomes nonforfeitable, the Company shall cause the certificate for such share to be issued or reissued without such legend. 

  

	 	(e)	Grant of Stock Appreciation Rights. A stock appreciation right represents the right to receive a payment, in cash, shares of Stock or both (as determined by the Committee)
equal to the excess of the Fair Market Value, on the date such Fair Market Value is determined, of a specified number of shares of Stock, over the Award’s grant or exercise price, if any. When granted, stock appreciation rights may, but need
not, be identified with shares of Stock subject to a specific stock option or specific shares of restricted stock of the Grantee (including any stock option or shares of restricted stock granted on or before the Grant Date of the stock appreciation
rights) in a number equal to or different from the number of shares of Stock subject to the stock appreciation rights so granted. If stock appreciation rights are identified with shares of Stock subject to a stock option or with shares of restricted
stock then, unless otherwise provided in the applicable Award Agreement, the Grantee’s associated stock appreciation rights shall terminate upon, and to the extent of, (i) the expiration, termination, forfeiture or cancellation of such stock
option or shares of restricted stock, or (ii) the date such shares of restricted stock become nonforfeitable. 

  

	 	(f)	Grant of Stock Bonuses. The Committee may, in its discretion, grant shares of Stock to any employee eligible under Section 5 to receive Awards, other than executive officers
of the Company. 

  

	 	(g)	Grant of Dividend Equivalents. The Committee may, in its discretion, grant dividend equivalents, which represent the right to receive cash payments or shares of Stock
measured by the dividends payable with respect to specific shares of Stock or a specified number of shares of Stock. Dividend equivalents may be granted as part of another type of Award or as a separate Award, and shall be subject to such terms and
conditions as the Committee shall determine. 

  

	 	(h)	Grant of Other Stock-Based Awards. The Committee may, in its discretion, grant other stock-based awards. These are Awards, other than stock options, stock appreciation
rights, restricted stock, stock bonuses, and dividend equivalents, that are denominated in, valued, in whole or in part, by reference to, or otherwise based on or related to, Stock. The purchase, exercise, exchange or conversion of other stock-based
awards granted under this Section 6(h) shall be on such terms and conditions and by such methods as shall be specified by the Committee. If the value of an other stock-based award is based on the difference between the excess of the Fair Market
Value, on the date such Fair Market Value is determined, over such Award’s exercise or grant price, the exercise or grant price for such an Award will not be less than 100% of the Fair Market Value on the Grant Date. If the value of such an
Award is based on the full value of a share of Stock, and the Award is a Service-Vesting Award, then such Award shall be subject to the Minimum Vesting Requirement. 

  

	7.	Grantee’s Agreement to Serve 

  
 The Committee may, in its discretion, require each Grantee who is granted an Award to, execute such Grantee’s Award Agreement, and to agree that such Grantee will
remain in the employ of the Company or any of its Subsidiaries or remain as a non-employee director or senior director, as applicable, for at least one year after the Grant Date. No obligation of the Company or any of its Subsidiaries as to the
length of any Grantee’s employment or service as a non-employee director or senior director shall be implied by the terms of this Plan, any grant of an Award hereunder or any Award Agreement. The Company and its Subsidiaries reserve the same
rights to terminate employment of any Grantee as existed before the Effective Date. 
  

	8.	Non-Transferability 

  
 Each Award (other than restricted stock) granted hereunder shall not be assignable or transferable other than by will or the laws of descent and distribution; provided, however, that a Grantee may, in a manner set
forth in rules established by the Committee: (a) designate in writing a beneficiary to exercise his or her Award after the Grantee’s death; (b) transfer a stock option (other than an incentive stock option), stock appreciation right or other
stock-based award to a revocable inter vivos trust as to which the Grantee is both the settlor and the trustee; and (c) if permitted by the Committee pursuant to its rules, transfer an Award (other than restricted stock or an incentive stock option)
for no consideration to any of the following permissible transferees (each a “Permissible Transferee”): (i) any member of the 

  

 40 

 
Immediate Family of the Grantee to whom such Award was granted, (ii) any trust for the benefit of members of the Grantee’s Immediate Family, (iii) any
partnership whose partners are members of the Grantee’s Immediate Family or (iv) Ronald McDonald House Charities or any Ronald McDonald House; and further provided that (A) the transferee shall remain subject to all of the terms and conditions
applicable to such Award prior to such transfer; (B) any such transfer shall be subject to and in accordance with the rules and regulations prescribed by the Committee in accordance with Section 4(c)(xi), and (C) except as otherwise expressly
provided for in this Plan or in the Transfer Rules, a Permissible Transferee shall have all the rights and obligations of the Grantee hereunder and the Grantee shall not retain any rights with respect to the transferred Award, and further provided
that the payment of any tax attributable to the exercise of an Award shall remain the obligation of the Grantee and the period during which an Award shall remain exercisable under Section 12 shall depend upon the time and nature of the
Grantee’s Termination of Employment. Notwithstanding the foregoing, the Committee may, from time to time, in its sole discretion designate additional individuals, persons or classes as Permissible Transferees, and permit other transfers as the
Committee determines to be appropriate. 
  
 Each share of restricted stock shall
be non-transferable until such share becomes nonforfeitable. 
  

	9.	Exercise 

  

	 	(a)	Exercise of Stock Options. Subject to Sections 4(c)(vii), 12, 13 and 21 and such terms and conditions as the Committee may impose, each stock option shall be exercisable as
and when determined by the Committee; provided that, unless the Committee determines otherwise, each stock option shall be exercisable in one or more installments commencing not earlier than the first anniversary of the Grant Date of such stock
option. 

  
 Each stock option shall be exercised by
delivery of notice of intent to purchase a specific number of shares of Stock subject to such stock option. Such notice shall be in a manner specified by and satisfactory to the Company. The Option Price of any shares of Stock or shares of
restricted stock as to which a stock option shall be exercised shall be paid in full at the time of the exercise. Payment may, at the election of the Grantee, be made in any one or any combination of the following: 
  

	 	(i)	cash, 

  

	 	(ii)	Stock owned by the Grantee, valued at its Fair Market Value at the time of exercise, 

  

	 	(iii)	with the approval of the Committee, shares of restricted stock held by the Grantee, each valued at the Fair Market Value of a share of Stock at the time of exercise, or

  

	 	(iv)	unless otherwise determined by the Committee, through simultaneous sale through a broker of shares acquired on exercise, as permitted under Regulation T of the Board of Governors of
the Federal Reserve System. 

  
 If shares of Stock
or restricted stock are used to pay the Option Price, such shares of Stock or restricted stock must have been held by the Grantee for more than six months prior to exercise of the stock option, unless otherwise determined by the Committee. Such
payment may be made by actual delivery or attestation. 
  
 If
restricted stock is used to pay the Option Price for Stock subject to a stock option (“Tendered Restricted Stock”), then the Committee shall specify which of of the following two rules applies: either (i) all the shares of Stock acquired
on exercise of the stock option shall be subject to the same restrictions as the Tendered Restricted Stock, determined as of the date of exercise of the stock option, or (ii) a number of shares of Stock acquired on exercise of the stock option equal
to the number of shares of Tendered Restricted Stock shall be subject to the same restrictions as the Tendered Restricted Stock, determined as of the date of exercise of the stock option. 
  

	 	(b)	 Exercise of Stock Appreciation Rights. Subject to Sections 4(c)(vii), 12, 13 and 21 and such terms and conditions as the Committee may impose, each stock
appreciation right shall be exercisable as and when determined by the Committee; provided that, unless the Committee determines otherwise, each stock appreciation right shall be exercisable not earlier than the first anniversary of the Grant Date of
such stock appreciation right, to the extent the stock option with which it is identified, if any, may be exercised, or to the extent the restricted stock with which it is identified, if any, has become nonforfeitable. Stock appreciation rights
shall be exercised by delivery to the Company of written notice of intent to exercise a specific number of stock appreciation rights. Unless otherwise provided in the applicable Award Agreement, the exercise of stock appreciation rights that are
identified with 

  

 41 

	 	 
shares of Stock subject to a stock option or shares of restricted stock shall result in the cancellation or forfeiture of such stock option or shares of
restricted stock, as the case may be, to the extent of such exercise. 

  
 The benefit for each share as to which a stock appreciation right is exercised shall be equal to: 
  

	 	(i)	the Fair Market Value of a share of Stock on the date of such exercise, reduced by 

  

	 	(ii)	an amount equal to: 

  

	 	(A)	for any stock appreciation right identified with shares of Stock subject to a stock option, the Option Price of such stock option, unless the Committee in the grant of the stock
appreciation right specified a higher amount or 

  

	 	(B)	for any other stock appreciation right, the Fair Market Value of a share of Stock on the Grant Date of such stock appreciation right, unless the Committee in the grant of the stock
appreciation right specified a higher amount; provided that the Committee, in its discretion, may provide that the benefit for any stock appreciation right shall not exceed such percentage of the Fair Market Value of a share of Stock on such Grant
Date as the Committee shall specify. 

  
 The
benefit upon the exercise of a stock appreciation right shall be payable in cash, except that the Committee, may, in its discretion, provide in the Award Agreement that benefits, with respect to any particular exercise, may be paid wholly or partly
in Stock. 
  

	10.	Notification under Section 83(b) 

  
 The Committee may, on the Grant Date or any later date, prohibit a Grantee from making the election described below. If the Committee has not prohibited such Grantee from
making such election, and the Grantee shall, in connection with the exercise of any stock option, or the grant of any share of restricted stock, make the election permitted under Section 83(b) of the Code (i.e., an election to include in such
Grantee’s gross income in the year of transfer the amounts specified in Section 83(b) of the Code), such Grantee shall notify the Company of such election within 10 days of filing notice of the election with the Internal Revenue Service, in
addition to complying with any filing and notification required pursuant to regulations issued under the authority of Section 83(b) of the Code. 
  

	11.	Withholding Taxes 

  

	 	(a)	Whenever, under this Plan, cash or Stock is to be delivered upon exercise or payment of an Award or a share of restricted stock becomes nonforfeitable, or any other event occurs
that results in taxation of a Grantee with respect to an Award, the Company shall be entitled to require (i) that the Grantee remit an amount sufficient to satisfy all U.S. federal, state and local withholding tax requirements related thereto, (ii)
the withholding of such sums from compensation otherwise due to the Grantee or from any shares of Stock due to the Grantee under this Plan or (iii) any combination of the foregoing; provided, however, that no amount shall be withheld from any cash
payment or shares of Stock relating to an Award that was transferred by the Grantee in accordance with this Plan and such cash payment or delivery to such Permissible Transferee shall in no way be conditioned upon the Grantee’s remittance
obligation described herein. The Grantee shall be permitted to remit such amount in the form of Stock owned by the Grantee, valued at its Fair Market Value at the time of the remittance (by actual delivery or by attestation).

  

	 	(b)	If any disqualifying disposition (as defined in Section 421(b) of the Code) is made with respect to shares of Stock acquired under an incentive stock option granted pursuant to this
Plan or any election described in Section 10 is made, then the individual making such disqualifying disposition or election shall remit to the Company an amount sufficient to satisfy all U.S. federal, state and local withholding taxes thereby
incurred; provided, that in lieu of or in addition to the foregoing, the Company shall have the right to withhold such sums from compensation otherwise due to the Grantee or from any shares of Stock due to the Grantee under this Plan.

  

	 	(c)	Notwithstanding the foregoing, in no event shall the amount withheld or remitted in the form of shares of Stock due to a Grantee under this Plan exceed the minimum required by
applicable law. 

  

	12.	Termination of Employment 

  

	 	(a)	 For Cause. If a Grantee has a Termination of Employment for Cause, 

  

 42 

	 	(i)	the Grantee’s shares of restricted stock that are forfeitable shall thereupon be forfeited, subject to the provisions of Section 6(d)(iv) regarding repayment of certain amounts
to the Grantee; 

  

	 	(ii)	any unexercised stock option or stock appreciation right shall terminate immediately upon such Termination of Employment for Cause; and 

  

	 	(iii)	any other Award that has not previously vested shall thereupon be forfeited. 

  

	 	(b)	On Account of Death or Disability. If a Grantee has a Termination of Employment on account of the Grantee’s death or Disability, then: 

  

	 	(i)	the Grantee’s shares of restricted stock that are Service-Vesting Awards and that were forfeitable shall thereupon become nonforfeitable; 

  

	 	(ii)	any unexercised stock option or stock appreciation right (other than a stock appreciation right identified with a share of restricted stock), whether or not exercisable on the date
of such Termination of Employment may be exercised, in whole or in part, at any time within three years after such Termination of Employment (or until the 15th anniversary of the Grant Date, if sooner) by the Grantee, or after the Grantee’s
death, by (A) his or her personal representative or by the person to whom the stock option or stock appreciation right is transferred by will or the applicable laws of descent and distribution, (B) the Grantee’s beneficiary designated in
accordance with Section 8, (C) the then-acting trustee of the trust described in Section 8(b); or (D) a Permissible Transferee of an Award assigned or transferred in accordance with Section 8; and 

  

	 	(iii)	any other Awards held by the Grantee shall be treated as specified in the applicable Award Agreement. 

  

	 	(c)	On Account of Retirement. 

  

	 	(i)	If a Grantee has a Termination of Employment on account of Retirement after age 60 with 20 years or more of Affiliate Service, any unexercised stock option or stock appreciation
right (other than a stock appreciation right identified with a share of restricted stock) that is then exercisable or that would have become exercisable within three years of such Retirement if the Grantee had remained employed by the Company or a
Subsidiary throughout such three-year period, may be exercised, in whole or in part, by the Grantee or Permissible Transferee of an Award assigned or transferred in accordance with Section 8, at any time within three years after the Grantee’s
Retirement or until the 15th anniversary of the Grant Date, if sooner. 

  

	 	(ii)	If a Grantee has a Termination of Employment on account of Retirement with combined age and years of Affiliate Service equal to or greater than 70, any unexercised stock option or
stock appreciation right (other than a stock appreciation right identified with a share of restricted stock) that is then exercisable or that would have become exercisable within three years of such Retirement if the Grantee had remained employed by
the Company or a Subsidiary throughout such three-year period may be exercised, in whole or in part, by the Grantee or Permissible Transferee of an Award assigned or transferred in accordance with Section 8, at any time within three years after the
Grantee’s Retirement or until the end of the stated term of the Award, if sooner; provided, that if and to the extent the Committee or its delegee so determines, the Grantee shall be required, in order to receive the foregoing treatment, (A) to
provide six months’ prior written notice of the Grantee’s intention to retire to the officer in charge of the Benefits and Compensation Department in Oak Brook, Illinois, and/or (B) to execute and deliver to the Company a non-competition
agreement (in a form reasonably satisfactory to the Committee or such delegee). If a Grantee is required to, and does, execute and deliver such a non-competition agreement, and then violates the provisions thereof, all unexercised stock options and
stock appreciation rights (other than stock appreciation rights identified with restricted stock) will immediately terminate and will not be exercisable. 

  

	 	(iii)	The nonforfeitability and exercisability of restricted stock that is a Service-Vesting Award (and any stock appreciation rights identified therewith) held by a Grantee who has a
Termination of Employment on account of Retirement shall be determined under Section 12(f), and any other Awards held by the Grantee shall be treated as specified in the applicable Award Agreement. 

  

	 	(d)	 On Account of Termination of Employment After Age 60. If a Grantee has a Termination of Employment after attaining age 60, other than a Termination of
Employment for Cause or on account of death, Disability or 

  

 43 

	 	 
Retirement, any unexercised stock option or stock appreciation right (other than a stock appreciation right identified with a share of restricted stock) to
the extent exercisable on the date of such Termination of Employment, may be exercised, in whole or in part, by the Grantee or Permissible Transferee of an Award assigned or transferred in accordance with Section 8, at any time within one year after
the Grantee’s Termination of Employment or until the 15th anniversary of the Grant Date, if sooner. The nonforfeitability and exercisability of the Grantee’s restricted stock (and any stock appreciation rights identified therewith) that is
a Service-Vesting Award shall be determined under Section 12(f), and any other Awards held by the Grantee shall be treated as specified in the applicable Award Agreement. 

  

	 	(e)	Special Circumstances; Disaffiliation. 

  

	 	(i)	If a Grantee has a Termination of Employment under Special Circumstances, the Grantee or Permissible Transferee of an Award assigned or transferred in accordance with Section 8 will
receive an extension of time to exercise any unexercised stock options and stock appreciation rights (other than stock appreciation rights identified with restricted stock) and accelerated vesting of these stock options and stock appreciation rights
based on the following rules that incorporate age and years of Affiliate Service (in the case of a Termination of Employment without Cause) or Company Service (in other Special Circumstances): 

  

			
	 Age and Years of
 Company or
 Affiliate Service

	  	 Additional Vesting
 and Time to Exercise

	 70 plus years
	  	3 Years
	 60 to 69 years
	  	2 Years
	 50 to 59 years
	  	1 Year

  
 provided, that the
Committee or its delegee may require, in the case of a Termination of Employment without Cause, that the Grantee execute and deliver to the Company a non-competition agreement (in a form reasonably satisfactory to the Committee or such delegee) in
order to receive the foregoing treatment; and further provided, that in no event may a stock option or stock appreciation right be exercised after the 15th anniversary of the Grant Date. If a Grantee is required to, and does, execute and deliver
such a non-competition agreement, and then violates the provisions thereof, all unexercised stock options and stock appreciation rights (other than stock appreciation rights identified with restricted stock) will immediately terminate and will not
be exercisable. 
  

	 	(ii)	If a Grantee has a Termination of Employment because of a Disaffiliation, the provisions of this Section 12(e)(ii) and Section 12(e)(iii) (and no other provision of this Section 12
that might otherwise apply) shall determine the consequences for such Grantee’s Awards. In such a case, the Grantee or Permissible Transferee of an Award assigned or transferred in accordance with Section 8 will be permitted to exercise any
stock options and stock appreciation rights (other than stock appreciation rights identified with restricted stock) that are unexercised and vested immediately before the Grantee’s Termination of Employment for one year following the
Grantee’s Termination of Employment. 

  

	 	(iii)	In addition, if a Grantee has a Termination of Employment because of Special Circumstances or Disaffiliation, the nonforfeitability and exercisability of restricted stock (and any
stock appreciation rights identified therewith) held by the Grantee that is a Service-Vesting Award shall be determined under Section 12(f)(i), and any other Awards held by the Grantee shall be treated as specified in the applicable Award Agreement.

  

	 	(f)	Any Other Reason. If a Grantee has a Termination of Employment for a reason other than those specified in this Section 12, 

  

	 	(i)	the Grantee’s shares of restricted stock (and any stock appreciation rights identified therewith), to the extent forfeitable on the date of the Grantee’s termination of
employment, shall be forfeited on such date; 

  

	 	(ii)	 any unexercised stock option or stock appreciation right (other than a stock appreciation right identified with a share of restricted stock) to the extent
exercisable on the date of the Grantee’s Termination of Employment, may be exercised, in whole or in part, by the Grantee or Permissible Transferee of an Award assigned or transferred in accordance with Section 8, not later than the 30th day
following the Grantee’s termination of employment; provided that, if such 30th day is not a business day, such stock option or 

  

 44 

	 	 
stock appreciation right may be exercised not later than the first business day following such 30th day; and provided, further, that in no event may a stock
option or stock appreciation right be exercised after the 15th anniversary of the Grant Date; and 

  

	 	(iii)	any other Award that has not previously vested shall thereupon be forfeited. 

  

	 	(g)	Selection of Rule. If a particular Grantee’s Termination of Employment is covered by more than one of the foregoing rules, then except as specifically provided in
Section 12(e)(ii), for each Award held by the Grantee, the applicable rule that is the most favorable to the Grantee shall apply. 

  

	 	(h)	Committee Discretion. Notwithstanding the foregoing, the Committee may determine that the consequences of a Termination of Employment or a Termination of Directorship for a
particular Award will differ from those outlined above, either (i) in connection with the grant of the Award, or (ii) if the change is favorable to the Grantee, after it is granted. 

  

	13.	Termination of Directorship 

  

	 	(a)	For Cause. If a Termination of Directorship occurs for Cause, any unexercised stock option or other Awards shall thereupon terminate. 

  

	 	(b)	Retirement. If a Termination of Directorship occurs because of Retirement, any unexercised stock option or stock appreciation right (other than a stock appreciation right
identified with a share of restricted stock), whether or not exercisable on the date of Retirement, may be exercised, in whole or in part, for a period of three years from the Grantee’s Retirement, or until the end of its stated term, if
sooner. Any other unvested Awards shall become vested and payable to the Grantee. 

  

	 	(c)	Death or Disability. If Termination of Directorship occurs because of the death or Disability of the Grantee, any unexercised stock option or stock appreciation right (other
than a stock appreciation right identified with a share of restricted stock), whether or not exercisable on the date of such Termination of Directorship, may be exercised by the Grantee, a Permissible Transferee or by the Grantee’s personal
representative after the Grantee’s death, in whole or in part, at any time within three years after such Termination of Directorship or until the 15th anniversary of the Grant Date, if sooner. Any other unvested Awards shall become vested and payable to the Grantee, a Permissible Transferee or by the Grantee’s personal representative after the
Grantee’s death. 

  

	 	(d)	Other Termination. If a Termination of Directorship occurs for any reason other than for Cause (as described in Section 13(a)) or the death, Disability or Retirement of a
Grantee, any unexercised stock option or stock appreciation right (other than a stock appreciation right identified with a share of restricted stock), to the extent exercisable on the date of the Termination of Directorship, may be exercised, in
whole or in part, at any time within one year after the Termination of Directorship, or until the end of its stated term, if sooner. Any other Awards to the extent the Awards are unvested on the date of Termination of Directorship shall be forfeited
and cancelled. 

  

	14.	Equity Incentive Plans of Foreign Subsidiaries 

  
 The Committee may authorize any foreign Subsidiary to adopt a plan for granting Awards (a “Foreign Equity Incentive Plan”). All awards granted under such
Foreign Equity Incentive Plans shall be treated as grants under this Plan. Such Foreign Equity Incentive Plans shall have such terms and provisions as the Committee permits not inconsistent with the provisions of this Plan. 
  

	15.	Securities Law Matters 

  

	 	(a)	If the Committee deems it necessary to comply with the Securities Act of 1933, as amended, and the regulations and rulings thereunder, the Committee may require a written investment
intent representation by the Grantee and may require that a restrictive legend be affixed to certificates for shares of Stock. 

  

	 	(b)	If, based upon the opinion of counsel for the Company, the Committee determines that the exercise or nonforfeitability of, or delivery of benefits pursuant to, any Award would
violate any applicable provision of (i) U.S. federal or state securities law or (ii) the listing requirements of any national securities exchange on which are listed any of the Company’s equity securities, then the Committee may postpone any
such exercise, nonforfeitability or delivery, as the case may be, but the Company shall use its best efforts to cause such exercise, nonforfeitability or delivery to comply with all such provisions at the earliest practicable date.

  

 45 

	16.	Funding 

  
 Benefits payable under this Plan to any person shall be paid directly by the Company. The Company shall not be required to fund, or otherwise segregate assets to be used for payment of, benefits under this Plan.

  

	17.	No Employment Rights 

  
 Neither the establishment of this Plan, nor the granting of any Award, shall be construed to (a) give any Grantee the right to remain employed by the Company or any of its Subsidiaries or to any benefits not
specifically provided by this Plan or (b) in any manner modify the right of the Company or any of its Subsidiaries to modify, amend, or terminate any of its employee benefit plans. 
  

	18.	Rights as a Stockholder 

  
 A Grantee shall not, by reason of any Award (other than restricted stock), have any right as a stockholder of the Company with respect to the shares of Stock that may be
deliverable upon exercise or payment of such Award until such shares have been delivered to him or her. Shares of restricted stock held by a Grantee or held in escrow by the Secretary of the Company shall confer on the Grantee all rights of a
stockholder of the Company, except as otherwise provided in this Plan. The Committee, in its discretion, at the time of grant of restricted stock, may permit or require the payment of cash dividends thereon to be deferred, and, if the Committee so
determines, reinvested in additional restricted stock to the extent shares are available under Section 3 or otherwise reinvested. Stock dividends, other non-cash dividends and distributions, and deferred cash dividends issued with respect to
restricted stock shall be treated as additional shares of restricted stock that are subject to the same restrictions and other terms as apply to the shares with respect to which such dividends are issued. The Committee may, in its discretion,
provide for crediting to and payment of interest on deferred cash dividends. 
  

	19.	Nature of Payments 

  
 Any and all grants, payments of cash, or deliveries of shares of Stock hereunder shall constitute special incentive payments to the Grantee, and shall not be taken into account in computing the amount of salary or
compensation of the Grantee for the purposes of determining any pension, retirement, death or other benefits under (a) any pension, retirement, profit-sharing, bonus, life insurance or other employee benefit plan of the Company or any of its
Subsidiaries or (b) any agreement between the Company or any Subsidiary, on the one hand, and the Grantee, on the other hand, except as such plan or agreement shall otherwise expressly provide. 
  

	20.	Non-Uniform Determinations 

  
 Neither the Committee’s nor the Board’s determinations under this Plan need be uniform, and may be made by the Committee or the Board selectively among
individuals who receive, or are eligible to receive, Awards (whether or not such individuals are similarly situated). Without limiting the generality of the foregoing, the Committee shall be entitled, among other things, to make non-uniform and
selective determinations, to enter into non-uniform and selective Award Agreements as to (a) the identity of the Grantees, (b) the terms and provisions of Awards, and (c) the treatment, under Section 12, of Terminations of Employment. 
  

	21.	Change in Control Provisions 

  
 Notwithstanding any other provision of this Plan to the contrary, the provisions of this Section 21 shall apply in the event of a Change in Control, unless otherwise
determined by the Committee in connection with the grant of an Award (as reflected in the applicable Award Agreement). 
  

	 	(a)	Upon a Change in Control, all then-outstanding stock options and stock appreciation rights shall become fully vested and exercisable, and all other then-outstanding Awards that are
Service-Vesting Awards shall vest in full and be free of restrictions, except to the extent that another Award meeting the requirements of Section 21(b) (a “Replacement Award”) is provided to the Grantee pursuant to Section 22 to replace
such Award (the “Replaced Award”). The treatment of any other Awards shall be as determined by the Committee in connection with the grant thereof, as reflected in the applicable Award Agreement. 

  

	 	(b)	 An Award shall meet the conditions of this Section 21(b) (and hence qualify as a Replacement Award) if: (i) it is of the same type as the Replaced Award; (ii) it
has a value at least equal to the value of the Replaced Award; (iii) it relates to publicly traded equity securities of the Company or its successor in the Change in Control or another entity that is affiliated with the Company or its successor
following the Change in Control; (iv) its terms and conditions comply with Section 23(c) below; and (v) its other terms and conditions are not less favorable to the Grantee than the terms and conditions of the Replaced Award (including the
provisions that would apply in the event of a subsequent Change in Control). Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding
sentence are satisfied. The determination of whether the conditions of this Section 21(b) are satisfied shall be made by the 

  

 46 

	 	 
Committee, as constituted immediately before the Change in Control, in its sole discretion. Without limiting the generality of the foregoing, the Committee
may determine the value of Awards and Replacement Awards that are stock options by reference to either their intrinsic value or their fair value. 

  

	 	(c)	Upon a Termination of Employment or Termination of Directorship of a Grantee occurring in connection with or during the period of two years after such Change in Control, other than
for Cause, (i) all Replacement Awards held by the Grantee shall become fully vested and (if applicable) exercisable and free of restrictions, and (ii) all stock options and stock appreciation rights held by the Grantee immediately before the
Termination of Employment or Termination of Directorship that the Grantee held as of the date of the Change in Control or that constitute Replacement Awards shall remain exercisable for not less than two years following such termination or until the
expiration of the stated term of such stock option, whichever period is shorter (provided, that if Section 12 or the applicable Award Agreement provides for a longer period of exercisability, that provision shall control). 

 

	22.	Adjustments 

  

	 	The	Committee shall make such adjustments (if any) as it deems appropriate and equitable, in its discretion, to the following: 

  

	 	(a)	the various numbers of shares of Stock referred to in the limitations imposed under Section 2(x) and Section 3, 

  

	 	(b)	the number of shares of Stock covered by an outstanding Award, 

  

	 	(c)	the Option Price of an outstanding stock option, 

  

	 	(d)	the Fair Market Value of Stock to be used to determine the amount of the benefit payable upon exercise of outstanding stock appreciation rights, and 

  

	 	(e)	such other adjustments to outstanding Awards as the Committee may determine to be appropriate and equitable, 

  
 to reflect a stock dividend, stock split, reverse stock split, share
combination, recapitalization, merger, consolidation, acquisition of property or shares, separation, spinoff, reorganization, stock rights offering, liquidation, Disaffiliation of a Subsidiary or similar event of or by the Company. Such adjustments
may include, without limitation, (i) the cancellation of outstanding Awards in exchange for payments of cash, property or a combination thereof having an aggregate value equal to the value of such Awards, (ii) the substitution of other property
(including, without limitation, other securities and securities of entities other than the Company that agree to such substitution) for the Stock available under this Plan and/or the Stock covered by outstanding Awards, and (iii) in connection with
any Disaffiliation of a Subsidiary, arranging for the assumption, or replacement with new awards, of Awards held by Grantees employed by the affected Subsidiary by the Subsidiary or an entity that controls the Subsidiary following the
Disaffiliation. 
  

	23.	Qualified Performance-Based Awards 

  

	 	(a)	The provisions of this Plan are intended to ensure that all stock options and stock appreciation rights granted hereunder to any Grantee who is or may be a “covered
employee” (within the meaning of Section 162(m)(3) of the Code) at the time of exercise qualify for the Section 162(m) Exemption, and all such Awards shall therefore be considered Qualified Performance-Based Awards and this Plan shall be
interpreted and operated consistent with that intention. The provisions referred to in the preceding sentence include without limitation the limitation on the total amount of such Awards to any Grantee set forth in Section 3(b); the requirement of
Section 4(a) that the Committee satisfy the requirements for being “outside directors” for purposes of the Section 162(m) Exemption; the limitations on the discretion of the Committee with respect to Qualified Performance-Based Awards; and
the requirements of Sections 6(b) and 6(e) that the Option Price of stock options and the base price for determining the value of stock appreciation rights be not less than the Fair Market Value of the Stock on the Grant Date (which requirement
constitutes the Qualified Performance Goal). 

  

	 	(b)	The Committee may designate any Award (other than a stock option or stock appreciation right) as a Qualified Performance-Based Award upon grant, in each case based upon a
determination that (i) the Grantee is or may be a “covered employee” (within the meaning of Section 162(m)(3) of the Code) with respect to such Award, and (ii) the Committee wishes such Award to qualify for the Section 162(m) Exemption.
The provisions of this Section 23 shall apply to all such Qualified Performance-Based Awards, notwithstanding any other provision of this Plan, other than Section 21. 

  

 47 

	 	(c)	Each Qualified Performance-Based Award (other than a stock option or stock appreciation right) shall be earned, vested and payable (as applicable) only upon the achievement of one
or more Qualified Performance Goals, together with the satisfaction of any other conditions, such as continued employment, as the Committee may determine to be appropriate; provided that (i) the Committee may provide, either in connection with the
grant thereof or by amendment thereafter, that achievement of such Performance Goals will be waived upon the death or Disability of the Grantee, and (ii) the provisions of Section 21 shall apply notwithstanding this sentence.

  

	 	(d)	Qualified Performance Goals may take the form of absolute goals or goals relative to the performance of one or more other companies comparable to the Company or of an index covering
multiple companies. In establishing Qualified Performance Goals, the Committee may specify that there shall be excluded the effect of restructuring charges, discontinued operations, extraordinary items, cumulative effects of accounting changes, and
other unusual or nonrecurring items, and asset impairment and the effect of foreign currency fluctuations, in each case as those terms are defined under generally accepted accounting principles and provided in each case that such excluded items are
objectively determinable by reference to the Company’s financial statements, notes to the Company’s financial statements and/or management’s discussion and analysis in the Company’s financial statements. 

 

	 	(e)	Except as specifically provided in Section 23(d), no Qualified Performance-Based Award may be amended, nor may the Committee exercise any discretionary authority it may otherwise
have under this Plan with respect to a Qualified Performance-Based Award under this Plan, in any manner to waive the achievement of the applicable Qualified Performance Goals or to increase the amount payable pursuant thereto or the value thereof,
or otherwise in a manner that would cause the Qualified Performance-Based Award to cease to qualify for the Section 162(m) Exemption 

  

	24.	Amendment of this Plan 

  
 The Board may from time to time in its discretion amend this Plan or Awards, and the Committee may from time to time in its discretion amend Awards, without the approval
of the stockholders of the Company, except (i) to the extent required under the listing requirements of any national securities exchange on which are listed any of the Company’s equity securities and (ii) to the extent the amendment would
result in the reduction of the Option Price of any Option or of the exercise price of any stock appreciation right. No such amendment shall adversely affect any previously-granted Award without the consent of the Grantee, except for (x) amendments
made to comply with applicable law, stock exchange rules or accounting rules, and (y) amendments that do not materially decrease the value of such Awards. In addition, no such amendment may be made that would cause a Qualified Performance Based
Award to cease to qualify for the Section 162(m) Exemption. 
  

	25.	Termination of this Plan 

  
 This Plan shall terminate on the 10th anniversary of the Effective Date or at such earlier time as the Board may determine. Any termination, whether in whole or in part,
shall not affect any Award then outstanding under this Plan. 
  

	26.	No Illegal Transactions 

  
 This Plan and all Awards granted pursuant to it are subject to all laws and regulations of any governmental authority that may be applicable thereto; and, notwithstanding
any provision of this Plan or any Award, Grantees shall not be entitled to exercise Awards or receive the benefits thereof and the Company shall not be obligated to deliver any Stock or pay any benefits to a Grantee if such exercise, delivery,
receipt or payment of benefits would constitute a violation by the Grantee or the Company of any provision of any such law or regulation. 
  

	27.	Controlling Law 

  
 The law of the State of Illinois, except its law with respect to choice of law, shall be controlling in all matters relating to this Plan. 
  

	28.	Severability 

  
 If all or any part of this Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate any portion of this Plan not declared to be
unlawful or invalid. Any Section or part of a Section so declared to be unlawful or invalid shall, if possible, be construed in a manner that will give effect to the terms of such Section or part of a Section to the fullest extent possible while
remaining lawful and valid. 
  

 48

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