Document:

Filed by Bowne Pure Compliance

 

Exhibit
10.1

Execution Copy

SHARED SECURITY AGREEMENT

SHARED SECURITY AGREEMENT (this “Agreement”) dated as of February 28, 2008, among
WESTWOOD ONE, INC., a corporation duly organized and validly existing under the laws of the State
of Delaware (together with any successor, the “Borrower”); each of the Subsidiaries of the
Borrower identified under the caption “SUBSIDIARY GUARANTORS” on the signature pages hereto and any
other Subsidiary of the Borrower that becomes a party hereto from time to time after the date
hereof (individually, a “Subsidiary Guarantor” and, collectively, the “Subsidiary
Guarantors” and, together with the Borrower, the “Obligors”); JPMORGAN CHASE BANK, N.
A., as Administrative Agent under the Credit Agreement referred to below (the “Administrative
Agent”), and THE BANK OF NEW YORK, a New York banking corporation, as collateral trustee (in
such capacity, together with its successors in such capacity, the “Collateral Trustee”) for
the Secured Parties.

The Borrower is party to (a) a Credit Agreement dated as of March 3, 2004 (as modified,
supplemented or Refinanced from time to time, the “Credit Agreement”) among the Obligors,
the lenders or other financial institutions or entities from time to time parties thereto (the
“Lenders”) and the Administrative Agent, and (b) a Note Purchase Agreement dated as of
December 3, 2002 (as modified or supplemented from time to time, the “2002 Note Purchase
Agreement”) among the Borrower and the purchasers parties thereto, pursuant to which the
Borrower has issued Senior Guaranteed Notes, Series A, due November 30, 2009 and Senior Guaranteed
Notes, Series B, due November 30, 2012 in an aggregate outstanding principal amount of $200,000,000
as of the date hereof (the “2002 Notes” and, collectively with the 2002 Note Purchase
Agreement, the Shared Security Documents and the 2002 Note Guaranty, the “2002 Notes
Documents”).

Pursuant to the provisions of the 2002 Note Purchase Agreement, the Borrower may not, and may
not permit any of its Restricted Subsidiaries to, secure the Credit Agreement Obligations with a
Lien on any of its property without equally and ratably securing the 2002 Notes Obligations. In
that connection, the Obligors, the Administrative Agent, the holders of the 2002 Notes (such
holders from time to time being referred to as the “Noteholders”) and the Collateral
Trustee have entered into an Intercreditor and Collateral Trust Agreement (the “Intercreditor
and Collateral Trust Agreement”) pursuant to which the Obligors have requested the Collateral
Trustee to act as collateral trustee, and the Collateral Trustee has agreed to act as such
collateral trustee, to enable the Borrower to comply with the provisions of the 2002 Note Purchase
Agreement.

It is a condition precedent to the effectiveness of Amendment No. 2 to the Credit Agreement
that the Obligors grant Liens on their property to secure the Credit Agreement Obligations.

Accordingly, to induce the Lenders to enter into Amendment No. 2 to the Credit Agreement and
to equally and ratably secure the 2002 Notes Obligations and the Credit Agreement Obligations, the
parties hereto hereby agree as follows:

Section 1. Definitions.

(a) Terms Generally. Unless otherwise defined herein, terms defined in the
Intercreditor and Collateral Trust Agreement are used herein as defined therein. 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

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(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 Sections and
Annexes shall be construed to refer to Sections of, and Annexes to, this Agreement and (e) the
words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights.

(b) Certain Uniform Commercial Code Terms. As used herein, the terms
“Accession”, “Account”, “As-Extracted Collateral”, “Chattel Paper”,
“Commodity Account”, “Commodity Contract”, “Deposit Account”,
“Document”, “Electronic Chattel Paper”, “Equipment”, “Fixture”,
“General Intangible”, “Goods”, “Instrument”, “Inventory”,
“Investment Property”, “Letter-of-Credit Right”, “Proceeds”, and
“Promissory Note”, have the respective meanings set forth in Article 9 of the NYUCC, and
the terms “Entitlement Holder”, “Financial Asset”, “Securities Account”,
“Security”, “Security Certificate”, and “Security Entitlement” have the
respective meanings set forth in Article 8 of the NYUCC.

(c) Additional Definitions. In addition, as used herein, the following terms shall
have the following respective meanings:

“Collateral” has the meaning assigned to such term in Section 3.

“Copyright Collateral” means all Copyrights, whether now owned or hereafter
acquired by any Obligor, including each Copyright identified in Annex 3.

“Copyrights” means all copyrights, copyright registrations and applications for
copyright registrations, including all renewals and extensions thereof, all rights to
recover for past, present or future infringements thereof and all other rights whatsoever
accruing thereunder or pertaining thereto.

“Financial Officer” means the chief financial officer, principal accounting
officer, treasurer or controller of the Borrower.

“Initial Pledged Shares” means the Shares of each Issuer beneficially owned by
any Obligor on the date hereof and identified in Annex 2.

“Intellectual Property” means, collectively, all Copyright Collateral, all
Patent Collateral and all Trademark Collateral, together with (a) all inventions, processes,
production methods, proprietary information, know-how and trade secrets; (b) all licenses or
user or other agreements granted to any Obligor with respect to any of the foregoing, in
each case whether now or hereafter owned or used; (c) all information, customer lists,
identification of suppliers, data, plans, blueprints, specifications, designs, drawings,
recorded knowledge, surveys, engineering reports, test reports, manuals, materials
standards, processing standards, performance standards, catalogs, computer and automatic
machinery software and programs; (d) all field repair data, sales data and other information
relating to sales or service of products now or hereafter manufactured; (e) all accounting
information and all media in which or on which any information or knowledge or data or
records may be recorded or stored and all computer programs used for the compilation or
printout of such information, knowledge, records or data; (f) all licenses, consents,
permits, variances, certifications and approvals of governmental agencies now or hereafter
held by any Obligor; and (g) all causes of action, claims and warranties now or hereafter
owned or acquired by any Obligor in respect of any of the items listed above.

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“Issuers” means, collectively, (a) the respective Persons identified on Annex 2
under the caption “Issuer”, (b) any other Person that shall at any time be a
Subsidiary of any Obligor, and (c) the issuer of any equity securities hereafter owned by
any Obligor.

“NYUCC” means the Uniform Commercial Code as in effect from time to time in the
State of New York.

“Patent Collateral” means all Patents, whether now owned or hereafter acquired
by any Obligor, including each Patent identified in Annex 3, and all income, royalties,
damages and payments now or hereafter due and/or payable under or with respect thereto.

“Patents” means all patents and patent applications, including the inventions
and improvements described and claimed therein together with the reissues, divisions,
continuations, renewals, extensions and continuations-in-part thereof, all income,
royalties, damages and payments now or hereafter due and/or payable with respect thereto,
all damages and payments for past or future infringements thereof and rights to sue
therefor, and all rights corresponding thereto throughout the world.

“Pledged Shares” means, collectively, (i) the Initial Pledged Shares and
(ii) all other Shares of any Issuer now or hereafter owned by any Obligor, together in each
case with (a) all certificates representing the same, (b) all shares, securities, moneys or
other property representing a dividend on or a distribution or return of capital on or in
respect of the Pledged Shares, or resulting from a split-up, revision, reclassification or
other like change of the Pledged Shares or otherwise received in exchange therefor, and any
warrants, rights or options issued to the holders of, or otherwise in respect of, the
Pledged Shares, and (c) without prejudice to any provision of the Credit Agreement
prohibiting any merger or consolidation by an Issuer, all Shares of any successor entity of
any such merger or consolidation.

“Shared Collateral Account” has the meaning assigned to such term in
Section 4.01.

“Shares” means shares of capital stock of a corporation, limited liability
company interests, partnership interests and other ownership or equity interests of any
class in any Person.

“Trademark Collateral” means all Trademarks, whether now owned or hereafter
acquired by any Obligor, including each Trademark identified in Annex 3, together, in each
case, with the product lines and goodwill of the business connected with the use of, and
symbolized by, each such trade name, trademark and service mark.

“Trademarks” means all trade names, trademarks and service marks, logos,
trademark and service mark registrations, and applications for trademark and service mark
registrations, including all renewals of trademark and service mark registrations, all
rights to recover for all past, present and future infringements thereof and all rights to
sue therefor, and all rights corresponding thereto throughout the world.

Section 2. Representations and Warranties. Each Obligor represents and warrants to
the Secured Parties that:

(a) Title and Priority. Such Obligor is the sole beneficial owner of the
Collateral in which it purports to grant a security interest pursuant to Section 3 (or has
the power to transfer rights in such Collateral to the Collateral Trustee) and no Lien
exists or will exist upon such Collateral at any time (and no right or option to acquire the
same exists in favor of any other
Person), except for Liens permitted under both Section 7.03 of the Credit Agreement and
Section 10.5 of the 2002 Note Purchase Agreement. The security interest created pursuant
hereto constitutes a valid and perfected security interest in the Collateral in which such
Obligor purports to grant a security interest pursuant to Section 3, subject to no equal or
prior Lien except as expressly permitted by both Section 7.03 of the Credit Agreement and
Section 10.5 of the 2002 Note Purchase Agreement.

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(b) Names, Etc. The full and correct legal name, type of organization,
jurisdiction of organization, organizational ID number (if applicable) and mailing address
of each Obligor as of the date hereof are correctly set forth in Annex 1.

(c) Changes in Circumstances. Such Obligor has not (a) within the period of
four months prior to the date hereof, changed its “location” (as defined in Section 9-307 of
the NYUCC), (b) within the period of five years prior to the date hereof, except as
specified in Annex 1, heretofore changed its name, or (c) heretofore become a “new debtor”
(as defined in Section 9-102(a)(56) of the NYUCC) with respect to a currently effective
security agreement previously entered into by any other Person.

(d) Pledged Shares. The Initial Pledged Shares constitute 100% of the issued
and outstanding Shares of each Issuer beneficially owned by such Obligor on the date hereof
(other than any Shares held in a Securities Account referred to in Annex 4), whether or not
registered in the name of such Obligor. Annex 2 correctly identifies, as at the date
hereof, the respective Issuers of the Initial Pledged Shares and (in the case of any
corporate Issuer) the respective class and par value of such Shares and the respective
number of such Shares (and registered owner thereof) represented by each such certificate.
The Initial Pledged Shares are, and all other Pledged Shares in which such Obligor shall
hereafter grant a security interest pursuant to Section 3 will be, (i) duly authorized,
validly existing, fully paid and non-assessable (in the case of any Shares issued by a
corporation) and (ii) duly issued and outstanding (in the case of any equity interest in any
other entity), and none of such Pledged Shares are or will be subject to any contractual
restriction, or any restriction under the charter, by-laws, partnership agreement or other
organizational instrument of the respective Issuer thereof, upon the transfer of such
Pledged Shares (except for any such restriction contained herein or in the Credit Agreement
or the 2002 Note Purchase Agreement).

(e) Promissory Notes. Annex 2 sets forth a complete and correct list of all
Promissory Notes (other than any held in a Securities Account referred to in Annex 4) held
by any Obligor on the date hereof.

(f) Intellectual Property. Annex 3 sets forth under the name of such Obligor
a complete and correct list of all copyright registrations, patents, patent applications,
trademark registrations and trademark applications owned by such Obligor on the date hereof
(or, in the case of any supplement to Annex 3 effecting a pledge thereof, as of the date of
such supplement). Except pursuant to licenses and other user agreements entered into by
such Obligor in the ordinary course of business that are listed in Annex 3 (including as
supplemented by any supplement effecting a pledge thereof), such Obligor has done nothing to
authorize or enable any other Person to use any Copyright, Patent or Trademark listed in
Annex 3 (as so supplemented), and all registrations listed in Annex 3 (as so supplemented)
are, except as noted therein, in full force and effect. To such Obligor’s knowledge,
(i) except as set forth in Annex 3 (as supplemented by any supplement effecting a pledge
thereof), there is no violation by others of any right of such Obligor with respect to any
Copyright, Patent or Trademark listed in Annex 3 (as so supplemented), respectively, and
(ii) such Obligor is not infringing in any respect upon any Copyright, Patent or Trademark
of any other Person, and no proceedings alleging such
infringement have been instituted or are pending against such Obligor and no written claim
against such Obligor has been received by such Obligor alleging any such violation, except
as may be set forth in Annex 3 (as so supplemented).

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(g) Deposit Accounts and Securities Accounts. Annex 4 sets forth a complete
and correct list of all Deposit Accounts, Securities Accounts and Commodity Accounts of the
Obligors on the date hereof.

(h) Commercial Tort Claims. Annex 5 sets forth a complete and correct list of
all commercial tort claims of the Obligors in existence on the date hereof.

Section 3. Collateral. As collateral security for the prompt payment in full when
due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, whether
now existing or hereafter from time to time arising, each Obligor hereby pledges and grants to the
Collateral Trustee, for the benefit of the Secured Parties as hereinafter provided, a security
interest in all of such Obligor’s right, title and interest in, to and under the following
property, in each case whether tangible or intangible, wherever located, whether now owned by such
Obligor or hereafter acquired and whether now existing or hereafter coming into existence (all of
the property described in this Section 3 being collectively referred to herein as the
“Collateral”):

(a) all Accounts;

(b) all As-Extracted Collateral;

(c) all Chattel Paper;

(d) all Deposit Accounts;

(e) all Documents;

(f) all Equipment;

(g) all Fixtures;

(h) all General Intangibles;

(i) all Goods not covered by the other clauses of this Section 3;

(j) the Pledged Shares;

(k) all Instruments, including all Promissory Notes;

(l) all Intellectual Property;

(m) all Inventory;

(n) all Investment Property not covered by other clauses of this Section 3,
including all Securities, all Securities Accounts and all Security Entitlements with
respect thereto and Financial Assets carried therein, and all Commodity Accounts and
Commodity Contracts;

(o) all Letter-of-Credit Rights;

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(p) the Shared Collateral Account;

(q) all commercial tort claims, as defined in Section 9-102(a)(13) of the NYUCC,
arising out of the events described in Annex 5;

(r) all other tangible and intangible personal property whatsoever of such Obligor; and

(s) all Proceeds of any of the Collateral, all Accessions to and substitutions and
replacements for, any of the Collateral, all offspring, rents, profits and products of any
of the Collateral, and, to the extent related to any Collateral, all books, correspondence,
credit files, records, invoices and other papers (including all tapes, cards, computer runs
and other papers and documents in the possession or under the control of such Obligor or any
computer bureau or service company from time to time acting for such Obligor);

provided that, notwithstanding anything herein to the contrary, this Agreement shall not
operate as a sale, transfer, conveyance or other assignment to the Collateral Trustee of any
applications by any Obligor for a trademark based on an intent to use the same if and so long as
such application is pending without a “Statement of Use” having been filed and accepted by the
United States Patent and Trademark Office (each such pending application which is based on an
intent to use, an “Intent-To-Use Application”) and shall operate only to create a security
interest in favor of the Collateral Trustee in such Intent-To-Use Application as collateral
security for the Secured Obligations; provided, further, that once a “Statement of
Use” is filed and accepted by the United States Patent and Trademark Office in connection with an
Intent-To-Use Application, the foregoing proviso shall not be applicable to such Intent-To-Use
Application; and IT BEING UNDERSTOOD, HOWEVER, that in no event shall the security interest granted
under this Section 3 attach to any lease, license, contract, property rights or agreement to which
any Obligor is a party (or to any of its rights or interests thereunder) if the grant of such
security interest would constitute or result in either (i) the abandonment, invalidation or
unenforceability of any right, title or interest of any Obligor therein or (ii) in a breach or
termination pursuant to the terms of, or a default under, any such lease, license, contract,
property rights or agreement (other than to the extent that any such term would be rendered
ineffective by Section 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code as in effect in
the relevant jurisdiction).

Section 4. Cash Proceeds of Collateral.

4.01 Shared Collateral Account. Upon the occurrence and during the continuation of
an Event of Default (and at the request of the Administrative Agent or the Requisite Secured
Parties) the Collateral Trustee will cause to be established at a banking institution to be
selected by the Collateral Trustee (which banking institution may be the Collateral Trustee) a cash
collateral account (the “Shared Collateral Account”), which

(i) to the extent of all Investment Property or Financial Assets (other than cash)
shall be a Securities Account in respect of which the Collateral Trustee shall be the
Entitlement Holder, and

(ii) to the extent of any cash, shall be a Deposit Account in respect of which the
Collateral Trustee is the customer (as contemplated by 9-104(a)(3) of the NYUCC),

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in each case into which there shall be deposited from time to time the cash proceeds of any of the
Collateral (including proceeds of insurance thereon) required to be delivered to the Collateral
Trustee pursuant hereto and into which the Obligors may from time to time deposit any additional
amounts that
any of them wishes to pledge to the Collateral Trustee for the benefit of the Secured Parties as
additional collateral security hereunder. The Shared Collateral Account, and any money or other
property from time to time therein, shall constitute part of the Collateral hereunder and shall not
constitute payment of the Secured Obligations until applied as hereinafter provided.

In connection with the foregoing, the Obligors agree to execute and deliver such control
agreements with the Collateral Trustee and the banking institution at which such Shared Collateral
Account is to be established to the extent requested by the Administrative Agent or the Requisite
Secured Parties to perfect the security interest therein created hereunder.

4.02 Proceeds. Each Obligor agrees that, at any time after the occurrence and during
the continuance of an Event of Default, if the proceeds of any Collateral hereunder shall be
received by it, such Obligor shall as promptly as possible deposit such Proceeds into the Shared
Collateral Account. Until so deposited, following any such request all such Proceeds shall be held
in trust by such Obligor for and as the property of the Collateral Trustee and shall not be
commingled with any other funds or property of such Obligor.

4.03 Investment of Balance in Shared Collateral Account. The cash balance standing
to the credit of the Shared Collateral Account shall be invested from time to time in such
Permitted Investments as the Borrower (or, after the occurrence and during the continuance of an
Event of Default, the Collateral Trustee at the direction of the Requisite Secured Parties) shall
determine, which Permitted Investments shall be held in the name and be under the control of the
Collateral Trustee (and credited to the Shared Collateral Account), provided that at any
time after the occurrence and during the continuance of an Event of Default, the Collateral Trustee
shall (if instructed by the Requisite Secured Parties) at any time and from time to time liquidate
any such Permitted Investments and apply or cause to be applied the proceeds thereof to the payment
of the Secured Obligations in the manner specified in Section 5.08.

Section 5. Further Assurances; Remedies. In furtherance of the grant of the pledge
and security interest pursuant to Section 3, the Obligors hereby jointly and severally agree with
the Collateral Trustee for the benefit of the Secured Parties as follows:

5.01 Delivery and Other Perfection. Each Obligor shall:

(a) if any of the Pledged Shares, Investment Property or Financial Assets constituting
part of the Collateral are received by such Obligor and, so long as no Event of Default
shall have occurred and be continuing, shall have, in the case of any such Collateral other
than Pledged Shares of an Issuer that is an Obligor, a fair market value (as reasonably
determined by the Borrower in good faith) exceeding $10,000, forthwith either (x) transfer
and deliver to the Collateral Trustee such Pledged Shares, Investment Property or Financial
Assets so received by such Obligor (together with the certificates or instruments
representing the same, duly endorsed in blank or accompanied by undated stock powers duly
executed in blank or other instruments of assignment and transfer in such form and substance
as the Collateral Trustee may reasonably request), all of which thereafter shall be held by
the Collateral Trustee, pursuant to the terms of this Agreement, as part of the Collateral
or (y) take such other action as the Requisite Secured Parties shall deem necessary or
appropriate to duly record the Lien created hereunder in such Collateral;

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(b) promptly deliver and pledge to the Collateral Trustee any and all Instruments
constituting part of the Collateral in which such Obligor purports to grant a security
interest hereunder and, so long as no Event of Default shall have occurred and be
continuing, having a fair market value (as reasonably determined by the Borrower in good
faith) exceeding $10,000, endorsed and/or accompanied by such instruments of assignment and
transfer in such form and
substance as the Collateral Trustee, the Administrative Agent or the Requisite Secured
Parties may request; provided that (other than in the case of the promissory notes
described in Annex 2) so long as no Event of Default shall have occurred and be continuing,
such Obligor may retain for collection in the ordinary course any such Instruments received
by such Obligor in the ordinary course of business and the Collateral Trustee shall,
promptly upon the request of such Obligor through the Borrower, make appropriate
arrangements for making any such Instrument pledged by such Obligor available to such
Obligor for purposes of presentation, collection or renewal (any such arrangement to be
effected, to the extent deemed appropriate by the Collateral Trustee, upon request of the
Requisite Secured Parties, against trust receipt or like document);

(c) promptly from time to time enter into such control agreements, each in form and
substance reasonably acceptable to the Collateral Trustee, as may be required to perfect the
security interest created hereby in any and all Deposit Accounts and Investment Property
(including Securities Accounts but excluding trust accounts established by an Obligor solely
for the benefit of employees or directors of such Obligor with respect to which the Borrower
shall have notified the Collateral Trustee thereof) and Letter-of-Credit Rights, and will
promptly furnish to the Collateral Trustee true copies thereof, provided that, with respect
to any Deposit Accounts and Securities Accounts held by any Obligor on the date hereof, such
Obligor shall cause the Collateral Trustee to have “control” (as defined in Sections 9-104
and 9-106 of the NYUCC, as applicable) of any such Deposit Account and Securities Account
within 45 days after the date hereof;

(d) promptly from time to time upon the request of the Collateral Trustee, at the
direction of the Requisite Secured Parties, execute and deliver such short-form security
agreements as the Requisite Secured Parties may reasonably deem necessary or desirable to
protect the interests of the Collateral Trustee in respect of that portion of the Collateral
consisting of Intellectual Property;

(e) keep full and accurate books and records relating to the Collateral, and stamp or
otherwise mark such books and records in such manner as the Collateral Trustee may
reasonably require in order to reflect the security interests granted by this Agreement; and

(f) permit representatives of the Collateral Trustee, upon reasonable prior notice and
during normal business hours, to visit and inspect its properties, to examine and make
abstracts from its books and records pertaining to the Collateral, permit representatives of
the Collateral Trustee to be present at such Obligor’s place of business to receive copies
of all communications and remittances relating to the Collateral, and forward to the
Collateral Trustee copies of any notices or communications received by such Obligor with
respect to the Collateral, all in such manner as the Collateral Trustee may reasonably
require.

5.02 Other Financing Statements and Liens. Except with respect to Liens permitted
under both Section 7.03 of the Credit Agreement and Section 10.5 of the 2002 Note Purchase
Agreement, without the prior written consent of the Collateral Trustee (granted with the
authorization of the Requisite Secured Parties), no Obligor shall (a) file or suffer to be on file,
or authorize or permit to be filed or to be on file, in any jurisdiction, any financing statement
or like instrument with respect to any of the Collateral in which the Collateral Trustee is not
named as the sole secured party for the benefit of the Secured Parties, or (b) cause or permit any
Person other than the Collateral Trustee to have “control” (as defined in Sections 9-104,
9-105, 9-106 and 9-107 of the NYUCC) of any Deposit Account, Electronic Chattel Paper, Investment
Property or Letter-of-Credit Right constituting part of the Collateral.

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5.03 Special Provisions Relating to Certain Collateral.

(a) Pledged Shares.

(i) The Obligors will cause the Pledged Shares to constitute at all times 100% of the
total number of Shares of each Issuer then outstanding owned by the Obligors.

(ii) So long as no Event of Default shall have occurred and be continuing and no
written notice of an Event of Default has been received by the Obligors from the Collateral
Trustee, the Administrative Agent, the Required Lenders or the Majority Noteholders, the
Obligors shall have the right to exercise all voting, consensual and other powers of
ownership pertaining to the Pledged Shares for all purposes not inconsistent with the terms
of this Agreement, the Credit Agreement, the 2002 Note Purchase Agreement or any other
instrument or agreement referred to herein or therein, and the Collateral Trustee shall
execute and deliver to the Obligors or cause to be executed and delivered to the Obligors
all such proxies, powers of attorney, dividend and other orders, and all such instruments,
without recourse, as the Obligors may reasonably request for the purpose of enabling the
Obligors to exercise the rights and powers that they are entitled to exercise pursuant to
this Section 5.03(a)(ii).

(iii) Unless and until an Event of Default shall have occurred and be continuing, the
Obligors shall be entitled to receive and retain any dividends, distributions or proceeds on
the Pledged Shares paid in cash out of earned surplus.

(iv) If an Event of Default shall have occurred and be continuing, whether or not the
Secured Parties or any of them exercise any available right to declare any Secured
Obligations due and payable or seek or pursue any other relief or remedy available to them
under applicable law or under this Agreement, the Credit Agreement or any other agreement
relating to such Secured Obligations, all dividends and other distributions on the Pledged
Shares shall be paid directly to the Collateral Trustee and retained by it in the Shared
Collateral Account as part of the Collateral, subject to the terms of this Agreement, and,
if the Collateral Trustee shall so request in writing, the Obligors jointly and severally
agree to execute and deliver to the Collateral Trustee appropriate additional dividend,
distribution and other orders and documents to that end, provided that if such Event
of Default is cured, any such dividend or distribution theretofore paid to the Collateral
Trustee shall, upon request of the Obligors (except to the extent theretofore applied to the
Secured Obligations), be returned by the Collateral Trustee to the Obligors.

(b) Intellectual Property.

(i) For the purpose of enabling the Collateral Trustee to exercise rights and remedies
under Section 5.04 at such time as the Collateral Trustee shall be lawfully entitled to
exercise such rights and remedies, and for no other purpose, each Obligor hereby grants to
the Collateral Trustee, to the extent assignable, an irrevocable, non-exclusive license
(exercisable without payment of royalty or other compensation to such Obligor) to use,
assign, license or sublicense any of the Intellectual Property now owned or hereafter
acquired by such Obligor, wherever the same may be located, including in such license
reasonable access to all media in which any of the licensed items may be recorded or stored
and to all computer programs used for the compilation or printout thereof.

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(ii) Notwithstanding anything contained herein to the contrary, but subject to the
provisions of Section 7.06 of the Credit Agreement and Section 10.7 of the 2002 Note
Purchase Agreement that limit the rights of the Obligors to dispose of their property, so
long as no Event of Default shall have occurred and be continuing, the Obligors will be
permitted to exploit, use, enjoy, protect, license, sublicense, assign, sell, dispose of or
take other actions with respect to the
Intellectual Property in the ordinary course of the business of the Obligors. In
furtherance of the foregoing, so long as no Event of Default shall have occurred and be
continuing, the Collateral Trustee shall from time to time, upon the request of the
respective Obligor (through the Borrower), execute and deliver any instruments, certificates
or other documents, in the form so requested, that such Obligor (through the Borrower) shall
have certified are appropriate in its judgment to allow it to take any action permitted
above (including relinquishment of the license provided pursuant to clause (i) immediately
above as to any specific Intellectual Property). Further, upon the payment in full of all
of the Secured Obligations and cancellation or termination of the Commitments or earlier
expiration of this Agreement or release of the Collateral, the Collateral Trustee shall
grant back to the Obligors the license granted pursuant to clause (i) immediately above.
The exercise of rights and remedies under Section 5.04 by the Collateral Trustee shall not
terminate the rights of the holders of any licenses or sublicenses theretofore granted by
the Obligors in accordance with the first sentence of this clause (ii).

(iii) Each Obligor shall, promptly from time to time upon acquiring any Copyright
Collateral after the date hereof with a fair market value (as reasonably determined by the
Borrower in good faith) of $100,000 or more or that would result in the aggregate fair
market value (as reasonably determined by the Borrower in good faith) of all Copyright
Collateral held by the Obligors to equal or exceed $300,000, (x) provide notice to the
Collateral Trustee thereof and (y) execute and deliver such short-form security agreements
and filings (including filings in the United States Copyright Office) as the Collateral
Trustee may reasonably deem necessary or desirable to protect the interests of the
Collateral Trustee in respect of such Copyright Collateral (including, in the event that the
aggregate fair market value (as reasonably determined by the Borrower in good faith) of all
Copyright Collateral held by the Obligors equals or exceeds $300,000, all Copyright
Collateral held by the Obligors).

5.04 Events of Default, Etc. During the period during which an Event of Default
shall have occurred and be continuing:

(a) each Obligor shall, upon the request of the Collateral Trustee, assemble the
Collateral owned by it to the extent commercially reasonable at such place or places,
reasonably convenient to both the Collateral Trustee and such Obligor, designated in such
request;

(b) the Collateral Trustee may make any reasonable compromise or settlement deemed
desirable with respect to any of the Collateral and may extend the time of payment, arrange
for payment in installments, or otherwise modify the terms of, any of the Collateral;

(c) the Collateral Trustee shall have all of the rights and remedies with respect to
the Collateral of a secured party under the Uniform Commercial Code (whether or not the
Uniform Commercial Code is in effect in the jurisdiction where the rights and remedies are
asserted) and such additional rights and remedies to which a secured party is entitled under
the laws in effect in any jurisdiction where any rights and remedies hereunder may be
asserted, including the right, to the maximum extent permitted by law, to exercise all
voting, consensual and other powers of ownership pertaining to the Collateral as if the
Collateral Trustee were the sole and absolute owner thereof (and each Obligor agrees to take
all such action as may be appropriate to give effect to such right);

(d) the Collateral Trustee in its discretion may, in its name or in the name of the
Obligors or otherwise, demand, sue for, collect or receive any money or property at any time
payable or receivable on account of or in exchange for any of the Collateral, but shall be
under no obligation to do so;

Shared Security Agreement

- 10 -

 

(e) the Collateral Trustee, upon instruction from the Requisite Secured Parties, shall
require the Obligors to notify (and each Obligor hereby authorizes the Collateral Trustee to
so notify) each account debtor in respect of any Account, Chattel Paper or General
Intangible, and each obligor on any Instrument, constituting part of the Collateral that
such Collateral has been assigned to the Collateral Trustee hereunder, and to instruct that
any payments due or to become due in respect of such Collateral shall be made directly to
the Collateral Trustee or as it may direct (and if any such payments, or any other Proceeds
of Collateral, are received by any Obligor they shall be held in trust by such Obligor for
the benefit of the Collateral Trustee and as promptly as possible remitted or delivered to
the Collateral Trustee for application as provided herein);

(f) the Collateral Trustee may apply the Shared Collateral Account and any money or
other property therein to payment of the Secured Obligations;

(g) the Collateral Trustee, upon instruction from the Requisite Secured Parties, shall
require the Obligors to cause the Pledged Shares to be transferred of record into the name
of the Collateral Trustee or its nominee (and the Collateral Trustee agrees that if any of
such Pledged Shares are transferred into its name or the name of its nominee, the Collateral
Trustee will thereafter promptly give to the respective Obligor (through the Borrower)
copies of any notices and communications received by it with respect to such Pledged
Shares); and

(h) the Collateral Trustee, upon instruction from the Requisite Secured Parties, shall
sell, lease, assign or otherwise dispose of all or any part of such Collateral, at such
place or places as the Collateral Trustee deems best, and for cash or for credit or for
future delivery (without thereby assuming any credit risk), at public or private sale,
without demand of performance or notice of intention to effect any such disposition or of
the time or place thereof (except such notice as is required by applicable statute and
cannot be waived), and the Collateral Trustee, any Secured Party or anyone else may be the
purchaser, lessee, assignee or recipient of any or all of the Collateral so disposed of at
any public sale (or, to the extent permitted by law, at any private sale) and thereafter
hold the same absolutely, free from any claim or right of whatsoever kind, including any
right or equity of redemption (statutory or otherwise), of the Obligors, any such demand,
notice and right or equity being hereby expressly waived and released. In the event of any
sale, assignment or other disposition of any of the Trademark Collateral, the goodwill
connected with and symbolized by the Trademark Collateral subject to such disposition shall
be included. The Collateral Trustee may, without notice or publication, adjourn any public
or private sale or cause the same to be adjourned from time to time by announcement at the
time and place fixed for the sale, and such sale may be made at any time or place to which
the sale may be so adjourned.

The Proceeds of each collection, sale or other disposition under this Section 5.04 shall be applied
in accordance with Section 5.08.

The Obligors recognize that, by reason of certain prohibitions contained in the Securities Act
of 1933, as amended, and applicable state securities laws, the Collateral Trustee may be compelled,
with respect to any sale of all or any part of the Collateral, to limit purchasers to those who
will agree, among other things, to acquire the Collateral for their own account, for investment and
not with a view to the distribution or resale thereof. The Obligors acknowledge that any such
private sales may be at prices and on terms less favorable to the Collateral Trustee than those
obtainable through a public sale without such restrictions, and, notwithstanding such
circumstances, agree that any such private sale shall be deemed to have been made in a commercially
reasonable manner and that the Collateral Trustee shall have no obligation to engage in public
sales and no obligation to delay the sale of any Collateral for the period of time necessary to
permit the respective Issuer or issuer thereof to register it for public sale.

Shared Security Agreement

- 11 -

 

5.05 Deficiency. If the proceeds of sale, collection or other realization of or upon
the Collateral pursuant to Section 5.04 are insufficient to cover the costs and expenses of such
realization and the payment in full of the Secured Obligations, the Obligors shall remain liable
for any deficiency.

5.06 Locations; Names; Etc. Without at least 30 days’ prior written notice to the
Collateral Trustee, no Obligor shall (i) change its “location” (as defined in Section 9-307 of the
NYUCC), (ii) change its name from the name shown as its current legal name in Annex 1 or (iii)
agree to or authorize any modification of the terms of any item of Collateral that would result in
a change thereof from one Uniform Commercial Code category to another such category (such as from a
General Intangible to Investment Property), if the effect thereof would be to result in a loss of
perfection of, or diminution of priority for, the security interests created hereunder in such item
of Collateral, or the loss of control (within the meaning of Section 9-104, 9-105, 9-106 or 9-107
of the NYUCC) over such item of Collateral.

5.07 Private Sale. None of the Secured Parties shall incur any liability as a result
of the sale of the Collateral, or any part thereof, at any private sale pursuant to Section 5.04
conducted in a commercially reasonable manner and otherwise in compliance with the NYUCC. Each
Obligor hereby waives any claims against any Secured Party arising by reason of the fact that the
price at which the Collateral may have been sold at such a private sale was less than the price
that might have been obtained at a public sale or was less than the aggregate amount of the Secured
Obligations, even if the Collateral Trustee accepts the first offer received and does not offer the
Collateral to more than one offeree.

5.08 Application of Proceeds. Except as otherwise herein expressly provided, the
Proceeds of any collection, sale or other realization of all or any part of the Collateral pursuant
hereto, and any other cash at the time held by the Collateral Trustee under Section 4 or this
Section 5, shall be applied by the Collateral Trustee in the manner set forth in the Intercreditor
and Collateral Trust Agreement.

5.09 Attorney-in-Fact. Without limiting any rights or powers granted by this
Agreement to the Collateral Trustee while no Event of Default has occurred and is continuing, upon
the occurrence and during the continuance of any Event of Default the Collateral Trustee is hereby
appointed the attorney-in-fact of each Obligor for the purpose of carrying out the provisions of
this Section 5 and taking any action and executing any instruments that are necessary or advisable
or that the Collateral Trustee may deem necessary or advisable to accomplish the purposes hereof,
which appointment as attorney-in-fact is irrevocable and coupled with an interest. Without
limiting the generality of the foregoing, so long as the Collateral Trustee shall be entitled under
this Section 5 to make collections in respect of the Collateral, the Collateral Trustee shall have
the right and power to receive, endorse and collect all checks made payable to the order of any
Obligor representing any dividend, payment or other distribution in respect of the Collateral or
any part thereof and to give full discharge for the same.

5.10 Perfection at Closing. Prior to or concurrently with the execution and delivery
of this Agreement, each Obligor shall (i) file such financing statements and other documents in
such offices as the Administrative Agent or the Majority Noteholders may request to perfect the
security interests granted by Section 3 and (ii) deliver to the Collateral Trustee all certificates
identified in Annex 2, accompanied by undated stock powers duly executed in blank, and, to the
extent required under Section 5.01(b), all promissory notes identified in Annex 2. Without
limiting the foregoing, each Obligor consents that Uniform Commercial Code financing statements may
be filed describing the Collateral as “all assets” or “all personal property and fixtures” of such
Obligor (provided that no such description shall be deemed to modify the description of
Collateral set forth in Section 3).

Shared Security Agreement

- 12 -

 

5.11 Termination. This Agreement and the security interests granted hereby shall
cease to be effective when the Trust Estate has been released pursuant to Section 7.01(a) of the
Intercreditor and Collateral Trust Agreement.

5.12 Further Assurances. Each Obligor agrees that, from time to time upon the
request of the Collateral Trustee, such Obligor will execute and deliver such further documents and
do such other acts and things as are necessary or as the Collateral Trustee may reasonably request
in order fully to effect the purposes of this Agreement.

Section 6. Miscellaneous.

6.01 Notices. All notices and other communications provided for herein (a) to the
Obligors, the Administrative Agent or the Collateral Trustee shall be in writing and shall be
delivered to the intended recipient as specified in Section 8.03 of the Intercreditor and
Collateral Trust Agreement and shall be deemed to have been given at the times specified in said
Section 8.03, (b) to the Credit Agreement Secured Parties, shall be delivered to the Administrative
Agent as provided above and (c) to the Noteholders, shall be delivered as provided in the 2002 Note
Purchase Agreement.

6.02 No Waiver. No failure on the part of any Secured Party to exercise, and no
course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise by any Secured Party of
any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise
of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of
any remedies provided by law.

6.03 Amendments, Etc. The terms of this Agreement may be waived, altered or amended
only as permitted by Section 8.02 of the Intercreditor and Collateral Trust Agreement. Any such
amendment or waiver shall be binding upon the Secured Parties, each holder of any of the Secured
Obligations and each Obligor.

6.04 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the respective successors and assigns of each Obligor, the Secured Parties and each
holder of any of the Secured Obligations (provided that no Obligor shall assign or transfer
its rights or obligations hereunder without the prior written consent of the Collateral Trustee,
the Administrative Agent and the Majority Noteholders and any consents required by Section 8.02 of
the Intercreditor and Collateral Trust Agreement).

6.05 Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page to this Agreement by electronic transmission shall be effective as delivery of
a manually executed counterpart of this Agreement.

6.06 Governing Law. This Agreement shall be construed in accordance with and
governed by the law of the State of New York.

6.07 Captions. The captions and section headings appearing herein are included
solely for convenience of reference and are not intended to affect the interpretation of any
provision of this Agreement.

6.08 Agents and Attorneys-in-Fact. The Collateral Trustee may employ agents and
attorneys-in-fact in connection herewith and shall not be responsible for the gross negligence or
willful misconduct of any such agents or attorneys-in-fact selected by it in good faith.

Shared Security Agreement

- 13 -

 

6.09 Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

6.10 Additional Obligors. As contemplated in Section 6.08 of the Credit Agreement
and Section 9.6 of the 2002 Note Purchase Agreement, a new Restricted Subsidiary of the Borrower
formed or acquired by the Borrower after the date hereof may become a “Subsidiary Guarantor” under
the Credit Agreement and the 2002 Note Purchase Agreement and an “Obligor” under this Agreement and
the Intercreditor and Collateral Trust Agreement by executing and delivering to the Administrative
Agent, the Noteholders and the Collateral Trustee an Assumption Agreement in the form of Exhibit B
to the Credit Agreement and a joinder agreement in the form of Annex 1 to the Subsidiary Guaranty
(as such term is defined in the 2002 Note Purchase Agreement). Accordingly, upon the execution and
delivery of any such Assumption Agreement and joinder agreement by any such Subsidiary, such new
Subsidiary shall automatically and immediately, and without any further action on the part of any
Person, become an “Obligor” for all purposes of this Agreement, and each of the Annexes hereto
shall be supplemented in the manner specified in such Assumption Agreement and joinder agreement.

6.11 Incorporation by Reference. In acting hereunder, the Collateral Trustee is
entitled to all rights, privileges, protections, immunities and indemnities provided to it under
the Intercreditor and Collateral Trust Agreement including, without limitation, the provisions of
Sections 5.03, 6.01, 6.02, 6.03, 6.04, 6.05, 8.08, 8.10 and 8.14 thereof.

Shared Security Agreement

- 14 -

 

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

	 	 	 	 	 
	 	WESTWOOD ONE, INC.

 	 
	 	By  	/s/ Gary J. Yusko
 	 
	 	 	Name:  	Gary J. Yusko 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	SUBSIDIARY GUARANTORS

METRO NETWORKS COMMUNICATIONS, INC.

 	 
	 	By  	/s/ Gary J. Yusko
 	 
	 	 	Name:  	Gary J. Yusko 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	METRO NETWORKS COMMUNICATIONS, LIMITED PARTNERSHIP

By METRO NETWORKS COMMUNICATIONS, INC., as General Partner

 	 
	 	By  	/s/ Gary J. Yusko
 	 
	 	 	Name:  	Gary J. Yusko 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	METRO NETWORKS, INC.

 	 
	 	By  	/s/ Gary J. Yusko
 	 
	 	 	Name:  	Gary J. Yusko 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	METRO NETWORKS SERVICES, INC.

 	 
	 	By  	/s/ Gary J. Yusko
 	 
	 	 	Name:  	Gary J. Yusko 	 
	 	 	Title:  	Chief Financial Officer 	 

Shared Security Agreement

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	SMARTROUTE SYSTEMS, INC.

 	 
	 	By  	/s/ Gary J. Yusko
 	 
	 	 	Name:  	Gary J. Yusko 	 
	 	 	Title:  	Chief Financial Officer 	 

	 	 	 	 	 
	 	WESTWOOD NATIONAL RADIO CORPORATION

 	 
	 	By  	/s/ Gary J. Yusko
 	 
	 	 	Name:  	Gary J. Yusko 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	WESTWOOD ONE PROPERTIES, INC.

 	 
	 	By  	/s/ Gary J. Yusko
 	 
	 	 	Name:  	Gary J. Yusko 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	WESTWOOD ONE RADIO, INC.

 	 
	 	By  	/s/ Gary J. Yusko
 	 
	 	 	Name:  	Gary J. Yusko 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	WESTWOOD ONE RADIO NETWORKS, INC.

 	 
	 	By  	/s/ Gary J. Yusko
 	 
	 	 	Name:  	Gary J. Yusko 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	WESTWOOD ONE STATIONS — NYC, INC.

 	 
	 	By  	/s/ Gary J. Yusko
 	 
	 	 	Name:  	Gary J. Yusko 	 
	 	 	Title:  	Chief Financial Officer 	 

Shared Security Agreement

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

        as Administrative Agent

 	 
	 	By  	/s/ Ann B. Kerns 	 
	 	 	Name:  	Ann B. Kerns 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK,

        
not in its individual capacity but solely as

        Collateral Trustee

	 
	 	By  	/s/ Scott I. Klein
 	 
	 	 	Name:  	Scott I. Klein 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

Shared Security Agreement

 

  

 

ANNEX 1

FILING DETAILS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Jurisdic-	 	Organiza-	 	 	 	 	 	Former
	Current Legal	 	 	 	tion of	 	tional ID	 	 	 	 	 	Legal
	Name (no trade	 	Type of	 	Organiza-	 	Number (if	 	Current Mailing	 	Place of business/	 	Name(s)
	names)	 	Organization	 	tion	 	applicable)	 	Address	 	chief executive office	 	(if any)
	Westwood One, Inc.

	 	Corporation
	 	Delaware
	 	N/A
	 	40 West 57th Street,

5th Floor 
New York,
NY 10019
	 	40 West 57th Street,

5th Floor

New York, NY 10019
	 	N/A
	Metro Networks
Communications,
Inc.

	 	Corporation
	 	Maryland
	 	N/A
	 	Same as above.
	 	Same as above.
	 	N/A
	Metro Networks
Communications,
Limited Partnership

	 	Limited partnership
	 	Delaware
	 	N/A
	 	Same as above.
	 	Same as above.
	 	N/A
	Metro Networks, Inc.

	 	Corporation
	 	Delaware
	 	N/A
	 	Same as above.
	 	Same as above.
	 	N/A
	Metro Networks
Services, Inc.

	 	Corporation
	 	Delaware
	 	N/A
	 	Same as above.
	 	Same as above.
	 	N/A
	SmartRoute Systems,
Inc.

	 	Corporation
	 	Delaware
	 	N/A
	 	Same as above.
	 	Same as above.
	 	N/A
	Westwood National
Radio Corporation

	 	Corporation
	 	Delaware
	 	N/A
	 	Same as above.
	 	Same as above.
	 	N/A
	Westwood One
Properties, Inc.

	 	Corporation
	 	Delaware
	 	N/A
	 	Same as above.
	 	Same as above.
	 	N/A
	Westwood One Radio,
Inc.

	 	Corporation
	 	California
	 	N/A
	 	Same as above.
	 	Same as above.
	 	N/A
	Westwood One Radio
Networks, Inc.

	 	Corporation
	 	Delaware
	 	N/A
	 	Same as above.
	 	Same as above.
	 	N/A
	Westwood One
Stations — NYC,
Inc.

	 	Corporation
	 	Delaware
	 	N/A
	 	Same as above.
	 	Same as above.
	 	N/A

Annex 1 to Shared Security Agreement

 

 

ANNEX 2

PLEDGED SHARES AND PROMISSORY NOTES

[Intentionally omitted]

 

 

ANNEX 3

[intentionally omitted]

 

  

 

ANNEX 4

LIST OF DEPOSIT ACCOUNTS, SECURITIES ACCOUNTS

AND COMMODITY ACCOUNTS

[Intentionally omitted]

Annex 4 to Shared Security Agreement

 

 

 

ANNEX 5

LIST OF COMMERCIAL TORT CLAIMS

None.

Annex 5 to Shared Security AgreementFiled by Bowne Pure Compliance

 

Exhibit
10.2

	 	 	 
	APN(S):

	 	4206-015-039, 4206-015-040,
	 

	 	4206-016-008, 4206-016-009,
	 

	 	4206-016-010 and 4206-016-011

RECORDING REQUESTED BY AND

WHEN RECORDED, RETURN TO:

Milbank, Tweed, Hadley & McCloy LLP

601 South Figueroa Street, 30th Floor

Los Angeles, California 90017

Attention: David A. Levine, Esq.

 

SHARED DEED OF TRUST,

ASSIGNMENT OF RENTS, SECURITY AGREEMENT

AND FIXTURE FILING

Dated as of February 28, 2008

by

WESTWOOD ONE, INC.

a Delaware corporation,

as Trustor

to

FIRST AMERICAN TITLE INSURANCE COMPANY

a California corporation,

as Trustee

for the benefit of

THE BANK OF NEW YORK,

as Beneficiary

 

ATTENTION COUNTY RECORDER: THIS INSTRUMENT IS INTENDED TO BE EFFECTIVE AS A FINANCING STATEMENT
FILED AS A FIXTURE FILING PURSUANT TO SECTION 9334, 9502 AND 9604 OF THE CALIFORNIA COMMERCIAL
CODE. PORTIONS OF THE GOODS COMPRISING A PART OF THE PROPERTY ARE OR ARE TO BECOME FIXTURES
RELATED TO THE LAND DESCRIBED IN EXHIBIT A HERETO. THIS INSTRUMENT IS TO BE FILED FOR RECORD IN
THE RECORDS OF THE COUNTY WHERE DEEDS OF TRUST ON REAL PROPERTY ARE RECORDED AND SHOULD BE INDEXED
AS BOTH A DEED OF TRUST AND AS A FINANCING STATEMENT COVERING FIXTURES. THE ADDRESSES OF DEBTOR
AND SECURED PARTY ARE SPECIFIED IN THE FIRST PARAGRAPH ON PAGE 1 OF THIS INSTRUMENT.

 

 

 

SHARED DEED OF TRUST,

ASSIGNMENT OF RENTS, SECURITY AGREEMENT

AND FIXTURE FILING

THIS SHARED DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this
“Deed of Trust”), is made as of February 28, 2008, by WESTWOOD ONE, INC., a Delaware
corporation (“Trustor”), with an office at 40 West 57th Street, New York, New
York 10019, to FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, as trustee
(“Trustee”), for the benefit of THE BANK OF NEW YORK, as collateral trustee for the Secured
Parties, as beneficiary (“Beneficiary”), with an office at 101 Barclay Street, New York,
New York 10286 (Trustor, Trustee and Beneficiary shall be collectively referred to herein as the
“Parties”).

RECITALS

A. Trustor is party to (a) a Credit Agreement dated as of March 3, 2004 (as modified,
supplemented or Refinanced from time to time, the “Credit Agreement”) among Trustor and the
Subsidiary Guarantors (collectively, the “Obligors”), the lenders or other financial
institutions or entities from time to time parties thereto (the “Lenders”) and JPMorgan
Chase Bank, N.A., as administrative agent (“Administrative Agent”), pursuant to which the
Lenders have made and shall make loans to Trustor from time to time in an aggregate principal
amount not to exceed $195,000,000 as of the date hereof and (b) a Note Purchase Agreement dated as
of December 3, 2002 (as modified or supplemented from time to time, the “2002 Note Purchase
Agreement”) between the Trustor and the purchasers from time to time parties thereto, pursuant
to which Trustor has issued Senior Guaranteed Notes, Series A, due November 30, 2009 and Senior
Guaranteed Notes, Series B, due November 30, 2012 in an aggregate outstanding principal amount of
$200,000,000 as of the date hereof (the “2002 Notes” and, collectively with the 2002 Note
Purchase Agreement, the 2002 Note Guaranty and the Shared Security Documents, the “2002 Notes
Documents”).

B. The Obligors, the Administrative Agent and the Beneficiary have entered into an
Intercreditor and Collateral Trust Agreement (the “Intercreditor and Collateral Trust
Agreement”) pursuant to which the Obligors have requested the Beneficiary to act as collateral
trustee, and the Beneficiary has agreed to so act as such collateral trustee, to enable the Trustor
to comply with the provisions of the 2002 Note Purchase Agreement. Capitalized terms used but not
defined herein shall have the meanings ascribed to such terms in the Intercreditor and Collateral
Trust Agreement.

C. It is a condition precedent to the effectiveness of Amendment No. 2 to the Credit Agreement
that the Obligors grant liens on their property to secure the Credit Agreement Obligations.

D. Accordingly, to induce the Lenders to enter into Amendment No. 2 to the Credit Agreement
and to equally and ratably secure the 2002 Notes Obligations and the Credit Agreement Obligations,
Trustor now desires to grant, transfer and assign to Trustee, to hold for the benefit and security
of Beneficiary, acting for the benefit of the Secured Parties, all of Trustor’s right, title and
interest in and to the Property (as defined below).

 

2

 

GRANT IN TRUST

Trustor hereby grants and assigns to Trustee, in trust, with power of sale and right of entry
and possession, all of Trustor’s right, title and interest, whether now owned or hereafter
acquired, in or to the property and rights listed in paragraphs (a) through (i) below (hereinafter
collectively referred to as the “Property”):

(a) All estate, right, title and interest of Trustor in, to, under or derived from (i) those
certain lots, pieces, tracts or parcels of land located in the County of Los Angeles, California,
and more particularly described on Exhibit A-1 attached hereto (the “Fee Estate”)
and (ii) the interests in each of those certain lots, pieces, tracts or parcels of land located in
the County of Los Angeles, California, and more particularly described on Exhibit A-2
attached hereto (the “Parking Site,” and together with the Fee Estate, the “Land”),
including all estate, right, title and interest of Trustor in, to, under or derived from that
certain Covenant and Agreement Regarding Parking, dated as of August 17, 1990, between GTG
Entertainment, a California limited partnership (along with its successors and assigns,
“Grantor”) and Trustor, and recorded on September 10, 1990 as Instrument No. 90-1556576 in
the Official Records of Los Angeles County, California (the “Parking Agreement”), and which
Parking Agreement covers the Parking Site, together with all amendments, modifications, extensions,
and renewals thereof, all credits, deposits, options, privileges, and rights thereunder or thereto,
and all other, further, additional or greater estate, right, title or interest of Trustor in, to,
under or derived from the Land, the Parking Site, or the Improvements (as defined below) now or
hereafter located thereon which may at any time be acquired by Trustor;

(b) All buildings, structures, fixtures, additions, enlargements, extensions, modifications,
repairs, replacements and improvements now or hereafter located on the Land (hereinafter referred
to as the “Improvements”); and to the extent permitted by law, the name or names, if any,
as may now or hereafter be used for each Improvement, and the goodwill associated therewith;

(c) All easements, rights-of-way, strips and gores of land, streets, ways, alleys, passages,
sewer rights, water, water courses, water rights and powers, air rights and development rights,
liberties, tenements, hereditaments and appurtenances of any nature whatsoever, in any way
belonging, relating or pertaining to the Land or the Improvements and the reversions, remainders,
and all land lying in the bed of any street, road or avenue, opened or proposed, in front of or
adjoining the Land to the center line thereof and all the estates, rights, titles, interests,
property, possession, claim and demand whatsoever, both in law and in equity, of Trustor of, in and
to the Land and the Improvements and every part and parcel thereof, with the appurtenances thereto;

(d) All machinery, equipment, fixtures (including all heating, air conditioning, plumbing,
lighting, communications and elevator fixtures), inventory and articles of personal property and
accessions thereof and renewals, replacements thereof and substitutions therefor, and other
tangible property of every kind and nature whatsoever owned by Trustor, or in which Trustor has or
shall have an interest, now or hereafter located upon the Land or the Improvements, or
appurtenances thereto, or used in connection with the present or future operation and occupancy of
the Land or the Improvements;

(e) All awards of payments, including interest thereon, which may heretofore and hereafter be
made with respect to the Property to the extent actually received by Trustor, whether from the
exercise of the right of eminent domain (including any transfer of the Property or part thereof
made in lieu of or in anticipation of the exercise of said right), or for any other injury to or
decrease in the value of the Property;

 

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(f) All present and future leases of the Property or any portion thereof, including all
licenses and agreements relating to the management, leasing or operation of the Property or any
portion thereof, and all other agreements of any kind relating to the use or occupancy of the
Property or any portion thereof, whether such leases, licenses and agreements are now existing or
entered into after the
date hereof (collectively, the “Leases”), and all oil and gas or other mineral
royalties, bonuses and rents, revenues, security deposits, issues and profits from the Property,
including all amounts payable and all rights and benefits accruing to Trustor under the Leases
(collectively, the “Rents”), and all proceeds from the sale or other disposition of the
Leases and the right to receive and apply the Rents to the payment of the obligations secured by
this Deed of Trust;

(g) All proceeds of and any unearned premiums on any insurance policies covering the Property
including the right to receive and apply the proceeds of any insurance, judgments (including with
respect to a casualty thereto or condemnation thereof), or settlements made in lieu thereof, for
damage to the Property;

(h) The right, in the name and on behalf of Trustor, to appear in and defend any action or
proceeding brought with respect to the Property and to commence any action or proceeding to protect
the interest of Beneficiary in the Property; and

(i) All right, title and interest of every nature of Trustor in all receivables and other
accounts of Trustor relating to the Property and in all monies deposited or to be deposited in any
funds or account maintained or deposited with Beneficiary, or its assigns, in connection herewith,
if any.

The term “Property” shall include both (A) the property and rights described in
paragraphs (a) through (i) and, except where the context clearly indicates otherwise, (B) any and
all of Trustor’s right, title and interest in such property and rights. Such right, title and
interest, including the Parking Site, is referred to herein separately as the “Encumbered
Estate”.

ASSIGNMENT OF RENTS

Trustor absolutely and irrevocably assigns to Beneficiary all of Trustor’s right, title and
interest in, to and under: (a) all Leases; and (b) the Rents upon the terms and conditions
hereinafter set forth. The foregoing assignment shall not impose upon Beneficiary any duty to
produce rents from the Property, and said assignment shall not cause Beneficiary to be deemed to
be:

(i) a “mortgage in possession” for any purpose; or

(ii) responsible for performing any of the obligations under any Lease; or

(iii) responsible for any waste committed by lessees or any other parties, any dangerous or
defective condition of the Property, or any negligence in the management, upkeep, repair or control
of the Property; or

(iv) liable in any manner for the Property or the use, occupancy, enjoyment or operation of
all or any part of it.

This is a present and absolute assignment from Trustor to Beneficiary and not merely the
passing of a security interest and Beneficiary’s right to the Leases and Rents is not contingent
upon, and may be exercised without possession of, the Property. Beneficiary is hereby authorized
to collect and receive the Rents, to give proper receipts and acquittances therefor and to apply
the same to the payment of the obligations secured hereby. However, Beneficiary hereby grants
Trustor a revocable license to collect, receive and retain, and to use the Rents until an Event of
Default (as defined below). Upon the occurrence and during the continuance of an Event of Default,
and without the necessity of Beneficiary entering upon and taking and maintaining full control of
the Property in person, by agent or by a court appointed receiver, Beneficiary shall immediately be
entitled to possession of all Rents of the Property as the same shall become due and payable, including Rents then due and unpaid.

 

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All such Rents thereafter
collected by Trustor shall be held by Trustor as trustee in a constructive trust for the benefit of
Beneficiary only. Trustor agrees that commencing upon delivery of a written notice of revocation
of license by Beneficiary following the occurrence of an Event of Default, each tenant of the
Property shall make Rents payable to and pay such Rents to Beneficiary or Beneficiary’s agents on
Beneficiary’s written demand to each tenant, without any liability on the part of said tenant to
inquire further as to the existence of a default or license by Trustor. Trustor hereby agrees that
it will not impair Beneficiary’s ability to collect and retain the Rents herein assigned. Trustor
hereby agrees that any tenant or subtenant occupying the Property or any part thereof may pay any
and all Rents or other charges directly to the Beneficiary upon notice from Beneficiary without the
necessity of any notice from Trustor. Beneficiary may apply, in its sole discretion, any Rents
collected by Beneficiary in accordance with Paragraph B.7 below. Collection of any Rents by
Beneficiary shall not cure or waive any default or notice of default hereunder or invalidate any
acts done pursuant to such notice.

OBLIGATIONS SECURED

Trustor makes the foregoing grant for the purpose of securing:

1. Payment to Beneficiary of the principal of and interest and fees on the loans and all other
amounts whatsoever now or hereafter from time to time owing to the Credit Agreement Secured Parties
by Trustor and the other Obligors under the Credit Agreement and the other Loan Documents (as
defined in the Credit Agreement) (the “Credit Agreement Obligations”); provided that the
aggregate outstanding principal amount of the Credit Agreement Obligations shall not at any time
exceed an amount equal to (i) $195,000,000 plus (ii) the aggregate amount of principal
repayments in respect of the 2002 Notes Obligations (defined below) after the date hereof
minus (iii) the aggregate amount of principal repayments after the date hereof in respect
of Credit Agreement Obligations constituting term loans (except for any such principal repayments
with proceeds of any Refinancing) minus (iv) the aggregate amount of principal repayments
after the date hereof in respect of Credit Agreement Obligations constituting revolving loans
(except for any such principal repayments with proceeds of any Refinancing) to the extent
accompanied by a simultaneous permanent reduction in the Revolving Credit Commitments (as defined
in the Credit Agreement). For the avoidance of doubt, the aggregate principal amount of the Credit
Agreement Obligations outstanding at the time of a Refinancing may be increased pursuant to such
Refinancing (subject to the proviso contained in this Paragraph); 

2. Payment to Beneficiary of the obligations of Trustor to pay the principal of, and interest
and Make-Whole Amount (as defined in the 2002 Note Purchase Agreement) on the 2002 Notes and all
other obligations of Trustor and the other Obligors under the 2002 Notes Documents (the “2002
Notes Obligations”); provided that the aggregate outstanding principal amount of the 2002 Notes
Obligations shall not at any time exceed an amount equal to (i) $200,000,000 minus (ii) the
aggregate amount of principal repayments after the date hereof in respect of the 2002 Notes
Obligations;

3. Observance and performance of each covenant and obligation on the part of Trustor and the
other Obligors to be observed or performed pursuant to this Deed of Trust, the Credit Agreement,
the 2002 Note Purchase Agreement, the 2002 Notes Documents and the Loan Documents;

4. Payment of such further sums and/or performance of such further obligations as the then
record owner of the Encumbered Estate may undertake to pay and/or perform (whether as principal,
surety or guarantor), for the benefit of Beneficiary, its successors or assigns, when said
borrowing and/or obligation is evidenced by a writing or writings reciting that it or they are so
secured; and

 

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5. The observance and performance of each covenant and obligation of Trustor herein contained
or incorporated herein by reference and payment of each fee, cost and expense by Trustor as herein
set forth.

TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR AGREES AS FOLLOWS:

A. RIGHTS AND DUTIES.

1. Title. Trustor represents and warrants that (a) it lawfully holds and possesses
(i) fee simple title to the Fee Estate, (ii) subject to the terms of the Parking Agreement, a valid
possessory interest in the Parking Site and (iii) good and marketable title to all of the other
Property constituting the Encumbered Estate, in each case free and clear of all liens, encumbrances
and other exceptions, other than as permitted under Section 7.03 of the Credit Agreement and
Section 10.5 of the 2002 Note Purchase Agreement, and (b) it has full power and lawful authority to
encumber the Property. In addition, Trustor represents and warrants that (w) the Parking Agreement
is in full force and effect and has not been modified or amended in any manner whatsoever, (x)
there are no defaults under the Parking Agreement by Trustor or, to the best of Trustor’s
knowledge, Grantor, and no event has occurred, which but for the passage of time, or notice, or
both, would constitute a default under the Parking Agreement by Trustor or, to the best of
Trustor’s knowledge, Grantor, (y) all rents, additional rents, payments, and other sums due and
payable prior to the date hereof under the Parking Agreement have been paid in full, and (z)
neither Trustor nor Grantor has commenced any written action or given or received any notice for
the purpose of terminating the Parking Agreement. Trustor shall forever warrant, defend and
preserve such title and the validity and priority of the lien of this Deed of Trust and shall
forever warrant and defend the same to Beneficiary against the claims of all Persons whomsoever.

2. Taxes and Assessments. Trustor shall pay and discharge or cause to be paid and
discharged all taxes, assessments, governmental charges of any kind whatsoever, water rates, meter
charges and other utility charges that have been assessed or that may become a lien upon the
Property, any part thereof or interest therein as required by Sections 2.14 and 6.02 of the Credit
Agreement and Section 9.4 of the 2002 Note Purchase Agreement. Except as provided below, Trustor
shall also pay, after notice and at least five (5) days prior to delinquency, all taxes,
assessments, levies and charges imposed by any public authority upon Beneficiary by reason of its
interest in the Property created hereby or by reason of any payment, or portion thereof, made to
Beneficiary hereunder or pursuant to any obligation hereby secured; provided, however, that Trustor
shall have no obligation to pay or discharge Beneficiary’s business or franchise taxes, federal or
state income taxes or other taxes which are measured by and imposed upon Beneficiary’s net or gross
income or receipts. If, by virtue of any statute, regulation, ordinance or non-appealable judicial
decision, Trustor is prohibited from paying or is released from the obligation to pay to
Beneficiary any of the taxes required to be paid to Beneficiary pursuant to this Paragraph A.2, or
Beneficiary is prohibited or precluded from enforcing any such obligation, then, at Beneficiary’s
sole option, all sums and obligations secured hereby, together with accrued interest, and without
deduction or offset, shall become immediately due and payable, notwithstanding anything contained
herein or in any law heretofore or hereinafter enacted. Trustor’s obligations hereunder may be
discharged pursuant to Paragraph A.4. Notwithstanding the foregoing, Trustor shall have the right,
in good faith, to contest any taxes, assessments, levies or charges, provided such contest shall be
prosecuted diligently and in a manner not prejudicial to Beneficiary, and if a judgment adverse to
Trustor is obtained, such judgment shall be fully paid or discharged within ten (10) days after the
entry of such judgment, unless appealed. Upon demand by Beneficiary, Trustor shall defend,
indemnify and hold Beneficiary harmless against any such claims so contested by Trustor, and upon
demand by Beneficiary, Trustor shall make suitable provision by payment to Beneficiary or by
posting a bond or other security reasonably satisfactory to Beneficiary for the possibility that
the contest will be unsuccessful. 

 

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Such
provision shall be made within ten (10) days after demand therefor and, if made by payment of funds to
Beneficiary, the amount so deposited shall be disbursed in accordance with the resolution of the
contest either to Trustor or the adverse claimant. If Trustor fails to post a suitable bond or
other acceptable security as provided herein, Beneficiary may remove or pay such lien or
encumbrance at Trustor’s expense, and any amount so advanced by Beneficiary will be secured by this
Deed of Trust. Notwithstanding anything in the foregoing to the contrary, if any such taxes,
assessments, levies or charges being contested by Trustor constitute or result in a lien or
encumbrance on all or any portion of the Property that is senior in priority to the lien of this
Deed of Trust, Trustor shall, within ten (10) days after Beneficiary’s demand, remove or pay such
lien or encumbrance, and, if Trustor fails to do so, Beneficiary may do so at the expense of
Trustor, and any amount so advanced by Beneficiary will be secured by this Deed of Trust.

3. Insurance. Trustor shall maintain the insurance required by Section 6.04 of the
Credit Agreement and Section 9.2 of the 2002 Note Purchase Agreement, which shall be issued and
maintained in compliance with Section 6.04 of the Credit Agreement and Section 9.2 of the 2002 Note
Purchase Agreement; and any unexpired insurance and all returnable insurance premiums shall inure
to the benefit of, and pass to, the purchaser of the property covered thereby at any foreclosure
sale held hereunder.

4. Security Account. Upon the occurrence and during the continuance of an Event of
Default (as defined below), at Beneficiary’s option and upon its demand and except where and to the
degree prohibited by law, Trustor shall, until every indebtedness secured hereby has been paid in
full or until such Event of Default is cured, pay to Beneficiary each month an amount estimated by
Beneficiary to be equal to (i) the taxes, assessments, levies, and charges referred to in
Paragraph A.2, and (ii) the insurance referred to in Paragraph A.3, next due. Said tax and
insurance estimate shall be calculated by dividing the amount next due by, in each instance, the
number of months to lapse preceding the month in which the same, respectively, will become due.
All sums so paid shall not bear interest, except to the extent and in the minimum amount required
by law, and Beneficiary shall, unless an Event of Default has occurred and is continuing, apply
said funds to the payment of, or at the sole option of Beneficiary release said funds to Trustor
for application to and payment of, such taxes, assessments, levies, charges and insurance premiums.
However, upon the occurrence and during the continuation of an Event of Default, Beneficiary may,
at its sole option, apply all or any part of said sums to any indebtedness secured hereby or to
cure such default.

5. Liens and Encumbrances. Except as otherwise permitted under Section 7.03 of the
Credit Agreement and Section 10.5 of the 2002 Note Purchase Agreement, Trustor shall pay, at or
prior to maturity, all obligations secured by or reducible to liens and encumbrances which shall
now or hereafter encumber or appear to encumber the Property or any part thereof or interest
therein, whether senior or subordinate hereto, including all claims for work or labor performed, or
materials or suppliers furnished, in connection with any work of demolition, alteration,
improvement of or construction upon the Property. Trustor shall have the right to contest in good
faith any such obligation or claim provided such contest shall be prosecuted diligently and in a
manner not prejudicial to Beneficiary, and if a judgment adverse to Trustor is obtained, such
judgment shall be fully paid or discharged within ten (10) days after the entry of such judgment,
unless appealed. Upon demand by Beneficiary, Trustor shall defend, indemnify and hold Beneficiary
harmless against any such obligation or claim, so contested by Trustor, and upon demand by
Beneficiary, Trustor shall make suitable provision by payment to Beneficiary or by posting a bond
or other security reasonably satisfactory to Beneficiary for the possibility that the contest will
be unsuccessful, including, if Beneficiary requests, a one-and-one half times bond, if available,
with respect to mechanics’ or materialmens’ liens. Such provision shall be made within ten (10)
days after demand therefor and, if made by payment of funds to Beneficiary, the amount so deposited
shall be disbursed in accordance with the resolution of the contest either to Trustor or the
adverse claimant. If Trustor fails to post a suitable bond or other acceptable security as
provided herein,
Beneficiary may remove or pay such lien or encumbrance at Trustor’s expense. Notwithstanding
anything in the foregoing to the contrary, if the lien or encumbrance to be contested is senior to
the lien of this Deed of Trust, Trustor shall, within ten (10) days after Beneficiary’s written
demand, remove or pay such lien or encumbrance, and, if Trustor shall fail to do so, Beneficiary
may do so at Trustor’s expense, and any amount so advanced by Beneficiary will be secured by this
Deed of Trust.

 

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6. Maintenance and Preservation of the Property. Trustor covenants: (i) to keep the
Property in good condition and repair; (ii)  not to remove or demolish the Property or any part
thereof except that Trustor shall be permitted to make structural and non-structural improvements
that are either (A) in the ordinary course of its business or (B) do not diminish the value of the
Property or its functionality or current use; (iii) to complete or restore promptly and in good and
workmanlike manner the Property or any part thereof which may be damaged or destroyed in accordance
with Sections 2.08(b) and 6.04 of the Credit Agreement and Section 9.3 of the 2002 Note Purchase
Agreement; (iv) subject to Trustor’s right to contest in Paragraph A.5 above, to pay when due all
claims for work performed and for materials furnished on or to the Property, and to pay any and all
liens or encumbrances arising out of or resulting from work performed or materials supplied on or
to the Property; (v) to comply with and not suffer violations of (a) any and all laws, ordinances,
regulations and standards (including any conditional use permits), (b) any and all covenants,
conditions, restrictions and equitable servitudes, whether public or private, of every kind and
character, and (c) all requirements of insurance companies and any bureau or agency that
establishes standards of insurability, which laws, covenants or requirements affect the Property
and pertain to acts committed or conditions existing thereon, including such work of alteration,
improvement or demolition as such laws, covenants or requirements mandate; (vi) not to commit or
permit waste of the Property or any part thereof; (vii) to do all other acts which from the
character or use of the Property may be reasonably necessary to maintain and preserve its value;
(viii) to perform all obligations required to be performed in leases, conditional sales contracts
or like agreements affecting the Property or the operation, occupation or use thereof (and upon the
occurrence and during the continuance of an Event of Default, all right, title and interest of
Trustor under any such leases, conditional sales contracts or like agreements shall be
automatically assigned to Beneficiary hereunder, together with any deposits made in connection
therewith); (ix) not to create any deed of trust or other encumbrance upon the Property other than
liens permitted by this Deed of Trust, the Parking Agreement, the Credit Agreement and the 2002
Note Purchase Agreement; (x) to make no further assignment of Rents of the Property; and (xi) to
execute and, where appropriate, acknowledge and deliver such further instruments as Beneficiary or
Trustee reasonably deems necessary or appropriate to preserve, continue, perfect and enjoy the
security provided for herein, including assignments of Trustor’s interest in leases of the
Property.

7. Defense and Notice of Actions. Trustor shall, without liability, cost or expense
to Beneficiary or Trustee, protect, preserve and defend (by counsel reasonably satisfactory to
Beneficiary) title to the Property, the security hereof and the rights or powers of Beneficiary or
Trustee hereunder. Said protection, preservation and defense shall include protection,
preservation and defense against all adverse claimants to title or any possessory or non-possessory
interest therein, whether or not such claimants or encumbrances assert title paramount to that of
Trustor or claim their interest on the basis of events or conditions arising subsequent to the date
hereof. Any Party receiving notice of the filing of any such action or proceeding shall give the
other Parties prompt notice in writing thereof.

8. Acceptance of Trust; Notice of Indemnification. Trustee accepts this trust when
this Deed of Trust, duly executed and acknowledged, becomes a public record as provided by law.
Trustee is not obligated to notify any party hereto of pending sale under any other deed of trust
or of any action or proceeding in which Trustor, Beneficiary or Trustee shall be a party unless
Trustee brings such action. Trustee shall not be obligated to perform any act required of it
hereunder unless the performance of such act is requested in writing and Trustee is reasonably
indemnified against loss, cost, liability and expense.

 

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9. Powers of Trustee. From time to time upon the written request of Beneficiary and
presentation of this Deed of Trust for endorsement, and without affecting the personal liability of
any Person for payment of any indebtedness or performance of the obligations secured hereby,
Trustee may, without liability therefor and without notice, but consistent with the terms and
conditions of this Deed of Trust, (i) reconvey all or any part of the Property, (ii) consent to the
making of any map or plat thereof, (iii) join in granting any easement thereon, (iv) join in any
declaration of covenants and restrictions, or (v) join in any extension agreement or any agreement
subordinating the lien or charge hereof. Trustee or Beneficiary may from time to time apply to any
court of competent jurisdiction for aid and direction in the execution of the trusts hereunder and
the enforcement of the rights and remedies available hereunder, and Trustee or Beneficiary may
obtain orders or decrees directing or confirming or approving acts in the execution of said trusts
and the enforcement of said remedies. Trustee has no obligation to notify any party of any pending
sale or any action or proceeding unless held or commenced and maintained by Trustee under this Deed
of Trust. Trustor shall pay to Trustee reasonable compensation and reimbursement for services and
expenses in the administration of the trusts created hereunder upon the occurrence and during the
continuance of an Event of Default, including reasonable attorneys’ fees. Trustor indemnifies
Trustee and Beneficiary against all losses, claims, demands and liabilities (except losses, claims,
demands or liabilities to the extent arising from the gross negligence or willful misconduct of the
indemnified party) which either may incur, suffer, or sustain in the execution of the trusts
created hereunder or in the performance of any act in connection therewith required or permitted
hereunder or by law.

10. Substitution of Trustees. From time to time, by a writing signed and acknowledged
by Beneficiary and recorded in the Office of the Recorder of the County in which the Property is
situated, Beneficiary may appoint another trustee to act in the place and stead of Trustee or any
successor. Such writing shall refer to this Deed of Trust and set forth the date, book and page of
its recordation. The recordation of such instrument of substitution shall discharge Trustee herein
named and shall appoint the new trustee as the trustee hereunder with the same effect as if
originally named Trustee herein. A writing recorded pursuant to the provisions of this paragraph
shall be conclusive proof of the proper substitution of such new trustee.

11. Sale or Encumbrance. Except as expressly permitted by the Credit Agreement
(including Section 7.06 thereunder), the 2002 Note Purchase Agreement and the Intercreditor and
Collateral Trust Agreement, Trustor will not further encumber, sell, convey or transfer any
interest in, or any part of, the Property without the prior written consent of the Beneficiary.
Any such encumbrance, sale, conveyance or transfer made (a) in violation of the terms of the Credit
Agreement (including Section 7.06 thereunder), 2002 Note Purchase Agreement or Intercreditor and
Collateral Trust Agreement or (b) without the Beneficiary’s prior written consent shall be an
immediate Event of Default (as hereinafter defined) hereunder and shall be void.

12. Reconveyance. Upon Beneficiary’s written request, and upon surrender to Trustee
for cancellation of this Deed of Trust and any note, instrument or instruments setting forth all
obligations secured hereby, or other reasonable evidence that this Deed of Trust is to be
reconveyed pursuant to the Credit Agreement, 2002 Note Purchase Agreement and Intercreditor and
Collateral Trust Agreement, Trustee shall reconvey, without warranty, the Property or that portion
thereof then held hereunder. The recitals of any matters or facts in any reconveyance executed
hereunder shall create a rebuttable presumption of the truthfulness thereof. To the extent
permitted by law, the reconveyance may describe the grantee as “the person or persons legally
entitled thereto”. Neither Beneficiary nor Trustee shall have any duty to determine the rights of
Persons claiming to be rightful grantees of any reconveyance. When the Property has been fully
reconveyed, the last such reconveyance shall operate as a reassignment of all future rents, issues
and profits of the Property to the Person or Persons legally entitled thereto, unless such
reconveyance expressly provides to the contrary.

 

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13. Certain Taxes. In the event of the passage, after the date of this Deed of Trust,
of any law deducting from the value of the Property for the purpose of taxation, any lien thereon,
or changing in any way the laws now in force for the taxation of deeds of trust or debts secured by
deeds of trust or similar instruments, or the manner of the collection of any such taxes, so as to
affect this Deed of Trust, or imposing payment of the whole or any portion of any taxes,
assessments or other similar charges against the Property upon Beneficiary, Trustor shall pay such
tax or increased portion and shall agree with Beneficiary in writing to pay, or reimburse
Beneficiary for the payment of, any such tax or increased portion thereof when thereafter levied or
assessed against the Property or any portion thereof. The obligations of Trustor under such
agreement shall be secured by this Deed of Trust.

14. Parking Agreement.

(a) With respect to the Parking Agreement, Trustor agrees:

(i) To keep and timely perform each and every material covenant, agreement and obligation set
forth in the Parking Agreement and any statute, ordinance, rule or regulation relating thereto, and
not to commit any breach thereof or permit a breach by Grantor thereof without Trustor promptly
enforcing any and all of its rights and remedies thereunder. Without limiting the generality of
this subparagraph (a)(i), Trustor specifically acknowledges that if Trustor shall default under the
Parking Agreement, Beneficiary may, at its option but without any obligation to do so, take any
action which Beneficiary deems necessary or desirable to cure any default by Trustor in the
performance of any of the terms, covenants and conditions of the Parking Agreement, Beneficiary
being authorized to enter upon the Parking Site for such purposes. Trustor hereby irrevocably
appoints Beneficiary its true and lawful attorney-in-fact (which appointment is coupled with an
interest) in its name to execute all documents and to perform all other acts which Beneficiary
reasonably deems necessary to preserve its or Trustor’s rights in the Parking Agreement upon the
occurrence and during the continuance of a default or an event of default under the Parking
Agreement. Trustor shall, immediately on demand, pay to Beneficiary all costs of Beneficiary
reasonably incurred in curing any such default, together with interest on such costs from the date
of expenditure. All sums due to Beneficiary pursuant to this Paragraph A.14 shall be secured by
this Deed of Trust at the rate per annum (the “Default Interest Rate”) at which interest
would then be payable on past due ABR Loans under Section 2.10(c) of the Credit Agreement unless
the Noteholders shall have advanced sums to Beneficiary that are used by Beneficiary to cure any
default under the Parking Agreement in which event such sums shall bear interest at the Default
Rate (as defined in the 2002 Note Purchase Agreement).

(ii) To give prompt notice to Beneficiary of any material default or event of default by any
party under the Parking Agreement or notice thereof within Trustor’s knowledge or of the receipt by
it of any notice of default from Grantor under the Parking Agreement, and to furnish to Beneficiary
all information that it may reasonably request concerning the performance by Trustor of the
covenants of the Parking Agreement.

(iii) That the provisions hereof shall be deemed to be obligations of Trustor in addition to
Trustor’s obligations with respect to similar matters contained in the Parking Agreement; provided,
however, the inclusion herein of any covenants and agreements relating to similar matters as to
which Trustor is obligated under the Parking Agreement shall not restrict or limit Trustor’s duties
and obligations to keep and perform promptly all of its covenants, agreements and obligations under
the Parking Agreement, and nothing in this Deed of Trust shall be construed as requiring Trustor or
Beneficiary to take or omit to take any action which would cause a default under the Parking
Agreement.

 

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(iv) That so long as this Deed of Trust is in effect, there shall be no merger of the Parking
Agreement, or any interest therein, nor of the estate created thereby, with the fee
estate in the Parking Site or any portion thereof by reason of the fact that the Parking
Agreement, or any interest therein, or the real property interest thereunder, may be held directly
or indirectly by or for the account of any Person who also holds the fee estate in the Parking Site
or a portion thereof or any interest therein. In case Trustor acquires the fee title or any other
estate, title or interest in the Parking Site, this Deed of Trust shall attach to and cover and be
a lien upon the fee title or such other estate so acquired, and such fee title or other estate
shall, without further assignment, mortgage or conveyance, become and be subject to the lien of and
covered by this Deed of Trust. Trustor shall promptly notify Beneficiary of any such acquisition
by Trustor and, on written request by Beneficiary, shall cause to be executed and recorded all such
other and further assurances or other instruments in writing as may in the reasonable opinion of
Beneficiary be required to carry out the intent and meaning hereof.

(v) That, so long as this Deed of Trust is in effect, no surrender (except a surrender upon
the expiration of the term of the Parking Agreement) by Trustor under the Parking Agreement to the
Grantor, or of any portion thereof or any interest therein shall be valid or effective. The terms
of the Parking Agreement may not be amended, modified or changed without Beneficiary’s prior
written consent; provided, however, Trustor may amend, modify or change the Parking
Agreement without Beneficiary’s prior written consent if (A) such amendment, modification or change
does not adversely affect Trustor’s or Beneficiary’s rights and obligations thereunder and (B)
Trustor provides prior written notice of such amendment, modification or change to Beneficiary
along with a copy of the amendment to Parking Agreement promptly following its execution by all
parties thereto. Notwithstanding anything to the contrary contained herein, the Parking Agreement
may not be surrendered or cancelled, or subordinated to any mortgage, lease or other interest,
either orally or in writing, without the prior written consent of Beneficiary.

(vi) That if the Parking Agreement is for any reason whatsoever terminated prior to the
expiration of its term and, if pursuant to any provision of the Parking Agreement or otherwise,
Beneficiary or its designee shall acquire from Grantor a new agreement for the use of the Parking
Site, Trustor shall have no right, title or interest in or to such new agreement or the estate
created thereby.

(vii) As security for the obligations secured hereby, Trustor hereby assigns to Beneficiary a
security interest in all prepaid amounts and security deposits and all other security which the
Grantor holds for the performance of Trustor’s obligations thereunder.

(viii) Promptly upon demand by Beneficiary, Trustor shall use reasonable efforts to obtain
from Grantor and furnish to Beneficiary an estoppel certificate of Grantor stating the date through
which the last payment of any amount due under the Parking Agreement has been paid, whether or not
there are any defaults, and the specific nature of any claimed defaults.

(ix) Trustor shall notify Beneficiary promptly in writing of any request by either party to
the Parking Agreement for arbitration, appraisal or other proceedings relating to the Parking
Agreement and of the institution of any such proceeding, and shall promptly deliver to Beneficiary
a copy of all determinations in any such proceeding. Beneficiary shall have the right, following
written notice to Trustor, to participate in any such proceeding in association with Trustor or on
its own behalf as an interested party. Trustor shall notify Beneficiary promptly in writing of the
institution of any legal proceeding involving obligations under the Parking Agreement, and
Beneficiary may intervene in any such legal proceeding and be made a party. Trustor shall promptly
provide Beneficiary with a copy of any decision rendered in connection with any such proceeding.

(x) To the extent permitted by law, the price payable by Trustor or any other party in the
exercise of the right of redemption, if any, from any sale under, or decree of
foreclosure of, this Deed of Trust shall include all amounts paid and other sums advanced by
Beneficiary on behalf of Trustor as the tenant under the Parking Agreement.

 

11

 

(b) In addition to all other Events of Default described in this Deed of Trust, the occurrence
of a breach or default by Trustor under the Parking Agreement, subject to any applicable cure
period thereunder, shall be an Event of Default hereunder. Notwithstanding the foregoing, Trustor
shall be deemed to have cured any such Event of Default if prior to the expiration of the
applicable cure period for such breach or default under the Parking Agreement, (i) Trustor arranges
for parking to be available at one or more locations that includes no less than the greater of (A)
the aggregate number of parking spaces available under the Parking Agreement or (B) the number of
parking spaces required by applicable law (the “Substitute Parking”), (ii) the terms of the
agreement with respect to the Substitute Parking are no less favorable to Trustor than the terms
under the Parking Agreement and (iii) Trustor promptly executes an amendment to this Deed of Trust
that encumbers the right, title and interest of Trustor in such Substitute Parking.

15. Environmental Compliance. Trustor represents and warrants that:

(a) to the best of its knowledge, no litigation, investigation or administrative or other
proceeding of any kind before or by any Governmental Entity or private party relating to (i) any
environmental, health, or safety Requirement of Law, (ii) any Remedial Action, (iii) any
Liabilities and Costs arising from the Release or threatened Release of Hazardous Substances into
the environment, or (iv) any other Liabilities and Costs arising from or concerning environmental,
health or safety issues or conditions is pending or threatened against or involving the
Improvements;

(b) with respect to the (i) Land, (ii) Improvements and (iii) machinery, equipment and
fixtures located upon such Land or Improvements, Trustor is not subject to any judgment,
injunction, writ, order or agreement respecting (A) any environmental, health or safety Requirement
of Law, (B) any Remedial Action or (C) any Liabilities and Costs arising from or concerning
environmental, health or safety issues or conditions arising from the violation of law; and Trustor
is not now aware, after due inquiry, of any grounds on which such judgment, injunction, writ, order
or agreement might be based;

(c) Trustor shall take all actions to ensure that it is in compliance with any Requirement of
Law if and when there is a Release of any Hazardous Substances on the Improvements;

(d) the operations or other activities of Trustor will not result in the disposal or other
Release of any Hazardous Substances on or from the Improvements other than in compliance with
applicable Environmental Regulations;

(e) Trustor has not entered into any negotiations or agreements with any Person (including any
prior owner of any portion of the Improvements) relating to any Remedial Action;

(f) Trustor has not received any written notice or claim or information to the effect that it
is or may be liable to any Person as a result of a Release or threatened Release of any Hazardous
Substances into the environment in violation of applicable Environmental Regulations;

(g) no Environmental Lien has attached to any of the Improvements; and

(h) the Improvements do not contain PCB-containing material in violation of any Requirement of
Law.

 

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Trustor covenants that the operations or other activities of Trustor shall not result in the
disposal or other Release of any Hazardous Substances on or from the Improvements other than
in compliance with all applicable Environmental Regulations and Trustor shall not engage in any
activities that will result in the violation of any Environmental Regulations. Trustor shall
obtain from time to time all permits required under any current or future Environmental Regulations
so that the operations of Trustor will be in compliance with such laws. Further, promptly upon
Beneficiary’s request, Trustor will make available for inspection all documents and information in
its possession and control regarding activities and conditions relating to the Improvements and
other assets which may result in noncompliance with, or liability under, any Requirement of Law.
Trustor shall not store, locate, generate, produce, process, treat, transport, incorporate,
discharge, emit, release, deposit or dispose of any Hazardous Substance in, upon, under, over or
from the Improvements other than in compliance with all applicable Environmental Regulations, shall
not permit any Hazardous Substance to be stored, located, generated, produced, processed, treated,
transported, incorporated, discharged, emitted, released, deposited, disposed of or to escape
therein, thereupon, thereunder, thereover or therefrom other than in compliance with all applicable
Environmental Regulations, shall not install or permit to be installed any underground storage tank
therein or thereunder other than in compliance with all applicable Environmental Regulations, and
shall comply with all Environmental Regulations which are applicable to the Improvements. At any
time, and from time to time, if Beneficiary reasonably so requests, the Improvements shall have an
environmental review, audit, assessment and/or report prepared for Beneficiary, if none has
previously been so provided during the immediately preceding twenty-four (24) months. Trustor
shall indemnify Beneficiary and shall hold Beneficiary harmless from, and shall reimburse
Beneficiary for, any and all claims, demands, judgments, penalties, liabilities, costs, damages and
expenses, including court costs and reasonable attorneys’ fees directly or indirectly incurred by
Beneficiary and the holder of any Bond (prior to trial, at trial and on appeal) in any action
against or involving Beneficiary, resulting from any breach of the foregoing covenants, or from the
discovery of any Hazardous Substance in, upon, under or over, or emanating from the Improvements,
whether or not Trustor is responsible therefor, it being the intent of Trustor that Beneficiary
shall have no liability or responsibility for damage or injury to human health, the environment or
natural resources caused by, for abatement and/or clean-up of, or otherwise with respect to,
Hazardous Substances by virtue of its interests, if any, in the Improvements created by this Deed
of Trust or otherwise, or hereafter created, or as the result of Beneficiary exercising any of its
rights or remedies with respect thereto hereunder or under any other instrument, including becoming
the owner hereof by foreclosure or conveyance in lieu of foreclosure. The foregoing
representations, warranties and covenants shall be deemed continuing covenants, representations and
warranties for the benefit of Beneficiary and any successors and assigns thereof, including any
transferee of title to the Property by deed in lieu of foreclosure or otherwise, and shall survive
the termination of this Agreement.

Within five (5) days after any Party has received any report, citation, order, manifest or
other written or oral communication from any local, state or federal agency or authority empowered
to enforce, investigate or oversee compliance with Environmental Regulations concerning the
Improvements, any condition thereon, or the activities of any Person on or near the Improvements,
that Party shall notify the other Parties in writing of the contents of such communication, and
shall provide the other Parties with a copy of all relevant documents.

For purposes of this Paragraph A.15 the following defined terms shall have the meanings
specified below:

(i) “Environmental Lien” shall mean a lien in favor of any Governmental Entity for (i)
any liability under federal or state environmental laws or regulations or (ii) damages arising
from, or costs incurred by such Governmental Entity in response to, a Release or threatened Release
of any Hazardous Substances into the environment.

 

13

 

(j) “Environmental Regulation” shall mean any federal, state or local law, statute,
code, ordinance, regulation, requirement or rule relating to dangerous, toxic or hazardous
pollutants, Hazardous Substances, chemical waste, materials or substances.

(k) “Governmental Entity” shall mean any nation or government, any federal, state,
local or other political subdivision thereof and any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government.

(l) “Hazardous Substances” shall mean (1) any oil, flammable substance, explosives,
radioactive materials, hazardous wastes or substances, toxic wastes or substances or any other
wastes, materials or pollutants which (i) pose a hazard to the Improvements or to Persons on or
about the Improvements or (ii) cause the Improvements to be in violation of any Environmental
Regulation; (2) asbestos in any form which is or could become friable, urea formaldehyde foam
insulation, transformers or other equipment which contain dielectric fluid containing levels of
polychlorinated biphenyls, or radon gas; (3) any chemical, material or substance defined as or
included in the definition of “waste”, “hazardous substances”, “hazardous wastes”, “hazardous
materials”, “extremely hazardous waste”, “restricted hazardous waste”, or “toxic substances” or
words of similar import under any Environmental Regulation including the Comprehensive
Environmental Response, Compensation and Liability Act, 42 USC §§ 9601 et seq.; the Resource
Conservation and Recovery Act, 42 USC §§ 6901 et seq.; the Hazardous Materials Transportation Act,
49 USC §§ 1801 et seq.; the Federal Water Pollution Control Act, 33 USC §§ 1251 et seq.; the
California Hazardous Waste Control Law, Cal. Health & Safety §§ 25100 et seq.; the Hazardous
Substance Account Act, Cal. Health & Safely Code §§ 25300 et seq.; the Underground Storage of
Hazardous Substances Act, Cal. Health & Safety §§ 25280 et seq.; the Porter-Cologne Water Quality
Control Act, Cal. Water Code §§ 13000 et seq.; the Safe Drinking Water and Toxic Enforcement Act of
1986 (Proposition 65); and Title 22 of the California Code of Regulations, Division 4, Chapter 30;
(4) any other chemical, material or substance, exposure to which is prohibited, limited or
regulated by any governmental authority or agency or may or could pose a hazard to the health and
safety of the occupants of the Improvements or the owners and/or occupants of property adjacent to
or surrounding the Improvements, or any other Person coming upon the Improvements or adjacent
property; or (5) any other chemical, materials or substance which may or could pose a hazard to the
environment.

(m) “Liabilities and Costs” shall mean all liabilities, obligations, responsibilities,
losses, damages, costs and expenses (including attorney, expert and consulting fees and costs of
investigation and feasibility studies), fines, penalties, monetary sanctions and interest.

(n) “Release” shall mean any spilling, leaking, pumping, pouring, emitting, emptying,
discharging, injecting, escaping, leaching, dumping, disposing, depositing or dispersing into the
indoor or outdoor environment or into or out of the Improvements, including the movement of
Hazardous Substances through or in the air, soil, surface water, groundwater or the Improvements
and the abandonment or discard of barrels, containers, and other open or closed receptacles
containing any Hazardous Substances.

(o) “Remedial Action” shall mean actions related to (i) cleaning up, removing,
treating or in any other way addressing Hazardous Substances in the indoor or outdoor environment;
(ii) preventing or minimizing the Release or threat of Release of Hazardous Substances so that
Hazardous Substances do not migrate or endanger or threaten to endanger public health or welfare or
the indoor or outdoor environment; and (iii) collecting environmental data or performing
pre-remedial studies and investigations and performing operations and maintenance and postmeridian
monitoring and care.

(p) “Requirement of Law” shall mean any federal, state or local statute, ordinance,
rule or regulation, any judicial or administrative order (whether or not on consent), request or
judgment, any common law doctrine or theory, and any provision or condition of any permit or
other binding determination of any Governmental Entity.

 

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B. DEFAULT PROVISIONS.

1. Events of Default. The occurrence of any of the following events shall be deemed
an event of default (“Event of Default”) hereunder and shall entitle Beneficiary and
Trustee to exercise their remedies hereunder or as otherwise provided by law:

(a) The occurrence of an “Event of Default” as defined in the Intercreditor and Collateral
Trust Agreement; or

(b) The material breach by Trustor of any term or condition of this Deed of Trust which
material breach remains unremedied for thirty (30) days after written notice thereof shall have
been given to Trustor by Beneficiary; provided, however, that if the breach cannot be remedied
within such period, then Beneficiary shall not unreasonably withhold its consent to an extension if
corrective action is (i) commenced within such period and (ii) diligently pursued until the breach
is corrected.

2. Rights and Remedies. At any time after the occurrence and during the continuance
of an Event of Default, Beneficiary shall have the following rights and remedies, subject to the
terms of the Intercreditor and Collateral Trust Agreement:

(a) To declare all obligations secured hereby immediately due and payable;

(b) With or without notice, and without releasing Trustor from any obligation hereunder, to
cure any default of Trustor and, in connection therewith, to enter upon the Property and to perform
such acts and things as Beneficiary or Trustee deem necessary or desirable to inspect, investigate,
assess and protect the security hereof, including of any of its other rights: (i) to appear in and
defend any action or proceeding purporting to affect the security hereof or the rights or powers of
Beneficiary or Trustee hereunder; (ii) to pay, purchase, contest or compromise any encumbrance,
charge, lien or claim of lien which, in the judgment of Beneficiary, is prior or superior hereto,
the judgment of Beneficiary being conclusive as between the parties hereto; (iii) to pay any
premiums or charges with respect to insurance required to be carried hereunder; (iv) to employ
counsel, accountants, contractors and other appropriate Persons to assist them; (v) to obtain a
court order to enforce Beneficiary’s right to enter and inspect the Property pursuant to California
Civil Code Section 2929.5, to which the decision of Beneficiary as to whether there exists a
release or threatened release of a Hazardous Substance (as defined in Paragraph A.15 above) onto
the Property shall create a rebuttable presumption as between the parties hereto as to the
reasonableness thereof; and (vi) to have a receiver appointed pursuant to California Code of Civil
Procedure Section 564 to enforce Beneficiary’s right to enter and inspect the Property for any
Hazardous Substances;

(c) To commence and maintain an action or actions in any court of competent jurisdiction to
foreclose this instrument as a mortgage or to obtain specific enforcement of the covenants of
Trustor hereunder, and Trustor agrees that such covenants shall be specifically enforceable by
injunction or any other appropriate equitable remedy and that for the purposes of any suit brought
under this subparagraph, Trustor waives the defense of laches and any applicable statute of
limitations;

 

15

 

(d) Beneficiary or its employees, acting by themselves or through a court-appointed receiver
may enter upon, possess, manage, operate, dispose of and contract to dispose of the Property or any
part thereof; take custody of all accounts; negotiate with governmental authorities with respect to
the Property’s environmental compliance and remedial measures; make, terminate, enforce or
modify leases of the Property upon such terms and conditions as Beneficiary deems proper;
contract for goods and services, hire agents, employees and counsel, or make repairs, alterations
and improvements to the Property necessary, in Trustee’s or Beneficiary’s judgment, to protect or
enhance the security hereof; to incur the risks and obligations ordinarily incurred by owners of
property (without any personal obligation on the part of the receiver); and/or to take any and all
other actions which may be necessary or desirable to comply with Trustor’s obligations hereunder.
All sums realized by Beneficiary under this subparagraph shall be applied in accordance with
Paragraph B.7 below. Neither application of said sums to said indebtedness nor any other action
taken by Beneficiary under this subparagraph shall cure or waive any Event of Default or notice of
default hereunder or nullify the effect of any such notice of default. Beneficiary or Trustee, or
any employee or agent of Beneficiary or Trustee, or a receiver appointed by a court, may take any
action or proceeding hereunder without regard to (i) the adequacy of the security for the
indebtedness secured hereunder, (ii) the existence of a declaration that the indebtedness secured
hereby has been declared immediately due and payable, or (iii) the filing of a notice of default;

(e) To execute a written notice of such Event of Default and of its election to cause the
Encumbered Estate to be sold to satisfy the obligations secured hereby. Trustee shall give and
record such notice as the law then requires as a condition precedent to a Trustee’s sale. When the
minimum period of time required by law after such notice has elapsed, Trustee, without notice to or
demand upon Trustor except as otherwise required by law, shall sell the Encumbered Estate at the
time and place of sale fixed by it in the notice of sale and in such order as it or Beneficiary may
determine, at public auction to the highest bidder for cash, in lawful money of the United States,
payable at time of sale (the obligations hereby secured being the equivalent of cash for purposes
of said sale). If the Encumbered Estate consists of several lots, parcels, or items of property,
Beneficiary may: (i) designate the order in which such lots, parcels, or items shall be offered
for sale or sold, or (ii) elect to sell such lots, parcels or items through a single sale, through
two or more successive sales, or in any other manner Beneficiary deems in its best interest.
Trustor shall have no right to direct the order in which the Encumbered Estate is sold. Trustee
may postpone the sale of all or any portion of the Encumbered Estate by public announcement at such
time and place of sale, and from time to time thereafter may postpone such sale by public
announcement at such time fixed by the preceding postponement. A sale of less than the whole of
the Encumbered Estate or any defective or irregular sale made hereunder shall not exhaust the power
of sale provided for herein. Trustee shall deliver to the purchaser at such sale a deed conveying
the Encumbered Estate or portion thereof so sold, but without any covenant or warranty, express or
implied. The recitals in such deed of any matters or facts shall be conclusive proof of the
truthfulness thereof. Any Person, including Trustee, Trustor or Beneficiary, may purchase at such
sale. In connection with any sale or sales hereunder, Beneficiary may elect to treat any of the
Property which consists of a right in action or which is property that can be severed from the real
property covered hereby or any improvements thereon without causing structural damage thereto as if
the same were personal property or a fixture, as the case may be, and dispose of the same in
accordance with applicable law, separate and apart from the sale of real property. Any sale of any
personal property or fixtures hereunder shall be conducted in any manner permitted by the Uniform
Commercial Code. As used herein, the term “Uniform Commercial Code” shall mean the Uniform
Commercial Code as the same may, from time to time, be in effect in the State of New York;
provided, however, in the event that, by reason of mandatory provisions of law, any or all of the
attachment, perfection or priority of the security interest in any portion of the Property is
governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New
York, the term “Uniform Commercial Code” shall mean the Uniform Commercial Code as in
effect in such other jurisdiction for purposes of the provisions hereof relating to such
attachment, perfection or priority and for purposes of definitions related to such provisions. All
proceeds of such sale shall be applied by Trustee in accordance with Paragraph B.7 below;

 

16

 

(f) To resort to and realize upon the security hereunder and any other security now or
hereafter held by Beneficiary in such order and manner as Trustee and Beneficiary or either of
them may, in their sole discretion, determine; and such resort to any or all such security may
be taken concurrently or successively and in one or several consolidated or independent judicial
actions or lawfully taken non-judicial proceedings, or both;

(g) To seek a judgment that Trustor has breached its covenants, representations and/or
warranties with respect to the environmental matters set forth in Paragraph A.15 hereof, by
commencing and maintaining an action or actions in any court of competent jurisdiction for breach
of contract pursuant to California Civil Procedure Code Section 736, whether commenced prior to
foreclosure of the Encumbered Estate or after foreclosure of the Encumbered Estate, and to seek the
recovery of any and all costs, damages, expenses, fees, penalties, fines, judgments,
indemnification payments to third parties, and other out-of-pocket costs or expenses (collectively,
the “Environmental Costs”) incurred or advanced by Beneficiary relating to the cleanup,
remediation or other response action required by all Environmental Regulations or to which
Beneficiary believes necessary to protect the Encumbered Estate, it being conclusively presumed
between Beneficiary and Trustor that all such Environmental Costs incurred or advanced by
Beneficiary relating to the cleanup, remediation or other response action of or to the Property
were made by Beneficiary in good faith. All Environmental Costs incurred or advanced by
Beneficiary pursuant to this subparagraph (including court costs, consultants’ fees and reasonable
attorneys’ fees and expenses, whether incurred in litigation or not and whether before or after
judgment) shall bear interest at the Default Interest Rate from the date of expenditure until said
sums have been paid. Beneficiary shall be entitled to bid, at the sale of the Property held
pursuant to subparagraph B.2(e) above, the amount of said costs, expenses and interest in addition
to the amount of the other obligations hereby secured as a credit bid, the equivalent of cash.
Trustor acknowledges and agrees that notwithstanding any term or provision contained herein, the
Environmental Costs shall be exceptions to any non-recourse or exculpatory provision and Trustor
shall be fully and personally liable for the Environmental Costs hereunder and such liability shall
not be limited to the original principal amount of the obligations secured by this Deed of Trust
and Trustor’s obligations shall survive the foreclosure, deed in lieu of foreclosure, release,
reconveyance or any other transfer of the Property or this Deed of Trust. For the purposes of any
action brought under this subparagraph, Trustor hereby waives the defense of laches and any
applicable statute of limitations; and

(h) To waive its lien against the Encumbered Estate or any portion thereof, whether fixtures
or personal property, to the extent such property is found to be environmentally impaired in
accordance with California Code of Civil Procedure Section 726.5 and to exercise any and all rights
and remedies of an unsecured creditor against Trustor and all of Trustor’s assets and property for
the recovery of any deficiency and Environmental Costs, including seeking an attachment order
pursuant to California Code of Civil Procedure Section 483.010. As between Beneficiary and Trustor,
for purposes of California Code of Civil Procedure Section 726.5, Trustor shall have the burden of
proving that Trustor or any related party (or any affiliate or agent of Trustor or any related
party) was not in any way negligent in permitting the release or threatened release of the
Hazardous Substance. Trustor acknowledges and agrees that notwithstanding any term or provision
contained herein, all judgments and awards entered against Trustor shall be exceptions to any
non-recourse or exculpatory provision and Trustor shall be fully and personally liable for all
judgments and awards entered against Trustor hereunder and such liability shall not be limited to
the original principal amount of the obligations secured by this Deed of Trust and Trustor’s
obligations shall survive the foreclosure, deed in lieu of foreclosure, release, reconveyance or
any other transfer of the Property or this Deed of Trust. For the purposes of any action brought
under this subparagraph, Trustor hereby waives the defense of laches and any applicable statute of
limitations.

3. Payment of Costs, Expenses and Attorneys’ Fees. All costs and expenses incurred by
Trustee and Beneficiary pursuant to subparagraphs (a) through (h) inclusive of Paragraph B.2
(including court costs, consultants’ fees and reasonable attorneys’ fees and expenses, whether
incurred in litigation or not and whether before or after judgment) shall bear interest at the
Default Interest Rate, from
any date of expenditure until said sums have been paid. Beneficiary shall be entitled to bid
as a credit bid, the equivalent of cash, at the sale of the Property held pursuant to
subparagraph B.2(e) above, the amount of said costs, expenses and interest in addition to the
amount of the other obligations hereby secured.

 

17

 

4. Remedies Cumulative. All rights and remedies of Beneficiary and Trustee hereunder
are cumulative and in addition to all rights and remedies provided by law.

5. Releases, Extensions, Modifications and Additional Security. Subject to the terms
of the Intercreditor and Collateral Trust Agreement and (a) without affecting the liability of any
Person for payment of any indebtedness secured hereby or (b) the lien or priority of this Deed of
Trust upon the Property, Beneficiary may, from time to time, with notice to Trustor, do one or more
of the following: (i) release any Person’s liability for the payment of an indebtedness secured
hereby, (ii) make any agreement or take any action extending the maturity or otherwise altering
the terms or increasing the amount of any indebtedness secured hereby, or (iii) accept additional
security or release all or a portion of the Property and/or other security held to secure the
indebtedness secured hereby; provided, however, that Beneficiary shall not take any actions set
forth in clause (ii) above without the consent of Trustor.

6. Marshalling. Trustor hereby waives any right to require that any security given
hereunder or under any other agreement securing the obligation secured hereby be marshalled and
further waives any right otherwise available in respect to marshalling of assets which secure any
obligation secured or imposed hereby or to require Beneficiary to pursue its remedies against any
such assets.

7. Application of Proceeds. Except as otherwise herein expressly provided, the
proceeds of any collection, sale or other realization of all or any part of the Property pursuant
hereto shall be applied by Beneficiary in the manner set forth in the Intercreditor and Collateral
Trust Agreement.

C. SECURITY AGREEMENT AND FIXTURE FILING.

1. Grant of Security Interest. As additional security for the obligations secured by
this Deed of Trust, Trustor hereby grants to Beneficiary a security interest in and to the
following items (collectively, the “Collateral”):

(a) All goods, fixtures and other equipment of every kind in which Trustor now or at any time
hereafter owns or acquires any interest in connection with the Property, including all tools,
equipment, appliances, heating, ventilating and air conditioning systems, plumbing, mechanical and
electrical systems, elevators, lighting, alarm systems, fire control systems, carpets and
carpeting, furnishings, furniture, trailers, mobile homes, service equipment, building or
maintenance equipment, together with all additions and accessions thereto and replacements
therefor, whether located at the Property, Trustor’s places of business or elsewhere;

(b) All inventory, raw materials, work in process, finished goods, and tangible assets used or
consumed in connection with the Property in which Trustor now or at any time hereafter owns or
acquires any interest, and all products thereof, whether in the possession of Trustor,
warehousemen, bailees or any other Person and to the extent now or hereafter located at the
Property, together with all additions and accessions thereto, replacements therefor, products
thereof and documents therefor;

(c) All accounts, chattel paper (including both electronic and tangible chattel paper),
instruments, deposit accounts, securities accounts, investment property, money, other rights to the
payment of money (including general intangibles) (collectively, the “Receivables”) and all
contracts, documents, security agreements, leases, guaranties, letters of credit, and other
agreements evidencing,
securing or otherwise relating to the Receivables in which Trustor now or at any time
hereafter has any interest in connection with the Property or Collateral;

 

18

 

(d) All general intangibles (including (i) customer and supplier lists and contracts, books
and records, insurance policies, tax refunds, contracts for the purchase of real or personal
property; (ii) all patents, copyrights, trademarks, tradenames and service marks, licenses to use,
applications for, and other rights to, such patents, copyrights, trademarks, tradenames and service
marks, and all software; and (iii) all payment intangibles), in which Trustor now or at any time
hereafter has an interest related to the Property or the use, operation or maintenance of the
Property or any part thereof;

(e) All contract rights of Trustor in leases, warranties, letters of credit, construction
contracts, permits, licenses, approvals, governmental authorizations, consulting contracts, bonds,
plans and specifications, architectural and engineering drawings, fire insurance policies and other
insurance policies, condemnation awards and settlements, in which Trustor now or at any time
hereafter has an interest related to the Property or the use, operation or maintenance of the
Property or any part thereof;

(f) All profits, payments or proceeds of and from any and all agreements for the sale, lease,
transfer or conveyance of all or any portion of the Property, subject to the rights of Trustor to
collect and retain the same so long as no Event of Default shall have occurred and be continuing;

(g) Any and all products, accessions, additions, substitutions, replacements or proceeds of or
to any of the Collateral which may now or hereafter exist, and any and all rent or income derived
from any and all of the Collateral, subject to the rights of Trustor to collect and retain the same
so long as no Event of Default shall have occurred and be continuing;

(h) All other personal property and assets of Trustor not otherwise described above (including
all money, deposit accounts, letters of credit, promissory notes, documents and goods); and

(i) All proceeds of the foregoing (including whatever is receivable or received when
Collateral or proceeds is sold, collected, exchanged, returned, substituted or otherwise disposed
of, whether such disposition is voluntary or involuntary, including rights to payment and return
premiums and insurance proceeds under insurance with respect to any Collateral, and all rights to
payment with respect to any cause of action affecting or relating to the Collateral).

2. Remedies. Upon the occurrence and during the continuance of an Event of Default,
Beneficiary is and shall be entitled to all the rights, powers and remedies granted a secured party
under the Uniform Commercial Code and other applicable law, including the right to take possession
of all such Collateral. Upon the occurrence and during the continuance of an Event of Default,
Beneficiary or its representatives may enter upon the Property (without Beneficiary being deemed to
be taking possession of the Property or being deemed a mortgagee-in-possession) at any time to
inspect, repair, assemble, have appraised or to remove the Collateral and may advertise and conduct
public auctions and private sales thereon. Beneficiary may require Trustor to assemble the
Collateral and make it available to Beneficiary at a place to be designated by Beneficiary which is
reasonably convenient to both parties. All sums realized from such sale shall be applied in
accordance with Paragraph B.7 above.

With respect to fixtures, Beneficiary or Trustee may elect to treat same as either real
property or personal property and proceed to exercise such rights and remedies applicable to the
categorization so chosen. Beneficiary may proceed against the items of real property and any items
of Collateral separately or together in any order whatsoever, without in any way affecting or
waiving
Beneficiary’s rights and remedies under the Uniform Commercial Code or its rights and remedies
provided under this Deed of Trust.

 

19

 

3. Relationship to Security Agreement. Concurrently herewith, Trustor and the other
Obligors are entering into that certain Shared Security Agreement, dated as of even date herewith,
with Administrative Agent and Beneficiary with respect to personal property (as amended, restated
or otherwise modified from time to time, the “Security Agreement”). The terms of the
Security Agreement shall, with respect to personal property and the security interest granted
therein, supplement the terms of this Deed of Trust. If and to the extent of any conflict with the
terms of this Deed of Trust and the terms of the Security Agreement applicable to such security
interest and personal property, the terms of the Security Agreement shall, to the extent
enforceable, control. Nothing, however, in this Paragraph C.3 shall be deemed or construed to
impair the rights of Beneficiary to conduct one or more Trustee’s sales at which real and personal
property are sold together pursuant to the laws applicable to the sale of real property. With
respect to fixtures, Beneficiary or Trustee may elect to treat same as either real property or
personal property and proceed to exercise such rights and remedies applicable to the categorization
so chosen. Beneficiary may proceed against the items of real property and any items of Property
separately or together in any order whatsoever, without in any way affecting or waiving
Beneficiary’s rights and remedies under this Deed of Trust.

4. Fixture Filing. Trustor agrees that this Deed of Trust constitutes a financing
statement filed as a fixture filing in the Official Records of the County Recorder where the
Property is located with respect to any and all fixtures included within the term “Property” as
used herein and with respect to any goods and other personal property that may now be or hereafter
become fixtures. The names and mailing addresses of the Debtor (Trustor) and the Secured Party
(Beneficiary) are set forth above in the first paragraph on page 1 of this Deed of Trust. The
personal property described above is the Collateral covered by this financing statement. Any
reproduction of this Deed of Trust or of any other security agreement or financing statement shall
be sufficient as a financing statement. In addition, Trustor agrees to deliver to Beneficiary,
upon Beneficiary’s request, any financing statements, as well as extensions, renewals, and
amendments thereof, and reproductions of this Deed of Trust in such form as Beneficiary may require
to perfect a security interest with respect to such Collateral. Trustor shall pay all costs of
filing such financing statements and any extensions, renewals, amendments, and releases thereof,
and shall pay all reasonable costs and expenses of any record searches for financing statements
that Beneficiary may reasonably require.

5. Limitations. Except as otherwise clearly and expressly provided in this Deed of
Trust: (i) Beneficiary has not consented to any other security interest of any other Person in any
Collateral and has not disclaimed any interest in any Collateral; and (ii) Beneficiary has not
agreed or consented to the removal of any items of Collateral set forth in Paragraphs C.1(a) and
(b) above (the “Tangible Collateral”) from the Property, and any such consent by Trustor
shall not be binding on Beneficiary; provided, however, Trustor may remove any
Tangible Collateral that is (y) in the ordinary course of its business or (z) promptly replaced by
Trustor with similar Tangible Collateral of equal or great value.

D. MISCELLANEOUS PROVISIONS.

1. Termination. Except as otherwise expressly set forth herein, all duties and
obligations of the Trustor and all rights and remedies of the Trustee and Beneficiary shall
terminate upon cancellation of this Deed of Trust and reconveyance of the Property by Trustee in
accordance with Paragraph A.12 hereof.

 

20

 

2. Non-Waiver. By accepting payment of any sum secured hereby after its due date or
late performance of any obligation secured hereby, Beneficiary shall not waive its right against
any Person obligated directly or indirectly hereunder or on any obligation hereby secured, either
to require prompt payment or performance when due of all other sums and obligations so secured or
to declare default for failure to make such prompt payment or performance. No exercise of any
right or remedy by Beneficiary or Trustee hereunder shall constitute a waiver of any other right or
remedy herein contained or provided by law.

3. Further Assurances. Trustor shall, upon demand by Beneficiary or Trustee, execute,
acknowledge (if appropriate) and deliver any and all documents and instruments and do or cause to
be done all further acts reasonably necessary or appropriate to effectuate the provisions hereof.

4. Waiver. Notwithstanding any provision of this Deed of Trust to the contrary, to
the extent permitted by applicable law, Trustor waives and releases any rights or defenses which
Trustor might otherwise have (a) under California Code of Civil Procedure Sections 726, 725a, 580a,
580b, 580c and 580d and California Civil Code Section 2889, which statutes might otherwise limit or
condition Beneficiary’s exercise of certain of Beneficiary’s rights and remedies in connection with
the enforcement of obligations secured by a lien on real property, (b) under any laws now existing
or hereafter enacted providing for any appraisal before sale of a portion of the Property and (c)
to all rights of redemption, valuation, appraisal, stay of execution, notice of election to mature
or to declare due the obligations secured hereby and marshalling in the event of the foreclosure of
the liens created under this Deed of Trust or the exercise of the power of sale granted hereunder.
To the extent, if any, which such laws may be applicable and to the extent permitted by applicable
law, Trustor waives and releases any right or defense which Trustor might otherwise have under such
provisions and under any other applicable law which might limit or restrict the effectiveness or
scope of any of Trustor’s waivers or releases hereunder.

5. Usury Savings Clause. Nothing contained herein shall be deemed to require the
payment of interest or other charges by Trustor in excess of the amount Beneficiary may lawfully
charge under the applicable usury laws. In the event Beneficiary shall collect monies which are
deemed to constitute interest which would increase the effective interest rate to a rate in excess
of that permitted to be charged by applicable law, all such sums deemed to constitute interest in
excess of the legal rate shall, upon such determination, at the option of Beneficiary, be returned
to Trustor or credited against the principal balance of any obligation secured hereby then
outstanding.

6. Attorneys’ Fees. In the event legal action, suit or any proceeding is commenced
between Trustor and Beneficiary regarding their respective rights and obligations under this Deed
of Trust, the prevailing party shall be entitled to recover, in addition to damages or other
relief, costs and expenses, reasonable attorneys’ fees and court costs. As used herein the term
“prevailing party” shall mean the party which obtains the principal relief it has sought, whether
by compromise settlement or judgment. If the party which shall have commenced or instituted the
action, suit or proceeding shall dismiss or discontinue it without the concurrence of the other
party, such other party shall be deemed the prevailing party.

7. Obligations of Trustor Joint and Several. If more than one Person has executed
this Deed of Trust as “Trustor”, the obligations of all such Persons hereunder shall be joint and
several.

8. Trustor and Beneficiary Defined; Additional Rights of Beneficiary . The term
“Trustor” herein includes both the original Trustor and any subsequent owner or owners of any of
the Property, and the term “Beneficiary” includes the original Beneficiary and also any successor
or assign thereto.

 

21

 

9. No Joint Venture. The relationship of Trustor and Beneficiary under this Deed of
Trust is, and shall at all times remain, solely that of borrower and lender; and Beneficiary
neither undertakes nor assumes any responsibility or duty to Trustor or to any third party with
respect to the Property. Notwithstanding any other provisions of this Deed of Trust:
(a) Beneficiary is not, and shall not be construed as, a partner, joint venturer, alter-ego,
manager, controlling person or other business associate or participant of any kind of Trustor and
Beneficiary does not intend to ever assume such status; (b) Beneficiary’s activities in connection
with this Deed of Trust shall not be “outside the scope of the activities of a lender of money”
within the meaning of California Civil Code § 3434, as amended or recodified from time to time, and
Beneficiary does not intend to ever assume any responsibility to any Person for the quality,
suitability, safety or condition of the Property; and (c) Beneficiary shall not be deemed
responsible for or a participant in any acts, omissions or decisions of Trustor. Beneficiary shall
not be directly or indirectly liable or responsible for any loss, claim, cause of action,
liability, indebtedness, damage or injury of any kind or character to any Person or property
arising from any construction on, or occupancy or use of, any of the Property, whether caused by or
arising from: (i) any defect in any building, structure, grading, fill, landscaping or other
improvements thereon or in any on-site or off-site improvement or other facility therein or
thereon; (ii) any act or omission of Trustor or any of Trustor’s agents, employees, independent
contractors, licensees or invitees; (iii) any accident in or on any of the Property or any fire,
flood or other casualty or hazard thereon; (iv) the failure of Trustor, any of Trustor’s licensees,
employees, invitees, agents, independent contractors or other representatives to maintain the
Property in a safe condition; and (v) any nuisance made or suffered on any part of the Property.

10. Rules of Construction. When the identity of the parties hereto or other
circumstances make it appropriate the masculine gender includes the feminine and/or neuter, and the
singular number includes the plural. Specific enumeration of rights, powers and remedies of
Trustee and Beneficiary and of acts which they may do and acts Trustor must or must not do shall
not exclude or limit the general. The headings of each paragraph are for information and
convenience and do not limit or construe the contents of any provision hereof. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”.

11. Severability. If any term of this Deed of Trust, or the application thereof to
any Person or circumstances, shall, to any extent, be invalid or unenforceable, the remainder of
this Deed of Trust, or the application of such term to Persons or circumstances other than those as
to which it is invalid or unenforceable, shall not be affected thereby, and each term of this Deed
of Trust shall be valid and enforceable to the fullest extent permitted by law.

12. Successors in Interest. The terms, covenants, and conditions herein contained
shall be binding upon and inure to the benefit of the heirs, successors and assigns of the parties
hereto.

13. Notices. All notices, demands or documents which are required or permitted to be
given or served hereunder shall be in writing and sent by hand delivery, recognized overnight
courier, registered or certified mail or by facsimile transmission, with a copy to all other
Parties, addressed as follows:

	 	 	 	 	 
	 

	 	To TRUSTOR at:
	 	Westwood One, Inc.
	 

	 	 	 	40 West 57th Street
	 

	 	 	 	New York, New York 10019
	 

	 	 	 	Attention: General Counsel
	 

	 	 	 	Fax: (212) 641-2198
	 

	 	 	 	Phone: (212) 541-2075

 

22

 

	 	 	 	 	 
	 

	 	To TRUSTEE at:
	 	First American Title Insurance Company
	 

	 	 	 	1 First American Way
	 

	 	 	 	Santa Ana, California 92707
	 

	 	 	 	Fax: (714) 250-4251
	 

	 	 	 	Phone: (714) 800-3000
	 
	 	 	 	 
	 

	 	To BENEFICIARY at:
	 	The Bank of New York
	 

	 	 	 	101 Barclay Street
	 

	 	 	 	New York, New York 10286
	 

	 	 	 	Attention: Corporate Trust Administration
	 

	 	 	 	Fax: (212) 815-5704
	 

	 	 	 	Phone: (212) 815-5708

Trustor’s principal place of business is at the above address. The addresses may be changed
from time to time by any party by serving notice as heretofore provided. Service of such notice or
demand shall be deemed complete on the date of actual delivery as shown by the addressee’s registry
or certification receipt or at the expiration of the second day after the date of mailing,
whichever is earlier in time.

14. Governing Law. THIS DEED OF TRUST IS GOVERNED BY AND SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS
PROVISIONS THEREOF; PROVIDED, HOWEVER, THAT WITH RESPECT TO THE CREATION,
PERFECTION, PRIORITY AND ENFORCEMENT OF THE LIEN OF THIS DEED OF TRUST ON REAL PROPERTY INTERESTS
(INCLUDING FIXTURES), THE LAWS OF THE STATE OF CALIFORNIA SHALL APPLY WITHOUT GIVING EFFECT TO THE
CONFLICT OF LAWS PROVISIONS THEREOF; PROVIDED, FURTHER, THAT, WITH RESPECT TO ANY
PERSONAL PROPERTY INCLUDED IN THE PROPERTY, THE CREATION OF THE SECURITY INTEREST SHALL BE GOVERNED
BY THE NEW YORK UNIFORM COMMERCIAL CODE, AND THE PERFECTION, THE EFFECT OF PERFECTION OR
NON-PERFECTION AND PRIORITY OF THE SECURITY INTEREST WILL BE GOVERNED IN ACCORDANCE WITH MANDATORY
CHOICE OF LAW RULES SET FORTH IN THE NEW YORK UNIFORM COMMERCIAL CODE.

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

16. Incorporation by Reference; Limitation on Actions. In acting hereunder, the
Beneficiary is entitled to all rights, privileges, protections, immunities and indemnities provided
to it as “Collateral Trustee” under the Intercreditor and Collateral Trust Agreement. Pursuant to
the Intercreditor and Collateral Trust Agreement, Beneficiary shall not (a) exercise any right,
remedy, trust or power, or take any such other action under this Deed of Trust, without direction
from the Requisite Secured Parties
(as defined in the Intercreditor and Collateral Trust Agreement) or as otherwise provided
under the Intercreditor and Collateral Trust Agreement (the “Authorizing Parties”) and (b)
be liable with respect to any action taken or omitted to be taken by it in accordance with the
direction of the Authorizing Parties. In addition, Trustee shall not take any action hereunder
without the written authorization of Beneficiary.

 

23

 

17. Maximum Indebtedness; Future Advances. This Deed of Trust shall secure not only
existing indebtedness of Trustor, but also such future advances, whether such advances are
obligatory or are to be made at the option of the Secured Parties or otherwise related to or in
connection with this Deed of Trust, the Credit Agreement, the 2002 Note Purchase Agreement, the
other Loan Documents or the 2002 Notes Documents (the “Secured Loan Documents”), as are
made by the Secured Parties to Trustor, to the same extent as if such future advances were made on
the date of the execution of this Deed of Trust, including (a) any and all additional advances made
by the Secured Parties to protect or preserve the Property or the lien hereof on the Property, or
to pay taxes, to pay premiums on insurance on the Property (whether or not the original Trustor
remain the owner of the Property at the time of such advances and whether or not the original
Secured Parties and Beneficiary remain the owners of the obligations secured hereby and this
instrument); (b) any and all expenses incident to the collection of the obligations secured hereby
and the foreclosure hereof by action in any court or by exercise of the power of sale herein
contained; (c) any and all obligations now owing or which may hereafter be owing by Trustor to the
Secured Parties pursuant to the Secured Loan Documents, however and whenever incurred or evidenced,
whether direct or indirect, absolute or contingent, due or to become due, together with any and all
renewal or renewals and extension or extensions of the obligations secured hereby; and (d) the full
and prompt payment and performance of any and all obligations or covenants of Trustor to Secured
Parties and Beneficiary under the terms of any other agreements, assignments or other instruments
now or hereafter evidencing, securing or otherwise relating to the obligations secured hereby and
the Secured Loan Documents.

18. Intercreditor and Collateral Trust Agreement Controls. In the event of any
conflict between any terms and provisions set forth in this Deed of Trust and those set forth in
the Intercreditor and Collateral Trust Agreement, the terms and provisions of the Intercreditor and
Collateral Trust Agreement shall supersede and control the terms and provisions of this Deed of
Trust.

19. Modification. The terms of this Deed of Trust may be waived, altered or amended
only as permitted by Section 8.02 of the Intercreditor and Collateral Trust Agreement or, if the
Intercreditor and Collateral Trust Agreement shall not be in effect, by an instrument in writing
duly executed by Trustor and Beneficiary.

[Remainder of page intentionally left blank]

 

24

 

IN WITNESS WHEREOF, Trustor has executed this Deed of Trust as of the day and year first set
forth above.

TRUSTOR PLEASE NOTE: IN THE EVENT OF YOUR DEFAULT, CALIFORNIA PROCEDURE PERMITS THE TRUSTEE
TO SELL THE SUBJECT PROPERTY AT A SALE HELD WITHOUT SUPERVISION BY ANY COURT AFTER EXPIRATION OF A
PERIOD PRESCRIBED BY LAW. SEE SUBPARAGRAPH B.2.(e) ABOVE FOR A DESCRIPTION OF THIS PROCEDURE.
UNLESS YOU PROVIDE AN ADDRESS FOR THE GIVING OF NOTICE, YOU MAY NOT BE ENTITLED TO OTHER NOTICE OF
THE COMMENCEMENT OF SALE PROCEEDINGS. BY EXECUTION OF THIS DEED OF TRUST, YOU CONSENT TO SUCH
PROCEDURE. IF YOU HAVE ANY QUESTIONS CONCERNING IT, YOU SHOULD CONSULT YOUR LEGAL ADVISOR.
BENEFICIARY URGES YOU TO GIVE IT PROMPT NOTICE OF ANY CHANGE IN YOUR ADDRESS SO THAT YOU MAY
RECEIVE PROMPTLY ANY NOTICE GIVEN PURSUANT TO THIS DEED OF TRUST.

	 	 	 	 	 
	 	TRUSTOR

WESTWOOD ONE, INC.,

a Delaware corporation

 	 
	 	By:  	/s/ David Hillman 	 
	 	 	Name:  	David Hillman 	 
	 	 	Title:  	CAO and GC 	 
	 

 

25

 

	 	 	 	 	 
	STATE OF NY )
	 	 	 	 
	 

	 	)   ss.
	 	 
	COUNTY OF NY)
	 	 	 	 

On February 26, 2008 before me, Notary Public, personally appeared David Hillman, who proved to me
on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the
within instrument and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s),
or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.

WITNESS my hand and official seal.

	 	 	 	 	 
	 	 	 
	 	                                                 /s/ Melissa Garza
 	 
	 	Notary Public 	 
	 	 	 
	 

 

26

 

EXHIBIT A-1

LEGAL DESCRIPTION OF FEE ESTATE

That certain real property located in the City of Culver City, County of Los Angeles, State of
California, more particularly described as follows:

PARCEL 1:

LOTS 41, 42 AND 45 OF TRACT 4161, IN THE CITY OF CULVER CITY, AS PER MAP RECORDED IN BOOK 46 PAGE
32, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.

PARCEL 2:

LOTS 43 AND 44, OF TRACT 4161, IN THE CITY OF CULVER CITY, AS PER MAP RECORDED IN BOOK 46 PAGE 32
OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.

PARCEL 3:

LOTS 8, 9, 22 THE NORTHEASTERLY 4.61 FEET OF LOT 21 AND THE SOUTHWESTERLY 20.39 FEET OF LOT 23, OF
TRACT NO. 4161, IN THE CITY OF CULVER CITY, AS PER MAP RECORDED IN BOOK 46 PAGES 32 OF MAPS, IN THE
OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.

PARCEL 4:

LOTS 10, 11, 12, 19, 20 AND 21 ALL IN TRACT 4161, IN THE CITY OF CULVER CITY AS PER MAP RECORDED IN
BOOK 46, PAGE 32 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.

EXCEPT THE NORTHEASTERLY 4.61 FEET OF LOT 21.

 

A-1

 

EXHIBIT A-2

LEGAL DESCRIPTION OF PARKING SITE

That certain real property located in the City of Culver City, County of Los Angeles, State of
California, more particularly described as follows:

THAT PORTION OF LOT A OF TRACT NO. 4419, IN THE CITY OF CULVER CITY, IN THE COUNTY OF LOS ANGELES,
STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 48 AT PAGE 1 OF MAPS, IN THE OFFICE OF THE COUNTY
RECORDER OF SAID COUNTY.

 

A-2

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