Document:

Exhibit 10.4

Exhibit
10.4

EXECUTION VERSION

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

Dated as of October 21, 2011

among

WESTWOOD ONE, INC.,

Each Grantor

From Time to Time Party Hereto

and

CORTLAND CAPITAL MARKET SERVICES LLC,

as Administrative Agent and Collateral Agent

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	ARTICLE I DEFINED TERMS
	 	 	1	 
	 
	 	 	 	 
	Section 1.1 Definitions
	 	 	1	 
	Section 1.2 Certain Other Terms
	 	 	4	 
	 
	 	 	 	 
	ARTICLE II GUARANTY
	 	 	4	 
	 
	 	 	 	 
	Section 2.1 Guaranty
	 	 	4	 
	Section 2.2 Limitation of Guaranty
	 	 	4	 
	Section 2.3 Contribution
	 	 	4	 
	Section 2.4 Authorization; Other Agreements
	 	 	5	 
	Section 2.5 Guaranty Absolute and Unconditional
	 	 	5	 
	Section 2.6 Waivers
	 	 	6	 
	Section 2.7 Reliance
	 	 	7	 
	 
	 	 	 	 
	ARTICLE III GRANT OF SECURITY INTEREST
	 	 	7	 
	 
	 	 	 	 
	Section 3.1 Collateral
	 	 	7	 
	Section 3.2 Grant of Security Interest in Collateral
	 	 	8	 
	 
	 	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES
	 	 	8	 
	 
	 	 	 	 
	Section 4.1 Title; No Other Liens
	 	 	8	 
	Section 4.2 Perfection and Priority
	 	 	8	 
	Section 4.3 Jurisdiction of Organization; Chief Executive Office
	 	 	9	 
	Section 4.4 Locations of Inventory, Equipment and Books and Records
	 	 	9	 
	Section 4.5 Pledged Collateral
	 	 	9	 
	Section 4.6 Instruments and Tangible Chattel Paper Formerly Accounts
	 	 	10	 
	Section 4.7 Intellectual Property
	 	 	10	 
	Section 4.8 Commercial Tort Claims
	 	 	10	 
	Section 4.9 Specific Collateral
	 	 	11	 
	Section 4.10 Enforcement
	 	 	11	 
	Section 4.11 Deposit and Securities Accounts
	 	 	11	 
	Section 4.12 Representations and Warranties of the Credit Agreement
	 	 	11	 
	 
	 	 	 	 
	ARTICLE V COVENANTS
	 	 	11	 
	 
	 	 	 	 
	Section 5.1 Maintenance of Perfected Security Interest; Further Documentation and
Consents
	 	 	11	 
	Section 5.2 Changes in Locations, Name, Etc.
	 	 	12	 
	Section 5.3 Pledged Collateral
	 	 	13	 
	Section 5.4 Accounts
	 	 	13	 
	Section 5.5 Commodity Contracts
	 	 	13	 

 

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TABLE OF CONTENTS

(Continued)

	 	 	 	 	 
	 	 	Page	 
	 
	Section 5.6 Delivery of Instruments and Tangible Chattel Paper and Control of Investment
Property, Letter-of-Credit Rights and Electronic Chattel Paper
	 	 	14	 
	Section 5.7 Intellectual Property
	 	 	14	 
	Section 5.8 Notices
	 	 	15	 
	Section 5.9 Notice of Commercial Tort Claims
	 	 	16	 
	Section 5.10 Deposit and Securities Accounts
	 	 	16	 
	Section 5.11 Compliance with Credit Agreement
	 	 	16	 
	 
	 	 	 	 
	ARTICLE VI REMEDIAL PROVISIONS
	 	 	16	 
	 
	 	 	 	 
	Section 6.1 Code and Other Remedies
	 	 	16	 
	Section 6.2 Accounts and Payments in Respect of General Intangibles
	 	 	20	 
	Section 6.3 Pledged Collateral
	 	 	21	 
	Section 6.4 Proceeds to be Turned over to and Held by Administrative Agent
	 	 	22	 
	Section 6.5 Registration Rights
	 	 	22	 
	Section 6.6 Deficiency
	 	 	23	 
	Section 6.7 FCC Licenses
	 	 	23	 
	 
	 	 	 	 
	ARTICLE VII THE ADMINISTRATIVE AGENT
	 	 	25	 
	 
	 	 	 	 
	Section 7.1 Administrative Agent’s Appointment as Attorney-in-Fact
	 	 	25	 
	Section 7.2 Authorization to File Financing Statements
	 	 	27	 
	Section 7.3 Authority of Administrative Agent
	 	 	27	 
	Section 7.4 Duty; Obligations and Liabilities
	 	 	27	 
	 
	 	 	 	 
	ARTICLE VIII MISCELLANEOUS
	 	 	28	 
	 
	 	 	 	 
	Section 8.1 Reinstatement
	 	 	28	 
	Section 8.2 Release of Collateral
	 	 	29	 
	Section 8.3 Independent Obligations
	 	 	29	 
	Section 8.4 No Waiver by Course of Conduct
	 	 	29	 
	Section 8.5 Amendments in Writing
	 	 	30	 
	Section 8.6 Additional Grantors; Additional Pledged Collateral
	 	 	30	 
	Section 8.7 Notices
	 	 	30	 
	Section 8.8 Successors and Assigns
	 	 	30	 
	Section 8.9 Counterparts
	 	 	30	 
	Section 8.10 Severability
	 	 	30	 
	Section 8.11 Governing Law
	 	 	31	 
	Section 8.12 WAIVER OF JURY TRIAL
	 	 	31	 
	Section 8.13 Subordination of Intercompany Debt
	 	 	31	 
	Section 8.14 Intercreditor Agreement
	 	 	32	 

 

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TABLE OF CONTENTS

(Continued)

ANNEXES AND SCHEDULES

	 	 	 
	Annex 1

	 	Form of Pledge Amendment
	Annex 2

	 	Form of Joinder Agreement
	Annex 3

	 	Form of Intellectual Property Security Agreement
	 
	 	 
	Schedule 1

	 	Commercial Tort Claims
	Schedule 2

	 	Filings
	Schedule 3

	 	Jurisdiction of Organization; Chief Executive Office
	Schedule 4

	 	Securities and Deposit Accounts
	Schedule 5

	 	Location of Inventory and Equipment
	Schedule 6

	 	Pledged Collateral
	Schedule 7

	 	Intellectual Property

 

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SECOND LIEN GUARANTY AND SECURITY AGREEMENT, dated as of October 21, 2011, by Westwood One,
Inc. (the “Borrower”) and each of the other entities listed on the signature pages hereof
or that becomes a party hereto pursuant to Section 8.6 (together with the Borrower, the
“Grantors”), in favor of Cortland Capital Market Services LLC (“Cortland”), as
administrative agent and collateral agent (in such capacity, together with its successors and
permitted assigns, the “Administrative Agent”) for the Lenders and each other Secured Party
(each as defined in the Credit Agreement referred to below).

W I T N E S S E T H:

WHEREAS, pursuant to the Credit Agreement dated as of October 21, 2011 (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”) among the Borrower, the Lenders from time to time party thereto, Cortland, as
administrative agent and collateral agent for the Lenders and Macquarie Capital (USA) Inc., as
syndication agent (in such capacity, together with its successors and permitted assigns, the
“Syndication Agent” and, together with the Administrative Agent, the “Agents” and
each, individually, an “Agent”), the Lenders have severally agreed to make extensions of
credit to the Borrower upon the terms and subject to the conditions set forth therein;

WHEREAS, each Grantor (other than the Borrower) has agreed to guaranty the Obligations (as
defined in the Credit Agreement) of the Borrower;

WHEREAS, each Grantor has agreed to grant security interests in the Collateral to secure the
Obligations;

WHEREAS, each Grantor will derive substantial direct and indirect benefits from the making of
the extensions of credit provided under the Credit Agreement; and

WHEREAS, it is a condition precedent to the effectiveness of the Credit Agreement and the
obligation of the Lenders to make their extensions of credit thereunder to the Borrower that the
Grantors shall have executed and delivered this Agreement to the Administrative Agent;

NOW, THEREFORE, in consideration of the premises and to induce the Lenders, the Administrative
Agent and the Syndication Agent to enter into the Credit Agreement and to induce the Lenders to
make their extensions of credit thereunder to the Borrower, each Grantor hereby agrees with the
Administrative Agent as follows:

ARTICLE I

DEFINED TERMS

Section 1.1 Definitions. (a) Capitalized terms used herein without definition are used as defined in the Credit
Agreement.

(b) The following terms have the meanings given to them in the UCC and terms used herein
without definition that are defined in the UCC have the meanings given to them in the UCC (such
meanings to be equally applicable to both the singular and plural forms
of the terms defined): “account”, “account debtor”, “as-extracted
collateral”, “certificated security”, “chattel paper”, “commercial tort
claim”, “commodity contract”, “deposit account”, “electronic chattel
paper”, “equipment”, “farm products”, “fixture”, “general
intangible”, “goods”, “health-care-insurance receivable”,
“instruments”, “inventory”, “investment property”, “letter-of-credit
right”, “proceeds”, “record”, “securities account”, “security”,
“supporting obligation” and “tangible chattel paper”.

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

 

 

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

“Agreement” means this Guaranty and Security Agreement.

“Applicable IP Office” means the United States Patent and Trademark Office, the United
States Copyright Office or any similar office or agency within or outside the United States.

“Collateral” has the meaning set forth in Section 3.1.

“Communications Act” shall mean the Communications Act of 1934, as amended, inter
alia, by the Cable Television Consumer Protection and Competition Act of 1992 and the
Telecommunications Act of 1996, or any successor statute thereto, as in effect from time to time.

“Excluded Assets” has the meaning set forth in the Credit Agreement.

“Excluded Equity” has the meaning set forth in the Credit Agreement.

“Guaranteed Obligations” has the meaning set forth in Section 2.1.

“Guarantor” means each Grantor other than the Borrower.

“Guaranty” means the guaranty of the Guaranteed Obligations made by the Guarantors as
set forth in this Agreement.

“Intercompany Debt” has the meaning set forth in Section 8.13.

“Material Intellectual Property” means Intellectual Property that is owned by or
licensed to a Grantor and material to the conduct of any Grantor’s business.

“Pledged Certificated Stock” means all certificated securities and any other Stock or
Stock Equivalent of any Person evidenced by a certificate, instrument or other similar document (as
defined in the UCC), in each case owned by any Grantor, including all Stock and Stock Equivalents
listed on Schedule 6. Pledged Certificated Stock excludes any Excluded Assets and any Cash
Equivalents that are not held in Controlled Securities Accounts to the extent permitted by
Section 7.11 of the Credit Agreement.

“Pledged Collateral” means, collectively, the Pledged Stock and the Pledged Debt
Instruments.

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

2

 

“Pledged Debt Instruments” means all right, title and interest of any Grantor in
instruments evidencing any Indebtedness (other than checks issued or received in the ordinary
course of business) owed to such Grantor or other obligations, including all instruments evidencing
any Indebtedness described on Schedule 6, issued by the obligors named therein. Pledged
Debt Instruments excludes any Cash Equivalents that are not held in Controlled Securities Accounts
to the extent permitted by Section 7.11 of the Credit Agreement

“Pledged Investment Property” means any investment property of any Grantor, other than
any Pledged Stock or Pledged Debt Instruments. Pledged Investment Property excludes any Cash
Equivalents that are not held in Controlled Securities Accounts to the extent permitted by
Section 7.11 of the Credit Agreement

“Pledged Stock” means all Pledged Certificated Stock and all Pledged Uncertificated
Stock.

“Pledged Uncertificated Stock” means any Stock or Stock Equivalent of any Person that
is not Pledged Certificated Stock, including all right, title and interest of any Grantor as a
limited or general partner in any partnership not constituting Pledged Certificated Stock or as a
member of any limited liability company, all right, title and interest of any Grantor in, to and
under any Constituent Document of any partnership or limited liability company to which it is a
party, including in each case those interests set forth on Schedule 6, to the extent such
interests are not certificated securities under Article 8 of the UCC. Pledged Uncertificated Stock
excludes any Excluded Assets and any Cash Equivalents that are not held in Controlled Securities
Accounts to the extent permitted by Section 7.11 of the Credit Agreement.

“Secured Obligations” has the meaning set forth in Section 3.2.

“Software” means (a) all computer programs, including source code and object code
versions, (b) all data, databases and compilations of data, whether machine readable or otherwise,
and (c) all documentation, training materials and configurations related to any of the foregoing;
provided, however, that “Software” does not include “off the shelf” or commercially
available software.

“Termination Date” means the date upon which the Guaranteed Obligations (other than
contingent indemnification obligations and expense reimbursement Obligations to the extent no claim
giving rise thereto has been asserted) have been paid in full and each of the other conditions set
forth in clause (b)(iii) of Section 10.10 (Release of Collateral or Guarantors) of the Credit
Agreement have been satisfied.

“UCC” means the Uniform Commercial Code as from time to time in effect in the State of
New York; provided, however, that, in the event that, by reason of mandatory
provisions of any applicable Requirement of Law, any of the attachment, perfection or priority of
the Administrative Agent’s or any other Secured Party’s security interest in any Collateral is
governed by the Uniform Commercial Code of a jurisdiction other than the State of New York,
“UCC” 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 the definitions related to or otherwise used in such provisions.

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

3

 

“Vehicles” means all vehicles covered by a certificate of title law of any state.

Section 1.2 Certain Other Terms. (a) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms. The terms “herein”, “hereof” and similar
terms refer to this Agreement as a whole and not to any particular Article, Section or clause in
this Agreement. References herein to an Annex, Schedule, Article, Section or clause refer to the
appropriate Annex or Schedule to, or Article, Section or clause in, this Agreement. Where the
context requires, provisions relating to any Collateral when used in relation to a Grantor shall
refer to such Grantor’s Collateral or any relevant part thereof.

(b) Section 1.5 (Interpretation) of the Credit Agreement is applicable to this Agreement as
and to the extent set forth therein.

ARTICLE II

GUARANTY

Section 2.1 Guaranty. To induce the Lenders to make the Term Loans contemplated by the Credit Agreement, each
Guarantor hereby, jointly and severally, absolutely, unconditionally and irrevocably guarantees, as
primary obligor and not merely as surety, the full and punctual payment when due, whether at stated
maturity or earlier, by reason of acceleration, mandatory prepayment or otherwise in accordance
with any Loan Document, of all the Obligations of the Borrower whether existing on the date hereof
or hereinafter incurred or created (the “Guaranteed Obligations”). This Guaranty by each
Guarantor hereunder constitutes a guaranty of payment and not of collection.

Section 2.2 Limitation of Guaranty. Any term or provision of this Guaranty or any other Loan Document to the contrary
notwithstanding, the maximum aggregate amount for which any Guarantor shall be liable hereunder
shall not exceed the maximum amount for which such Guarantor can be liable without rendering this
Guaranty or any other Loan Document, as it relates to such Guarantor, subject to avoidance under
applicable Requirements of Law relating to fraudulent conveyance or fraudulent transfer (including
the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act and Section 548 of title
11 of the United States Code or any applicable provisions of comparable Requirements of Law)
(collectively, “Fraudulent Transfer Laws”). Any analysis of the provisions of this
Guaranty for purposes of Fraudulent Transfer Laws shall take into account the right of contribution
established in Section 2.3 and, for purposes of such analysis, give effect to any discharge
of intercompany debt as a result of any payment made under the Guaranty.

Section 2.3 Contribution. To the extent that any Guarantor shall be required hereunder to pay any portion of any
Guaranteed Obligation exceeding the greater of (a) the amount of the economic benefit actually
received by such Guarantor from the Term Loans and other Obligations and (b) the amount such
Guarantor would otherwise have paid if such
Guarantor had paid the aggregate amount of the Guaranteed Obligations (excluding the amount
thereof repaid by the Borrower) in the same proportion as such Guarantor’s net worth on the date
enforcement is sought hereunder bears to the aggregate net worth of all the Guarantors on such
date, then such Guarantor shall be reimbursed by such other Guarantors for the amount of such
excess, pro rata, based on the respective net worth of such other Guarantors on such date.

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

4

 

Section 2.4 Authorization; Other Agreements. The Secured Parties are hereby authorized, without notice to or demand upon any Guarantor
and without discharging or otherwise affecting the obligations of any Guarantor hereunder and
without incurring any liability hereunder, from time to time, to do each of the following, in each
case, subject to compliance with the Loan Documents:

(a) (i) modify, amend, supplement or otherwise change, (ii) accelerate or otherwise change the
time of payment or (iii) waive or otherwise consent to noncompliance with, any Guaranteed
Obligation or any Loan Document;

(b) apply to the Guaranteed Obligations any sums by whomever paid or however realized to any
Guaranteed Obligation in such order as provided in and in accordance with the Loan Documents;

(c) refund at any time any payment received by any Secured Party in respect of any Guaranteed
Obligation;

(d) (i) Sell, exchange, enforce, waive, substitute, liquidate, terminate, release, abandon,
fail to perfect, subordinate, accept, substitute, surrender, exchange, affect, impair or otherwise
alter or release any Collateral for any Guaranteed Obligation or any other guaranty therefor in any
manner, (ii) receive, take and hold additional Collateral to secure any Guaranteed Obligation,
(iii) add, release or substitute any one or more other Guarantors, makers or endorsers of any
Guaranteed Obligation or any part thereof and (iv) otherwise deal in any manner with the Borrower
or any other Guarantor, maker or endorser of any Guaranteed Obligation or any part thereof; and

(e) settle, release, compromise, collect or otherwise liquidate the Guaranteed Obligations.

Section 2.5 Guaranty Absolute and Unconditional. Each Guarantor hereby waives and agrees not to assert any defense (other than defense (i)
of payment of the Guaranteed Obligations to the extent of such payment, (ii) with respect to clause
(e) below, that an Event of Default does not exist and (iii) that no Obligations are yet due and
payable), whether arising in connection with or in respect of any of the following or otherwise,
and hereby agrees that its obligations under this Guaranty are irrevocable, absolute and
unconditional and shall not be discharged as a result of or otherwise affected by any of the
following (which may not be pleaded and evidence of which may not be introduced in any proceeding
with respect to this Guaranty, in each case other than the payment in full of the Guaranteed
Obligations to the extent of such payment or as otherwise agreed in writing by the Administrative
Agent):

(a) the invalidity or unenforceability of any obligation of the Borrower or any other
Guarantor under any Loan Document or any other agreement or instrument relating thereto (including
any amendment, consent or waiver thereto), or any security for, or other guaranty of, any
Guaranteed Obligation or any part thereof, or the lack of perfection or continuing perfection or
failure of priority of any security for the Guaranteed Obligations or any part thereof;

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

5

 

(b) the absence of (i) any attempt to collect any Guaranteed Obligation or any part thereof
from the Borrower or any other Guarantor or other action to enforce the same or (ii) any action to
enforce any Loan Document or any Lien thereunder;

(c) the failure by any Person to take any steps to perfect and maintain any Lien on, or to
preserve any rights with respect to, any Collateral;

(d) any workout, insolvency, bankruptcy proceeding, reorganization, arrangement, liquidation
or dissolution by or against the Borrower, any other Guarantor or any of the Borrower’s other
Subsidiaries or any procedure, agreement, order, stipulation, election, action or omission
thereunder, including any discharge or disallowance of, or bar or stay against collecting, any
Guaranteed Obligation (or any interest thereon) in or as a result of any such proceeding;

(e) any foreclosure, whether or not through judicial sale, and any other Sale of any
Collateral or any election following the occurrence and during the continuance of an Event of
Default by any Secured Party to proceed separately against any Collateral in accordance with such
Secured Party’s rights under any applicable Requirement of Law; or

(f) any other defense, setoff, counterclaim or any other circumstance that might otherwise
constitute a legal or equitable discharge of the Borrower, any other Guarantor or any of the
Borrower’s other Subsidiaries in each case other than the occurrence of the Termination Date.

Section 2.6 Waivers. Each Guarantor hereby unconditionally and irrevocably waives and agrees not to assert any
claim, defense (other than defense (i) of payment of the Guaranteed Obligations to the extent of
such payment, (ii) that no Event of Default exists and (iii) that no Obligations are yet due and
payable), setoff or counterclaim based on diligence, promptness, presentment, requirements for any
demand or notice hereunder including any of the following: (a) any demand for payment or
performance and protest and notice of protest, (b) any notice of acceptance, (c) any presentment,
demand, protest or further notice or other requirements of any kind with respect to any Guaranteed
Obligation (including any accrued but unpaid interest thereon) becoming immediately due and payable
and (d) any other notice in respect of any Guaranteed Obligation or any part thereof, and any
defense arising by reason of any disability or other defense of the Borrower or any other
Guarantor. Until the Termination Date, each Guarantor further unconditionally and irrevocably
agrees not to (x) enforce or otherwise exercise any right of subrogation or any right of
reimbursement or contribution or similar right against the Borrower or any other Guarantor by
reason of any Loan Document or any payment made thereunder or (y) except to the extent otherwise
permitted under Section 8.13, assert any claim, defense, setoff or counterclaim it may have
against any other Loan Party or set off any of its
obligations to such other Loan Party against obligations of such Loan Party to such Guarantor.
No obligation of any Guarantor hereunder shall be discharged other than upon the occurrence of the
Termination Date.

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

6

 

Section 2.7 Reliance. Each Guarantor hereby assumes responsibility for keeping itself informed of the financial
condition of the Borrower, each other Guarantor and any other guarantor, maker or endorser of any
Guaranteed Obligation or any part thereof, and of all other circumstances bearing upon the risk of
nonpayment of any Guaranteed Obligation, and each Guarantor hereby agrees that no Secured Party
shall have any duty to advise any Guarantor of information known to it regarding such condition or
any such circumstances. In the event any Secured Party, in its sole discretion, undertakes at any
time or from time to time to provide any such information to any Guarantor, such Secured Party
shall be under no obligation to (a) undertake any investigation not a part of its regular business
routine, (b) disclose any information that such Secured Party, pursuant to accepted or reasonable
commercial finance or banking practices, wishes to maintain confidential or (c) make any future
disclosures of such information or any other information to any Guarantor.

ARTICLE III

GRANT OF SECURITY INTEREST

Section 3.1 Collateral. For the purposes of this Agreement, all of the following property now owned or at any time
hereafter acquired by a Grantor or in which a Grantor now has or at any time in the future may
acquire any right, title or interests is collectively referred to as the “Collateral”:

(a) all accounts, chattel paper, deposit accounts, documents (as defined in the UCC),
equipment, general intangibles, instruments, inventory, investment property and any supporting
obligations related thereto;

(b) the commercial tort claims described on Schedule 1 and on any supplement thereto
received by the Agents pursuant to Section 5.9;

(c) all books and records pertaining to the other property described in this Section
3.1;

(d) all personal property of such Grantor held by any Secured Party, including all such
property of every description, in the custody of or in transit to such Secured Party for any
purpose, including safekeeping, collection or pledge, for the account of such Grantor or as to
which such Grantor may have any right or power, including but not limited to cash;

(e) all other goods (including but not limited to fixtures) and personal property of such
Grantor, whether tangible or intangible and wherever located; and

(f) to the extent not otherwise included, all proceeds of the foregoing;

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

7

 

provided, however, that “Collateral” shall not include any Excluded Assets;
and provided, further, that if and when any property shall cease to be Excluded
Assets, such property shall be deemed at all times from and after the date hereof to constitute
Collateral until the date, if ever, such property again becomes Excluded Assets.

Section 3.2 Grant of Security Interest in Collateral. Each Grantor, as collateral security for the prompt and complete payment and performance
when due (whether at stated maturity, by acceleration or otherwise) of the Obligations of such
Grantor (the “Secured Obligations”), hereby mortgages, pledges and hypothecates to the
Administrative Agent for the benefit of the Secured Parties, and grants to the Administrative Agent
for the benefit of the Secured Parties a Lien on and security interest in, all of its right, title
and interest in, to and under the Collateral of such Grantor.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

To induce the Lenders, the Administrative Agent and the Syndication Agent to enter into the
Loan Documents, each Grantor represents and warrants to each of them each of the following on and
as of the Closing Date:

Section 4.1 Title; No Other Liens. Except for the Lien granted to the Administrative Agent pursuant to this Agreement and
other Permitted Liens under any Loan Document (including Section 4.2), such Grantor owns or
has the right to use each item of the Collateral free and clear of any and all Liens. Such Grantor
(a) is the record and beneficial owner of the rights in the Collateral pledged by it hereunder
constituting instruments or certificates and (b) has rights in or the power to transfer each other
item of Collateral in which a Lien is granted by it hereunder, free and clear of any other Lien
other than Permitted Liens.

Section 4.2 Perfection and Priority. The security interest granted pursuant to this Agreement constitutes a valid and continuing
perfected security interest in favor of the Administrative Agent in all Collateral subject, for the
following Collateral, to the occurrence of the following: (i) in the case of all Collateral in
which a security interest may be perfected by filing a financing statement under the UCC, the
completion of the filings and other actions specified on Schedule 2 (which, in the case of
all filings and other documents referred to on such schedule, have been delivered to the
Syndication Agent in completed and duly authorized form), (ii) with respect to any deposit account,
securities account or commodities account, the execution of Control Agreements, (iii) in the case
of all Copyrights, Trademarks and Patents for which UCC filings are insufficient, all appropriate
filings having been made with the Applicable IP Office, (iv) in the case of letter-of-credit rights
that are not supporting obligations of Collateral, the execution of a Contractual Obligation
granting control to the Administrative Agent over such letter-of-credit rights, (v) in the case of
electronic chattel paper, the completion of all steps necessary to grant control to the
Administrative Agent over such electronic chattel paper, (vi) in the case of Vehicles, the actions
required under Section 5.1(e), (vii) in the case of real property, the action required by
real property law and (viii) such actions as may be required by applicable foreign laws affecting
the grant of the security interest in the Pledged Stock of any Subsidiary

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

8

 

that is not a domestic Subsidiary. Such security interest shall be prior to all other Liens
on the Collateral (except for Customary Permitted Liens having priority over the Administrative
Agent’s Lien by operation of law and, until the First Lien Termination Date, Liens granted to
secure Indebtedness under the First Lien Loan Documents) upon (i) in the case of all Pledged
Certificated Stock, Pledged Debt Instruments and Pledged Investment Property, the delivery thereof
to the First Lien Agent (if prior to the First Lien Termination Date) or the Administrative Agent
(if otherwise) of such Pledged Certificated Stock, Pledged Debt Instruments and Pledged Investment
Property consisting of instruments and certificates, in each case properly endorsed for transfer to
the Administrative Agent or in blank, (ii) in the case of all Pledged Investment Property not in
certificated form, the execution of Control Agreements with respect to such investment property and
(iii) in the case of all other instruments and tangible chattel paper that are not Pledged
Certificated Stock, Pledged Debt Instruments or Pledged Investment Property, the delivery thereof
to the First Lien Agent (if prior to the First Lien Termination Date) or the Administrative Agent
(if otherwise) of such instruments and tangible chattel paper. Except as set forth in this
Section 4.2 or unless waived in writing by the Syndication Agent, all actions by each
Grantor necessary to perfect the Lien granted hereunder on the Collateral have been duly taken.

Section 4.3 Jurisdiction of Organization; Chief Executive Office. Such Grantor’s jurisdiction of organization, legal name and organizational identification
number, if any, and the location of such Grantor’s chief executive office or sole place of
business, in each case as of the date hereof, is specified on Schedule 3 and such
Schedule 3 also lists all jurisdictions of incorporation, legal names and locations of such
Grantor’s chief executive office or sole place of business for the five years preceding the date
hereof.

Section 4.4 Locations of Inventory, Equipment and Books and Records. On the Closing Date, such Grantor’s inventory and equipment (other than inventory or
equipment in transit or otherwise having an aggregate value of less than $500,000) and books and
records concerning the Collateral are kept at the locations listed on Schedule 5.

Section 4.5 Pledged Collateral. (a) The Pledged Stock pledged by such Grantor hereunder (a) is listed on Schedule 6
and constitutes that percentage of the issued and outstanding equity of all classes of each issuer
(except for any Joint Venture) thereof as of the date hereof, as set forth on Schedule 6,
(b) has been duly authorized, validly issued and is fully paid and nonassessable (other than
Pledged Stock in limited liability companies and partnerships) and (c) constitutes the legal, valid
and binding obligation of the obligor with respect thereto, enforceable in accordance with its
terms.

(b) As of the Closing Date, all Pledged Collateral (other than Pledged Uncertificated Stock
and Pledged Debt Instruments) and all Pledged Investment Property consisting of instruments and
certificates have been delivered to the First Lien Agent in accordance with Section 5.3(a).

(c) Subject to the Intercreditor Agreement, upon the occurrence and during the continuance of
an Event of Default, subject to the notice required in accordance with Section 6.3(a), the
Administrative Agent shall be entitled to exercise all of the rights of the Grantor granting the
security interest in any Pledged Stock, and a transferee or assignee of such Pledged
Stock shall become a holder of such Pledged Stock to the same extent as such Grantor and be
entitled to participate in the management of the issuer of such Pledged Stock and, upon the
transfer of the entire interest of such Grantor, such Grantor shall, by operation of law, cease to
be a holder of such Pledged Stock.

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Section 4.6 Instruments and Tangible Chattel Paper Formerly Accounts. No amount payable to such Grantor under or in connection with any account is evidenced by
any instrument (other than checks received in the ordinary course of business) or tangible chattel
paper that has not been delivered to the First Lien Agent (if prior to the First Lien Termination
Date) or the Administrative Agent (if otherwise), properly endorsed for transfer, to the extent
delivery is required by Section 5.6(a).

Section 4.7 Intellectual Property. (a) Schedule 7 sets forth, as of the Closing Date, a true and complete list of the
following Intellectual Property such Grantor owns or, in the case of material Software, licenses as
of the date hereof: (i) Intellectual Property that is registered or subject to applications for
registration and (ii) Material Intellectual Property and material Software, separately identifying
that owned and licensed, as applicable, to such Grantor and including for each of the foregoing
items (1) the owner, (2) the title, (3) the jurisdiction in which such item has been registered or
otherwise arises or in which an application for registration has been filed, (4) as applicable, the
registration or application number and registration or application date and (5) any IP Licenses or
other rights (including franchises) granted by the Grantor with respect thereto.

(b) All Material Intellectual Property owned by such Grantor is valid, in full force and
effect, subsisting, unexpired and enforceable, and no Material Intellectual Property has been
abandoned. No breach or default of any material IP License shall be caused by the consummation of
the transactions contemplated by any Loan Document, and the consummation of the transactions
contemplated by the Loan Documents shall not limit or impair the ownership, use, validity or
enforceability of, or any rights of such Grantor in, any Material Intellectual Property. There are
no pending (or, to the knowledge of such Grantor, threatened) actions, investigations, suits,
proceedings, audits, written claims, written demands, orders or written disputes challenging the
ownership, use, validity, enforceability of, or such Grantor’s rights in, any Material Intellectual
Property of such Grantor. To such Grantor’s knowledge, no Person is infringing, misappropriating,
diluting, violating or otherwise impairing, or has infringed, misappropriated, diluted, violated or
otherwise impaired, any Intellectual Property of such Grantor. Such Grantor, and to such Grantor’s
knowledge each other party thereto, is not in material breach or default of any material IP
License.

Section 4.8 Commercial Tort Claims. The only commercial tort claims of any Grantor existing on the Closing Date (regardless of
whether the amount, defendant or other material facts can be determined and regardless of whether
such commercial tort claim has been asserted, threatened or has otherwise been made known to the
obligee thereof or whether litigation has been commenced for such claims), other than commercial
tort claims with a value of less than $1,000,000, are those listed on Schedule 1, which
sets forth such information separately for each Grantor.

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Section 4.9 Specific Collateral. None of the Collateral is or is proceeds or products of farm products, as-extracted
collateral, health-care-insurance receivables or timber to be cut.

Section 4.10 Enforcement. No Permit, other than FCC Licenses, notice to or filing with any Governmental Authority or
any other Person or any consent from any Person is required for the exercise by the Administrative
Agent of its rights (including, subject to the notice requirements in Section 6.3(a),
voting rights) provided for in this Agreement or the enforcement of remedies in respect of the
Collateral pursuant to this Agreement, including the transfer of any Collateral, except as may be
required in connection with the disposition of any portion of the Pledged Collateral by laws
affecting the offering and sale of securities generally or any approvals that may be required to be
obtained from any bailees or landlords to collect the Collateral.

Section 4.11 Deposit and Securities Accounts. The only deposit and securities accounts of any Grantor as of the Closing Date are those
listed on Schedule 4.

Section 4.12 Representations and Warranties of the Credit Agreement. The representations and warranties as to such Grantor and its Subsidiaries made by the
Borrower in Article IV (Representations and Warranties) of the Credit Agreement are
true and correct in all material respects (but in all respects if such representation or warranty
is qualified by “material” or “Material Adverse Effect”) on the Closing Date or, to the extent such
representations and warranties expressly relate to an earlier date, on and as of such earlier date.

ARTICLE V

COVENANTS

Each Grantor agrees with the Lenders, the Administrative Agent and the Syndication Agent to
each of the following, as long as any Obligation (other than unasserted contingent indemnification
obligations and any unasserted expense reimbursement obligations) remains outstanding and, in each
case, unless the Required Lenders otherwise consent in writing:

Section 5.1 Maintenance of Perfected Security Interest; Further Documentation and
Consents. (a) [Reserved].

(b) Such Grantor shall (i) maintain the security interest in the Collateral created by this
Agreement as a perfected security interest having at least the priority described in Section
4.2 and (ii) shall use commercially reasonable efforts to defend such security interest and
such priority against the claims and demands of all Persons.

(c) Pursuant to Section 6.1(e) of the Credit Agreement, such Grantor shall furnish to
the Agents from time to time statements and schedules further identifying and describing the
Collateral and such other documents in connection with the Collateral as the Syndication Agent may
reasonably request, all in reasonable detail and in form and substance satisfactory to the
Syndication Agent.

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(d) At any time and from time to time, upon the written request of any Agent, such Grantor
shall, for the purpose of obtaining or preserving the full benefits of this Agreement
and of the rights and powers herein granted, (i) promptly and duly execute and deliver, and
have recorded, such further documents, including an authorization to file (or, as applicable, the
filing) of any financing statement or amendment under the UCC (or other filings under similar
Requirements of Law) in effect in any jurisdiction with respect to the security interest created
hereby and (ii) take such further action as any Agent may reasonably request, including (A) using
commercially reasonable efforts to secure all approvals necessary or appropriate for the assignment
to or for the benefit of the Administrative Agent of any Contractual Obligation, including any IP
License, constituting Collateral, held by such Grantor and, subject to the Intercreditor Agreement,
to enforce the security interests granted hereunder and (B) executing and delivering any Control
Agreements with respect to deposit accounts and securities accounts in accordance with Section 7.11
of the Credit Agreement.

(e) If requested by the Syndication Agent, such Grantor shall arrange for the Administrative
Agent’s first priority (subject, until the First Lien Termination Date, to the Liens of the First
Lien Agent) security interest to be noted on the certificate of title of all Vehicles owned by such
Grantor having fair market value of not less than $5,000,000 in the aggregate, and shall execute,
deliver and file any other necessary documentation in each jurisdiction that the Syndication Agent
shall deem necessary, or shall otherwise reasonably request, to perfect its security interests in
any Vehicle.

Section 5.2 Changes in Locations, Name, Etc.(a) Except upon (i) written notice to the Agents as provided below, (ii) delivery to the
Agents of all documents reasonably requested by the Syndication Agent to maintain the validity,
perfection and priority of the security interests provided for herein and (iii) a written
supplement to Schedule 3 or Schedule 5, as applicable, such Grantor shall not do
any of the following:

(i) change its jurisdiction of organization, its location, or corporation, limited
liability company, partnership or other organizational structure from that referred to in
Section 4.3 and listed on Schedule 3 without fifteen (15) days prior written
notice to the Agents;

(ii) change its legal name or organizational identification number, if any, from that
listed on Schedule 3, other than as set forth on Schedule 3, without written
notice to the Agents substantially contemporaneous with such change; or

(iii) permit material inventory or material equipment to be kept at a location other
than those listed on Schedule 5, except for inventory or equipment in transit,
without written notice to the Agents within ninety (90) days of keeping any material
inventory or material equipment at such other location.

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Section 5.3 Pledged Collateral. (a) Delivery of Pledged Collateral. Such Grantor shall (i) deliver to (A) if prior
to the First Lien Termination Date, the First Lien Agent or (B) if otherwise, the Administrative
Agent, in suitable form for transfer and in form and substance reasonably satisfactory to the
Syndication Agent, (A) all Pledged Certificated Stock, (B) all Pledged Debt Instruments with a face
value in excess of $500,000 individually or $1,000,000 in the aggregate and (C) all certificates
and instruments evidencing Pledged Investment Property,
(ii) subject to Section 7.11 of the Credit Agreement, maintain all other Pledged
Investment Property in a Controlled Securities Account and (iii) if applicable, promptly deliver to
the Agents a written supplement to Schedule 6 evidencing all Pledged Stock acquired and
delivered to the First Lien Agent (if prior to the First Lien Termination Date) or the
Administrative Agent (if otherwise) following the Closing Date.

(b) Event of Default. Subject to the Intercreditor Agreement, during the continuance
of an Event of Default, the Administrative Agent shall have the right, at any time and without
notice to the relevant Grantor or Grantors, to (i) transfer to or to register in its name or in the
name of its nominees any Pledged Collateral or any Pledged Investment Property and (ii) exchange
any certificate or instrument representing or evidencing any Pledged Certificated Stock, Pledged
Debt Instruments or any Pledged Investment Property for certificates or instruments of smaller or
larger denominations.

(c) Cash Distributions with respect to Pledged Collateral. Except as provided in
Article VI, such Grantor shall be entitled to receive all cash distributions paid in
respect of the Pledged Collateral.

(d) Voting Rights. Except as provided in Article VI, such Grantor shall be
entitled to exercise all voting, consent and corporate, partnership, limited liability company and
similar rights with respect to the Pledged Collateral; provided, however, that no
vote shall be cast, consent given or right exercised or other action taken by such Grantor that
would cause a Default (other than any vote approving any bankruptcy or similar proceeding).

Section 5.4 Accounts. (a) [Reserved].

(b) So long as an Event of Default has occurred and is continuing (i) the Administrative Agent
shall have the right to make test verifications of the Accounts in any manner and through any
medium that it or the Syndication Agent reasonably considers advisable, and such Grantor shall
furnish all such assistance and information as the Administrative Agent may reasonably require in
connection therewith and (ii) upon any Agent’s request, such Grantor shall furnish to the Agents
reports showing reconciliations, aging and test verifications of, and trial balances for, the
accounts; provided, however, that unless a Default shall be continuing, the Agents
collectively shall request no more than four (4) such reports during any calendar year.

Section 5.5 Commodity Contracts. No Grantor shall have any commodity contract unless a Control Agreement has been delivered
in accordance with the Credit Agreement.

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Section 5.6 Delivery of Instruments and Tangible Chattel Paper and Control of Investment
Property, Letter-of-Credit Rights and Electronic Chattel Paper. (a) If any amount in excess of $1,000,000, individually or in the aggregate, payable under
or in connection with any Collateral owned by such Grantor shall be or become evidenced by an
instrument or tangible chattel paper other than such instrument delivered in accordance with
Section 5.3(a) and in the possession of the First Lien Agent (if prior to the First Lien
Termination Date) or the Administrative Agent (if otherwise), such Grantor shall notify the Agents
and, upon the request of the Syndication Agent, mark all such instruments and tangible chattel
paper with the
following legend: “This writing and the obligations evidenced or secured hereby are subject
to the security interest of General Electric Capital Corporation, as Administrative Agent under the
First Lien Guaranty and Security Agreement, and Cortland Capital Market Services LLC, as
Administrative Agent under the Second Lien Guaranty and Security Agreement” and, at the request of
the Syndication Agent, shall promptly (and in any event, within fifteen (15) Business Days of such
request) deliver such instrument or tangible chattel paper to the First Lien Agent (if prior to the
First Lien Termination Date) or the Administrative Agent (if otherwise), duly indorsed in a manner
reasonably satisfactory to the Syndication Agent.

(b) Such Grantor shall not grant “control” (within the meaning of such term under Article
9-106 of the UCC) over any investment property to any Person other than the Administrative Agent
and the First Lien Agent.

(c) If such Grantor is or becomes the beneficiary of a letter of credit that is (i) not a
supporting obligation of any Collateral and (ii) in excess of $1,000,000, such Grantor shall
promptly, and in any event within five (5) Business Days (or such longer period as the Syndication
Agent may agree in its sole discretion) after becoming a beneficiary, notify the Agents thereof
and, at the request of the Syndication Agent and subject to the Intercreditor Agreement, use
commercially reasonable efforts to assign such letter-of-credit rights to the Administrative Agent
and such assignment shall be sufficient to grant control to the Administrative Agent for the
purposes of Section 9-107 of the UCC (or any similar section under any equivalent UCC).

(d) If any amount in excess of $1,000,000 in the aggregate payable under or in connection with
any Collateral owned by such Grantor shall be or become evidenced by electronic chattel paper, such
Grantor shall, upon the request of the Syndication Agent and subject to the Intercreditor
Agreement, take all steps reasonably necessary to grant the Administrative Agent control of all
such electronic chattel paper for the purposes of Section 9-105 of the UCC (or any similar section
under any equivalent UCC) and all “transferable records” as defined in each of the Uniform
Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act.

Section 5.7 Intellectual Property. (a) Within sixty (60) days after any change to Schedule 7 for such Grantor, such
Grantor shall provide the Agents notification thereof and, if requested, the short-form
intellectual property agreements and assignments as described in this Section 5.7 and other
documents that any Agent reasonably requests with respect thereto.

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(b) Such Grantor shall (and shall cause all its licensees to) (i) (1) continue to use each
Trademark included in the Material Intellectual Property to the extent required by applicable
Requirements of Law in order to maintain such Trademark in full force and effect with respect to
each class of goods for which such Trademark is currently used, free from any claim of abandonment
for non-use, (2) maintain substantially the same (or higher) standards of quality of products and
services offered under such Trademark as are currently maintained, (3) use such Trademark with the
appropriate notice of registration and all other notices and legends to the extent necessary to
maintain such Trademark and preserve all available remedies, and (4) not adopt or use any other
Trademark that is confusingly similar or a colorable imitation of such
Trademark unless the Administrative Agent shall obtain a perfected security interest (subject
to the qualification of Section 4.2) in such other Trademark pursuant to this Agreement and
(ii) not knowingly do any act or knowingly omit to do any act whereby (w) such Trademark (or any
goodwill associated therewith) may become invalidated, impaired or harmed in any way, (x) any
Patent included in the Material Intellectual Property may become forfeited, unenforceable,
abandoned or dedicated to the public, (y) any material portion of the Copyrights included in the
Material Intellectual Property may become invalidated, otherwise impaired or fall into the public
domain or (z) any Trade Secret that is Material Intellectual Property may become publicly available
or otherwise unprotectable.

(c) Such Grantor shall notify the Agents promptly (but in any event within thirty (30) days)
if it knows that any application or registration for any Material Intellectual Property owned by or
exclusively licensed to such Grantor may become forfeited, unenforceable or abandoned (other than
patents at the end of their statutory term), or of any materially adverse determination in any
proceeding against such Grantor regarding the validity or enforceability or such Grantor’s
ownership of, interest in, right to use, register, own or maintain any Material Intellectual
Property (other than office actions issued in the ordinary course of prosecution of any pending
applications for registration of other Material Intellectual Property). Such Grantor shall take
all actions that are necessary, as determined in its reasonable business judgment, or reasonably
requested by the Syndication Agent to pursue each application (and to obtain the relevant
registration or recordation) and to maintain the validity and enforceability of each registration
included in the Material Intellectual Property.

(d) Such Grantor shall not knowingly do any act or knowingly omit to do any act to infringe,
misappropriate or dilute the Intellectual Property of any other Person in any material respect. In
the event that, after the Closing Date, any Material Intellectual Property of such Grantor is or
has, to the knowledge of such Grantor, been infringed, misappropriated or diluted by a third party,
such Grantor shall take such action as it reasonably deems appropriate under the circumstances in
response thereto, including promptly bringing suit and recovering all damages therefor.

(e) Such Grantor shall execute and deliver to the Agents the short-form intellectual property
security agreements in the form attached hereto as Annex 3 for all Copyrights, Trademarks
and Patents for filing in the Applicable IP Office.

Section 5.8 Notices. Subject to Section 5.7(a), such Grantor shall promptly notify the Agents in writing
of its acquisition of any interest hereafter in personal property with an aggregate value in excess
of $1,000,000 constituting Collateral that is of a type where a security interest or lien must be
or may be registered, recorded or filed under, or notice thereof given under, any federal statute
or regulation.

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Section 5.9 Notice of Commercial Tort Claims. Such Grantor agrees that, if it shall acquire any interest in any commercial tort claim
other than commercial tort claims with an asserted value less than $1,000,000 (whether from another
Person or because such commercial tort claim shall have come into existence), (i) such Grantor
shall, promptly (and in any event, within five (5) Business Days) upon such acquisition, deliver to
the Agents, in each case in form
and substance reasonably satisfactory to the Syndication Agent, a notice of the existence and
nature of such commercial tort claim and a supplement to Schedule 1 containing a specific
description of such commercial tort claim, (ii) Section 3.1 shall apply to such commercial
tort claim and (iii) such Grantor shall execute and deliver to the Agents, in each case in form and
substance reasonably satisfactory to the Syndication Agent, any document, and take all other
action, deemed by the Syndication Agent to be reasonably necessary for the Administrative Agent to
obtain, on behalf of the Lenders, a perfected security interest having at least the priority set
forth in Section 4.2 in all such commercial tort claims. Any supplement to Schedule
1 delivered pursuant to this Section 5.9 shall, after the receipt thereof by the
Agents, become part of Schedule 1 for all purposes hereunder other than in respect of
representations and warranties made prior to the date of such receipt.

Section 5.10 Deposit and Securities Accounts. If such Grantor opens a deposit or securities account other than those listed on
Schedule 6 and subject to the limitations with respect to restrictions on deposit accounts
and securities accounts set forth in Section 7.11 of the Credit Agreement, such Grantor shall,
within thirty (30) days after opening such account, deliver (i) a written supplement to
Schedule 6 and (ii) a Control Agreement in accordance with Section 7.11(a) of the Credit
Agreement.

Section 5.11 Compliance with Credit Agreement. Such Grantor agrees to comply with all covenants and other provisions applicable to it
under the Credit Agreement, including Sections 2.17 (Taxes), 11.3 (Costs and Expenses) and 11.4
(Indemnities) of the Credit Agreement and agrees to the same submission to jurisdiction as that
agreed to by the Borrower in the Credit Agreement.

ARTICLE VI

REMEDIAL PROVISIONS

Section 6.1 Code and Other Remedies. (a) UCC Remedies. Subject to the Intercreditor Agreement, during the continuance
of an Event of Default, the Administrative Agent may exercise, in addition to all other rights and
remedies granted to it in this Agreement and in any other instrument or agreement securing,
evidencing or relating to any Secured Obligation, all rights and remedies of a secured party under
the UCC or any other applicable law.

(b) Disposition of Collateral. Without limiting the generality of the foregoing,
subject to the Intercreditor Agreement, the Administrative Agent may, without demand of performance
or other demand, presentment, protest, advertisement or notice of any kind (except any notice
required by applicable law) to or upon any Grantor or any other Person (all and each of which
demands, defenses, advertisements and notices are hereby waived), during the continuance of any
Event of Default (personally or through its agents or attorneys), (i) enter upon the premises where
any Collateral is located, without any obligation to pay rent, through self-help, without judicial
process, without first obtaining a final judgment or giving any Grantor or any other Person notice
or opportunity for a hearing on the Administrative Agent’s claim or action, (ii) collect, receive,
appropriate and realize upon any Collateral and (iii) Sell, grant an option or options to purchase
and deliver any Collateral (and enter into Contractual Obligations

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to do any of the foregoing), in one or more parcels at public or private sale or sales, at any
exchange, broker’s board or office of any Secured Party or elsewhere upon such terms and conditions
as it may deem advisable and at such prices as it may deem best, for cash or on credit or for
future delivery without assumption of any credit risk. The Administrative Agent shall have the
right, upon any such public sale or sales and, to the extent permitted by the UCC and other
applicable Requirements of Law, upon any such private sale, to purchase the whole or any part of
the Collateral so sold, free of any right or equity of redemption of any Grantor, which right or
equity is hereby waived and released. Notwithstanding anything to the contrary herein, the
Administrative Agent shall not assign or otherwise dispose of any Trademark owned by any Grantor
without assigning the assets and goodwill of the business associated therewith and any such
assignment without doing so shall be null and void.

(c) Management of the Collateral. Each Grantor further agrees that, subject to the
Intercreditor Agreement, during the continuance of any Event of Default, (i) at the Administrative
Agent’s request, it shall assemble all or part of the tangible Collateral as directed by the
Administrative Agent and make it available to the Administrative Agent at places that the
Administrative Agent shall reasonably select, whether at such Grantor’s premises or elsewhere, (ii)
without limiting the foregoing, the Administrative Agent also has the right to require that each
Grantor store and keep any Collateral pending further action by the Administrative Agent and, while
any such Collateral is so stored or kept, provide such guards and maintenance services as shall be
necessary to protect the same and to preserve and maintain such Collateral in good condition, (iii)
until the Administrative Agent is able to Sell any Collateral, the Administrative Agent shall have
the right to hold or use such Collateral to the extent that it deems appropriate for the purpose of
preserving the Collateral or its value or for any other purpose deemed appropriate by the
Administrative Agent and (iv) the Administrative Agent may, if it so elects, seek the appointment
of a receiver or keeper to take possession of any Collateral and to enforce any of the
Administrative Agent’s remedies (for the benefit of the Secured Parties), with respect to such
appointment without prior notice or hearing as to such appointment. The Administrative Agent shall
not have any obligation to any Grantor to maintain or preserve the rights of any Grantor as against
third parties with respect to any Collateral while such Collateral is in the possession of the
Administrative Agent.

(d) Application of Proceeds. Subject to the Intercreditor Agreement, the
Administrative Agent shall apply the cash proceeds of any action taken by it pursuant to this
Section 6.1, after deducting all reasonable documented and out-of-pocket costs and expenses
of every kind incurred in connection therewith or incidental to the care or safekeeping of any
Collateral or in any way relating to the Collateral or the rights of the Administrative Agent and
any other Secured Party hereunder, including reasonable and documented attorneys’ fees and
disbursements, to the payment in whole or in part of the Secured Obligations, as set forth in the
Credit Agreement, and only after such application and after the payment by the Administrative Agent
of any other amount required by any Requirement of Law, need the Administrative Agent account for
the surplus, if any, to any Grantor.

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(e) Direct Obligation. Neither the Administrative Agent nor any other Secured Party
shall be required to make any demand upon, or pursue or exhaust any right or remedy against, any
Grantor, any other Loan Party or any other Person with respect to the
payment of the Obligations or to pursue or exhaust any right or remedy with respect to any
Collateral therefor or any direct or indirect guaranty thereof. All of the rights and remedies of
the Administrative Agent and any other Secured Party under any Loan Document shall be cumulative,
may be exercised individually or concurrently and not exclusive of any other rights or remedies
provided by any Requirement of Law. To the extent it may lawfully do so, each Grantor absolutely
and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert
against the Administrative Agent or any Secured Party, any valuation, stay, appraisement,
extension, redemption or similar laws and any and all rights or defenses it may have as a surety,
now or hereafter existing, arising out of the exercise by them of any rights hereunder. If any
notice of a proposed Sale of any Collateral shall be a Requirement of Law, such notice shall be
deemed reasonable and proper if given at least ten (10) days before such Sale.

(f) Commercially Reasonable. To the extent that applicable Requirements of Law impose
duties on the Administrative Agent to exercise remedies in a commercially reasonable manner, each
Grantor acknowledges and agrees that it is not commercially unreasonable for the Administrative
Agent to do any of the following:

(i) fail to incur significant costs, expenses or other Liabilities reasonably deemed as
such by the Administrative Agent to prepare any Collateral for disposition or otherwise to
complete raw material or work in process into finished goods or other finished products for
disposition;

(ii) fail to obtain Permits, or other consents, for access to any Collateral to Sell or
for the collection or Sale of any Collateral, or, if not required by other Requirements of
Law, fail to obtain Permits or other consents for the collection or disposition of any
Collateral;

(iii) fail to exercise remedies against account debtors or other Persons obligated on
any Collateral or to remove Liens on any Collateral or to remove any adverse claims against
any Collateral;

(iv) advertise dispositions of any Collateral through publications or media of general
circulation, whether or not such Collateral is of a specialized nature or to contact other
Persons, whether or not in the same business as any Grantor, for expressions of interest in
acquiring any such Collateral;

(v) exercise collection remedies against account debtors and other Persons obligated on
any Collateral, directly or through the use of collection agencies or other collection
specialists, hire one or more professional auctioneers to assist in the disposition of any
Collateral, whether or not such Collateral is of a specialized nature or, to the extent
deemed appropriate by the Administrative Agent, obtain the services of other brokers,
investment bankers, consultants and other professionals to assist the Administrative Agent
in the collection or disposition of any Collateral, or utilize Internet sites that provide
for the auction of assets of the types included in the Collateral or that have the
reasonable capacity of doing so, or that match buyers and sellers of assets to dispose
of any Collateral;

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(vi) dispose of assets in wholesale rather than retail markets;

(vii) disclaim disposition warranties, such as title, possession or quiet enjoyment; or

(viii) purchase insurance or credit enhancements to insure the Administrative Agent
against risks of loss, collection or disposition of any Collateral or to provide to the
Administrative Agent a guaranteed return from the collection or disposition of any
Collateral.

Each Grantor acknowledges that the purpose of this Section 6.1 is to provide a
non-exhaustive list of actions or omissions that are commercially reasonable when exercising
remedies against any Collateral and that other actions or omissions by the Secured Parties shall
not be deemed commercially unreasonable solely on account of not being indicated in this
Section 6.1. Without limitation upon the foregoing, nothing contained in this Section
6.1 shall be construed to grant any rights to any Grantor or to impose any duties on the
Administrative Agent that would not have been granted or imposed by this Agreement, the other Loan
Documents or by applicable Requirements of Law in the absence of this Section 6.1.

(g) IP Licenses. For the purpose of enabling the Administrative Agent to exercise
rights and remedies under this Section 6.1 (including in order to take possession of,
collect, receive, assemble, process, appropriate, remove, realize upon, Sell or grant options to
purchase any Collateral) at and during the continuation of such time as the Administrative Agent
shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the
Administrative Agent, for the benefit of the Secured Parties, (i) an irrevocable (until the
Termination Date), nonexclusive, worldwide license (exercisable without payment of royalty or other
compensation to such Grantor), including in such license the right to sublicense, use and practice
any Intellectual Property (with respect to Trademarks, subject to reasonable quality control in
favor of such Grantor) now owned or hereafter acquired by such Grantor and access to all media in
which any of the licensed items may be recorded or stored and to all Software used for the
compilation or printout thereof and (ii) an irrevocable license (without payment of rent or other
compensation to such Grantor) to use, operate and occupy all real property owned, operated, leased,
subleased or otherwise occupied by such Grantor; provided that no such license shall be
granted with respect to any Excluded Assets.

(h) Additional Rights of the Administrative Agent. For the avoidance of doubt, each
of the Grantors party hereto and each of the Secured Parties, by their acceptance of the benefits
of this Agreement, agree, to the fullest extent permitted by applicable Requirements of Law and
subject to the Intercreditor Agreement, that the Administrative Agent shall have the right to
“credit bid” any or all of the Secured Obligations in connection with any sale or foreclosure
proceeding in respect of the Collateral, including without limitation, sales occurring pursuant to
Section 363 of the Bankruptcy Code or included as party of any plan subject to confirmation under
Section 1129(b)(2)(A)(iii) of the Bankruptcy Code.

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Section 6.2 Accounts and Payments in Respect of General Intangibles. (a) In addition to, and not in substitution for, any similar requirement in the Credit
Agreement, but subject to the Intercreditor Agreement, if required by the Administrative Agent at
any time during the continuance of an Event of Default, any payment of accounts or payment in
respect of general intangibles that are Collateral, when collected by any Grantor, shall be
promptly (and, in any event, within five (5) Business Days) deposited by such Grantor in the exact
form received, duly indorsed by such Grantor to the Administrative Agent, in a Cash Collateral
Account, subject to withdrawal by the Administrative Agent as provided in Section 6.4.
Until so turned over, such payment shall be held by such Grantor in trust for the Administrative
Agent, segregated from other funds of such Grantor. Each such deposit of proceeds of accounts and
payments in respect of general intangibles that are Collateral shall be accompanied by a report
identifying in reasonable detail the nature and source of the payments included in the deposit.

(b) Subject to the Intercreditor Agreement, at any time during the continuance of an Event of
Default:

(i) each Grantor shall, upon the Administrative Agent’s request, deliver to the
Administrative Agent all original and other documents evidencing, and relating to, the
Contractual Obligations and transactions that gave rise to any account or any payment in
respect of general intangibles that are Collateral, including all original orders, invoices
and shipping receipts (or, to the extent originals are not available, copies of such
documents) and notify account debtors that the accounts or general intangibles have been
collaterally assigned to the Administrative Agent and that payments in respect thereof shall
be made directly to the Administrative Agent;

(ii) the Administrative Agent may, without notice, limit or terminate the authority of
a Grantor to collect its accounts or amounts due under general intangibles that are
Collateral or any thereof and, in its own name or in the name of others, communicate with
account debtors to verify with them to the Administrative Agent’s satisfaction the
existence, amount and terms of any account or amounts due under any general intangible that
is Collateral. In addition, the Administrative Agent may at any time enforce such Grantor’s
rights against such account debtors and obligors of general intangibles that are Collateral;
and

(iii) at the request of the Administrative Agent, each Grantor shall take all actions,
deliver all documents and provide all information necessary or reasonably requested by the
Administrative Agent to ensure any Internet domain name is registered.

(c) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under
each account and each payment in respect of general intangibles to observe and perform all the
conditions and obligations to be observed and performed by it thereunder, all in accordance with
the terms of any agreement giving rise thereto. No Secured Party shall have any obligation or
liability under any agreement giving rise to an account or a payment in respect of a general
intangible by reason of or arising out of any Loan Document or the receipt by any Secured Party of
any payment relating thereto, nor shall any Secured Party be obligated in any manner to perform any
obligation of any Grantor under or pursuant to any agreement giving rise
to an account or a payment in respect of a general intangible, to make any payment, to make
any inquiry as to the nature or the sufficiency of any payment received by it or as to the
sufficiency of any performance by any party thereunder, to present or file any claim, to take any
action to enforce any performance or to collect the payment of any amounts that may have been
assigned to it or to which it may be entitled at any time or times.

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Section 6.3 Pledged Collateral. (a) Voting Rights. Subject to the Intercreditor Agreement, during the continuance
of an Event of Default, upon notice by the Administrative Agent to the relevant Grantor or
Grantors, the Administrative Agent or its nominee may exercise (A) any voting, consent, corporate
and other right pertaining to the Pledged Collateral at any meeting of shareholders, partners or
members, as the case may be, of the relevant issuer or issuers of Pledged Collateral or otherwise
and (B) any right of conversion, exchange and subscription and any other right, privilege or option
pertaining to the Pledged Collateral as if it were the absolute owner thereof (including the right
to exchange at its discretion any Pledged Collateral upon the merger, amalgamation, consolidation,
reorganization, recapitalization or other fundamental change in the corporate or equivalent
structure of any issuer of Pledged Stock, the right to deposit and deliver any Pledged Collateral
with any committee, depositary, transfer agent, registrar or other designated agency upon such
terms and conditions as the Administrative Agent may determine), all without liability except to
account for property actually received by it; provided, however, that the
Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or
option and shall not be responsible for any failure to do so or delay in so doing.

(b) Proxies. In order to permit the Administrative Agent to exercise the voting and
other consensual rights that it may be entitled to exercise pursuant hereto and to receive all
dividends and other distributions that it may be entitled to receive hereunder, subject to the
Intercreditor Agreement, (i) during the existence of an Event of Default, each Grantor shall
promptly execute and deliver (or cause to be executed and delivered) to the Administrative Agent
all such proxies, dividend payment orders and other instruments as the Administrative Agent may
from time to time reasonably request and (ii) without limiting the effect of clause (i)
above, such Grantor hereby grants to the Administrative Agent an irrevocable proxy to vote all or
any part of the Pledged Collateral and to exercise all other rights, powers, privileges and
remedies to which a holder of the Pledged Collateral would be entitled (including giving or
withholding written consents of shareholders, partners or members, as the case may be, calling
special meetings of shareholders, partners or members, as the case may be, and voting at such
meetings), which proxy shall be effective, automatically and without the necessity of any action
(including any transfer of any Pledged Collateral on the record books of the issuer thereof) by any
other person (including the issuer of such Pledged Collateral or any officer or agent thereof)
during the continuance of an Event of Default and which proxy shall only terminate upon the
Termination Date.

(c) Authorization of Issuers; Dividends and Distributions. Each Grantor hereby
expressly irrevocably authorizes and instructs, without any further instructions from such Grantor,
each issuer of any Pledged Collateral pledged hereunder by such Grantor to (i) comply with any
instruction received by it from the Administrative Agent in writing that states that an Event of
Default is continuing and is otherwise in accordance with the terms of this Agreement
and the other Loan Documents and each Grantor agrees that such issuer shall be fully protected
from Liabilities to such Grantor in so complying and (ii) following the occurrence of an Event of
Default, upon notice by the Administrative Agent to the relevant Grantor or Grantors, subject to
the Intercreditor Agreement, pay all dividends and make all other payments, distributions,
redemptions and returns of capital with respect to the Pledged Collateral directly to the
Administrative Agent.

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Section 6.4 Proceeds to be Turned over to and Held by Administrative Agent. Unless otherwise expressly provided in the Credit Agreement or this Agreement and subject
to the Intercreditor Agreement, at any time after the occurrence and during the continuance of an
Event of Default, all proceeds of any Collateral received by any Grantor hereunder in cash or Cash
Equivalents shall be held by such Grantor in trust for the Administrative Agent and the other
Secured Parties, segregated from other funds of such Grantor, and shall, promptly upon receipt by
any Grantor, be turned over to the Administrative Agent in the exact form received (with any
necessary endorsement). All such proceeds of Collateral and any other proceeds of any Collateral
received by the Administrative Agent in cash or Cash Equivalents shall be held by the
Administrative Agent in a Cash Collateral Account. All proceeds being held by the Administrative
Agent in a Cash Collateral Account (or by such Grantor in trust for the Administrative Agent) shall
continue to be held as collateral security for the Secured Obligations and shall not constitute
payment thereof until applied as provided in the Credit Agreement.

Section 6.5 Registration Rights. (a) Subject to the Intercreditor Agreement, if, in the opinion of the Administrative Agent,
it is necessary or advisable to Sell any portion of the Pledged Collateral following the occurrence
and during the continuance of an Event of Default by registering such Pledged Collateral under the
provisions of the Securities Act of 1933 (the “Securities Act”), each relevant Grantor
shall cause the issuer thereof to do or cause to be done all acts as may be, in the opinion of the
Administrative Agent, necessary or advisable to register such Pledged Collateral or that portion
thereof to be Sold under the provisions of the Securities Act, all as directed by the
Administrative Agent in conformity with the requirements of the Securities Act and the rules and
regulations of the Securities and Exchange Commission applicable thereto and in compliance with the
securities or “Blue Sky” laws of any jurisdiction that the Administrative Agent shall
designate.

(b) Each Grantor recognizes that the Administrative Agent may be unable to effect a public
sale of any Pledged Collateral by reason of certain prohibitions contained in the Securities Act
and applicable state or foreign securities laws or otherwise or may determine that a public sale is
impracticable or not commercially reasonable and, accordingly, may resort to one or more private
sales thereof to a restricted group of purchasers that shall be obliged to agree, among other
things, to acquire such securities for their own account for investment and not with a view to the
distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale
may result in prices and other terms less favorable than if such sale were a public sale and,
notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been
made in a commercially reasonable manner. The Administrative Agent shall be under no obligation to
delay a sale of any Pledged Collateral for the period of time necessary to permit the issuer
thereof to register such securities for public sale under the Securities Act or under applicable
state securities laws even if such issuer would agree to do so.

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(c) Each Grantor agrees to use its commercially reasonable efforts to do or cause to be done
all such other acts as may be necessary to make such sale or sales of any portion of the Pledged
Collateral pursuant to this Section 6.5 valid and binding and in compliance with all
applicable Requirements of Law. Each Grantor further agrees that a breach of any covenant
contained in this Section 6.5 will cause irreparable injury to the Administrative Agent and
other Secured Parties, that the Administrative Agent and the other Secured Parties have no adequate
remedy at law in respect of such breach and, as a consequence, that each and every covenant
contained in this Section 6.5 shall be specifically enforceable against such Grantor, and
such Grantor hereby waives and agrees not to assert any defense against an action for specific
performance of such covenants except for a defense that no Event of Default has occurred and is
continuing under the Credit Agreement.

Section 6.6 Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other
disposition of any Collateral are insufficient to pay the Secured Obligations and the fees and
disbursements of any attorney employed by the Administrative Agent or any other Secured Party to
collect such deficiency. Each Grantor waives any and all rights of contribution or subrogation
upon the sale or disposition of all or any portion of the Pledged Collateral by Administrative
Agent.

Section 6.7 FCC Licenses. (a) Notwithstanding anything herein to the contrary, to the extent this Agreement or any
other Loan Document purports to require any Grantor to grant to the Administrative Agent, on behalf
of itself and the other Secured Parties, a Lien or Liens on any of the FCC Licenses of such
Grantor, the Administrative Agent, for the benefit of itself and the other Secured Parties, shall
only have a Lien or Liens on such FCC Licenses at such times and to the extent that a Lien or
Liens, as the case may be, on such FCC Licenses is permitted under applicable Requirements of Law,
but the Administrative Agent, for the benefit of itself and the other Secured Parties, shall have
Liens, to the maximum extent permitted by law, on all rights incident or appurtenant to such FCC
Licenses and, subject to the Intercreditor Agreement, the right to receive all proceeds derived
from or in connection with the Sale of such FCC Licenses or the facilities authorized by such FCC
Licenses to which such FCC Licenses are assigned. Notwithstanding anything to the contrary set
forth herein, the Administrative Agent, for the benefit of itself and the other Secured Parties,
agrees that to the extent prior FCC approval is required pursuant to the Communications Laws for
(a) the operation and effectiveness of any grant, right or remedy hereunder or under any other Loan
Document or (b) taking any action that may be taken by the Administrative Agent hereunder or under
any other Loan Document, such grant, right, remedy or actions will be subject to such prior FCC
approval having been obtained by or in favor of the Administrative Agent, for the benefit of itself
and the other Secured Parties. Each of the Grantors executing this Agreement agrees that, upon the
occurrence and during the continuance of an Event of Default and the acceleration of all or any
portion of the Obligations pursuant to the provisions of the applicable Loan Documents, and at the
Administrative Agent’s request, subject to the Intercreditor Agreement, such Grantor shall promptly
file, or cause to be filed, such applications for approval and shall take all other and further
actions reasonably required by the Administrative Agent, on behalf of and for the benefit of itself
and the other Secured Parties, to obtain such FCC approvals or consents as are reasonably necessary
to transfer ownership and control to the Administrative Agent or trustee or other fiduciary acting
in lieu of the Administrative Agent in order to ensure compliance with Section 310(b) and 310(d) of
the
Communications Act and any other provision of the Communications Laws, on behalf and for the
benefit of the Administrative Agent and the other Secured Parties, or their successors or assigns,
of the FCC Licenses held by it.

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(b) Subject to the Intercreditor Agreement, if an Event of Default shall have occurred and be
continuing, each Grantor shall, and, if applicable, shall cause each of its Subsidiaries to, take
any action which the Administrative Agent may reasonably request in the exercise of its rights and
remedies under this Agreement and the other Loan Documents in order to transfer or assign any
Collateral to the Administrative Agent for the benefit of itself and the other Secured Parties or
to such one or more third parties as the Administrative Agent may designate, or to a combination of
the foregoing.

(c) To enforce the provisions of this Section 6.7, the Administrative Agent is
empowered to seek from the FCC and any other Governmental Authority, to the extent required,
consent to or approval of any involuntary transfer of control of any entity whose Collateral is
subject to this Agreement for the purpose of seeking a bona fide purchaser to whom control
ultimately will be transferred. Each Grantor agrees to, and, if applicable, shall cause each of
its Subsidiaries to agree to, cooperate with any such purchaser and with the Administrative Agent
in the preparation, execution and filing of any forms and providing any information that may be
necessary in obtaining the consent of the FCC or any other Governmental Authority to the assignment
to such purchaser of the Collateral, provided that no such filing of any application with
the FCC shall be made unless and until an Event of Default has occurred and is continuing and
unless the Administrative Agent’s enforcement actions giving rise thereto are in accordance with
the Intercreditor Agreement. Subject to the Intercreditor Agreement, each Grantor agrees to, and,
if applicable, shall cause each of its Subsidiaries to, consent to any such voluntary or
involuntary transfer after and during the continuation of an Event of Default and without limiting
any rights of the Administrative Agent or any other Secured Party under any Loan Document, to
authorize the Administrative Agent to nominate a trustee or receiver selected by the Administrative
Agent to assume control of the Collateral, subject only to required judicial, FCC or other consents
required by any Governmental Authority, in order to effectuate the transactions contemplated by
this Section 6.7. Such trustee or receiver shall have all the rights and powers as
provided to it by law or court order, or to the Administrative Agent, as applicable, under this
Agreement. Each Grantor agrees to, and, if applicable, shall cause each of its Subsidiaries to,
cooperate to the extent necessary to obtain the consent of the FCC and the approval or consent of
each other Governmental Authority required to effectuate the foregoing. Subject to the
Intercreditor Agreement, each Grantor agrees to, and, if applicable, shall use commercially
reasonable efforts to cause each of its Subsidiaries to take all actions reasonably necessary to
obtain all approvals, authorizations, consents or waivers necessary to transfer ownership and
control of the FCC Licenses to any trustee, receiver or bona fide purchaser on behalf of the
Administrative Agent or the Secured Parties, including (i) the prompt filing of all applications
with the FCC or the other applicable Governmental Authorities following the occurrence and during
the continuance of an Event of Default and the acceleration of all or any portion of the
Obligations, and (ii) assisting in obtaining all approvals, authorizations, consents or waivers
necessary for the transactions contemplated by this Agreement. Such actions shall include, without
limitation, providing to the Administrative Agent any FCC registration numbers, tax
identification numbers, account numbers and passwords for the FCC’s CDBS electronic filing
system.

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(d) Without limiting the obligations of any Grantor hereunder in any respect, each Grantor
further agrees that if it, or any of its Subsidiaries, upon the occurrence and during the
continuation of an Event of Default, should fail or refuse to comply with this Section 6.7
for any reason whatsoever (other than for the reason that the action is in contravention of the
Intercreditor Agreement), without limitation, including any refusal to execute and file any
completed application necessary or appropriate to obtain any governmental consent necessary or
appropriate for the exercise of any right of the Administrative Agent or any other Secured Party
hereunder or under any Loan Document, each Grantor agrees that such application may be executed and
filed on such Grantor’s behalf by the clerk of any court of competent jurisdiction without notice
to such Grantor pursuant to court order; provided that no such filing of any application
with the FCC shall be made unless and until an Event of Default has occurred and is continuing.

In connection with this Section 6.7, each of the Administrative Agent and the other Secured
Parties shall be entitled to rely in good faith upon an opinion of outside FCC counsel of the
Administrative Agent’s choice with respect to any such assignment or transfer, whether or not such
advice rendered is ultimately determined to have been accurate.

ARTICLE VII

THE ADMINISTRATIVE AGENT

Section 7.1 Administrative Agent’s Appointment as Attorney-in-Fact. (a) Each Grantor hereby
irrevocably constitutes and appoints the Administrative Agent and
any Related Person thereof, with full power of substitution, as its true and lawful
attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor
and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of
the Loan Documents, to, upon the occurrence and during the continuance of an Event of Default, but
subject to the Intercreditor Agreement, take any appropriate action and to execute any document or
instrument that may be necessary or desirable to accomplish the purposes of the Loan Documents,
and, without limiting the generality of the foregoing, each Grantor hereby gives the Administrative
Agent and its Related Persons the power and right, on behalf of such Grantor, without notice to or
assent by such Grantor, to, subject to the Intercreditor Agreement, do any of the following when an
Event of Default shall have occurred and be continuing:

(i) in the name of such Grantor, in its own name or otherwise, take possession of and
indorse and collect any check, draft, note, acceptance or other instrument for the payment
of moneys due under any account or general intangible that is Collateral or with respect to
any other Collateral and file any claim or take any other action or proceeding in any court
of law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose
of collecting any such moneys due under any account or general intangible that is Collateral
or with respect to any other Collateral whenever payable;

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(ii) in the case of any Intellectual Property owned by or licensed to the Grantors (to
the extent not constituting Excluded Assets), execute, deliver and have recorded any
document that the Administrative Agent may request to evidence, effect, publicize or record
the Administrative Agent’s security interest in such Intellectual Property and the goodwill
and general intangibles that are Collateral of such Grantor relating thereto or represented
thereby;

(iii) pay or discharge taxes and Liens levied or placed on or threatened against any
Collateral, effect any repair or pay any insurance called for by the terms of the Credit
Agreement (including all or any part of the premiums therefor and the costs thereof);

(iv) execute, in connection with any Sale provided for in Section 6.1 or
Section 6.5, any document to effect or otherwise necessary or appropriate in
relation to evidence the Sale of any Collateral; or

(v) (A) direct any party liable for any payment under any Collateral to make payment of
any moneys due or to become due thereunder directly to the Administrative Agent or as the
Administrative Agent shall direct, (B) ask for or demand, and collect and receive payment of
and receipt for, any moneys, claims and other amounts due or to become due at any time in
respect of or arising out of any Collateral, (C) sign and indorse any invoice, freight or
express bill, bill of lading, storage or warehouse receipt, draft against debtors,
assignment, verification, notice and other document in connection with any Collateral, (D)
commence and prosecute any suit, action or proceeding at law or in equity in any court of
competent jurisdiction to collect any Collateral and to enforce any other right in respect
of any Collateral, (E) defend any actions, suits, proceedings, audits, claims, demands,
orders or disputes brought against such Grantor with respect to any Collateral, (F) settle,
compromise or adjust any such actions, suits, proceedings, audits, claims, demands, orders
or disputes that are related to Collateral and, in connection therewith, give such
discharges or releases as the Administrative Agent may deem appropriate, (G) assign any
Intellectual Property owned by the Grantors or any IP Licenses of the Grantors (to the
extent not constituting Excluded Assets) throughout the world on such terms and conditions
and in such manner as the Administrative Agent shall in its sole discretion determine
(except, with respect to Trademarks, subject to reasonable quality control in favor of such
Grantor), including the execution and filing of any document necessary to effectuate or
record such assignment and (H) generally, Sell, grant a Lien on, make any Contractual
Obligation with respect to and otherwise deal with, any Collateral as fully and completely
as though the Administrative Agent were the absolute owner thereof for all purposes and do,
at the Administrative Agent’s option, at any time or from time to time, all acts and things
that the Administrative Agent deems necessary to protect, preserve or realize upon any
Collateral and the Secured Parties’ security interests therein and to effect the intent of
the Loan Documents, all as fully and effectively as such Grantor might do.

(b) Subject to the Intercreditor Agreement, if any Grantor fails to perform or comply with any
Contractual Obligation contained herein during the existence of an Event of Default, the
Administrative Agent, at its option, but without any obligation so to do, may
perform or comply, or otherwise cause performance or compliance, with such Contractual
Obligation.

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(c) The reasonable, documented and out-of-pocket expenses of the Administrative Agent incurred
in connection with actions undertaken as provided in this Section 7.1, together with
interest thereon at a rate set forth in Section 2.9 (Interest) of the Credit
Agreement, from the date of payment by the Administrative Agent to the date reimbursed by the
relevant Grantor, shall be payable by such Grantor to the Administrative Agent on written demand.

(d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done
in accordance with this Section 7.1 and in accordance with the Intercreditor Agreement.
All powers, authorizations and agencies contained in this Agreement are coupled with an interest
and are irrevocable until this Agreement is terminated and the security interests created hereby
are released or until revoked by the Administrative Agent.

Section 7.2 Authorization to File Financing Statements. Each Grantor authorizes each of the Agents and their Related Persons, at any time and from
time to time, to file or record financing statements, amendments thereto, and other filing or
recording documents or instruments with respect to any Collateral in such form and in such offices
as the Syndication Agent reasonably determines appropriate to perfect the security interests of the
Administrative Agent under this Agreement, and such financing statements and amendments may
describe the Collateral covered thereby as “all assets of the debtor”. A photographic or other
reproduction of this Agreement shall be sufficient as a financing statement or other filing or
recording document or instrument for filing or recording in any jurisdiction.

Section 7.3 Authority of Administrative Agent. Each Grantor acknowledges that the rights and responsibilities of the Administrative Agent
under this Agreement with respect to any action taken by the Administrative Agent or the exercise
or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other
right or remedy provided for herein or resulting or arising out of this Agreement shall, as between
the Administrative Agent and the other Secured Parties, be governed by the Credit Agreement and by
such other agreements with respect thereto as may exist from time to time among them, but, as
between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively
presumed to be acting as agent for the Secured Parties with full and valid authority so to act or
refrain from acting, and no Grantor shall be under any obligation or entitlement to make any
inquiry respecting such authority.

Section 7.4 Duty; Obligations and Liabilities. (a) Duty of Administrative Agent. The Administrative Agent’s sole duty with
respect to the custody, safekeeping and physical preservation of the Collateral in its possession
shall be to deal with it in the same manner as the Administrative Agent deals with similar property
for its own account. The powers conferred on the Administrative Agent hereunder are solely to
protect the Administrative Agent’s interest in the Collateral and shall not impose any duty upon
the Administrative Agent to exercise any such powers. The Administrative Agent shall be
accountable only for amounts that it receives as a result of the exercise of such powers, and
neither it nor any of its Related Persons shall be
responsible to any Grantor for any act or failure to act hereunder, except for their own gross
negligence or willful misconduct as finally determined by a court of competent jurisdiction. In
addition, the Administrative Agent shall not be liable or responsible for any loss or damage to any
Collateral, or for any diminution in the value thereof, by reason of the act or omission of any
warehousemen, carrier, forwarding agency, consignee or other bailee if such Person has been
selected by the Administrative Agent in good faith.

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(b) Obligations and Liabilities with respect to Collateral. No Secured Party and no
Related Person thereof shall be liable for failure to demand, collect or realize upon any
Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise
dispose of any Collateral upon the request of any Grantor or any other Person or to take any other
action whatsoever with regard to any Collateral. The powers conferred on the Administrative Agent
hereunder shall not impose any duty upon any other Secured Party to exercise any such powers. The
other Secured Parties shall be accountable only for amounts that they actually receive as a result
of the exercise of such powers, and neither they nor any of their respective officers, directors,
employees or agents shall be responsible to any Grantor for any act or failure to act hereunder,
except for their own gross negligence or willful misconduct as finally determined by a court of
competent jurisdiction.

ARTICLE VIII

MISCELLANEOUS

Section 8.1 Reinstatement. Each Grantor agrees that, if any payment made by any Loan Party or other Person and applied
to the Secured Obligations is at any time annulled, avoided, set aside, rescinded, invalidated,
declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the
proceeds of any Collateral are required to be returned by any Secured Party to such Loan Party, its
estate, trustee, receiver or any other party, including any Grantor, under any bankruptcy law,
state or federal law, common law or equitable cause, then, to the extent such payment or repayment
is annulled, avoided, set aside, rescinded, invalidated, refunded or repaid, any Lien or other
Collateral securing such liability shall be and remain in full force and effect, as fully as if
such payment had never been made. If, prior to any of the foregoing, (a) any Lien or other
Collateral securing such Grantor’s liability hereunder shall have been released or terminated by
virtue of the foregoing or (b) any provision of the Guaranty hereunder shall have been terminated,
cancelled or surrendered in connection with the foregoing payment, such Lien, other Collateral or
provision shall be reinstated in full force and effect and such prior release, termination,
cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the
obligations of any such Grantor in respect of any Lien or other Collateral securing such obligation
or the amount of such payment.

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

28

 

Section 8.2 Release of Collateral. (a) At the time the conditions set forth in clause (b)(iii) of Section
10.10 (Release of Collateral or Guarantors) of the Credit Agreement are satisfied, the
Collateral shall be immediately and automatically released from the Lien created hereby and this
Agreement and all obligations (other than those expressly stated to survive such termination) of
the Administrative Agent and each Grantor hereunder shall immediately and automatically terminate,
all without delivery of any instrument or performance of any act by any
party, and all rights to the Collateral shall immediately and automatically revert to the
Grantors. Each Grantor is hereby authorized to file UCC terminations and any other documentation
reasonably approved by the Syndication Agent at such time evidencing the termination of the Liens
so released. At the request of any Grantor following any such termination, the Administrative
Agent shall deliver to such Grantor any Collateral of such Grantor held by the Administrative Agent
hereunder and execute and deliver to such Grantor such documents as such Grantor shall reasonably
request to evidence such termination.

(b) If the Administrative Agent shall be directed or permitted pursuant to clause (i)
or (ii) of Section 10.10(b) of the Credit Agreement to release any Lien on any
Collateral, such Collateral shall be immediately and automatically released from the Lien created
hereby to the extent provided under, and subject to the terms and conditions set forth in, such
clauses (i) and (ii). In connection therewith, the Administrative Agent, at the
request of any Grantor, shall execute and deliver to such Grantor such documents as such Grantor
shall reasonably request to evidence such release.

(c) At the time provided in Section 10.10(a) of the Credit Agreement and at the
request of the Borrower, a Grantor shall be immediately and automatically released from its
obligations hereunder in the event that the conditions set forth therein are satisfied.

Section 8.3 Independent Obligations. The obligations of each Grantor hereunder are independent of and separate from the Secured
Obligations and the Guaranteed Obligations. Subject to the Intercreditor Agreement, upon the
occurrence and during the continuance of any Event of Default, the Administrative Agent may, at its
sole election, proceed directly and at once, without notice, against any Grantor and any Collateral
to collect and recover the full amount of any Secured Obligation or Guaranteed Obligation then due,
without first proceeding against any other Grantor, any other Loan Party or any other Collateral
and without first joining any other Grantor or any other Loan Party in any proceeding.

Section 8.4 No Waiver by Course of Conduct. No Secured Party shall by any act (except by a written instrument pursuant to Section
8.6), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor
any delay in exercising, on the part of any Secured Party, any right, power or privilege hereunder
shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege
hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. A waiver by any Secured Party of any right or remedy hereunder on any one
occasion shall not be construed as a bar to any right or remedy that such Secured Party would
otherwise have on any future occasion.

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

29

 

Section 8.5 Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or
otherwise modified except in accordance with Section 11.1 of the Credit Agreement;
provided, however, that annexes and schedules, as applicable, to this Agreement may
be supplemented or modified (but no existing provisions may be modified and no Collateral may be
released, except with respect to the removal of items on the schedules in connection with a Sale of
Collateral, a release of a Guarantor or a merger or acquisition, in each case, permitted under the
Loan Documents, and no such supplement or
modification of any schedule or annex hereto shall, in and of itself, effect a waiver of any
misrepresentation or warranty, other violation of this Agreement or Event of Default unless
expressly waived in writing by the Administrative Agent or Secured Parties pursuant to this
Agreement and the Credit Agreement) through Pledge Amendments and Joinder Agreements, in
substantially the form of Annex 1 and Annex 2, respectively, in each case duly
executed by the Administrative Agent and each Grantor directly affected thereby. Notwithstanding
anything to the contrary set forth herein, any time period for performance under this Agreement may
be extended, at any time, by the Administrative Agent in writing at its sole discretion.

Section 8.6 Additional Grantors; Additional Pledged Collateral. (a) Joinder Agreements. If, at the option of the Borrower or as required pursuant
to Section 7.10 of the Credit Agreement, the Borrower shall cause any Subsidiary that is
not a Grantor to become a Grantor hereunder, such Subsidiary shall execute and deliver to the
Agents a Joinder Agreement substantially in the form of Annex 2 and shall thereafter for
all purposes be a party hereto and have the same rights, benefits and obligations as a Grantor
party hereto on the Closing Date.

(b) Pledge Amendments. To the extent any Pledged Collateral has not been delivered as
of the Closing Date, such Grantor shall deliver to the Agents a pledge amendment duly executed by
the Grantor in substantially the form of Annex 1 (each, a “Pledge Amendment”).
Such Grantor authorizes the Administrative Agent to attach each Pledge Amendment to this Agreement.

Section 8.7 Notices. All notices, requests and demands to or upon any Agent or any Grantor hereunder shall be
effected in the manner provided for in Section 11.11 of the Credit Agreement;
provided, however, that any such notice, request or demand to or upon any Grantor
shall be addressed to the Borrower’s notice address set forth in such Section 11.11.

Section 8.8 Successors and Assigns. This Agreement shall be binding upon the successors and assigns of each Grantor and shall
inure to the benefit of each Secured Party and their successors and assigns; provided,
however, that no Grantor may assign, transfer or delegate any of its rights or obligations
under this Agreement without the prior written consent of the Agents.

Section 8.9 Counterparts. This Agreement may be executed in any number of counterparts and by different parties in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement. Signature pages may be detached
from multiple separate counterparts and attached to a single counterpart. Delivery of an executed
signature page of this Agreement by facsimile transmission or by Electronic Transmission shall be
as effective as delivery of a manually executed counterpart hereof.

Section 8.10 Severability. Any provision of this Agreement being held illegal, invalid or unenforceable in any
jurisdiction shall not affect any part of such provision not held illegal, invalid or
unenforceable, any other provision of this Agreement or any part of such provision in any other
jurisdiction.

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

30

 

Section 8.11 Governing Law. This Agreement and the rights and obligations of the parties hereto shall be governed by,
and construed and interpreted in accordance with, the law of the State of New York.

Section 8.12 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR
PROCEEDING WITH RESPECT TO, OR DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH,
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN OR RELATED HERETO (WHETHER FOUNDED IN
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO OTHER PARTY AND NO
RELATED PERSON 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 THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.12.

Section 8.13 Subordination of Intercompany Debt. (a) Each Grantor agrees that any intercompany Indebtedness or other intercompany payables
or receivables, or intercompany advances directly or indirectly made by or owed to such Grantor by
another Loan Party (collectively, “Intercompany Debt”), of whatever nature at any time
outstanding shall be subordinate in right of payment to the prior payment in full in cash of the
Obligations. Each Grantor hereby agrees that it will not following written notice by any Agent
(and in any case without notice following the occurrence and during the continuance of any Event of
Default under Section 9.1(e) of the Credit Agreement), while any Event of Default is continuing,
accept any payment, including by any offset, on any Intercompany Debt until the Termination Date.

(b) In the event that any payment on any Intercompany Debt shall be received by a Grantor
other than as permitted by this Section 8.13 prior to the Termination Date, such Grantor
shall receive such payments and hold the same in trust for, segregate the same from its own assets
and shall, subject to the Intercreditor Agreement, promptly pay over to, the Administrative Agent
for the benefit of the Administrative Agent and the Lenders all such sums to the extent necessary
so that Administrative Agent and the Lenders shall have been paid in full, in cash, all Obligations
(other than contingent indemnification obligations and unasserted expense reimbursement) owed or
which may become owing by such Grantor.

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

31

 

(c) Subject to the Intercreditor Agreement, upon any payment or distribution of any assets of
any Loan Party of any kind or character, whether in cash, property or securities by set-off,
recoupment or otherwise, to creditors in any liquidation, administration, examinership or other
winding-up of such Loan Party or in the event of any proceeding under the Bankruptcy Code or any
similar bankruptcy laws, in which any Loan Party is a debtor, the Administrative Agent and the
Lenders shall first be entitled to receive payment in full in cash, in accordance with the terms of
this Agreement and the Credit Agreement, of all amounts payable under or in respect of the
Obligations owing by such Loan Party, before any payment or distribution is made on, or in respect
of, any Intercompany Debt, in any such proceeding under the Bankruptcy Code or any similar
bankruptcy laws, to the extent necessary to pay all such Obligations owing by
such Loan Party in full in cash, after giving effect to any concurrent payment or distribution
to the Administrative Agent and the Lenders (or to the Administrative Agent for the benefit of the
Administrative Agent and the Lenders), in each case, other than contingent indemnification
obligations and unasserted expense reimbursement obligations.

Section 8.14 Intercreditor Agreement. The Administrative Agent, the First Lien Agent and the Grantors have entered into that certain
Intercreditor Agreement dated as of the date hereof. To the extent any provision of this Agreement
conflicts with the Intercreditor Agreement, the Intercreditor Agreement shall control.
Notwithstanding anything to the contrary herein, prior to the First Lien Termination Date, (i) any
delivery of Collateral required to be delivered to the Administrative Agent shall be satisfied by
delivery of such Collateral to the First Lien Agent and (ii) to the extent there are conflicting
instructions given to any Grantor from the Administrative Agent and the First Lien Agent, such
Grantor shall follow the instructions from the First Lien Agent.

[Signature Pages Follow]

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

32

 

IN WITNESS WHEREOF, each of the undersigned has caused this Guaranty and Security Agreement to
be duly executed and delivered as of the date first above written.

	 	 	 	 	 
	 	WESTWOOD ONE, INC.,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	WESTWOOD ONE PROPERTIES, INC.,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	WESTWOOD ONE STATIONS — NYC, INC.,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	WESTWOOD ONE RADIO, INC.,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

[SIGNATURE PAGE TO GUARANTY AND SECURITY AGREEMENT FOR

WESTWOOD ONE, INC.’S SECOND LIEN CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	WESTWOOD ONE RADIO NETWORKS, INC.,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	WESTWOOD NATIONAL RADIO CORPORATION, as Grantor

 	 
	 	By:  	Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	VERGE MEDIA COMPANIES, LLC,

as Grantor

 	 
	 	By:  	Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	VERGE MEDIA GROUP HOLDINGS, INC.,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	VERGE MEDIA INTERMEDIATE HOLDINGS, INC., as Grantor

 	 
	 	By:  	Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

[SIGNATURE PAGE TO GUARANTY AND SECURITY AGREEMENT FOR

WESTWOOD ONE, INC.’S SECOND LIEN CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	VERGE MEDIA, INC., as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	VERGE MEDIA SOLUTIONS, LLC,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	EXCELSIOR RADIO NETWORKS, LLC,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	EXBT, LLC,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	DIAL COMMUNICATIONS GLOBAL MEDIA, LLC, as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

[SIGNATURE PAGE TO GUARANTY AND SECURITY AGREEMENT FOR

WESTWOOD ONE, INC.’S SECOND LIEN CREDIT AGREEMENT]

 

 

 

	 	 	 	 	 
	 	TRITON NETWORK GROUP, LLC,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	EXCELSIORTM, INC.,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	TRITON MEDIA NETWORKS, LLC,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	JPN, LLC,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	TRITON RADIO NETWORK VENTURES, LLC,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

[SIGNATURE PAGE TO GUARANTY AND SECURITY AGREEMENT FOR

WESTWOOD ONE, INC.’S SECOND LIEN CREDIT AGREEMENT]

 

 

 

	 	 	 	 	 
	 	TRITON RADIO HOLDINGS, LLC,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	TRITON MEDIAAMERICA, INC.,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	TRITON RADIO NETWORKS, LLC,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	AMERICAN COMEDY NETWORK, LLC,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	RDG EXCELSIOR HOLDINGS, LLC,

as Grantor

 	 
	 	By:  	/s/ Spencer Brown
 	 
	 	 	Name:  	Spencer Brown 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

[SIGNATURE PAGE TO GUARANTY AND SECURITY AGREEMENT FOR

WESTWOOD ONE, INC.’S SECOND LIEN CREDIT AGREEMENT]

 

 

	 	 	 	 	 	 	 
	ACCEPTED AND AGREED

as of the date first above written:
	 
	 	 	 	 	 	 
	CORTLAND CAPITAL MARKET SERVICES LLC,	 	 
	as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Jessica J. Mead	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Jessica J. Mead	 	 
	 

	 	Title:
	 	General Counsel	 	 

[SIGNATURE PAGE TO GUARANTY AND SECURITY AGREEMENT FOR

WESTWOOD ONE, INC.’S SECOND LIEN CREDIT AGREEMENT]

 

 

ANNEX 1

TO

SECOND LIEN GUARANTY AND SECURITY AGREEMENT1

FORM OF PLEDGE AMENDMENT

THIS PLEDGE AMENDMENT, dated as of                           , 20     , is delivered pursuant to Section
8.6 of the Second Lien Guaranty and Security Agreement, dated as of October 21, 2011, by
Westwood One, Inc. (the “Borrower”), the undersigned Grantor and the other Affiliates of
the Borrower from time to time party thereto as Grantors in favor of Cortland Capital Market
Services LLC, as administrative agent and collateral agent for the Secured Parties referred to
therein (as amended, restated, supplemented or otherwise modified from time to time, the
“Guaranty and Security Agreement”). Capitalized terms used herein without definition are
used as defined in the Guaranty and Security Agreement.

The undersigned hereby agrees that this Pledge Amendment may be attached to the Guaranty and
Security Agreement and that the Pledged Collateral listed on Annex 1-A to this Pledge
Amendment shall be and become part of the Collateral referred to in the Guaranty and Security
Agreement and shall secure all Obligations of the undersigned.

The undersigned hereby represents and warrants that each of the representations and warranties
contained in Sections 4.1, 4.2, 4.5 and 4.10 of the Guaranty and
Security Agreement that relates to the undersigned’s Pledged Collateral hereunder is true and
correct in all material respects (but in all respects if such representation or warranty is
qualified by “material” or “Material Adverse Effect”) on and as of the date hereof as if made on
and as of such date or, to the extent such representations and warranties expressly relate to an
earlier date, on and as of such earlier date.

	 	 	 	 	 
	 	[GRANTOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

	 	 	 
	1	 	To be used for pledge of additional Pledged Collateral
by existing Grantor.

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

A1-1

 

Annex 1-A

PLEDGED STOCK

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	NUMBER OF SHARES,	 
	ISSUER	 	CLASS	 	 	CERTIFICATE NO(S).	 	 	PAR VALUE	 	 	UNITS OR INTERESTS	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

PLEDGED DEBT INSTRUMENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	DESCRIPTION	 	 	 	 	 	 	 	 	 	 
	ISSUER	 	OF DEBT	 	 	CERTIFICATE NO(S).	 	 	FINAL MATURITY	 	 	PRINCIPAL AMOUNT	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

A1-2

 

	 	 	 	 	 	 	 
	ACKNOWLEDGED AND AGREED

as of the date first above written:
	 
	 	 	 	 	 	 
	CORTLAND CAPITAL MARKET SERVICES LLC,	 	 
	as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

A1-3

 

ANNEX 2

TO

SECOND LIEN GUARANTY AND SECURITY AGREEMENT1

FORM OF JOINDER AGREEMENT

This JOINDER AGREEMENT, dated as of _____  __, 20 , is
delivered pursuant to Section 8.6 of the Second Lien Guaranty and Security Agreement, dated
as of October 21, 2011, by WESTWOOD ONE, INC. (the “Borrower”) and the Affiliates of the
Borrower from time to time party thereto as Grantors in favor of Cortland Capital Market Services
LLC, as administrative agent and collateral agent (in such capacity, together with its successors
and permitted assigns, the “Administrative Agent”) for the Secured Parties referred to
therein (as amended, restated, supplemented or otherwise modified from time to time, the
“Guaranty and Security Agreement”). Capitalized terms used herein without definition are
used as defined in the Guaranty and Security Agreement.

By executing and delivering this Joinder Agreement, the undersigned, as provided in
Section 8.6 of the Guaranty and Security Agreement, hereby becomes a party to the Guaranty
and Security Agreement as a Guarantor and a Grantor thereunder with the same force and effect as if
originally named as a Guarantor and a Grantor therein and, without limiting the generality of the
foregoing, as collateral security for the prompt and complete payment and performance when due
(whether at stated maturity, by acceleration or otherwise) of the Secured Obligations of the
undersigned, hereby mortgages, pledges and hypothecates to the Administrative Agent for the benefit
of the Secured Parties, and grants to the Administrative Agent for the benefit of the Secured
Parties a lien on and security interest in, all of its right, title and interest in, to and under
the Collateral of the undersigned and expressly assumes all obligations and liabilities of a
Guarantor and a Grantor thereunder. The undersigned hereby agrees to be bound as a Guarantor and a
Grantor for the purposes of the Guaranty and Security Agreement.

The information set forth in Annex 1-A is hereby added to the information set forth in
Schedules 1 through 7 to the Guaranty and Security Agreement. By acknowledging and
agreeing to this Joinder Agreement, the undersigned hereby agree that this Joinder Agreement may be
attached to the Guaranty and Security Agreement and that the Pledged Collateral listed on Annex
1-A to this Joinder Amendment shall be and become part of the Collateral referred to in the
Guaranty and Security Agreement and shall secure all Secured Obligations of the undersigned.

The undersigned hereby represents and warrants that each of the representations and warranties
contained in Article IV of the Guaranty and Security Agreement applicable to it is true and
correct in all material respects (but in all respects if such representation or warranty is
qualified by “material” or “Material Adverse Effect”) on and as of the date hereof as if made on
and as of such date or, to the extent such representations and warranties expressly relate to an
earlier date, on and as of such earlier date.

 

	 	 	 
	1	 	To be used for addition of a new Grantor.

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

A2-1

 

IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and
delivered as of the date first above written.

	 	 	 	 	 
	 	[ADDITIONAL GRANTOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 	 	 
	ACKNOWLEDGED AND AGREED

as of the date first above written:

	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	CORTLAND CAPITAL MARKET SERVICES LLC,	 	 
	as Administrative Agent
 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

A2-2

 

ANNEX 3

TO

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

FORM OF SECOND LIEN INTELLECTUAL PROPERTY SECURITY AGREEMENT1

THIS SECOND LIEN [COPYRIGHT] [PATENT] [TRADEMARK] SECURITY AGREEMENT, dated as of October
[_____], 2011, is made by [                    ] (the “Grantor”), in favor of Cortland Capital
Market Services LLC (“Cortland”), as administrative agent and collateral agent (in such
capacity, together with its successors and permitted assigns, the “Administrative Agent”)
for the Lenders (as defined in the Credit Agreement referred to below) and the other Secured
Parties.

W I T N E S S E T H:

WHEREAS, pursuant to the Second Lien Credit Agreement, dated as of October 21, 2011 (as the
same may be amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among Westwood One, Inc., a Delaware corporation, as the Borrower, the
Lenders from time to time party thereto, Cortland, as Administrative Agent for the Lenders, and
Macquarie Capital (USA) Inc., as syndication agent, the Lenders have severally agreed to make
extensions of credit to the Borrower upon the terms and subject to the conditions set forth
therein;

[WHEREAS, the Grantor has agreed, pursuant to a Second Lien Guaranty and Security Agreement of
even date herewith in favor of the Administrative Agent (as amended, restated, supplemented or
otherwise modified from time to time, the “Guaranty and Security Agreement”), to guarantee
the Obligations (as defined in the Credit Agreement) of the Borrower;] 2 and

WHEREAS, the Grantor is party to the Guaranty and Security Agreement pursuant to which the
Grantor is required to execute and deliver this [Copyright] [Patent] [Trademark] Security
Agreement;

NOW, THEREFORE, in consideration of the premises and to induce the Lenders and the
Administrative Agent to enter into the Credit Agreement and to induce the Lenders to make their
extensions of credit to the Borrower thereunder, the Grantor hereby agrees with the Administrative
Agent as follows:

Section 1. Defined Terms. Capitalized terms used herein without definition
are used as defined in the Guaranty and Security Agreement.

 

	 	 	 
	1	 	Separate agreements should be executed relating to the
Grantor’s respective Copyrights, Patents, and Trademarks.

	 
	2	 	To be omitted if Grantor is the Borrower.

 

A3-1

 

Section 2. Grant of Security Interest in [Copyright] [Trademark] [Patent]
Collateral. The Grantor, as collateral security for the prompt and complete payment and
performance when due (whether at stated maturity, by acceleration or otherwise) of the
Obligations of the Grantor, hereby mortgages, pledges and hypothecates to the Administrative
Agent for the benefit of the Secured Parties, and grants to the Administrative Agent for the
benefit of the Secured Parties a Lien on and security interest in, all of its right, title and
interest in, to and under the following Collateral (which shall exclude all Excluded Assets[,
including “intent-to-use” Trademark applications]3) of the Grantor (the “[Copyright]
[Patent] [Trademark] Collateral”):

(a) [all of its Copyrights and all IP Licenses providing for the grant by or to such Grantor
of any right under any Copyright, including, without limitation, those referred to on Schedule
1 hereto;

(b) all renewals, reversions and extensions of the foregoing; and

(c) all income, royalties, proceeds and Liabilities at any time due or payable or asserted
under and with respect to any of the foregoing, including, without limitation, all rights to sue
and recover at law or in equity for any past, present and future infringement, misappropriation,
dilution, violation or other impairment thereof.]

or

(a) [all of its Patents and all IP Licenses providing for the grant by or to such Grantor of
any right under any Patent, including, without limitation, those referred to on Schedule 1
hereto;

(b) all reissues, reexaminations, continuations, continuations-in-part, divisionals, renewals
and extensions of the foregoing; and

(c) all income, royalties, proceeds and Liabilities at any time due or payable or asserted
under and with respect to any of the foregoing, including, without limitation, all rights to sue
and recover at law or in equity for any past, present and future infringement, misappropriation,
dilution, violation or other impairment thereof.]

or

(a) [all of its Trademarks and all IP Licenses providing for the grant by or to the Grantor of
any right under any Trademark, including, without limitation, those referred to on Schedule
1 hereto;

(b) all renewals and extensions of the foregoing;

(c) all goodwill of the business connected with the use of, and symbolized by, each such
Trademark; and

(d) all income, royalties, proceeds and Liabilities at any time due or payable or asserted
under and with respect to any of the foregoing, including, without limitation, all
rights to sue and recover at law or in equity for any past, present and future infringement,
misappropriation, dilution, violation or other impairment thereof.

 

	 	 	 
	3	 	To be included in Trademark Security Agreements.

 

A3-2

 

Notwithstanding the foregoing, no grant of any security interest or lien shall be deemed
granted hereunder on or in any “intent to use” Trademark application for which a statement of use
has not been filed and accepted with the United States Patent and Trademark Office.]

Section 3. Guaranty and Security Agreement. The security interest granted
pursuant to this [Copyright] [Patent] [Trademark] Security Agreement is granted in conjunction with
the security interest granted to the Administrative Agent pursuant to the Guaranty and Security
Agreement and the Grantor hereby acknowledges and agrees that the rights and remedies of the
Administrative Agent with respect to the security interest in the [Copyright] [Patent] [Trademark]
Collateral made and granted hereby are more fully set forth in the Guaranty and Security Agreement,
the terms and provisions of which are incorporated by reference herein as if fully set forth
herein.

Section 4. Counterparts. This [Copyright] [Patent] [Trademark] Security
Agreement may be executed in any number of counterparts and by different parties in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. Signature pages may be detached from
multiple separate counterparts and attached to a single counterpart.

Section 5. Governing Law. This [Copyright] [Patent] [Trademark] Security
Agreement and the rights and obligations of the parties hereto shall be governed by, and construed
and interpreted in accordance with, the law of the State of New York.

[signature pages follow]

 

A3-3

 

IN WITNESS WHEREOF, the Grantor has caused this Second Lien [Copyright] [Patent] [Trademark]
Security Agreement to be executed and delivered by its duly authorized officer as of the date first
set forth above.

	 	 	 	 	 
	 	Very truly yours,

[GRANTOR]

as Grantor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 	 	 
	ACCEPTED AND AGREED

as of the date first above written:
	 
	 	 	 	 	 	 
	CORTLAND CAPITAL MARKET SERVICES LLC,	 	 
	as Administrative Agent
 	 	 
	By:
	 	 	 	 	 	 
	 	 	 
	 	 
	 

	 	Name:
Title:	 	 	 	 

[SIGNATURE PAGE TO SECON DLIEN [COPYRIGHT] [PATENT] [TRADEMARK] SECURITY AGREEMENT]

 

A3-4

 

SCHEDULE I|

TO

SECOND LIEN [COPYRIGHT] [PATENT] [TRADEMARK] SECURITY AGREEMENT

[Copyright] [Patent] [Trademark] Registrations

	A.	 	REGISTERED [COPYRIGHTS] [PATENTS] [TRADEMARKS]

	 
	 	 	[Include Registration Number and Date]

	 
	B.	 	[COPYRIGHT] [PATENT] [TRADEMARK] APPLICATIONS

	 
	 	 	[Include Application Number and Date]

SECOND LIEN GUARANTY AND SECURITY AGREEMENT

WESTWOOD ONE, INC.

 

A3-IExhibit 10.5

Exhibit 10.5

EXECUTION VERSION

REGISTRATION AGREEMENT

This REGISTRATION AGREEMENT (this “Agreement”), dated as of October 21, 2011, is made
by and among (i) Westwood One, Inc., a Delaware corporation (the “Corporation”), (ii)
Triton Media Group, LLC, a Delaware limited liability company (“Triton Media” and, together
with any Person who executes a counterpart to, or otherwise agrees in writing to be bound by, this
Agreement with the prior written consent of Triton Media, “Triton”), and (iii) Gores Radio
Holdings, LLC, a Delaware limited liability company (“Gores Radio” and, together with any
Person who executes a counterpart to, or otherwise agrees in writing to be bound by, this Agreement
with the prior written consent of Gores Radio, “Gores”). Triton and Gores are collectively
referred to herein as the “Securityholders.” Capitalized terms used but not defined herein
have the meanings set forth in Section 9 below.

WHEREAS, Gores is a holder of Class A Common Stock of the Corporation, par value $0.01 per
share (“Class A Common Stock”), and Triton is a holder of Class B Common Stock of the
Corporation, par value $0.01 per share (“Class B Common Stock” and, together with the Class
A Common Stock, “Common Stock”), which Class B Common Stock is convertible into Class A
Common Stock in accordance with the terms of the Amended and Restated Certificate of Incorporation
of the Corporation; and

WHEREAS, Gores is party to a Registration Rights Agreement, dated as of March 3, 2008, between
the Corporation and Gores, as amended (the “Existing Gores Agreement”), which is terminated
and of no further force or effect as of the date hereof pursuant to Section 10 below.

In consideration of the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this
Agreement hereby agree as follows:

1.
Demand Registrations.

(a)
Requests for Registration.

The holders of a majority of the Triton Registrable Securities may request registration
under the Securities Act of all or part of its Registrable Securities on Form S-1 or any similar
long-form registration (“Triton Long-Form Registrations”) or, if available, on Form S-3
(including pursuant to Rule 415 under the Securities Act) or any similar short-form registration
(“Triton Short-Form Registrations”); provided that only two (2) Triton Long-Form
Registrations may be requested hereunder. In addition, the holders of a majority of the Gores
Registrable Securities may request registration under the Securities Act of all or part of its
Registrable Securities on Form S-1 or any similar long-form registration (“Gores Long-Form
Registration” and, together with Triton Long-Form Registrations, “Long-Form
Registrations”) or, if available, on Form S-3 (including pursuant to Rule 415 under the
Securities Act) or any similar short-form registration (“Gores Short-Form Registrations”
and, together with Triton Short-Form Registrations, “Short-Form Registrations”);
provided that only one (1) Gores Long-Form Registration may be requested hereunder. The
aggregate

 

 

 

offering value of the Registrable
Securities requested to be registered in any Long-Form Registration must equal at least
$25,000,000, and the aggregate offering value of the Registrable Securities requested to be
registered in any Short-Form Registration must equal at least $10,000,000. A requested Long-Form
Registration shall not count as one of the permitted Long-Form Registrations until it has become
effective, and no Long-Form Registration shall count as one of the permitted Long-Form
Registrations unless the party requesting such registration is able to register and sell 85% of its
Registrable Securities requested to be included in such registration. All registrations requested
pursuant to this Section 1(a) are referred to herein as “Demand Registrations.”
Each request for a Demand Registration shall specify the approximate number of Registrable
Securities requested to be registered and the anticipated per share price range for such offering.
Within five (5) days after receipt of any such request, the Corporation shall give written notice
of such requested registration to all other holders of Registrable Securities and, subject to
Section 1(d), will include in such registration all Registrable Securities with respect to
which the Corporation has received written requests for inclusion therein from such Persons within
twenty (20) days after the receipt of the Corporation’s notice.

(b)
Long-Form Registrations.

Subject to Section 1(a), the holders of a majority of the Triton Registrable
Securities shall be entitled to request two (2) Triton Long-Form Registrations, and the holders of
a majority of the Gores Registrable Securities shall be entitled to request one (1) Gores Long-Form
Registration, in each case in which the Corporation shall pay all Registration Expenses (as defined
below in Section 5). The Corporation shall pay all Registration Expenses in connection
with any registration initiated as a permitted Long-Form Registration whether or not it has become
effective and whether or not such registration is counted as one of the permitted Long-Form
Registrations. All Long-Form Registrations shall be underwritten registrations.

(c)
Short-Form Registrations.

Subject to Section 1(a), in addition to the Long-Form Registrations provided
pursuant to Section 1(b), the holders of a majority of the Triton Registrable Securities
shall be entitled to request an unlimited number of Triton Short-Form Registrations, and the
holders of a majority of the Gores Registrable Securities shall be entitled to request an unlimited
number of Gores Short-Form Registrations, in each case in which the Corporation shall pay all
Registration Expenses. Demand Registrations will be Short-Form Registrations whenever the
Corporation is permitted to use any applicable short form. The Corporation shall use its best
efforts to make Short-Form Registrations on Form S-3 available for the sale of Registrable
Securities. All Short-Form Registrations shall be underwritten registrations, unless otherwise
agreed to by the holders of a majority of Registrable Securities initially requesting such
registration. If the Corporation, pursuant to the request of the holders of a majority of the
Triton Registrable Securities or the holders of a majority of the Gores Registrable Securities, as
applicable, is qualified to and has filed with the Securities and Exchange Commission a
registration statement under the Securities Act on Form S-3 pursuant to Rule 415 under the
Securities Act (the “Required Registration”), then the Corporation shall use reasonable
best efforts to cause the Required Registration to be declared effective under the Securities Act
as soon as practicable after filing, and, once effective, the Corporation shall cause such Required
Registration to remain effective until the date on
which all Triton Registrable Securities or Gores Registrable Securities, as applicable,
included in such registration have been sold pursuant to the Required Registration.

 

2

 

(d)
Priority on Demand Registrations.

The Corporation shall not include in any Demand Registration any securities which are not
Registrable Securities without the prior written consent of the holders of a majority of the
Registrable Securities initially requesting such registration. If a Demand Registration is an
underwritten offering and the managing underwriters advise the Corporation in writing that, in
their opinion, the number of Registrable Securities and, if permitted hereunder, other securities
requested to be included in such offering exceeds the number of Registrable Securities and other
securities, if any, which can be sold in an orderly manner in such offering within the price range
acceptable to the holders of a majority of the Registrable Securities initially requesting such
registration, the Corporation will include in such registration, (i) first, the Registrable
Securities requested to be included in such registration that, in the opinion of such underwriters,
can be sold in an orderly manner within such price range, pro rata among the respective holders of
such securities on the basis of the number of shares of such securities owned by each such holder,
(ii) second, the Investor Securities requested to be included in such registration by the
Investor Stockholders pursuant to the Investor Rights Agreement that, in the opinion of such
underwriters, can be sold in an orderly manner within such price range, pro rata among the
respective holders of such securities on the basis of the number of shares of such securities owned
by each such holder, and (iii) third, other securities requested (and permitted) to be included in
such registration, if any, that, in the opinion of such underwriters, can be sold in an orderly
manner within such price range, pro rata among the holders of such securities on the basis of the
number of such securities owned by each such holder.

(e)
Restrictions on Demand Registrations.

The Corporation shall not be obligated to effect any Long-Form Registration within 90 days
after the effective date of a previous Long-Form Registration or a previous registration in which
the holders of Registrable Securities were given piggyback rights pursuant to Section 2 and
in which there was no reduction in the number of Registrable Securities requested to be included.
The Corporation may postpone for up to 90 days the filing or the effectiveness of a registration
statement for a Demand Registration if the Corporation furnishes to the holders of Registrable
Securities a certificate signed by the Chief Executive Officer of the Corporation, following
consultation with, and after obtaining the good faith approval of, the board of directors of the
Corporation, stating that the Corporation believes that such postponement is reasonably necessary
in order to avoid premature disclosure of a material matter required, as determined by the
Corporation after consultation with outside counsel, to be otherwise disclosed in the prospectus,
the disclosure of which the board has determined would have a material adverse effect on any
proposal or plan by the Corporation and its Subsidiaries to acquire financing or engage in any
acquisition of assets (other than in the ordinary course of business) or any merger, amalgamation,
consolidation, tender offer or similar transaction; provided, however, that the Corporation shall
not be entitled to so postpone unless it shall (A) concurrently request the suspension of sales by
other security holders under registration statements covering securities held by such other
security holders, (B) in accordance with the Corporation’s policies from time to time in effect,
forbid purchases and sales in the open market
by senior executives of the Corporation, and (C) itself refrain from any public offering and
open market purchases during the postponement; provided further that, in such event, the
Corporation shall pay all Registration Expenses in connection with such registration. The
Corporation may delay a Demand Registration hereunder only once in any twelve-month period.

 

3

 

(f)
Selection of Underwriters.

The holders of a majority of the Registrable Securities included in any Demand Registration
shall have the right to select the investment banker(s) and managing underwriter(s) to administer
the offering.

(g) Other Registration Rights. Except as provided in this Agreement, the Corporation
will not grant to any holder or prospective holder of any securities of the Corporation
registration rights with respect to such securities which are senior to the rights granted
hereunder without the prior written consent of the holders of a majority of Triton Registrable
Securities and Gores Registrable Securities.

2.
Piggyback Registrations.

(a)
Right to Piggyback.

Whenever the Corporation proposes to register any of its equity securities (including any
proposed registration of the Corporation’s securities by any third party) under the Securities Act
(other than (i) pursuant to a Demand Registration, which is governed by Section 1 or (ii)
pursuant to a registration on Form S-4 or S-8 or any successor or similar forms), whether or not
for sale for its own account, and the registration form to be used may be used for the registration
of Registrable Securities (a “Piggyback Registration”), the Corporation shall give prompt
written notice to all holders of Registrable Securities of its intention to effect such a
registration and will include in such registration all Registrable Securities with respect to which
the Corporation has received written requests for inclusion therein from such Persons within twenty
(20) days after the receipt of the Corporation’s notice.

(b)
Piggyback Expenses.

The Registration Expenses of the holders of Registrable Securities shall be paid by the
Corporation in all Piggyback Registrations, whether or not such registration is consummated.

(c)
Priority on Primary Registrations.

If a Piggyback Registration is an underwritten primary registration on behalf of the
Corporation, and the managing underwriters advise the Corporation in writing that, in their
opinion, the number of securities requested to be included in such offering exceeds the number
which can be sold in an orderly manner in such offering within a price range acceptable to the
Corporation, then the Corporation shall include in such registration (i) first, the
securities the Corporation proposes to sell that, in the opinion of such underwriters, can be sold
in an orderly
manner within such price range, (ii) second, (A) the Registrable Securities requested
to be included in such registration, and (B) the Investor Securities requested to be included in
such registration by the Investor Stockholders pursuant to the Investor Rights Agreement, in each
case that, in the opinion of such underwriters, can be sold in an orderly manner within such price
range, pro rata among the respective holders of such securities on the basis of the number of
shares of such securities owned by each such holder, and (iii) third, other securities
requested (and permitted) to be included in such registration, if any, that, in the opinion of such
underwriters, can be sold in an orderly manner within such price range, pro rata among the holders
of such securities on the basis of the number of such securities owned by each such holder.

 

4

 

(d)
Priority on Secondary Registrations.

If a Piggyback Registration is an underwritten secondary registration on behalf of holders
of the Corporation’s securities other than holders of Registrable Securities (it being understood
that secondary registrations on behalf of holders of Registrable Securities are addressed in
Section 1 rather than this Section 2(d)), and the managing underwriters advise the
Corporation in writing that, in their opinion, the number of securities requested to be included in
such registration exceeds the number which can be sold in an orderly manner in such offering within
a price range acceptable to the holders of a majority of the securities initially requested to be
included in such registration, then the Corporation shall include in such registration (i)
first, the securities requested to be included therein by the holders requesting such
registration, (ii) second, (A) the Registrable Securities requested to be included in such
registration, and (B) the Investor Securities requested to be included in such registration by the
Investor Stockholders pursuant to the Investor Rights Agreement, in each case that, in the opinion
of such underwriters, can be sold in an orderly manner within such price range, pro rata among the
respective holders of such securities on the basis of the number of shares of such securities owned
by each such holder, and (iii) third, other securities requested (and permitted) to be
included in such registration, if any, that, in the opinion of such underwriters, can be sold in an
orderly manner within such price range.

(e)
Selection of Underwriters.

If any Piggyback Registration is an underwritten offering, the selection of the investment
banker(s) and managing underwriter(s) for the offering must be approved by the holders of a
majority of the Registrable Securities included in such Piggyback Registration, which approval
shall not be unreasonably withheld.

(f)
Other Registrations.

If the Corporation has previously filed a registration statement with respect to
Registrable Securities pursuant to Section 1 or pursuant to this Section 2, and if
such previous registration has not been withdrawn or abandoned, then, unless such previous
registration statement is a Required Registration, the Corporation shall not file or cause to be
effected any other registration of any of its equity securities or securities convertible or
exchangeable into or exercisable for its equity securities under the Securities Act (except on Form
S-4 or S-8 or any successor form), whether on its own behalf or at the request of any holder or
holders of such
securities, until a period of at least six months has elapsed from the effective date of such
previous registration.

 

5

 

3.
Holdback Agreements.

(a) Each holder of Registrable Securities agrees that, in connection with any underwritten
public offering of the Corporation’s equity securities, it shall not (i) offer, sell, contract to
sell, pledge or otherwise dispose of (including sales pursuant to Rule 144), directly or
indirectly, any equity securities of the Corporation (“Securities”) (including Securities
which may be deemed to be owned beneficially by such holder in accordance with the rules and
regulations of the Securities and Exchange Commission), or any securities, options, or rights
convertible into or exchangeable or exercisable for Securities (“Other Securities”), (ii)
enter into a transaction which would have the same effect as described in clause (i) of this
Section 3(a), (iii) enter into any swap, hedge or other arrangement that transfers, in
whole or in part, any of the economic consequences or ownership of any Securities or Other
Securities, whether such transaction is to be settled by delivery of such Securities or Other
Securities, in cash or otherwise, or (iv) publicly disclose the intention to enter into any
transaction described in clause (i), (ii) or (iii) above, from the date on which the Corporation
gives notice to the holders of Registrable Securities that a preliminary prospectus has been
circulated for the underwritten public offering to the date that is 90 days following the date of
the final prospectus for such underwritten public offering (or such longer period not to exceed 180
days required by the underwriters designated as “book-runners” managing such registered public
offering), unless such book-runners otherwise agree in writing (such period, the “Holdback
Period”); provided that the holdback obligations set forth in this Section 3(a)
shall not be effective or shall be reduced, as applicable, if, in any underwritten offering, the
managing underwriter indicates in writing to the Corporation that such holdback obligations are not
necessary or may be shortened in the applicable Demand Registration or Piggyback Registration. If
(x) the Corporation issues an earnings release or other material news or a material event relating
to the Corporation and its Subsidiaries occurs during the last 17 days of the Holdback Period or
(y) prior to the expiration of the Holdback Period, the Corporation announces that it will release
earnings results during the 16-day period beginning upon the expiration of the Holdback Period,
then to the extent necessary for a managing or co-managing underwriter of a registered offering
required hereunder to comply with FINRA Rule 2711(f)(4), the Holdback Period shall be extended
until 18 days after the earnings release or the occurrence of the material news or event, as the
case may be (such period referred to herein as the “Holdback Extension”). The Corporation
may impose stop-transfer instructions with respect to its securities that are subject to the
foregoing restriction until the end of such period, including any period of Holdback Extension.
The holdback obligations set forth in this Section 3(a) will automatically terminate upon
any release or termination of such holdback obligations for the holders of a majority of the
Registrable Securities.

(b) In connection with any underwritten public offering of the Corporation’s equity
securities, each holder of Registrable Securities agrees to enter into any lockup or similar
agreement requested by the underwriters managing the registered public offering that is consistent
in all material respects with the holdback obligations provided for in Section 3(a)
above and which the holders of a majority of the Registrable Securities to be included in the
relevant offering agree to enter into.

 

6

 

(c) The Corporation (i) agrees not to effect any Public Sale or distribution of its equity
securities, or any securities convertible into or exchangeable or exercisable for such securities,
during the seven days prior to and during the 180-day period beginning on the effective date of any
Demand Registration or any underwritten Piggyback Registration (except as part of such underwritten
registration or pursuant to registrations on Form S-4 or S-8 or any successor form) or, in the
event of a Holdback Extension, for such longer period until the end of such period of Holdback
Extension, unless the underwriters managing the registered public offering otherwise agree, and
(ii) to the extent not inconsistent with applicable law, except as otherwise permitted by the
holders of a majority of the Registrable Securities to be included in the relevant offering, shall
cause (1) each other holder of its equity securities, or any securities convertible into or
exchangeable or exercisable for such equity securities, purchased from the Corporation at any time
(other than in a registered public offering), (2) each officer and director of the Corporation and
(3) each other holder of securities selling in the underwritten offering to agree not to effect any
Public Sale or distribution (including sales pursuant to Rule 144) of any such securities during
such period (as extended by any Holdback Extension) except as part of such underwritten
registration, if otherwise permitted, unless the underwriters managing the registered public
offering otherwise agree.

(d) Notwithstanding any other provision contained in this Agreement, the Corporation shall not
include in any underwritten Demand Registration or underwritten Piggyback Registration any portion
of Registrable Securities held by any officers or employees of the Corporation or any of its
Subsidiaries the inclusion of which the underwriter of such Demand Registration or Piggyback
Registration, as the case may be, determines is likely to adversely affect such offering.

(e) Notwithstanding anything to the contrary herein, except in the case of (i) a transfer to
the Corporation, (ii) a Public Sale which does not violate Section 3(a) or 3(b),
(iii) a transfer in connection with a Sale of the Corporation or (iv) a sale of less than 10% of
the outstanding Common Stock to any Person or “group” (as defined in Section 13(d) of the
Securities Exchange Act) (clauses (i) through (iv), a “Permitted Transfer”), prior to
transferring any Registrable Securities to any Person not already a party to this Agreement
(including by operation of law), the transferring Securityholder shall cause the prospective
transferee to execute and deliver to the Corporation a counterpart of this Agreement thereby
agreeing to be bound by the terms hereof. Any transfer or attempted transfer of any Registrable
Securities in violation of any provision of this Agreement shall be void ab initio, and the
Corporation shall not record such transfer on its books or treat any purported transferee of such
securities as the owner of such securities for any purpose. Other than in the case of a Permitted
Transfer, whether or not any such transferee has executed a counterpart hereto, such transferee
shall be subject to the obligations of the transferor hereunder. The provisions of this
Section 3(e) shall terminate upon a Sale of the Corporation.

(f) Each certificate, if any, evidencing Securities or Other Securities held by a
Securityholder and each certificate, if any, issued in exchange for or upon the transfer of any
such securities (unless such securities are no longer Registrable Securities) shall be stamped
or otherwise imprinted with a legend in substantially the following form:

 

7

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY
ISSUED ON 
 _____ 
AND HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE
SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE
OF EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION
THEREFROM. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE,
PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS, AND THE
QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES
AND/OR RIGHTS, SPECIFIED IN THE AMENDED AND RESTATED CERTIFICATE OF
INCORPORATION OF THE ISSUER OF THE SECURITIES (THE “COMPANY”), AS
AMENDED FROM TIME TO TIME. A COPY OF SUCH AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION SHALL BE FURNISHED BY THE COMPANY TO
THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.

The Corporation shall imprint such legend on certificates, if any, evidencing Securities and Other
Securities outstanding prior to the date hereof. The legend set forth above shall be removed from
the certificates evidencing any securities which are no longer Registrable Securities.

4.
Registration Procedures.

Whenever the holders of Registrable Securities have requested that any Registrable
Securities be registered pursuant to this Agreement, the Corporation shall use its reasonable best
efforts to effect the registration and the sale of such Registrable Securities in accordance with
the intended method of disposition thereof and pursuant thereto the Corporation will as
expeditiously as possible:

(a) in accordance with the Securities Act and all applicable rules and regulations promulgated
thereunder, prepare and (within sixty (60) days after the end of the period within which requests
for registration may be given to the Corporation) file with the Securities and Exchange Commission
a registration statement with respect to such Registrable Securities and thereafter use its
reasonable best efforts to cause such registration statement to become effective as soon as
practicable thereafter (provided that before filing a registration statement or prospectus or any
amendments or supplements thereto, the Corporation shall furnish to the counsel selected by the
holders of a majority of the Registrable Securities covered by such registration statement copies
of all such documents proposed to be filed, which documents shall be subject to the review and
comment of such counsel);

 

8

 

(b) notify in writing each holder of Registrable Securities of the effectiveness of each
registration statement filed hereunder and prepare and file with the Securities and Exchange
Commission such amendments and supplements to such registration statement and the prospectus used
in connection therewith as may be necessary to keep such registration statement effective for a
period of either (i) the longer of (x) not less than six months (subject to extension pursuant to
Section 7(b)) or, if such registration statement relates to an underwritten offering, such
longer period as in the opinion of counsel for the underwriters a prospectus is required by law to
be delivered in connection with sales of Registrable Securities by an underwriter or dealer and (y)
the period specified in Section 1(c) for registrations pursuant to Rule 415 under the Securities
Act or (ii) such shorter period as will terminate when all of the securities covered by such
registration statement have been disposed of in accordance with the intended methods of disposition
by the seller or sellers thereof set forth in such registration statement (but in any event not
before the expiration of any longer period required under the Securities Act), and to comply with
the provisions of the Securities Act with respect to the disposition of all securities covered by
such registration statement until such time as all of such securities have been disposed of in
accordance with the intended methods of disposition by the seller or sellers thereof set forth in
such registration statement;

(c) furnish to each seller of Registrable Securities thereunder such number of copies of such
registration statement, each amendment and supplement thereto, the prospectus included in such
registration statement (including each preliminary prospectus), each Free-Writing Prospectus and
such other documents as such seller may reasonably request in order to facilitate the disposition
of the Registrable Securities owned by such seller;

(d) use its reasonable best efforts to register or qualify such Registrable Securities under
such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and
do any and all other acts and things which may be reasonably necessary or advisable to enable such
seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by
such seller (provided that the Corporation shall not be required to (i) qualify generally to do
business in any jurisdiction where it would not otherwise be required to qualify but for this
Section 4(d), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to
general service of process in any such jurisdiction);

(e) notify in writing each seller of such Registrable Securities (i) promptly after it
receives notice thereof, of the date and time when such registration statement and each
post-effective amendment thereto has become effective or a prospectus or supplement to any
prospectus relating to a registration statement has been filed and when any registration or
qualification has become effective under a state securities or blue sky law or any exemption
thereunder has been obtained, (ii) promptly after receipt thereof, of any request by the Securities
and Exchange Commission for the amendment or supplementing of such registration statement or
prospectus or for additional information, and (iii) at any time when a prospectus relating thereto
is required to be delivered under the Securities Act, of any event as a result of which the
prospectus included in such registration statement (x) contains an untrue statement of a material
fact or omits any fact necessary to make the statements therein not misleading in light of the
circumstances under which they were made or (y) is otherwise not legally available to support sales
of Registrable Securities;

 

9

 

(f) prepare and file promptly with the Securities and Exchange Commission, and notify such
holders of Registrable Securities prior to the filing of, such amendments or supplements to such
registration statement or prospectus as may be necessary to correct any statements or omissions if,
at the time when a prospectus relating to such securities is required to be delivered under the
Securities Act, any event has occurred as the result of which any such prospectus or any other
prospectus as then in effect would include an untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not
misleading, and, in case any of such holders of Registrable Securities or any underwriter for any
such holders is required to deliver a prospectus at a time when the prospectus then in circulation
is not in compliance with the Securities Act or the rules and regulations promulgated thereunder,
the Corporation shall use its best efforts to prepare promptly upon request of any such holder or
underwriter such amendments or supplements to such registration statement and prospectus as may be
necessary in order for such prospectus to comply with the requirements of the Securities Act and
such rules and regulations;

(g) cause all such Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Corporation are then listed;

(h) provide a transfer agent and registrar for all such Registrable Securities not later than
the effective date of such registration statement;

(i) enter into and perform such customary agreements (including underwriting agreements in
customary form) and take all such other actions as the holders of a majority of the Registrable
Securities being included in such registration or the underwriters, if any, reasonably request in
order to expedite or facilitate the disposition of such Registrable Securities (including
participation in “road shows,” investor presentations and marketing events and effecting a share or
unit split or a combination of shares or units);

(j) make available for inspection by any underwriter participating in any disposition pursuant
to such registration statement, and any attorney, accountant, or other agent retained by any such
underwriter, all financial and other records, pertinent corporate documents and properties of the
Corporation, and cause the Corporation’s officers, directors, employees, and independent
accountants to supply all information reasonably requested by any such underwriter, attorney,
accountant, or agent in connection with such registration statement and assist and, at the request
of any participating underwriter, use reasonable best efforts to cause such officers or directors
to participate in presentations to prospective purchasers;

(k) take all reasonable actions to ensure that any Free-Writing Prospectus utilized in
connection with any Demand Registration or Piggyback Registration hereunder complies in all
material respects with the Securities Act, is filed in accordance with the Securities Act to the
extent required thereby, is retained in accordance with the Securities Act to the extent required
thereby and, when taken together with the related prospectus, will not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading;

 

10

 

(l) otherwise use its reasonable best efforts to comply with all applicable rules and
regulations of the Securities and Exchange Commission, and make available to its
security holders, as soon as reasonably practicable, an earnings statement covering the period
of at least 12 months beginning with the first day of the Corporation’s first full calendar quarter
after the effective date of the registration statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

(m) use its reasonable best efforts to prevent the issuance of any stop order suspending the
effectiveness of a registration statement, or of any order suspending or preventing the use of any
related prospectus or suspending the qualification of any securities included in such registration
statement for sale in any jurisdiction, and in the event of the issuance of any such stop order or
other such order the Corporation shall advise such holders of Registrable Securities of such stop
order or other such order promptly after it shall receive notice or obtain knowledge thereof and
shall use its best efforts promptly to obtain the withdrawal of such order;

(n) obtain one or more cold comfort letters, dated the effective date of such registration
statement (and, if such registration includes an underwritten public offering, dated the date of
the closing under the underwriting agreement and addressed to the underwriters), from the
Corporation’s independent public accountants in customary form and covering such matters of the
type customarily covered by cold comfort letters as the holders of a majority of the Registrable
Securities included in such registration reasonably request; and

(o) provide a legal opinion of the Corporation’s outside counsel, dated the effective date of
such registration statement (or, if such registration includes an underwritten public offering,
dated the date of the closing under the underwriting agreement), with respect to the registration
statement, each amendment and supplement thereto, the prospectus included therein (including the
preliminary prospectus) and such other documents relating thereto in customary form and covering
such matters of the type customarily covered by such opinions, which opinions shall be addressed to
the underwriters. The Corporation may require each seller of Registrable Securities as to which
any registration is being effected to furnish the Corporation such information regarding such
seller and the distribution of such securities as the Corporation may from time to time reasonably
request in writing.

5.
Registration Expenses.

(a) All expenses incident to the Corporation’s performance of or compliance with this
Agreement, including all registration and filing fees, fees and expenses of compliance with
securities or blue sky laws, printing expenses, travel expenses, filing expenses, messenger and
delivery expenses, fees and disbursements of custodians, and fees and disbursements of counsel for
the Corporation and of all independent certified public accountants, underwriters including, if
necessary, a “qualified independent underwriter” within the meaning of the rules of the Financial
Industry Regulatory Authority, Inc. (in each case, excluding discounts and commissions), and other
Persons retained by the Corporation or by the holders of Registrable Securities or their affiliates
on behalf of the Corporation (all such expenses being herein called “Registration
Expenses”), shall be borne as provided in this Agreement, except that the Corporation shall, in
any event, pay its internal expenses (including all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any annual
audit or quarterly review, the expense of any liability insurance and the expenses and fees
for listing the securities to be registered on each securities exchange on which similar securities
issued by the Corporation are then listed. Each Person that sells securities pursuant to a Demand
Registration or Piggyback Registration hereunder shall bear and pay all underwriting discounts and
commissions applicable to the securities sold for such Person’s account.

 

11

 

(b) In connection with each Demand Registration and each Piggyback Registration, the
Corporation shall reimburse the holders of Registrable Securities included in such registration for
the reasonable fees and disbursements of one counsel chosen by the holders of a majority of the
Registrable Securities included in such registration.

(c) To the extent Registration Expenses are not required to be paid by the Corporation, each
holder of securities included in any registration hereunder shall pay those Registration Expenses
allocable hereunder to the registration of such holder’s securities so included, and any
Registration Expenses not so allocable shall be borne by all sellers of securities included in such
registration in proportion to the aggregate selling price of each seller’s securities to be so
registered.

6.
Indemnification.

(a) The Corporation agrees to indemnify and hold harmless, to the fullest extent permitted by
law, each holder of Registrable Securities and its Affiliates, and their respective officers,
directors, managers, agents, and employees and each Person who controls such holder (within the
meaning of the Securities Act) (each an “Indemnitee” and, collectively, the
“Indemnitees”) against any losses, claims, damages or liabilities, joint or several,
together with reasonable costs and expenses (including reasonable attorneys’ fees), to which such
Indemnitee may become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of, are based upon, are caused by or result from (i) any untrue or
alleged untrue statement of material fact contained (A) in any registration statement, prospectus
or preliminary prospectus or any amendment thereof or supplement thereto or (B) in any application
or other document or communication (in this Section 6 collectively called an
“application”) executed by or on behalf of the Corporation or based upon written
information furnished by or on behalf of the Corporation filed in any jurisdiction in order to
qualify any securities covered by such registration statement under the “blue sky” or securities
laws thereof, or (ii) any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, and the Corporation will
reimburse each such Indemnitee for any legal or any other expenses incurred by him, her or it in
connection with investigating or defending any such loss, claim, damage, expense, liability, action
or proceeding; provided, however, that the Corporation shall not be liable in any
such case to any such Person to the extent that any such loss, claim, damage, liability (or action
or proceeding in respect thereof) or expense arises out of, is based upon, is caused by or results
from an untrue statement or alleged untrue statement, or omission or alleged omission, made in such
registration statement, any such prospectus or preliminary prospectus or any amendment or
supplement thereto, or in any application, in reliance upon, and in conformity with, written
information
prepared and furnished to the Corporation by such holder expressly for use therein. In
connection with an underwritten offering, the Corporation shall indemnify the underwriters, their
officers and directors and each Person who controls such underwriters (within the meaning of the
Securities Act) to the same extent as provided above with respect to the indemnification of the
holders of Registrable Securities.

 

12

 

(b) In connection with any registration statement in which a holder of Registrable Securities
is participating, each such holder shall furnish to the Corporation in writing such information and
affidavits as the Corporation reasonably requests for use in connection with any such registration
statement or prospectus and, to the fullest extent permitted by law, shall indemnify and hold
harmless the other holders of Registrable Securities and the Corporation, and their respective
directors, officers, managers, agents and employees and each other Person who controls the
Corporation (within the meaning of the Securities Act) against any losses, claims, damages or
liabilities, joint or several, together with reasonable costs and expenses (including reasonable
attorney’s fees), to which such indemnified party may become subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of, are based upon, are caused by or
result from (i) any untrue statement of material fact contained in the registration statement,
prospectus or preliminary prospectus or any amendment thereof or supplement thereto or in any
application or (ii) any omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading, but only to the extent that such untrue statement or
omission is made in such registration statement, any such prospectus or preliminary prospectus or
any amendment or supplement thereto, or in any application, in each case, in reliance upon and in
conformity with written information prepared and furnished to the Corporation by such holder
expressly for use therein; provided, however, that the obligation to indemnify will
be several and not joint, as to each holder and will be limited to the net amount of proceeds
received by such holder from the sale of Registrable Securities pursuant to such registration
statement.

(c) Any Person entitled to indemnification hereunder will (i) give prompt written notice to
the indemnifying party of any claim with respect to which it seeks indemnification (provided that
the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder
to the extent such failure has not prejudiced the indemnifying party) and (ii) unless in such
indemnified party’s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume
the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such
defense is assumed, the indemnifying party will not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent will not be unreasonably
withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to,
assume the defense of a claim will not be obligated to pay the fees and expenses of more than one
counsel for all parties indemnified by such indemnifying party with respect to such claim, unless
in the reasonable judgment of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such claim.

(d) The indemnifying party shall not, except with the approval of each indemnified party,
consent to entry of any judgment or enter into any settlement which does not
include as an unconditional term thereof the giving by the claimant or plaintiff to each
indemnified party of a release from all liability in respect to such claim or litigation without
any payment or consideration provided by such indemnified party.

 

13

 

(e) If the indemnification provided for in this Section 6 is unavailable to or is
insufficient to hold harmless an indemnified party under the provisions above in respect to any
losses, claims, damages or liabilities referred to therein, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result of such losses,
claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative
fault of the Corporation on the one hand and the sellers of Registrable Securities and any other
sellers participating in the registration statement on the other hand or (ii) if the allocation
provided by clause (i) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative faults referred to in clause (i) above but also the
relative benefit of the Corporation on the one hand and of the sellers of Registrable Securities
and any other sellers participating in the registration statement on the other in connection with
the registration statement or omissions which resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The relative benefits
received by the Corporation on the one hand and the sellers of Registrable Securities and any other
sellers participating in the registration statement on the other shall be deemed to be in the same
proportion as the total net proceeds from the offering (before deducting expenses) to the
Corporation bear to the total net proceeds from the offering (before deducting expenses) to the
sellers of Registrable Securities and any other sellers participating in the registration
statement. The relative fault of the Corporation on the one hand and of the sellers of Registrable
Securities and any other sellers participating in the registration statement on the other shall be
determined by reference to, among other things, whether the untrue statement or alleged omission to
state a material fact relates to information supplied by the Corporation or by the sellers of
Registrable Securities or other sellers participating in the registration statement and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

(f) The Corporation and the sellers of Registrable Securities agree that it would not be just
and equitable if contribution pursuant to this Section 6 were determined by pro rata
allocation (even if the sellers of Registrable Securities were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount paid or payable by
an indemnified party as a result of the losses, claims, damages and liabilities referred to in the
immediately preceding paragraph shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 6, no seller of Registrable Securities shall be required to contribute any amount
in excess of the net proceeds received by such seller from the sale of Registrable Securities
covered by the registration statement filed pursuant hereto. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation.

(g) The indemnification and contribution by any such party provided for under this Agreement
shall be in addition to any other rights to indemnification or contribution which any indemnified
party may have pursuant to law or contract and will remain in full force
and effect regardless of any investigation made or omitted by or on behalf of the indemnified
party or any officer, director or controlling Person of such indemnified party and will survive the
transfer of securities.

 

14

 

7.
Participation in Underwritten Registrations.

(a) No Person may participate in any registration hereunder which is underwritten unless such
Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting
arrangements approved by the Person or Persons entitled hereunder to approve such arrangements
(including pursuant to the terms of any over-allotment or “green shoe” option requested by the
managing underwriter(s), provided that no holder of Registrable Securities will be required to sell
more than the number of Registrable Securities that such holder has requested the Corporation to
include in any registration) and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably required under the
terms of such underwriting arrangements; provided that no holder of Registrable Securities
included in any underwritten registration shall be required to make any representations or
warranties to the Corporation or the underwriters (other than representations and warranties
regarding such holder and such holder’s intended method of distribution) or to undertake any
indemnification obligations to the Corporation or the underwriters with respect thereto, except as
otherwise provided in Section 6 hereof.

(b) Each Person that is participating in any registration hereunder agrees that, upon receipt
of any notice from the Corporation of the happening of any event of the kind described in
Section 4(e), such Person will forthwith discontinue the disposition of its Registrable
Securities pursuant to the registration statement until such Person’s receipt of the copies of a
supplemented or amended prospectus as contemplated by Section 4(e); provided that
the Corporation shall cause the period from and including the date of the giving of such notice
pursuant to this Section 7 to and including the date when each seller of Registrable
Securities covered by such registration statement shall have received the copies of the
supplemented or amended prospectus contemplated by Section 4(f) (the “Suspension
Period”) not to exceed 90 days in any twelve-month period. In the event the Corporation shall
give any such notice, the applicable time period mentioned in Section 4(b) during which a
Registration Statement is to remain effective shall be extended by the number of days during the
Suspension Period.

8.
Current Public Information.

The Corporation shall file in a timely manner all reports required to be filed by it under
the Securities Act and the Securities Exchange Act and the rules and regulations adopted by the
Securities and Exchange Commission thereunder, and will take such further action as any holder or
holders of Registrable Securities may reasonably request, all to the extent required to enable such
holders to sell Registrable Securities pursuant to Rule 144 adopted by the Securities and Exchange
Commission under the Securities Act (as such rule may be amended from time to time, “Rule
144”) or any similar rule or regulation hereafter adopted by the Securities and Exchange
Commission. If requested by any holder of Registrable Securities, the Corporation shall deliver to
such holder of Registrable Securities a written statement that the Corporation has
complied with all Rule 144 filing requirements. Without limiting the generality of the
foregoing, the Corporation agrees to make and keep adequate current public information available as
those terms are understood and defined in Rule 144 under the Securities Act, at all times to the
extent required to enable the holders of Registrable Securities covered by a Registration Statement
to sell such Registrable Securities without registration under the Securities Act within the
limitations of the exemptions provided by Rule 144 thereunder.

 

15

 

9.
Definitions.

“Agreement” has the meaning set forth in the preamble.

“application” has the meaning set forth in Section 6(a).

“Class A Common Stock” has the meaning set forth in the preamble.

“Class B Common Stock” has the meaning set forth in the preamble.

“Common Stock” has the meaning set forth in the preamble.

“Corporation” has the meaning set forth in the preamble.

“Demand Registrations” has the meaning set forth in Section 1(a)

“Existing Gores Agreement” has the meaning set forth in the preamble.

“Free-Writing Prospectus” means a free-writing prospectus, as defined in Rule 405 of
the Securities Act.

“Gores” has the meaning set forth in the preamble.

“Gores Long-Form Registration” has the meaning set forth in Section 1(a).

“Gores Radio” has the meaning set forth in the preamble.

“Gores Registrable Securities” means (i) any Class A Common Stock held from time to
time by Gores, (ii) Class A Common Stock of the Corporation issued or issuable with respect to the
securities referred to in clause (i) above by way of dividend, distribution, split or combination
of securities, or any recapitalization, merger, consolidation or other reorganization, and (iii)
any other Class A Common Stock of the Corporation into which any other securities held from time to
time by Gores is convertible or exchangeable. As to any particular Gores Registrable Securities,
such securities shall cease to be Gores Registrable Securities when they (a) have been effectively
registered under the Securities Act and disposed of in accordance with the registration statement
covering them, (b) have been sold to the public through a broker, dealer or market maker in
compliance with Rule 144 under the Securities Act (or any similar rule then in force), (c) have
been purchased or otherwise acquired by any employee of the Corporation or any of its Subsidiaries
or (d) have been repurchased by the Corporation or any
Subsidiary. For purposes of this Agreement, a Person shall be deemed to be a holder of Gores
Registrable Securities, and the Gores Registrable Securities shall be deemed to be in existence,
whenever such Person has the right to acquire directly or indirectly such Gores Registrable
Securities (upon conversion or exercise in connection with a transfer of securities or otherwise,
but disregarding any restrictions or limitations upon the exercise of such right), whether or not
such acquisition has actually been effected, and such Person shall be entitled to exercise the
rights of a holder of Gores Registrable Securities hereunder.

 

16

 

“Gores Short-Form Registrations” has the meaning set forth in Section 1(a).

“Holdback Extension” has the meaning set forth in Section 3(a).

“Holdback Period” has the meaning set forth in Section 3(a).

“Indemnittee” and “Indemnitees” have the meanings set forth in Section
6(a).

“Investor Rights Agreement” means that certain Amended and Restated Investor Rights
Agreement, dated as of October 21, 2011, among the Corporation, Gores Radio and the Investor
Stockholders.

“Investor Securities” means the “Registrable Securities” as defined in the Investor
Rights Agreement as in effect on the date hereof.

“Investor Stockholders” means the holders of the Investor Securities from time to
time.

“Long-Form Registrations” has the meaning set forth in Section 1(a).

“Other Securities” has the meaning set forth in Section 3(a).

“Permitted Transfer” has the meaning set forth in Section 3(e).

“Person” means an individual, a partnership, a joint venture, an association, a joint
stock company, a corporation, a limited liability company, a trust, an unincorporated organization,
an investment fund, any other business entity or a governmental entity or any department, agency or
political subdivision thereof.

“Piggyback Registration” has the meaning set forth in Section 2(a).

“Public Sale” means any sale of Registrable Securities to the public (i) pursuant to
an offering effectively registered under the Securities Act or (ii) through a broker, dealer or
market maker pursuant to the provisions of Rule 144 (or any similar provision then in effect)
adopted under the Securities Act.

“Registrable Securities” means, collectively, the Triton Registrable Securities and
the Gores Registrable Securities.

“Registration Expenses” has the meaning set forth in Section 5(a).

 

17

 

“Required Registration” has the meaning set forth in Section 1(c).

“Rule 144” has the meaning set forth in Section 8.

“Sale of the Corporation” has the meaning set forth in the Amended and Restated
Certificate of Incorporation of the Corporation.

“Securities” has the meaning set forth in Section 3(a).

“Securities Act” means the Securities Act of 1933, as amended, or any similar federal
law then in force.

“Securities and Exchange Commission” means the United States Securities and Exchange
Commission and includes any governmental body or agency succeeding to the functions thereof.

“Securities Exchange Act” means the Securities Exchange Act of 1934, as amended, or
any similar federal law then in force.

“Securityholders” has the meaning set forth in the preamble.

“Short-Form Registrations” has the meaning set forth in Section 1(a).

“Subsidiary” means, with respect to any Person, any corporation, limited liability
company, partnership, association, or business entity of which (i) if a corporation, a majority of
the total voting power of shares of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers, or trustees thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company,
partnership, association, or other business entity (other than a corporation), a majority of
partnership or other similar ownership interest thereof is at the time owned or controlled,
directly or indirectly, by any Person or one or more of the other Subsidiaries of that Person or a
combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority
ownership interest in a limited liability company, partnership, association, or other business
entity (other than a corporation) if such Person or Persons shall be allocated a majority of
limited liability company, partnership, association, or other business entity gains or losses or
shall be or control any managing member, board of managers or general partner of such limited
liability company, partnership, association, or other business entity.

“Suspension Period” has the meaning set forth in Section 7(b).

“Triton” has the meaning set forth in the preamble.

“Triton Long-Form Registrations” has the meaning set forth in Section 1(a).

“Triton Media” has the meaning set forth in the preamble.

 

18

 

“Triton Registrable Securities” means (i) any Class A Common Stock held from time to
time by Triton or into which Class B Common Stock held from time to time by Triton is convertible,
(ii) Class A Common Stock of the Corporation issued or issuable with respect to the securities
referred to in clause (i) above by way of dividend, distribution, split or combination of
securities, or any recapitalization, merger, consolidation or other reorganization, and (iii) any
other Class A Common Stock of the Corporation into which any other securities held from time to
time by Triton is convertible or exchangeable. As to any particular Triton Registrable Securities,
such securities shall cease to be Triton Registrable Securities when they (a) have been effectively
registered under the Securities Act and disposed of in accordance with the registration statement
covering them, (b) have been sold to the public through a broker, dealer or market maker in
compliance with Rule 144 under the Securities Act (or any similar rule then in force), (c) have
been purchased or otherwise acquired by any employee of the Corporation or any of its Subsidiaries
or (d) have been repurchased by the Corporation or any Subsidiary. For purposes of this Agreement,
a Person shall be deemed to be a holder of Triton Registrable Securities, and the Triton
Registrable Securities shall be deemed to be in existence, whenever such Person has the right to
acquire directly or indirectly such Triton Registrable Securities (upon conversion or exercise in
connection with a transfer of securities or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right), whether or not such acquisition has actually been
effected, and such Person shall be entitled to exercise the rights of a holder of Triton
Registrable Securities hereunder.

“Triton Short-Form Registrations” has the meaning set forth in Section 1(a).

10.
Termination of Existing Gores Agreement.

Each of the Corporation and Gores hereby agrees and acknowledges that the Existing Gores
Agreement is terminated and of no further force or effect as of the date hereof.

11.
CBS Registration Rights.

Notwithstanding the other provisions of this Agreement, the rights of the Securityholders
under this Agreement shall be adjusted to the extent required to prevent such rights from being
inconsistent with the rights of CBS Radio, Inc. (“CBS”) under Section 1.2 (including with
respect to inclusion of Registrable Securities in a registration statement provided under such
section) or 1.4 of that certain Registration Rights Agreement, dated as of March 3, 2008, between
the Corporation and CBS.

12.
Miscellaneous.

(a) Notices.

 

19

 

All notices, demands, or other communications to be given or delivered under or by reason
of the provisions of this Agreement shall be in writing and shall be deemed to have been given or
made (a) when delivered personally to the recipient, (b) when sent by facsimile to the recipient
(with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that
same day) if sent by facsimile before 5:00 p.m. local time of the recipient on a business day, and
otherwise on the next business day, or (c) one business day after being sent to the recipient by
reputable overnight courier service (charges prepaid). Such notices, demands, and other
communications shall be sent to the Corporation at the address set forth below and to any other
recipient at the address indicated on the Schedule of Securityholders attached hereto, or
to such other address or to the attention of such other Person as the recipient party has specified
by prior written notice to the sending party. The Corporation’s address is as follows:

Westwood One, Inc.

220 West 42nd Street, 3rd Floor

New York, NY 10036

Attention: Chief Executive Officer

Facsimile: (646) 285-0174

with copies (which shall not constitute notice) to:

Kirkland & Ellis LLP

300 North LaSalle

Chicago, IL 60654

Attention: Christopher J. Greeno, P.C.

                  Tana M. Ryan

Facsimile: (312) 862-2200

(b) No Inconsistent Agreements. After the date hereof, the Corporation will not enter
into any agreement with respect to its securities which is inconsistent with or violates the rights
granted to the holders of Registrable Securities in this Agreement. Except as provided in this
Agreement, after the date hereof, the Corporation shall not grant to any Persons the right to
request the Corporation to register any equity securities of the Corporation, or any securities,
options, or rights convertible or exchangeable into or exercisable for such securities, without the
prior written consent of the holders of a majority of the Registrable Securities.

(c)
Adjustments Affecting Registrable Securities.

The Corporation will not take any action, or permit any change to occur, with respect to
its securities which would materially and adversely affect the ability of the holders of
Registrable Securities to include such Registrable Securities in a registration undertaken pursuant
to this Agreement or which would adversely affect the marketability of such Registrable Securities
in any such registration (including effecting a stock split, combination of shares or other
recapitalization).

 

20

 

(d) Remedies.

Any Person having rights under any provision of this Agreement shall be entitled to enforce
such rights specifically to recover damages caused by reason of any breach of any provision of this
Agreement and to exercise all other rights granted by law. The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of the provisions of
this Agreement and that any party may in its sole discretion apply to any court of law or equity of
competent jurisdiction (without posting any bond or other security) for specific performance and
for other injunctive relief in order to enforce or prevent violation of the provisions of this
Agreement.

(e)
Amendments and Waivers.

Except as otherwise provided herein, no modification, amendment or waiver of any provision
of this Agreement shall be effective against the Corporation or the holders of Registrable
Securities unless such modification, amendment or waiver is approved in writing by the Corporation
and the holders of a majority of the Triton Registrable Securities and the Gores Registrable
Securities. No failure by any party to insist upon the strict performance of any covenant, duty,
agreement, or condition of this Agreement or to exercise any right or remedy consequent upon a
breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement,
or condition. Notwithstanding the foregoing, an amendment or modification of this Agreement to add
a party hereto and to grant such party registration rights will be effective against the
Corporation and all holders of Registrable Securities if such modification, amendment or waiver is
approved in writing by the Corporation and the holders of a majority of the Triton Registrable
Securities and the Gores Registrable Securities (except that no additional consent shall be
required with respect to any party who is given registration rights hereunder as a holder of Triton
Registrable Securities or Gores Registrable Securities pursuant to the preamble of this Agreement).
The failure of any party to enforce any of the provisions of this Agreement shall in no way be
construed as a waiver of such provisions and shall not affect the right of such party thereafter to
enforce each and every provision in accordance with its terms.

(f) Securityholder Status. Notwithstanding anything to the contrary that may be set
forth herein, at such time as any Securityholder ceases to hold any Registrable Securities, such
Securityholder shall be deemed to no longer be a Securityholder for purposes of this Agreement and
shall no longer be entitled to the rights or subject to the obligations of a Securityholder as set
forth herein.

(g)
Successors and Assigns; Third-Party Beneficiaries.

This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto (and the Persons specifically identified in Section 6) and their respective
successors and assigns. In addition, and whether or not any express assignment shall have been
made, the provisions of this Agreement which are for the benefit of the holders of Registrable
Securities (or any portion thereof) as such shall be for the benefit of and enforceable by any
subsequent holder of any Registrable Securities (or of such portion thereof); provided that
such subsequent holder of Registrable Securities has executed a counterpart to, or otherwise agreed
in writing to be bound by, this Agreement in accordance with the procedures set forth herein.

 

21

 

(h)
Severability.

Whenever possible, each provision of this Agreement shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this Agreement is held to
be invalid, illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision
or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement
shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein.

(i)
Entire Agreement.

Except as otherwise expressly set forth herein, this document embodies the complete
agreement and understanding among the parties hereto with respect to the subject matter hereof and
supersedes and preempts any prior understandings, agreements or representations by or among the
parties, written or oral, which may have related to the subject matter hereof in any way, including
without limitation the Existing Gores Agreement.

(j)
Counterparts; Facsimile Signature.

This Agreement may be executed in two or more counterparts, any one of which need not
contain the signatures of more than one party, but all such counterparts taken together will
constitute one and the same Agreement. This Agreement may be executed by facsimile signature.

(k)
Descriptive Headings.

The descriptive headings of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement.

(l)
Governing Law.

All issues and questions concerning the relative rights and obligations of the Corporation
and the Securityholders under this Agreement and the construction, validity, interpretation and
enforceability of this Agreement shall be governed by, and construed in accordance with, the laws
of the State of Delaware, without giving effect to any choice of law or conflict of law rules or
provisions (whether of the State of Delaware or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Delaware.

(m) Consent to Jurisdiction. Each of the parties hereto irrevocably submits to the
exclusive jurisdiction of the United States District Court for the State of Delaware and the state
courts of the State of Delaware for the purposes of any suit, action or other proceeding arising
out of or relating to this Agreement or any transaction contemplated hereby. Each of the parties
hereto further agrees that service of any process, summons, notice or document by United States
certified or registered mail to such party’s respective address set forth in Section 12(a),
or such other address or to the attention of such other person as the recipient party has specified
by prior written notice to the sending party, shall be effective service of process in any action,
suit or proceeding in the State of Delaware with respect to any matters to which it has submitted
to
jurisdiction as set forth above in the immediately preceding sentence. Each of the parties
hereto irrevocably and unconditionally waives any objection to the laying of venue of any action,
suit or proceeding arising out of this Agreement or the transactions contemplated hereby in the
United States District Court for the State of Delaware or the state courts of the State of Delaware
and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such
court that any such action, suit or proceeding brought in such court has been brought in an
inconvenient forum.

 

22

 

(n)
Mutual Waiver of Jury Trial.

Because disputes arising in connection with complex transactions are most quickly and
economically resolved by an experienced and expert person and the parties wish applicable state and
federal laws to apply (rather than arbitration rules), the parties desire that their disputes be
resolved by a judge applying such applicable laws. Therefore, to achieve the best combination of
the benefits of the judicial system and of arbitration, each party to this Agreement hereby waives
all rights to trial by jury in any action, suit or proceeding brought to resolve any dispute
between or among any of the parties hereto, whether arising in contract, tort or otherwise, arising
out of, connected with, related or incidental to this Agreement or the transactions contemplated
hereby.

(o)
Business Days.

If any time period for giving notice or taking action hereunder expires on a day which is a
Saturday, Sunday or legal holiday in the state in which the Corporation’s chief executive office is
located, the time period shall automatically be extended to the business day immediately following
such Saturday, Sunday or legal holiday.

* * * * *

 

23

 

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

	 	 	 	 	 
	 	WESTWOOD ONE, INC.

 	 
	 	By:  	/s/ David Hillman
 	 
	 	 	Name:  	David Hillman 	 
	 	 	Its:        Executive Vice President 	 
	 

Signature Page — Registration Agreement

	 	 	 	 	 

 

 

 

	 	 	 	 	 
	 	TRITON MEDIA GROUP, LLC

 	 
	 	By:  	/s/ Neal Schore
 	 
	 	 	Name:  	Neal Schore 	 
	 	 	Its:        President and Chief Executive Officer 	 
	 

Signature Page — Registration Agreement

	 	 	 	 	 

 

 

 

	 	 	 	 	 	 	 
	 	 	GORES RADIO HOLDINGS, LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By: THE GORES GROUP, LLC, its Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jonathan Gimbel
 

Name: Jonathan Gimbel
	 	 
	 

	 	 	 	Its: Principal	 	 

Signature Page — Registration Agreement

 

 

 

SCHEDULE OF SECURITYHOLDERS

Name & Address

If to Triton:

Triton Media Group, LLC

15303 Ventura Boulevard, Suite 1500

Sherman Oaks, CA 91403

Attention: Chief Executive Officer

Facsimile: (818) 990-0930

with copies (which shall not constitute notice) to:

Oaktree Capital Management, L.P.

333 S. Grand Ave., 28th Floor

Los Angeles, CA 90071

Attention: Andrew Salter

Facsimile: (213) 830-6394

and

Kirkland & Ellis LLP

300 North LaSalle

Chicago, IL 60654

Attention: Christopher J. Greeno, P.C.

                  Tana M. Ryan

Facsimile: (312) 862-2200

If to Gores:

Gores Radio Holdings, LLC

c/o The Gores Group, LLC

10877 Wilshire Blvd, 18th Floor

Los Angeles, CA 90024

Attention: General Counsel

Facsimile: (310) 443-2149

with a copy (which shall not constitute notice) to:

Skadden, Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue, Suite 3400

Los Angeles, CA 90071-3144

Attention: Rick C. Madden, Esq.

Facsimile: (213) 621-5379

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