Document:

EX-4.5

EXHIBIT 4.5

EXECUTION COPY

 

XM INVESTMENT LLC,

as Grantor,

to

STEWART TITLE OF MARYLAND INC., as Trustee

for the benefit of

U.S. BANK NATIONAL ASSOCIATION

as Collateral Trustee,

as Beneficiary

 

DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS,

SECURITY AGREEMENT AND FIXTURE FILING

 

	 	 	 	 	 
	 	 	Dated: As of February 13, 2009
	 
	 	 	 	 
	 

	 	Location:
	 	1500 Eckington Place NE
	 

	 	 	 	Washington, DC 20002-2194
	 
	 	 	 	 
	 	 	PREPARED BY AND UPON
	 	 	RECORDATION RETURN TO:
	 
	 	 	 	 
	 	 	Brown, Rudnick LLP
	 	 	One Financial Center
	 	 	Boston, Massachusetts 02111
	 

	 	Attention:
	 	Steven B. Levine, Esquire
	 

	 	 	 	Edward S. Hershfield, Esquire

 

 

 

          THIS DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING (the
“Security Instrument”) is made as of the 13TH day of February, 2009, by XM INVESTMENT
LLC, a Delaware limited liability company having an address c/o XM Satellite Radio Holdings Inc.,
1221 Avenue of the Americas, 36th Floor, New York, New York 10020, Attention: General Counsel, as
grantor (“Grantor”) in favor of STEWART TITLE OF MARYLAND INC., a Maryland corporation, having its
principal place of business at 409 Washington Avenue, Towson, Maryland 21204, as trustee
(“Trustee”) for the benefit of U.S. BANK NATIONAL ASSOCIATION, having an address at 100 Wall
Street, Suite 1600, New York, NY 10005, Attention: Corporate Trust Services, as Collateral Trustee
(in such capacity, “Beneficiary”) for the ratable benefit of the holders of the Notes referred to
below (collectively, the “Holders”, each of which is severally called “Holder”).

RECITALS:

          Grantor is party to that certain Indenture dated as of February 13, 2009 (together with all
extensions, renewals, modifications, substitutions, amendments, restatements, and replacements
thereof, the “Indenture”) among XM Satellite Radio Holdings Inc., a Delaware corporation (the
“Company”), Sirius XM Radio Inc., a Delaware corporation (the “Parent”), XM 1500 Eckington LLC, a
Delaware limited liability company, as a Subsidiary Guarantor, Grantor, as a Subsidiary Guarantor,
and U.S. BANK National Association, as Indenture Trustee, pursuant to which, among other things,
Grantor guarantees full payment and performance of all of the obligations of the Company to the
Holders of the promissory notes (together with all extensions, renewals, modifications,
substitutions, amendments, restatements, and replacements thereof, collectively, the “Notes”)
issued under the Indenture, including without limitation the repayment of the principal sum of TWO
HUNDRED FIFTY MILLION AND 00/100 DOLLARS ($250,000,000.00) in lawful money of the United States of
America, with interest from the date thereof at the rates set forth in the Indenture, with
principal and interest to be payable in accordance with the terms and conditions provided in the
Indenture.

          Grantor desires to secure the payment of the Debt (as defined in Article 2) and the
performance of all of its obligations under the Indenture and the Other Obligations (as defined in
Article 2).

ARTICLE — 1. GRANTS OF SECURITY

     1.1 Property Mortgaged. Grantor does hereby irrevocably mortgage, grant, bargain, sell,
pledge, assign, warrant, transfer and convey to Trustee, its successors and assigns, for the
benefit of Beneficiary, and grant a security interest to Beneficiary and Trustee in, the following
property, rights, interests and estates now owned, or hereafter acquired by Grantor (collectively,
the “Property”) with power of sale and right of entry and possession:

          (a) Real Estate. The land more particularly described on Exhibit A which is annexed
hereto and made a part hereof (“Land”) together with the improvements and other structures now or
hereafter situated thereon (such improvements being sometimes called the “Improvements”) together
with all rights, privileges, tenements, hereditaments, appurtenances,

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easements, including, but not limited to, rights and easements for access and egress and
utility connections, and other rights now or hereafter appurtenant thereto (“Real Estate”);

          (b) Fixtures. All real estate fixtures or items which by agreement of the parties may
be deemed to be such fixtures, now or hereafter owned by Grantor, or in which Grantor has or
hereafter obtains an interest, and now or hereafter located in or upon the Real Estate, or now or
hereafter attached to, installed in, or used in connection with any of the Real Estate, including,
but not limited to, any and all portable or sectional buildings, bathroom, plumbing, heating,
lighting, refrigerating, ventilating and air-conditioning apparatus and equipment, garbage
incinerators and receptacles, elevators and elevator machinery, boilers, furnaces, stoves, tanks,
motors, sprinkler and fire detection and extinguishing systems, doorbell and alarm systems, window
shades, screens, awnings, screen doors, storm and other detachable windows and doors, mantels,
partitions, built-in cases, counters and other fixtures whether or not included in the foregoing
enumeration (“Fixtures”);

          (c) Additional Appurtenances. All bridges, easements, rights of way, licenses,
privileges, hereditaments, permits and appurtenances hereafter belonging to or enuring to the
benefit of the Real Estate and all right, title and interest of Grantor in and to the land lying
within any street or roadway adjoining any of the Real Estate and all right, title and interest of
Grantor in and to any vacated or hereafter vacated streets or roads adjoining any of the Real
Estate and any and all reversionary or remainder rights (“Additional Appurtenances”);

          (d) Awards. All of the right, title and interest of Grantor in and to any award or
awards heretofore made or hereafter to be made by any municipal, county, state or federal
authorities to the present or any subsequent owners of any of the Real Estate or the Land, or the
Improvements, or the Fixtures, or the Additional Appurtenances, or the Leases or the Personal
Property, including, without limitation, any award or awards, or settlements or payments, or other
compensation hereafter made resulting from (x) condemnation proceedings or the taking of the Real
Estate, or the Land, or the Improvements, or the Fixtures, or the Additional Appurtenances, or the
Leases or the Personal Property, or any part thereof, under the power of eminent domain, or (y) the
alteration of grade or the location or discontinuance of any street adjoining the Land or any
portion thereof, or (z) any other injury to or decrease in value of the Property (“Awards”);

          (e) Leases. All leases now or hereafter entered into of the Real Estate, or any
portion thereof, and all rents, issues, profits, revenues, earnings and royalties therefrom
(collectively, “Rents”), and all right, title and interest of Grantor thereunder, including,
without limitation, cash, letters of credit, or securities deposited thereunder to secure
performance by the tenants or occupants of their obligations thereunder, whether such cash, letters
of credit, or securities are to be held until the expiration of the terms of such leases or
occupancy agreements or applied to one or more of the installments of rent coming due prior to the
expiration of such terms including, without limitation, the right to receive and collect the rents
thereunder (“Leases”); and

          (f) Personal Property. All tangible and intangible personal property now owned or at any time
hereafter acquired by Grantor of every nature and description, and location whether or not used in
any way in connection with the Real Estate, the Fixtures, the Additional

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Appurtenances, or any other portion of the Property, including, without limitation express or
implied upon the generality of the foregoing, all Equipment, Goods, Inventory, Fixtures, Accounts,
Instruments, Documents and General Intangibles (as each such capitalized term is defined in the
Uniform Commercial Code in effect in the District of Columbia (“Uniform Commercial Code”)) and
further including, without any such limitation, the following whether or not included in the
foregoing: materials; supplies; furnishings; chattel paper; money; bank accounts; security
deposits; utility deposits; any insurance or tax reserves deposited with Beneficiary; any cash
collateral deposited with Beneficiary; claims to rebates, refunds or abatements of real estate
taxes or any other taxes; contract rights; plans and specifications; licenses, permits, approvals
and other rights; the rights of Grantor under contracts with respect to the Real Estate or any
other portion of the Property; signs, brochures, advertising, the name by which the Property is
known and any variation of the words thereof, and good will; copyrights, service marks, and all
goodwill associates therewith; and trademarks; all proceeds paid for any damage or loss to all or
any portion of the Real Estate, the Fixtures, the Additional Appurtenances, any other Personal
Property or any other portion of the Property (“Insurance Proceeds”); all Awards; all Leases; all
books and records; and all proceeds, products, additions, accessions, substitutions and
replacements to any one or more of the foregoing (collectively, the “Personal Property”).

     1.2 Assignment of Rents. Grantor hereby absolutely and unconditionally assigns to
Beneficiary and Trustee Grantor’s right, title and interest in and to all current and future Leases
and Rents; it being intended by Grantor that this assignment constitutes a present, absolute
assignment and not an assignment for additional security only. Nevertheless, subject to the terms
of this Section 1.2, Beneficiary and Trustee grants to Grantor a revocable license to
collect and receive the Rents.

     1.3 Security Agreement. Grantor hereby grants to Beneficiary a continuing security
interest in all of the Property in which a security interest may be granted under the Uniform
Commercial Code as including, without limitation, the Fixtures and the Personal Property, together
with all proceeds and products, whether now or at any time hereafter acquired and whether or not
used in any way in connection with the development, construction, marketing or operation of the
Real Estate, to secure all Obligations (as defined in Section 2.3).

          This instrument is intended to take effect as a security agreement pursuant to the Uniform
Commercial Code and is to be filed as a financing statement pursuant to the Uniform Commercial
Code.

     1.4 Pledge of Monies Held. Grantor hereby pledges to Beneficiary any Net Proceeds (as
defined in Section 4.2) and condemnation awards or payments described in Section
3.5 which are held by Beneficiary, as additional security for the Obligations until expended or
applied as provided in this Security Instrument.

CONDITIONS TO GRANT

          TO HAVE AND TO HOLD the above granted and described Property unto and to the use and benefit
of Beneficiary and Trustee, and the successors and assigns of Beneficiary and Trustee, forever;

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          IN TRUST, WITH POWER OF SALE, to secure all of Grantor’s obligations under the Indenture,
including without limitation Grantor’s obligation to pay to the Holders the Debt at the time and in
the manner provided for its payment in the Indenture and in this Security Instrument.

          PROVIDED, HOWEVER, these presents are upon the express condition that, if Grantor shall well
and truly pay to the Holders the Debt at the time and in the manner provided in the Indenture and
this Security Instrument, shall well and truly perform the Other Obligations as set forth in this
Security Instrument and shall well and truly abide by and comply with each and every covenant and
condition set forth herein and in the Indenture, these presents and the estate hereby granted shall
cease, terminate and be void.

ARTICLE — 2. DEBT AND OBLIGATIONS SECURED

     2.1 Debt. This Security Instrument and the grants, assignments and transfers made in
Article 1 are given for the purpose of securing the following, in such order of priority as
is set forth in the Indenture (the “Debt”):

          (a) the payment of the indebtedness evidenced by the Indenture which Grantor guaranties in the
Indenture in lawful money of the United States of America;

          (b) the payment of interest, default interest, late charges and other sums, as provided in the
Indenture, this Security Instrument or the Other Security Documents (as defined in Section
3.2);

          (c) the payment of all other moneys agreed or provided to be paid by Grantor in the Indenture,
this Security Instrument or the Other Security Documents;

          (d) the payment of all sums advanced pursuant to this Security Instrument to protect and
preserve the Property and the lien and the security interest created hereby; and

          (e) the payment of all sums advanced and costs and expenses incurred by the Holders in
connection with the Debt or any part thereof, any renewal, extension, or change of or substitution
for the Debt or any part thereof, or the acquisition or perfection of the security therefor,
whether made or incurred at the request of Grantor or the Holders.

     2.2 Other Obligations. This Security Instrument and the grants, assignments and
transfers made in Article 1 are also given for the purpose of securing the following (the
“Other Obligations”):

          (a) the performance of all other obligations of Grantor contained herein;

          (b) the performance of each obligation of Grantor contained in the Indenture or in any other
agreement given by Grantor to the Holders which is for the purpose of further securing the
obligations secured hereby, and any amendments, modifications and changes thereto; and

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          (c) the performance of each obligation of Grantor contained in any renewal, extension,
amendment, modification, consolidation, change of, or substitution or replacement for, all or any
part of the Indenture, this Security Instrument or the Other Security Documents.

     2.3 Debt and Other Obligations. Grantor’s obligations for the payment of the Debt and
the performance of the Other Obligations shall be referred to collectively below as the
“Obligations.”

ARTICLE — 3. GRANTOR COVENANTS

          Grantor covenants and agrees that:

     3.1 Payment of Debt. Grantor will pay the Debt at the time and in the manner provided
in the Indenture and in this Security Instrument.

     3.2 Incorporation by Reference. All the covenants, conditions and agreements
contained in (a) the Indenture and (b) all and any of the documents other than the Indenture or
this Security Instrument now or hereafter executed by Grantor and/or others and by or in favor of
Beneficiary, including without limitation the Indenture and any other documents which wholly or
partially secure or guaranty payment of the Indenture (the “Other Security Documents”), are hereby
made a part of this Security Instrument to the same extent and with the same force as if fully set
forth herein.

     3.3 Insurance.

          (a) Grantor shall obtain and maintain, or cause to be maintained, insurance for Grantor and
the Property providing at least the following coverages:

               (i) comprehensive all risk insurance on the Improvements and the Personal Property, including
contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of
Construction Endorsements, in each case (A) in an amount equal to 100% of the “Full Replacement
Cost,” which for purposes of this Security Instrument shall mean actual replacement value
(exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver
of depreciation, (B) containing an agreed amount endorsement with respect to the Improvements and
Personal Property waiving all co-insurance provisions; and (C) providing for no deductible in
excess of $250,000;

               (ii) commercial general liability insurance against claims for personal injury, bodily injury,
death or property damage occurring upon, in or about the Property, such insurance (A) to be on the
so-called “occurrence” form with a combined single limit of not less than $2,000,000; and (B) to
cover at least the following hazards: (1) premises and operations; (2) products and completed
operations on an “if any” basis; (3) independent contractors; and (4) blanket contractual liability
for all written and oral contracts;

               (iii) at all times during which structural construction, repairs or alterations are being made
with respect to the Improvements (A) owner’s contingent or protective liability insurance covering
claims not covered by or under the terms or provisions of the above mentioned commercial general
liability insurance policy; and (B) the insurance

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provided for in Subsection 3.3(a)(i) written in a so-called builder’s risk completed
value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to
Subsection 3.3 (a)(i), (3) including permission to occupy the Property, and (4) with an
agreed amount endorsement waiving co-insurance provisions;

               (iv) workers’ compensation, subject to the statutory limits of the state in which the Property
is located, and employer’s liability insurance with a limit of at least $1,000,000 per accident and
per disease per employee, and $1,000,000 for disease aggregate in respect of any work or operations
on or about the Property, or in connection with the Property or its operation (if applicable);

               (v) comprehensive boiler and machinery insurance, if applicable, in amounts as shall be
reasonably required by Beneficiary; and

               (vi) flood hazard insurance if any portion of the Improvements is currently or at any time in
the future located in a federally designated “special flood hazard area”; and

               (vii) such other insurance as may be required pursuant to the terms of the Indenture.

          (b) All insurance provided for in Subsection 3.3 (a) hereof shall be obtained under
valid and enforceable policies (the “Policies” or in the singular, the “Policy”), in such forms and
as may be reasonably satisfactory to Beneficiary, issued by financially sound and responsible
insurance companies authorized to do business in the state in which the Property is located and
approved by Beneficiary. The insurance companies must have a general policy rating of A or better
and a financial class of VI or better by A.M. Best Company, Inc.. Not less than thirty (30) days
prior to the expiration dates of the Policies theretofore furnished to Beneficiary pursuant to
Subsection 3.3(a), certified copies of the Policies (or certificates evidencing the
coverage afforded thereby) marked “premium paid” or accompanied by evidence reasonably satisfactory
to Beneficiary of payment of the premiums due thereunder (the “Insurance Premiums”), shall be
delivered by Grantor to Beneficiary.

          (c) Grantor shall not obtain (i) any umbrella or blanket liability or casualty Policy unless
Beneficiary’s interest is included therein as provided in this Security Instrument and such Policy
is issued by a Qualified Insurer, or (ii) separate insurance concurrent in form or contributing in
the event of loss with that required in Subsection 3.3(a) to be furnished by, or which may
be reasonably required to be furnished by, Grantor. In the event Grantor obtains separate
insurance or an umbrella or a blanket Policy, Grantor shall notify Beneficiary of the same and
shall cause certified copies of each Policy (or certificates evidencing the coverage afforded
thereby) to be delivered as required in Subsection 3.3(a). Any blanket insurance Policy
shall specifically allocate to the Property the amount of coverage from time to time required
hereunder and shall otherwise provide the same protection as would a separate Policy insuring only
the Property in compliance with the provisions of Subsection 3.3(a).

          (d) All Policies of insurance provided for or contemplated by Subsection 3.3(a),
except for the Policy referenced in Subsection 3.3(a)(v), shall name Beneficiary and

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Grantor as the insured or additional insured, as their respective interests may appear, and in
the case of property damage, boiler and machinery, and flood insurance, shall contain a so-called
New York standard non-contributing mortgagee clause in favor of Beneficiary providing that the loss
thereunder shall be payable to Beneficiary.

          (e) All Policies of insurance provided for in Subsection 3.3(a) shall contain clauses
or endorsements to the effect that:

               (i) the Policy shall not be materially changed (other than to increase the coverage provided
thereby) or cancelled without at least 30 days’ written notice to Beneficiary; and

               (ii) each Policy shall provide that the issuers thereof shall give written notice to
Beneficiary if the Policy has not been renewed thirty (30) days prior to its expiration.

          (f) If at any time Beneficiary is in receipt of written evidence that all insurance required
hereunder is not in full force and effect, Beneficiary shall have the right, without notice to
Grantor to obtain such insurance coverage as is required hereunder, and all expenses incurred by
Beneficiary in connection with such action or in obtaining such insurance and keeping it in effect
shall be paid by Grantor to Beneficiary upon demand.

          (g) If the Property shall be damaged or destroyed, in whole or in part, by fire or other
casualty, Grantor shall give prompt notice of such damage to Beneficiary and, at the election of
Grantor, either redeem Notes in the principal amount equal to the Net Proceeds payable in
connection with such fire or other casualty, or shall promptly commence and diligently prosecute
the completion of the repair and restoration of the Property as nearly as possible to the condition
the Property was in immediately prior to such fire or other casualty, with such alterations as may
be reasonably approved by Beneficiary (the “Restoration”) and otherwise in accordance with
Section 4.2 of this Security Instrument; it being understood, however, that if Grantor
elects to restore the Property, Grantor shall not be obligated to restore the Property to the
precise condition of the Property prior to any casualty or other damage or injury to the Property
if the restoration or repair to be performed shall have no material effect on the fair market value
of the Property as compared to the fair market value of the Property if the same had been restored
or repaired to its precise condition immediately prior to such taking or casualty. If Grantor
elects to restore the Property, Grantor shall pay all costs of such Restoration whether or not such
costs are covered by insurance.

     3.4 Payment of Taxes, etc.

          (a) Subject to Grantor’s rights to contest the same as provided below, Grantor shall pay all
taxes, assessments, water rates, sewer rents, governmental impositions, and other charges,
including without limitation vault charges and license fees for the use of vaults, chutes and
similar areas adjoining the Land, now or hereafter levied or assessed or imposed against the
Property or any part thereof (the “Taxes”), all ground rents, maintenance charges and similar
charges, now or hereafter levied or assessed or imposed against the Property or any part thereof
(the “Other Charges”), and all charges for utility services provided to the Property prior to the
date the same would become delinquent. Grantor will deliver to Beneficiary, within ten (10)

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days of a request by Beneficiary’s, evidence reasonably satisfactory to Beneficiary that the
Taxes, Other Charges and utility service charges have been so paid, are not then delinquent or are
being contested. Upon request of Beneficiary, Grantor shall furnish to Beneficiary paid receipts
for the payment of the Taxes and Other Charges prior to the date the same shall become delinquent,
unless the same are being contested in accordance with the terms hereof.

          (b) After prior written notice to Beneficiary, Grantor, at its own expense, may contest by
appropriate legal proceeding, promptly initiated and conducted in good faith and with due
diligence, the amount or validity or application in whole or in part of any of the Taxes or Other
Charges, provided that (i) no Event of Default (as defined in Article 9) has occurred and
is continuing, (ii) Grantor is permitted to do so under the provisions of any other mortgage, deed
of trust or deed to secure debt affecting the Property, (iii) such proceeding shall suspend the
collection of the Taxes from Grantor and from the Property or Grantor shall have paid all of the
Taxes under protest, (iv) such proceeding shall be permitted under and be conducted in accordance
with the provisions of any other instrument to which Grantor is subject and shall not constitute a
default thereunder, and (v) neither the Property nor any part thereof or interest therein will be
in danger of being sold, forfeited, terminated, cancelled or lost.

     3.5 Condemnation. Grantor, within ten (10) days of becoming aware of the institution
of the actual or threatened commencement of any condemnation or eminent domain proceeding, shall
notify Beneficiary of the pendency of such proceedings, and shall deliver to Beneficiary copies of
any and all papers served in connection with such proceedings. Notwithstanding any taking by any
public or quasi-public authority through eminent domain or otherwise, the Debt shall not be reduced
until any award or payment therefor shall have been actually received and applied by Beneficiary,
after the deduction of expenses of collection, to the reduction or discharge of the Debt. If the
Property or any portion thereof is taken by a condemning authority, Grantor shall, at its option,
either redeem Notes in the principal amount equal to the Net Proceeds (as defined in Section
4.2(b)) payable in connection with such condemnation, or promptly commence and diligently
prosecute the restoration of the Property in accordance with, and otherwise comply with the
provisions of, Section 4.2. If the Property is sold, through foreclosure or otherwise,
prior to the receipt by Beneficiary of the award or payment, Beneficiary shall have the right,
whether or not a deficiency judgment on the Indenture shall have been sought, recovered or denied,
to receive the award or payment, or a portion thereof sufficient to redeem the Notes and repay and
other outstanding Debt.

     3.6 Leases and Rents. No future Lease shall be executed without Beneficiary’s
approval, which shall not be unreasonably withheld. Upon request, Grantor shall furnish
Beneficiary with executed copies of all Leases. All future Leases shall provide that they are
subordinate to this Security Instrument and that the lessee shall attorn to the Beneficiary, and by
acceptance of this Security Instrument, Beneficiary agrees to enter into a customary
non-disturbance agreement with the tenant under any such future Lease, which agreement shall be in
form and substance reasonably satisfactory to Beneficiary.

     3.7 Maintenance of Property. Grantor shall cause the Property to be maintained in a
good and safe condition and repair, reasonable wear and tear excepted. The Improvements shall not
be removed or demolished without the consent of Beneficiary. Grantor shall, in accordance with
prudent business practices, repair, replace or rebuild any part of the Property which may be

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destroyed by any casualty, or become damaged, worn or dilapidated, or which may be affected by
any proceeding of the character referred to in Section 3.5 hereof, and shall complete and
pay for any structure at any time in the process of construction or repair on the Land.

     3.8 Waste. Grantor shall not commit or suffer any waste of the Property or make any
change in the use of the Property which will in any way materially increase the risk of fire or
other hazard arising out of the operation of the Property, or take any action that might invalidate
or give cause for cancellation of any Policy.

     3.9 Compliance With Laws. Grantor shall comply in all material respects with all
existing and future federal, state and local laws, orders, ordinances, governmental rules and
regulations or court orders affecting or which may be interpreted to affect the Property, or the
use thereof (“Applicable Laws”).

     3.10 Liens. Grantor will never permit to be created or exist in respect of the
Property or any part thereof any lien or security interest other than the liens or security
interests hereof and other than Permitted Exceptions (as defined in Section 5.1).

ARTICLE — 4. — SPECIAL COVENANTS

     Grantor covenants and agrees that:

     4.1 Single Purpose Entity. It has not and shall not:

          (a) engage in any business or activity other than the ownership, operation, leasing and
maintenance of the Property, and activities incidental thereto;

          (b) acquire or own any material assets other than (i) the Property, and (ii) such incidental
Personal Property as may be necessary for the operation of the Property;

          (c) merge into or consolidate with any person or entity or dissolve, terminate or liquidate in
whole or in part, transfer or otherwise dispose of all or substantially all of its assets or change
its legal structure, without in each case Beneficiary’s consent;

          (d) fail to preserve its existence as an entity duly organized, validly existing and in good
standing (if applicable) under the laws of the jurisdiction of its organization or formation, or
without the prior written consent of Beneficiary, amend, modify, terminate or fail to comply with
the provisions of Grantor’s organizational documents, as same may be further amended or
supplemented, if such amendment, modification, termination or failure to comply would adversely
affect the ability of Grantor to perform its obligations hereunder, under the Indenture or under
the Other Security Documents;

          (e) own any subsidiary or make any investment in, any person or entity without the consent of
Beneficiary;

          (f) commingle its assets with the assets of any of its members, general partners, affiliates,
principals or of any other person or entity;

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          (g) incur any debt, secured or unsecured, direct or contingent (including guaranteeing
any obligation), other than the Debt, except for trade payables and leases of personal property in
the ordinary course of its business of owning, leasing and operating the Property, provided that
such debt is paid when due;

          (h) become insolvent and fail to pay its debts and liabilities from its assets as the same
shall become due;

          (i) fail to maintain its records, books of account and bank accounts separate and apart from
those of the members, general partners, principals and affiliates of Grantor and any other person
or entity;

          (j) enter into any contract or agreement with any member, general partner, principal or
affiliate of Grantor, except upon terms and conditions that are intrinsically fair and
substantially similar to those that would be available on an arms-length basis with third parties
other than any member, general partner, principal or affiliate of Grantor;

          (k) seek the dissolution or winding up in whole, or in part, of Grantor;

          (l) except pursuant to the Indenture and the Security Documents, hold itself out to be
responsible for the debts of another person;

          (m) make any loans or advances to any third party, including any member, general partner,
principal or affiliate of Grantor;

          (n) fail to file its own tax returns;

          (o) fail either to hold itself out to the public as a legal entity separate and distinct from
any other entity or person or to conduct its business solely in its own name in order not (i) to
mislead others as to the identity with which such other party is transacting business, or (ii) to
suggest that Grantor is responsible for the debts of any third party (including any member, general
partner, principal or affiliate of Grantor, or any member, general partner, principal or affiliate
thereof), except pursuant to the Indenture and the Security Documents ;

          (p) fail to maintain adequate capital for the normal obligations reasonably foreseeable in a
business of its size and character and in light of its contemplated business operations; or

          (q) file or consent to the filing of any petition, either voluntary or involuntary, to take
advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute, or make
an assignment for the benefit of creditors.

     4.2 Restoration. The following provisions shall apply in connection with any
Restoration of the Property which Grantor elects to do:

          (a) If the Net Proceeds (as defined in Section 4.2(b)) shall be less than $500,000
(the “Net Proceeds Threshold”) and the costs of completing the Restoration shall be less
than the Net Proceeds Threshold, the Net Proceeds will be disbursed by Beneficiary to

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Grantor upon receipt, provided that all of the conditions set forth in Subsection
4.1(b)(i) are met and Grantor delivers to Beneficiary a written undertaking to commence and
complete, with all due diligence, the Restoration in accordance with the terms of this Security
Instrument.

          (b) If the Net Proceeds are equal to or greater than the Net Proceeds Threshold or the costs
of completing the Restoration is equal to or greater than the Net Proceeds Threshold, Beneficiary
shall make the net amount of all insurance or condemnation proceeds received by Beneficiary
pursuant to this Security Instrument as a result of such damage, destruction or condemnation, after
deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel
fees), if any, in collecting the same (the “Net Proceeds”) available for the Restoration in
accordance with the provisions of this Subsection 4.1(b).

               (i) The Net Proceeds shall be made available to Grantor for the Restoration, provided that
each of the following conditions are met:

     (A) no Event of Default shall have occurred and be continuing;

     (B) Grantor shall commence the Restoration as soon as reasonably
practicable (but in no event later than sixty (60) days after such damage or
destruction occurs) and shall diligently pursue the same to satisfactory
completion;

     (C) Beneficiary shall be reasonably satisfied that the Net Proceeds and
other funds of Grantor are available to complete the Restoration and that
the Restoration will be completed on or before the maturity date of the
Notes;

     (D) the Property and the use thereof after the Restoration will be in
compliance in all material respects with and permitted under all applicable
zoning laws, ordinances, rules and regulations;

     (E) in the event that the Net Proceeds are proceeds of condemnation
(I) the portion of the Land that is subject to such condemnation does not
include any material means of access, facilities or amenities that are
necessary for the continued use, occupation and operation of the
Improvements in a manner substantially the same as immediately prior to such
condemnation, and (II) the nature and scope of such condemnation would not
make it impracticable, in Beneficiary’s reasonable determination, even after
Restoration, to use, occupy and operate the Improvements as an economically
viable whole; and

     (F) the Restoration shall be done and completed by Grantor in an
expeditious and diligent fashion and in compliance in all material respects
with all applicable governmental laws, rules and regulations.

               (ii) The Net Proceeds shall be held by Beneficiary and, until disbursed in accordance with the
provisions of this Subsection 4.2(b), shall constitute additional security for the
Obligations. The Net Proceeds shall be disbursed by Beneficiary to, or as directed by,

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Grantor from time to time during the course of the Restoration, upon receipt of evidence
reasonably satisfactory to Beneficiary that (A) all materials installed and work and labor
performed (except to the extent that they are to be paid for out of the requested disbursement) in
connection with the Restoration have been paid for in full, and (B) there exist no notices of
pendency, stop orders, mechanic’s or materialman’s liens or notices of intention to file same, or
any other liens or encumbrances of any nature whatsoever on the Property arising out of the
Restoration which have not either been fully bonded to the reasonable satisfaction of Beneficiary
and discharged of record, or in the alternative fully insured to the reasonable satisfaction of
Beneficiary by the title company insuring the lien of this Security Instrument.

               (iii) For any Restoration expected to cost in excess of $2,500,000 (a “Material Restoration”),
the plans and specifications required in connection with the Restoration shall be subject to prior
review and acceptance by Beneficiary and by an independent consulting engineer selected by
Beneficiary (the “Casualty Consultant”), such acceptance not to be unreasonably withheld,
conditioned or delayed. Beneficiary shall have the use of the plans and specifications and all
permits, licenses and approvals required or obtained in connection with the Material Restoration.
The identity of the contractors, subcontractors and materialmen engaged in any Material
Restoration, as well as the contracts under which they have been engaged, shall be subject to prior
review and acceptance by Beneficiary and the Casualty Consultant, not to be unreasonably withheld,
conditioned or delayed. All costs and expenses incurred by Beneficiary in connection with making
the Net Proceeds available for the Restoration including, without limitation, reasonable counsel
fees and disbursements and the Casualty Consultant’s fees, shall be paid by Grantor.

               (iv) In no event shall Beneficiary be obligated to make disbursements of the Net Proceeds in
excess of an amount equal to the costs actually incurred from time to time for work in place as
part of the Restoration, as certified by the Casualty Consultant, minus, at the option of
Beneficiary, the Casualty Retainage. The term “Casualty Retainage” as used in this Subsection
4.2(b) shall mean an amount equal to 10% of the costs actually incurred for work in place as
part of the Restoration, as certified by the Casualty Consultant, until such time as the Casualty
Consultant certifies to Beneficiary that Net Proceeds representing 50% of the required Restoration
have been disbursed. There shall be no Casualty Retainage with respect to costs actually incurred
by Grantor for work in place in completing the last 50% of the required Restoration. The Casualty
Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this
Subsection 4.2(b), be less than the amount actually held back by Grantor from contractors,
subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be
released until the Casualty Consultant certifies to Beneficiary that the Restoration has been
completed in accordance with the provisions of this Subsection 4.2(b) and that all
approvals necessary for the re-occupancy and use of the Property have been obtained from all
appropriate governmental and quasi-governmental authorities, and Beneficiary receives evidence
reasonably satisfactory to Beneficiary that the costs of the Restoration have been paid in full or
will be paid in full out of the Casualty Retainage, provided, however, that Beneficiary will
release the portion of the Casualty Retainage being held with respect to any contractor,
subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty
Consultant certifies to Beneficiary that the contractor, subcontractor or materialman has
satisfactorily completed all work and has supplied all materials in accordance with the provisions
of the contractor’s, subcontractor’s or materialman’s contract, and the contractor,

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subcontractor or materialman delivers the lien waivers and evidence of payment in full of all
sums due to the contractor, subcontractor or materialman as may be reasonably requested by
Beneficiary or by the title company insuring the lien of this Security Instrument.

               (v) Beneficiary shall not be obligated to make disbursements of the Net Proceeds more
frequently than once every calendar month.

               (vi) The excess, if any, of the Net Proceeds deposited with Beneficiary after the Casualty
Consultant certifies to Beneficiary that the Restoration has been completed in accordance with the
provisions of this Subsection 4.2(b), and the receipt by Beneficiary of evidence
satisfactory to Beneficiary that all costs incurred in connection with the Restoration have been
paid in full, shall be remitted by Beneficiary to Grantor, provided no Event of Default shall have
occurred and shall be continuing.

          (c) All Net Proceeds not required (i) to be made available for the Restoration or (ii) to be
returned to Grantor as excess Net Proceeds pursuant to Subsection 4.2(b)(vi) may be
retained and applied by Beneficiary toward redemption of the Notes, whether or not then due and
payable in such order, priority and proportions as Beneficiary in its discretion shall deem proper
or, at the discretion of Beneficiary, the same may be paid, either in whole or in part, to Grantor
for such purposes as Beneficiary shall designate, in its discretion. If Beneficiary shall receive
and retain Net Proceeds, the lien of this Security Instrument shall be reduced only by the amount
thereof received and retained by Beneficiary and actually applied by Beneficiary in redemption of
the Notes and repayment of any other outstanding Debt.

ARTICLE — 5. REPRESENTATIONS AND WARRANTIES

          Grantor represents and warrants to Beneficiary that:

     5.1 Warranty of Title. Grantor has good title to the Property and has the right to
mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the same and that
Grantor possesses an unencumbered fee simple absolute estate in the Land and the Improvements, and
that it owns the Property free and clear of all liens, encumbrances and charges whatsoever except
for those exceptions shown in the title insurance policy insuring the lien of this Security
Instrument (the “Permitted Exceptions”). Grantor shall forever warrant, defend and
preserve the title and the validity and priority of the lien of this Security Instrument and shall
forever warrant and defend the same to Beneficiary and/or Trustee against the claims of all persons
whomsoever (other than the holders of Permitted Exceptions).

     5.2 Status of Property. No portion of the Improvements is located in an area
identified by the Secretary of Housing and Urban Development or any successor thereto as an area
having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood
Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such
area, Grantor has obtained and will maintain the insurance prescribed in Section 3.3
hereof.

     5.3 No Foreign Person. Grantor is not a “foreign person” within the meaning of
Sections 1445(f)(3) of the Internal Revenue Code of 1986, as amended and the related
Treasury Department regulations, including temporary regulations.

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     5.4 Separate Tax Lot. The Property is assessed for real estate tax purposes as one or
more wholly independent tax lot or lots, separate from any adjoining land or improvements not
constituting a part of such lot or lots, and no other land or improvements is assessed and taxed
together with the Property or any portion thereof.

     5.5 Leases. (a)  Grantor is the sole owner of the entire lessor’s interest in the
Leases; (b) the Leases are valid and enforceable; and (c) none of the Rents reserved in the Leases
have been assigned or otherwise pledged or hypothecated.

ARTICLE — 6. OBLIGATIONS AND RELIANCES

     6.1 Relationship of Grantor and Beneficiary. The relationship between Grantor and
Beneficiary is solely that of debtor and creditor, and Beneficiary has no fiduciary or other
special relationship with Grantor, and no term or condition of any of the Indenture, this Security
Instrument and the Other Security Documents shall be construed so as to deem the relationship
between Grantor and Beneficiary to be other than that of debtor and creditor.

     6.2 No Reliance on Beneficiary. The members, general partners, principals and (if
Grantor is a trust) beneficial owners of Grantor are experienced in the ownership and operation of
properties similar to the Property, and Grantor and Beneficiary are relying solely upon such
expertise and business plan in connection with the ownership and operation of the Property.
Grantor is not relying on Beneficiary’s expertise, business acumen or advice in connection with the
Property.

     6.3 No Beneficiary Obligations.

          (a) Notwithstanding the provisions of Subsections 1.1(f) and (l) or Section
1.2, Beneficiary is not undertaking the performance of (i) any obligations under the Leases; or
(ii) any obligations with respect to such agreements, contracts, certificates, instruments,
franchises, permits, trademarks, licenses and other documents.

          (b) By accepting or approving anything required to be observed, performed or fulfilled or to
be given to Beneficiary pursuant to this Security Instrument, the Indenture or the Other Security
Documents, including without limitation any officer’s certificate, balance sheet, statement of
profit and loss or other financial statement, survey, appraisal, or insurance policy, Beneficiary
shall not be deemed to have warranted, consented to, or affirmed the sufficiency, the legality or
effectiveness of same, and such acceptance or approval thereof shall not constitute any warranty or
affirmation with respect thereto by Beneficiary.

ARTICLE — 7. FURTHER ASSURANCES

     7.1 Recording of Security Instrument, etc. Grantor forthwith upon the execution and
delivery of this Security Instrument and thereafter, from time to time, will cause this Security
Instrument and any of the Other Security Documents creating a lien or security interest or
evidencing the lien hereof upon the Property and each instrument of further assurance to be filed,
registered or recorded in such manner and in such places as may be reasonably required by any
present or future law in order to publish notice of and fully to protect and perfect the lien or
security interest hereof upon, and the interest of Beneficiary in, the Property. Grantor will pay

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all taxes, filing, registration or recording fees, and all expenses incident to the
preparation, execution, acknowledgment and/or recording of the Indenture, this Security Instrument,
the Other Security Documents, any note, deed of trust or mortgage supplemental hereto, any security
instrument with respect to the Property and any instrument of further assurance, and any
modification or amendment of the foregoing documents, and all federal, state, county and municipal
taxes, duties, imposts, assessments and charges arising out of or in connection with the execution
and delivery of this Security Instrument, any deed of trust or mortgage supplemental hereto, any
security instrument with respect to the Property or any instrument of further assurance, and any
modification or amendment of the foregoing documents, except where prohibited by law so to do.

     7.2 Further Acts, etc. Grantor will, at the cost of Grantor, and without expense to
Beneficiary, do, execute, acknowledge and deliver all and every such further acts, deeds,
conveyances, deeds of trust, mortgages, assignments, notices of assignments, transfers and
assurances as Beneficiary shall, from time to time, reasonably require, for the better assuring,
conveying, assigning, transferring, and confirming unto Beneficiary and Trustee the property and
rights hereby mortgaged, deeded, granted, bargained, sold, conveyed, confirmed, pledged, assigned,
warranted and transferred or intended now or hereafter so to be, or which Grantor may be or may
hereafter become bound to convey or assign to Beneficiary, or for carrying out the intention or
facilitating the performance of the terms of this Security Instrument or for filing, registering or
recording this Security Instrument, or for complying with all Applicable Laws. Grantor, on demand,
will execute and deliver and hereby authorizes Beneficiary to execute in the name of Grantor or
without the signature of Grantor to the extent Beneficiary may lawfully do so, one or more
financing statements to evidence more effectively the security interest of Beneficiary in the
Property. Grantor grants to Beneficiary an irrevocable power of attorney, coupled with an
interest, and after the occurrence and during the continuance of an Event of Default, Beneficiary
may use such power of attorney for the purpose of exercising and perfecting any and all rights and
remedies available to Beneficiary at law and in equity, including, without limitation such rights
and remedies available to Beneficiary pursuant to this Section 7.2.

     7.3 Debt Credit and Documentary Stamp Laws.

          (a) Grantor will not claim or demand or be entitled to any credit or credits on account of the
Debt for any part of the Taxes or Other Charges assessed against the Property, or any part thereof,
and no deduction shall otherwise be made or claimed from the assessed value of the Property, or any
part thereof, for real estate tax purposes by reason of this Security Instrument or the Debt.

          (b) If at any time the United States of America, any State thereof or any subdivision of any
such State shall require revenue or other stamps to be affixed to this Security Instrument or
impose any other tax or charge on the same, Grantor will pay for the same, with interest and
penalties thereon, if any.

     7.4 Flood Area. After Beneficiary’s request, Grantor shall deliver evidence
satisfactory to Beneficiary that no portion of the Improvements is situated in a federally
designated “special flood hazard area.”

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ARTICLE — 8. — DUE ON SALE/ENCUMBRANCE

     8.1 No Sale/Encumbrance. Grantor agrees that Grantor shall not, sell, convey,
mortgage, grant, bargain, encumber, pledge, assign, or otherwise transfer the Property or any part
thereof or permit the Property or any part thereof to be sold, conveyed, mortgaged, granted,
bargained, encumbered, pledged, assigned, or otherwise transferred, in each case except as
expressly permitted by the Indenture.

ARTICLE — 9. DEFAULT

     9.1 Events of Default. The term “Event of Default” as used in this Security
Instrument shall mean an “Event of Default” as defined in the Indenture or any default under any
other term, covenant or condition of this Security Agreement which remains uncured for sixty (60)
days after written notice of such default has been given, by certified mail to XM Satellite Radio
Holdings Inc. and Sirius XM Radio Inc. by the Beneficiary.

ARTICLE — 10. RIGHTS AND REMEDIES

     10.1 Remedies. Upon the occurrence of any Event of Default, Grantor agrees that
Beneficiary may or acting by or through Trustee may, take such action, without notice or demand, as
it deems advisable to protect and enforce its rights against Grantor and in and to the Property,
including, but not limited to, the following actions, each of which may be pursued concurrently or
otherwise, at such time and in such order as Beneficiary may determine, in its sole discretion,
without impairing or otherwise affecting the other rights and remedies of Beneficiary:

          (a) in accordance with the terms of the Indenture, declare the entire unpaid Debt to be
immediately due and payable;

          (b) institute proceedings, judicial or otherwise, for the complete foreclosure of this
Security Instrument under any applicable provision of law in which case the Property or any
interest therein may be sold for cash or upon credit in one or more parcels or in several interests
or portions and in any order or manner;

          (c) with or without entry, to the extent permitted and pursuant to the procedures provided by
applicable law, institute proceedings for the partial foreclosure of this Security Instrument for
the portion of the Debt then due and payable, subject to the continuing lien and security interest
of this Security Instrument for the balance of the Debt not then due, unimpaired and without loss
of priority;

          (d) sell for cash or upon credit the Property or any part thereof and all estate, claim,
demand, right, title and interest of Grantor therein and rights of redemption thereof, pursuant to
power of sale or otherwise, at one or more sales, as an entity or in parcels, at such time and
place, upon such terms and after such notice thereof as may be required or permitted by law;

          (e) institute an action, suit or proceeding in equity for the specific performance of any
covenant, condition or agreement contained herein;

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          (f) recover judgment on the Indenture either before, during or after any proceedings for the
enforcement of this Security Instrument or the Other Security Documents;

          (g) apply for the appointment of a receiver, trustee, liquidator or conservator of the
Property, without notice and without regard for the adequacy of the security for the Debt and
without regard for the solvency of Grantor or of any person, firm or other entity liable for the
payment of the Debt;

          (h) subject to any applicable law, the license granted to Grantor under Section 1.2
shall automatically be revoked and Beneficiary may enter into or upon the Property, either
personally or by its agents, nominees or attorneys and dispossess Grantor and its agents and
servants therefrom, without liability for trespass, damages or otherwise and exclude Grantor and
its agents or servants wholly therefrom, and take possession of all books, records and accounts
relating thereto and Grantor agrees to surrender possession of the Property and of such books,
records and accounts to Beneficiary upon demand, and thereupon Beneficiary may (i) use, operate,
manage, control, insure, maintain, repair, restore and otherwise deal with all and every part of
the Property and conduct the business thereat; (ii) complete any construction on the Property in
such manner and form as Beneficiary deems advisable; (iii) make alterations, additions, renewals,
replacements and improvements to or on the Property; (iv) exercise all rights and powers of Grantor
with respect to the Property, whether in the name of Grantor or otherwise, including, without
limitation, the right to make, cancel, enforce or modify Leases, obtain and evict tenants, and
demand, sue for, collect and receive all Rents of the Property and every part thereof; (v) require
Grantor to pay monthly in advance to Beneficiary, or any receiver appointed to collect the Rents,
the fair and reasonable rental value for the use and occupation of such part of the Property as may
be occupied by Grantor; (vi) require Grantor to vacate and surrender possession of the Property to
Beneficiary or to such receiver and, in default thereof, Grantor may be evicted by summary
proceedings or otherwise; and (vii) apply the receipts from the Property to the payment of the
Debt, in such order, priority and proportions as Beneficiary shall deem appropriate in its sole
discretion after deducting therefrom all expenses (including reasonable attorneys’ fees) incurred
in connection with the aforesaid operations and all amounts necessary to pay the Taxes, Other
Charges, insurance and other expenses in connection with the Property, as well as just and
reasonable compensation for the services of Beneficiary, its counsel, agents and employees;

          (i) exercise any and all rights and remedies granted to a secured party upon default under the
Uniform Commercial Code, including, without limiting the generality of the foregoing: (i) the right
to take possession of the Personal Property or any part thereof, and to take such other measures as
Beneficiary or Trustee may deem necessary for the care, protection and preservation of the Personal
Property, and (ii) request Grantor at its expense to assemble the Personal Property and make it
available to Beneficiary at a convenient place acceptable to Beneficiary. Any notice of sale,
disposition or other intended action by Beneficiary or Trustee with respect to the Personal
Property sent to Grantor in accordance with the provisions hereof at least ten (10) days prior to
such action, shall constitute commercially reasonable notice to Grantor;

          (j) surrender the Policies maintained pursuant to Article 3 hereof, collect the
unearned Insurance Premiums and apply such sums as a credit on the Debt in such priority and

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proportion as Beneficiary in its discretion shall deem proper, and in connection therewith,
Grantor hereby appoints Beneficiary as agent and attorney-in-fact (which is coupled with an
interest and is therefore irrevocable) for Grantor to collect such Insurance Premiums; or

          (k) pursue such other remedies as Beneficiary may have under applicable law.

In the event of a sale, by foreclosure, power of sale, or otherwise, of less than all of the
Property, this Security Instrument shall continue as a lien and security interest on the remaining
portion of the Property unimpaired and without loss of priority.

     10.2 Application of Proceeds. The purchase money, proceeds and avails of any
disposition of the Property, or any part thereof, or any other sums collected by Beneficiary
pursuant to the Indenture, this Security Instrument or the Other Security Documents, shall be
applied by Beneficiary to the redemption of the Notes and the payment of any other outstanding Debt
in accordance with the terms and provisions of the Indenture.

     10.3 Right to Cure Defaults. Upon the occurrence of any Event of Default or if
Grantor fails to make any payment or to do any act as herein provided, Beneficiary may, but without
any obligation to do so and without notice to or demand on Grantor and without releasing Grantor
from any obligation hereunder, make or do the same in such manner and to such extent as Beneficiary
may deem necessary to protect the security hereof. Beneficiary or Trustee is authorized to enter
upon the Property for such purposes, or appear in, defend, or bring any action or proceeding to
protect its interest in the Property or to foreclose this Security Instrument or collect the Debt,
and the cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by
law), with interest as provided in this Section 10.3, shall constitute a portion of the
Debt and shall be due and payable to Beneficiary upon demand. All such costs and expenses incurred
by Beneficiary shall be deemed to constitute a portion of the Debt and be secured by this Security
Instrument and the Other Security Documents and shall be immediately due and payable upon demand by
Beneficiary therefor.

     10.4 Actions and Proceedings. Beneficiary or Trustee has the right to appear in and
defend any action or proceeding brought with respect to the Property and to bring any action or
proceeding, in the name and on behalf of Grantor, which Beneficiary, in its discretion, decides
should be brought to protect its interest in the Property.

     10.5 Recovery of Sums Required To Be Paid. Beneficiary shall have the right from time
to time to take action to recover any sum or sums which constitute a part of the Debt as the same
become due, without regard to whether or not the balance of the Debt shall be due, and without
prejudice to the right of Beneficiary or Trustee thereafter to bring an action of foreclosure, or
any other action, for a default or defaults by Grantor existing at the time such earlier action was
commenced.

     10.6 Other Rights, etc.

          (a) The failure of Beneficiary or Trustee to insist upon strict performance of any term hereof
shall not be deemed to be a waiver of any term of this Security Instrument. Grantor shall not be
relieved of Grantor’s obligations hereunder by reason of (i) the failure of Beneficiary or Trustee
to comply with any request of Grantor to take any action to foreclose this

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Security Instrument or otherwise enforce any of the provisions hereof or of the Indenture or
the Other Security Documents, (ii) the release, regardless of consideration, of the whole or any
part of the Property, or of any person liable for the Debt or any portion thereof, or (iii) any
agreement or stipulation by Beneficiary extending the time of payment or otherwise modifying or
supplementing the terms of the Indenture, this Security Instrument or the Other Security Documents.

          (b) It is agreed that the risk of loss or damage to the Property is on Grantor, and
Beneficiary shall have no liability whatsoever for decline in value of the Property, for failure to
maintain the Policies, or for failure to determine whether insurance in force is adequate as to the
amount of risks insured. Possession by Beneficiary shall not be deemed an election of judicial
relief, if any such possession is requested or obtained, with respect to any Property or collateral
not in Beneficiary’s possession.

          (c) The rights of Beneficiary or Trustee under this Security Instrument shall be separate,
distinct and cumulative and none shall be given effect to the exclusion of the others. No act of
Beneficiary shall be construed as an election to proceed under any one provision herein to the
exclusion of any other provision. Neither Beneficiary nor Trustee shall be limited exclusively to
the rights and remedies herein stated but shall be entitled to every right and remedy now or
hereafter afforded at law or in equity.

     10.7 Right to Release Any Portion of the Property. Beneficiary may release any
portion of the Property for such consideration as Beneficiary may require without, as to the
remainder of the Property, in any way impairing or affecting the lien or priority of this Security
Instrument, or improving the position of any subordinate lienholder with respect thereto, except to
the extent that the obligations hereunder shall have been reduced by the actual monetary
consideration, if any, received by Beneficiary for such release, and may accept by assignment,
pledge or otherwise any other property in place thereof as Beneficiary may require without being
accountable for so doing to any other lienholder. This Security Instrument shall continue as a
lien and security interest in the remaining portion of the Property.

ARTICLE — 11. INDEMNIFICATION

     11.1 Mortgage and/or Intangible Tax. Grantor shall, at its sole cost and expense,
protect, defend, indemnify, release and hold harmless the Indemnified Parties (as defined in this
Section below) from and against any and all losses imposed upon or incurred by or asserted against
any such party and directly or indirectly arising out of or in any way relating to any tax on the
making and/or recording of this Security Instrument. For purposes of this Security Instrument, the
term “Indemnified Parties” means Beneficiary, any person or entity in whose name the encumbrance
created by this Security Instrument is or will have been recorded, persons and entities who may
hold or acquire or will have held a full or partial interest in the Debt (including, but not
limited to, Holders, as well as custodians, trustees and other fiduciaries who hold or have held a
full or partial interest in the Debt for the benefit of third parties), as well as the respective
directors, officers, shareholders, partners, members, employees, agents, servants, representatives,
contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any
and all of the foregoing.

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ARTICLE — 12. ENVIRONMENTAL MATTERS

     12.1 Environmental Covenants. Grantor covenants and agrees that: (a) all uses and
operations on or of the Property, whether by Grantor or any other person or entity, shall be in
compliance in all material respects with all Environmental Laws and permits issued pursuant
thereto; (b) there shall be no Releases of Hazardous Substances in, on, under or from the Property;
(c) there shall be no Hazardous Substances in, on, or under the Property, except those that are
both (i) in compliance with all Environmental Laws and with permits issued pursuant thereto and
(ii) fully disclosed to Beneficiary in writing; (d) Grantor shall keep the Property free and clear
of all liens and other encumbrances imposed pursuant to any Environmental Law, whether due to any
act or omission of Grantor or any other person or entity (the “Environmental Liens”); (e) Grantor
shall, at its sole cost and expense, comply with all reasonable written requests of Beneficiary to
(i) reasonably effectuate Remediation of any condition (including but not limited to a Release of a
Hazardous Substance) in, on, under or from the Property; (ii) comply in all material respects with
any Environmental Law; (iii) comply in all material respects with any directive from any
governmental authority; and (iv) take any other reasonable action necessary or appropriate for
protection of human health or the environment; (f) Grantor shall not do or allow any tenant or
other user of the Property to do any act that materially increases the dangers to human health or
the environment, poses an unreasonable risk of harm to any person or entity (whether on or off the
Property), impairs or may impair the value of the Property, is contrary to any requirement of any
insurer, constitutes a public or private nuisance, constitutes waste, or violates any covenant,
condition, agreement or easement applicable to the Property; and (g) Grantor shall promptly notify
Beneficiary in writing of (A) any presence or Releases or threatened Releases of Hazardous
Substances in, on, under, from or migrating towards the Property; (B) any non-compliance with any
Environmental Laws related in any way to the Property; (C) any actual or potential Environmental
Lien; (D) any required or proposed Remediation of environmental conditions relating to the
Property; and (E) any written or oral notice or other communication of which Grantor becomes aware
from any source whatsoever (including but not limited to a governmental entity) relating in any way
to Hazardous Substances or Remediation thereof, possible liability of any person or entity pursuant
to any Environmental Law, other environmental conditions in connection with the Property, or any
actual or potential administrative or judicial proceedings in connection with anything referred to
in this Article 12. “Environmental Law” means any present and future federal, state and
local laws, statutes, ordinances, rules, regulations and the like, as well as common law, relating
to protection of human health or the environment, relating to Hazardous Substances, relating to
liability for or costs of Remediation or prevention of Releases of Hazardous Substances or relating
to liability for or costs of other actual or threatened danger to human health or the environment.
“Environmental Law” includes, but is not limited to, the following statutes, as amended, any
successor thereto, and any regulations promulgated pursuant thereto, and any state or local
statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive
Environmental Response, Compensation and Liability Act; the Emergency Planning and Community
Right-to-Know Act; the Hazardous Substances Transportation Act; the Resource Conservation and
Recovery Act (including but not limited to Subtitle I relating to underground storage tanks); the
Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act;
the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution
Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act;
the National Environmental Policy Act; and the River and Harbors

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Appropriation Act. “Environmental Law” also includes, but is not limited to, any present and
future federal, state and local laws, statutes, ordinances, rules, regulations and the like, as
well as common law: conditioning transfer of property upon a negative declaration or other approval
of a governmental authority of the environmental condition of the property; requiring notification
or disclosure of Releases of Hazardous Substances or other environmental condition of the Property
to any governmental authority or other person or entity, whether or not in connection with transfer
of title to or interest in property; imposing conditions or requirements in connection with permits
or other authorization for lawful activity; relating to nuisance, trespass or other causes of
action related to the Property; and relating to wrongful death, personal injury, or property or
other damage in connection with any physical condition or use of the Property. “Hazardous
Substances” include but are not limited to any and all substances (whether solid, liquid or gas)
defined, listed, or otherwise classified as pollutants, hazardous wastes, hazardous substances,
hazardous materials, extremely hazardous wastes, or words of similar meaning or regulatory effect
under any present or future Environmental Laws or that may have a negative impact on human health
or the environment, including but not limited to petroleum and petroleum products, asbestos and
asbestos-containing materials, polychlorinated biphenyls, lead, radon, radioactive materials,
flammables and explosives. “Release” of any Hazardous Substance includes but is not limited to any
release, deposit, discharge, emission, leaking, spilling, seeping, migrating, injecting, pumping,
pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Substances.
“Remediation” includes but is not limited to any response, remedial, removal, or corrective action,
any activity to cleanup, detoxify, decontaminate, contain or otherwise remediate any Hazardous
Substance, any actions to prevent, cure or mitigate any Release of any Hazardous Substance, any
action to comply with any Environmental Laws or with any permits issued pursuant thereto, any
inspection, investigation, study, monitoring, assessment, audit, sampling and testing, laboratory
or other analysis, or evaluation relating to any Hazardous Substances or to anything referred to in
Article 12.

     12.2 Beneficiary’s Rights. Beneficiary and any other person or entity designated by
Beneficiary, including but not limited to any receiver, any representative of a governmental
entity, and any environmental consultant, shall have the right, but not the obligation, to enter
upon the Property at all reasonable times to assess any and all aspects of the environmental
condition of the Property and its use, including but not limited to, conducting any environmental
assessment or audit (the scope of which shall be determined in Beneficiary’s sole and absolute
discretion) and taking samples of soil, groundwater or other water, air, or building materials, and
conducting other invasive testing. Grantor shall cooperate with and provide access to Beneficiary
and any such person or entity designated by Beneficiary.

     12.3 Environmental Indemnification. Grantor shall, at its sole cost and expense,
protect, defend, indemnify, release and hold harmless the Indemnified Parties from and against any
and all Losses and costs of Remediation (whether or not performed voluntarily), engineers’ fees,
environmental consultants’ fees, and costs of investigation (including but not limited to sampling,
testing, and analysis of soil, water, air, building materials and other materials and substances
whether solid, liquid or gas) imposed upon or incurred by or asserted against any Indemnified
Parties, and directly or indirectly arising out of or in any way relating to any one or more of the
following: (a) any presence of any Hazardous Substances in, on, above, or under the Property; (b)
any past, present or threatened Release of Hazardous Substances in, on, above, under or from the
Property; (c) any activity by Grantor, any person or entity affiliated with

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Grantor or any tenant or other user of the Property in connection with any actual, proposed or
threatened use, treatment, storage, holding, existence, disposition or other Release, generation,
production, manufacturing, processing, refining, control, management, abatement, removal, handling,
transfer or transportation to or from the Property of any Hazardous Substances at any time located
in, under, on or above the Property; (d) any activity by Grantor, any person or entity affiliated
with Grantor or any tenant or other user of the Property in connection with any actual or proposed
Remediation of any Hazardous Substances at any time located in, under, on or above the Property,
whether or not such Remediation is voluntary or pursuant to court or administrative order,
including but not limited to any removal, remedial or corrective action; (e) any past, present or
threatened non-compliance or violations of any Environmental Laws (or permits issued pursuant to
any Environmental Law) in connection with the Property or operations thereon, including but not
limited to any failure by Grantor, any person or entity affiliated with Grantor or any tenant or
other user of the Property to comply with any order of any governmental authority in connection
with any Environmental Laws; (f) the imposition, recording or filing or the threatened imposition,
recording or filing of any Environmental Lien encumbering the Property; (g) any administrative
processes or proceedings or judicial proceedings in any way connected with any matter addressed in
this Article 12; (h) any past, present or threatened injury to, destruction of or loss of
natural resources in any way connected with the Property, including but not limited to costs to
investigate and assess such injury, destruction or loss; (i) any acts of Grantor or other users of
the Property in arranging for disposal or treatment, or arranging with a transporter for transport
for disposal or treatment, of Hazardous Substances owned or possessed by such Grantor or other
users, at any facility or incineration vessel owned or operated by another person or entity and
containing such or similar Hazardous Materials; (j) any acts of Grantor or other users of the
Property, in accepting any Hazardous Substances for transport to disposal or treatment facilities,
incineration vessels or sites selected by Grantor or such other users, from which there is a
Release, or a threatened Release of any Hazardous Substance which causes the incurrence of costs
for Remediation; (k) any personal injury, wrongful death, or property damage arising under any
statutory or common law or tort law theory, including but not limited to damages assessed for the
maintenance of a private or public nuisance or for the conducting of an abnormally dangerous
activity on or near the Property; and (l) any misrepresentation or inaccuracy in any representation
or warranty or material breach or failure to perform any covenants or other obligations pursuant to
Article 12.

ARTICLE — 13. WAIVERS

     13.1 Marshalling and Other Matters. Grantor hereby waives, to the extent permitted by
law, the benefit of all appraisement, valuation, stay, extension, reinstatement and redemption laws
now or hereafter in force and all rights of marshalling in the event of any sale hereunder of the
Property or any part thereof or any interest therein. Further, Grantor hereby expressly waives any
and all rights of redemption from sale under any order or decree of foreclosure of this Security
Instrument on behalf of Grantor, and on behalf of each and every person acquiring any interest in
or title to the Property subsequent to the date of this Security Instrument and on behalf of all
persons to the extent permitted by applicable law.

     13.2 Waiver of Notice. Grantor shall not be entitled to any notices of any nature
whatsoever from Beneficiary or Trustee except with respect to matters for which this Security
Instrument specifically and expressly provides for the giving of notice by Beneficiary or Trustee

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to Grantor and except with respect to matters for which Beneficiary or Trustee is required by
applicable law to give notice, and Grantor hereby expressly waives the right to receive any notice
from Beneficiary or Trustee with respect to any matter for which this Security Instrument does not
specifically and expressly provide for the giving of notice by Beneficiary or Trustee to Grantor.

     13.3 WAIVER OF TRIAL BY JURY. GRANTOR HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT,
TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE DEBT EVIDENCED BY THE INDENTURE, THIS
SECURITY INSTRUMENT, THE INDENTURE, OR THE OTHER SECURITY DOCUMENTS OR ANY ACTS OR OMISSIONS OF
BENEFICIARY, ITS OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH.

ARTICLE — 14. NOTICES

     14.1 Notices. All notices or other written communications hereunder shall be given in
the manner set forth in the Indenture.

ARTICLE — 15. APPLICABLE LAW

     15.1 CHOICE OF LAW. THIS SECURITY INSTRUMENT SHALL BE DEEMED TO BE A CONTRACT ENTERED
INTO PURSUANT TO THE LAWS OF THE STATE OF NEW YORK AND SHALL IN ALL RESPECTS BE GOVERNED,
CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, PROVIDED
HOWEVER, THAT WITH RESPECT TO THE CREATION, PERFECTION, PRIORITY AND ENFORCEMENT OF THE LIEN OF
THIS SECURITY INSTRUMENT, AND THE DETERMINATION OF DEFICIENCY JUDGMENTS, THE LAWS OF THE STATE
WHERE THE PROPERTY IS LOCATED SHALL APPLY.

     15.2 Usury Laws. This Security Instrument and the Indenture are subject to the
express condition that at no time shall Grantor be obligated or required to pay interest on the
Debt at a rate which could subject the holder of the Indenture to either civil or criminal
liability as a result of being in excess of the maximum interest rate which Grantor is permitted by
applicable law to contract or agree to pay. If by the terms of this Security Instrument or the
Indenture, Grantor is at any time required or obligated to pay interest on the Debt at a rate in
excess of such maximum rate, the rate of interest under the Security Instrument and the Indenture
shall be deemed to be immediately reduced to such maximum rate and the interest payable shall be
computed at such maximum rate and all prior interest payments in excess of such maximum rate shall
be applied and shall be deemed to have been payments in reduction of the principal balance of the
Indenture. All sums paid or agreed to be paid to Beneficiary for the use, forbearance, or
detention of the Debt shall, to the extent permitted by applicable law, be amortized, prorated,
allocated, and spread throughout the full stated term of the Indenture until payment in full so
that the rate or amount of interest on account of the Debt does not exceed the maximum lawful rate
of interest from time to time in effect and applicable to the Debt for so long as the Debt is
outstanding.

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     15.3 Provisions Subject to Applicable Law. All rights, powers and remedies provided
in this Security Instrument may be exercised only to the extent that the exercise thereof does not
violate any applicable provisions of law and are intended to be limited to the extent necessary so
that they will not render this Security Instrument invalid, unenforceable or not entitled to be
recorded, registered or filed under the provisions of any applicable law. If any term of this
Security Instrument or any application thereof shall be invalid or unenforceable, the remainder of
this Security Instrument and any other application of the term shall not be affected thereby.

ARTICLE — 16. DEFINITIONS

     16.1 General Definitions. Unless the context clearly indicates a contrary intent or
unless otherwise specifically provided herein, words used in this Security Instrument may be used
interchangeably in singular or plural form and the word “Grantor” shall mean “each Grantor and any
subsequent owner or owners of the Property or any part thereof or any interest therein,” the word
“Beneficiary” shall mean “Beneficiary and any subsequent trustee under the Indenture,” the word
“Trustee” shall mean “Trustee and any substitute trustee of the estates, properties, powers, trusts
and rights conferred upon Trustee pursuant to this Security Instrument,” the word “Indenture” shall
mean “the Indenture and any other evidence of indebtedness secured by this Security Instrument,”
the word “person” shall include an individual, corporation, partnership, limited liability company,
trust, unincorporated association, government, governmental authority, and any other entity, the
word “Property” shall include any portion of the Property and any interest therein, and the phrases
“attorneys’ fees” and “counsel fees” shall include any and all attorneys’, paralegal and law clerk
fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial,
trial and appellate levels incurred or paid by Beneficiary in protecting its interest in the
Property, the Leases and the Rents and enforcing its rights hereunder.

ARTICLE — 17. MISCELLANEOUS PROVISIONS

     17.1 No Oral Change. This Security Instrument, and any provisions hereof, may not be
modified, amended, waived, extended, changed, discharged or terminated orally or by any act or
failure to act on the part of Grantor or Beneficiary, but only by an agreement in writing signed by
the party against whom enforcement of any modification, amendment, waiver, extension, change,
discharge or termination is sought.

     17.2 Liability. If Grantor consists of more than one person, the obligations and
liabilities of each such person hereunder shall be joint and several. This Security Instrument
shall be binding upon and inure to the benefit of Grantor and Beneficiary and their respective
successors and assigns forever.

     17.3 Inapplicable Provisions. If any term, covenant or condition of the Indenture or
this Security Instrument is held to be invalid, illegal or unenforceable in any respect, the
Indenture and this Security Instrument shall be construed without such provision.

     17.4 Headings, etc. The headings and captions of various Sections of this Security
Instrument are for convenience of reference only and are not to be construed as defining or
limiting, in any way, the scope or intent of the provisions hereof.

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     17.5 Duplicate Originals; Counterparts. This Security Instrument may be executed in
any number of duplicate originals and each duplicate original shall be deemed to be an original.
This Security Instrument may be executed in several counterparts, each of which counterparts shall
be deemed an original instrument and all of which together shall constitute a single Security
Instrument. The failure of any party hereto to execute this Security Instrument, or any
counterpart hereof, shall not relieve the other signatories from their obligations hereunder.

     17.6 Number and Gender. Whenever the context may require, any pronouns used herein
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns
and pronouns shall include the plural and vice versa.

     17.7 Subrogation. If any or all of the proceeds of the Indenture have been used to
extinguish, extend or renew any indebtedness heretofore existing against the Property, then, to the
extent of the funds so used, Beneficiary shall be subrogated to all of the rights, claims, liens,
titles, and interests existing against the Property heretofore held by, or in favor of, the holder
of such indebtedness and such former rights, claims, liens, titles, and interests, if any, are not
waived but rather are continued in full force and effect in favor of Beneficiary and are merged
with the lien and security interest created herein as cumulative security for the repayment of the
Debt, the performance and discharge of Grantor’s obligations hereunder, under the Indenture and the
Other Security Documents and the performance and discharge of the Other Obligations.

ARTICLE — 18. LOCAL LAW PROVISIONS

     The Indenture, this Security Instrument and the Other Security Documents evidence a business
transaction and not a transaction for personal, family, household or agricultural purposes.

     Notwithstanding anything contained elsewhere in this Security Instrument to the contrary, the
maximum aggregate amount of principal to be secured hereunder at any one time is $14,000,000.

ARTICLE — 19. DEED OF TRUST PROVISIONS

     19.1 Concerning the Trustee. Trustee shall be under no duty to take any action
hereunder except as expressly required hereunder or by law, or to perform any act which would
involve Trustee in any expense or liability or to institute or defend any suit in respect hereof,
unless properly indemnified to Trustee’s reasonable satisfaction. Trustee, by acceptance of this
Security Instrument, covenants to perform and fulfill the trusts herein created, being liable,
however, only for gross negligence or willful misconduct, and hereby waives any statutory fee and
agrees to accept reasonable compensation, in lieu thereof, for any services rendered by Trustee in
accordance with the terms hereof. Trustee may resign at any time upon giving notice to Grantor and
to Beneficiary. Beneficiary may remove Trustee at any time or from time to time and select a
successor trustee. In the event of the death, removal, resignation, refusal to act, or inability
to act of Trustee, or in its sole discretion for any reason whatsoever Beneficiary may, without
notice and without specifying any reason therefor and without applying to any court, select and
appoint a successor trustee, by an instrument recorded wherever this Security Instrument is
recorded and all powers, rights, duties and authority of Trustee, as aforesaid, shall

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thereupon become vested in such successor. Such substitute trustee shall not be required to
give bond for the faithful performance of the duties of Trustee hereunder unless required by
Beneficiary. The procedure provided for in this paragraph for substitution of Trustee shall be in
addition to and not in exclusion of any other provisions for substitution, by law or otherwise.

     19.2 Trustee’s Fees. Grantor shall pay all reasonable costs, fees and expenses
incurred by Trustee and Trustee’s agents and counsel in connection with the performance by Trustee
of Trustee’s duties hereunder and all such costs, fees and expenses shall be secured by this
Security Instrument.

     19.3 Certain Rights. With the approval of Beneficiary, Trustee shall have the right
to take any and all of the following actions: (i) to select, employ, and advise with counsel (who
may be, but need not be, counsel for Beneficiary) upon any matters arising hereunder, including the
preparation, execution, and interpretation of the Indenture, this Security Instrument or the Other
Security Documents, and shall be fully protected in relying as to legal matters on the advice of
counsel, (ii) to execute any of the trusts and powers hereof and to perform any duty hereunder
either directly or through his/her agents or attorneys, (iii) to select and employ, in and about
the execution of his/her duties hereunder, suitable accountants, engineers and other experts,
agents and attorneys-in-fact, either corporate or individual, not regularly in the employ of
Trustee, and Trustee shall not be answerable for any act, default, negligence, or misconduct of any
such accountant, engineer or other expert, agent or attorney-in-fact, if selected with reasonable
area, or for any error of judgment or act done by Trustee in good faith, or be otherwise
responsible or accountable under any circumstances whatsoever, except for Trustee’s gross
negligence or bad faith, and (iv) any and all other lawful action as Beneficiary may instruct
Trustee to take to protect or enforce Beneficiary’s rights hereunder. Trustee shall not be
personally liable in case of entry by Trustee, or anyone entering by virtue of the powers herein
granted to Trustee, upon the Property for debts contracted for or liability or damages incurred in
the management or operation of the Property. Trustee shall have the right to rely on any
instrument, document, or signature authorizing or supporting an action taken or proposed to be
taken by Trustee hereunder, believed by Trustee in good faith to be genuine. Trustee shall be
entitled to reimbursement for actual expenses incurred by Trustee in the performance of Trustee’s
duties hereunder and to reasonable compensation for such of Trustee’s services hereunder as shall
be rendered.

     19.4 Retention of Money. All moneys received by Trustee shall, until used or applied
as herein provided, be held in trust for the purposes for which they were received, but need not be
segregated in any manner from any other moneys (except to the extent required by applicable law)
and Trustee shall be under no liability for interest on any moneys received by Trustee hereunder.

     19.5 Perfection of Appointment. Should any deed, conveyance, or instrument of any
nature be required from Grantor by any Trustee or substitute trustee to more fully and certainly
vest in and confirm to the Trustee or substitute trustee such estates rights, powers, and duties,
then, upon request by the Trustee or substitute trustee, any and all such deeds, conveyances and
instruments shall be made, executed, acknowledged, and delivered and shall be caused to be recorded
and/or filed by Grantor.

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     19.6 Succession Instruments. Any substitute trustee appointed pursuant to any of the
provisions hereof shall, without any further act, deed, or conveyance, become vested with all the
estates, properties, rights, powers, and trusts of its or his predecessor in the rights hereunder
with like effect as if originally named as Trustee herein; but nevertheless, upon the written
request of Beneficiary or of the substitute trustee, the Trustee ceasing to act shall execute and
deliver any instrument transferring to such substitute trustee, upon the trusts herein expressed,
all the estates, properties, rights, powers, and trusts of the Trustee so ceasing to act, and shall
duly assign, transfer and deliver any of the property and moneys held by such Trustee to the
substitute trustee so appointed in the Trustee’s place.

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     IN WITNESS WHEREOF, THIS SECURITY INSTRUMENT has been executed by Grantor the day and year
first above written.

	 	 	 	 	 
	 	XM INVESTMENT LLC, a Delaware limited liability
company

 	 
	 	BY: 	      /s/ Patrick L. Donnelly
 	 
	 	  	Name: Patrick L. Donnelly 	 
	 	 	Title:   Secretary 	 
	 

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EXHIBIT A

(Description of Land)

All that certain lot or parcel of land together with all improvements thereon located and being in
the City of Washington in the District of Columbia and being more particularly described as
follows:

Part of a tract of land known as “Youngsborough” and for assessment and taxation purposes is known
as Lot 805 in Square 3518 as recorded in the Office of the Surveyor of the District of Columbia in
A&T 1568 being more particularly described as follows:

     Beginning at a cross-cut set on the northerly right-of-way line of Florida Avenue (80 feet
wide), North East; said point also being the southwest corner of Lot 806; thence running with said
right-of-way of Florida Avenue, North 61° 20’ 00” West, 119.65 feet to a cross-cut set; thence
running with the westerly line of Lot 805, North 12° 38’ 00” East, 220.00 feet to a point
(inaccessible); thence running with the southerly line of Lot 807, South 77° 22’ 00” East, 115.00
feet to a point (inaccessible, wall on line); thence running with said Lot 806, South 12° 38’ 00”
West, 253.05 feet to the point of beginning; containing 27,200 square feet or 0.6244 an acre, more
or less.

     Together with the covenants and easements set forth in Covenant with the District of Columbia,
municipal corporation, dated November 3, 1958 and recorded December 2, 1958 as Instrument No.
37758 in Liber 11154 at Folio 343, and in Easement Agreement recorded August 13, 1982 as Instrument
No. 20519, among the Land Records of the District of Columbia.

     Being the same property conveyed to XM Investment LLC by deed from Jemal’s Nanny L.L.C., a
District of Columbia limited liability company, dated August 31, 2005 and recorded September 1,
2005 as Instrument No. 2005123422.

-1-EX-4.6

EXHIBIT 4.6

EXECUTION COPY

EXHIBIT B TO

NOTE PURCHASE AGREEMENT

February 13, 2009

REGISTRATION RIGHTS AGREEMENT 

     This REGISTRATION RIGHTS AGREEMENT, dated February 13, 2009 (the “Agreement”), is
entered into by and among XM Satellite Radio Holdings Inc., a Delaware corporation (“the
“Company”), Sirius XM Radio Inc., a Delaware corporation (“Sirius”), the guarantors
signatory hereto (the “Guarantors”) and the Purchasers signatory hereto (the
“Purchasers”).

     The Company, Sirius, the Guarantors and the Purchasers are parties to the Purchase Agreement
dated February 13, 2009 (the “Purchase Agreement”), which provides for the sale by the
Company to the Purchasers of $172,485,000 aggregate principal amount of the Company’s 10% Senior
Secured Notes due 2011 (the “Securities”) which will be guaranteed on an senior basis by each of
the Guarantors. As an inducement to the Purchasers to enter into the Purchase Agreement, the
Company, Sirius and the Guarantors have agreed to provide to the Purchasers and their direct and
indirect transferees the registration rights set forth in this Agreement. The execution and
delivery of this Agreement is a condition to the closing under the Purchase Agreement.

     In consideration of the foregoing, the parties hereto agree as follows:

     1. Definitions. As used in this Agreement, the following terms shall have the
following meanings:

     “Agreement” shall have the meaning set forth in the preamble.

     “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed.

     “Company” shall have the meaning set forth in the preamble and shall also include any
successor entity.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time.

     “Exchange Dates” shall have the meaning set forth in Section 2(b)(ii) hereof.

     “Exchange Offer” shall mean the exchange offer by the Company and the Guarantors of
Exchange Securities for Registrable Securities pursuant to Section 2(b) hereof.

     “Exchange Offer Registration” shall mean a registration under the Securities Act
effected pursuant to Section 2(b) hereof.

     “Exchange Offer Registration Statement” shall mean an exchange offer registration
statement on Form S-4 (or, if applicable, on another appropriate form) and all amendments and
supplements to such registration statement, in each case including the Prospectus contained therein
or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein.

 

 

     “Exchange Securities” shall mean senior notes issued by the Company and guaranteed by
the Guarantors under the Indenture containing terms identical to the Securities (except that the
Exchange Securities will not be subject to restrictions on transfer or to any increase in annual
interest rate for failure to comply with this Agreement) and to be offered to Holders of Securities
in exchange for Securities pursuant to the Exchange Offer.

     “FINRA” shall mean the Financial Industry Regulatory Authority.

     “Free Writing Prospectus” shall mean a free writing prospectus, as defined in Rule 405
under the Securities Act.

     “Guarantors” shall have the meaning set forth in the preamble and shall also include
any Guarantor’s successors.

     “Holder” shall mean each Purchaser, for so long as it owns any Registrable Securities,
and each of the Purchasers’ successors, assigns and direct and indirect transferees who becomes an
owner of Registrable Securities under the Indenture; provided that for purposes of Sections 4 and 5
of this Agreement, the term “Holders” shall include Participating Broker-Dealers.

     “Indemnified Person” shall have the meaning set forth in Section 5(c) hereof.

     “Indemnifying Person” shall have the meaning set forth in Section 5(c) hereof.

     “Indenture” shall mean the indenture relating to the Securities, dated as of February
13, 2009, among the Company, Sirius, the Guarantors and The Bank of New York Mellon, as trustee,
and as the same may be amended from time to time in accordance with the terms thereof.

     “Issuer Free Writing Prospectus” shall mean an issuer free writing prospectus, as
defined in Rule 433 under the Securities Act.

     “Majority of the Holders” shall mean Holders of a majority in principal amount of the
Registrable Securities covered by the Registration Statement.

     “Permitted Free Writing Prospectus” shall have the meaning set forth in Section 6(j)
hereof.

     “Person” shall mean an individual, partnership, limited liability company,
corporation, trust or unincorporated organization, or a government or agency or political
subdivision thereof.

     “Prospectus” shall mean the prospectus included in, or, pursuant to the rules and
regulations of the Securities Act, deemed a part of, a Registration Statement, including any
preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus
supplement, including a prospectus supplement with respect to the terms of the offering of any
portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other
amendments and supplements to such prospectus, and in each case including any document incorporated
by reference therein.

     “Purchase Agreement” shall have the meaning set forth in the preamble.

     “Purchasers” shall have the meaning set forth in the preamble.

     “Registrable Securities” shall mean the Securities; provided that such Securities
shall cease to be Registrable Securities (i) when such Securities cease to be outstanding, (ii)
when a Registration Statement

B-2 

 

with respect to such Securities has become effective under the Securities Act and such
Securities have been exchanged or disposed of pursuant to such Registration Statement, (iii) when
such Securities have been sold, or are eligible to be sold immediately without volume, manner of
sale, filing or other restrictions, in either case pursuant to Rule 144 (or any similar provision
then in force, but not Rule 144A) under the Securities Act or (iv) when such Securities are
otherwise freely transferable with restriction.

     “Registration Expenses” shall mean any and all expenses incident to performance of or
compliance by the Company, Sirius and the Guarantors with this Agreement, including without
limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and
expenses incurred in connection with compliance with state securities or blue sky laws (including
reasonable fees and disbursements of counsel for any Underwriters or Holders in connection with
blue sky qualification of any Exchange Securities or Registrable Securities (not to exceed
$7,500)), (iii) all expenses of any Persons in preparing or assisting in preparing, word
processing, printing (if requested by a majority of Holders or any Underwriter) and distributing
any Registration Statement, any Prospectus and any amendments or supplements thereto, any
underwriting agreements, securities sales agreements or other similar agreements and any other
documents relating to the performance of and compliance with this Agreement, (iv) all rating agency
fees, (v) all fees and disbursements relating to the qualification of the Indenture under
applicable securities laws, (vi) the reasonable fees and disbursements of the Trustee and its
counsel, (vii) the reasonable fees and disbursements of counsel for the Company, Sirius and the
Guarantors, (viii) the reasonable fees and disbursements of one special counsel for all of the
Holders and (ix) the fees and disbursements of the independent public accountants of the Company
and the Guarantors, including the expenses of any special audits or “comfort” letters required by
or incident to the performance of and compliance with this Agreement, but excluding fees and
expenses of counsel to the Underwriters (other than fees and expenses set forth in clause
(ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions and
transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder.

     “Registration Statement” shall mean any registration statement of the Company and the
Guarantors that covers any of the Exchange Securities or Registrable Securities pursuant to the
provisions of this Agreement and all amendments and supplements to any such registration statement,
including post-effective amendments, in each case including the Prospectus contained therein or
deemed a part thereof, all exhibits thereto and any document incorporated by reference therein.

     “SEC” shall mean the United States Securities and Exchange Commission.

     “Securities” shall have the meaning set forth in the preamble.

     “Securities Act” shall mean the Securities Act of 1933, as amended from time to time.

     “Shelf Effectiveness Period” shall have the meaning set forth in Section 2(a) hereof.

     “Shelf Registration” shall mean a registration effected pursuant to Section 2(a)
hereof.

     “Shelf Registration Statement” shall mean a “shelf” registration statement of the
Company and the Guarantors filed under the Securities Act providing for the registration on a
continuous or delayed basis of the Registrable Securities pursuant to Rule 415 under the Securities
Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such
registration statement, including post-effective amendments, in each case including the Prospectus
contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by
reference therein.

B-3 

 

     “Sirius” shall have the meaning set forth in the preamble and shall also include any
successor entity.

     “Subsidiary Guarantees” shall mean the guarantees of the Securities and Exchange
Securities by the Guarantors under the Indenture.

     “Suspension Period” shall have the meaning set forth in Section 3(a)(ix) hereof.

     “Staff” shall mean the staff of the SEC.

     “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time
to time.

     “Trustee” shall mean the trustee with respect to the Securities under the Indenture.

     “Underwriter” shall have the meaning set forth in Section 3(e) hereof.

     “Underwritten Offering” shall mean an offering in which Registrable Securities are
sold to an Underwriter for reoffering to the public.

     “Underwriter Registration Statement” shall have the meaning set forth in
Section 3(a)(xvi) hereof.

          2. Registration Under the Securities Act. (a) (i) Except as set forth in Section 2(b)
below, the Company, Sirius and the Guarantors agree to use reasonable best efforts (1) to cause to
be filed under the Securities Act as promptly as practicable, but no later than March 17, 2009, a
Shelf Registration Statement providing for the sale on a continuous or delayed basis of all of the
Registrable Securities by the Holders thereof and (2) to cause such Shelf Registration Statement to
become effective as soon as practicable after filing.

     Subject to Section 3(a)(ix) hereof, the Company, Sirius and the Guarantors agree to use
reasonable best efforts to keep the Shelf Registration Statement continuously effective until the
earlier of (a) the first anniversary of the last issuance of the Securities or (b) when all such
Securities are eligible to be sold immediately without volume, manner of sale, filing or other
restrictions by non-affiliates of the Company pursuant to Rule 144 (or any similar rule then in
force, but not Rule 144A) under the Securities Act with respect to the Registrable Securities or
(c) when all the Registrable Securities covered by the Shelf Registration Statement have been sold
pursuant to the Shelf Registration Statement (the “Shelf Effectiveness Period”).

     (ii) The Company, Sirius and the Guarantors further agree to supplement or amend the Shelf
Registration Statement and the related Prospectus if required by the rules, regulations or
instructions applicable to the registration form used by the Company for such Shelf Registration
Statement or by the Securities Act or by any other rules and regulations thereunder or, subject to
Section 3(a)(xiv), if reasonably requested by a Holder of Registrable Securities with respect to
information and to use reasonable best efforts to cause any such amendment to become effective, if
required, and such Shelf Registration Statement and Prospectus to become usable as soon as
thereafter practicable.

     (iii) The Company, Sirius and the Guarantors agree to furnish to the Holders of Registrable
Securities copies of any such supplement or amendment promptly after its being used or filed with
the SEC.

     (b) In lieu of filing or causing to become effective a Shelf Registration Statement pursuant
to Section 2(a), to the extent not prohibited by any applicable law or applicable interpretations
of the Staff,

B-4 

 

the Company, Sirius and the Guarantors may elect to use reasonable best efforts and, so long
as no Holder holds Registrable Securities that are ineligible to be exchanged in an Exchange Offer,
to (i) cause to be filed an Exchange Offer Registration Statement covering an offer to the Holders
to exchange all the Registrable Securities for Exchange Securities, (ii) commence the Exchange
Offer promptly after the Exchange Offer Registration Statement is declared effective by the SEC and
(iii) complete the Exchange Offer not later than 60 days after the Exchange Offer Registration
Statement is declared effective by the SEC.

     The Company, Sirius and the Guarantors shall commence any such Exchange Offer by mailing the
related Prospectus, appropriate letters of transmittal and other accompanying documents to each
Holder stating, in addition to such other disclosures as are required by applicable law,
substantially the following:

	 	(i)	 	that the Exchange Offer is being made pursuant to this Agreement and that all
Registrable Securities validly tendered and not properly withdrawn will be accepted for
exchange;
	 
	 	(ii)	 	the dates of acceptance for exchange (which shall be a period of at least 20
Business Days from the date such notice is mailed) (the “Exchange Dates”);
	 
	 	(iii)	 	that any Registrable Security not tendered will remain outstanding and continue to
accrue interest but will not retain any rights under this Agreement, except as otherwise
specified herein;
	 
	 	(iv)	 	that any Holder electing to have a Registrable Security exchanged pursuant to the
Exchange Offer will be required to (A) surrender such Registrable Security, together with
the appropriate letters of transmittal, to the institution and at the address (located in
the Borough of Manhattan, The City of New York) and in the manner specified in the
notice, or (B) effect such exchange otherwise in compliance with the applicable
procedures of the depositary for such Registrable Security, in each case prior to the
close of business on the last Exchange Date; and
	 
	 	(v)	 	that any Holder will be entitled to withdraw its election, not later than the close
of business on the last Exchange Date, by (A) sending to the institution and at the
address (located in the Borough of Manhattan, The City of New York) specified in the
notice, a telegram, telex, facsimile transmission or letter setting forth the name of
such Holder, the principal amount of Registrable Securities delivered for exchange and a
statement that such Holder is withdrawing its election to have such Securities exchanged
or (B) effecting such withdrawal in compliance with the applicable procedures of the
depositary for the Registrable Securities.

     As a condition to participating in any such Exchange Offer, a Holder will be required to
represent to the Company and the Guarantors that (i) any Exchange Securities to be received by it
will be acquired in the ordinary course of its business, (ii) at the time of the commencement of
the Exchange Offer, it has no arrangement or understanding with any Person to participate in the
distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of
the provisions of the Securities Act, (iii) it is not an “affiliate” (within the meaning of Rule
405 under the Securities Act) of the Company or any Guarantor and (iv) if such Holder is a
broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable
Securities that were acquired as a result of market-making or other trading activities, then such
Holder will deliver a Prospectus (or, to the extent permitted by law, make available a Prospectus
to purchasers) in connection with any resale of such Exchange Securities.

B-5 

 

     In connection with any such Exchange Offer, as soon as practicable after the last Exchange
Date, the Company, Sirius and the Guarantors shall:

	 	(i)	 	accept for exchange Registrable Securities or portions thereof validly tendered and
not properly withdrawn pursuant to the Exchange Offer; and
	 
	 	(ii)	 	deliver, or cause to be delivered, to the Trustee for cancellation all Registrable
Securities or portions thereof so accepted for exchange by the Company and issue, and
cause the Trustee to promptly authenticate and deliver to each Holder, Exchange
Securities equal in principal amount to the principal amount of the Registrable
Securities tendered by such Holder.

     The Company, Sirius and the Guarantors shall use reasonable best efforts to complete the
Exchange Offer as provided above and shall comply with the applicable requirements of the
Securities Act, the Exchange Act and other applicable laws and regulations in connection with the
Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the
Exchange Offer does not violate any applicable law or applicable interpretations of the Staff.

     (c) The Company, Sirius and the Guarantors shall pay all Registration Expenses in connection
with any registration pursuant to Section 2(a) or Section 2(b) hereof. Each Holder shall pay all
underwriting discounts and commissions, brokerage commissions, transfer taxes, if any, and fees and
disbursements of counsel and other advisors of such Holder relating to the sale or disposition of
such Holder’s Registrable Securities pursuant to the Shelf Registration Statement.

     (d) An Exchange Offer Registration Statement pursuant to Section 2(b) hereof will not be
deemed to have become effective unless it has been declared effective by the SEC. A Shelf
Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective
unless it has been declared effective by the SEC.

     (e) Without limiting the remedies available to the Purchasers and the Holders, the Company,
Sirius and the Guarantors acknowledge that any failure by the Company or the Guarantors to comply
with their obligations under Section 2(a) and Section 2(b) hereof may result in material
irreparable injury to the Purchasers or the Holders for which there is no adequate remedy at law,
that it will not be possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Purchasers or any Holder may obtain such relief as may be required to
specifically enforce the Company’s and the Guarantors’ obligations under Section 2(a) and
Section 2(b) hereof.

     3. Registration Procedures.

     (a) In connection with their obligations pursuant to Section 2(a) and Section 2(b) hereof, the
Company, Sirius and the Guarantors shall as expeditiously as possible:

	 	(i)	 	use reasonable best efforts to prepare and file with the SEC a Registration
Statement on the appropriate form under the Securities Act, which form (x) shall be
selected by the Company and the Guarantors, (y) shall, in the case of a Shelf
Registration, be available for the sale of the Registrable Securities by the Holders
thereof and (z) shall comply as to form in all material respects with the requirements of
the applicable form and include all financial statements required by the SEC to be filed
therewith; and use reasonable best efforts to cause such Registration Statement to become
effective and remain effective for the applicable period in accordance with Section 2
hereof;

B-6 

 

	 	(ii)	 	use reasonable best efforts to prepare and file with the SEC such amendments and
post-effective amendments to each Registration Statement as may be necessary to keep such
Registration Statement effective for the applicable period in accordance with Section 2
hereof and cause each Prospectus to be supplemented by any required prospectus supplement
and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and
keep each Prospectus current during the period described in Section 4(3) of and Rule 174
under the Securities Act that is applicable to transactions by brokers or dealers with
respect to the Registrable Securities or Exchange Securities;
	 
	 	(iii)	 	in the case of a Shelf Registration, use reasonable best efforts to furnish to
each Holder of Registrable Securities, to counsel for the Purchasers, to counsel for such
Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if
any, without charge, as many copies of each Prospectus or preliminary prospectus, and any
amendment or supplement thereto, as such Holder, counsel or Underwriters may reasonably
request in order to facilitate the sale or other disposition of the Registrable
Securities thereunder; and the Company, Sirius and the Guarantors consent to the use of
such Prospectus, preliminary prospectus and any amendment or supplement thereto in
accordance with applicable law by each of the Holders of Registrable Securities and any
such Underwriters in connection with the offering and sale of the Registrable Securities
covered by and in the manner described in such Prospectus, preliminary prospectus or any
amendment or supplement thereto in accordance with applicable law;
	 
	 	(iv)	 	use reasonable best efforts to register or qualify the Registrable Securities under
all applicable state securities or “blue sky” laws of such jurisdictions as any Holder of
Registrable Securities covered by a Registration Statement shall reasonably request in
writing by the time the applicable Registration Statement becomes effective; cooperate
with such Holders in connection with any filings required to be made with FINRA; and do
any and all other acts and things that may be reasonably necessary or advisable to enable
each Holder to complete the disposition in each such jurisdiction of the Registrable
Securities owned by such Holder; provided that neither the Company nor any
Guarantor shall be required to (1) qualify as a foreign corporation or other entity or as
a dealer in securities in any such jurisdiction where it would not otherwise be required
to so qualify, (2) file any general consent to service of process in any such
jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not so
subject;
	 
	 	(v)	 	notify counsel for the Purchasers and, in the case of a Shelf Registration, notify
each Holder of Registrable Securities and counsel for such Holders promptly and, if
requested by any such Holder or counsel, confirm such advice in writing (1) when a
Registration Statement has become effective, when any post-effective amendment thereto
has been filed and becomes effective and when any amendment or supplement to the
Prospectus has been filed, (2) of any request by the SEC or any state securities
authority for amendments and supplements to a Registration Statement or Prospectus or for
additional information after the Registration Statement has become effective, (3) of the
issuance by the SEC or any state securities authority of any stop order suspending the
effectiveness of a Registration Statement or the initiation of any proceedings for that
purpose, including the receipt by the Company of any notice of objection of the SEC to
the use of a Shelf Registration Statement or any post-effective amendment thereto
pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable
effective date of a Shelf Registration Statement and the closing of any sale of
Registrable Securities covered thereby, the representations and warranties of the Company
or any Guarantor contained in any underwriting agreement, securities sales agreement or
other similar agreement, if any, relating to an offering of such

B-7 

 

	 	 	 	Registrable Securities cease to be true and correct in all material respects or if the
Company or any Guarantor receives any notification with respect to the suspension of
the qualification of the Registrable Securities for sale in any jurisdiction or the
initiation of any proceeding for such purpose, (5) of the happening of any event during
the period a Registration Statement is effective that makes any statement made in such
Registration Statement or the related Prospectus untrue in any material respect or that
requires the making of any changes in such Registration Statement or Prospectus in
order to make the statements therein not misleading and (6) of any determination by the
Company or any Guarantor that a post-effective amendment to a Registration Statement or
any amendment or supplement to the Prospectus would be appropriate;
	 
	 	(vi)	 	use reasonable best efforts to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement or, in the case of a Shelf Registration, the
resolution of any objection of the SEC pursuant to Rule 401(g)(2), including by filing an
amendment to such Shelf Registration Statement on the proper form, at the earliest
possible moment and provide immediate notice to each Holder of the withdrawal of any such
order or such resolution;
	 
	 	(vii)	 	in the case of a Shelf Registration, furnish to each Holder of Registrable
Securities, without charge, at least one conformed copy of each Registration Statement
and any post-effective amendment thereto (without any documents incorporated therein by
reference or exhibits thereto, unless requested);
	 
	 	(viii)	 	in the case of a Shelf Registration, cooperate with the Holders of Registrable
Securities to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold and not bearing any restrictive legends and enable such
Registrable Securities to be issued in such denominations and registered in such names
(consistent with the provisions of the Indenture) as such Holders may reasonably request
at least one Business Day prior to the closing of any sale of Registrable Securities;
	 
	 	(ix)	 	in the case of a Shelf Registration, upon the occurrence of any event contemplated
by Section 3(a)(v)(5) hereof, use reasonable best efforts to prepare and file with the
SEC a supplement or post-effective amendment to such Shelf Registration Statement or any
related Prospectus or Issuer Free Writing Prospectus or any document incorporated therein
by reference or file any other required document so that, as thereafter delivered (or, to
the extent permitted by law, made available) to purchasers of the Registrable Securities,
such Prospectus or Issuer Free Writing Prospectus will cease to have the identified
deficiencies and will not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and the Company, Sirius and the
Guarantors shall notify the Holders of Registrable Securities to suspend use of the
Prospectus or Issuer Free Writing Prospectus as promptly as practicable after the
occurrence of such an event, and such Holders hereby agree to suspend use of the
Prospectus or Issuer Free Writing Prospectus until the Company, Sirius and the Guarantors
have amended or supplemented the Prospectus or Issuer Free Writing Prospectus to correct
such misstatement or omission; the Company, Sirius and the Guarantors may suspend the
availability of the Shelf Registration Statement and the use of the Prospectus or Issuer
Free Writing Prospectus by written notice to the Holders for a period not to exceed an
aggregate of 15 days in any 90-day period (each such period, a “Suspension
Period”) if an event occurs and is continuing as a result of which the Shelf
Registration Statement, the Prospectus or Issuer Free Writing Prospectus, any amendment
or supplement thereto, or any document incorporated by reference therein

B-8 

 

	 	 	 	would, in the Company’s judgment, contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; provided, however, that
Suspension Periods shall not exceed an aggregate of 60 days in any 360-day period; the
Company shall not specify in the written notice to the Holders the nature of the event
giving rise to the Suspension Period;
	 
	 	(x)	 	a reasonable time prior to the filing of any Registration Statement or any
amendment to a Registration Statement or any Prospectus, Issuer Free Writing Prospectus
or amendment or supplement thereto relating to the Registrable Securities, provide copies
of such document to the Purchasers and their counsel (and, in the case of a Shelf
Registration Statement, to the Holders of Registrable Securities and their counsel) and
make such of the representatives of the Company, Sirius and the Guarantors as shall be
reasonably requested by the Purchasers or their counsel (and, in the case of a Shelf
Registration Statement, the Holders of Registrable Securities or their counsel) available
for discussion of such document; and the Company, Sirius and the Guarantors shall not, at
any time after initial filing of a Registration Statement, use or file any amendment of
or supplement to a Registration Statement or any Prospectus, Issuer Free Writing
Prospectus or amendment or supplement thereto relating to the Registrable Securities, of
which the Purchasers and their counsel (and, in the case of a Shelf Registration
Statement, the Holders of Registrable Securities and their counsel) shall not have
previously been advised and furnished a copy or to which the Purchasers or their counsel
(and, in the case of a Shelf Registration Statement, the Holders of Registrable
Securities or their counsel) shall reasonably object within two Business Days after the
receipt thereof;
	 
	 	(xi)	 	obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the
case may be, not later than the initial effective date of a Registration Statement;
	 
	 	(xii)	 	cause the Indenture to be qualified under the Trust Indenture Act in connection
with the registration of the Exchange Securities or Registrable Securities, as the case
may be; cooperate with the Trustee and the Holders to effect such changes to the
Indenture as may be required for the Indenture to be so qualified in accordance with the
terms of the Trust Indenture Act; and execute, and use reasonable best efforts to cause
the Trustee to execute, all documents as may be required to effect such changes and all
other forms and documents required to be filed with the SEC to enable the Indenture to be
so qualified in a timely manner;
	 
	 	(xiii)	 	in the case of a Shelf Registration, use reasonable best efforts to cause all
Registrable Securities to be listed on any securities exchange or any automated quotation
system on which similar securities issued or guaranteed by the Company or any Guarantor
are then listed if requested by the majority of Holders, to the extent such Registrable
Securities satisfy applicable listing requirements;
	 
	 	(xiv)	 	if reasonably requested by any Holder of Registrable Securities covered by a Shelf
Registration Statement, promptly include in a Prospectus supplement or post-effective
amendment such information with respect to such Holder as such Holder reasonably requests
to be included therein and make all required filings of such Prospectus supplement or
such post-effective amendment as soon as reasonably practicable after the Company has
received notification of the matters to be so included in such filing; provided that (1)
the Company, Sirius and the Guarantors shall not be required to file any supplement or
amendment naming a Holder as a selling securityholder earlier than 10 business days
after

B-9 

 

	 	 	 	it receives all required information from such Holder and (2) the Company, Sirius and
the Guarantors shall not be obligated to file any supplement or amendment for the
purpose of naming a Holder as a selling securityholder more than once in any calendar
month period;
	 
	 	(xv)	 	in the case of a Shelf Registration, take the following actions in order to
expedite or facilitate the disposition of such Registrable Securities: (1) providing
direct contact between senior management and advisors and prospective purchasers, (2)
responding to inquiries of, and providing answers to, prospective purchasers, (3)
providing assistance in completion of the prospective purchasers’ due diligence review,
(4) hosting or participating in one or more meetings with prospective purchasers,
including participating in a road show for the XM Satellite Notes, and (5) such other
similar actions reasonably requested by a Majority of the Holders; and
	 
	 	(xvi)	 	if any Holder is deemed to be an “underwriter,” as defined in Section 2(a)(11) of
the Securities Act, in connection with any registration of the Registrable Securities
pursuant to this Agreement, and any amendment or supplement thereof (any such
registration statement or amendment or supplement an “Underwriter Registration
Statement”), then the Company, Sirius and the Guarantors will cooperate with such
Holder in allowing such Holder to conduct customary “underwriter’s due diligence” with
respect to the Company, Sirius and the Guarantors and satisfy its obligations in respect
thereof. The Company, Sirius and the Guarantors will also permit legal counsel to such
Holder to review and comment upon any the Underwriter Registration Statement at least two
business days prior to its filing with the SEC and all amendments and supplements to the
Underwriter Registration Statement within a reasonable number of days prior to their
filing with the SEC and not file the Underwriter Registration Statement or amendment or
supplement thereto in a form to which such Holder’s legal counsel reasonably objects.

     (b) In the case of a Shelf Registration Statement, the Company may require each Holder of
Registrable Securities to furnish to the Company such information regarding such Holder and the
proposed disposition by such Holder of such Registrable Securities as the Company, Sirius and the
Guarantors may from time to time reasonably request in writing.

     (c) In the case of a Shelf Registration Statement, each Holder of Registrable Securities
covered in such Shelf Registration Statement agrees that, upon receipt of any notice from the
Company, Sirius and the Guarantors of the happening of any event of the kind described in
Section 3(a)(v)(3) or 3(a)(v)(5) hereof, such Holder will forthwith discontinue disposition of
Registrable Securities pursuant to the Shelf Registration Statement until such Holder’s receipt of
the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated
by Section 3(a)(ix) hereof and, if so directed by the Company and the Guarantors, such Holder will
deliver to the Company and the Guarantors all copies in its possession, other than permanent file
copies then in such Holder’s possession, of the Prospectus and any Issuer Free Writing Prospectuses
covering such Registrable Securities that are current at the time of receipt of such notice.

     (d) The Holders of Registrable Securities covered by a Shelf Registration Statement who desire
to do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten
Offering, the investment bank or investment banks and manager or managers (each, an
“Underwriter”) that will administer the offering will be selected by a Majority of the
Holders included in such offering and must be reasonably acceptable to the Company.

     4. Additional Interest.

B-10 

 

     (a) The Company, Sirius and the Guarantors agree that the Holders will suffer damages if the
Company, Sirius and the Guarantors fail to fulfill their obligations under Section 2 or Section 3
hereof and that it would not be feasible to ascertain the extent of such damages with precision.
Accordingly, the Company, Sirius and the Guarantors agree that if:

	 	(i)	 	the Shelf Registration Statement is required to be filed but is not declared
effective within 180 days after March 17, 2009 (the “Registration Deadline”), or is
declared effective by such date but thereafter ceases to be effective or usable (unless
the Shelf Registration Statement ceases to be effective or usable as specifically
permitted by the Section 3(a)(ix) hereof),
	 
	 	(ii)	 	the Exchange Offer is not consummated on or prior to the Registration Deadline,

(each such event referred to in clauses (i) and (ii) a “Registration Default”), additional
interest in the form of additional cash interest (“Additional Interest”) will accrue on the
affected Registrable Securities. The rate of Additional Interest will be 0.25% per annum, from and
including the date on which any such Registration Default shall occur to, but excluding, the
earlier of (1) the date on which all Registration Defaults have been cured, (2) the date on which
such Registrable Securities ceases to be Registrable Securities or otherwise become freely
transferable by Holders other than affiliates of the Issuers without further registration under the
Securities Act.

     (b) So long as Registrable Securities remain outstanding, the Company shall notify the
Trustee within five business days after each and every date on which an event occurs in respect of
which Additional Interest is required to be paid. Any amounts of Additional Interest due pursuant
to clauses (a)(i) or (a)(ii) of this Section 4 will be payable in cash semi-annually on each June
1st and December 1st (each a “Additional Interest Payment Date”), commencing
with the first such date occurring after any such Additional Interest commences to accrue, to
Holders to whom regular interest is payable on such Additional Interest Payment Date with respect
to Registrable Securities. The amount of Additional Interest for each Registrable Security will be
determined by multiplying the applicable rate of Additional Interest by the aggregate principal
amount of such Registrable Security outstanding on the Additional Interest Payment Date following
such Registration Default in the case of the first such payment of Additional Interest with respect
to a Registration Default (and thereafter at the next succeeding Additional Interest Payment Date
until the cure of such Registration Default), and multiplying the product of the foregoing by a
fraction, the numerator of which is the number of days such Additional Interest rate was applicable
during such period (determined on the basis of a 360-day year comprised of twelve 30-day months
and, in the case of a partial month, the actual number of days elapsed), and the denominator of
which is 360.

     5. Indemnification and Contribution.

     (a) The Company, Sirius and each Guarantor, jointly and severally, agree to indemnify and hold
harmless each Purchaser and each Holder, their respective affiliates, directors and officers and
each Person, if any, who controls any Purchaser or Holder within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims,
damages and liabilities (including, without limitation, legal fees and other expenses incurred in
connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are
incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or
alleged untrue statement of a material fact contained in any Registration Statement or any omission
or alleged omission to state therein a material fact required to be stated therein or necessary in
order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue
statement of a material fact contained in any Prospectus or any Issuer Free Writing Prospectus, or
any omission or alleged omission to state therein a material fact

B-11 

 

necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, in each case except insofar as such losses, claims, damages
or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with any information relating to any
Holder or provided by any Holder expressly for use therein (including, for the avoidance of doubt,
any Free Writing Prospectus prepared by or on behalf of such Holder).

     (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company,
Sirius, the Guarantors, the Purchasers and the other selling Holders, the directors of the Company
and the Guarantors, each officer of the Company, Sirius and the Guarantors who signed the
Registration Statement and each Person, if any, who controls the Company, the Guarantors, any
Purchaser and any other selling Holder within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph
(a) above, but in each case to the extent, but only to the extent, that any losses, claims, damages
or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged
untrue statement or omission made in reliance upon and in conformity with any information relating
to such Holder furnished to the Company in writing by such Holder expressly for use in any
Registration Statement, any Prospectus or any Issuer Free Writing Prospectus (provided that, for
the avoidance of doubt, such information shall be deemed to include any Free Writing Prospectus
prepared by or on behalf of such Holder); provided, however, that in no event shall the liability
of any Holder for indemnification under this Section 5(b) exceed the amount equal to the net
proceeds received by such Holder from the sale of Registrable Securities pursuant to the
Registration Statement.

     (c) If any suit, action, proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against any Person in respect of which indemnification
may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified
Person”) shall promptly notify the Person against whom such indemnification may be sought (the
“Indemnifying Person”) in writing; provided that the failure to notify the
Indemnifying Person shall not relieve it from any liability that it may have under this Section 5
except to the extent that it has been materially prejudiced (through the forfeiture of substantive
rights or defenses) by such failure; and provided, further, that the failure to
notify the Indemnifying Person shall not relieve it from any liability that it may have to an
Indemnified Person otherwise than under this Section 5. If any such proceeding shall be brought or
asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof,
the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to
represent the Indemnified Person and any others entitled to indemnification pursuant to this
Section 5 that the Indemnifying Person may designate in such proceeding and shall pay the fees and
expenses of such proceeding and shall pay the reasonable fees and expenses of such counsel related
to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense
of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have
mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time
to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person
shall have reasonably concluded that there may be legal defenses available to it that are different
from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any
such proceeding (including any impleaded parties) include both the Indemnifying Person and the
Indemnified Person and representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them. It is understood and agreed that the
Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same
jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to
any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be
reimbursed as they are incurred. Any such separate firm, (x) for any Holder, its directors and
officers and any control Person of such Holder shall be designated in writing by a Majority of the
Holders

B-12 

 

to be represented and (y) in all other cases shall be designated in writing by the Company.
The Indemnifying Person shall not be liable for any settlement of any proceeding effected without
its prior written consent, but if settled with such consent or if there is a final non-appealable
judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person
from and against any loss or liability by reason of such settlement or judgment. Notwithstanding
the foregoing sentence, if at any time an Indemnified Person shall have requested that an
Indemnifying Person reimburse the Indemnified Person for reasonable fees and expenses of counsel as
contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is entered into more than 60
days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person
shall not have reimbursed the Indemnified Person for such amounts as are not in dispute in
accordance with such request prior to the date of such settlement, provided, however, that the
Indemnifying Person shall not be liable for any settlement effected without its consent pursuant to
this sentence if such Indemnifying Person is contesting, in good faith, the request for
reimbursement. No Indemnifying Person shall, without the prior written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding in respect of which any
Indemnified Person is or could have been a party and indemnification could have been sought
hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release
of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified
Person, from all liability on claims that are the subject matter of such proceeding and (B) does
not include any statement as to or any admission of fault, culpability or a failure to act by or on
behalf of any Indemnified Person.

     (d) If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an
Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities
referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying
such Indemnified Person thereunder, shall contribute to the amount paid or payable by such
Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such
proportion as is appropriate to reflect the relative benefits received by the Company, Sirius and
the Guarantors from the offering of the Securities and the Exchange Securities, on the one hand,
and by the Holders from receiving Securities or Exchange Securities registered under the Securities
Act, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) but also the relative fault of the Company, Sirius and the Guarantors on
the one hand and the Holders on the other in connection with the statements or omissions that
resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Company, Sirius and the Guarantors, on the
one hand, and each Holder, on the other hand, shall be deemed to be in the same proportion as (i)
the aggregate principal amount of all of the Registrable Securities are to (ii) the principal
amount of the total net proceeds received by such Holder in connection with the sale of the
Registrable Securities. The relative fault of the Company, Sirius and the Guarantors on the one
hand and the Holders on the other shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Company, Sirius and the Guarantors or
by the applicable Holders, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.

     (e) The Company, Sirius, the Guarantors and the Holders agree that it would not be just and
equitable if contribution pursuant to this Section 5 were determined by pro rata
allocation (even if the Holders were treated as one entity for such purpose) or by any other method
of allocation that does not take account of the equitable considerations referred to in paragraph
(d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims,
damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to
the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in
connection with any such action or claim. Notwithstanding the provisions of this Section 5, in no
event shall a Holder be required to contribute any

B-13 

 

amount in excess of the amount by which the total price at which the Securities or Exchange
Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. 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. The Holders’ obligations to contribute pursuant to this Section 5 are
several and not joint.

     (f) The remedies provided for in this Section 5 are not exclusive and shall not limit any
rights or remedies that may otherwise be available to any Indemnified Person at law or in equity.

     (g) The indemnity and contribution provisions contained in this Section 5 shall remain
operative and in full force and effect regardless of (i) any termination of this Agreement,
(ii) any investigation made by or on behalf of the Purchasers or any Holder or any Person
controlling any Purchaser or any Holder, or by or on behalf of the Company, Sirius or the
Guarantors or the officers or directors of or any Person controlling the Company or the Guarantors,
(iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities
pursuant to a Shelf Registration Statement.

     6. General. 

     (a) No Inconsistent Agreements. The Company, Sirius and the Guarantors represent,
warrant and agree that (i) the rights granted to the Holders hereunder do not in any way conflict
with and are not inconsistent with the rights granted to the holders of any other outstanding
securities issued or guaranteed by the Company or any Guarantor under any other agreement and
(ii) neither the Company nor any Guarantor has entered into, or on or after the date of this
Agreement will enter into, any agreement that is inconsistent with the rights granted to the
Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions
hereof.

     (b) Amendments and Waivers. The provisions of this Agreement, including the provisions
of this sentence, may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given unless the Company, Sirius and the
Guarantors have obtained the written consent of a Majority of the Holders affected by such
amendment, modification, supplement, waiver or consent; provided that no amendment,
modification, supplement, waiver or consent to any departure from the provisions of Section 5
hereof shall be effective as against any Holder of Registrable Securities unless consented to in
writing by such Holder. Any amendments, modifications, supplements, waivers or consents pursuant to
this Section 6(b) shall be by a writing executed by each of the parties hereto.

     (c) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand-delivery, registered first-class mail, telex, or any courier
guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such
Holder to the Company by means of a notice given in accordance with the provisions of this
Section 6(c), which address initially is, with respect to the Purchasers, the addresses set forth
in the Credit Agreement; (ii) if to the Company, Sirius and the Guarantors, initially at Company’s
address set forth in the Purchase Agreement and thereafter at such other address, notice of which
is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at
their respective addresses as provided in the Purchase Agreement and thereafter at such other
address, notice of which is given in accordance with the provisions of this Section 6(c). All such
notices and communications shall be deemed to have been duly given: at the time delivered by hand,
if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if
mailed; when receipt is acknowledged, if transmitted by facsimile; and on the next Business Day if
timely delivered to an air courier guaranteeing overnight delivery. Copies of all such notices,
demands or other

B-14 

 

communications shall be concurrently delivered by the Person giving the same to the Trustee,
at the address specified in the Indenture

     (d) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors, assigns and transferees of each of the parties, including, without
limitation and without the need for an express assignment, subsequent Holders; provided
that nothing herein shall be deemed to permit any assignment, transfer or other disposition of
Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. If any
transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation
of law or otherwise, such Registrable Securities shall be held subject to all the terms of this
Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively
deemed to have agreed to be bound by and to perform all of the terms and provisions of this
Agreement and such Person shall be entitled to receive the benefits hereof. The Purchasers (in
their capacity as Purchasers) shall have no liability or obligation to the Company or the
Guarantors with respect to any failure by a Holder to comply with, or any breach by any Holder of,
any of the obligations of such Holder under this Agreement.

     (e) Third-Party Beneficiaries. Each Holder shall be a third-party beneficiary to the
agreements made hereunder between the Company, Sirius and the Guarantors, on the one hand, and the
Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the
extent it deems such enforcement necessary or advisable to protect its rights or the rights of
other Holders hereunder.

     (f) Counterparts. This Agreement may be executed in any number of counterparts and by
the parties hereto 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.

     (g) Headings. The headings in this Agreement are for convenience of reference only,
are not a part of this Agreement and shall not limit or otherwise affect the meaning hereof.

     (h) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York.

     (i) Entire Agreement; Severability. This Agreement contains the entire agreement
between the parties relating to the subject matter hereof and supersedes all oral statements and
prior writings with respect thereto. If any term, provision, covenant or restriction contained in
this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable or
against public policy, the remainder of the terms, provisions, covenants and restrictions contained
herein shall remain in full force and effect and shall in no way be affected, impaired or
invalidated. The Company, Sirius, the Guarantors and the Purchasers shall endeavor in good faith
negotiations to replace the invalid, void or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid, void or unenforceable
provisions.

     (j) Free Writing Prospectuses. Each Holder represents that it has not prepared or had
prepared on its behalf or used or referred to, and agrees that it will not prepare or have prepared
on its behalf or use or refer to, any Free Writing Prospectus, and has not distributed and will not
distribute any written materials in connection with the offer or sale of the Registrable Securities
without the prior express written consent of the Company. Any such Free Writing Prospectus
consented to by the Company is hereinafter referred to as a “Permitted Free Writing
Prospectus.” The Company represents and agrees that they have treated and will treat, as the
case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, including
in respect of timely filing with the SEC, legends and record-keeping.

B-15

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