Document:

exv10w36

Exhibit 10.36

EXECUTION COPY

Clear Channel Worldwide Holdings, Inc.

9.25% Series A Senior Notes Due 2017

9.25% Series B Senior Notes Due 2017

Purchase Agreement

December 18, 2009

Goldman, Sachs & Co.,

     As representative of the several Purchasers

     named in Schedule I

hereto, 85 Broad Street, New

York, New York 10004

Ladies and Gentlemen:

Clear Channel Worldwide Holdings, Inc., a Nevada corporation (the “Issuer”), an indirect,
wholly-owned subsidiary of Clear Channel Outdoor Holdings, Inc., a Delaware corporation (the
“Company”), proposes, subject to the terms and conditions stated herein, to issue and sell to the
Purchasers named in Schedule I hereto (the “Purchasers”) an aggregate of $500.0 million principal
amount of 9.25% Series A Senior Notes Due 2017 (the “2017 A Notes”) and an aggregate of $2.0
billion principal amount of 9.25% Series B Senior Notes Due 2017 (the “2017 B Notes” and, together
with the 2017 A Notes, the “Securities”). The Securities will be guaranteed as to the payment of
principal, premium, if any, and interest by the Company, Clear Channel Outdoor, Inc. (“CCOI”) and
each of the subsidiaries of the Company named in Schedule II hereto (the Company, CCOI and such
subsidiaries, the “Guarantors”, and such guarantees, the “Guarantees”).

	1.	 	Each of the Issuer and the Guarantors, jointly and severally, represents and warrants to,
and agrees with, the each of the Purchasers that:

	 	(a)	 	A preliminary offering circular, dated December 18, 2009 (the “Preliminary Offering
Circular”), and an offering circular, dated December 18, 2009 (the “Offering Circular”),
have been prepared in connection with the offering of the Securities. The Preliminary
Offering Circular, as amended and supplemented immediately prior to the Applicable Time
(as defined in Section 1(b)), is hereinafter referred to as the “Pricing Circular”. Any
reference to the Preliminary Offering Circular, the Pricing Circular or the Offering
Circular shall be deemed to refer to and include any Additional Issuer Information (as
defined in Section 5(f)) furnished by the Company prior to the completion of the
distribution of the Securities. The Preliminary Offering Circular or the Offering Circular
and any amendments or supplements thereto did not and will not, as of their respective
dates, contain an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided, however, that this

 

	 	 	 	representation and warranty shall not apply to any statements or omissions made in
reliance upon and in conformity with information furnished in writing to the Company by a
Purchaser through Goldman, Sachs & Co. expressly for use therein;
	 
	 	(b)	 	For the purposes of this Agreement, the “Applicable Time” is 2:30 p.m. (Eastern time) on the
date of this Agreement; the Pricing Circular as supplemented by the information set forth in
Schedule IV hereto (collectively, the “Pricing Disclosure Package”), taken together as of the
Applicable Time, did not include any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and each Company
Supplemental Disclosure Document (as defined in Section 6(i)) listed on Schedule III hereto
does not conflict with the information contained in the Pricing Circular or the Offering
Circular
and each such Company Supplemental Disclosure Document, as supplemented by and
taken together with the Pricing Disclosure Package as of the Applicable Time, did not include
any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided, however, that this representation and warranty shall not apply to
statements or omissions made in a Company Supplemental Disclosure Document in reliance
upon and in conformity with information furnished in writing to the Company by a Purchaser
through Goldman, Sachs & Co. expressly for use therein;
	 
	 	(c)	 	Neither the Company nor any of its subsidiaries has sustained since the date of the latest
audited financial statements included in the Pricing Circular any material loss or interference
with its business from fire, explosion, flood or other calamity, whether or not covered by
insurance, or from any labor dispute or court or governmental action, order or decree,
otherwise than as set forth or contemplated in the Pricing Circular; and, since the respective
dates as of which information is given in the Pricing Circular, there has not been any change
in the capital stock or long-term debt of the Company or any of its subsidiaries or any
material adverse change, or any development involving a prospective material adverse
change, in or affecting the general affairs, management, financial position, stockholders’
equity or results of operations of the Company and its subsidiaries taken as a whole,
otherwise than as set forth or contemplated in the Pricing Circular;
	 
	 	(d)	 	The Company and its subsidiaries have good and marketable title in fee simple to all real
property and good and marketable title to all personal property owned by them, except as
described in the Offering Circular or except to the extent that the failure to have good and
marketable title to any real or personal property would not reasonably be expected to have a
material adverse effect on the Company and its subsidiaries taken as a whole; all such real
property and personal property is free and clear of all liens, encumbrances and defects
except such as are described in the Pricing Circular or such as would not reasonably be
expected to have a material adverse effect on the Company and its subsidiaries taken as a
whole; and any real property and buildings held under lease by the Company and its
subsidiaries are held by them under valid, subsisting and enforceable leases with such
exceptions as would not reasonably be expected to have a material adverse effect on the
Company and its subsidiaries taken as a whole;
	 
	 	(e)	 	The Company has been duly incorporated and is validly existing as a corporation in good
standing under the laws of the State of Delaware, with power and authority (corporate and

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	 	 	 	 other) to own its properties and conduct its business as described in the Pricing Circular, and
has been duly qualified as a foreign corporation for the transaction of business and is in good
standing under the laws of each other jurisdiction in which it owns or leases properties or
conducts any business so as to require such qualification, except to the extent that the
failure to be so qualified or be in good standing in such other jurisdictions would not have a
material adverse effect on the Company and its subsidiaries taken as a whole; and each
significant subsidiary (as such term is defined in Rule 1-02 of Regulation S-X) of the Company
has been duly incorporated and is validly existing as a corporation in good standing under the
laws of its jurisdiction of incorporation;
	 
	 	(f)	 	The Issuer has been duly incorporated and is validly existing as a corporation in good
standing under the laws of the State of Nevada, with power and authority (corporate and
other) to own its properties and conduct its business as described in the Pricing Circular, and
has been duly qualified as a foreign corporation for the transaction of business and is in good
standing under the laws of each other jurisdiction in which it owns or leases properties or
conducts any business so as to require such qualification, except to the extent that the
failure
to be so qualified or be in good standing in such other jurisdictions would not have a material
adverse effect on the Issuer and its subsidiaries taken as a whole; and each significant
subsidiary (as such term is defined in Rule 1-02 of Regulation S-X) of the Issuer has been
duly incorporated and is validly existing as a corporation in good standing under the laws of
its jurisdiction of incorporation;
	 
	 	(g)	 	Each Guarantor that is a corporation has been duly incorporated and is validly existing as a
corporation in good standing under the laws of its jurisdiction of incorporation; each
Guarantor that is a limited liability company has been duly formed and is validly existing as a
limited liability company in good standing under the laws of its jurisdiction of formation; and
each Guarantor that is a limited partnership has been duly formed and is validly existing as a
limited partnership in good standing under the laws of its jurisdiction of formation; each
Guarantor has been duly qualified as a foreign corporation for the transaction of business
and is in good standing under the laws of each other jurisdiction in which it owns or leases
properties or conducts any business so as to require such qualification, except to the extent
that the failure to be so qualified or be in good standing in such other jurisdictions would
not
have a material adverse effect on such Guarantor;
	 
	 	(h)	 	The Company has an authorized capitalization as set forth in the Pricing Circular, and all
of the issued shares of capital stock of the Company have been duly and validly authorized
and issued and are fully paid and non-assessable; and all of the issued shares of capital
stock of each subsidiary of the Company have been duly and validly authorized and issued, are
fully paid and non-assessable and (except as otherwise set forth in the Pricing Circular) are
owned directly or indirectly by the Company, free and clear of all liens, encumbrances,
equities or claims;
	 
	 	(i)	 	The Securities have been duly authorized and, when issued and delivered pursuant to this
Agreement, will have been duly executed, authenticated by the Trustee, issued and delivered
and will constitute valid and legally binding obligations of the Issuer entitled to the
benefits provided by the indenture related to the 2017 A Notes, to be dated as of December
23, 2009 (the “Series A Indenture”) or the indenture related to the 2017 B Notes, to be dated
as of December 23, 2009 (the “Series B Indenture” and, together with the Series A Indenture,
the

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	 	 	 	“Indentures”), in each case, among the Issuer, the Guarantors and U.S. Bank National
Association, as Trustee (the “Trustee”), under which they are to be issued; the Indentures
have been duly authorized and, when executed and delivered by the Issuer, the Guarantors and
the Trustee, the Indentures will constitute valid and legally binding instruments, enforceable
in accordance with their respective terms, subject, as to enforcement, to bankruptcy,
insolvency, reorganization and other laws of general applicability relating to or affecting
creditors’ rights and to general equity principles; and the Securities and the Indentures will
conform to the descriptions thereof in the Pricing Disclosure Package and the Offering
Circular and will be in substantially the form previously delivered to you;
	 
	 	(j)	 	Each Guarantor has duly authorized its Guarantee and, when issued and delivered pursuant to
this Agreement and the Indentures, will have been duly executed, issued and delivered and
will constitute a valid and binding obligation of the related Guarantor, enforceable in
accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency,
reorganization and other laws of general applicability relating to or affecting creditors’
rights and to general equity principles; and the Guarantees will conform to the description
thereof in the Pricing Disclosure Package and the Offering Circular;
	 
	 	(k)	 	The Exchange and Registration Rights Agreement related to the 2017 A Notes, to be dated as of
December 23, 2009 (the “ Series A Registration Rights Agreement”) and the Exchange and
Registration Rights Agreement related to the 2017 B Notes, to be dated as of December 23, 2009
(the “Series B Registration Rights Agreement” and, together with the Series A Registration
Rights Agreement, the “Registration Rights Agreements”), which will be substantially in the
form previously delivered to you, have been duly authorized and as of the Time of Delivery (as
defined herein) will have been duly executed and delivered by the Issuer and the Guarantors
and will constitute valid and legally binding agreements enforceable against the Issuer and
the Guarantors in accordance with their respective terms, subject, as to enforcement, to
bankruptcy, insolvency, reorganization and other laws of general applicability relating to or
affecting creditors’ rights and to general equity principles; and the Registration Rights
Agreements will conform to the descriptions thereof in the Pricing Disclosure Package and the
Offering Circular;
	 
	 	(I)	 	None of the transactions contemplated by this Agreement (including, without limitation, the
use of the proceeds from the sale of the Securities) will violate or result in a violation of
Section 7 of the Exchange Act, or any regulation promulgated thereunder, including, without
limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System;
	 
	 	(m)	 	Prior to the date hereof, neither the Issuer, the Guarantors nor any of their respective
affiliates has taken any action which is designed to or which has constituted or which could
have been reasonably expected to cause or result in stabilization or manipulation of the
price of any security of the Issuer or any Guarantor in connection with the offering of the
Securities and the Guarantees;
	 
	 	(n)	 	The issue and sale of the Securities and the Guarantees and the compliance by the Issuer and
the Guarantors with all of the provisions of the Securities, the Guarantees, the Indentures,
the Registration Rights Agreements and this Agreement and the consummation of the
transactions herein and therein contemplated will not conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a default under, any indenture,

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	 	 	 	mortgage, deed of trust, loan agreement or other material agreement or instrument to which the
Company or any of its subsidiaries is a party or by which the Company or any of its
subsidiaries is bound or to which any of the property or assets of the Company or any of its
subsidiaries is subject, nor will such action result in any violation of the provisions of the
Certificate of Incorporation or By-laws or other applicable organizational documents of the
Issuer or any of the Guarantors or any statute or any order, rule or regulation of any court or
governmental agency or body having jurisdiction over the Company or any of its subsidiaries or
any of their respective properties; and no consent, approval, authorization, order,
registration or qualification of or with any such court or governmental agency or body having
jurisdiction over the Company or any of its subsidiaries or any of their respective properties
is required for the issue and sale of the Securities and the Guarantees or the consummation by
the Issuer and the Guarantors of the transactions contemplated by this Agreement, the
Indentures or the Registration Rights Agreements, except for the filing of a registration
statement by the Issuer with the Commission pursuant to the United States Securities Act of
1933, as amended (the “Act”) pursuant to the Registration Rights Agreements and such consents,
approvals, authorizations, registrations or qualifications as may be required under state
securities or Blue Sky laws in connection with the purchase and distribution of the Securities
by the Purchasers;
	 
	 	(o)	 	Neither the Issuer nor any of the Guarantors is in violation of its Certificate of
Incorporation or By-laws or other applicable organizational documents or in default in the
performance or observance of any material obligation, covenant or condition contained in any
indenture, mortgage, deed of trust, loan agreement, lease or other material agreement or
instrument to which it is a party or by which it or any of its properties may be bound;
	 
	 	(p)	 	The statements set forth in the Pricing Circular and the Offering Circular under the caption
“Description of the Notes”, insofar as they purport to constitute a summary of the terms of
the Securities and the Guarantees, under the caption “Certain U.S. Federal Income Tax
Considerations”, and under the caption “Plan of Distribution”, insofar as they purport to
describe the provisions of the laws and documents referred to therein, are accurate, complete
and fair in all material respects;
	 
	 	(q)	 	Other than as set forth in the Pricing Circular, there are no legal or governmental
proceedings pending to which the Company or any of its subsidiaries is a party or of which any
property of the Company or any of its subsidiaries is the subject which, if determined
adversely to the Company or any of its subsidiaries, would individually or in the aggregate
have a material adverse effect on the current or future financial position, stockholders’
equity or results of operations of the Company and its subsidiaries taken as a whole; and, to
the Company’s knowledge, no such proceedings are threatened or contemplated by governmental
authorities or threatened by others;
	 
	 	(r)	 	When the Securities and the Guarantees are issued and delivered pursuant to this Agreement,
neither the Securities nor the Guarantees will be of the same class (within the meaning of
Rule 144A under the Act) as securities which are listed on a national securities exchange
registered under Section 6 of the United States Securities Exchange Act of 1934, as amended
(the “Exchange Act”), or quoted in a U.S. automated inter-dealer quotation system;

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	 	(s)	 	The Company is subject to Section 13 or 15(d) of the Exchange Act;
	 
	 	(t)	 	Neither the Issuer nor any of the Guarantors is, or after giving effect to the offering and
sale of the Securities and the application of the proceeds thereof, is required to register
as an “investment company”, as such term is defined in the United States Investment Company
Act of 1940, as amended (the “Investment Company Act”);
	 
	 	(u)	 	Neither the Issuer, the Guarantors nor any of their affiliates nor any person acting on
behalf of any of them (other than the Purchasers about which no representation is made) has
offered or sold the Securities by means of any general solicitation or general advertising
within the meaning of Rule 502(c) under the Act or, with respect to Securities sold outside
the United States to non-U.S. persons (as defined in Rule 902 under the Act), by means of any
directed selling efforts within the meaning of Rule 902 under the Act, and the Company, any
affiliate of the Company and any person acting on its or their behalf in connection with
Securities sold outside the United States to non-U.S. persons (as defined in Rule 902 under
the Act), if any, has complied with and will implement the “offering restriction” within the
meaning of such Rule 902;
	 
	 	(v)	 	Within the preceding six months, none of the Issuer, the Guarantors or any person acting on
behalf of the Issuer or the Guarantors has offered or sold to any person any Securities or
Guarantees, or any securities of the same or a similar class as the Securities or Guarantees,
other than Securities and Guarantees offered or sold to the Purchasers hereunder. The Issuer
and the Guarantors will take reasonable precautions designed to insure that any offer or
sale, direct or indirect, in the United States or to any U.S. person (as defined in Rule 902
under the Act) of any Securities or Guarantees or any substantially similar security issued
by the Issuer, within six months subsequent to the date on which the distribution of the
Securities and the Guarantees has been completed (as notified to the Company by Goldman,
Sachs & Co.), is made under restrictions and other circumstances reasonably designed not to
affect the status of the offer and sale of the Securities and the Guarantees in the United
States and to U.S. persons contemplated by this Agreement as transactions exempt from the
registration provisions of the Act;
	 
	 	(w)	 	The Company maintains a system of internal control over financial reporting (as such term is
defined in Rule 13a-15(f) of the Exchange Act) that complies with the requirements of the
Exchange Act and has been designed by the Company’s principal executive officer and principal
financial officer, or under their supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. The Company’s internal
control over financial reporting was effective as of December 31, 2008, and the Company is not
aware of any material weaknesses in its internal control over financial reporting;
	 
	 	(x)	 	Since the date of the latest audited financial statements included in the Pricing Circular,
there has been no change in the Company’s internal control over financial reporting that has
materially affected, or is reasonably likely to materially affect, the Company’s internal
control over financial reporting;

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	 	(y)	 	The Company maintains disclosure controls and procedures (as such term is defined in
Rule 13a-15(e) of the Exchange Act) that comply with the requirements of the Exchange Act;
such disclosure controls and procedures have been designed to ensure that material
information relating to the Company and its subsidiaries is made known to the Company’s
principal executive officer and principal financial officer by others within those
entities; and such disclosure controls and procedures were effective as of September 30,
2009;
	 
	 	(z)	 	The Issuer, the Guarantors and each of their respective subsidiaries have all
licenses, franchises, permits, authorizations, approvals and orders and other concessions
of and from all governmental or regulatory authorities that are necessary to own or lease
their properties and conduct their businesses as described in the Pricing Circular,
except to the extent that the failure to have any such license, franchise, permit,
authorization, approval, order or concession would not have a material adverse effect on
the Company and its subsidiaries taken as a whole;
	 
	 	(aa)	 	The Guarantors listed on Schedule II, other than the Company, together with the Issuer,
constitute on the date hereof and on the Closing Date all of the direct and indirect
wholly-owned subsidiaries of the Company incorporated or otherwise organized within the
United States; and
	 
	 	(bb)	 	Ernst & Young LLP, which has audited certain financial statements of the Company and
its subsidiaries, is an independent registered public accounting firm as required by the
Act and the rules and regulations of the Commission thereunder.
	 
	 	(cc)	 	The Indentures will comply in all material respects with the Trust Indenture Act of 1939,
as amended.
	 
	 	(dd)	 	Except as otherwise disclosed in the Offering Circular, none of the foreign
subsidiaries of Clear Channel Communications, Inc. is a borrower under (i) the Credit
Agreement, dated as of May 13, 2008, among Clear Channel Communications, Inc. (as
successor to BT Triple Crown Merger Co., Inc.), the Subsidiary Co-Borrowers party thereto,
the Foreign Subsidiary Revolving Borrowers party thereto, Clear Channel Capital I, LLC,
the lenders party thereto, Citibank, N.A., as Administrative Agent and the other agents
party thereto, as amended by Amendment No. 1 dated as of July 9, 2008 and Amendment No. 2,
dated as of July 28, 2008 or (ii) the Credit Agreement, dated as of May 13, 2008, among
Clear Channel Communications, Inc. (as successor to BT Triple Crown Merger Co., Inc.), the
Subsidiary Borrowers party thereto, Clear Channel Capital I, LLC, the lenders party
thereto, Citibank, N.A., as Administrative Agent and the other agents party thereto, as
amended by Amendment No. 1 dated as of July 9, 2008 and Amendment No. 2, dated as of July
28, 2008.

	2.	 	Subject to the terms and conditions herein set forth, the Issuer and the Guarantors agree to
issue and sell to each of the Purchasers, and each of the Purchasers agrees, severally and
not jointly, to purchase from the Issuer and the Guarantors, at a purchase price of 100% of
the principal amount thereof, plus accrued interest, if any, from December 23, 2009 to the
Time of Delivery hereunder, the principal amount of Securities (including the Guarantees
thereof) set forth opposite the name of the Purchaser in Schedule I hereto. Concurrently
therewith, CCOI shall be required, and hereby agrees, to pay to Goldman, Sachs & Co., on
behalf of the Purchasers, an amount equal to 1.75% of the principal amount of the Securities.

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	3.	 	Upon the authorization by you of the release of the Securities and Guarantees, the
Purchasers
propose to offer the Securities for sale upon the terms and conditions set forth in this
Agreement
and the Offering Circular, and each Purchaser hereby represents and warrants to, and agrees
with the Issuer, the Company and the other Guarantors that:

	 	(a)	 	It will offer and sell the Securities only: (i) to persons who it reasonably believes
are “qualified
institutional buyers” (“QIBs”) within the meaning of Rule 144A under the Act in
transactions
meeting the requirements of Rule 144A or (ii) upon the terms and conditions set forth in
Annex I to this Agreement;
	 
	 	(b)	 	It is an “accredited investor” within the meaning of Rule 501 under the Act; and
	 
	 	(c)	 	It will not offer or sell the Securities by any form of general solicitation or
general advertising,
including but not limited to the methods described in Rule 502(c) under the Act.

	4. (a)		The Securities to be purchased by each Purchaser hereunder will be represented by one
or more definitive global Securities in book-entry form which will be deposited by or on
behalf
of the Issuer with The Depository Trust Company (“DTC”) or its designated custodian. The
Issuer and the Guarantors will deliver the Securities and the Guarantees to Goldman, Sachs
& Co., for the account of each Purchaser, against payment by or on behalf of such Purchaser
of the purchase price therefor by wire transfer in Federal (same day) funds, by causing DTC
to credit the Securities to the account of Goldman, Sachs & Co. at DTC. The Issuer will
cause
the certificates representing the Securities to be made available to Goldman, Sachs & Co.
for
checking at least twenty-four hours prior to the Time of Delivery (as defined below) at the
office of Cravath, Swaine & Moore LLP, 825 Eighth Avenue, New York, New York 10019-7475
(the “Closing Location”). The time and date of such delivery and payment shall be 9:30 a.m.,
New York City time, on December 23, 2009 or such other time and date as Goldman, Sachs &
Co. and the Company or Issuer may agree upon in writing. Such time and date are herein
called the “Time of Delivery”.

	 	(b)	 	The documents to be delivered at the Time of Delivery by or on behalf of the parties
hereto pursuant to Section 8 hereof, including the cross-receipt for the Securities and
any additional documents requested by the Purchasers pursuant to Section 8(h) hereof,
will be delivered at such time and date at the Closing Location, and the Securities and
the Guarantees will be delivered at DTC or its designated custodian, all at the Time of
Delivery. A meeting will be held at the Closing Location at 5:00 p.m., New York City
time, on the New York Business Day next preceding the Time of Delivery, at which meeting
the final drafts of the documents to be delivered pursuant to the preceding sentence will
be available for review by the parties hereto. For the purposes of this Section 4, “New
York Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which
is not a day on which banking institutions in New York are generally authorized or
obligated by law or executive order to close.

	5.	 	Each of the Issuer and the Guarantors, jointly and severally, agrees with each of the
Purchasers:

	 	(a)	 	To prepare the Offering Circular in a form approved by you; to make no amendment or
any supplement to the Offering Circular which shall be disapproved by you promptly after
reasonable notice thereof; and to furnish you with copies thereof;

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	 	(b)	 	Promptly from time to time to take such action as you may reasonably request to qualify the
Securities for offering and sale under the securities laws of such jurisdictions as you may
request and to comply with such laws so as to permit the continuance of sales and dealings
therein in such jurisdictions for as long as may be necessary to complete the distribution of
the Securities, provided that in connection therewith neither the Issuer nor the Guarantors
shall be required to qualify as a foreign corporation or to file a general consent to service
of
process in any jurisdiction;
	 
	 	(c)	 	To furnish the Purchasers with written and electronic copies thereof in such quantities as
you
may from time to time reasonably request, and if, at any time prior to the expiration of nine
months after the date of the Offering Circular, any event shall have occurred as a result of
which the Offering Circular as then amended or supplemented would include an untrue
statement of a material fact or omit to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made when such
Offering Circular is delivered, not misleading, or, if for any other reason it shall be
necessary
or desirable during such same period to amend or supplement the Offering Circular, to notify
you and upon your request to prepare and furnish without charge to each Purchaser and to
any dealer in securities as many written and electronic copies as you may from time to time
reasonably request of an amended Offering Circular or a supplement to the Offering Circular
which will correct such statement or omission or effect such compliance;
	 
	 	(d)	 	During the period beginning from the date hereof and continuing until the date 90 days after
the Time of Delivery, not to offer, sell, contract to sell or otherwise dispose of, except as
provided hereunder any securities of the Issuer or the Company that are substantially similar
to the Securities or the Guarantees without the prior written consent of Goldman, Sachs &
Co.;
	 
	 	(e)	 	Not to be or become, at any time prior to the expiration of two years after the Time of
Delivery, an open-end investment company, unit investment trust, closed-end investment
company or face-amount certificate company that is or is required to be registered under
Section 8 of the Investment Company Act;
	 
	 	(f)	 	At any time when the Company is not subject to Section 13 or 15(d) of the Exchange Act, for
the benefit of holders from time to time of Securities, to furnish at its expense, upon
request,
to holders of Securities and prospective purchasers of securities information (the “Additional
Issuer Information”) satisfying the requirements of subsection (d)(4)(i) of Rule 144A under the
Act;
	 
	 	(g)	 	Except for such documents that are publicly available on EDGAR, to furnish to the holders of
the Securities as soon as practicable after the end of each fiscal year an annual report
(including a balance sheet and statements of income, stockholders’ equity and cash flows of
the Company and its consolidated subsidiaries certified by independent public accountants)
and, as soon as practicable after the end of each of the first three quarters of each fiscal
year
(beginning with the fiscal quarter ending after the date of the Offering Circular), to make
available to the holders of the Securities consolidated summary financial information of the
Company and its subsidiaries for such quarter in reasonable detail;

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	 	(h)	 	During the period of one year after the Time of Delivery, the Issuer and the
Guarantors will not, and will not permit any of their respective “affiliates” (as defined
in Rule 144 under the Act) to, resell any of the Securities which constitute “restricted
securities” under Rule 144 that have been reacquired by any of them; and
	 
	 	(i)	 	To use the net proceeds received by them from the sale of the Securities pursuant to
this Agreement in the manner specified in the Pricing Circular under the caption “Use of
Proceeds”.

	6.	 	

(i) Each of the Issuer and the Guarantors, jointly and severally, represents and agrees
that, without the prior consent of Goldman, Sachs & Co., it has not made and will not make
any offer relating to the Securities that, if the offering of the Securities contemplated
by this Agreement were conducted as a public offering pursuant to a registration statement
filed under the Act with the Commission, would constitute an “issuer free writing
prospectus,” as defined in Rule 433 under the Act (any such offer is hereinafter referred
to as a “Company Supplemental Disclosure Document”);

(ii) Each Purchaser represents and agrees that, without the prior written consent of the
Company and Goldman, Sachs & Co., such consent not to be unreasonably withheld, other than
one or more term sheets relating to the Securities containing customary information and
conveyed to purchasers of securities, it has not made and will not make any offer relating
to the Securities that, if the offering of the Securities contemplated by this Agreement
were conducted as a public offering pursuant to a registration statement filed under the
Act with the Commission, would constitute a “free writing prospectus,” as defined in Rule
405 under the Act (any such offer (other than any such term sheets), is hereinafter
referred to as a “Purchaser Supplemental Disclosure Document”); and

(iii) Any Company Supplemental Disclosure Document or Purchaser Supplemental Disclosure
Document the use of which has been consented to by the Company and Goldman, Sachs & Co. is
listed on Schedule III hereto.

	7.	 	Each of the Issuer and the Guarantors, jointly and severally, covenant and agree with the
several Purchasers that the Issuer and the Guarantors will pay or cause to be paid the
following: (i) the fees, disbursements and expenses of the Issuer’s and the Guarantors’
counsel and accountants in connection with the issue of the Securities and all other expenses
in connection with the preparation, printing, reproduction and filing of the Preliminary
Offering Circular and the Offering Circular and any amendments and supplements thereto and the
mailing and delivering of copies thereof to the Purchasers and dealers; (ii) the cost of
printing or producing any Agreement among the Purchasers, this Agreement, the Indentures, the
Registration Rights Agreements, the Blue Sky Memorandum, closing documents (including any
compilations thereof) and any other documents in connection with the offering, purchase, sale
and delivery of the Securities; (iii) all expenses in connection with the qualification of the
Securities for offering and sale under state securities laws as provided in Section 5(b)
hereof, including the fees and disbursements of counsel for the Purchasers in connection with
such qualification and in connection with the Blue Sky and legal investment surveys; (iv) any
fees charged by securities rating services for rating the Securities; (v) the cost of
preparing the Securities; (vi) the fees and expenses of the Trustee

10

 

	 	 	and any agent of the Trustee and the fees and disbursements of counsel for the Trustee in
connection with the Indentures, the Securities and the Guarantees; (vii) all costs and expenses
of the Issuer, the Guarantors and the Initial Purchasers related to any roadshows or investor
presentations, including, without limitation, the costs of printing or producing any investor
presentation materials; (viii) all other costs and expenses incident to the performance of its
obligations hereunder which are not otherwise specifically provided for in this Section. It is
understood, however, that, except as provided in this Section, and Sections 9 and 12 hereof,
the Purchasers will pay all of their own costs and expenses, including the fees of their
counsel, transfer taxes on resale of any of the Securities by them, and any advertising
expenses connected with any offers they may make.
	 
	8.	 	The obligations of the Purchasers hereunder shall be subject, in their discretion, to the
condition that all representations and warranties and other statements of the Issuer and the
Guarantors herein are, at and as of the Time of Delivery, true and correct, the condition
that the Issuer and the Guarantors shall have performed all of its obligations hereunder
theretofore to be performed, and the following additional conditions:

	 	(a)	 	You shall have received from Cravath, Swaine & Moore LLP, counsel for the Purchasers,
such opinion or opinions, dated the Time of Delivery, with respect to such matters as the
Purchasers may require, and the Company shall have furnished to such counsel such
documents as they request for the purpose of enabling them to pass upon such matters.
	 
	 	(b)	 	(i) Ropes & Gray LLP, counsel for the Company, shall have furnished to you their
written
opinion and negative assurance letter, (ii) Akin Gump Strauss Hauer & Feld LLP, counsel for
Clear Channel Communications, Inc., shall have furnished to you their written opinion (iii)
Lionel Sawyer & Collins, counsel for the Issuer and certain Guarantors, shall have
furnished
to you their written opinion and (iv) Dechert LLP, counsel for certain Guarantors, shall
have
furnished to you their written opinion, in the case of each of clauses (i)-(iv), in form
and
substance satisfactory to you, dated the Time of Delivery and to the effect set forth in
Annex II hereto.
	 
	 	(c)	 	On the date of the Offering Circular prior to the execution of this Agreement and
also at the
Time of Delivery, Ernst & Young LLP shall have furnished to you a letter or letters, dated
the
respective dates of delivery thereof, in form and substance previously agreed to by you;
	 
	 	(d)	 	(i) Neither the Company nor any of its subsidiaries shall have sustained since the
date of the
latest audited financial statements included in the Pricing Circular any loss or
interference
with its business from fire, explosion, flood or other calamity, whether or not covered by
insurance, or from any labor dispute or court or governmental action, order or decree,
otherwise than as set forth or contemplated in the Pricing Circular, and

(ii) Since the respective dates as of which information is given in the Pricing Circular
there shall not have been any change in the capital stock or long-term debt of the Company
or any of its subsidiaries or any change, or any development involving a prospective
change, in or affecting the general affairs, management, financial position, stockholders’
equity or results of operations of the Company and its subsidiaries, otherwise than as set
forth or contemplated in the Pricing Circular,

11

 

	 	 	 	the effect of which, in any such case described in clause (i) or (ii), is in your judgment
so material and adverse as to make it impracticable or inadvisable to proceed with the
offering or the delivery of the Securities on the terms and in the manner contemplated in
this Agreement and in the Offering Circular;
	 
	 	(e)	 	On or after the Applicable Time (i) no downgrading shall have occurred in the rating
accorded
the Company’s debt securities by any “nationally recognized statistical rating
organization”, as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Act, and
(ii) no such organization shall have publicly announced that it has under surveillance or
review, with possible negative implications, its rating of any of the Company’s debt
securities;
	 
	 	(f)	 	On or after the Applicable Time there shall not have occurred any of the following:
(i) a
suspension or material limitation in trading in securities generally on the New York Stock
Exchange; (ii) a suspension or material limitation in trading in the Company’s securities
on
the New York Stock Exchange; (iii) a general moratorium on commercial banking activities
declared by either Federal or New York State authorities or a material disruption in
commercial banking or securities settlement or clearance services in the United States;
(iv) the outbreak or escalation of hostilities involving the United States or the
declaration by
the United States of a national emergency or war or (v) the occurrence of any other
calamity
or crisis or any change in financial, political or economic conditions in the United States
or
elsewhere, if the effect of any such event specified in clause (iv) or (v) in your judgment
makes it impracticable or inadvisable to proceed with the offering or the delivery of the
Securities on the terms and in the manner contemplated in the Offering Circular;
	 
	 	(g)	 	The Purchasers shall have received a counterpart of each Registration Rights
Agreement
that shall have been executed and delivered by a duly authorized officer of the Issuer and
each Guarantor; and
	 
	 	(h)	 	The Issuer and the Guarantors shall have furnished or caused to be furnished to you
at the Time of Delivery certificates of officers of the Issuer and the Guarantors
reasonably satisfactory to you as to the accuracy of the representations and warranties
of the Issuer and the Guarantors herein at and as of such Time of Delivery, as to the
performance by the Issuer and the Company of all of its obligations hereunder to be
performed at or prior to such Time of Delivery, as to the matters set forth in subsection
(d) of this Section and as to such other matters as you may reasonably request.
	 
	 	(i)	 	The Issuer shall have furnished or caused to be furnished to you certificates of
foreign qualifications of the Issuer and each of the Guarantors with respect to each of
the jurisdictions in which such entities are qualified to do business as set forth on
Schedule V.

	9.	 	(a) The Issuer and the Guarantors will indemnify and hold harmless each Purchaser against any
losses, claims, damages or liabilities, joint or several, to which such Purchaser may become
subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon an untrue statement or alleged
untrue statement of a material fact contained in any Preliminary Offering Circular, the
Pricing Circular, the Offering Circular, or any amendment or supplement thereto, any Company
Supplemental Disclosure Document, or arise out of or are based upon the omission or alleged
omission to state therein a material fact necessary to make the statements therein not
misleading, and will

12

 

	 	 	reimburse each Purchaser for any legal or other expenses reasonably incurred by such Purchaser in
connection with investigating or defending any such action or claim as such expenses are incurred;
provided, however, that neither the Issuer nor any Guarantor shall be liable in any such case to
the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in any Preliminary
Offering Circular, the Pricing Circular, the Offering Circular or any such amendment or
supplement, or any Company Supplemental Disclosure Document, in reliance upon and in conformity
with written information furnished to the Company by any Purchaser through Goldman, Sachs & Co.
expressly for use therein.

	 	(b)	 	Each Purchaser will indemnify and hold harmless the Issuer and each Guarantor against any
losses, claims, damages or liabilities to which the Issuer may become subject, under the Act
or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a
material fact contained in any Preliminary Offering Circular, the Pricing Circular, the
Offering
Circular, or any amendment or supplement thereto, or any Company Supplemental
Disclosure Document, or arise out of or are based upon the omission or alleged omission to
state therein a material fact or necessary to make the statements therein not misleading, in
each case to the extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in any Preliminary Offering Circular, the
Pricing Circular, the Offering Circular or any such amendment or supplement, or any
Company Supplemental Disclosure Document in reliance upon and in conformity with written
information furnished to the Issuer by such Purchaser through Goldman, Sachs & Co.
expressly for use therein; and will reimburse the Issuer and the Guarantors for any legal or
other expenses reasonably incurred by the Issuer and the Guarantors in connection with
investigating or defending any such action or claim as such expenses are incurred.
	 
	 	(c)	 	Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of
the commencement of any action, such indemnified party shall, if a claim in respect thereof is
to be made against the indemnifying party under such subsection, notify the indemnifying
party in writing of the commencement thereof; but the omission so to notify the indemnifying
party shall not relieve it from any liability which it may have to any indemnified party
otherwise than under such subsection. In case any such action shall be brought against any
indemnified party and it shall notify the indemnifying party of the commencement thereof, the
indemnifying party shall be entitled to participate therein and, to the extent that it shall
wish,
jointly with any other indemnifying party similarly notified, to assume the defense thereof,
with
counsel satisfactory to such indemnified party (who shall not, except with the consent of the
indemnified party, be counsel to the indemnifying party), and, after notice from the
indemnifying party to such indemnified party of its election so to assume the defense thereof,
the indemnifying party shall not be liable to such indemnified party under such subsection for
any legal expenses of other counsel or any other expenses, in each case subsequently
incurred by such indemnified party, in connection with the defense thereof other than
reasonable costs of investigation. No indemnifying party shall, without the written consent of
the indemnified party, effect the settlement or compromise of, or consent to the entry of any
judgment with respect to, any pending or threatened action or claim in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified
party is an actual or potential party to such action or claim) unless such settlement,
compromise or judgment (i) includes an unconditional release of the indemnified party from

13

 

	 	 	 	all liability arising out of such action or claim and (ii) does not include a statement as to,
or an admission of, fault, culpability or a failure to act, by or on behalf of any indemnified
party.
	 
	 	(d)	 	If the indemnification provided for in this Section 9 is unavailable to or insufficient to
hold
harmless an indemnified party under subsection (a) or (b) above in respect of any losses,
claims, damages or liabilities (or actions in respect thereof) referred to therein, then each
indemnifying party shall contribute to the amount paid or payable by such indemnified party
as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in
such proportion as is appropriate to reflect the relative benefits received by the Issuer and
the Guarantors on the one hand and the Purchasers on the other from the offering of the
Securities. If, however, the allocation provided by the immediately preceding sentence is not
permitted by applicable law or if the indemnified party failed to give the notice required
under
subsection (c) above, then each indemnifying party shall contribute to such amount paid or
payable by such indemnified party in such proportion as is appropriate to reflect not only
such relative benefits, but also the relative fault of the Issuer and the Guarantors on the one
hand and the Purchasers on the other in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as
well
as any other relevant equitable considerations. The relative benefits received by the Issuer
and the Guarantors on the one hand and the Purchasers on the other shall be deemed to be
in the same proportion as the total net proceeds from the offering (before deducting
expenses) received by the Issuer and the Guarantors bear to the total underwriting discounts
and commissions received by the Purchasers, in each case as set forth in the Offering
Circular. The relative fault 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 Issuer and the Guarantors on
the one hand or the Purchasers on the other and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The
Issuer, the Guarantors and the Purchasers agree that it would not be just and equitable if
contribution pursuant to this subsection (d) were determined by pro rata allocation (even if
the Purchasers were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred to above in
this subsection (d). The amount paid or payable by an indemnified party as a result of the
losses, claims, damages or liabilities (or actions in respect thereof) referred to above in
this
subsection (d) shall be deemed to include any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this subsection (d), no Purchaser shall be required
to contribute any amount in excess of the amount by which the total price at which the
Securities underwritten by it and distributed to investors were offered to investors exceeds
the amount of any damages which such Purchaser has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission. The
Purchasers’ obligations in this subsection (d) to contribute are several in proportion to their
respective underwriting obligations and not joint.
	 
	 	(e)	 	The obligations of the Issuer and the Guarantors under this Section 9 shall be in addition to
any liability which the Issuer or the Guarantors may otherwise have and shall extend, upon
the same terms and conditions, to any affiliate of each Purchaser and each person, if any,
who controls any Purchaser within the meaning of the Act; and the obligations of the
Purchasers under this Section 9 shall be in addition to any liability which the respective

14

 

	 	 	 	Purchasers may otherwise have and shall extend, upon the same terms and conditions, to
each officer and director of the Issuer or any Guarantor and to each person, if any, who
controls the Issuer or any Guarantor within the meaning of the Act.

	10.	 	(a) If any Purchaser shall default in its obligation to purchase the Securities which it has
agreed
to purchase hereunder, you may in your discretion arrange for you or another party or other
parties to purchase such Securities on the terms contained herein. If within thirty-six hours
after
such default by any Purchaser you do not arrange for the purchase of such Securities, then the
Issuer shall be entitled to a further period of thirty-six hours within which to procure
another party
or other parties satisfactory to you to purchase such Securities on such terms. In the event
that,
within the respective prescribed periods, you notify the Issuer that you have so arranged for
the
purchase of such Securities, or the Issuer notifies you that it has so arranged for the
purchase of
such Securities, you or the Issuer shall have the right to postpone the Time of Delivery for a
period of not more than seven days, in order to effect whatever changes may thereby be made
necessary in the Offering Circular, or in any other documents or arrangements, and the Issuer
agrees to prepare promptly any amendments to the Offering Circular which in your opinion may
thereby be made necessary. The term “Purchaser” as used in this Agreement shall include any
person substituted under this Section with like effect as if such person had originally been a
party
to this Agreement with respect to such Securities.

	 	(b)	 	If, after giving effect to any arrangements for the purchase of the Securities of a
defaulting
Purchaser or Purchasers by you and the Issuer as provided in subsection (a) above, the
aggregate principal amount of such Securities which remains unpurchased does not exceed
one-eleventh of the aggregate principal amount of all the Securities, then the Issuer shall
have the right to require each non-defaulting Purchaser to purchase the principal amount of
Securities which such Purchaser agreed to purchase hereunder and, in addition, to require
each non-defaulting Purchaser to purchase its pro rata share (based on the principal amount
of Securities which such Purchaser agreed to purchase hereunder) of the Securities of such
defaulting Purchaser or Purchasers for which such arrangements have not been made; but
nothing herein shall relieve a defaulting Purchaser from liability for its default.
	 
	 	(c)	 	If, after giving effect to any arrangements for the purchase of the Securities of a
defaulting
Purchaser or Purchasers by you and the Issuer as provided in subsection (a) above, the
aggregate principal amount of Securities which remains unpurchased exceeds one-eleventh
of the aggregate principal amount of all the Securities, or if the Issuer shall not
exercise the
right described in subsection (b) above to require non-defaulting Purchasers to purchase
Securities of a defaulting Purchaser or Purchasers, then this Agreement shall thereupon
terminate, without liability on the part of any non-defaulting Purchaser, the Issuer or any
Guarantor, except for the expenses to be borne by the Issuer, the Guarantors and the
Purchasers as provided in Section 7 hereof and the indemnity and contribution agreements
in Section 9 hereof; but nothing herein shall relieve a defaulting Purchaser from liability
for its
default.

	11.	 	The respective indemnities, agreements, representations, warranties and other statements of
the
Issuer, the Guarantors and the several Purchasers, as set forth in this Agreement or made by or
on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and
effect,
regardless of any investigation (or any statement as to the results thereof) made by or on
behalf
of any Purchaser or any controlling person of any Purchaser, or the Issuer or the Company, or

15

 

	 	 	any officer or director or controlling person of the Issuer or the Company, and shall survive
delivery of and payment for the Securities.
	 
	12.	 	If this Agreement shall be terminated pursuant to Section 10 hereof, neither the Company nor
any
Guarantor shall then be under any liability to any Purchaser except as provided in Sections 7
and
9 hereof; but, if for any other reason, the Securities are not delivered by or on behalf of the
Issuer
as provided herein, the Issuer and the Guarantors, jointly and severally, will reimburse the
Purchasers through you for all expenses, including fees and disbursements of counsel,
reasonably incurred by the Purchasers in making preparations for the purchase, sale and
delivery
of the Securities, but neither the Issuer nor any Guarantor shall then be under any further
liability
to any Purchaser except as provided in Sections 7 and 9 hereof; provided, however, if the
Securities are not delivered by or on behalf of the Issuer because of a failure of a condition
set
forth in clause (i), (iii), (iv) or (v) of Section 8(f), neither the Issuer nor any Guarantor
shall be
required to reimburse any Purchaser for any expenses, including fees and disbursements of
counsel.
	 
	13.	 	In all dealings hereunder, you shall act on behalf of each of the Purchasers, and the parties
hereto shall be entitled to act and rely upon any statement, request, notice or agreement on
behalf of any Purchaser made or given by you.
	 
	14.	 	All statements, requests, notices and agreements hereunder shall be in writing, and if to the
Purchasers shall be delivered or sent by mail, telex or facsimile transmission to you as the
representative at 85 Broad Street, 20th Floor, New York, New York 10004, Attention:
Registration
Department; and if to the Issuer or any Guarantor shall be delivered or sent by mail, telex or
facsimile transmission to the address of the Company set forth in the Offering Circular,
Attention:
Secretary; provided, however, that any notice to a Purchaser pursuant to Section 9(c) hereof
shall be delivered or sent by mail, telex or facsimile transmission to such Purchaser at its
address
set forth in its Purchasers’ Questionnaire, or telex constituting such Questionnaire, which
address
will be supplied to the Company or the Issuer by you upon request. Any such statements,
requests, notices or agreements shall take effect upon receipt thereof.
	 
	15.	 	In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into
law October 26, 2001)), the Purchasers are required to obtain, verify and record information
that
identifies their respective clients, including the Company, which information may include the
name and address of their respective clients, as well as other information that will allow the
initial
purchasers to properly identify their respective clients.
	 
	16.	 	This Agreement shall be binding upon, and inure solely to the benefit of, the Purchasers, the
Issuer, the Guarantors and, to the extent provided in Sections 9 and 11 hereof, the officers
and
directors of the Issuer and the Guarantors and each person who controls the Issuer or the
Company or any Purchaser, and their respective heirs, executors, administrators, successors and
assigns, and no other person shall acquire or have any right under or by virtue of this
Agreement.
No purchaser of any of the Securities from any Purchaser shall be deemed a successor or assign
by reason merely of such purchase.
	 
	17.	 	Time shall be of the essence of this Agreement.

16

 

	18.	 	The Issuer and the Guarantors acknowledge and agree that (i) the purchase and sale of the
Securities pursuant to this Agreement is an arm’s-length commercial transaction between the
Issuer and the Guarantors, on the one hand, and the several Purchasers, on the other, (ii) in
connection therewith and with the process leading to such transaction each Purchaser is acting
solely as a principal and not the agent or fiduciary of the Issuer or the Guarantors, (iii) no
Purchaser has assumed an advisory or fiduciary responsibility in favor of the Issuer or the
Guarantors with respect to the offering contemplated hereby or the process leading thereto
(irrespective of whether such Purchaser has advised or is currently advising the Issuer or the
Guarantors on other matters) or any other obligation to the Issuer and the Guarantors except
the obligations expressly set forth in this Agreement and (iv) the Issuer and the Guarantors have
consulted their own legal and financial advisors to the extent they deemed appropriate. The
Issuer and the Guarantors agree that they will not claim that a Purchaser, or any of them, has
rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the
Issuer or the Guarantors, in connection with such transaction or the process leading thereto.
	 
	19.	 	This Agreement supersedes all prior agreements and understandings (whether written or oral)
between the Issuer, the Guarantors and the Purchasers, or any of them, with respect to the
subject matter hereof; provided, however, that this Agreement does not supersede any
engagement letter entered into by any Purchaser and the Company or any of its affiliates in
connection with the offering of the Securities and the transactions relating thereto, all of
which
shall remain in full force and effect.
	 
	20.	 	This Agreement shall be governed by and construed in accordance with the laws of the State of
New York.
	 
	21.	 	The Issuer, the Guarantors and each of the Purchasers hereby irrevocably waives, to the
fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising
out of or relating to this Agreement or the transactions contemplated hereby.
	 
	22.	 	This Agreement may be executed by any one or more of the parties hereto in any number of
counterparts, each of which shall be deemed to be an original, but all such respective
counterparts shall together constitute one and the same instrument.
	 
	23.	 	Notwithstanding anything herein to the contrary, the Issuer and the Guarantors (and the
Issuer’s
and the Guarantors’ employees, representatives, and other agents) are authorized to disclose to
any and all persons, the tax treatment and tax structure of the potential transaction and all
materials of any kind (including tax opinions and other tax analyses) provided to the Issuer or
the
Guarantors relating to that treatment and structure, without the Purchasers’ imposing any
limitation of any kind. However, any information relating to the tax treatment and tax
structure
shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary
to
enable any person to comply with securities laws. For this purpose, “tax treatment” means US
federal and state income tax treatment, and “tax structure” is limited to any facts that may be
relevant to that treatment.

If the foregoing is in accordance with your understanding, please sign and return to us one for
the Issuer and the Representative plus one for each counsel counterparts hereof, and upon the
acceptance hereof by you, on behalf of each of the Purchasers, this letter and such acceptance
hereof shall constitute a binding agreement between each of the Purchasers, the Issuer and the

17

 

Guarantors. It is understood that your acceptance of this letter on behalf of each of the
Purchasers is pursuant to the authority set forth in a form of Agreement among Purchasers, the form
of which shall be submitted to the Company for examination upon request, but without warranty on
your part as to the authority of the signers thereof.

[Remainder of page intentionally left blank]

18

 

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	Clear Channel Worldwide Holdings, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Randall T. Mays
 

Name: Randall T. Mays
	 	 
	 

	 	 	 	Title: Executive Vice President, Chief	 	 
	 

	 	 	 	          Financial Officer, Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	Clear Channel Outdoor Holdings, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Randall T. Mays
 

Name: Randall T. Mays
	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	Clear Channel Outdoor, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Randall T. Mays
 

Name: Randall T. Mays
	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	Clear Channel Adshel, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Randall T. Mays
 

Name: Randall T.
 Mays
	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	1567 Media LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Randall T. Mays
 

Name: Randall T. Mays
	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 

[Purchase Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	Clear Channel Spectacolor, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Randall  T. Mays
 

Name: Randall T. Mays
	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	Clear Channel Taxi Media, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Randall  T. Mays
 

Name: Randall T. Mays
	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	Clear Channel Outdoor Holdings Company Canada	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Randall  T. Mays
 

Name: Randall T. Mays
	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	Outdoor Management Services, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Randall  T. Mays
 

Name: Randall T. Mays
	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	In-ter-space Services, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Randall  T. Mays
 

Name: Randall T. Mays
	 	 
	 

	 	 	 	Title: Chief Financial Officer	 	 

[Purchase Agreement]

 

 

	 	 	 	 	 
	Accepted as of the date hereof:	 	 
	Goldman, Sachs & Co.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Goldman, Sachs & Co.
 

(Goldman, Sachs & Co.)
	 	 
	 
	 	 	 	 
	as Representative of the several Purchasers	 	 

[Purchase Agreement]

 

 

Schedule I

	 	 	 	 	 	 	 	 	 
	 	 	Principal	 	 	Principal	 
	 	 	Amount of	 	 	Amount of	 
	 	 	Series A Notes	 	 	Series B Notes	 
	 	 	to be	 	 	to be	 
	Purchaser	 	Purchased	 	 	Purchased	 
	Goldman,
Sachs & Co.
	 	$	200,000,000	 	 	$	800,000,000	 
	Citigroup
Global Markets Inc.
	 	 	100,000,000	 	 	 	400,000,000	 
	Morgan Stanley & Co. Incorporated
	 	 	70,000,000	 	 	 	280,000,000	 
	Credit Suisse Securities (USA) LLC
	 	 	35,000,000	 	 	 	140,000,000	 
	Deutsche
Bank Securities Inc.
	 	 	35,000,000	 	 	 	140,000,000	 
	Moelis & Company LLC
	 	 	35,000,000	 	 	 	140,000,000	 
	Banc of America Securities LLC
	 	 	12,500,000	 	 	 	50,000,000	 
	Barclays
Capital Inc.
	 	 	12,500,000	 	 	 	50,000,000	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Total
	 	$	500,000,000	 	 	$	2,000,000,000	 
	 
	 	 	 	 	 	 

 

 

SCHEDULE II

GUARANTORS

1567 Media LLC

Clear Channel Adshel, Inc.

Clear Channel Outdoor Holdings Company Canada

Clear Channel Outdoor Holdings, Inc.

Clear Channel Outdoor, Inc.

Clear Channel Spectacolor, LLC

Clear Channel Taxi Media, LLC

In-ter-space Services, Inc.

Outdoor Management Services, Inc.

 

 

SCHEDULE III

Approved Supplemental Disclosure Documents:

Company Supplemental Disclosure Documents:

1. Series A Senior Notes Pricing Supplement, dated as of December 18, 2009, attached as Schedule
IV hereto.

2. Series B Senior Notes Pricing Supplement, dated as of December 18, 2009, attached as Schedule
IV hereto.

Purchaser Supplemental Disclosure Documents:

None.

 

 

SCHEDULE IV

[Attached behind this page]

 

 

PRICING SUPPLEMENT OF CLEAR CHANNEL WORLDWIDE HOLDINGS, INC.

This Pricing Supplement is qualified in its entirety by reference to Clear Channel
Worldwide Holdings, Inc.’s Confidential Preliminary Offering Circular dated December
11, 2009, as modified by the Confidential Preliminary Offering Circular dated December
18, 2009 (as so modified, the “Preliminary Offering Circular”). The information in this
Pricing Supplement supplements the Preliminary Offering Circular and supersedes the
information in the Preliminary Offering Circular to the extent inconsistent with the
information in the Preliminary Offering Circular.

Series A Senior Notes

	 	 	 
	Issuer:
	 	Clear Channel Worldwide Holdings, Inc.
	Security Description:
	 	Senior Notes
	Distribution:
	 	144A/Reg S with Registration Rights
	Maturity:
	 	December 15, 2017
	Face Amount:
	 	$500,000,000
	Gross Proceeds:
	 	$500,000,000
	Coupon:
	 	9.250%
	Price to Public:
	 	100.000%
	Yield to Maturity:
	 	9.250%
	Settlement Date:
	 	December 23, 2009 (T+3)
	Interest Payment Dates:
	 	June 15 and December 15, beginning June 15, 2010
	Optional Redemption:
	 	Callable, on or after the following dates, and at the following prices:

	 	 	 	 	 
	 	 	Date	 	Price
	 
	 	December 15, 2012	 	106.93750%
	 
	 	December 15, 2013	 	104.6250%
	 
	 	December 15, 2014	 	102.31250%
	 
	 	December 15, 2015 and thereafter	 	100.000%

	 	 	 
	Equity Clawback:
	 	Prior to December 15, 2012 may redeem up to 35.00% at 109.250%
	Spread to Treasury:
	 	602
	Reference Treasury:
	 	4.25% UST due November 15, 2017
	Joint Book-Running Managers:
	 	Goldman, Sachs & Co.
	 
	 	Citigroup Global Markets Inc.
	 
	 	Morgan Stanley & Co. Incorporated
	 
	 	Credit Suisse Securities (USA) LLC
	 
	 	Deutsche Bank Securities Inc.
	Co-Managers:
	 	Banc of America Securities LLC
	 
	 	Barclays Capital Inc.
	 
	 	Moelis & Company Inc.

	 	 	 	 	 
	CUSIP/ISIN:	 	144A	 	Reg S
	 
	 	CUSIP: 18451Q AA6	 	CUSIP: U18294 AA3
	 
	 	ISIN: US18451QAA67	 	ISIN: USU18294AA32

 

This communication is for informational purposes only and does not constitute an
offer to sell, or a solicitation of an offer to buy any security. No offer to buy
securities described herein can be accepted, and no part of the purchase price thereof can
be received, unless the person making such investment decision has received and reviewed
the information contained in the relevant prospectus or offering circular in making their
investment decisions. This communication is not intended to be a confirmation as required
under Rule 10b-10 of the Securities Exchange Act of 1934. A formal confirmation will be
delivered to you separately. This notice shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of the notes in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful. The Series A
Senior Notes and the Series B Senior Notes will be offered and sold to qualified
institutional buyers in the United States in reliance on Rule 144A under the Securities Act
of 1933, as amended (the “Act”), and to persons in offshore transactions in reliance on
Regulation S under the Act. The notes have not been registered under the Act or any state
securities laws, and may not be offered or sold in the United States or to U.S. persons
absent registration or an applicable exemption from the registration requirements.

 1 of 2

 

PRICING SUPPLEMENT OF CLEAR CHANNEL WORLDWIDE HOLDINGS, INC.

This Pricing Supplement is qualified in its entirety by reference to Clear Channel
Worldwide Holdings, Inc.’s Confidential Preliminary Offering Circular dated December
11, 2009, as modified by the Confidential Preliminary Offering Circular dated December
18, 2009 (as so modified, the “Preliminary Offering Circular”). The information in this
Pricing Supplement supplements the Preliminary Offering Circular and supersedes the
information in the Preliminary Offering Circular to the extent inconsistent with the
information in the Preliminary Offering Circular.

Series B Senior Notes

	 	 	 
	Issuer:
	 	Clear Channel Worldwide Holdings, Inc.
	Security Description:
	 	Senior Notes
	Distribution:
	 	144A/Reg S with Registration Rights
	Maturity:
	 	December 15, 2017
	Face Amount:
	 	$2,000,000,000
	Gross Proceeds:
	 	$2,000,000,000
	Coupon:
	 	9.250%
	Price to Public:
	 	100.000%
	Yield to Maturity:
	 	9.250%
	Settlement Date:
	 	December 23, 2009 (T+3)
	Interest Payment Dates:
	 	June 15 and December 15, beginning June 15, 2010
	Optional Redemption:
	 	Callable, on or after the following dates, and at the following prices:

	 	 	 	 	 
	 	 	Date	 	Price
	 
	 	December 15, 2012	 	106.93750%
	 
	 	December 15, 2013	 	104.6250%
	 
	 	December 15, 2014	 	102.31250%
	 
	 	December 15, 2015 and thereafter	 	100.000%

	 	 	 
	Equity Clawback:
	 	Prior to December 15, 2012 may redeem up to 35.00% at 109.250%
	Spread to Treasury:
	 	602
	Reference to Treasury:
	 	4.25% UST due November 15, 2017
	Joint Book-Running Managers:
	 	Goldman, Sachs & Co.
	 
	 	Citigroup Global Markets Inc.
	 
	 	Morgan Stanley & Co. Incorporated
	 
	 	Credit Suisse Securities (USA) LLC
	 
	 	Deutsche Bank Securities Inc.
	Co-Managers:
	 	Banc of America Securities LLC
	 
	 	Barclays Capital Inc.
	 
	 	Moelis & Company Inc.

	 	 	 	 	 
	CUSIP/ISIN:	 	144A	 	Reg S
	 
	 	CUSIP: 18451Q AB4	 	CUSIP: U18294 AB1
	 
	 	ISIN: US18451QAB41	 	ISIN: USU18294AB15

 

This communication is for informational purposes only and does not constitute an offer
to sell, or a solicitation of an offer to buy any security. No offer to buy securities
described herein can be accepted, and no part of the purchase price thereof can be
received, unless the person making such investment decision has received and reviewed the
information contained in the relevant prospectus or offering circular in making their
investment decisions. This communication is not intended to be a confirmation as required
under Rule 10b-10 of the Securities Exchange Act of 1934. A formal confirmation will be
delivered to you separately. This notice shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of the notes in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful. The Series A
Senior Notes and the Series B Senior Notes will be offered and sold to qualified
institutional buyers in the United States in reliance on Rule 144A under the Securities
Act of 1933, as amended (the “Act”), and to persons in offshore transactions in reliance
on Regulation S under the Act. The notes have not been registered under the Act or any
state securities laws, and may not be offered or sold in the United States or to U.S.
persons absent registration or an applicable exemption from the registration requirements.

 2 of 2

 

SCHEDULE V

CERTIFICATES OF FOREIGN QUALIFICATIONS

	 	 	 	 	 
	 

	 	Jurisdiction of
	 	 
	 

	 	Formation/Incorporation
	 	States Qualified
	
ISSUER

	 	 	 	 	 
	Clear Channel
Worldwide Holdings,
Inc.

	 	Nevada
	 	N/A
	 
	 	 	 	 
	
GUARANTORS

	 	 
	 	 
	 
	 	 	 	 
	Clear Channel Outdoor
Holdings, Inc.

	 	Delaware

	 	DC
	 
	 	 	 	 
	Clear Channel
Outdoor, Inc.

	 	Delaware
	 	AZ, DC, NE, MA, NJ, IN, MI, GA, AL,
MN, AK, TN, NC, VA, 

ND, VT, WA, OK, NH, NM, PA,
SC, WI, NY, SD, CA, TX, MT, 

WY, CT, FL, KY, IL, LA, MO, MS, OH, CO, MD, ID, UT, AR,

KS, ME, IA, NV, OR, WV
	 
	 	 	 	 
	Clear Channel Adshel,
Inc.

	 	Delaware
	 	DC
	 
	 	 	 	 
	1567 Media LLC

	 	Delaware
	 	NY

 

 

	 	 	 	 	 
	 
	 	Jurisdiction of	 	 
	 
	 	Formation/Incorporation	  	States Qualified
	 
	 	 	 	 
	Clear Channel
Spectacolor, LLC

	 	Delaware
	 	NJ, NV, NY
	 
	 	 	 	 
	Clear Channel Taxi
Media, LLC

	 	Delaware
	 	AZ, DC, MA, MI, NV, GA, WA, NY, TN,
RI, CA, TX, FL, UT, MO, IL, MD, PA
	 
	 	 	 	 
	Clear Channel Outdoor
Holdings Company
Canada

	 	Delaware
	 	N/A
	 
	 	 	 	 
	Outdoor Management
Service, Inc.

	 	Nevada
	 	N/A
	 
	 	 	 	 
	In-ter-space Services,
Inc.

	 	Pennsylvania
	 	NE, MA, NJ, IN, MI, GA, AL, MN, AK,
TN, NC, VA, OR, ND, VT, WA, OK, NV, NH, WV, NM, SC, WI, NY,

SD, CA, TX, ME, MT, OH, CO, CT, FL, KY, ID, IL, AR, KS, LA, MO, IA, MS, PA, AZ, MD

 

 

ANNEX I

	(1)	 	The Securities have not been registered under the Act and may not be offered or sold
within the
United States or to, or for the account or benefit of, U.S. persons except in accordance with
Regulation S under the Act or pursuant to an exemption from the registration requirements of
the Act. The Purchaser represents that it has offered and sold the Securities, and will offer
and
sell the Securities (i) as part of its distribution at any time and (ii) otherwise until 40
days after
the later of the commencement of the offering and the Time of Delivery, only in accordance
with
Rule 903 of Regulation S or Rule 144A under the Act. Accordingly, the Purchaser agrees that
neither it, its affiliates nor any persons acting on its or their behalf has engaged or will
engage in
any directed selling efforts with respect to the Securities, and it and they have complied and
will
comply with the offering restrictions requirement of Regulation S. The Purchaser agrees that,
at
or prior to confirmation of sale of Securities (other than a sale pursuant to Rule 144A), it
will
have sent to each distributor, dealer or person receiving a selling concession, fee or other
remuneration that purchases Securities from it during the restricted period a confirmation or
notice to substantially the following effect:
	 
	 	 	“The Securities covered hereby have not been registered under the U.S. Securities Act of 1933
(the “Securities Act”) and may not be offered and sold within the United States or to, or for
the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii)
otherwise until 40 days after the later of the commencement of the offering and the closing
date, except in either case in accordance with Regulation S (or Rule 144A if available) under
the Securities Act. Terms used above have the meaning given to them by Regulation S.”
	 
	 	 	Terms used in this paragraph have the meanings given to them by Regulation S.
	 
	 	 	The Purchaser further agrees that it has not entered and will not enter into any contractual
arrangement with respect to the distribution or delivery of the Securities, except with its
affiliates or with the prior written consent of the Issuer.
	 
	(2)	 	Notwithstanding the foregoing, Securities in registered form may be offered, sold and
delivered
by the Purchaser in the United States and to U.S. persons pursuant to Section 3 of this
Agreement without delivery of the written statement required by paragraph (1) above.
	 
	(3)	 	The Purchaser agrees that it will not offer, sell or deliver any of the Securities in any
jurisdiction
outside the United States except under circumstances that will result in compliance with the
applicable laws thereof, and that it will take at its own expense whatever action is required
to
permit its purchase and resale of the Securities in such jurisdictions. The Purchaser
understands that no action has been taken to permit a public offering in any jurisdiction
outside
the United States where action would be required for such purpose.

 

 

ANNEX
II (i)

FORM OF LEGAL OPINION OF ROPES & GRAY LLP

     Each Covered Guarantor listed on Schedule I hereto under the heading “Delaware
Corporations” (a) is a corporation validly existing and in good standing under the laws of the
State of Delaware and (b) has the corporate Power to execute, deliver and perform its obligations
under each of the Transaction Documents to which it is a party and to conduct its business as
described in the Offering Circular.

     Each of the Covered Guarantors listed on Schedule I hereto under the heading “Delaware
Limited Liability Companies” (a) is a limited liability company validly existing and in good
standing under the laws of the State; of Delaware and (b). has the limited liability company power
under its certificate of formation, its limited liability company agreement and the Delaware
Limited Liability Company Act execute, deliver and perform its obligations under each of the
Transaction Documents to which it is a party and to conduct its business as described in the
Offering Circular.

     The Indentures have been duly authorized, executed and delivered by each of the Covered
Guarantors. Each Indenture constitutes a valid and binding obligation of the Issuer and each
Guarantor, enforceable against the Issuer and each Guarantor in accordance with its terms.

     Assuming due execution and authentication by the Trustee in the manner provided for in the
Indentures, the Notes, when delivered against payment of the consideration therefor in accordance
with the Purchase Agreement, constitute the valid and binding obligations of the Issuer,
enforceable against the Issuer in accordance with their terms.

     The Guarantees have been duly authorized by each of the Covered Guarantors, and assuming that
the Notes have been issued, authenticated and delivered against payment of the consideration
therefor in accordance with the terms of the Purchase Agreement, the Guarantees constitute valid
and binding obligations of each of the Guarantors, enforceable against each of the Guarantors in
accordance with their terms.

     The Registration Rights Agreements have been duly authorized, executed and delivered by each
of the Covered Guarantors. Each Registration Rights Agreement constitutes a valid and binding
obligation of the Issuer and each Guarantor, enforceable against the Issuer and each Guarantor in
accordance with its terms.

     The Purchase Agreement has been duly authorized, executed and delivered by each of the Covered
Guarantors.

     The Proceeds Loan Agreements have been duly authorized, executed and delivered by CCOI . Each
Proceeds Loan Agreement constitutes a valid and binding obligation of each of CCOI and the Issuer,
enforceable against each of them in accordance with its terms.

 

 

     Each of the Intercompany Amendments has been duly authorized, executed and delivered by CCOH.

     Neither the Issuer nor any Guarantor is required to be registered as an “investment company”
under the Investment Company Act of 1940, as amended.

     The execution and delivery by each Covered Guarantor of each of the Transaction Documents to
which it is a party and the issuance and sale of the Guarantees by the Covered Guarantors will not
violate or require the repurchase of securities under the charter or by-laws or limited liability
company agreement, as applicable, of any of the Covered Guarantors. The execution and delivery by
CCU, the Issuer and each Guarantor of each of the Transaction Documents to which it is a party and
the issuance and sale of the Notes by the Issuer and of the Guarantees by the Guarantors will not
(a) violate any Covered Laws or (b) result in a breach or violation of, or constitute a default
under any of the agreements, instruments, court orders, judgments or decrees listed on
Scheduler IV hereto. With regard to clause (a) above, we do not express any opinion as to
compliance with state securities or “Blue Sky” laws or as to compliance with the antifraud
provisions on federal or state securities laws.

     No consent, approval, authorization or other order of, or registration or filing with, any
court or other governmental or regulatory authority or agency is required under the Covered Laws
for the execution and delivery by CCU, the Issuer or any of the Guarantors of the Transaction
Documents to which it is a party, or the issuance and delivery of the Notes or the Guarantees,
except (i) such as may have beep obtained or made or as may be required under state securities or
“Blue Sky” laws and (ii) as may be required under federal or state securities or “Blue Sky” laws in
connection with the registration statement to be filed to exchange any and all of each series of
Notes for a like aggregate principal amount of new notes (the “Exchange Notes”) or any
registration statement for an offering to be made on a continuous basis pursuant to Rule 415
covering all of the Notes and declared effective under the Act, as contemplated by the Registration
Rights Agreement.

     Assuming the accuracy of the representations and warranties of the Issuer, the Guarantors and
the Initial Purchasers set forth in the Purchase Agreement, it is not necessary in connection with
the offer, sale and delivery of the Notes in the manner contemplated by the Purchase Agreement and
the Offering Circular to register the offer or sale of the Notes or the Guarantees under the Act or
to qualify the Indenture under the Trust Indenture Act, it being understood that we express no
opinion as to any resale of Notes subsequent to the initial resale thereof by the Initial
Purchasers.

     We are not representing CCOH or any of its Subsidiaries-in any pending litigation in which it
is a named defendant that challenges the validity or enforceability of, or seeks to enjoin the
performance of, the Transaction Documents.

 

 

ANNEX
II (ii)

FORM OF LEGAL OPINION OF TEXAS COUNSEL

     The Company is validly existing as a corporation in good standing under the laws of Texas and
has the power and authority to execute, deliver and perform its obligations under the Intercompany
Amendments and to own its properties and conduct its business as described in the Annual Report on
Form 10-K for CC Media Holdings, Inc. for the fiscal year ended
December 31, 2008.

     The Intercompany Amendments have been duly authorized, executed, and delivered by the Company.

     The Intercompany Amendments to which it is a party, constitutes the valid and binding
obligation of each of the Company, Clear Channel Outdoor, and CCOH, enforceable against each of the
Company, Clear Channel Outdoor, and CCOH in accordance with their terms.

     The execution, delivery, and performance of the Intercompany Amendments to which the Company,
Clear Channel Outdoor or CCOH is a party, by the Company, Clear Channel Outdoor, or CCOH, will not
result (a) in a violation of any law, rule or regulation that is an Included Law (as defined
below), (b) in a violation of any Reviewed Order, or (c) in a violation of the articles of
incorporation or bylaws of the Company.

     No authorization or approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body (each, a “Filing”) is required under any of the Included
Laws for the due execution and delivery of the Intercompany Amendments to which the Company, Clear
Channel Outdoor or CCOH is a party, by the Company, Clear Channel Outdoor, or CCOH, and the
performance by the Company, Clear Channel Outdoor, or CCOH, of its obligations under the
Intercompany Amendments to which it is a party, except for those which have already been obtained
and are in full force and effect, except (i) Filings necessary in order to obtain and maintain
perfection of liens, (ii) routine Filings necessary in connection with the conduct of the business
of the Company, Clear Channel Outdoor or CCOH, as applicable, (iii) Filings necessary in connection
with the exercise of remedies under the Intercompany Amendments, (iv) such other Filings as have
been obtained or made, (v) Filings required under Federal and state securities laws, (vi) Filings
related to environmental matters, ERISA matters, taxes, and intellectual property, and
(vii) Filings required to maintain corporate and similar standing and existence.

 

 

ANNEX
II (iii)

FORM OF LEGAL OPINION OF NEVADA COUNSEL

     Each of the Issuer and the Nevada Guarantor is a corporation, duly incorporated and validly
existing as a corporation in good standing under the laws of the State of Nevada.

     Each of the Issuer and the Nevada Guarantor has the corporate power and authority to own its
properties and conduct its business as currently conducted and to execute, deliver and perform the
Transaction Documents to which it is a party.

     Each of the Issuer and Nevada Guarantor has duly authorized, executed and delivered each
Transaction Document to which it is a party.

     The execution, delivery and performance by each of the Issuer and Nevada Guarantor of the
Transaction Documents to which it is a party and the compliance by each of the Issuer and Nevada
Guarantor with all of the Transaction Documents to which it is a party and the consummation of the
transactions therein contemplated will not conflict with, result in violation of, or constitute a
default under (a) the provisions of the Articles of Incorporation or By-laws of the Issuer or
Nevada Guarantor, (b) any Nevada law or regulation or (c) to our actual knowledge, any judgment,
writ, injunction, decree, order or ruling of any Nevada court or governmental authority binding on
the Issuer or Nevada Guarantor or any agreement to which the Issuer or Nevada Guarantor is a party.

     No consent, approval, waiver, license, or authorization or other action by or filing with any
Nevada governmental authority is required on the part of the Issuer or Nevada Guarantor in
connection with the consummation by the Issuer or Nevada Guarantor of the transactions contemplated
to be performed pursuant to the Transaction Documents or the execution, delivery and performance by
the Issuer or Nevada Guarantor of their respective obligations thereunder.

 

 

ANNEX
II (iv)

FORM OF LEGAL OPINION OF PENNSYLVANIA COUNSEL

     The Pennsylvania Guarantor is a corporation validly existing and in good standing under the
laws of the Commonwealth of Pennsylvania and has all requisite corporate power and corporate
authority to conduct its business as it is, to our knowledge, currently conducted.

     The Pennsylvania Guarantor has all requisite corporate power and corporate authority to
execute and deliver the Transaction Documents and to consummate the transactions contemplated
thereby.

     The execution, delivery and performance by the Pennsylvania Guarantor of the Transaction
Documents has been duly authorized by all necessary corporate action on the part of the
Pennsylvania Guarantor.

     The Transaction Documents have been duly executed and delivered by the Pennsylvania Guarantor.

     The execution and delivery by the Pennsylvania Guarantor of the Transaction Documents and the
consummation of the transactions contemplated thereby, do not (a) violate the provisions of its
Articles of Incorporation and Bylaws or (b) violate the provisions of the state laws of the
Commonwealth of Pennsylvania applicable to it.

     No authorization, approval or consent of, and no filing or registration with, any governmental
or regulatory authority or agency of the Commonwealth of Pennsylvania is required on the part of
the Pennsylvania Guarantor for the execution or delivery by it of the Transaction Documents or for
the consummation by it of the transactions contemplated thereby.exv10w37

Exhibit 10.37

EXECUTION COPY

Clear Channel Worldwide Holdings, Inc.

9.25% Series A Senior Notes Due 2017

unconditionally guaranteed as to the

payment of principal, premium,

if any, and interest by the Guarantors

 

Exchange and Registration Rights Agreement

December 23, 2009

Goldman, Sachs & Co.

     As representative of the several Purchasers

     named in Schedule I to the Purchase Agreement

85 Broad Street

New York, NY 10004

Ladies and Gentlemen:

          Clear Channel Worldwide Holdings, Inc., a Nevada corporation (the “Company”), proposes to
issue and sell to the Purchasers (as defined herein) upon the terms set forth in the Purchase
Agreement (as defined herein) $500,000,000 in aggregate principal amount of its 9.25% Series A
Senior Notes due 2017. As an inducement to the Purchasers to enter into the Purchase Agreement and
in satisfaction of a condition to the obligations of the Purchasers thereunder, the Company and the
Guarantors agree with the Purchasers for the benefit of holders (as defined herein) from time to
time of the Registrable Securities (as defined herein) as follows:

          1. Certain Definitions. For purposes of this Exchange and Registration Rights Agreement (this
“Agreement”), the following terms shall have the following respective meanings:

     “Base Interest” shall mean the interest that would otherwise accrue on the Securities under
the terms thereof and the Indenture, without giving effect to the provisions of this Agreement.

     The term “broker-dealer” shall mean any broker or dealer registered with the Commission
under the Exchange Act.

     “Business Day” shall have the meaning set forth in Rule 13e-4(a)(3) promulgated by the
Commission under the Exchange Act, as the same may be amended or succeeded from time to time.

     “Closing Date"shall mean the date on which the Securities are initially issued.

1

 

     “Commission” shall mean the United States Securities and Exchange Commission, or any other
federal agency at the time administering the Exchange Act or the Securities Act, whichever is the
relevant statute for the particular purpose.

     “Effective Time,” in the case of (i) an Exchange Registration, shall mean the time and date
as of which the Commission declares the Exchange Registration Statement effective or as of which
the Exchange Registration Statement otherwise becomes effective and (ii) a Shelf Registration,
shall mean the time and date as of which the Commission declares the Shelf Registration Statement
effective or as of which the Shelf Registration Statement otherwise becomes effective.

     “Electing Holder” shall mean any holder of Registrable Securities that has returned a
completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(ii)
or Section 3(d)(iii) and the instructions set forth in the Notice and Questionnaire.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from
time to time.

     “Exchange Offer” shall have the meaning assigned thereto in Section 2(a).

     “Exchange Registration” shall have the meaning assigned thereto in Section 3(c).

     “Exchange Registration Statement” shall have the meaning assigned thereto in Section 2(a).

     “Exchange Securities” shall have the meaning assigned thereto in Section 2(a).

     “Guarantor” shall have the meaning assigned thereto in the Indenture.

     The term “holder” shall mean each of the Purchasers and other persons who acquire Securities
from time to time (including any successors or assigns), in each case for so long as such person
owns any Securities.

     “IDEA System” means the IDEA filing system of the Commission and the rules and regulations
pertaining thereto promulgated by the Commission in Regulation S-T under the Securities Act and
the Exchange Act, in each case as the same may be amended or succeeded from time to time (and
without regard to format).

     “Indenture” shall mean the trust indenture related to the Series A Notes, dated as of
December 23, 2009, between the Company, the Guarantors and U.S. Bank National Association, as
trustee, as the same may be amended from time to time.

     “Notice and Questionnaire” means a Notice of Registration Statement and Selling
Securityholder Questionnaire substantially in the form of Exhibit A hereto.

     The term “person” shall mean a corporation, limited liability company, association,
partnership, organization, business, individual, government or political subdivision thereof or
governmental agency.

     “Purchase Agreement” shall mean the Purchase Agreement, dated as of December 18, 2009,
between the Purchasers, the Company and the Guarantors relating to the Securities.

2

 

     “Purchasers” shall mean the Purchasers named in Schedule I to the Purchase Agreement.

     “Registrable Securities” shall mean the Securities; provided, however, that a Security shall
cease to be a Registrable Security upon the earliest to occur of the following: (i) in the
circumstances contemplated by Section 2(a), the Security has been exchanged for an Exchange
Security in an Exchange Offer as contemplated in Section 2(a) (provided that any Exchange Security
that, pursuant to the last two sentences of Section 2(a), is included in a prospectus for use in
connection with resales by broker-dealers shall be deemed to be a Registrable Security with
respect to Sections 5, 6 and 9 until resale of such Registrable Security has been effected within
the Resale Period); (ii) in the circumstances contemplated by Section 2(b), a Shelf Registration
Statement registering such Security under the Securities Act has been declared or becomes
effective and such Security has been sold or otherwise transferred by the holder thereof pursuant
to and in a manner contemplated by such effective Shelf Registration Statement; (iii) subject to
Section 8(b), such Security is actually sold by the holder thereof pursuant to Rule 144 under
circumstances in which any legend borne by such Security relating to restrictions on
transferability thereof, under the Securities Act or otherwise, is removed by the Company or
pursuant to the Indenture; or (iv) such Security shall cease to be outstanding.

     “Registration Default” shall have the meaning assigned thereto in Section 2(c).

     “Registration Default Period” shall have the meaning assigned thereto in Section 2(c).

     “Registration Expenses” shall have the meaning assigned thereto in Section 4.

     “Resale Period” shall have the meaning assigned thereto in Section 2(a).

     “Restricted Holder” shall mean (i) a holder that is an affiliate of the Company within the
meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside the ordinary course of
such holder’s business, (iii) a holder who has arrangements or understandings with any person to
participate in the Exchange Offer for the purpose of distributing Exchange Securities and (iv) a
holder that is a broker-dealer, but only with respect to Exchange Securities received by such
broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities acquired by the
broker-dealer directly from the Company.

     “Rule 144,” “Rule 405”, “Rule 415”, “Rule 424”, “Rule 430B”
and “Rule 433” shall mean, in
each case, such rule promulgated by the Commission under the Securities Act (or any successor
provision), as the same may be amended or succeeded from time to time.

     “Securities” shall mean the $500,000,000 in aggregate principal amount of the Company’s 9.25%
Series A Senior Notes due 2017 (the “Series A Notes”) to be issued and sold to the Purchasers, and
securities issued in exchange therefor or in lieu thereof pursuant to the Indenture. Each Security
is entitled to the benefit of the guarantees provided by the Guarantors in the Indenture (the
“Guarantees”) and, unless the context otherwise requires, any reference herein to a “Security,” an
“Exchange Security” or a “Registrable Security” shall include a reference to the related
Guarantees.

     “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and
regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from
time to time.

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     “Shelf Registration” shall have the meaning assigned thereto in Section 2(b).

     “Shelf Registration Statement” shall have the meaning assigned thereto in Section 2(b).

     “Special Interest” shall have the meaning assigned thereto in Section 2(c).

     “Suspension Period” shall have the meaning assigned thereto in Section 2(b).

     “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the
rules and regulations promulgated by the Commission thereunder, as the same may be amended or
succeeded from time to time.

     “Trustee” shall mean U.S. Bank National Association, as trustee under the Indenture,
together with any successors thereto in such capacity.

          Unless the context otherwise requires, any reference herein to a “Section” or “clause” refers
to a Section or clause, as the case may be, of this Agreement, and the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any
particular Section or other subdivision.

     2. Registration Under the Securities Act.

     (a) Except as set forth in Section 2(b) below, the Company and the Guarantors agree to use
commercially reasonable efforts to file under the Securities Act, within 210 days after the
Closing Date, a registration statement relating to an offer to exchange (such registration
statement, the “Exchange Registration Statement”,
and such offer, the “Exchange Offer”) any and
all of the Securities for a like aggregate principal amount of debt securities issued by the
Company and guaranteed by the Guarantors, which debt securities and guarantees are substantially
identical to the Securities and the related Guarantees, respectively (and are entitled to the
benefits of the Indenture), except that they have been registered pursuant to an effective
registration statement under the Securities Act and do not contain provisions for Special
Interest contemplated in Section 2(c) below (such new debt securities hereinafter called
“Exchange Securities”). The Company and the Guarantors agree to use commercially reasonable
efforts to cause the Exchange Registration Statement to become effective under the Securities
Act no later than 270 days after the Closing Date. The Exchange Offer will be registered under
the Securities Act on the appropriate form and will comply with all applicable tender offer
rules and regulations under the Exchange Act. Unless the Exchange Offer would not be permitted
by applicable law or Commission policy, the Company further agrees to use commercially
reasonable efforts to (i) commence the Exchange Offer promptly (but no later than 10 Business
Days) following the Effective Time of such Exchange Registration Statement, (ii) hold the
Exchange Offer open for at least 20 Business Days in accordance with Regulation 14E promulgated
by the Commission under the Exchange Act and (iii) exchange Exchange Securities for all
Registrable Securities that have been properly tendered and not withdrawn promptly following the
expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed”
only (i) if the debt securities and related guarantees received by holders other than Restricted
Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each
such holder without restriction under the Securities Act and the Exchange Act and (ii) upon the
Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all
Registrable Securities that have been properly tendered and not withdrawn before the expiration
of the Exchange Offer, which shall be on a date that is at least 20 and not more than 30
Business Days following the commencement of the Exchange Offer. The Company

4

 

and the Guarantors agree, that upon request, they will (x) include in the Exchange Registration
Statement a prospectus for use in any resales by any holder of Exchange Securities that is a
broker-dealer and (y) keep such Exchange Registration Statement effective for a period (the
“Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and
ending upon the earlier of the expiration of the 180th day after the Exchange Offer has
been completed or such time as such broker-dealers no longer own any Registrable Securities. With
respect to such Exchange Registration Statement, such holders shall have the benefit of the rights
of indemnification and contribution set forth in Subsections 6(a), (c), (d) and (e).

     (b) If (i) on or prior to the time the Exchange Offer is completed existing law or Commission
interpretations are changed such that the debt securities or the related guarantees received by
holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or
would not be, upon receipt, transferable by each such holder without restriction under the
Securities Act, (ii) the Effective Time of the Exchange Registration Statement is not within 270
days following the Closing Date and the Exchange Offer has not been completed within 30 Business
Days of such Effective Time or (iii) any holder of Registrable Securities notifies the Company
prior to the 20th Business Day following the completion of the Exchange Offer that: (A)
it is prohibited by law or Commission policy from participating in the Exchange Offer, (B) it may
not resell the Exchange Securities to the public without delivering a prospectus and the prospectus
supplement contained in the Exchange Registration Statement is not appropriate or available for
such resales or (C) it is a broker-dealer and owns Securities acquired directly from the Company or
an affiliate of the Company, then the Company and the Guarantors shall, in lieu of (or, in the case
of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file
under the Securities Act no later than 30 days after the time such obligation to file arises (but
no earlier than 210 days after the Closing Date), a
“shelf” registration statement providing for the
registration of, and the sale on a continuous or delayed basis by the holders of, all of the
Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the
Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf
Registration Statement”). The Company and the Guarantors agree to use commercially reasonable
efforts to cause the Shelf Registration Statement to become or be declared effective no later than
90 days after such Shelf Registration Statement filing obligation arises (but no earlier than 270
days after the Closing Date); provided, that if at any time the Company is or becomes a “well-known
seasoned issuer” (as defined in Rule 405) and is eligible to file an “automatic shelf registration
statement” (as defined in Rule 405), then the Company and the Guarantors shall file the Shelf
Registration Statement in the form of an automatic shelf registration statement as provided in Rule
405. The Company and the Guarantors agree to use commercially reasonable efforts to keep such Shelf
Registration Statement continuously effective for a period ending on the earlier of the second
anniversary of the Effective Time or such time as there are no longer any Registrable Securities
outstanding. No holder shall be entitled to be named as a selling securityholder in the Shelf
Registration Statement or to use the prospectus forming a part thereof for resales of Registrable
Securities unless such holder is an Electing Holder. The Company and the Guarantors agree, after
the Effective Time of the Shelf Registration Statement and promptly upon the request of any holder
of Registrable Securities that is not then an Electing Holder, to use commercially reasonable
efforts to enable such holder to use the prospectus forming a part thereof for resales of
Registrable Securities, including, without limitation, any action necessary to identify such holder
as a selling securityholder in the Shelf Registration Statement (whether by post-effective
amendment thereto or by filing a prospectus pursuant to Rules 430B and 424(b) under the

5

 

Securities Act identifying such holder), provided, however, that nothing in this sentence shall
relieve any such holder of the obligation to return a completed and signed Notice and
Questionnaire to the Company in accordance with Section 3(d)(iii). Notwithstanding anything to
the contrary in this Section 2(b), upon notice to the Electing Holders, the Company may suspend
the use or the effectiveness of such Shelf Registration Statement which shall not exceed 45
days in any three-month period or 90 days in any twelve-month period (a “Suspension Period”) if
the Board of Directors of the Company determines that there is a valid business purpose for
suspension of the Shelf Registration Statement; provided that the Company shall promptly notify
the Electing Holders when the Shelf Registration Statement may once again be used or is
effective.

     (c) In the event that (i) the Company and the Guarantors have not filed the Shelf
Registration Statement on or before the date on which such Shelf Registration Statement is
required to be filed pursuant to Section 2(b), or (ii) the Exchange Registration Statement or
Shelf Registration Statement has not become effective or been declared effective by the
Commission on or before the date on which such registration statement is required to become or
be declared effective pursuant to Section 2(a) or Section 2(b), respectively, or (iii) the
Exchange Offer has not been completed within 30 Business Days after the Effective Time of the
Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then
required to be made) or (iv) any Exchange Registration Statement or Shelf Registration
Statement required by Section 2(a) or Section 2(b) is filed and declared effective but shall
thereafter either be withdrawn by the Company or shall become subject to an effective stop
order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of
such registration statement (except as specifically permitted herein, including, with respect
to any Shelf Registration Statement, during any applicable Suspension Period in accordance with
the last sentence of Section 2(b)) without being succeeded immediately by an additional
registration statement filed and declared effective (each such event referred to in clauses (i)
through (iv), a “Registration Default” and each period during which a Registration Default has
occurred and is continuing, a “Registration Default Period’), then, as liquidated damages for
such Registration Default, subject to the provisions of Section 9(b), special interest
(“Special Interest”), in addition to the Base Interest, shall accrue on all Registrable
Securities then outstanding at a per annum rate of 0.25% for the first 90 days of the
Registration Default Period and at a per annum rate of 0.50% thereafter for the remaining
portion of the Registration Default Period.

     (d) Any reference herein to a registration statement or prospectus as of any time shall be
deemed to include any document incorporated, or deemed to be incorporated, therein by reference
as of such time; and any reference herein to any post-effective amendment to a registration
statement or to any prospectus supplement as of any time shall be deemed to include any
document incorporated, or deemed to be incorporated, therein by reference as of such time.

     3. Registration Procedures.

          If the Company and the Guarantors file a registration statement pursuant to Section 2(a) or
Section 2(b), the following provisions shall apply:

     (a) At or before the Effective Time of the Exchange Registration or any Shelf Registration,
whichever may occur first, the Company shall qualify the Indenture under the Trust Indenture
Act.

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     (b) In the event that such qualification would require the appointment of a new trustee under
the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable
provisions of the Indenture.

     (c) In connection with the Company’s and the Guarantors’ obligations with respect to the
registration of Exchange Securities as contemplated by Section 2(a)
(the “Exchange Registration”),
if applicable, the Company and the Guarantors shall:

     (i) use commercially reasonable efforts to prepare and file with the Commission an
Exchange Registration Statement on any form which may be utilized by the Company and the
Guarantors and which shall permit the Exchange Offer and resales of Exchange Securities by
broker-dealers during the Resale Period to be effected as contemplated by Section 2(a),
and use commercially reasonable efforts to cause such Exchange Registration Statement to
become effective no later than 270 days after the Closing Date;

     (ii) as soon as practicable prepare and file with the Commission such amendments and
supplements to such Exchange Registration Statement and the prospectus included therein as
may be necessary to effect and maintain the effectiveness of such Exchange Registration
Statement for the periods and purposes contemplated in Section 2(a) and as may be required
by the applicable rules and regulations of the Commission and the instructions applicable
to the form of such Exchange Registration Statement, and promptly provide each
broker-dealer holding Exchange Securities with such number of copies of the prospectus
included therein (as then amended or supplemented), in conformity in all material respects
with the requirements of the Securities Act and the Trust Indenture Act, as such
broker-dealer reasonably may request prior to the expiration of the Resale Period, for use
in connection with resales of Exchange Securities;

     (iii) promptly notify each broker-dealer that has requested or received copies of the
prospectus included in such Exchange Registration Statement, and confirm such advice in
writing, (A) when such Exchange Registration Statement or the prospectus included therein
or any prospectus amendment or supplement or post-effective amendment has been filed, and,
with respect to such Exchange Registration Statement or any post-effective amendment, when
the same has become effective, (B) of any comments by the Commission and by the blue sky or
securities commissioner or regulator of any state with respect thereto or any request by
the Commission for amendments or supplements to such Exchange Registration Statement or
prospectus or for additional information, (C) of the issuance by the Commission of any stop
order suspending the effectiveness of such Exchange Registration Statement or the
initiation or threatening of any proceedings for that purpose, (D) if at any time the
representations and warranties of the Company or any of the Guarantors contemplated by
Section 5 cease to be true and correct in all material respects, (E) of the receipt by the
Company of any notification with respect to the suspension of the qualification of the
Exchange Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose, (F) the occurrence of any event that causes the Company to
become an “ineligible issuer” as defined in Rule 405, or (G) if at any time during the
Resale Period when a prospectus is required to be delivered under the Securities Act, that
such Exchange Registration Statement, prospectus, prospectus amendment or supplement or
post-effective amendment does not conform in all material respects to the applicable

7

 

requirements of the Securities Act and the Trust Indenture Act or contains an untrue
statement of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading in light of the
circumstances then existing;

     (iv) in the event that the Company and the Guarantors would be required, pursuant to
Section 3(c)(iii)(G), to notify any broker-dealers holding Exchange Securities (except as
otherwise permitted during any Suspension Period), promptly prepare and furnish to each
such holder a reasonable number of copies of a prospectus supplemented or amended so that,
as thereafter delivered to purchasers of such Exchange Securities during the Resale Period,
such prospectus shall conform in all material respects to the applicable requirements of
the Securities Act and the Trust Indenture Act and shall not contain an untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading in light of the circumstances then existing;

     (v) use all commercially reasonable efforts to obtain the withdrawal of any order
suspending the effectiveness of such Exchange Registration Statement or any post-effective
amendment thereto at the earliest practicable date;

     (vi) use commercially reasonable efforts to (A) register or qualify the Exchange
Securities under the securities laws or blue sky laws of such jurisdictions as are
contemplated by Section 2(a) no later than the commencement of the Exchange Offer, to the
extent required by such laws, (B) keep such registrations or qualifications in effect and
comply with such laws so as to permit the continuance of offers, sales and dealings therein
in such jurisdictions until the expiration of the Resale Period, (C) take any and all other
actions as may be reasonably necessary or advisable to enable each broker-dealer holding
Exchange Securities to consummate the disposition thereof in such jurisdictions and (D)
obtain the consent or approval of each governmental agency or authority, whether federal,
state or local, which may be required to effect the Exchange Registration, the Exchange
Offer and the offering and sale of Exchange Securities by broker-dealers during the Resale
Period; provided, however, that neither the Company nor the Guarantors shall be required
for any such purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it
would not otherwise be required to qualify but for the requirements of this Section
3(c)(vi), (2) consent to general service of process in any such jurisdiction or become
subject to taxation in any such jurisdiction or (3) make any changes to its certificate of
incorporation or by-laws or other governing documents or any agreement between it and its
stockholders;

     (vii) obtain a CUSIP number for all Exchange Securities, not later than the
applicable Effective Time; and

     (viii) make generally available to its securityholders no later than eighteen months
after the Effective Time of such Exchange Registration Statement, an “earning statement”
of the Company, the Guarantors and their respective subsidiaries complying with Section
11(a) of the Securities Act (including, at the option of the Company, Rule 158
thereunder).

     (d) In connection with the Company’s and the Guarantors’ obligations with respect to the
Shelf Registration, if applicable, the Company and the Guarantors shall:

8

 

     (i) prepare and file with the Commission, within the time periods specified in Section 2(b),
a Shelf Registration Statement on any form which may be utilized by the Company and which shall
register all of the Registrable Securities for resale by the holders thereof in accordance with
such method or methods of disposition as may be specified by the holders of Registrable Securities
as, from time to time, may be Electing Holders and use commercially reasonable efforts to cause
such Shelf Registration Statement to become effective within the time periods specified in Section
2(b);

     (ii) mail the Notice and Questionnaire to the holders of Registrable Securities (A) not less
than 30 days prior to the anticipated Effective Time of the Shelf Registration Statement or (B) in
the case of an “automatic shelf registration statement” (as defined in Rule 405), mail the Notice
and Questionnaire to the holders of Registrable Securities not later than the Effective Time of
such Shelf Registration Statement, and in any such case no holder shall be entitled to be named as
a selling securityholder in the Shelf Registration Statement, and no holder shall be entitled to
use the prospectus forming a part thereof for resales of Registrable Securities at any time,
unless and until such holder has returned a completed and signed Notice and Questionnaire to the
Company;

     (iii) after the Effective Time of the Shelf Registration Statement, upon the request of any
holder of Registrable Securities that is not then an Electing Holder, promptly send a Notice and
Questionnaire to such holder; provided that the Company shall not be required to take any action
to name such holder as a selling securityholder in the Shelf Registration Statement or to enable
such holder to use the prospectus forming a part thereof for resales of Registrable Securities
until such holder has returned a completed and signed Notice and Questionnaire to the Company;

     (iv) as soon as practicable prepare and file with the Commission such amendments and
supplements to such Shelf Registration Statement and the prospectus included therein as may be
necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the
period specified in Section 2(b) and as may be required by the applicable rules and regulations of
the Commission and the instructions applicable to the form of such Shelf Registration Statement,
and furnish to the Electing Holders copies of any such supplement or amendment simultaneously with
or prior to its being used or filed with the Commission to the extent such documents are not
publicly available on the Commission’s IDEA System;

     (v) comply with the provisions of the Securities Act with respect to the disposition of all
of the Registrable Securities covered by such Shelf Registration Statement in accordance with the
intended methods of disposition by the Electing Holders provided for in such Shelf Registration
Statement;

     (vi) provide the Electing Holders and not more than one counsel for all the Electing Holders
the opportunity to participate in the preparation of such Shelf Registration Statement, each
prospectus included therein or filed with the Commission and each amendment or supplement thereto;

     (vii) for a reasonable period prior to the filing of such Shelf Registration Statement, and
throughout the period specified in Section 2(b), make available at

9

 

reasonable times at the Company’s principal place of business or such other reasonable place for
inspection by the persons referred to in Section 3(d)(vi) who shall certify to the Company that
they have a current intention to sell the Registrable Securities pursuant to the Shelf
Registration such financial and other information and books and records of the Company and the
Guarantors, and cause the officers, employees, counsel and independent certified public
accountants of the Company and the Guarantors to respond to such inquiries, as shall be reasonably
necessary (and in the case of counsel, not violate an attorney-client privilege, in such counsel’s
reasonable belief), in the judgment of the respective counsel referred to in Section 3(d)(vi), to
conduct a reasonable investigation within the meaning of Section 11 of the Securities Act;
provided, however, that the foregoing inspection and information gathering on behalf of the
Electing Holders shall be conducted by one counsel designated by the holders of at least a
majority in aggregate principal amount of the Registrable Securities held by the Electing Holders
at the time outstanding and provided further that each such party shall be required to maintain in
confidence and not to disclose to any other person any information or records reasonably
designated by the Company or the Guarantors as being confidential, until such time as (A) such
information becomes a matter of public record (whether by virtue of its inclusion in such Shelf
Registration Statement or otherwise), or (B) such person shall be required so to disclose such
information pursuant to a subpoena or order of any court or other governmental agency or body
having jurisdiction over the matter (subject to the requirements of such order, and only after
such person shall have given the Company prompt prior written notice of such requirement), or (C)
such information is required to be set forth in such Shelf Registration Statement or the
prospectus included therein or in an amendment to such Shelf Registration Statement or an
amendment or supplement to such prospectus in order that such Shelf Registration Statement,
prospectus, amendment or supplement, as the case may be, complies with applicable requirements of
the federal securities laws and the rules and regulations of the Commission and does not contain
an untrue statement of a material fact or omit to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading in light of the
circumstances then existing;

     (viii) promptly notify each of the Electing Holders and confirm such advice in writing, (A)
when such Shelf Registration Statement or the prospectus included therein or any prospectus
amendment or supplement or post-effective amendment has been filed, and, with respect to such Shelf
Registration Statement or any post-effective amendment, when the same has become effective, (B) of
any comments by the Commission and by the blue sky or securities commissioner or regulator of any
state with respect thereto or any request by the Commission for amendments or supplements to such
Shelf Registration Statement or prospectus or for additional information, (C) of the issuance by
the Commission of any stop order suspending the effectiveness of such Shelf Registration Statement
or the initiation or threatening of any proceedings for that purpose, (D) if at any time the
representations and warranties of the Company or any of the Guarantors set forth in Section 5 cease
to be true and correct in all material respects, (E) of the receipt by the Company of any
notification with respect to the suspension of the qualification of the Registrable Securities for
sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, (F)
the occurrence of any event that causes the Company or any of the Guarantors to become an
“ineligible issuer” as defined in Rule 405, or (G) if at any time when a prospectus is required to
be delivered under

10

 

the Securities Act, that such Shelf Registration Statement, prospectus, prospectus amendment or
supplement or post-effective amendment does not conform in all material respects to the applicable
requirements of the Securities Act and the Trust Indenture Act or contains an untrue statement of
a material fact or omits to state any material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then existing;

     (ix) use commercially reasonable efforts to obtain the withdrawal of any order suspending the
effectiveness of such Shelf Registration Statement or any post-effective amendment thereto at the
earliest practicable date;

     (x) if requested by any Electing Holder, promptly incorporate in a prospectus supplement or
post-effective amendment such information as is required by the applicable rules and regulations
of the Commission and as such Electing Holder specifies should be included therein relating to the
terms of the sale of such Registrable Securities, including information with respect to the
principal amount of Registrable Securities being sold by such Electing Holder, the name and
description of such Electing Holder, the offering price of such Registrable Securities and any
discount, commission or other compensation payable in respect thereof and with respect to any
other terms of the offering of the Registrable Securities to be sold by such Electing Holder; and
make all required filings of such prospectus supplement or post-effective amendment promptly after
notification of the matters to be incorporated in such prospectus supplement or post-effective
amendment;

     (xi) furnish to each Electing Holder and the counsel referred to in Section 3(d)(vi) an
executed copy (or a conformed copy) of such Shelf Registration Statement, each such amendment and
supplement thereto (in each case including all exhibits thereto (in the case of an Electing Holder
of Registrable Securities, upon request) and documents incorporated by reference therein) and such
number of copies of such Shelf Registration Statement (excluding exhibits thereto and documents
incorporated by reference therein unless specifically so requested by such Electing Holder) and of
the prospectus included in such Shelf Registration Statement (including each preliminary
prospectus and any summary prospectus), in conformity in all material respects with the applicable
requirements of the Securities Act and the Trust Indenture Act to the extent such documents are
not available through the Commission’s IDEA System, and such other documents, as such Electing
Holder may reasonably request in order to facilitate the offering and disposition of the
Registrable Securities owned by such Electing Holder and to permit such Electing Holder to satisfy
the prospectus delivery requirements of the Securities Act; and subject to Section 3(e), the
Company hereby consents to the use of such prospectus (including such preliminary and summary
prospectus) and any amendment or supplement thereto by each such Electing Holder (subject to any
applicable Suspension Period), in each case in the form most recently provided to such person by
the Company, in connection with the offering and sale of the Registrable Securities covered by the
prospectus (including such preliminary and summary prospectus) or any supplement or amendment
thereto;

     (xii) use commercially reasonable efforts to (A) register or qualify the Registrable
Securities to be included in such Shelf Registration Statement under such securities laws or blue
sky laws of such jurisdictions as any Electing Holder shall reasonably request, (B) keep such
registrations or qualifications in effect and

11

 

comply with such laws so as to permit the continuance of offers, sales and dealings therein
in such jurisdictions during the period the Shelf Registration Statement is required to
remain effective under Section 2(b) and for so long as may be necessary to enable any such
Electing Holder to complete its distribution of Registrable Securities pursuant to such
Shelf Registration Statement, (C) take any and all other actions as may be reasonably
necessary or advisable to enable each such Electing Holder to consummate the disposition in
such jurisdictions of such Registrable Securities and (D) obtain the consent or approval of
each governmental agency or authority, whether federal, state or local, which may be
required to effect the Shelf Registration or the offering or sale in connection therewith
or to enable the selling holder or holders to offer, or to consummate the disposition of,
their Registrable Securities; provided, however, that neither the Company nor the
Guarantors shall be required for any such purpose to (1) qualify as a foreign corporation
in any jurisdiction wherein it would not otherwise be required to qualify but for the
requirements of this Section 3(d)(xii), (2) consent to general service of process in any
such jurisdiction or become subject to taxation in any such jurisdiction or (3) make any
changes to its certificate of incorporation or by-laws or other governing documents or any
agreement between it and its stockholders;

     (xiii) unless any Registrable Securities shall be in book-entry only form, cooperate
with the Electing Holders to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold, which certificates, if so
required by any securities exchange upon which any Registrable Securities are listed,
shall be printed, penned, lithographed, engraved or otherwise produced by any combination
of such methods, on steel engraved borders, and which certificates shall not bear any
restrictive legends;

     (xiv) obtain a CUSIP number for all Securities that have been registered under the
Securities Act, not later than the applicable Effective Time;

     (xv) notify in writing each holder of Registrable Securities of any proposal by the
Company to amend or waive any provision of this Agreement pursuant to Section 9(h) and of
any amendment or waiver effected pursuant thereto, each of which notices shall contain the
text of the amendment or waiver proposed or effected, as the case may be; and

     (xvi) make generally available to its securityholders no later than eighteen months
after the Effective Time of such Shelf Registration Statement an “earning statement” of
the Company and its subsidiaries complying with Section 11(a) of the Securities Act
(including, at the option of the Company, Rule 158 thereunder).

     (e) In the event that the Company would be required, pursuant to Section 3(d)(viii)(G), to
notify the Electing Holders, the Company shall promptly prepare and furnish to each of the Electing
Holders a reasonable number of copies of a prospectus supplemented or amended so that, as
thereafter delivered to purchasers of Registrable Securities, such prospectus shall conform in all
material respects to the applicable requirements of the Securities Act and the Trust Indenture Act
and shall not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing. Each Electing Holder agrees that upon receipt of any notice
from the Company pursuant to Section 3(d)(viii)(G), such Electing Holder shall forthwith
discontinue the disposition of

12

 

Registrable Securities pursuant to the Shelf Registration Statement applicable to such Registrable
Securities until such Electing Holder shall have received copies of such amended or supplemented
prospectus, and if so directed by the Company, such Electing Holder shall deliver to the Company
(at the Company’s expense) all copies, other than permanent file copies, of the prospectus
covering such Registrable Securities in such Electing Holder’s possession at the time of receipt
of such notice.

     (f) In the event of a Shelf Registration, in addition to the information required to be
provided by each Electing Holder in its Notice and Questionnaire, the Company may require such
Electing Holder to furnish to the Company such additional information regarding such Electing
Holder and such Electing Holder’s intended method of distribution of Registrable Securities as may
be required in order to comply with the Securities Act. Each such Electing Holder agrees to notify
the Company as promptly as practicable of any inaccuracy or change in information previously
furnished by such Electing Holder to the Company or of the occurrence of any event in either case
as a result of which any prospectus relating to such Shelf Registration contains or would contain
an untrue statement of a material fact regarding such Electing Holder or such Electing Holder’s
intended method of disposition of such Registrable Securities or omits to state any material fact
regarding such Electing Holder or such Electing Holder’s intended method of disposition of such
Registrable Securities required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing, and promptly to furnish to the Company
any additional information required to correct and update any previously furnished information or
required so that such prospectus shall not contain, with respect to such Electing Holder or the
disposition of such Registrable Securities, an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing.

     (g) Until the expiration of one year after the Closing Date, the Company will not, and will
not permit any of its “affiliates” (as defined in Rule 144) to, resell any of the Securities that
have been reacquired by any of them except pursuant to an effective registration statement, or a
valid exemption from the registration requirements, under the Securities Act.

     (h) As a condition to its participation in the Exchange Offer, each holder of Registrable
Securities shall furnish, upon the request of the Company, a written representation to the Company
(which may be contained in the letter of transmittal or “agent’s message” transmitted via The
Depository Trust Company’s Automated Tender Offer Procedures, in either case contemplated by the
Exchange Registration Statement) to the effect that (A) it is not an “affiliate” of the Company, as
defined in Rule 405 of the Securities Act, or if it is such an “affiliate”, it will comply with the
registration and prospectus delivery requirements of the Securities Act to the extent applicable,
(B) it is not engaged in and does not intend to engage in, and has no arrangement or understanding
with any person to participate in, a distribution of the Exchange Securities to be issued in the
Exchange Offer, (C) it is acquiring the Exchange Securities in its ordinary course of business, (D)
if it is a broker-dealer that holds Securities that were acquired for its own account as a result
of market-making activities or other trading activities (other than Securities acquired directly
from the Company or any of its affiliates), it will deliver a prospectus meeting the requirements
of the Securities Act in connection with any resales of the Exchange Securities received by it in
the Exchange Offer, (E) if it is a broker-dealer, that it did not purchase the Securities to be
exchanged in the Exchange Offer from the Company or any of its affiliates, and (F) it is not acting
on behalf of any person who could not truthfully and completely make the representations contained
in the foregoing subclauses (A) through (E).

13

 

          4. Registration Expenses.

               The Company and the Guarantors agree to bear and to pay or cause to be paid promptly all
expenses incident to the Company’s performance of or compliance with this Agreement, including (a)
all Commission and any FINRA registration, filing and review fees and expenses including
reasonable fees and disbursements of counsel for the Eligible Holders in connection with such
registration, filing and review, (b) all fees and expenses in connection with the qualification of
the Registrable Securities and the Exchange Securities, as applicable, for offering and sale under
the State securities and blue sky laws referred to in Section 3(d)(xii) and determination of their
eligibility for investment under the laws of such jurisdictions as the Electing Holders may
designate, including any reasonable fees and disbursements of counsel for the Electing Holders in
connection with such qualification and determination, (c) all expenses relating to the
preparation, printing, production, distribution and reproduction of each registration statement
required to be filed hereunder, each prospectus included therein or prepared for distribution
pursuant hereto, each amendment or supplement to the foregoing, the expenses of preparing the
Securities or Exchange Securities, as applicable, for delivery and the expenses of printing or
producing any selling agreements and blue sky or legal investment memoranda and all other
documents in connection with the offering, sale or delivery of Securities or Exchange Securities,
as applicable, to be disposed of (including certificates representing the Securities or Exchange
Securities, as applicable), (d) messenger, telephone and delivery expenses relating to the
offering, sale or delivery of Securities or Exchange Securities, as applicable, and the
preparation of documents referred in clause (c) above, (e) fees and expenses of the Trustee under
the Indenture, any agent of the Trustee and any counsel for the Trustee and of any collateral
agent or custodian, (f) internal expenses (including all salaries and expenses of the Company’s
officers and employees performing legal or accounting duties), (g) fees, disbursements and
expenses of counsel and independent certified public accountants of the Company, (h) reasonable
fees, disbursements and expenses of one counsel for the Electing Holders retained in connection
with a Shelf Registration, as selected by the Electing Holders of at least a majority in aggregate
principal amount of the Registrable Securities held by Electing Holders (which counsel shall be
reasonably satisfactory to the Company), (i) any fees charged by securities rating services for
rating the Registrable Securities or the Exchange Securities, as applicable, and 0) fees, expenses
and disbursements of any other persons, including special experts, retained by the Company in
connection with such registration (collectively, the
“Registration Expenses”). To the extent that
any Registration Expenses are incurred, assumed or paid by any holder of Registrable Securities,
Securities or Exchange Securities, as applicable, the Company shall reimburse such person for the
full amount of the Registration Expenses so incurred, assumed or paid promptly after receipt of a
request therefor. Notwithstanding the foregoing, the holders of the Registrable Securities being
registered shall pay all agency fees and commissions and underwriting discounts and commissions,
if any, and transfer taxes, if any, attributable to the sale of such Registrable Securities and
Exchange Securities, as applicable, and the fees and disbursements of any counsel or other
advisors or experts retained by such holders (severally or jointly), other than the counsel and
experts specifically referred to above.

          5. Representations and Warranties.

               Each of the Company and the Guarantors, jointly and severally, represents and warrants to, and
agrees with, each Purchaser and each of the holders from time to time of Registrable Securities
that:

14

 

     (a) Each registration statement covering Registrable Securities, Securities or Exchange
Securities, as applicable, and each prospectus (including any preliminary or summary prospectus)
contained therein or furnished pursuant to Section 3(c) or Section 3(d) and any further amendments
or supplements to any such registration statement or prospectus, when it becomes effective or is
filed with the Commission, as the case may be, will conform in all material respects to the
requirements of the Securities Act and the Trust Indenture Act and will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; and at all times subsequent to the
Effective Time when a prospectus would be required to be delivered under the Securities Act, other
than (A) from (i) such time as a notice has been given to holders of Registrable Securities
pursuant to Section 3(c)(iii)(G) or Section 3(d)(viii)(G) until (ii) such time as the Company
furnishes an amended or supplemented prospectus pursuant to Section 3(c)(iv) or Section 3(e) or
(B) during any applicable Suspension Period, each such registration statement, and each prospectus
(including any summary prospectus) contained therein or furnished pursuant to Section 3(c) or
Section 3(d), as then amended or supplemented, will conform in all material respects to the
requirements of the Securities Act and the Trust Indenture Act and will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the circumstances then
existing; provided, however, that this representation and warranty shall not apply to any
statements or omissions made in reliance upon and in conformity with information furnished in
writing to the Company by a holder of Registrable Securities expressly for use therein.

     (b) Any documents incorporated by reference in any prospectus referred to in Section 5(a),
when they become or became effective or are or were filed with the Commission, as the case may be,
will conform or conformed in all material respects to the requirements of the Securities Act or
the Exchange Act, as applicable, and none of such documents will contain or contained an untrue
statement of a material fact or will omit or omitted to state a material fact required to be
stated therein or necessary to make the statements therein not misleading; provided, however, that
this representation and warranty shall not apply to any statements or omissions made in reliance
upon and in conformity with information furnished in writing to the Company by a holder of
Registrable Securities expressly for use therein.

     (c) The compliance by the Company and the Guarantors with all of the provisions of this
Agreement and the consummation of the transactions herein contemplated will not (i) conflict with
or result in a breach or violation of any of the terms or provisions of, or constitute a default
under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to
which the Company, the Guarantors or any of their respective subsidiaries is a party or by which
the Company, the Guarantors or any of their respective subsidiaries is bound or to which any of the
property or assets of the Company, the Guarantors or any of their respective subsidiaries is
subject, (ii) result in any violation of the provisions of the certificate of incorporation, as
amended, or the by-laws or other governing documents, as applicable, of the Company or the
Guarantors or (iii) result in any violation of any statute or any order, rule or regulation of any
court or governmental agency or body having jurisdiction over the Company, the Guarantors or any of
their respective subsidiaries or any of their respective properties; and no consent, approval,
authorization, order, registration or qualification of or with any such court or governmental
agency or body is required for the consummation by the Company and the Guarantors of the
transactions contemplated by this Agreement, except (x) the registration under the Securities Act
of the Registrable Securities and the Exchange Securities, as applicable, and qualification of the

15

 

Indenture under the Trust Indenture Act, (y) such consents, approvals, authorizations,
registrations or qualifications as may be required under state securities or blue sky laws in
connection with the offering and distribution of the Registrable Securities and the Exchange
Securities, as applicable, and (z) such consents, approvals, authorizations, registrations or
qualifications that have been obtained and are in full force and effect as of the date hereof.

     (d) This Agreement has been duly authorized, executed and delivered by the Company and by the
Guarantors.

          6. Indemnification and Contribution.

     (a) Indemnification by the Company and the Guarantors. The Company and the Guarantors,
jointly and severally, will indemnify and hold harmless each of the holders of Registrable
Securities included in an Exchange Registration Statement and each of the Electing Holders as
holders of Registrable Securities included in a Shelf Registration Statement against any losses,
claims, damages or liabilities, joint or several, to which such holder or such Electing Holder may
become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or
alleged untrue statement of a material fact contained in any Exchange Registration Statement or
any Shelf Registration Statement, as the case may be, under which such Registrable Securities or
Exchange Securities were registered under the Securities Act, or any preliminary, final or summary
prospectus (including, without limitation, any “issuer free writing prospectus” as defined in Rule
433) contained therein or furnished by the Company to any such holder or any such Electing Holder,
or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and will reimburse each such holder and each such Electing
Holder for any and all legal or other expenses reasonably incurred by them in connection with
investigating or defending any such action or claim as such expenses are incurred; provided,
however, that neither the Company nor the Guarantors shall be liable to any such person in any
such case to the extent that any such loss, claim, damage or liability arises out of or is based
upon an untrue statement or alleged untrue statement or omission or alleged omission made in such
registration statement, or preliminary, final or summary prospectus (including, without
limitation, any “issuer free writing prospectus” as defined in Rule 433), or amendment or
supplement thereto, in reliance upon and in conformity with written information furnished to the
Company by such person expressly for use therein.

     (b) Indemnification by the Electing Holders. The Company may require, as a condition to
including any Registrable Securities in any Shelf Registration Statement filed pursuant to Section
2(b), that the Company shall have received an undertaking reasonably satisfactory to it from each
Electing Holder of Registrable Securities included in such Shelf Registration Statement, severally
and not jointly, to (i) indemnify and hold harmless the Company, the Guarantors and all other
Electing Holders of Registrable Securities included in such Shelf Registration Statement, against
any losses, claims, damages or liabilities to which the Company, the Guarantors or such other
Electing Holders may become subject, under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in such registration
statement, or any preliminary, final or summary prospectus (including, without limitation, any
“issuer free writing prospectus” as defined in Rule 433) contained therein or furnished by the
Company to any Electing Holder,

16

 

or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, in each case to the extent, but only to the extent, that such
untrue statement or alleged untrue statement or omission or alleged omission was made in reliance
upon and in conformity with written information furnished to the Company by such Electing Holder
expressly for use therein, and (ii) reimburse the Company and the Guarantors for any legal or
other expenses reasonably incurred by the Company and the Guarantors in connection with
investigating or defending any such action or claim as such expenses are incurred; provided,
however, that no such Electing Holder shall be required to undertake liability to any person under
this Section 6(b) for any amounts in excess of the dollar amount of the proceeds to be received by
such Electing Holder from the sale of such Electing Holder’s Registrable Securities pursuant to
such registration.

     (c) Notices of Claims, Etc. Promptly after receipt by an indemnified party under subsection
(a) or (b) above of written notice of the commencement of any action, such indemnified party
shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the
indemnification provisions of or contemplated by this Section 6, notify such indemnifying party in
writing of the commencement of such action; but the omission so to notify the indemnifying party
shall not relieve it from any liability which it may have to any indemnified party otherwise than
under the indemnification provisions of or contemplated by Section 6(a) or Section 6(b). In case
any such action shall be brought against any indemnified party and it shall notify an indemnifying
party of the commencement thereof, such indemnifying party shall be entitled to participate
therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly
notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified
party (who shall not, except with the consent of the indemnified party, be counsel to the
indemnifying party), and, after notice from the indemnifying party to such indemnified party of
its election so to assume the defense thereof, such indemnifying party shall not be liable to such
indemnified party for any legal expenses of other counsel or any other expenses, in each case
subsequently incurred by such indemnified party, in connection with the defense thereof other than
reasonable costs of investigation. No indemnifying party shall, without the prior written consent
of the indemnified party, effect the settlement or compromise of, or consent to the entry of any
judgment with respect to, any pending or threatened action or claim in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified party is
an actual or potential party to such action or claim) unless such settlement, compromise or
judgment (i) includes an unconditional release of the indemnified party from all liability arising
out of such action or claim and (ii) does not include a statement as to, or an admission of,
fault, culpability or a failure to act by or on behalf of any indemnified party.

     (d) Contribution. If for any reason the indemnification provisions contemplated by Section
6(a) or Section 6(b) are unavailable to or insufficient to hold harmless an indemnified party in
respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to
therein, then each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect
thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party in connection with the statements or omissions which resulted in
such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other
relevant equitable considerations. The relative fault of such indemnifying party and indemnified
party shall be determined by reference to, among other things, whether the untrue or alleged untrue

17

 

statement of a material fact or omission or alleged omission to state a material fact relates
to information supplied by such indemnifying party or by such indemnified party, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The parties hereto agree that it would not be just and
equitable if contributions pursuant to this Section 6(d) 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 which does not take account of the equitable considerations referred to in this
Section 6(d). The amount paid or payable by an indemnified party as a result of the losses,
claims, damages, or liabilities (or actions in respect thereof) referred to above shall be
deemed to include any legal or other fees or expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this Section 6(d), no Electing Holder shall be required to contribute any
amount in excess of the amount by which the dollar amount of the proceeds received by such
holder from the sale of any Registrable Securities (after deducting any fees, discounts and
commissions applicable thereto) exceeds the amount of any damages which 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 in this Section 6(d)
to contribute shall be several in proportion to the principal amount of Registrable Securities
registered by them and not joint.

     (e) The obligations of the Company and the Guarantors under this Section 6 shall be in
addition to any liability which the Company or the Guarantors may otherwise have and shall
extend, upon the same terms and conditions, to each officer, director and partner of each
holder, each Electing Holder, and each person, if any, who controls any of the foregoing within
the meaning of the Securities Act; and the obligations of the holders and the Electing Holders
contemplated by this Section 6 shall be in addition to any liability which the respective
holder or Electing Holder may otherwise have and shall extend, upon the same terms and
conditions, to each officer and director of the Company or the Guarantors and to each person,
if any, who controls the Company or any of the Guarantors within the meaning of the Securities
Act, as well as to each officer and director of the other holders and to each person, if any,
who controls such other holders within the meaning of the Securities Act.

          7. Underwritten Offerings.

               Each holder of Registrable Securities hereby agrees with the Company and each other such
holder that no holder of Registrable Securities may participate in any underwritten offering
hereunder unless (a) the Company gives its prior written consent to such underwritten offering, (b)
the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at
least a majority in aggregate principal amount of the Registrable Securities to be included in such
offering, provided that such designated managing underwriter or underwriters is or are reasonably
acceptable to the Company, (c) each holder of Registrable Securities participating in such
underwritten offering agrees to sell such holder’s Registrable Securities on the basis provided in
any underwriting arrangements approved by the persons entitled selecting the managing underwriter
or underwriters hereunder and (d) each holder of Registrable Securities participating in such
underwritten offering completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms of such
underwriting arrangements. The Company hereby agrees with each holder of Registrable Securities
that, to the extent it consents to an underwritten offering hereunder, it will negotiate in good
faith and execute all indemnities,

18

 

underwriting agreements and other documents reasonably required under the terms of such
underwriting arrangements, including using commercially reasonable efforts to procure customary
legal opinions and auditor “comfort” letters.

          8. Rule 144.

     (a) Facilitation of Sales Pursuant to Rule 144. The Company and each of the Guarantors
covenant to the holders of Registrable Securities that to the extent it shall be required to do
so under the Exchange Act, the Company and the Guarantors shall timely file the reports
required to be filed by it under the Exchange Act or the Securities Act (including the reports
under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule
144), and shall take such further action as any holder of Registrable Securities may reasonably
request, all to the extent required from time to time to enable such holder to sell Registrable
Securities without registration under the Securities Act within the limitations of the
exemption provided by Rule 144. Upon the request of any holder of Registrable Securities in
connection with that holder’s sale pursuant to Rule 144, the Company and the Guarantors shall
deliver to such holder a written statement as to whether it has complied with such
requirements.

     (b) Availability of Rule 144 Not Excuse for Obligations under Section 2. The fact that
holders of Registrable Securities may become eligible to sell such Registrable Securities
pursuant to Rule 144 shall not (1) cause such Securities to cease to be Registrable Securities
or (2) excuse the Company’s and the Guarantors’ obligations set forth in Section 2 of this
Agreement, including without limitation the obligations in respect of an Exchange Offer, Shelf
Registration and Special Interest.

          9. Miscellaneous.

     (a) No Inconsistent Agreements. The Company and each of the Guarantors represents,
warrants, covenants and agrees that it has not granted, and shall not grant, registration
rights with respect to Registrable Securities, Exchange Securities or Securities, as
applicable, or any other securities which would be inconsistent with the terms contained in
this Agreement.

     (b) Specific Performance. The parties hereto acknowledge that there would be no adequate
remedy at law if the Company or the Guarantors fail to perform any of their obligations
hereunder and that the Purchasers and the holders from time to time of the Registrable
Securities may be irreparably harmed by any such failure, and accordingly agree that the
Purchasers and such holders, in addition to any other remedy to which they may be entitled at
law or in equity, shall be entitled to compel specific performance of the obligations of the
Company and the Guarantors under this Agreement in accordance with the terms and conditions of
this Agreement, in any court of the United States or any State thereof having jurisdiction.
Time shall be of the essence in this Agreement.

     (c) Notices. All notices, requests, claims, demands, waivers and other communications
hereunder shall be in writing and shall be deemed to have been duly given when delivered by
hand, if delivered personally, by facsimile or by courier, or three days after being deposited
in the mail (registered or certified mail, postage prepaid, return receipt requested) as
follows: If to the Company, to it at 200 East Basse Road, San Antonio, TX 78209, Attention:
General Counsel, and if to a holder, to the address of such holder set forth in the security
register or other records of the Company, or to such other address as the Company

19

 

or any such holder may have furnished to the other in writing in accordance herewith, except that
notices of change of address shall be effective only upon receipt.

     (d) Parties in Interest. All the terms and provisions of this Agreement shall be binding
upon, shall inure to the benefit of and shall be enforceable by the parties hereto, the holders
from time to time of the Registrable Securities and the respective successors and assigns of the
foregoing. In the event that any transferee of any holder of Registrable Securities shall acquire
Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law or
otherwise, such transferee shall, without any further writing or action of any kind, be deemed a
beneficiary hereof for all purposes and such Registrable Securities shall be held subject to all
of the terms of this Agreement, and by taking and holding such Registrable Securities such
transferee shall be entitled to receive the benefits of, and be conclusively deemed to have agreed
to be bound by all of the applicable terms and provisions of this Agreement. If the Company shall
so request, any such successor, assign or transferee shall agree in writing to acquire and hold
the Registrable Securities subject to all of the applicable terms hereof.

     (e) Survival. The respective indemnities, agreements, representations, warranties and each
other provision set forth in this Agreement or made pursuant hereto shall remain in full force and
effect regardless of any investigation (or statement as to the results thereof) made by or on
behalf of any holder of Registrable Securities, any director, officer or partner of such holder,
or any controlling person of any of the foregoing, and shall survive delivery of and payment for
the Registrable Securities pursuant to the Purchase Agreement, the transfer and registration of
Registrable Securities by such holder and the consummation of an Exchange Offer.

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

     (g) Headings. The descriptive headings of the several Sections and paragraphs of this
Agreement are inserted for convenience only, do not constitute a part of this Agreement and shall
not affect in any way the meaning or interpretation of this Agreement.

     (h) Entire Agreement; Amendments. This Agreement and the other writings referred to herein
(including the Indenture and the form of Securities) or delivered pursuant hereto which form a
part hereof contain the entire understanding of the parties with respect to its subject matter.
This Agreement supersedes all prior agreements and understandings between the parties with respect
to its subject matter. This Agreement may be amended and the observance of any term of this
Agreement may be waived (either generally or in a particular instance and either retroactively or
prospectively) only by a written instrument duly executed by the Company and the holders of at
least a majority in aggregate principal amount of the Registrable Securities at the time
outstanding. Each holder of any Registrable Securities at the time or thereafter outstanding shall
be bound by any amendment or waiver effected pursuant to this Section 9(h), whether or not any
notice, writing or marking indicating such amendment or waiver appears on such Registrable
Securities or is delivered to such holder.

     (i) Inspection. For so long as this Agreement shall be in effect, this Agreement and a
complete list of the names and addresses of all the record holders of Registrable Securities shall
be made available for inspection and copying on any Business Day by any holder of Registrable
Securities for proper purposes only (which shall include any purpose related to the rights of the
holders of Registrable Securities under the Securities, the Indenture and

20

 

this Agreement) at the offices of the Company at the address thereof set forth in Section 9(c) and
at the office of the Trustee under the Indenture.

     (j) Counterparts. This Agreement may be executed by the parties in counterparts, each of
which shall be deemed to be an original, but all such respective counterparts shall together
constitute one and the same instrument.

     (k) Severability. If any provision of this Agreement, or the application thereof in any
circumstance, is held to be invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of such provision in every other respect and of the remaining
provisions contained in this Agreement shall not be affected or impaired thereby.

21

 

     If the foregoing is in accordance with your understanding, please sign and return
to us one for the Company and the Representative plus one for each counsel counterparts
hereof, and upon the acceptance hereof by you, on behalf of each of the Purchasers, this
letter and such acceptance hereof shall constitute a binding agreement between each of the
Purchasers, the Guarantors and the Company. It is understood that your acceptance of this
letter on behalf of each of the Purchasers is pursuant to the authority set forth in a form
of Agreement among Purchasers, the form of which shall be submitted to the Company for
examination upon request, but without warranty on your part as to the authority of the
signers thereof.

	 	 	 	 	 
	 	Very truly yours,

Clear Channel Worldwide Holdings, Inc.

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Executive Vice President, Chief

Financial Officer, Secretary 	 
	 
	 	Clear Channel Outdoor Holdings, Inc.

 	 
	 	By:  	/s/ Randall T.  Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Clear Channel Outdoor, Inc.

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Clear Channel Adshel, Inc.

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	1567 Media LLC

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

[Series A Registration Rights Agreement]

 

 

	 	 	 	 	 
	 	Clear Channel Spectacolor, LLC

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Clear Channel Taxi Media, LLC

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Clear Channel Outdoor Holdings Company

Canada

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Outdoor Management Services, Inc.

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	In-ter-space Services, Inc.

 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays          	 
	 	 	Title:  	Chief Financial Officer 	 
	 

[Series A Registration Rights Agreement]

 

 

Accepted as of the date hereof:

Goldman,
Sachs & Co.

	 	 	 	 	 	 	 
	By:

	 	/s/ Goldman, Sachs & Co. 

	 	 	 	 
	 

	 	(Goldman, Sachs & Co.)	 	 	 	 
	 
	 	 	 	 	 	 
	On behalf of each of the Purchasers	 	 	 	 

[Exchange and Registration Rights Agreement]

23

 

Exhibit A

Clear Channel Worldwide Holdings, Inc.

INSTRUCTION TO DTC PARTICIPANTS

(Date of Mailing)

URGENT — IMMEDIATE ATTENTION REQUESTED

DEADLINE FOR RESPONSE: [DATE] *

The Depository Trust Company (“DTC”) has identified you as a DTC Participant through which
beneficial interests in the Clear Channel Worldwide Holdings, Inc. (the “Company”) 9.25% Series A
Senior Notes due 2017 (the “Securities”) are held.

The Company is in the process of registering the Securities under the Securities Act of 1933 for
resale by the beneficial owners thereof. In order to have their Securities included in the
registration statement, beneficial owners must complete and return the enclosed Notice of
Registration Statement and Selling Securityholder Questionnaire.

It is important that beneficial owners of the Securities receive a copy of the enclosed
materials as soon as possible as their rights to have the Securities included in the
registration statement depend upon their returning the Notice and Questionnaire by [Deadline For
Response]. Please forward a copy of the enclosed documents to each beneficial owner that holds
interests in the Securities through you. If you require more copies of the enclosed materials or
have any questions pertaining to this matter, please contact Clear Channel Worldwide Holdings,
Inc., 200 East Basse Road, San Antonio, TX 78209, Attention: General Counsel.

 

			
	*	 	Not less than 28 calendar days from date of mailing.

A-1

 

 

Clear Channel Worldwide Holdings, Inc.

Notice of Registration Statement

and

Selling Securityholder Questionnaire

(Date)

Reference is hereby made to the Exchange and Registration Rights Agreement (the “Exchange and
Registration Rights Agreement”) between Clear Channel Worldwide Holdings, Inc. (the “Company”) and
the Purchasers named therein. Pursuant to the Exchange and Registration Rights Agreement, the
Company has filed or will file with the United States Securities and
Exchange Commission (the “Commission’) a registration statement on Form [___] (the “Shelf
Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of
1933, as amended (the “Securities Act”), of the Company’s 9.25% Series A Senior Notes due 2017
(the “Securities”). A copy of the Exchange and Registration Rights Agreement has been filed as an
exhibit to the Shelf Registration Statement and can be obtained from the Commission’s website at
www.sec.gov. All capitalized terms not otherwise defined herein shall have the meanings
ascribed thereto in the Exchange and Registration Rights Agreement.

Each beneficial owner of Registrable Securities (as defined below) is entitled to have the
Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In
order to have Registrable Securities included in the Shelf Registration Statement, this Notice of
Registration Statement and Selling Securityholder Questionnaire (“Notice and Questionnaire”) must
be completed, executed and delivered to the Company’s counsel at the address set forth herein for
receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of Registrable Securities who do
not properly complete, execute and return this Notice and Questionnaire by such date (i) will not
be named as selling securityholders in the Shelf Registration Statement and (ii) may not use the
Prospectus forming a part thereof for resales of Registrable Securities.

Certain legal consequences arise from being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus. Accordingly, holders and beneficial owners of
Registrable Securities are advised to consult their own securities law counsel regarding the
consequences of being named or not being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus.

The term “Registrable Securities” is defined in the Exchange and Registration Rights Agreement.

A-2

 

 

ELECTION

The undersigned holder (the “Selling Securityholder”) of Registrable Securities hereby elects to
include in the Shelf Registration Statement the Registrable Securities beneficially owned by it
and listed below in Item (3). The undersigned, by signing and returning this Notice and
Questionnaire, agrees to be bound with respect to such Registrable Securities by the terms and
conditions of this Notice and Questionnaire and the Exchange and Registration Rights Agreement,
including, without limitation, Section 6 of the Exchange and Registration Rights Agreement, as if
the undersigned Selling Securityholder were an original party thereto.

Pursuant to the Exchange and Registration Rights Agreement, the undersigned has agreed to
indemnify and hold harmless the Company, its officers who sign any Shelf Registration Statement,
and each person, if any, who controls the Company within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act of 1934, as amended (the “Exchange Act”), against
certain loses arising out of an untrue statement, or the alleged untrue statement, of a material
fact in the Shelf Registration Statement or the related prospectus or the omission, or alleged
omission, to state a material fact required to be stated in such Shelf Registration Statement or
the related prospectus, but only to the extent such untrue statement or omission, or alleged
untrue statement or omission, was made in reliance on and in conformity with the information
provided in this Notice and Questionnaire.

Upon any sale of Registrable Securities pursuant to the Shelf Registration Statement, the Selling
Securityholder will be required to deliver to the Company and Trustee the Notice of Transfer set
forth in Appendix A to the Prospectus and as Exhibit B to the Exchange and Registration Rights
Agreement.

The Selling Securityholder hereby provides the following information to the Company and represents
and warrants that such information is accurate and complete:

A-3

 

 

QUESTIONNAIRE

	(1)	(a)	Full legal name of Selling Securityholder:
	 
	 	 	 

	 	(b)	 	Full legal name of registered Holder (if not the same as in (a) above) of Registrable
Securities listed in Item (3) below:
	 
	 	 	 	 

	 
	 	(c)	 	Full legal name of DTC Participant (if applicable and if not the same as (b) above)
through which Registrable Securities listed in Item (3) below are held:
	 
	 	 	 	 

	(2)	 	Address for notices to Selling Securityholder:

	 	 	 	 

	 
	 	 	 	 

	 
	 	 	 	 

	 	 	 	 	 	 	 	 	 
	 

	 	Telephone:	 	 	 	 	 	 
	 	 	 	 	   	 	 
	 

	 	Fax:	 	 	 	 	 	 
	 	 	 	 	   	 	 
	 

	 	Contact Person:	 	 	 	 	 	 
	 	 	 	 	   	 	 
	 	 	E-mail for Contact Person:	 	 	 	 
	 	 	 	 	 	 	 	 

	(3)	 	Beneficial Ownership of Securities:

	 	 	 	Except as set forth below in this Item (3), the undersigned does not beneficially
own any Securities.
	 
	 	(a)	 	Principal amount of Registrable Securities beneficially owned:
 

	 
	 	 	 	CUSIP No(s). of such Registrable
Securities: 

	 
	 	(b)	 	Principal amount of Securities other than Registrable Securities beneficially owned:
	 
	 	 	 	 

	 
	 	 	 	CUSIP No(s). of such other
Securities: 

	 
	 	(c)	 	Principal amount of Registrable Securities that the undersigned wishes to be included
in the Shelf Registration
Statement:    

	 
	 	 	 	CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration
Statement: 

	(4)	 	Beneficial Ownership of Other Securities of the Company:

	 	 	 	Except as set forth below in this Item (4), the undersigned Selling Securityholder
is not the beneficial or registered owner of any other securities of the Company, other
than the Securities listed above in Item (3).
	 
	 	 	 	State any exceptions here:
	 
	 	 	 	 

	 
	 	 	 	 

	 
	 	 	 	 

A-4

 

	(5)	 	Individuals who exercise dispositive powers with respect to the Securities:

	 	 	 	If the Selling Securityholder is not an entity that is required to file reports
with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (a “Reporting
Company”), then the Selling Securityholder must disclose the name of the natural
person(s) who exercise sole or shared dispositive powers with respect to the Securities.
Selling Securityholders should disclose the beneficial holders, not nominee holders or
other such others of record. In addition, the Commission has provided guidance that Rule
13d-3 of the Securities Exchange Act of 1934 should be used by analogy when determining
the person or persons sharing voting and/or dispositive powers with respect to the
Securities.
	 
	 	(a)	 	Is the holder a Reporting Company?
	 
	 	 	 	Yes                                No                     
	 
	 	 	 	If “No”, please answer Item (5)(b).
	 
	 	(b)	 	List below the individual or individuals who exercise dispositive powers with
respect to the Securities:
	 
	 	 	 	 

	 
	 	 	 	 

	 
	 	 	 	 

	 
	 	 	 	Please note that the names of the persons listed in (b) above will be included in
the Shelf Registration Statement and related Prospectus.

	(6)	 	Relationships with the Company:

	 	 	 	Except as set forth below, neither the Selling Securityholder nor any of its
affiliates, officers, directors or principal equity holders (5% or more) has held any
position or office or has had any other material relationship with the Company (or its
predecessors or affiliates) during the past three years.
	 
	 	 	 	State any exceptions here:
	 
	 	 	 	 

	 
	 	 	 	 

	 
	 	 	 	 

	(7)	 	Plan of Distribution:

	 	 	 	Except as set forth below, the undersigned Selling Securityholder intends to
distribute the Registrable Securities listed above in Item (3) only as follows (if at
all): Such Registrable Securities may be sold from time to time directly by the
undersigned Selling Securityholder. Such Registrable Securities may be sold in one or more
transactions at fixed prices, at prevailing market prices at the time of sale, at varying
prices determined at the time of sale, or at negotiated prices. Such sales may be effected
in transactions (which may involve crosses or block transactions) (i) on any national
securities exchange or quotation service on which the Registered Securities may be listed
or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions
otherwise than on such exchanges or services or in the over-the-counter market, or (iv)
through the writing of options. In connection with sales of the

A-5

 

	 	 	 	Registrable Securities or otherwise, the Selling Securityholder may enter into
hedging transactions with broker-dealers, which may in turn engage in short sales of the
Registrable Securities in the course of hedging the positions they assume. The Selling
Securityholder may also sell Registrable Securities short and deliver Registrable
Securities to close out such short positions, or loan or pledge Registrable Securities to
broker-dealers that in turn may sell such securities.
	 
	 	 	 	State any exceptions here:
	 
	 	 	 	 

	 
	 	 	 	 

	 
	 	 	 	 

	 
	 	 	 	Note: In no event may such method(s) of distribution take the form of an underwritten
offering of Registrable Securities without the prior written agreement of the Company.

	(8)	 	Broker-Dealers:

	 	 	 	The Commission requires that all Selling Securityholders that are registered
broker-dealers or affiliates of registered broker-dealers be so identified in the Shelf
Registration Statement. In addition, the Commission requires that all Selling
Securityholders that are registered broker-dealers be named as underwriters in the Shelf
Registration Statement and related Prospectus, even if they did not receive the
Registrable Securities as compensation for underwriting activities.
	 
	 	(a)	 	State whether the undersigned Selling Securityholder is a registered broker-dealer:
	 
	 	 	 	Yes                                No                     
	 
	 	(b)	 	If the answer to (a) is “Yes”, you must answer (i) and (ii) below, and (iii) below if
applicable. Your answers to (i) and (ii) below, and (iii) below if applicable, will be
included in the Shelf Registration Statement and related Prospectus.

	 	(i)	 	Were the Securities acquired as compensation for underwriting activities?

	 	 	 	Yes                                No                     
	 
	 	 	 	If you answered “Yes”, please provide a brief description of the transaction(s) in which
the Securities were acquired as compensation:

	 	(ii)	 	Were the Securities acquired for investment purposes?

	 	 	 	Yes                                No                     

	 	(iii)	 	If you answered “No” to both (i) and (ii), please
explain the Selling Securityholder’s reason for acquiring the Securities:

	 	 	 	 

	 
	 	 	 	 

	 
	 	 	 	 

A-6

 

	 	(c)	 	State whether the undersigned Selling Securityholder is an affiliate of a registered
broker-dealer and, if so, list the name(s) of the broker-dealer affiliate(s):
	 
	 	 	 	Yes                                No                     
	 
	 	 	 	 

	 
	 	 	 	 

	 
	 	 	 	 

	 
	 	(d)	 	If you answered “Yes” to question (c) above:

	 	(i)	 	Did the undersigned Selling Securityholder purchase Registrable Securities
in the ordinary course of business?

	 	 	 	Yes                                No                     
	 
	 	 	 	If the answer is “No” to question (d)(i), provide a brief explanation of the
circumstances in which the Selling Securityholder acquired the Registrable Securities:
	 
	 	 	 	 

	 
	 	 	 	 

	 
	 	 	 	 

	 	(ii)	 	At the time of the purchase of the Registrable Securities, did the
undersigned Selling Securityholder have any agreements, understandings or
arrangements, directly or indirectly, with any person to dispose of or distribute
the Registrable Securities?

	 	 	 	Yes                                No                     
	 
	 	 	 	If the answer is “Yes” to question (d)(ii), provide a brief explanation of such
agreements, understandings or arrangements:
	 
	 	 	 	 

	 
	 	 	 	 

	 
	 	 	 	 

	 
	 	 	 	If the answer is “No” to Item (8)(d)(i) or “Yes” to Item (8)(d)(ii), you will be named as
an underwriter in the Shelf Registration Statement and the related Prospectus.

	(9)	 	Hedging and short sales:

	 	(a)	 	State whether the undersigned Selling Securityholder has or will enter into
“hedging transactions” with respect to the Registrable Securities:
	 
	 	 	 	Yes                                No                     
	 
	 	 	 	If “Yes”, provide below a complete description of the hedging transactions into which the
undersigned Selling Securityholder has entered or will enter and the purpose of such
hedging transactions, including the extent to which such hedging transactions remain in
place:
	 
	 	 	 	 

	 
	 	 	 	 

	 
	 	 	 	 

A-7

 

	 	(b)	 	Set forth below is Interpretation A.65 of the Commission’s July 1997 Manual of
Publicly Available Interpretations regarding short selling:
	 
	 	 	 	“An issuer filed a Form S-3 registration statement for a secondary offering of common
stock which is not yet effective. One of the selling shareholders wanted to do a short
sale of common stock “against the box” and cover the short sale with registered shares
after the effective date. The issuer was advised that the short sale could not be made
before the registration statement becomes effective, because the shares underlying the
short sale are deemed to be sold at the time such sale is made. There would, therefore,
be a violation of Section 5 if the shares were effectively sold prior to the effective
date.”
	 
	 	 	 	By returning this Notice and Questionnaire, the undersigned Selling Securityholder will
be deemed to be aware of the foregoing interpretation.

*   *   *   *   *

By signing below, the Selling Securityholder acknowledges that it understands its
obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act,
particularly Regulation M (or any successor rule or regulation).

The Selling Securityholder hereby acknowledges its obligations under the Exchange and Registration
Rights Agreement to indemnify and hold harmless the Company and certain other persons as set forth
in the Exchange and Registration Rights Agreement.

In the event that the Selling Securityholder transfers all or any portion of the Registrable
Securities listed in Item (3) above after the date on which such information is provided to the
Company, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer
of its rights and obligations under this Notice and Questionnaire and the Exchange and
Registration Rights Agreement.

By signing below, the Selling Securityholder consents to the disclosure of the information
contained herein in its answers to Items (1) through (9) above and the inclusion of such
information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder
understands that such information will be relied upon by the Company in connection with the
preparation of the Shelf Registration Statement and related Prospectus.

In accordance with the Selling Securityholder’s obligation under Section 3(d) of the Exchange and
Registration Rights Agreement to provide such information as may be required by law for inclusion
in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the
Company of any inaccuracies or changes in the information provided herein which may occur
subsequent to the date hereof at any time while the Shelf Registration Statement remains in effect
and to provide such additional information that the Company may reasonably request regarding such
Selling Securityholder and the intended method of distribution of Registrable Securities in order
to comply with the Securities Act. Except as otherwise provided in the Exchange and Registration
Rights Agreement, all notices hereunder and pursuant to the Exchange and Registration Rights
Agreement shall be made in writing, by hand-delivery, first-class mail, or air courier guaranteeing
overnight delivery as follows:

A-8

 

	 	(i)	 	To the
Company:

 

 

 

 

	 	(ii)	 	With a
copy to:

 

 

 

 

Once this Notice and Questionnaire is executed by the Selling Securityholder and received by the
Company’s counsel, the terms of this Notice and Questionnaire, and the representations and
warranties contained herein, shall be binding on, shall inure to the benefit of and shall be
enforceable by the respective successors, heirs, personal representatives, and assigns of the
Company and the Selling Securityholder (with respect to the Registrable Securities beneficially
owned by such Selling Securityholder and listed in Item (3) above. This Notice and Questionnaire
shall be governed in all respects by the laws of the State of New York.

A-9

 

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and
Questionnaire to be executed and delivered either in person or by its duly authorized agent.

Dated:                                          

	 	 	 	 	 
	 	
Selling Securityholder

(Print/type full legal name of beneficial owner of Registrable Securities)

 	 
	 	 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE
[DEADLINE FOR RESPONSE] TO THE COMPANY’S COUNSEL AT:

 

 

 

 

A-10

 

Exhibit B

NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

[Name of Trustee]

Clear Channel Worldwide Holdings,

Inc. c/o [Name of Trustee]

[Address of Trustee]

Attention: Trust Officer

			
	      Re:	 	Clear Channel Worldwide Holdings, Inc. (the
“Company”) 
9.25% Series A Senior Notes due 2017

Dear Sirs:

Please be advised that                      has transferred $                     
aggregate principal amount of the above-referenced Notes pursuant to an effective Registration
Statement on Form [                     ] (File No. 333-                      ) filed by the Company.

We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933,
as amended, have been satisfied and that the above-named beneficial owner of the Notes is named as
a “Selling Holder” in the Prospectus dated [date] or in supplements thereto, and that the aggregate
principal amount of the Notes transferred are the Notes listed in such Prospectus opposite such
owner’s name.

Dated:

	 	 	 	 	 
	 	Very truly yours,

 	 
	 
	 	  	(Name) 	 
	 
	 	By:  	 	 
	 	 	(Authorized Signature) 	 
	 	 	 	 
	 

B-1

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