Document:

exv10w2

Exhibit 10.2

AMENDMENT TO THE

HEALTHCARE TRUST OF AMERICA, INC.

2006 INDEPENDENT DIRECTORS COMPENSATION PLAN, AS AMENDED

     This Amendment to the 2006 Independent Directors Compensation Plan, as amended (the
“Plan”) is effective February 24, 2011.

     WHEREAS, Healthcare Trust of America, Inc. (the “Company”) adopted the Plan for the
purposes set forth therein; and

     WHEREAS, pursuant to Article 7 of the Plan, the Board of Directors of the Company has the
right to amend the Plan with respect to certain matters; and

     WHEREAS, the Board of Directors of the Company approved and authorized the changes reflected
in this Amendment to the Plan on February 24, 2011;

     NOW, THEREFORE, the Plan is hereby amended in the following particulars:

     By deleting the definition of “Equity Incentive Plan” in Section 2.1 in its entirety and
replacing it with the following:

     “Equity Incentive Plan” means the Healthcare Trust of America, Inc. Amended and Restated 2006
Incentive Plan, or any subsequent equity compensation plan designated as the Equity Incentive Plan
for purposes of this Plan.”

All other provisions of the Plan shall remain the same.

     IN WITNESS WHEREOF, Healthcare Trust of America, Inc., by a duly authorized officer, has
executed this Amendment to the Plan, effective as of the date set forth above.

	 	 	 	 	 
	 	HEALTHCARE TRUST OF AMERICA, INC.

 	 
	 	By:  	/s/ Kellie S. Pruitt
 	 
	 	 	Kellie S. Pruitt 	 
	 	 	Chief Financial Officer, Secretary and Treasurerexv4w1

Exhibit 4.1

EXECUTION COPY

 

CUMULUS MEDIA INC.

THE GUARANTORS NAMED HEREIN

AND

U.S. BANK NATIONAL ASSOCIATION,

AS TRUSTEE, TRANSFER AGENT, REGISTRAR, AUTHENTICATION AGENT and

PAYING AGENT

7.75% Senior Notes due 2019

 

INDENTURE

Dated as of May 13, 2011

 

 

 

Table of Contents

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Page	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	 	 	1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SECTION 1.1.	 	Definitions
	 	 	1	 
	 	 	 	 	SECTION 1.2.	 	Other Definitions
	 	 	33	 
	 	 	 	 	SECTION 1.3.	 	Incorporation by Reference of Trust Indenture Act
	 	 	35	 
	 	 	 	 	SECTION 1.4.	 	Rules of Construction
	 	 	35	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE II THE NOTES	 	 	36	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SECTION 2.1.	 	Form, Dating and Terms
	 	 	36	 
	 	 	 	 	SECTION 2.2.	 	Execution and Authentication
	 	 	44	 
	 	 	 	 	SECTION 2.3.	 	Registrar and Paying Agent
	 	 	45	 
	 	 	 	 	SECTION 2.4.	 	Paying Agent to Hold Money in Trust
	 	 	46	 
	 	 	 	 	SECTION 2.5.	 	Holder Lists
	 	 	46	 
	 	 	 	 	SECTION 2.6.	 	Transfer and Exchange
	 	 	46	 
	 	 	 	 	SECTION 2.7.	 	Form of Certificate to be Delivered in Connection with Transfers
to Institutional Accredited Investors
	 	 	51	 
	 	 	 	 	SECTION 2.8.	 	Form of Certificate to be Delivered in Connection with Transfers
Pursuant to Regulation S
	 	 	53	 
	 	 	 	 	SECTION 2.9.	 	Mutilated, Destroyed, Lost or Stolen Notes
	 	 	54	 
	 	 	 	 	SECTION 2.10.	 	Outstanding Notes
	 	 	55	 
	 	 	 	 	SECTION 2.11.	 	Temporary Notes
	 	 	55	 
	 	 	 	 	SECTION 2.12.	 	Cancellation
	 	 	56	 
	 	 	 	 	SECTION 2.13.	 	Payment of Interest; Defaulted Interest
	 	 	56	 
	 	 	 	 	SECTION 2.14.	 	CUSIP, Common Code and ISIN Numbers
	 	 	57	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE III COVENANTS	 	 	58	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SECTION 3.1.	 	Payment of Notes
	 	 	58	 
	 	 	 	 	SECTION 3.2.	 	Limitation on Incurrence of Indebtedness and Issuance of
Disqualified Stock and Preferred Stock
	 	 	58	 
	 	 	 	 	SECTION 3.3.	 	Limitation on Restricted Payments
	 	 	65	 
	 	 	 	 	SECTION 3.4.	 	Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries
	 	 	72	 
	 	 	 	 	SECTION 3.5.	 	Limitation on Asset Sales
	 	 	75	 
	 	 	 	 	SECTION 3.6.	 	Limitation on Liens
	 	 	78	 
	 	 	 	 	SECTION 3.7.	 	Limitation on Guarantees of Indebtedness by Restricted Subsidiaries
	 	 	78	 
	 	 	 	 	SECTION 3.8.	 	Transactions with Affiliates
	 	 	79	 
	 	 	 	 	SECTION 3.9.	 	Limitation on Activities of the License Subsidiaries
	 	 	81	 
	 	 	 	 	SECTION 3.10.	 	Change of Control
	 	 	81	 
	 	 	 	 	SECTION 3.11.	 	Reports and Other Information
	 	 	83	 
	 	 	 	 	SECTION 3.12.	 	Maintenance of Office or Agency
	 	 	85	 

i

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Page	 
	 	 	 	 	SECTION 3.13.	 	Corporate Existence
	 	 	85	 
	 	 	 	 	SECTION 3.14.	 	Payment of Taxes
	 	 	85	 
	 	 	 	 	SECTION 3.15.	 	Payments for Consent
	 	 	85	 
	 	 	 	 	SECTION 3.16.	 	Compliance Certificate
	 	 	86	 
	 	 	 	 	SECTION 3.17.	 	Reserved
	 	 	86	 
	 	 	 	 	SECTION 3.18.	 	Limitation on Lines of Business
	 	 	86	 
	 	 	 	 	SECTION 3.19.	 	Statement by Officers as to Default
	 	 	86	 
	 	 	 	 	SECTION 3.20.	 	Suspension of Certain Covenants
	 	 	86	 
	 	 	 	 	SECTION 3.21.	 	Operating Holdco Assumption and Future Parents
	 	 	87	 
	 	 	 	 	SECTION 3.22.	 	Disposition of Divestiture Trusts
	 	 	88	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE IV SUCCESSOR COMPANY	 	 	88	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SECTION 4.1.	 	Merger, Consolidation or Sale of All or Substantially All Assets
	 	 	88	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE V REDEMPTION OF SECURITIES	 	 	90	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SECTION 5.1.	 	Notices to Trustee
	 	 	90	 
	 	 	 	 	SECTION 5.2.	 	Selection of Notes to Be Redeemed or Purchased
	 	 	91	 
	 	 	 	 	SECTION 5.3.	 	Notice of Redemption
	 	 	91	 
	 	 	 	 	SECTION 5.4.	 	Effect of Notice of Redemption
	 	 	92	 
	 	 	 	 	SECTION 5.5.	 	Deposit of Redemption or Purchase Price
	 	 	92	 
	 	 	 	 	SECTION 5.6.	 	Notes Redeemed or Purchased in Part
	 	 	93	 
	 	 	 	 	SECTION 5.7.	 	Optional Redemption
	 	 	93	 
	 	 	 	 	SECTION 5.8.	 	Mandatory Redemption
	 	 	94	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE VI DEFAULTS AND REMEDIES	 	 	94	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SECTION 6.1.	 	Events of Default
	 	 	94	 
	 	 	 	 	SECTION 6.2.	 	Acceleration
	 	 	97	 
	 	 	 	 	SECTION 6.3.	 	Other Remedies
	 	 	97	 
	 	 	 	 	SECTION 6.4.	 	Waiver of Past Defaults
	 	 	97	 
	 	 	 	 	SECTION 6.5.	 	Control by Majority
	 	 	98	 
	 	 	 	 	SECTION 6.6.	 	Limitation on Suits
	 	 	98	 
	 	 	 	 	SECTION 6.7.	 	Rights of Holders to Receive Payment
	 	 	99	 
	 	 	 	 	SECTION 6.8.	 	Collection Suit by Trustee
	 	 	99	 
	 	 	 	 	SECTION 6.9.	 	Trustee May File Proofs of Claim
	 	 	99	 
	 	 	 	 	SECTION 6.10.	 	Priorities
	 	 	99	 
	 	 	 	 	SECTION 6.11.	 	Undertaking for Costs
	 	 	100	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE VII TRUSTEE	 	 	100	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SECTION 7.1.	 	Duties of Trustee
	 	 	100	 
	 	 	 	 	SECTION 7.2.	 	Rights of Trustee
	 	 	101	 
	 	 	 	 	SECTION 7.3.	 	Individual Rights of Trustee
	 	 	103	 
	 	 	 	 	SECTION 7.4.	 	Trustee’s Disclaimer
	 	 	103	 

ii

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Page	 
	 	 	 	 	SECTION 7.5.	 	Notice of Defaults
	 	 	103	 
	 	 	 	 	SECTION 7.6.	 	Reports by Trustee to Holders
	 	 	103	 
	 	 	 	 	SECTION 7.7.	 	Compensation and Indemnity
	 	 	104	 
	 	 	 	 	SECTION 7.8.	 	Replacement of Trustee
	 	 	105	 
	 	 	 	 	SECTION 7.9.	 	Successor Trustee by Merger
	 	 	106	 
	 	 	 	 	SECTION 7.10.	 	Eligibility; Disqualification
	 	 	106	 
	 	 	 	 	SECTION 7.11.	 	Preferential Collection of Claims Against the Issuer
	 	 	106	 
	 	 	 	 	SECTION 7.12.	 	Trustee’s Application for Instruction from the Issuer
	 	 	106	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE	 	 	107	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SECTION 8.1.	 	Option to Effect Legal Defeasance or Covenant Defeasance;
Defeasance
	 	 	107	 
	 	 	 	 	SECTION 8.2.	 	Legal Defeasance and Discharge
	 	 	107	 
	 	 	 	 	SECTION 8.3.	 	Covenant Defeasance
	 	 	107	 
	 	 	 	 	SECTION 8.4.	 	Conditions to Legal or Covenant Defeasance
	 	 	108	 
	 	 	 	 	SECTION 8.5.	 	Deposited Money and Government Securities to be Held in Trust;
Other Miscellaneous Provisions
	 	 	109	 
	 	 	 	 	SECTION 8.6.	 	Repayment to the Issuer
	 	 	110	 
	 	 	 	 	SECTION 8.7.	 	Reinstatement
	 	 	110	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE IX AMENDMENTS	 	 	111	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SECTION 9.1.	 	Without Consent of Holders
	 	 	111	 
	 	 	 	 	SECTION 9.2.	 	With Consent of Holders
	 	 	112	 
	 	 	 	 	SECTION 9.3.	 	Compliance with Trust Indenture Act
	 	 	114	 
	 	 	 	 	SECTION 9.4.	 	Revocation and Effect of Consents and Waivers
	 	 	114	 
	 	 	 	 	SECTION 9.5.	 	Notation on or Exchange of Notes
	 	 	114	 
	 	 	 	 	SECTION 9.6.	 	Trustee to Sign Amendments
	 	 	114	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE X GUARANTEE	 	 	115	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SECTION 10.1.	 	Guarantee
	 	 	115	 
	 	 	 	 	SECTION 10.2.	 	Limitation on Liability; Termination, Release and Discharge
	 	 	117	 
	 	 	 	 	SECTION 10.3.	 	Right of Contribution
	 	 	119	 
	 	 	 	 	SECTION 10.4.	 	No Subrogation
	 	 	119	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE XI RESERVED	 	 	119	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE XII SATISFACTION AND DISCHARGE	 	 	120	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SECTION 12.1.	 	Satisfaction and Discharge
	 	 	120	 
	 	 	 	 	SECTION 12.2.	 	Application of Trust Money
	 	 	121	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE XIII MISCELLANEOUS	 	 	121	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SECTION 13.1.	 	Trust Indenture Act Controls
	 	 	121	 
	 	 	 	 	SECTION 13.2.	 	Notices
	 	 	121	 

iii

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Page	 
	 	 	 	 	SECTION 13.3.	 	Communication by Holders with other Holders
	 	 	123	 
	 	 	 	 	SECTION 13.4.	 	Certificate and Opinion as to Conditions Precedent
	 	 	123	 
	 	 	 	 	SECTION 13.5.	 	Statements Required in Certificate or Opinion
	 	 	124	 
	 	 	 	 	SECTION 13.6.	 	When Notes Disregarded
	 	 	124	 
	 	 	 	 	SECTION 13.7.	 	Rules by Trustee, Paying Agent and Registrar
	 	 	124	 
	 	 	 	 	SECTION 13.8.	 	Legal Holidays
	 	 	124	 
	 	 	 	 	SECTION 13.9.	 	GOVERNING LAW
	 	 	124	 
	 	 	 	 	SECTION 13.10.	 	USA Patriot Act 
	 	 	125	 
	 	 	 	 	SECTION 13.11.	 	No Recourse Against Others 
	 	 	125	 
	 	 	 	 	SECTION 13.12.	 	Successors 
	 	 	125	 
	 	 	 	 	SECTION 13.13.	 	Multiple Originals 
	 	 	125	 
	 	 	 	 	SECTION 13.14.	 	Qualification of Indenture 
	 	 	125	 
	 	 	 	 	SECTION 13.15.	 	Table of Contents; Headings 
	 	 	125	 
	 	 	 	 	SECTION 13.16.	 	WAIVERS OF JURY TRIAL 
	 	 	125	 
	 	 	 	 	SECTION 13.17.	 	Force Majeure 
	 	 	126	 

	 	 	 
	EXHIBIT A

	 	Form of Series A Note
	EXHIBIT B

	 	Form of Series B Note
	EXHIBIT C

	 	Form of Indenture Supplement to Add Future Subsidiary Guarantors
	EXHIBIT D

	 	Form of Indenture Supplement to Add Future Parent Guarantors

iv

 

CROSS-REFERENCE TABLE

	 	 	 	 	 	 
	TIA	 	Indenture	 
	Section	 	Section	 
	310	(a)(1) 	 	 	7.10	 
	 	(a)(2) 	 	 	7.10	 
	 	(a)(3) 	 	 	N.A.	 
	 	(a)(4) 	 	 	N.A.	 
	 	(a)(5) 	 	 	7.10	 
	 	(b) 	 	 	7.3;7.8; 7.10	 
	 	(c) 	 	 	7.10	 
	311	(a) 	 	 	7.11	 
	 	(b) 	 	 	7.11	 
	 	(c) 	 	 	N.A.	 
	312	(a) 	 	 	2.5	 
	 	(b) 	 	 	13.3	 
	 	(c) 	 	 	13.3	 
	313	(a) 	 	 	7.6	 
	 	(b)(1) 	 	 	7.6	 
	 	(b)(2) 	 	 	7.6	 
	 	(c) 	 	 	7.6	 
	 	(d) 	 	 	7.6	 
	314	(a)(4) 	 	 	3.11; 3.16; 13.5	 
	 	(b) 	 	 	N.A.	 
	 	(c)(1) 	 	 	13.4	 
	 	(c)(2) 	 	 	13.4	 
	 	(c)(3) 	 	 	N.A.	 
	 	(e) 	 	 	13.5	 
	315	(a) 	 	 	7.1	 
	 	(b) 	 	 	7.5; 13.2	 
	 	(c) 	 	 	7.1	 
	 	(d) 	 	 	7.1	 
	 	(e) 	 	 	6.11	 
	316	(a)(last sentence) 	 	 	13.6	 
	 	(a)(1)(A) 	 	 	6.5	 
	 	(a)(1)(B) 	 	 	6.4	 
	 	(a)(2) 	 	 	N.A.	 
	 	(b) 	 	 	6.7	 
	 	(c) 	 	 	6.5	 
	317	(a)(1) 	 	 	6.8	 
	 	(a)(2) 	 	 	6.9	 
	 	(b) 	 	 	2.4	 
	318	(a) 	 	 	13.1	 

     N.A. means Not Applicable.

Note: This Cross-Reference Table shall not, for any purpose, be deemed to be part of this
Indenture.

v 

 

          INDENTURE dated as of May 13, 2011, among CUMULUS MEDIA INC., a Delaware corporation (the
“Issuer”), the Guarantors named herein and U.S. BANK NATIONAL ASSOCIATION, a banking
corporation organized and existing under the laws of the United States, as Trustee (the “Trustee”),
and as transfer agent, registrar, authentication agent and paying agent (the “Agent”).

          Each party agrees as follows for the benefit of the other parties and for the equal and
ratable benefit of the Holders of (i) the Issuer’s 7.75% Senior Notes, Series A, due 2019, issued
on the date hereof (the “Initial Notes”), (ii) if and when issued, an unlimited principal
amount of additional 7.75% Senior Notes, Series A, due 2019 in a non-registered offering or 7.75%
Senior Notes, Series B, due 2019 in a registered offering that may be offered from time to time
subsequent to the Issue Date, in each case subject to Section 2.1 (the “Additional
Notes”) as provided in Section 2.1(a) and (iii) if and when issued, the Issuer’s 7.75%
Senior Notes, Series B, due 2019 that may be issued from time to time in exchange for Initial Notes
or any Additional Notes in an offer registered under the Securities Act as provided in the
Registration Rights Agreement, as hereinafter defined (the “Exchange Notes” and, together
with the Initial Notes and Additional Notes, the “Notes”):

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

          SECTION 1.1. Definitions.

          “Acquired Indebtedness” means, with respect to any specified Person,

     (1) Indebtedness of any other Person existing at the time such other Person is merged
with or into or becomes a Restricted Subsidiary of such specified Person, including
Indebtedness incurred in connection with, or in contemplation of, such other Person merging
with or into or becoming a Restricted Subsidiary of such specified Person; and

     (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified
Person.

          “Acquisition Credit Facility” means one or more credit facilities or other financing
arrangements (including, without limitation, commercial paper facilities) of the Issuer providing
for revolving credit loans, term loans, letters of credit or other indebtedness, including any
notes, mortgages, guarantees, collateral documents, instruments and agreements executed therewith
entered into in connection with the Citadel Transaction.

          “Acquisitions” means the CMP Acquisition and the Citadel Transaction.

          “Additional Interest” means all additional interest then owing pursuant to the
Registration Rights Agreement.

          “Additional Notes” has the meaning ascribed to it in the second introductory paragraph
of this Indenture.

 

 

          “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person.
For purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise.

          “Applicable Premium” means, with respect to any Note on any Redemption Date, the
greater of:

          (1) 1.0% of the principal amount of such Note; and

          (2) the excess, if any, of (a) the present value at such Redemption Date of (i) the redemption
price of such Note at May 1, 2015 (such redemption price being set forth in the table appearing in
Section 5.7(e)), plus (ii) all required interest payments due on such Note through May 1,
2015 (excluding accrued but unpaid interest to the Redemption Date), computed using a discount rate
equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over (b) the principal
amount of such Note.

          “Asset Sale” means:

          (1) the sale, conveyance, transfer or other disposition, whether in a single transaction or a
series of related transactions, of property or assets (including by way of a Sale and Lease-Back
Transaction) of the Issuer (other than Equity Interests of the Issuer) or any of its Restricted
Subsidiaries (each referred to in this definition as a “disposition”); or

          (2) the issuance or sale of Equity Interests of any Restricted Subsidiary (other than
Preferred Stock of Restricted Subsidiaries issued in compliance with Section 3.2 or
directors’ qualifying shares and shares issued to foreign nationals as required under applicable
law), whether in a single transaction or a series of related transactions, in each case, other
than:

          (a) any disposition of Cash Equivalents or Investment Grade Securities, any disposition of
excess, obsolete, damaged or worn out or surplus assets in the ordinary course of business or any
disposition of inventory or goods (or other assets) held for sale or no longer used in the ordinary
course of business of the Issuer and its Restricted Subsidiaries;

          (b) the disposition of all or substantially all of the assets of the Issuer in a manner
permitted pursuant to Section 4.1 or any disposition that constitutes a Change of Control
pursuant to this Indenture;

          (c) the making of any Restricted Payment that is permitted to be made, and is made, under
Section 3.3 and the making of any Permitted Investments (other than any Permitted
Investment in Cash Equivalents or Investment Grade Securities made pursuant to clause (2) of the
definition of “Permitted Investment”) ;

2

 

          (d) any disposition of property or assets or issuance or sale of Equity Interests of any
Restricted Subsidiary in any transaction or series of related transactions with an aggregate fair
market value of less than $10.0 million;

          (e) any disposition of property or assets or issuance or sale of securities by a Restricted
Subsidiary to the Issuer or by the Issuer or a Restricted Subsidiary to another Restricted
Subsidiary;

          (f) to the extent allowable under Section 1031 of the Internal Revenue Code of 1986, any
exchange of like property (excluding any boot thereon) for use in a Similar Business;

          (g) the lease, assignment, sub-lease, license or sublicense of any real or personal property
in the ordinary course of business;

          (h) any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an
Unrestricted Subsidiary;

          (i) foreclosures, condemnation or any similar action on assets;

          (j) any disposition of Securitization Assets, or participations therein, in connection with
any Qualified Securitization Financing, or the disposition of an account receivable in connection
with the collection or compromise thereof in the ordinary course of business;

          (k) the granting of a Lien that is permitted by Section 3.6;

          (l) the sale or issuance by a Restricted Subsidiary of Preferred Stock or Disqualified Stock
that is permitted by Section 3.2;

          (m) the unwinding of Hedging Obligations entered into in the ordinary course of business;

          (n) any financing transaction with respect to property constructed, acquired, replaced,
repaired or improved (including any reconstruction, refurbishment, renovation and/or development of
real property) by the Issuer or any Restricted Subsidiary after the Issue Date, including Sale and
Lease-Back Transactions and asset securitizations, permitted by Section 3.2(b)(4); and

          (o) any surrender or waiver of contractual rights or the settlement, release or surrender of
contractual rights or other litigation claims in the ordinary course of business.

          “Bankruptcy Code” means Title 11 of the United States Code, as amended.

          “Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign
law for the relief of debtors.

          “Board Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of a Person to have been duly adopted by the Board of Directors of such Person
and to be in full force and effect on the date of such certification, and delivered to the Trustee.

3

 

          “Business Day” means each day which is not a Legal Holiday.

          “Capital Stock” means:

     (1) in the case of a corporation, corporate stock;

     (2) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of capital stock;

     (3) in the case of a partnership or limited liability company, partnership or
membership interests (whether general or limited); and

     (4) any other interest or participation that confers on a Person the right to receive a
share of the profits and losses of, or distributions of assets of, the issuing Person.

          “Capitalized Lease Obligation” means, at the time any determination thereof is to be
made, the amount of the liability in respect of a capital lease that would at such time be required
to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto)
in accordance with GAAP, and the stated maturity thereof shall be the date of the last payment of
rent or any other amount due under such lease prior to the first date upon which such lease may be
prepaid by the lessee without payment of a penalty.

          “Cash Equivalents” means:

     (1) U.S. dollars;

     (2) securities issued or directly and fully and unconditionally guaranteed or insured
by the U.S. government or any agency or instrumentality thereof the securities of which are
unconditionally guaranteed as a full faith and credit obligation of such government with
maturities of 24 months or less from the date of acquisition;

     (3) certificates of deposit, time deposits and eurodollar time deposits with maturities
of one year or less from the date of acquisition, bankers’ acceptances with maturities not
exceeding one year and overnight bank deposits, in each case with any commercial bank having
capital and surplus of not less than $300.0 million;

     (4) repurchase obligations for underlying securities of the types described in clauses
(2) and (3) entered into with any financial institution meeting the qualifications specified
in clause (3) above and in U.S. dollars;

     (5) commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each
case maturing within 24 months after the date of creation thereof, in U.S. dollars;

     (6) marketable short-term money market and similar securities having a rating of at
least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither
Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating
Agency) and in each case maturing within 24 months after the date of creation thereof and in
U.S. dollars;

4

 

     (7) investment funds investing substantially all of their assets in securities of the
types described in clauses (1) through (6) above;

     (8) readily marketable direct obligations issued by any state, commonwealth or
territory of the United States or any political subdivision or taxing authority thereof
having an Investment Grade Rating from either Moody’s or S&P with maturities of 24 months or
less from the date of acquisition;

     (9) Indebtedness or Preferred Stock issued by Persons with a rating of A or higher from
S&P or A2 or higher from Moody’s with maturities of 24 months or less from the date of
acquisition and in each case in U.S. dollars;

     (10) Investments with weighted average maturities of 12 months or less from the date of
acquisition in money market funds rated A (or the equivalent thereof) or better by S&P or A
(or the equivalent thereof) or better by Moody’s and in each case in U.S. dollars; and

     (11) credit card receivables and debit card receivables so long as such are considered
cash equivalents under GAAP and are so reflected on the Issuer’s balance sheet.

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies
other than U.S. dollars; provided that such amounts are converted into U.S. dollars as promptly as
practicable and in any event within ten Business Days following the receipt of such amounts.

          “Cash Management Services” means any of the following to the extent not constituting a
line of credit (other than an overnight overdraft facility that is not in default): ACH
transactions, treasury and/or cash management services, including, without limitation, controlled
disbursement services, overdraft facilities that are not in default, foreign exchange facilities,
deposit and other accounts and merchant services.

          “Change of Control” means the occurrence of any of the following:

     (1) the sale, lease or transfer, in one or a series of related transactions (other than
by way of merger or consolidation), of all or substantially all of the assets of any Parent
or the Issuer and their respective Subsidiaries, taken as a whole, to any Person other than
to any Guarantor or Permitted Holder; or

     (2) the Issuer becomes aware of (by way of a report or any other filing pursuant to
Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition
by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the
Exchange Act, or any successor provision) other than Permitted Holders, including any group
acting for the purpose of acquiring, holding or disposing of securities (within the meaning
of Rule 13d-5(b)(1) under the Exchange Act) in a single transaction or in a related series
of transactions, by way of merger, consolidation or other business combination or purchase
of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any
successor provision) of 50% or more of the total voting power of

5

 

     the Voting Stock of (a) the Issuer or (b) any Parent holding directly or indirectly a
majority of the total voting power of the Voting Stock of the Issuer; or

     (3) the first day on which a majority of the members of the board of directors of the
Issuer or Parent are not Continuing Directors; or

     (4) the adoption by the stockholders of the Issuer or any Parent of a plan or proposal
for the liquidation or dissolution of the Issuer or Parent.

          Notwithstanding anything to the contrary in the foregoing, neither of the Acquisitions nor any
of the transactions contemplated in connection therewith shall constitute or give rise to a Change
of Control.

          “Citadel” means Citadel Broadcasting Corporation.

          “Citadel Transaction” means the merger of Citadel with and into Cumulus Media Holdings
Inc. as provided in, and the other transactions contemplated by, the Merger Agreement, together
with (1) the Operating Holdco Assumption and (2) the repayment of all amounts outstanding, and the
termination of the commitments under, the Existing Credit Facility.

          “CMP” means CMP Media Partners, LLC.

          “CMP Acquisition” means the acquisition by the Issuer or any Wholly-Owned Subsidiary
of the Issuer that is a Subsidiary Guarantor of all Equity Interests of CMP that it does not hold
as of the Issue Date as provided in the Exchange Agreement.

          “Consolidated Interest Expense” means, with respect to any Person for any period,
without duplication, the sum of:

	 	(1)	 	consolidated interest expense of such Person and its Restricted
Subsidiaries for such period, to the extent such expense was deducted (and not
added back) in computing Consolidated Net Income (including (a) amortization of
original issue discount resulting from the issuance of Indebtedness at less
than par, (b) all commissions, discounts and other fees and charges owed with
respect to letters of credit or bankers acceptances, (c) non-cash interest
payments (but excluding any non-cash interest expense attributable to the
movement in the mark-to-market valuation of Hedging Obligations or other
derivative instruments pursuant to GAAP), (d) the interest component of
Capitalized Lease Obligations, and (e) net payments, if any, pursuant to
interest rate Hedging Obligations with respect to Indebtedness, and excluding
(v) penalties and interest related to taxes, (w) any Additional Interest with
respect to the Notes, (x) amortization of deferred financing fees, debt
issuance costs, discounted liabilities, commissions, fees and expenses, (y) any
expensing of bridge, commitment and other financing fees and (z) commissions,
discounts, yield and other fees and charges (including any interest expense)
related to any Securitization Facility); plus

6

 

	 	(2)	 	consolidated capitalized interest of such Person and its
Restricted Subsidiaries for such period, whether paid or accrued; less
	 
	 	(3)	 	interest income for such period.

          For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit
in such Capitalized Lease Obligation in accordance with GAAP.

          “Consolidated Net Income” means, with respect to any Person for any period, the
aggregate of the consolidated net income (loss), of such Person and its Restricted Subsidiaries for
such period, and otherwise determined in accordance with GAAP; provided, however, that, without
duplication,

     (1) any net after-tax effect of extraordinary, non-recurring or unusual gains or
losses, costs, charges or expenses (including any such amounts relating to the Refinancing
Transactions and the Acquisitions to the extent incurred on or prior to the date that is the
one-year anniversary of the related Acquisition), severance, relocation costs and
curtailments or modifications to pension and post-retirement employee benefit plans shall be
excluded,

     (2) the cumulative effect of a change in accounting principles during such period shall
be excluded,

     (3) any net after-tax effect of income (loss) from disposed, abandoned or discontinued
operations and any net after-tax gains or losses on disposal of disposed, abandoned or
discontinued operations shall be excluded,

     (4) any net after-tax effect of gains or losses (less all fees and expenses relating
thereto) attributable to asset dispositions (including sales or other dispositions of assets
under a Securitization Facility) other than in the ordinary course of business, as
determined in Good Faith by the Issuer, shall be excluded,

     (5) the Consolidated Net Income for such period of any Person that is not a Subsidiary,
or is an Unrestricted Subsidiary, or that is accounted for by the equity method of
accounting, shall be excluded; provided that Consolidated Net Income of the Issuer shall be
increased by the amount of dividends or distributions or other payments that are actually
paid in Cash Equivalents (or to the extent converted into Cash Equivalents) to the referent
Person or a Restricted Subsidiary thereof in respect of such period (without duplication for
purposes of Section 3.3 of any amounts included in Section
3.3(a)(iv)(C)(iii)),

     (6) solely for the purpose of determining the amount available for Restricted Payments
under Section 3.3(a)(iv)(C)(i), the Consolidated Net Income (if positive) for such
period of any Restricted Subsidiary (other than any Subsidiary Guarantor) shall be excluded
to the extent the declaration or payment of dividends or similar distributions by that
Restricted Subsidiary of its Consolidated Net Income is not at the date of determination
permitted without any prior governmental approval (which has not been obtained) or, directly
or indirectly, is otherwise restricted by the operation of the terms of

7

 

its charter or any agreement, instrument, judgment, decree, order, statute, rule, or
governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless
such restriction with respect to the payment of dividends or similar distributions has been
legally waived; provided that Consolidated Net Income of the Issuer shall be increased by
the amount of dividends or other distributions or other payments actually paid in Cash
Equivalents (or to the extent converted into Cash Equivalents) to the Issuer or a Restricted
Subsidiary thereof in respect of such period, to the extent not already included therein,

     (7) effects of adjustments (including the effects of such adjustments pushed down to
the Issuer and its Restricted Subsidiaries) in such Person and its Restricted Subsidiaries’
consolidated financial statements, including adjustments to the inventory, property and
equipment, software and other intangible assets (including favorable and unfavorable leases
and contracts), deferred revenue and debt line items in such Person and its Restricted
Subsidiaries’ consolidated financial statements pursuant to GAAP resulting from the
application of purchase accounting in relation to any consummated acquisition or the
amortization or write-off or write-down of any amounts thereof, net of taxes, shall be
excluded,

     (8) any after-tax effect of income (loss) from the early extinguishment or cancellation
of Indebtedness or Hedging Obligations or other derivative instruments shall be excluded,

     (9) any impairment charge, asset write-off or write-down, in each case pursuant to
GAAP, and the amortization of intangibles and other assets arising pursuant to GAAP, shall
be excluded,

     (10) any (i) non-cash compensation charge or expense recorded from grants of stock
appreciation or similar rights, stock options, restricted stock or other rights and (ii)
income (loss) attributable to deferred compensation plans or trusts shall be excluded,

     (11) any unrealized net gains and losses resulting from Hedging Obligations or embedded
derivatives that require similar accounting treatment and the application of Accounting
Standards Codification Topic 815, Derivatives and Hedging, and related pronouncements shall
be excluded,

     (12) any unrealized net gains and losses resulting from currency translation gains or
losses related to currency remeasurements of Indebtedness (including any unrealized net
gains or losses resulting from hedge agreements for currency exchange risk) shall be
excluded, and

     (13) any net income or loss included in the consolidated financial statements of such
Person and its Restricted Subsidiaries as noncontrolling interests due to the application of
Accounting Standards Codification Topic 810, Consolidation, shall be excluded.

          Any cash amounts dividended, distributed, loaned or otherwise transferred to any Parent by the
Issuer or its Restricted Subsidiaries pursuant to Section 3.3(b)(13) without duplication of
any amounts otherwise deducted in calculating Consolidated Net Income, the funds

8

 

for which are provided by the Issuer and/or its Restricted Subsidiaries, shall be deducted in
calculating the Consolidated Net Income of the Issuer and its Restricted Subsidiaries.

          In addition, to the extent not already included in the consolidated net income (loss) of such
Person and its Restricted Subsidiaries determined in accordance with GAAP, notwithstanding anything
to the contrary in the foregoing, Consolidated Net Income shall include the amount of proceeds
received from business interruption insurance and reimbursements of any expenses and charges that
are covered by indemnification or other reimbursement provisions in connection with any Permitted
Investment or any sale, conveyance, transfer or other disposition of assets permitted under this
Indenture.

          Notwithstanding the foregoing, for the purpose of Section 3.3 only (other than
Section 3.3(a)(iv)(C)(iii)), there shall be excluded from Consolidated Net Income any
income arising from any sale or other disposition of Restricted Investments made by the Issuer and
its Restricted Subsidiaries, any repurchases and redemptions of Restricted Investments from the
Issuer and its Restricted Subsidiaries, any repayments of loans and advances which constitute
Restricted Investments by the Issuer or any of its Restricted Subsidiaries, any sale of the stock
of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in
each case only to the extent such amounts increase the amount of Restricted Payments permitted
under Section 3.3(a)(C)(iii).

          “Consolidated Total Indebtedness” means, as at any date of determination, an amount
equal to the sum of (1) the aggregate amount of all outstanding Indebtedness of the Issuer and its
Restricted Subsidiaries consisting of Indebtedness for borrowed money, Obligations in respect of
Capitalized Lease Obligations and debt obligations evidenced by promissory notes and similar
instruments (and including, for the avoidance of doubt, all obligations relating to Qualified
Securitization Financings) and (2) the aggregate amount of all outstanding Disqualified Stock of
the Issuer and all Disqualified Stock and Preferred Stock of its Restricted Subsidiaries, with the
amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective
voluntary or involuntary liquidation preferences and Maximum Fixed Repurchase Prices, in each case
determined in accordance with GAAP; provided that Indebtedness of the Issuer and its Restricted
Subsidiaries under any revolving credit facility or line of credit as at any date of determination
shall be determined using the Average Quarterly Balance of such Indebtedness for the most recently
ended four fiscal quarters for which internal financial statements are available as of such date of
determination (the “Reference Period”). For purposes hereof, (a) the “Maximum Fixed
Repurchase Price” of any Disqualified Stock or Preferred Stock that does not have a fixed
repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or
Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on
which Consolidated Total Indebtedness shall be required to be determined pursuant to this
Indenture, and if such price is based upon, or measured by, the fair market value of such
Disqualified Stock or Preferred Stock, such fair market value shall be determined reasonably and in
Good Faith by the Issuer, (b) “Average Quarterly Balance” means, with respect to any
Indebtedness incurred by the Issuer or its Restricted Subsidiaries under a revolving facility or
line of credit, the quotient of (x) the sum of each Individual Quarterly Balance for each fiscal
quarter ended on or prior to such date of determination and included in the Reference Period
divided by (y) 4, and (c) “Individual Quarterly Balance” means, with respect to any
Indebtedness incurred by the Issuer or its Restricted Subsidiaries under a revolving credit
facility or line of credit during any

9

 

fiscal quarter of the Issuer, the quotient of (x) the sum of the aggregate outstanding
principal amount of all such Indebtedness at the end of each day of such quarter divided by (y) the
number of days in such fiscal quarter.

     “Contingent Obligations” means, with respect to any Person, any obligation of such
Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness
(“primary obligations”) of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, including, without limitation, any obligation of such Person,
whether or not contingent,

     (1) to purchase any such primary obligation or any property constituting direct or
indirect security therefor,

     (2) to advance or supply funds

	 	(a)	 	for the purchase or payment of any such primary obligation, or
	 
	 	(b)	 	to maintain working capital or equity capital of the primary
obligor or otherwise to maintain the net worth or solvency of the primary
obligor, or

     (3) to purchase property, securities or services primarily for the purpose of assuring
the owner of any such primary obligation of the ability of the primary obligor to make
payment of such primary obligation against loss in respect thereof.

          “Continuing Directors” means, as of any date of determination, any member of the board
of directors of the Issuer or a Parent who: (1) was a member of such board of directors on the
Issue Date or (2) was nominated for election or elected to such board of directors with the
approval of a majority of the Continuing Directors who were members of such board of directors at
the time of such nomination or election.

          “Credit Facilities” means, with respect to the Issuer or any of its Parents or
Restricted Subsidiaries, one or more debt facilities, including the Existing Credit Facility, the
Acquisition Credit Facility or any other financing arrangements (including, without limitation,
commercial paper facilities or indentures) providing for revolving credit loans, term loans,
letters of credit or other indebtedness, including any notes, mortgages, guarantees, collateral
documents, instruments and agreements executed in connection therewith, and any amendments,
supplements, modifications, extensions, renewals, restatements or refunding thereof (including any
commercial paper facilities or indentures) that replace, refund or refinance any part of such
loans, letters of credit or other indebtedness, including any such notes, mortgages, guarantees,
collateral documents, instruments and agreements thereunder, including any such amending,
supplementing, modifying, extending, renewing, restating or refunding facility or arrangement
(including such commercial paper facilities or indentures) that increases the amount permitted to
be borrowed thereunder or alters the maturity thereof (provided that such increase in borrowings is
permitted under Section 3.2) or adds Restricted Subsidiaries as additional borrowers or
guarantors thereunder and whether by the same or any other agent, lender or investor or group of
agents, lenders or investors.

10

 

          “Default” means any event that is, or with the passage of time or the giving of notice
or both would be, an Event of Default; provided that any Default that results solely from the
taking of an action that would have been permitted but for the continuation of a previous Default
will be deemed to be cured if such previous Default is cured prior to becoming an Event of Default.

          “Definitive Notes” means certificated Notes.

          “Designated Non-cash Consideration” means the fair market value of non-cash
consideration received by the Issuer or a Restricted Subsidiary in connection with an Asset Sale
that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate,
setting forth the basis of such valuation, executed by a responsible financial or accounting
officer of the Issuer, less the amount of Cash Equivalents received in connection with a subsequent
sale of or collection on such Designated Non-cash Consideration.

          “Designated Preferred Stock” means Preferred Stock of the Issuer or any Parent (in
each case other than Disqualified Stock) that is issued for cash (other than to a Restricted
Subsidiary or an employee stock ownership plan or trust established by the Issuer or any of its
Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s
Certificate executed by a responsible financial or accounting officer of the Issuer or the
applicable Parent, as the case may be, on the issuance date thereof, the cash proceeds of which are
excluded from the calculation set forth in Section 3.3(a)(C).

          “Disqualified Stock” means, with respect to any Person, any Capital Stock of such
Person which, by its terms, or by the terms of any security into which it is convertible or for
which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily
redeemable (other than solely as a result of a change of control or asset sale) pursuant to a
sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other
than solely as a result of a change of control or asset sale), in whole or in part, in each case
prior to the date 91 days after the earlier of the maturity date of the Notes or the date the Notes
are no longer outstanding; provided, however, that if such Capital Stock is issued to any plan for
the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such employees,
such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be
repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or
regulatory obligations.

          “Divestiture Trust” means any FCC divestiture trust that is formed in connection with
the Acquisitions.

          “DTC” means The Depository Trust Company, its nominees and their respective successors
and assigns, or such other depository institution hereinafter appointed by the Issuer.

          “EBITDA” means, with respect to any Person for any period, the Consolidated Net Income
of such Person for such period, and, without duplication,

          (1) increased (to the extent any such amounts were deducted in computing Consolidated Net
Income) and not added back in the definition thereof by:

11

 

	 	(a)	 	provision for taxes based on income or profits or capital,
including, without limitation, state, franchise and similar taxes and foreign
withholding taxes of such Person paid or accrued during such period; plus
	 
	 	(b)	 	Fixed Charges of such Person for such period (including, (x)
net losses on Hedging Obligations or other derivative instruments entered into
for the purpose of hedging interest rate risk and (y) costs of surety bonds in
connection with financing activities, plus amounts excluded from the definition
of “Consolidated Interest Expense” pursuant to clauses 1(v) through 1(z)
thereof; plus
	 
	 	(c)	 	the total amount of depreciation and amortization expense,
including the amortization of deferred financing fees, of such Person and its
Restricted Subsidiaries for such period on a consolidated basis and determined
in accordance with GAAP; plus
	 
	 	(d)	 	any expenses or charges (other than depreciation or
amortization expense) related to any Equity Offering, Permitted Investment,
acquisition, disposition, recapitalization or the incurrence of Indebtedness
permitted to be incurred by this Indenture (including a refinancing thereof)
(whether or not successful) or an amendment or modification of any debt
instrument, including

(i) such fees, expenses or charges related to the offering of the Notes, the
Existing Credit Facility and the Acquisition Credit Facility and any
Securitization Fees, and

(ii) any amendment or other modification of the Notes, the Existing Credit
Facility and the Acquisition Credit Facility; plus

	 	(e)	 	the amount of any restructuring charge or reserve, integration
cost or other business optimization expense (including litigation expenses,
including judgment and settlement amounts, relating to any Acquisition not to
exceed $3.0 million in the aggregate) that is certified by a responsible
financial or accounting officer of the Issuer, including any one-time costs
incurred in connection with acquisitions after the Issue Date and costs related
to the closure and/or consolidation of facilities; provided that the aggregate
amount of all charges, reserves, costs and expenses added back under this
clause (e) in the aggregate in any consecutive four-quarter period will not
exceed $20.0 million in the aggregate; plus
	 
	 	(f)	 	any other non-cash charges, expenses or losses for such period,
excluding any such charge that represents an accrual or reserve for a cash
expenditure for a future period; plus
	 
	 	(g)	 	any costs or expense incurred by the Issuer or a Restricted
Subsidiary pursuant to any management equity plan or stock option plan or any
other management or employee benefit plan or agreement or any stock

12

 

	 	 	 	subscription or shareholder agreement, to the extent that such cost or
expenses are funded with cash proceeds contributed to the capital of the
Issuer or net cash proceeds of an issuance of Equity Interests of the Issuer
(other than Disqualified Stock), solely to the extent that such net cash
proceeds are excluded from the calculation set forth in Section
3.3(a)(C); plus

	 	(h)	 	the amount of loss on sale of Securitization Assets and related
assets to the Securitization Subsidiary in connection with a Qualified
Securitization Financing; plus
	 
	 	(i)	 	cash receipts (or any netting arrangements resulting in reduced
cash expenditures) not representing EBITDA or Consolidated Net Income in any
period to the extent non-cash gains relating to such income were deducted in
the calculation of EBITDA pursuant to clause (2) below for any previous period
and not added back; plus
	 
	 	(j)	 	net realized losses from Hedging Obligations or embedded
derivatives that require similar accounting treatment and the application of
Accounting Standard Codification Topic 815, Derivatives and Hedging, and
related pronouncements;
	 
	 	(2)	 	decreased (without duplication) by: (a) non-cash gains
increasing Consolidated Net Income of such Person for such period, excluding
any non-cash gains to the extent they represent the reversal of an accrual or
reserve for a potential cash item that reduced EBITDA in any prior period and
any non-cash gains with respect to cash actually received in a prior period so
long as such cash did not increase EBITDA in such prior period; plus (b) any
net realized income or gains from Hedging Obligations or embedded derivatives
that require similar accounting treatment and the application of Accounting
Standard Codification Topic 815, Derivatives and Hedging, and related
pronouncements, and
	 
	 	(3)	 	increased or decreased by (without duplication), as applicable,
any adjustments resulting from the application of Accounting Standards
Codification Topic 460,  Guarantees, or any comparable regulation.

          “Equity Interests” means Capital Stock and all warrants, options or other rights to
acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable
for, Capital Stock.

          “Equity Offering” means any public or private sale of common stock or Preferred Stock
of the Issuer or any Parent (excluding Disqualified Stock), other than:

          (1) public offerings with respect to the Issuer’s or any Parent’s common stock registered on
Form S-4 or Form S-8; and

          (2) issuances to any Subsidiary of the Issuer.

13

 

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the SEC promulgated thereunder.

          “Exchange Agreement” means the Exchange Agreement, dated as of January 31, 2011, as it
may be amended from time to time, among the Issuer, each of the sellers party thereto and the
sellers’ representative party thereto whereby CMP and its Subsidiaries will become indirect
wholly-owned Subsidiaries of the Issuer.

          “Exchange Notes” has the meaning ascribed to it in the second introductory paragraph
of this Indenture.

          “Existing Credit Facility” means the loans under that certain Credit Agreement, dated
as of June 7, 2006, among the Issuer, the agents and lenders party thereto and General Electric
Capital Corporation, as successor Administrative Agent, as amended and supplemented as of the Issue
Date, including any notes, mortgages, guarantees, collateral documents, instruments and agreements
executed in connection therewith.

          “FCC” means the Federal Communications Commission or any governmental authority
succeeding to the Federal Communications Commission.

          “FCC Licenses” means (a) the licenses, permits, authorizations or certificates to
construct, own or operate the television or radio stations granted by the FCC, and all extensions,
additions and renewals thereto or thereof, and (b) the licenses, permits, authorizations or
certificates which are necessary to construct, own or operate the television or radio stations
granted by administrative law courts or any federal, state, county, city, town, village or other
local government authority, and all extensions, additions and renewals thereto or thereof.

          “Fiscal Year” means the fiscal year of the Issuer ending on December 31 of each year
or such other date as the board of directors of the Issuer may approve.

          “Fixed Charges” means, with respect to any Person for any period, the sum of:

	 	(1)	 	Consolidated Interest Expense of such Person for such period; and
	 
	 	(2)	 	all cash dividends or other distributions paid (excluding items
eliminated in consolidation) on any series of Preferred Stock or Disqualified
Stock during such period.

          “Foreign Subsidiary” means, with respect to any Person, (1) any Restricted Subsidiary
of such Person that is not organized or existing under the laws of the United States, any state
thereof, the District of Columbia or any territory thereof and (2) any Restricted Subsidiary of
such Foreign Subsidiary.

          “GAAP” means generally accepted accounting principles in the United States which are
in effect on the Issue Date.

          “Good Faith by the Issuer” means the decision in good faith by a responsible financial
officer of the Issuer; provided that (a) if such decision involves a determination of fair

14

 

market value in excess of $5.0 million (or $10.0 million if the Citadel Transaction has been
consummated), the decision is made in good faith by the Senior Management of the Issuer and (b) if
such decision involves a determination of fair market value in excess of $7.5 million (or $15.0
million if the Citadel Transaction has been consummated), the decision is made in good faith by the
board of directors of the Issuer.

          “Government Securities” means securities that are:

	 	(1)	 	direct obligations of the United States of America for the
timely payment of which its full faith and credit is pledged; or
	 
	 	(2)	 	obligations of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States of America the timely
payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America,

which, in either case, are not callable or redeemable at the option of the issuers thereof, and
shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act), as custodian with respect to any such Government Securities or a specific payment
of principal of or interest on any such Government Securities held by such custodian for the
account of the holder of such depository receipt; provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the Government
Securities or the specific payment of principal of or interest on the Government Securities
evidenced by such depository receipt.

          “guarantee” means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any manner (including
letters of credit and reimbursement agreements in respect thereof), of all or any part of any
Indebtedness or other obligations.

          “Guarantee” means the guarantee by any Guarantor of the Issuer’s Obligations under
this Indenture and the Notes.

          “Guarantor” means each Restricted Subsidiary that provides a Guarantee in accordance
with this Indenture and, if the Operating Holdco Assumption has occurred, Cumulus Media Inc. and
any Parent that is a subsidiary of Cumulus Media Inc.; provided that upon release or discharge of
such Restricted Subsidiary or Parent from its Guarantee in accordance with this Indenture, such
Restricted Subsidiary or Parent shall cease to be a Guarantor.

          “Hedging Obligations” means, with respect to any Person, the obligations of such
Person under any interest rate swap agreement, interest rate cap agreement, interest rate collar
agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign
exchange contract, currency swap agreement or similar agreement providing for the transfer or
mitigation of interest rate, commodity price or currency risks either generally or under specific
contingencies.

15

 

          “Holder” means the Person in whose name a Note is registered on the registrar’s books.

          “IAI” means an institutional “accredited investor” as described in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act.

          “Indebtedness” means, with respect to any Person, without duplication:

	 	(1)	 	any indebtedness (including principal and premium) of such
Person, whether or not contingent:

     (a) in respect of borrowed money;

     (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit
or bankers’ acceptances (or, without duplication, reimbursement agreements in respect
thereof);

     (c) representing the balance deferred and unpaid of the purchase price of any property
(including Capitalized Lease Obligations), except (i) any such balance that constitutes an
obligation in respect of a commercial letter of credit, a trade payable or similar
obligation to a trade creditor, in each case accrued in the ordinary course of business (and
with respect to commercial letters of credit, repaid in a timely manner) and (ii) any
earn-out obligations until such obligation becomes a liability on the balance sheet of such
Person in accordance with GAAP and is not paid after becoming due and payable; or

     (d) representing any Hedging Obligations;
if and to the extent that any of the foregoing Indebtedness (other than letters of credit
and Hedging Obligations) would appear as a liability upon a balance sheet (excluding the
footnotes thereto) of such Person prepared in accordance with GAAP;

	 	(2)	 	to the extent not otherwise included, any obligation by such
Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the
obligations of the type referred to in clause (1) of a third Person (whether or
not such items would appear upon the balance sheet of such obligor or
guarantor), other than by endorsement of negotiable instruments for collection
in the ordinary course of business; and
	 
	 	(3)	 	to the extent not otherwise included, the obligations of the
type referred to in clause (1) of a third Person secured by a Lien on any asset
owned by such first Person, whether or not such Indebtedness is assumed by such
first Person.

     Indebtedness shall not include (i) Contingent Obligations incurred in the ordinary course of
business (ii) Cash Management Services or (iii) Indebtedness that has been defeased or satisfied
and discharged in accordance with the terms of the documents governing such Indebtedness and

16

 

which Indebtedness is no longer reflected as debt on the Issuer’s and its Restricted
Subsidiaries’ financial statements.

          “Indenture” means this Indenture as amended or supplemented from time to time.

          “Independent Financial Advisor” means an accounting, appraisal, investment banking
firm or consultant to Persons engaged in Similar Businesses of nationally recognized standing that
is, in the good faith judgment of the Issuer, qualified to perform the task for which it has been
engaged.

          “Initial Notes” has the meaning ascribed to it in the second introductory paragraph of
this Indenture.

          “Initial Purchasers” means J.P. Morgan Securities LLC, UBS Securities LLC, Macquarie
Capital (USA) Inc., RBC Capital Markets, LLC, ING Financial Markets LLC and FBR Capital Markets &
Co.

          “Investment Agreement” means the Investment Agreement, dated as of March 9, 2011, as
amended as of April 22, 2011 and as it may be amended from time to time, among Cumulus Media Inc.
and the investors party thereto.

          “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or, in either case, an equivalent
rating by any other Rating Agency.

          “Investment Grade Securities” means:

	 	(1)	 	securities issued or directly and fully guaranteed or insured
by the U.S. government or any agency or instrumentality thereof (other than
Cash Equivalents);
	 
	 	(2)	 	debt securities or debt instruments with an Investment Grade
Rating, but excluding any debt securities or instruments constituting loans or
advances among the Issuer and its Subsidiaries;
	 
	 	(3)	 	investments in any fund that invests exclusively in investments
of the type described in clauses (1) and (2) which fund may also hold
immaterial amounts of cash pending investment or distribution; and
	 
	 	(4)	 	corresponding instruments in countries other than the United
States customarily utilized for high quality investments.

          “Investments” means, with respect to any Person, all investments by such Person in
other Persons (including Affiliates) in the form of loans (including guarantees), advances or
capital contributions (excluding accounts receivable, credit card and debit card receivables, trade
credit, advances to customers, commission, travel and similar advances to officers and employees,
in each case made in the ordinary course of business), purchases or other acquisitions for
consideration of Indebtedness, Equity Interests or other securities issued by any other Person and

17

 

investments that are required by GAAP to be classified on the balance sheet (excluding the
footnotes) of the Issuer in the same manner as the other investments included in this definition to
the extent such transactions involve the transfer of cash or other property. For purposes of the
definition of “Unrestricted Subsidiary” and Section 3.3:

     (1) “Investments” shall include the portion (proportionate to the Issuer’s equity
interest in such Subsidiary) of the fair market value of the net assets of a Subsidiary of
the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary,
the Issuer shall be deemed to continue to have an “Investment” in an Unrestricted Subsidiary
in an amount (if positive) equal to:

	 	(a)	 	the Issuer’s “Investment” in such Subsidiary at the time of
such redesignation; less
	 
	 	(b)	 	the portion (proportionate to the Issuer’s equity interest in
such Subsidiary) of the fair market value of the net assets of such Subsidiary
at the time of such redesignation;

     (2) any property transferred to or from an Unrestricted Subsidiary shall be valued at
its fair market value at the time of such transfer, in each case as determined in Good Faith
by the Issuer; and

     (3) if the Issuer or any Restricted Subsidiary sells or otherwise disposes of any
Voting Stock of any Restricted Subsidiary such that, after giving effect to any such sale or
disposition, such entity is no longer a Subsidiary of the Issuer, the Issuer shall be deemed
to have made an Investment on the date of any such sale or disposition equal to the fair
market value of the Capital Stock of such Subsidiary not sold or disposed of.

          “Issue Date” means May 13, 2011.

          “Issuer” means Cumulus Media Inc., a Delaware corporation, and its permitted
successors; provided that from and after the Citadel Transaction and the Operating Holdco
Assumption, “Issuer” shall mean Cumulus Media Holdings Inc. and its permitted successors.

          “KC LLC” means CMP KC LLC, a Delaware limited liability company.

          “Legal Holiday” means a Saturday, a Sunday or a day on which commercial banking
institutions are not required to be open in the State of New York.

          “Leverage Ratio” as of any date of determination, means the ratio of:

     (1) Consolidated Total Indebtedness of the Issuer and its Restricted Subsidiaries at
the time of determination, to

     (2) the Issuer’s EBITDA for the most recently ended four full fiscal quarters for which
financial statements are available immediately preceding the date on which such event for
which such calculation is being made shall occur;

18

 

provided, however, that:

     (a) if the Issuer or any Restricted Subsidiary has incurred, repaid, repurchased,
redeemed, retired, defeased or otherwise discharged any Indebtedness since the beginning of
such period that remains outstanding on such date of determination or if the transaction
giving rise to the need to calculate the Leverage Ratio involves an incurrence, repayment,
repurchase, redemption, retirement, defeasement or other discharge of Indebtedness, EBITDA
and Consolidated Interest Expense for such period will be calculated after giving effect on
a pro forma basis to such incurrence, repayment, repurchase, redemption, retirement,
defeasement or other discharge of Indebtedness as if such Indebtedness had been incurred or
repaid, repurchased, redeemed, retired, defeased or otherwise discharged on the first day of
such period;

     (b) if since the beginning of such period the Issuer or any Restricted Subsidiary will
have made any Asset Sale or disposed of or discontinued any company, division, operating
unit, segment, business, group of related assets or line of business or if the transaction
giving rise to the need to calculate the Leverage Ratio includes such an Asset Sale, EBITDA,
Consolidated Interest Expense and Indebtedness for such period will be calculated after
giving pro forma effect thereto (including the incurrence of any Indebtedness) as if such
Asset Sale, disposition or discontinuation occurred on the first day of such period;

     (c) if since the beginning of such period the Issuer or any Restricted Subsidiary (by
merger or otherwise) will have made an Investment in any Restricted Subsidiary (or any
Person that becomes a Restricted Subsidiary or is merged with or into the Issuer or a
Restricted Subsidiary) or an acquisition of assets, including any acquisition of assets
occurring in connection with a transaction causing a calculation to be made hereunder, which
constitutes all or substantially all of a company, division, operating unit, segment,
business or group of related assets or line of business, EBITDA, Consolidated Interest
Expense and Indebtedness for such period will be calculated after giving pro forma effect
thereto (including the incurrence of any Indebtedness) as if such Investment or acquisition
occurred on the first day of such period; and

     (d) if since the beginning of such period any Person (that subsequently became a
Restricted Subsidiary or was merged with or into the Issuer or any Restricted Subsidiary
since the beginning of such period) will have incurred any Indebtedness or discharged any
Indebtedness or made any disposition or any Investment or acquisition of assets that would
have required an adjustment pursuant to clause (a), (b) or (c) above if made by the Issuer
or a Restricted Subsidiary during such period, EBITDA, Consolidated Interest Expense and
Indebtedness for such period will be calculated after giving pro forma effect thereto as if
such transaction occurred on the first day of such period.

     The pro forma calculations will be determined in good faith by a responsible financial or
accounting Officer of the Issuer (whether or not such pro forma expense and cost reductions are
calculated on a basis consistent with Regulation S-X under the Securities Act). If any
Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest
expense on such Indebtedness will be calculated as if the rate in effect on the date of
determination

19

 

had been the applicable rate for the entire period (taking into account any Interest Rate
Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in
excess of 12 months).

          “License Subsidiary” means a wholly-owned Subsidiary of the Issuer that (x) owns no
material assets other than FCC Licenses and related rights and (y) has no material liabilities
other than (i) trade payables incurred in the ordinary course of business, (ii) tax liabilities,
other governmental charges and other liabilities incidental to ownership of such rights and (iii)
Indebtedness permitted pursuant to Section 3.9.

          “Lien” means, with respect to any asset, any mortgage, lien (statutory or otherwise),
pledge, hypothecation, charge, security interest, preference, priority or encumbrance of any kind
in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable
law, including any conditional sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in and any filing of or
agreement to give any financing statement under the Uniform Commercial Code (or equivalent
statutes) of any jurisdiction; provided that in no event shall an operating lease be deemed to
constitute a Lien.

          “Macquarie Preferred Stock” means up to $125.0 million aggregate liquidation amount of
perpetual redeemable non-convertible preferred stock issued pursuant o the terms of the Investment
Agreement.

          “Merger Agreement” means the Agreement and Plan of Merger, dated as of March 9, 2011,
as it may be amended from time to time, among the Issuer, Cadet Merger Corporation, Cumulus Media
Holdings Inc., and Citadel Broadcasting Corporation, whereby Citadel and its Subsidiaries will
become indirect wholly-owned Subsidiaries of the Issuer.

          “Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency
business.

          “Net Proceeds” means the aggregate cash proceeds received by the Issuer or any of its
Restricted Subsidiaries in respect of any Asset Sale, including any cash received upon the sale or
other disposition of any Designated Non-cash Consideration received in any Asset Sale, net of the
direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash
Consideration, including legal, accounting and investment banking fees, and brokerage and sales
commissions, any relocation expenses incurred as a result thereof; taxes paid or payable as a
result thereof (after taking into account any available tax credits or deductions and any tax
sharing arrangements), amounts required to be applied to the repayment of principal, premium, if
any, and interest on senior indebtedness secured by a Lien on the assets disposed of required
(other than required by Section 3.5(b)(1)) to be paid as a result of such transaction and
any deduction of appropriate amounts to be provided by the Issuer or any of its Restricted
Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset
disposed of in such transaction and retained by the Issuer or any of its Restricted Subsidiaries
after such sale or other disposition thereof, including pension and other post-employment benefit
liabilities and liabilities related to environmental matters or against any indemnification
obligations associated with such transaction.

20

 

          “Non-Guarantor Subsidiary” means any Restricted Subsidiary that is not a Subsidiary
Guarantor.

          “Non-U.S. Person” means a Person who is not a U.S. Person (as defined in Regulation
S).

          “Notes” has the meaning ascribed to it in the second introductory paragraph of this
Indenture.

          “Notes Custodian” means the custodian with respect to the Global Notes or any
successor Person thereto and shall initially be the Agent.

          “Obligations” means any principal, interest (including any interest accruing
subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the
rate provided for in the documentation with respect thereto, whether or not such interest is an
allowed claim under applicable state, federal or foreign law), premium, penalties, fees,
indemnifications, reimbursements (including reimbursement obligations with respect to letters of
credit and bankers’ acceptances), damages and other liabilities, and guarantees of payment of such
principal, interest, premium, penalties, fees, indemnifications, reimbursements, damages and other
liabilities, payable under the documentation governing any Indebtedness.

          “Offering Memorandum” means the final offering memorandum, dated April 29, 2011
relating to the offering by the Issuer of $610.0 million principal amount of Notes and any future
offering memorandum relating to Additional Notes.

          “Officer” means the Chairman of the Board, the Chief Executive Officer, the President,
any Senior Vice President or Vice President, the Treasurer or any Assistant Treasurer or the
Secretary or any Assistant Secretary of the Issuer or any other Person, as the case may be.

          “Officer’s Certificate” means a certificate signed on behalf of the Issuer by an
Officer of the Issuer or on behalf of any other Person, as the case may be.

          “Operating Holdco Assumption” has the meaning ascribed to it in Section
3.21(a).

          “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to
the Trustee and that meets the requirements set forth in this Indenture. The counsel may be an
employee of or counsel to the Issuer or the Trustee.

          “Parent” means any direct or indirect parent entity of Cumulus Media Holdings Inc.

          “Permitted Asset Swap” means the concurrent purchase and sale or exchange of Related
Business Assets or a combination of Related Business Assets and Cash Equivalents between the Issuer
or any of its Restricted Subsidiaries and another Person; provided that any Cash Equivalent
received must be applied in accordance with Section 3.5.

          “Permitted Holder” means (a)(i) Lewis W. Dickey, Jr. and (ii) Crestview Radio
Investors, LLC, a Delaware limited liability company, and any successors thereto (for purposes of
this definition, each, a “Principal”), (b) with respect to such Principal, (i) any spouse
or immediate

21

 

family member of such Principal or (ii) any trust, corporation, partnership or other entity,
the beneficiaries, stockholders, partners, owners, or Persons beneficially holding an 80% or more
controlling interest of which consist of such Principal and/or such other Persons referred to in
the immediately preceding clause (b)(i), or (c) any Person controlled by such Principal.

          “Permitted Investments” means

     (1) any Investment in the Issuer or any of its Restricted
Subsidiaries, including the Citadel Transaction;

     (2) any Investment in Cash Equivalents or Investment Grade Securities;

     (3) any Investment by the Issuer or any of its Restricted Subsidiaries in a Person that
is engaged in a Similar Business if as a result of such Investment:

(a) such Person becomes a Restricted Subsidiary; or

(b) such Person, in one transaction or a series of related transactions, is merged
or consolidated with or into, or transfers or conveys substantially all of its
assets to, or is liquidated into, the Issuer or a Restricted Subsidiary,

and, in each case, any Investment held by such Person; provided that such Investment
was not acquired by such Person in contemplation of such acquisition, merger,
consolidation or transfer;

     (4) any Investment in securities or other assets not constituting cash, Cash
Equivalents or Investment Grade Securities and received in connection with an Asset Sale
made pursuant to the provisions of Section 3.5 or any other disposition of assets
not constituting an Asset Sale;

     (5) any Investment existing on the Issue Date and any extension, modification,
replacement or renewal thereof, but only to the extent not involving additional advances,
contributions or other Investments of cash or other assets or other increases thereof other
than as a result of the accrual or accretion of interest or original issue discount or the
issuance of pay-in-kind securities, in each case, pursuant to the terms of such Investment
as in effect on the Issue Date (or as subsequently amended or otherwise modified in a manner
not disadvantageous to the Holders in any material respect);

(6) any Investment acquired by the Issuer or any of its Restricted
Subsidiaries:

(a) in exchange for any other Investment or accounts receivable held by the Issuer
or any such Restricted Subsidiary in connection with or as a result of a compromise
or resolution of obligations, bankruptcy, workout, reorganization or
recapitalization of the issuer of such other Investment or accounts receivable;

(b) as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries
with respect to any secured Investment or other transfer of title with respect to
any secured Investment in default; or

22

 

(c) in resolution of litigation, arbitration or other disputes;

     (7) Hedging Obligations permitted under Section 3.2(b)(10);

     (8) Investments the payment for which consists of Equity Interests (exclusive of
Disqualified Stock) or the net cash proceeds from the issuance of Equity Interests
(exclusive of Disqualified Stock) of the Issuer, or any Parent; provided, however, that such
Equity Interests shall not increase the amount available for Restricted Payments under
Section 3.3(a)(C);

     (9) guarantees of Indebtedness permitted under Section 3.2;

     (10) any transaction to the extent it constitutes an Investment that is permitted and
made in accordance with Section 3.8(b) (except transactions permitted by clauses
(2), (8), (9) and (10) of Section 3.8(b));

     (11) Investments consisting of purchases and acquisitions of inventory, supplies,
material or equipment;

     (12) additional Investments having an aggregate fair market value, taken together with
all other Investments made pursuant to this clause (12) that are at that time outstanding
(without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds
of such sale do not consist of cash or marketable securities), not to exceed the greater of
$10.0 million (or $40.0 million if the Citadel Transaction has been consummated) and 1.0%
of Total Assets (with the fair market value of each Investment being measured at the time
made and without giving effect to subsequent changes in value);

     (13) Investments relating to a Securitization Subsidiary that, in the good faith
determination of the Issuer are necessary or advisable to effect any Qualified
Securitization Financing;

     (14) advances to, or guarantees of Indebtedness of, officers, directors and employees
not in excess of $2.0 million (or $5.0 million if the Citadel Transaction has been
consummated) outstanding at any one time, in the aggregate;

     (15) loans and advances to officers, directors and employees for business-related
travel expenses, moving expenses and other similar expenses, in each case incurred in the
ordinary course of business or consistent with past practices or to fund such Person’s
purchase of Equity Interests of the Issuer or any Parent (to the extent the proceeds of such
purchase are contributed to the Issuer); and

     (16) Investments consisting of licensing of intellectual property pursuant to joint
marketing arrangements with other Persons.

23

 

          “Permitted Liens” means, with respect to any Person:

     (1) pledges or deposits by such Person under workmen’s compensation laws, unemployment
insurance laws or similar legislation, or good faith deposits in connection with bids,
tenders, contracts (other than for the payment of Indebtedness) or leases to which such
Person is a party, or deposits to secure public or statutory obligations of such Person or
deposits of cash or U.S. government bonds to secure surety or appeal bonds to which such
Person is a party, or deposits as security for contested taxes or import duties or for the
payment of rent, in each case incurred in the ordinary course of business;

     (2) Liens imposed by law, such as carriers’, warehousemen’s, materialmen’s, repairmen’s
and mechanics’ Liens, in each case for sums not yet overdue for a period of more than 30
days (or if more than 30 days overdue, which are unfiled and regarding which no other
enforcement action has been taken) or being contested in good faith by appropriate
proceedings or other Liens arising out of judgments or awards against such Person with
respect to which such Person shall then be proceeding with an appeal or other proceedings
for review if adequate reserves with respect thereto are maintained on the books of such
Person in accordance with GAAP;

     (3) Liens for taxes, assessments or other governmental charges not yet overdue for a
period of more than 30 days or which are being contested in good faith by appropriate
proceedings diligently conducted, if adequate reserves with respect thereto are maintained
on the books of such Person in accordance with GAAP, or for property taxes on property that
the Issuer or one of its Subsidiaries has determined to abandon if the sole recourse for
such tax, assessment, charge, levy or claims is to such property;

     (4) Liens in favor of issuers of performance, surety, bid, indemnity, warranty,
release, appeal or similar bonds or with respect to other regulatory requirements or letters
of credit or bankers’ acceptances issued, and completion guarantees provided for, in each
case pursuant to the request of and for the account of such Person in the ordinary course of
its business;

     (5) minor survey exceptions, minor encumbrances, ground leases, easements or
reservations of, or rights of others for, licenses, rights-of-way, servitudes, sewers,
electric lines, drains, telegraph and telephone and cable television lines, gas and oil
pipelines and other similar purposes, or zoning, building codes or other restrictions
(including, without limitation, minor defects or irregularities in title and similar
encumbrances) as to the use of real properties or Liens incidental, to the conduct of the
business of such Person or to the ownership of its properties which were not incurred in
connection with Indebtedness and which do not in the aggregate materially impair their use
in the operation of the business of such Person;

     (6) Liens securing Indebtedness permitted to be incurred pursuant to Section
3.2(b)(4); provided, however, that the Lien may not extend to any other property owned
by such Person or any of its Restricted Subsidiaries at the time the Lien is incurred (other
than assets and property affixed or appurtenant thereto), and the Indebtedness (other than
any interest thereon) secured by the Lien may not be incurred more than 180 days after the
later

24

 

of the acquisition, completion of construction, repair, improvement, addition or
commencement of full operation of the property subject to the Lien;

     (7) Liens existing on the Issue Date (with the exception of Liens securing the Existing
Credit Facility, on the Issue Date, which shall be deemed incurred pursuant to clause (32)
of this definition);

     (8) Liens on property or shares of stock of a Person at the time such Person becomes a
Subsidiary; provided, however, such Liens are not created or incurred in connection with, or
in contemplation of, such other Person becoming such a Subsidiary; provided, further,
however, that such Liens may not extend to any other property owned by the Issuer or any of
its Restricted Subsidiaries;

     (9) Liens on property at the time the Issuer or a Restricted Subsidiary acquired the
property, including any acquisition by means of a merger or consolidation with or into the
Issuer or any of its Restricted Subsidiaries; provided, however, that such Liens are not
created or incurred in connection with, or in contemplation of, such acquisition, merger or
consolidation; provided, further, however, that the Liens may not extend to any other
property owned by the Issuer or any of its Restricted Subsidiaries;

     (10) Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing
to the Issuer or another Restricted Subsidiary permitted to be incurred in accordance with
Section 3.2;

     (11) Liens securing Hedging Obligations and Cash Management Services entered into in
the ordinary course of business (and not for speculative purposes);

     (12) Liens on specific items of inventory or other goods and proceeds of any Person
securing such Person’s obligations in respect of bankers’ acceptances issued or created for
the account of such Person to facilitate the purchase, shipment or storage of such inventory
or other goods;

     (13) leases, subleases, licenses or sublicenses granted to others in the ordinary
course of business which do not materially interfere with the ordinary conduct of the
business of the Issuer or any of its Restricted Subsidiaries and do not secure any
Indebtedness;

     (14) Liens arising from Uniform Commercial Code financing statement filings regarding
operating leases or consignments entered into by the Issuer and its Restricted Subsidiaries
in the ordinary course of business;

     (15) Liens in favor of the Issuer or any Subsidiary Guarantor;

     (16) Liens on Securitization Assets and related assets incurred in connection with a
Qualified Securitization Financing;

     (17) Liens to secure any refinancing, refunding, extension, renewal or replacement (or
successive refinancing, refunding, extensions, renewals or replacements)

25

 

as a whole, or in part, of any Indebtedness secured by any Lien referred to in the
foregoing clauses (7), (8) and (9); provided, however, that (a) such new Lien shall be
limited to all or part of the same property that secured the original Lien (plus
improvements on such property), and (b) the Indebtedness secured by such Lien at such time
is not increased to any amount greater than the sum of (i) the outstanding principal amount
or, if greater, committed amount of the Indebtedness described under clauses (7), (8) and
(9) at the time the original Lien became a Permitted Lien under this Indenture, and (ii) an
amount necessary to pay any fees and expenses, including premiums, related to such
refinancing, refunding, extension, renewal or replacement;

     (18) deposits made or other security provided to secure liabilities to insurance
carriers under insurance or self-insurance arrangements in the ordinary course of business;

     (19) other Liens securing obligations incurred in the ordinary course of business which
obligations do not exceed $20.0 million (or $40.0 million if the Citadel Transaction has
been consummated) at any one time outstanding;

     (20) Liens securing judgments for the payment of money not constituting an Event of
Default under Section 6.1(a)(7) so long as such Liens are adequately bonded and any
appropriate legal proceedings that may have been duly initiated for the review of such
judgment have not been finally terminated or the period within which such proceedings may be
initiated has not expired;

     (21) Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods in the ordinary
course of business;

     (22) Liens (i) of a collection bank arising under Section 4-208 of the Uniform
Commercial Code on items in the course of collection, (ii) attaching to commodity trading
accounts or other commodity brokerage accounts incurred in the ordinary course of business,
and (iii) in favor of banking institutions arising as a matter of law encumbering deposits
(including the right of set-off) and which are within the general parameters customary in
the banking industry;

     (23) Liens deemed to exist in connection with Investments in repurchase agreements
permitted under Section 3.2; provided that such Liens do not extend to any assets
other than those that are the subject of such repurchase agreement;

     (24) Liens encumbering reasonable customary initial deposits and margin deposits and
similar Liens attaching to commodity trading accounts or other brokerage accounts incurred
in the ordinary course of business and not for speculative purposes;

     (25) Liens that are contractual rights of set-off (i) relating to the establishment of
depository relations with banks not given in connection with the issuance of Indebtedness,
(ii) relating to pooled deposit or sweep accounts of the Issuer or any of its Restricted
Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the
ordinary course of business of the Issuer and its Restricted Subsidiaries or (iii) relating
to

26

 

purchase orders and other agreements entered into with customers of the Issuer or any
of its Restricted Subsidiaries in the ordinary course of business;

     (26) Liens solely on any cash earnest money deposits made by the Issuer or any of its
Restricted Subsidiaries in connection with any letter of intent or purchase agreement
permitted under this Indenture;

     (27) the rights reserved or vested in any Person by the terms of any lease, license,
franchise, grant or permit held by the Issuer or any of its Restricted Subsidiaries or by a
statutory provision, to terminate any such lease, license, franchise, grant or permit, or to
require annual or periodic payments as a condition to the continuance thereof;

     (28) restrictive covenants affecting the use to which real property may be put;
provided, however, that such covenants are complied with;

     (29) security given to a public utility or any municipality or governmental authority
when required by such utility or authority in connection with the operations of that Person
in the ordinary course of business;

     (30) zoning by-laws and other land use restrictions, including, without limitation,
site plan agreements, development agreements and contract zoning agreements;

     (31) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for sale of goods entered into by the Issuer or any Restricted Subsidiary in
the ordinary course of business;

     (32) Liens securing Indebtedness permitted to be incurred under Credit Facilities,
including any letter of credit facility relating thereto, that was permitted by the terms of
this Indenture to be incurred pursuant to Section 3.2(b)(1); and

     (33) solely if (i) the CMP Acquisition has been consummated and CMP and its
Subsidiaries (with the exception of KC LLC) have been, or are upon the incurrence of such
Liens, designated Restricted Subsidiaries or (ii) the Citadel Transaction has been
consummated, Liens incurred to secure Obligations in respect of any Indebtedness (other than
Subordinated Indebtedness) permitted to be incurred pursuant to Section 3.2;
provided that, with respect to Liens securing Obligations permitted under this clause (33),
at the time of incurrence and after giving pro forma effect thereto, the Secured Leverage
Ratio would be no greater than 4.0 to 1.0.

For purposes of this definition, the term “Indebtedness” shall be deemed to include interest on
such Indebtedness.

          “Person” means any individual, corporation, limited liability company, partnership,
joint venture, association, joint stock company, trust, unincorporated organization, government or
any agency or political subdivision thereof or any other entity.

          “Predecessor Note” of any particular Note means every previous Note evidencing all or
a portion of the same debt as that evidenced by such particular Note and, for the purposes of

27

 

this definition, any Note authenticated and delivered under Section 2.9 in exchange
for or in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Note.

          “Preferred Stock” means any Equity Interest with preferential rights of payment of
dividends or upon liquidation, dissolution, or winding up.

          “Qualified Securitization Financing” means any Securitization Facility of a
Securitization Subsidiary that meets the following conditions: (i) the board of directors of the
Issuer shall have determined in good faith that such Qualified Securitization Financing (including
financing terms, covenants, termination events and other provisions) is in the aggregate
economically fair and reasonable to the Issuer and its Restricted Subsidiaries, (ii) all sales of
Securitization Assets and related assets by the Issuer or any Restricted Subsidiary to the
Securitization Subsidiary or any other Person are made at fair market value (as determined in Good
Faith by the Issuer), (iii) the financing terms, covenants, termination events and other provisions
thereof shall be market terms (as determined in good faith by the Issuer) and may include Standard
Securitization Undertakings and (iv) the Obligations under such Securitization Facility are
non-recourse (except for customary representations, warranties, covenants and indemnities made in
connection with such facilities) to the Issuer or any of its Restricted Subsidiaries (other than a
Securitization Subsidiary). The grant of a security interest in any Securitization Assets of the
Issuer or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) to secure
Indebtedness under the Existing Credit Facility and the Acquisition Credit Facility shall not be
deemed a Qualified Securitization Financing.

          “QIB” means any “qualified institutional buyer” as such term is defined in Rule 144A.

          “Rating Agencies” means Moody’s and S&P, or if Moody’s or S&P or both shall not make a
rating on the Notes publicly available, a nationally recognized statistical rating agency or
agencies, as the case may be, selected by the Issuer which shall be substituted for Moody’s or S&P
or both, as the case may be.

          “Refinancing Transactions” means the issuance of the Notes and the use of proceeds
thereof prior to the completion of the Acquisitions.

          “Registration Rights Agreement” means (i) the Registration Rights Agreement related to
the Notes dated as of the Issue Date, among the Issuer, the Subsidiary Guarantors and the Initial
Purchasers, as amended or supplemented, and (ii) any other registration rights agreement entered
into in connection with the issuance of Additional Notes in a private offering by the Issuer after
the Issue Date.

          “Regulation S” means Regulation S under the Securities Act.

          “Regulation S-X” means Regulation S-X under the Securities Act.

          “Related Business Assets” means assets (other than Cash Equivalents) used or useful in
a Similar Business, provided that any assets received by the Issuer or a Restricted Subsidiary in
exchange for assets transferred by the Issuer or a Restricted Subsidiary shall not be

28

 

deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary.

          “Restricted Investment” means an Investment other than a Permitted Investment.

          “Restricted Notes” means Initial Notes and Additional Notes bearing one of the restrictive legends described in Section 2.1(d).

          “Restricted Notes Legend” means the legend set forth in Section 2.1(d)(1).

          “Restricted Period” means, in relation to the Initial Notes, the 40 consecutive days beginning on and including the later of (A) the day on which the Initial Notes are offered to persons other than distributors (as defined in Regulation S under the Securities Act) and (B) the Issue Date and, in relation to any Additional Notes that are Restricted Notes, it means the comparable period of 40 consecutive days.

          “Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the Issuer (including any Foreign Subsidiary) that is not then an Unrestricted Subsidiary; provided, however, that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted Subsidiary.”

          “Rule 144A” means Rule 144A under the Securities Act.

          “S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any successor to its rating agency business.

          “Sale and Lease-Back Transaction” means any arrangement providing for the leasing by the Issuer or any of its Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Issuer or such Restricted Subsidiary to a third Person in contemplation of such leasing.

          “SEC” means the U.S. Securities and Exchange Commission.

          “Secured Indebtedness” means any Indebtedness of the Issuer or any of its Restricted Subsidiaries secured by a Lien.

          “Secured Leverage Ratio” means,
as of any date of determination, the ratio of (1) Consolidated Total Indebtedness
of the Issuer and its Restricted Subsidiaries that is secured by Liens as of the end of the most recent fiscal
 period for which internal financial statements are available immediately preceding the date on which such event
for which such calculation is being made shall occur to (2) the Issuer’s EBITDA for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur, in each case with such pro forma adjustments to Consolidated Total Indebtedness and EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Leverage Ratio”.

          “Securitization Asset” means any accounts receivable, real estate asset, mortgage receivables or related assets, in each case subject to a Securitization Facility.

29

 

          “Securitization Facility” means any of one or more securitization financing
facilities as amended, supplemented, modified, extended, renewed, restated or refunded from time to
time, pursuant to which the Issuer or any of its Restricted Subsidiaries sells its Securitization
Assets to either (a) a Person that is not a Restricted Subsidiary or (b) a Securitization
Subsidiary that in turn sells Securitization Assets to a Person that is not a Restricted
Subsidiary.

          “Securitization Fees” means distributions or payments made directly or by means of
discounts with respect to any Securitization Asset or participation interest therein issued or sold
in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in
connection with, any Qualified Securitization Financing.

          “Securitization Repurchase Obligation” means any obligation of a seller of
Securitization Assets in a Qualified Securitization Financing to repurchase Securitization Assets
arising as a result of a breach of a representation, warranty or covenant or otherwise, including,
without limitation, as a result of a receivable or portion thereof becoming subject to any asserted
defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any
failure to take action by or any other event relating to the seller.

          “Securitization Subsidiary” means any Subsidiary in each case formed for the purpose
of and that solely engages in one or more Qualified Securitization Financings and other activities
reasonably related thereto.

          “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder.

          “Senior Management” means the Chief Executive Officer and the Chief Financial Officer
of the Issuer.

          “Shelf Registration Statement” shall have the meaning set forth in the Registration
Rights Agreement.

          “Significant Subsidiary” means any Restricted Subsidiary that would be a “significant
subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the
Securities Act, as such regulation is in effect on the Issue Date.

          “Similar Business” means any business conducted or proposed to be conducted by the
Issuer and its Restricted Subsidiaries on the Issue Date or any business that is similar,
reasonably related, incidental, complementary or ancillary thereto, including without limitation in
broadcasting and other media businesses.

          “Standard Securitization Undertakings” means representations, warranties, covenants
and indemnities entered into by the Issuer or any Subsidiary of the Issuer which the Issuer has
determined in good faith to be customary in a Securitization Financing, including, without
limitation, those relating to the servicing of the assets of a Securitization Subsidiary, it being
understood that any Securitization Repurchase Obligation shall be deemed to be a Standard
Securitization Undertaking.

          “Subordinated Indebtedness” means, with respect to the Notes,

30

 

     (1) any Indebtedness of the Issuer which is by its terms subordinated in right of
payment to the Notes, and

     (2) any Indebtedness of any Guarantor which is by its terms subordinated in right of
payment to the Guarantee of such Guarantor.

          “Subsidiary” means, with respect to any Person:

     (1) any corporation, association, or other business entity (other than a partnership,
joint venture, limited liability company or similar entity) of which more than 50% of the
total voting power of shares of Capital Stock entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers or trustees thereof is at
the time of determination owned or controlled, directly or indirectly, by such Person or one
or more of the other Subsidiaries of that Person or a combination thereof; and

     (2) any partnership, joint venture, limited liability company or similar entity of
which

(x) more than 50% of the capital accounts, distribution rights, total equity and
voting interests or general or limited partnership interests, as applicable, are
owned or controlled, directly or indirectly, by such Person or one or more of the
other Subsidiaries of that Person or a combination thereof whether in the form of
membership, general, special or limited partnership or otherwise, and

(y) such Person or any Restricted Subsidiary of such Person is a controlling general
partner or otherwise controls such entity.

          “Subsidiary Guarantor” means any Guarantor that is a Restricted Subsidiary.

          “Total Assets” means, as of any date, the total assets of the Issuer and its
Restricted Subsidiaries on a consolidated basis, as shown on the most recent internal consolidated
balance sheet of the Issuer and its Restricted Subsidiaries prepared in good faith by Senior
Management of the Issuer.

          “Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such
Redemption Date of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly
equal to the period from the Redemption Date to May 1, 2015; provided, however, that if the period
from the Redemption Date to May 1, 2015 is not equal to the constant maturity of a United States
Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by
linear interpolation (calculated by the Issuer in good faith to the nearest one-twelfth of a year)
from the weekly average yields of United States Treasury securities for which such yields are
given, except that if the period from the Redemption Date to May 1, 2015 is less than one year, the
weekly average yield on actually traded United States Treasury securities adjusted to a constant
maturity of one year shall be used.

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          “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, and the rules
and regulations of the SEC promulgated thereunder.

          “Trustee” means the party named as such in the first introductory paragraph of this
Indenture until a successor replaces it in accordance with the terms of this Indenture and,
thereafter, means the successor.

          “Trust Officer” shall mean, when used with respect to the Trustee, any vice president,
assistant vice president, any trust officer or any other officer of the Trustee who customarily
performs functions similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred because of such person’s
knowledge of and familiarity with the particular subject and who shall have direct responsibility
for the administration of this Indenture.

          “Unrestricted Subsidiary” means:

     (1) any Subsidiary of the Issuer which at the time of determination is an Unrestricted
Subsidiary (as designated by the Issuer, as provided below); and

     (2) any Subsidiary of an Unrestricted Subsidiary.

          The Issuer may designate (i) CMP and its Subsidiaries as Unrestricted Subsidiaries upon the
consummation of the CMP Acquisition, (ii) any Divestiture Trust that will be formed in connection
with the Acquisitions and (iii) any Subsidiary of the Issuer (including any existing Subsidiary and
any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such
Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or
holds any Lien on, any property of, the Issuer or any Restricted Subsidiary (other than solely any
Subsidiary of the Subsidiary to be so designated); provided that

     (1) except in the case of the designation of CMP and its Subsidiaries as Unrestricted
Subsidiaries upon the consummation of the CMP Acquisition and any Divestiture Trust that
will be formed in connection with the Acquisitions, such designation complies with
Section 3.3 (including, if applicable, the definition of “Permitted Investments”);
and

     (2) each of:

     (a) the Subsidiary to be so designated and

     (b) its Subsidiaries,

has not at the time of designation, and does not thereafter, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness
pursuant to which the lender has recourse to any of the assets of the Issuer or any Restricted
Subsidiary.

          The Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided
that, immediately after giving effect to such designation, no Default or Event of Default shall
have occurred and be continuing and the Issuer or the relevant Restricted

32

 

Subsidiary would be able to incur any Indebtedness of the relevant Restricted Subsidiary
pursuant to Section 3.2 on a pro forma basis taking into account such designation.

          The Issuer shall promptly file with the Trustee a copy of the resolution of the board of
directors of the Issuer or any committee thereof giving effect to any such designation and an
Officer’s Certificate certifying that such designation complied with the foregoing provisions.

          “Voting Stock” of any Person as of any date means the Capital Stock of such Person
that is at the time entitled to vote in the election of the board of directors of such Person.

          “Weighted Average Life to Maturity” means, when applied to any Indebtedness,
Disqualified Stock or Preferred Stock, as the case may be, at any date, the number of years
obtained by dividing:

     (1) the sum of the products obtained by multiplying (x) the number of years from the
date of determination to the date of each then remaining installment, sinking fund, serial
maturity or other required payment of principal, including payment at final maturity, in
respect thereof, of such Indebtedness, or redemption or similar payment with respect to such
Disqualified Stock or Preferred Stock by (y) the amount of such payments; by

     (2) the sum of all such payments.

          “Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the
outstanding Equity Interests of which (other than directors’ qualifying shares) shall at the time
be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.

          SECTION 1.2. Other Definitions.

	 	 	 	 	 
	 	 	Defined in	 
	Term	 	Section	 
	“Additional Restricted Notes”
	 	 	2.1	(b)
	 
	 	 	 	 
	“Affiliate Transaction”
	 	 	3.8	 
	 
	 	 	 	 
	“Agent Members”
	 	2.1(e)(iii)
	 
	 	 	 	 
	“Asset Sale Offer”
	 	 	3.5	(b)
	 
	 	 	 	 
	“Authenticating Agent”
	 	 	2.2	 
	 
	 	 	 	 
	“Change of Control Offer”
	 	 	3.10	 
	 
	 	 	 	 
	“Change of Control Payment”
	 	 	3.10	 
	 
	 	 	 	 
	“Change of Control Payment Date”
	 	 	3.10	 
	 
	 	 	 	 
	“Clearstream”
	 	 	2.1	(b)

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	 	 	Defined in	 
	Term	 	Section	 
	“Covenant Defeasance”
	 	 	8.3	 
	 
	 	 	 	 
	“Defaulted Interest”
	 	 	2.13	 
	 
	 	 	 	 
	“Euroclear”
	 	 	2.1	(b)
	 
	 	 	 	 
	“Event of Default”
	 	 	6.1	(a)
	 
	 	 	 	 
	“Excess Proceeds”
	 	 	3.5	(b)
	 
	 	 	 	 
	“Exchange Global Note”
	 	 	2.1	(b)
	 
	 	 	 	 
	“Global Notes”
	 	 	2.1	(b)
	 
	 	 	 	 
	“Guaranteed Obligations”
	 	 	10.1	 
	 
	 	 	 	 
	“incur”
	 	 	3.2	(a)
	 
	 	 	 	 
	“incurrence”
	 	 	3.2	(a)
	 
	 	 	 	 
	“Institutional Accredited Investor Global Note”
	 	 	2.1	(b)
	 
	 	 	 	 
	“Institutional Accredited Investor Notes”
	 	 	2.1	(b)
	 
	 	 	 	 
	“Issuer Order”
	 	 	2.2	 
	 
	 	 	 	 
	“Legal Defeasance”
	 	 	8.2	 
	 
	 	 	 	 
	“Notes Register”
	 	 	2.3	 
	 
	 	 	 	 
	“Paying Agent”
	 	 	2.3	 
	 
	 	 	 	 
	“protected purchaser”
	 	 	2.9	 
	 
	 	 	 	 
	“Redemption Date”
	 	 	5.7	(a)
	 
	 	 	 	 
	“Refinancing Indebtedness”
	 	 	3.2	(b)(13)
	 
	 	 	 	 
	“Refunding Capital Stock”
	 	 	3.3	(b)(2)
	 
	 	 	 	 
	“Registrar”
	 	 	2.3	 
	 
	 	 	 	 
	“Regulation S Global Note”
	 	 	2.1	(b)
	 
	 	 	 	 
	“Regulation S Notes”
	 	 	2.1	(b)
	 
	 	 	 	 
	“Reinstatement Date”
	 	 	3.20	 

34

 

	 	 	 	 	 
	 	 	Defined in	 
	Term	 	Section	 
	“Resale Restriction Termination Date”
	 	 	2.6	(b)
	 
	 	 	 	 
	“Restricted Payments”
	 	 	3.3	(a)
	 
	 	 	 	 
	“Rule 144A Global Note”
	 	 	2.1	(b)
	 
	 	 	 	 
	“Rule 144A Notes”
	 	 	2.1	(b)
	 
	 	 	 	 
	“Special Interest Payment Date”
	 	 	2.13	(a)
	 
	 	 	 	 
	“Special Record Date”
	 	 	2.13	(a)
	 
	 	 	 	 
	“Successor Company”
	 	 	4.1	(a)(1)
	 
	 	 	 	 
	“Successor Person”
	 	 	10.2	(b)(i)
	 
	 	 	 	 
	“Suspended Covenants”
	 	 	3.20	 
	 
	 	 	 	 
	“Suspension Period”
	 	 	3.20	 

          SECTION 1.3. Incorporation by Reference of Trust Indenture Act. This Indenture
is subject to the mandatory provisions of the TIA, which are incorporated by reference in and made
a part of this Indenture. The following TIA terms have the following meanings:

          “Commission” means the SEC.

          “indenture securities” means the Notes.

          “indenture security holder” means a Holder.

          “indenture to be qualified” means this Indenture.

          “indenture trustee” or “institutional trustee” means the Trustee.

          “obligor” on the indenture securities means the Issuer and any other obligor on the
indenture securities.

          All other TIA terms used in this Indenture that are defined by the TIA, defined in the TIA by
reference to another statute or defined by SEC rule have the meanings assigned to them by such
definitions.

          SECTION 1.4. Rules of Construction. Unless the context otherwise requires:

          (1) a term has the meaning assigned to it;

          (2) an accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP;

35

 

          (3) “or” is not exclusive;

          (4) “including” means including without limitation;

          (5) words in the singular include the plural and words in the plural include the
singular;

          (6) the principal amount of any noninterest bearing or other discount security at any
date shall be the principal amount thereof that would be shown on a balance sheet of the
issuer dated such date prepared in accordance with GAAP;

          (7) the principal amount of any preferred stock shall be (i) the maximum liquidation
value of such preferred stock or (ii) the maximum mandatory redemption or mandatory
repurchase price with respect to such preferred stock, whichever is greater;

          (8) all amounts expressed in this Indenture or in any of the Notes in terms of money
refer to the lawful currency of the United States of America; and

          (9) the words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision.

ARTICLE II

THE NOTES

          SECTION 2.1. Form, Dating and Terms.

          (a) The aggregate principal amount of Notes that may be authenticated and delivered under this
Indenture is unlimited. The Initial Notes issued on the date hereof shall be in an aggregate
principal amount of $610,000,000. In addition, the Issuer may issue, from time to time in
accordance with the provisions of this Indenture, Additional Notes (as provided herein) and
Exchange Notes. Furthermore, Notes may be authenticated and delivered upon registration of
transfer, exchange or in lieu of, other Notes pursuant to Sections 2.2, 2.6,
2.9, 2.11, 5.6 or 9.5, in connection with an Asset Sale Offer
pursuant to Section 3.5 or in connection with a Change of Control Offer pursuant to
Section 3.10.

          Notwithstanding anything to the contrary contained herein, the Issuer may not issue any
Additional Notes, unless such issuance is in compliance with Section 3.2.

          The Initial Notes shall be known and designated as “7.75% Senior Notes, Series A, due 2019” of
the Issuer. Additional Notes issued as Restricted Notes shall be known and designated as “7.75%
Senior Notes, Series A, due 2019” of the Issuer. Additional Notes issued other than as Restricted
Notes shall be known and designated as “7.75% Senior Notes, Series B, due 2019” of the Issuer, and
Exchange Notes shall be known and designated as “7.75% Senior Notes, Series B, due 2019” of the
Issuer.

36

 

          With respect to any Additional Notes, the Issuer shall set forth in (a) a Board Resolution and
(b) (i) an Officer’s Certificate or (ii) one or more indentures supplemental hereto, the following
information:

          (1) the aggregate principal amount of such Additional Notes to be authenticated and
delivered pursuant to this Indenture;

          (2) the issue price and the issue date of such Additional Notes, including the date
from which interest shall accrue; and

          (3) whether such Additional Notes shall be Restricted Notes issued in the form of
Exhibit A hereto and/or shall be issued in the form of Exhibit B hereto.

          In authenticating and delivering Additional Notes, the Agent shall be entitled to receive and
shall be fully protected in conclusively relying upon, in addition to the Opinion of Counsel and
Officer’s Certificate required by Section 13.4, an Opinion of Counsel as to the due
authorization, execution, delivery, validity and enforceability of such Additional Notes.

          The Initial Notes, the Additional Notes and the Exchange Notes shall be considered
collectively as a single class for all purposes of this Indenture. Holders of the Initial Notes,
the Additional Notes and the Exchange Notes shall vote and consent together on all matters to which
such Holders are entitled to vote or consent as one class, and none of the Holders of the Initial
Notes, the Additional Notes or the Exchange Notes shall have the right to vote or consent as a
separate class on any matter to which such Holders are entitled to vote or consent.

          If any of the terms of any Additional Notes are established by action taken pursuant to Board
Resolutions of the Issuer, a copy of an appropriate record of such action shall be certified by the
Secretary or any Assistant Secretary of the Issuer and delivered to the Trustee, with a copy to the
Agent (if not the same as the Trustee), at or prior to the delivery of the Officer’s Certificate or
the indenture supplemental hereto setting forth the terms of the Additional Notes.

          (b) The Initial Notes are being offered and sold by the Issuer pursuant to a Purchase
Agreement, dated April 29, 2011, among Issuer, the Subsidiary Guarantors and the Initial
Purchasers. The Initial Notes and any Additional Notes (if issued as Restricted Notes) (the
“Additional Restricted Notes”) shall be resold initially only to (A) QIBs in reliance on
Rule 144A and (B) Non-U.S. Persons in reliance on Regulation S. Such Initial Notes and Additional
Restricted Notes may thereafter be transferred to, among others, QIBs, purchasers in reliance on
Regulation S and IAIs in accordance with Rule 501 of the Securities Act, in each case in accordance
with the procedure described herein. Additional Notes offered after the date hereof may be offered
and sold by the Issuer from time to time pursuant to one or more purchase agreements in accordance
with applicable law.

          Initial Notes and Additional Restricted Notes offered and sold to QIBs in the United States of
America in reliance on Rule 144A (the “Rule 144A Notes”) shall be issued in the form of a
permanent global Note substantially in the form of Exhibit A, which is hereby incorporated
by reference and made a part of this Indenture, including appropriate legends as set forth in
Section 2.1(d) (the “Rule 144A Global Note”), deposited with the Notes Custodian,
as custodian for DTC, duly executed by the Issuer and authenticated by the Agent as hereinafter

37

 

provided. The Rule 144A Global Note may be represented by more than one certificate, if so
required by DTC’s rules regarding the maximum principal amount to be represented by a single
certificate. The aggregate principal amount of the Rule 144A Global Note may from time to time be
increased or decreased by adjustments made on the records of the Notes Custodian, as custodian for
DTC or its nominee, as hereinafter provided.

          Initial Notes and any Additional Restricted Notes offered and sold outside the United States
of America (the “Regulation S Notes”) in reliance on Regulation S shall initially be issued
in the form of a permanent global Note substantially in the form of Exhibit A including
appropriate legends as set forth in Section 2.1(d) (the “Regulation S Global
Note”). The Regulation S Note will be deposited upon issuance with, or on behalf of, the Notes
Custodian, as custodian for the DTC in the manner described in this Article II for credit
to the respective accounts of the purchasers (or to such other accounts as they may direct),
including, but not limited to, accounts at Euroclear Bank S.A./N.V. (“Euroclear”) or
Clearstream Banking, société anonyme (“Clearstream”). During the Restricted Period,
interests in the Regulation S Global Note may only be transferred to non-U.S. persons pursuant to
Regulation S, to QIBs under Rule 144A or IAIs in accordance with the transfer and certification
requirements described herein.

          Investors may hold their interests in the Regulation S Global Note through organizations other
than Euroclear or Clearstream that are participants in DTC’s system or directly through Euroclear
or Clearstream, if they are participants in such systems, or indirectly through organizations which
are participants in such systems. If such interests are held through Euroclear or Clearstream,
Euroclear and Clearstream shall hold such interests in the applicable Regulation S Global Note on
behalf of their participants through customers’ securities accounts in their respective names on
the books of their respective depositaries. Such depositaries, in turn, shall hold such interests
in the applicable Regulation S Global Note in customers’ securities accounts in the depositaries’
names on the books of DTC.

          The Regulation S Global Note may be represented by more than one certificate, if so required
by DTC’s rules regarding the maximum principal amount to be represented by a single certificate.
The aggregate principal amount of the Regulation S Global Note may from time to time be increased
or decreased by adjustments made on the records of the Notes Custodian, as custodian for DTC or its
nominee, as hereinafter provided.

          Initial Notes and Additional Restricted Notes resold to IAIs (the “Institutional
Accredited Investor Notes”) in the United States of America shall be issued in the form of a
permanent global Note substantially in the form of Exhibit A including appropriate legends
as set forth in Section 2.1(d) (the “Institutional Accredited Investor Global
Note”) deposited with the Notes Custodian, as custodian for DTC, duly executed by the Issuer
and authenticated by the Agent as hereinafter provided. The Institutional Accredited Investor
Global Note may be represented by more than one certificate, if so required by DTC’s rules
regarding the maximum principal amount to be represented by a single certificate. The aggregate
principal amount of the Institutional Accredited Investor Global Note may from time to time be
increased or decreased by adjustments made on the records of the Notes Custodian, as custodian for
DTC or its nominee, as hereinafter provided.

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          Exchange Notes exchanged for interests in the Rule 144A Notes, the Regulation S Notes and the
Institutional Accredited Investor Notes shall be issued in the form of a permanent global Note,
substantially in the form of Exhibit B, which is hereby incorporated by reference and made
a part of this Indenture, deposited with the Notes Custodian, as custodian for DTC, as hereinafter
provided, including the appropriate legend set forth in Section 2.1(d) (the “Exchange
Global Note”). The Exchange Global Note shall be deposited upon issuance with, or on behalf
of, the Notes Custodian, as custodian for DTC, duly executed by the Issuer and authenticated by the
Agent as hereinafter provided. The Exchange Global Note may be represented by more than one
certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented
by a single certificate.

          The Rule 144A Global Note, the Regulation S Global Note, the Institutional Accredited Investor
Global Note and the Exchange Global Note are sometimes collectively herein referred to as the
“Global Notes.”

          The principal of (and premium, if any) and interest on the Notes shall be payable at the
office or agency of Paying Agent or Registrar designated by the Issuer maintained for such purpose
in the United States or at such other office or agency of the Issuer as may be maintained for such
purpose pursuant to Section 2.3 of this Indenture; provided, however, that, at the option
of the Issuer, each installment of interest may be paid by (i) check delivered to addresses of the
Persons entitled thereto as such addresses shall appear on the Notes Register or (ii) wire transfer
to an account located in the United States maintained by the payee, subject to the last sentence of
this paragraph. Payments in respect of Notes represented by a Global Note (including principal,
premium, if any, and interest) shall be made by wire transfer of immediately available funds to the
accounts specified by the Holder or Holders thereof. Payments in respect of Notes represented by
Definitive Notes (including principal, premium, if any, and interest) held by a Holder of at least
$1,000,000 aggregate principal amount of Notes represented by Definitive Notes shall be made by
wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if
such Holder elects payment by wire transfer by giving written notice to the Paying Agent to such
effect designating such account no later than 15 days immediately preceding the relevant due date
for payment (or such other date as the Trustee may accept in its discretion).

          The Notes may have notations, legends or endorsements required by law, stock exchange rule or
usage, in addition to those set forth on Exhibit A and Exhibit B and in Section
2.1(d). The Issuer shall approve any notation, endorsement or legend on the Notes. Each Note
shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit
A and Exhibit B are part of the terms of this Indenture and, to the extent applicable,
the Issuer, the Guarantors, the Agent and the Trustee, by their execution and delivery of this
Indenture, expressly agree to be bound by such terms.

          (c) Denominations. The Notes shall be issuable only in fully registered form, without
coupons, and only in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

          (d) Restrictive Legends. Unless and until (i) an Initial Note or an Additional Note
issued as a Restricted Note is sold under an effective registration statement or (ii) an Initial
Note or an Additional Note issued as a Restricted Note is exchanged for an Exchange Note in

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connection with an effective registration statement, in each case pursuant to the Registration
Rights Agreement or a similar agreement or (iii) the Trustee receives an Opinion of Counsel
reasonably satisfactory to the Issuer and the Trustee to the effect that neither such legend nor
the related restrictions on transfer are required in order to maintain compliance with the
provisions of the Securities Act:

          (1) the Rule 144A Global Note, the Regulation S Global Note and the Institutional
Accredited Investor Global Note shall bear the following legend on the face thereof:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN
BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS [IN THE CASE OF THE RULE 144A GLOBAL NOTE AND THE INSTITUTIONAL
ACCREDITED INVESTOR GLOBAL NOTE: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF,
THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH
THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR
OF SUCH SECURITY),] [IN THE CASE OF THE REGULATION S GLOBAL NOTE: 40 DAYS AFTER THE LATER OF
THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902
OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY
THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO
NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S
UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED
INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF

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ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE
SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE
IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE ISSUER’S AND THE REGISTRAR’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN
THE CASE OF THE REGULATION S GLOBAL NOTE: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF
REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S.
PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
REGULATION S UNDER THE SECURITIES ACT.]

BY ITS ACQUISITION OF THIS SECURITY THE HOLDER AND ANY SUBSEQUENT TRANSFEREE HEREOF WILL BE
DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY
SUCH HOLDER OR ANY TRANSFEREE TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN
EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR
OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER
LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR
LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF
ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY
BY SUCH HOLDER OR TRANSFEREE WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY
APPLICATION SIMILAR LAWS.

          (2) Each Global Security, whether or not an Initial Security, shall bear the following
legend on the face thereof:

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED

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REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE
HEREOF.

          (e) Book-Entry Provisions. (i) This Section 2.1(e) shall apply only to Global
Notes deposited with the Notes Custodian, as custodian for DTC.

          (ii) Each Global Note initially shall (x) be registered in the name of DTC or the
nominee of DTC, (y) be delivered to the Notes Custodian, as custodian for DTC, and (z) bear
legends as set forth in Section 2.1(d). Transfers of a Global Note (but not a
beneficial interest therein) shall be limited to transfers thereof in whole, but not in
part, to the DTC, its successors or its respective nominees, except as set forth in
Section 2.1(e)(v) and 2.1(f). If a beneficial interest in a Global Note is
transferred or exchanged for a beneficial interest in another Global Note, the Agent shall
(x) record a decrease in the principal amount of the Global Note being transferred or
exchanged equal to the principal amount of such transfer or exchange and (y) record a like
increase in the principal amount of the other Global Note. Any beneficial interest in one
Global Note that is transferred to a Person who takes delivery in the form of an interest in
another Global Note, or exchanged for an interest in another Global Note, shall, upon
transfer or exchange, cease to be an interest in such Global Note and become an interest in
the other Global Note and, accordingly, shall thereafter be subject to all transfer and
exchange restrictions, if any, and other procedures applicable to beneficial interests in
such other Global Note for as long as it remains such an interest.

          (iii) Members of, or participants in, DTC (“Agent Members”) shall have no
rights under this Indenture with respect to any Global Note held on their behalf by DTC or
by the Notes Custodian, as the custodian of DTC, or under such Global Note, and DTC may be
treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the
absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer
or the Trustee from giving effect to any written certification, proxy or other authorization
furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary
practices of DTC governing the exercise of the rights of a Holder of a beneficial interest
in any Global Note.

          (iv) In connection with any transfer of a portion of the beneficial interest in a
Global Note pursuant to Section 2.1(f) to beneficial owners who are required to hold

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Definitive Notes, the Notes Custodian shall reflect on its books and records the date
and a decrease in the principal amount of such Global Note in an amount equal to the
principal amount of the beneficial interest in the Global Note to be transferred, and the
Issuer shall execute, and the Agent shall authenticate and make available for delivery, one
or more Definitive Notes of like tenor and amount.

          (v) In connection with the transfer of an entire Global Note to beneficial owners
pursuant to Section 2.1(f), such Global Note shall be deemed to be surrendered to
the Agent for cancellation, and the Issuer shall execute, and the Agent shall authenticate
and make available for delivery, to each beneficial owner identified by DTC in exchange for
its beneficial interest in such Global Note, an equal aggregate principal amount of
Definitive Notes of authorized denominations.

          (vi) The registered Holder of a Global Note may grant proxies and otherwise authorize
any person, including Agent Members and persons that may hold interests through Agent
Members, to take any action which a Holder is entitled to take under this Indenture or the
Notes.

          (vii) Any Holder of a Global Note shall, by acceptance of such Global Note, agree that
transfers of beneficial interests in such Global Note may be effected only through a
book-entry system maintained by (a) the Holder of such Global Note (or its agent) or (b) any
Holder of a beneficial interest in such Global Note, and that ownership of a beneficial
interest in such Global Note shall be required to be reflected in a book entry.

          (f) Definitive Notes. (i) Except as provided below, owners of beneficial interests in
Global Notes shall not be entitled to receive Definitive Notes. If required to do so pursuant to
any applicable law or regulation, beneficial owners may obtain Definitive Notes in exchange for
their beneficial interests in a Global Note upon written request in accordance with DTC’s and the
Registrar’s procedures. In addition, Definitive Notes shall be transferred to all beneficial
owners in exchange for their beneficial interests in a Global Note if (A) DTC notifies the Issuer
that it is unwilling or unable to continue as depositary for such Global Note or DTC ceases to be a
clearing agency registered under the Exchange Act, at a time when DTC is required to be so
registered in order to act as depositary, and in each case a successor depositary is not appointed
by the Issuer within 90 days of such notice or, (B) the Issuer in its sole discretion executes and
delivers to the Trustee and Registrar an Officer’s Certificate stating that such Global Note shall
be so exchangeable or (C) an Event of Default has occurred and is continuing and the Registrar has
received a request from DTC. In the event of the occurrence of any of the events specified in the
second preceding sentence or in clause (A), (B) or (C) of the preceding sentence, the Issuer shall
promptly make available to the Registrar a reasonable supply of Definitive Notes.

          (ii) Any Definitive Note delivered in exchange for an interest in a Global Note
pursuant to Section 2.1(e)(iv) or (v) shall, except as otherwise provided by
Section 2.6(d), bear the applicable legend regarding transfer restrictions
applicable to the Definitive Note set forth in Section 2.1(d).

          (iii) If a Definitive Note is transferred or exchanged for a beneficial interest in a
Global Note, the Agent shall (x) cancel such Definitive Note, (y) record an

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increase in the principal amount of such Global Note equal to the principal amount of
such transfer or exchange and (z) in the event that such transfer or exchange involves less
than the entire principal amount of the canceled Definitive Note, the Issuer shall execute,
and the Agent shall authenticate and make available for delivery, to the transferring Holder
a new Definitive Note representing the principal amount not so transferred.

          (iv) If a Definitive Note is transferred or exchanged for another Definitive Note, (x)
the Agent shall cancel the Definitive Note being transferred or exchanged, (y) the Issuer
shall execute, and the Agent shall authenticate and make available for delivery, one or more
new Definitive Notes in authorized denominations having an aggregate principal amount equal
to the principal amount of such transfer or exchange to the transferee (in the case of a
transfer) or the Holder of the canceled Definitive Note (in the case of an exchange),
registered in the name of such transferee or Holder, as applicable, and (z) if such transfer
or exchange involves less than the entire principal amount of the canceled Definitive Note,
the Issuer shall execute, and the Agent shall authenticate and make available for delivery
to the Holder thereof, one or more Definitive Notes in authorized denominations having an
aggregate principal amount equal to the untransferred or unexchanged portion of the canceled
Definitive Notes, registered in the name of the Holder thereof.

          SECTION 2.2. Execution and Authentication. One Officer shall sign the Notes for the
Issuer by manual or facsimile signature. If the Officer whose signature is on a Note no longer
holds that office at the time the Agent authenticates the Note, the Note shall be valid
nevertheless.

          A Note shall not be valid until an authorized officer of the Agent manually authenticates the
Note. The signature of the Agent on a Note shall be conclusive evidence that such Note has been
duly and validly authenticated and issued under this Indenture. A Note shall be dated the date of
its authentication.

          At any time and from time to time after the execution and delivery of this Indenture, the
Agent shall authenticate and make available for delivery: (1) Initial Notes for original issue on
the Issue Date in an aggregate principal amount of $610,000,000, (2) subject to the terms of this
Indenture, Additional Notes for original issue in an unlimited principal amount, and (3) Exchange
Notes for issue only in an exchange offer pursuant to the Registration Rights Agreement or upon
resale under an effective Shelf Registration Statement, and only in exchange for Initial Notes or
Additional Notes of an equal principal amount and (4) under the circumstances set forth in
Section 2.6(e), Initial Notes in the form of an Unrestricted Global Note, in each case upon
a written order of the Issuer signed by one Officer (the “Issuer Order”). Such Issuer
Order shall specify whether the Notes shall be in the form of Definitive Notes or Global Notes, the
amount of the Notes to be authenticated and the date on which the original issue of Notes is to be
authenticated and whether the Notes are to be Initial Notes, Additional Notes or Exchange Notes.

          The Trustee may appoint an agent (the “Authenticating Agent”) reasonably acceptable to
the Issuer to authenticate the Notes. Any such instrument shall be evidenced by an instrument
signed by a Trust Officer, a copy of which shall be furnished to the Issuer. Unless limited by the
terms of such appointment, any such Authenticating Agent may authenticate Notes

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whenever the Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by the Authenticating Agent. An Authenticating Agent has the same
rights as any Registrar, Paying Agent or agent for service of notices and demands.

          In
case the Issuer or any Subsidiary Guarantor, pursuant to Article IV or Section 10.2, as applicable, shall be consolidated or merged with or into any other Person or shall
convey, transfer, lease or otherwise dispose of its properties and assets substantially as an
entirety to any Person, and the successor Person resulting from such consolidation, or surviving
such merger, or into which the Issuer or any Subsidiary Guarantor shall have been merged, or the
Person which shall have received a conveyance, transfer, lease or other disposition as aforesaid,
shall have executed an indenture supplemental hereto with the Trustee pursuant to Article
IV or Section 10.2, as applicable, any of the Notes authenticated or delivered prior to
such consolidation, merger, conveyance, transfer, lease or other disposition may (but shall not be
required), from time to time, at the request of the successor Person, be exchanged for other Notes
executed in the name of the successor Person with such changes in phraseology and form as may be
appropriate, but otherwise in substance of like tenor as the Notes surrendered for such exchange
and of like principal amount; and the Agent, upon the Issuer Order of the successor Person, shall
authenticate and make available for delivery Notes as specified in such order for the purpose of
such exchange. If Notes shall at any time be authenticated and delivered in any new name of a
successor Person pursuant to this Section 2.2 in exchange or substitution for or upon
registration of transfer of any Notes, such successor Person, at the option of the Holders but
without expense to them, shall provide for the exchange of all Notes at the time outstanding for
Notes authenticated and delivered in such new name.

          SECTION 2.3. Registrar and Paying Agent.

          The Issuer shall maintain an office or agency where Notes may be presented for registration of
transfer or for exchange (the “Registrar”) and an office or agency where Notes may be
presented for payment (the “Paying Agent”). The Registrar shall keep a register reflecting
the ownership of the Notes outstanding and their transfer and exchange (the “Notes
Register”). The Issuer may have one or more co-registrars and one or more additional paying
agents. The term “Paying Agent” includes any additional paying agent and the term “Registrar”
includes any co-registrar.

          The Issuer shall enter into an appropriate agency agreement with any Registrar or Paying Agent
not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall
implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the
Trustee of the name and address of each such agent. If the Issuer fails to maintain a Registrar or
Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation
therefor pursuant to Section 7.7. The Issuer or any Subsidiary Guarantor may act as Paying
Agent, Registrar or transfer agent.

          The Issuer initially appoints the Agent as Registrar, Paying Agent and transfer agent for the
Notes. The Issuer may change any Registrar, Paying Agent or transfer agent without prior notice to
the Holders, but upon written notice to such Registrar, Paying Agent or transfer agent and to the
Trustee; provided, however, that no such removal shall become effective until (i) acceptance of any
appointment by a successor as evidenced by an appropriate agreement entered

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into by the Issuer and such successor Registrar, Paying Agent or transfer agent, as the case
may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall
serve as Registrar, Paying Agent or transfer agent until the appointment of a successor in
accordance with clause (i) above. The Registrar, Paying Agent or transfer agent may resign at any
time upon written notice to the Issuer and the Trustee.

          SECTION 2.4. Paying Agent to Hold Money in Trust.

          By no later than 11:00 a.m. (New York City time) on the date on which any principal of,
premium, if any, or interest on any Note is due and payable, the Issuer shall deposit with the
Paying Agent a sum sufficient in immediately available funds to pay such principal, premium or
interest when due. The Issuer shall require each Paying Agent (other than the Trustee) to agree in
writing that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all
money held by such Paying Agent for the payment of principal of, premium, if any, or interest on
the Notes (whether such assets have been distributed to it by the Issuer or other obligors on the
Notes), shall notify the Trustee in writing of any default by the Issuer or any Guarantor in making
any such payment and shall during the continuance of any default by the Issuer (or any other
obligor upon the Notes) in the making of any payment in respect of the Notes, upon the written
request of the Trustee, forthwith deliver to the Trustee all sums held in trust by such Paying
Agent for payment in respect of the Notes together with a full accounting thereof. If the Issuer
or a Subsidiary of the Issuer acts as Paying Agent, it shall segregate the money held by it as
Paying Agent and hold it as a separate trust fund. The Issuer at any time may require a Paying
Agent (other than the Trustee) to pay all money held by it to the Trustee and to account for any
funds or assets disbursed by such Paying Agent. Upon complying with this Section 2.4, the
Paying Agent (if other than the Issuer or a Subsidiary of the Issuer) shall have no further
liability for the money delivered to the Trustee. Upon any bankruptcy, reorganization or similar
proceeding with respect to the Issuer, the Trustee shall serve as Paying Agent for the Notes.

          SECTION 2.5. Holder Lists.

          The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of Holders and shall otherwise comply with TIA §
312(a). If the Trustee is not the Registrar, or to the extent otherwise required under the TIA,
the Issuer, on its own behalf and on behalf of each of the Guarantors, shall furnish or cause the
Registrar to furnish to the Trustee, in writing at least five Business Days before each interest
payment date and at such other times as the Trustee may request in writing, a list in such form and
as of such date as the Trustee may reasonably require of the names and addresses of Holders and the
Issuer shall otherwise comply with TIA § 312(a).

          SECTION 2.6. Transfer and Exchange.

          (a) General. A Holder may transfer or exchange a Note (or a beneficial interest
therein) to another Person or exchange a Note (or a beneficial interest therein) for another Note
or Notes of any authorized denomination by presenting to the Registrar and the Trustee a written
request therefor stating the name of the proposed transferee or requesting such an exchange,
accompanied by any certification, opinion or other document required by this Section 2.6.
The Registrar shall promptly register any transfer or exchange that meets the requirements of this

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Section 2.6 by noting the same in the Notes Register, and no transfer or exchange
shall be effective until it is registered in such register. The transfer or exchange of any Note
(or a beneficial interest therein) may only be made in accordance with this Section 2.6 and
Section 2.1(e) and 2.1(f), as applicable, and, in the case of a Global Note (or a
beneficial interest therein), the applicable rules and procedures of DTC, Euroclear and
Clearstream. The Registrar shall refuse to register any requested transfer or exchange that does
not comply with this paragraph. Any action with respect to transfers and exchanges of the Notes
pursuant to this Section 2.6 may be taken by the Registrar whenever the Trustee may do so,
and each reference in this Section 2.6 to the Trustee shall include the Registrar.

          (b) Transfers of Rule 144A Notes and Institutional Accredited Investor Notes. The
following provisions shall apply with respect to any proposed registration of transfer of a Rule
144A Note or an Institutional Accredited Investor Note prior to the date which is one year after
the later of the date of its original issue and the last date on which the Issuer or any Affiliate
of the Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction
Termination Date”):

          (i) a registration of transfer of a Rule 144A Note or an Institutional Accredited
Investor Note or a beneficial interest therein to a QIB shall be made upon the
representation of the transferee in the form as set forth on the reverse of the Note that it
is purchasing for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance
on Rule 144A and acknowledges that it has received such information regarding the Issuer as
the undersigned has requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by Rule 144A;
provided that no such written representation or other written certification shall be
required in connection with the transfer of a beneficial interest in the Rule 144A Global
Note to a transferee in the form of a beneficial interest in that Rule 144A Global Note in
accordance with this Indenture and the applicable procedures of DTC.

          (ii) a registration of transfer of a Rule 144A Note or an Institutional Accredited
Investor Note or a beneficial interest therein to an IAI shall be made upon receipt by the
Registrar of a certificate substantially in the form set forth in Section 2.7 from
the proposed transferee and, if requested by the Issuer, the delivery of an Opinion of
Counsel, certification and/or other information satisfactory to it; and

          (iii) a registration of transfer of a Rule 144A Note or an Institutional Accredited
Investor Note or a beneficial interest therein to a Non-U.S. Person shall be made upon
receipt by the Registrar of a certificate substantially in the form set forth in Section
2.8 from the proposed transferee and, if requested by the Issuer, the delivery of an
Opinion of Counsel, certification and/or other information satisfactory to it.

          (c) Transfers of Regulations S Notes. The following provisions shall apply with
respect to any proposed transfer of a Regulation S Note prior to the expiration of the Restricted
Period:

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          (i) a transfer of a Regulation S Note or a beneficial interest therein to a QIB shall
be made upon the representation of the transferee, in the form of assignment on the reverse
of the certificate, that it is purchasing the Note for its own account or an account with
respect to which it exercises sole investment discretion and that it and any such account is
a “qualified institutional buyer” within the meaning of Rule 144A, is aware that the sale to
it is being made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or
has determined not to request such information and that it is aware that the transferor is
relying upon its foregoing representations in order to claim the exemption from registration
provided by Rule 144A;

          (ii) a transfer of a Regulation S Note or a beneficial interest therein to an IAI shall
be made upon receipt by the Registrar of a certificate substantially in the form set forth
in Section 2.7 from the proposed transferee and, if requested by the Issuer or the
Trustee, the delivery of an opinion of counsel, certification and/or other information
satisfactory to each of them; and

          (iii) a transfer of a Regulation S Note or a beneficial interest therein to a Non-U.S.
Person shall be made upon receipt by the Registrar of a certificate substantially in the
form set forth in Section 2.8 hereof from the proposed transferee and, if requested
by the Issuer, receipt by the Registrar of an opinion of counsel, certification and/or other
information satisfactory to the Issuer.

          After the expiration of the Restricted Period, interests in the Regulation S Note may be
transferred in accordance with applicable law without requiring the certification set forth in
Section 2.7, Section 2.8 or any additional certification.

          (d) Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes not
bearing a Restricted Notes Legend, the Registrar shall deliver Notes that do not bear a Restricted
Notes Legend. Upon the transfer, exchange or replacement of Notes bearing a Restricted Notes
Legend, the Registrar shall deliver only Notes that bear a Restricted Notes Legend unless (i)
Initial Notes are being exchanged for Exchange Notes in an exchange offer pursuant to the
Registration Rights Agreement, in which case the Exchange Notes shall not bear a Restricted Notes
Legend, (ii) an Initial Note is being transferred pursuant to the Shelf Registration Statement or
other effective registration statement, (iii) Initial Notes are being exchanged for Notes that do
not bear the Restricted Notes Legend in accordance with Section 2.6(e) or (iv) there is delivered
to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer and the Trustee to the
effect that neither such legend nor the related restrictions on transfer are required in order to
maintain compliance with the provisions of the Securities Act. Any Additional Notes sold in a
registered offering shall not be required to bear the Restricted Notes Legend.

          (e) Automatic Exchange from Global Note Bearing Restricted Notes Legend to Global Note Not
Bearing Restricted Notes Legend. Upon the Issuer’s satisfaction that the Restricted Notes
Legend shall no longer be required in order to maintain compliance with the Securities Act,
beneficial interests in a Global Note bearing the Restricted Notes Legend (a “Restricted Global
Note”) may be automatically exchanged into beneficial interests in a Global Note not bearing
the Restricted Notes Legend (an “Unrestricted Global Note”) without any action

48

 

required by or on behalf of the Holder (the “Automatic Exchange”) at any time on or
after the date that is the 366th calendar day after (A) with respect to the Notes issued on the
Issue Date or (B) with respect to Additional Notes, if any, the issue date of such Additional
Notes, or, in each case, if such day is not a Business Day, on the next succeeding Business Day
(the “Automatic Exchange Date”). Upon the Issuer’s satisfaction that the Restricted Notes
Legend shall no longer be required in order to maintain compliance with the Securities Act, the
Issuer may pursuant to the rules and procedures (i) provide written notice to DTC at least fifteen
(15) calendar days prior to the Automatic Exchange Date, instructing DTC to exchange all of the
outstanding beneficial interests in a particular Restricted Global Note to the Unrestricted Global
Note, which the Issuer shall have previously otherwise made eligible for exchange with the DTC,
(ii) provide prior written notice (the “Automatic Exchange Notice”) to each Holder at such
Holder’s address appearing in the register of Holders at least fifteen (15) calendar days prior to
the Automatic Exchange Date (the “Automatic Exchange Notice Date”), which notice must
include (w) the Automatic Exchange Date, (x) the section of the Indenture pursuant to which the
Automatic Exchange shall occur, (y) the “CUSIP” number of the Restricted Global Note from which
such Holder’s beneficial interests shall be transferred and the (z) “CUSIP” number of the
Unrestricted Global Note into which such Holder’s beneficial interests shall be transferred and
(iii) on or prior to the Automatic Exchange Date, deliver to the Agent for authentication one or
more Unrestricted Global Notes, duly executed by the Issuer, in an aggregate principal amount equal
to the aggregate principal amount of Restricted Global Notes to be exchanged. At the Issuer’s
request on no less than five (5) calendar days’ notice prior to the Automatic Exchange Notice Date,
the Trustee with a copy to the Agent (if not the same as the Trustee), shall deliver, in the
Issuer’s name and at its expense, the Automatic Exchange Notice to each Holder at such Holder’s
address appearing in the register of Holders. Notwithstanding anything to the contrary in this
Section 2.6(e), during the fifteen (15) day period prior to the Automatic Exchange Date, no
transfers or exchanges other than pursuant to this Section 2.6(e) shall be permitted
without the prior written consent of the Issuer. As a condition to any Automatic Exchange, the
Issuer shall provide, and the Trustee and the Agent shall be entitled to rely upon, an Officer’s
Certificate in form reasonably acceptable to the Trustee and the Agent to the effect that the
Automatic Exchange shall be effected in compliance with the Securities Act and that the
restrictions on transfer contained herein and in the Restricted Notes Legend shall no longer be
required in order to maintain compliance with the Securities Act and that the aggregate principal
amount of the particular Restricted Global Note is to be transferred to the particular Unrestricted
Global Note by adjustment made on the records of the Notes Custodian to reflect the Automatic
Exchange. Upon such exchange of beneficial interests pursuant to this Section 2.6(e), the
aggregate principal amount of the Global Notes shall be increased or decreased by adjustments made
on the records of the Notes Custodian to reflect the relevant increase or decrease in the principal
amount of such Global Note resulting from the applicable exchange. The Restricted Global Note from
which beneficial interests are transferred pursuant to an Automatic Exchange shall be canceled
following the Automatic Exchange.

          (f) Retention of Written Communications. The Registrar shall retain copies of all
letters, notices and other written communications received pursuant to Section 2.1 or this
Section 2.6. The Issuer shall have the right to inspect and make copies of all such
letters, notices or other written communications at any reasonable time upon the giving of
reasonable prior written notice to the Registrar.

49

 

          (g) Obligations with Respect to Transfers and Exchanges of Notes.

          (i) To permit registrations of transfers and exchanges, the Issuer shall, subject to
the other terms and conditions of this Article II, execute and the Agent shall
authenticate Definitive Notes and Global Notes at the Registrar’s request.

          (ii) No service charge shall be made to a Holder for any registration of transfer or
exchange, but the Issuer may require the Holder to pay a sum sufficient to cover any
transfer tax assessments or similar governmental charge payable in connection therewith
(other than any such transfer taxes, assessments or similar governmental charges payable
upon exchange or transfer pursuant to Sections 2.2, 2.6, 2.9,
2.11, 3.5,3.10, 5.6 or 9.5).

          (iii) The Issuer (and the Registrar) shall not be required to register the transfer of
or exchange of any Note (A) for a period beginning (1) 15 days before the delivery of a
notice of an offer to repurchase or redeem Notes and ending at the close of business on the
day of such delivery or (2) 15 days before an interest payment date and ending on such
interest payment date or (B) called for redemption or tendered (and not withdrawn) for
repurchase in connection with a Change of Control Offer, an Asset Sale Offer or other tender
offer, except the unredeemed or untendered portion of any Note being redeemed or tendered in
part.

          (iv) Prior to the due presentation for registration of transfer of any Note, the
Issuer, the Trustee, the Paying Agent or the Registrar may deem and treat the person in
whose name a Note is registered as the owner of such Note for the purpose of receiving
payment of principal of, premium, if any, and (subject to the ninth paragraph of Section
2.1(b) and paragraph 2 of the forms of Notes attached hereto as Exhibits
A and B) interest on such Note and for all other purposes whatsoever, including
without limitation the transfer or exchange of such Note, whether or not such Note is
overdue, and none of the Issuer, the Trustee, the Paying Agent or the Registrar shall be
affected by notice to the contrary.

          (v) Any Definitive Note delivered in exchange for an interest in a Global Note pursuant
to Section 2.1(f) shall, except as otherwise provided by Section 2.6(d),
bear the applicable legend regarding transfer restrictions applicable to the Definitive Note
set forth in Section 2.1(d).

          (vi) All Notes issued upon any transfer or exchange pursuant to the terms of this
Indenture shall evidence the same debt and shall be entitled to the same benefits under this
Indenture as the Notes surrendered upon such transfer or exchange.

          (h) No Obligation of the Agent. (i) The Agent shall have no responsibility or
obligation to any beneficial owner of a Global Note, a member of, or a participant in, DTC or other
Person with respect to the accuracy of the records of DTC or its nominee or of any participant or
member thereof, with respect to any ownership interest in the Notes or with respect to the delivery
to any participant, member, beneficial owner or other Person (other than DTC) of any notice
(including any notice of redemption or purchase) or the payment of any amount or delivery of any

50

 

Notes (or other security or property) under or with respect to such Notes. All notices and
communications to be given to the Holders and all payments to be made to Holders in respect of the
Notes shall be given or made only to or upon the order of the registered Holders (which shall be
DTC or its nominee in the case of a Global Note). The rights of beneficial owners in any Global
Note shall be exercised only through DTC subject to the applicable rules and procedures of DTC.
The Agent may conclusively rely and shall be fully protected in conclusively relying upon
information furnished by DTC with respect to its members, participants and any beneficial owners.

          (ii) The Agent shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under
applicable law with respect to any transfer of any interest in any Note (including any
transfers between or among DTC participants, members or beneficial owners in any Global
Note) other than to require delivery of such certificates and other documentation or
evidence as are expressly required by, and to do so if and when expressly required by, the
terms of this Indenture, and to examine the same to determine substantial compliance as to
form with the express requirements hereof. Neither the Trustee nor the Agent shall have any
responsibility for any actions taken or not taken by DTC.

          SECTION 2.7. Form of Certificate to be Delivered in Connection with Transfers to
Institutional Accredited Investors.

[Date]

Cumulus Media Inc.

c/o U.S. Bank National Association

60 Livingston Avenue

1st Floor — Bond Drop Window

St. Paul, MN 55109

Ladies and Gentlemen:

          This certificate is delivered to request a transfer of $[_________] principal amount of the
7.75% Senior Notes, Series A, due 2019 (the “Notes”) of Cumulus Media Inc. (the
“Issuer”).

          Upon transfer, the Notes would be registered in the name of the new beneficial owner as
follows:

	 	 	 

	Name:
	 	 
	 

	 	 

	 	 	 

	Address:
	 	 
	 

	 	 

	 	 	 

	Taxpayer ID Number:
	 	 
	 

	 	 

          The undersigned represents and warrants to you that:

          1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act of 1933, as amended (the “Securities Act”)) purchasing for

51

 

our
own account or for the account of such an institutional “accredited investor” at least $250,000
principal amount of the Notes, and we are acquiring the Notes not with a view to, or for offer or
sale in connection with, any distribution in violation of the Securities Act. We have such
knowledge and experience in financial and business matters as to be capable of evaluating the
merits and risk of our investment in the Notes and we invest in or purchase securities similar to
the Notes in the normal course of our business. We and any accounts for which we are acting are
each able to bear the economic risk of our or its investment.

          2. We understand that the Notes have not been registered under the Securities Act and, unless
so registered, may not be sold except as permitted in the following sentence. We agree on our own
behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or
otherwise transfer such Notes prior to the date that is one year after the later of the date of
original issue and the last date on which the Issuer or any affiliate of the Issuer was the owner
of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only
(a) to the Issuer or any Subsidiary thereof, (b) pursuant to an effective registration statement
under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under
the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under
Rule 144A of the Securities Act (a “QIB”) that is purchasing for its own account or for the
account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule
144A, (d) pursuant to offers and sales to non-U.S. persons that occur outside the United States
within the meaning of Regulation S under the Securities Act, (e) to an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is
purchasing for its own account or for the account of such an institutional “accredited investor,”
in each case in a minimum principal amount of Notes of $250,000 for investment purposes and not
with a view to or for offer or sale in connection with any distribution in violation of the
Securities Act or (f) pursuant to any other available exemption from the registration requirements
of the Securities Act, subject in each of the foregoing cases to any requirement of law that the
disposition of our property or the property of such investor account or accounts be at all times
within our or their control and in compliance with any applicable state securities laws. The
foregoing restrictions on resale shall not apply subsequent to the Resale Restriction Termination
Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e)
above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from
the transferee substantially in the form of this letter to the Issuer and the Registrar, which
shall provide, among other things, that the transferee is an institutional “accredited investor”
(within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and that it is
acquiring such Notes for investment purposes and not for distribution in violation of the
Securities Act. Each purchaser acknowledges that the Issuer and the Registrar reserve the right
prior to any offer, sale or other transfer prior to the Resale Termination Date of the Notes
pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel,
certifications and/or other information satisfactory to the Issuer and the Trustee.

          3. We [are][are not] an Affiliate of the Issuer.

	 	 	 	 	 	 	 

	 	 	TRANSFEREE:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	BY:	 	 	 	 
	 	 	 	 	 

52

 

          SECTION 2.8. Form of Certificate to be Delivered in Connection with Transfers Pursuant
to Regulation S.

[Date]

Cumulus Media Inc.

c/o U.S. Bank National Association

60 Livingston Avenue

1st Floor — Bond Drop Window

St. Paul, MN 55109

	 	 	 	Re:    Cumulus Media Inc. (the “Issuer”)

	 	 	 	7.75% Senior Notes, Series A, due 2019 (the “Notes”)

Ladies and Gentlemen:

          In connection with our proposed sale of $[________] aggregate principal amount of the Notes,
we confirm that such sale has been effected pursuant to and in accordance with Regulation S under
the United States Securities Act of 1933, as amended (the “Securities Act”), and,
accordingly, we represent that:

     (a) the offer of the Notes was not made to a person in the United States;

     (b) either (i) at the time the buy order was originated, the transferee was outside the
United States or we and any person acting on our behalf reasonably believed that the
transferee was outside the United States or (ii) the transaction was executed in, on or
through the facilities of a designated off-shore securities market and neither we nor any
person acting on our behalf knows that the transaction has been pre-arranged with a buyer in
the United States;

     (c) no directed selling efforts have been made in the United States in contravention of
the requirements of Rule 903(a)(2) or Rule 904(a)(2) of Regulation S, as applicable; and

     (d) the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act.

          In addition, if the sale is made during a restricted period and the provisions of Rule
903(b)(2), Rule 903(b)(3) or Rule 904(b)(1) of Regulation S are applicable thereto, we confirm that
such sale has been made in accordance with the applicable provisions of Rule 903(b)(2), Rule
903(b)(3) or Rule 904(b)(1), as the case may be.

          We also hereby certify that we [are][are not] an Affiliate of the Issuer and, to our
knowledge, the transferee of the Notes [is][is not] an Affiliate of the Issuer.

53

 

          You and the Issuer are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Terms used in this
certificate have the meanings set forth in Regulation S.

	 	 	 	 	 

	Very truly yours,	 	 
	 
	 	 	 	 
	[Name of Transferor]	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 	 	 
	Authorized Signature	 	 

          SECTION 2.9. Mutilated, Destroyed, Lost or Stolen Notes.

          If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the
Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Agent shall
authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code
are met, such that the Holder (a) satisfies the Issuer or the Agent that such Note has been lost,
destroyed or wrongfully taken within a reasonable time after such Holder has notice of such loss,
destruction or wrongful taking and the Registrar has not registered a transfer prior to receiving
such notification, (b) makes such request to the Issuer or Agent prior to the Note being acquired
by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a
“protected purchaser”) and (c) satisfies any other reasonable requirements of the Agent;
provided, however, if after the delivery of such replacement Note, a protected purchaser of the
Note for which such replacement Note was issued presents for payment or registration such replaced
Note, the Agent or the Issuer shall be entitled to recover such replacement Note from the Person to
whom it was issued and delivered or any Person taking therefrom, except a protected purchaser, and
shall be entitled to recover upon the security or indemnity provided therefor to the extent of any
loss, damage, cost or expense incurred by the Issuer or the Agent in connection therewith. Such
Holder shall furnish an indemnity bond sufficient in the judgment of the Issuer and the Agent to
protect the Issuer, the Agent, the Paying Agent and the Registrar from any loss which any of them
may suffer if a Note is replaced, and, in the absence of notice to the Issuer, any Guarantor or the
Agent that such Note has been acquired by a protected purchaser, the Issuer shall execute, and upon
receipt of an Issuer Order, the Agent shall authenticate and make available for delivery, in
exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new
Note of like tenor and principal amount, bearing a number not contemporaneously outstanding.

          In case any such mutilated, destroyed, lost or stolen Note has become or is about to become
due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note.

          Upon the issuance of any new Note under this Section 2.9, the Issuer may require that
such Holder pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of counsel and of the
Agent) in connection therewith.

54

 

          Subject to the proviso in the initial paragraph of this Section 2.9, every new Note
issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen Note shall
constitute an original additional contractual obligation of the Issuer, any Guarantor (if
applicable) and any other obligor upon the Notes, whether or not the mutilated, destroyed, lost or
stolen Note shall be at any time enforceable by anyone, and shall be entitled to all benefits of
this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

          The provisions of this Section 2.9 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes.

          SECTION 2.10. Outstanding Notes.

          Notes outstanding at any time are all Notes authenticated by the Agent except for those
cancelled by it, those delivered to it for cancellation and those described in this Section as not
outstanding. A Note does not cease to be outstanding in the event the Issuer or an Affiliate of
the Issuer holds the Note; provided, however, that (i) for purposes of determining which are
outstanding for consent or voting purposes hereunder, the provisions of Section 13.6 shall
apply and (ii) in determining whether the Agent shall be protected in making a determination
whether the Holders of the requisite principal amount of outstanding Notes are present at a meeting
of Holders of Notes for quorum purposes or have consented to or voted in favor of any request,
demand, authorization, direction, notice, consent, waiver, amendment or modification hereunder, or
relying upon any such quorum, consent or vote, only Notes which a Trust Officer of the Agent
actually knows to be held by the Issuer or an Affiliate of the Issuer shall not be considered
outstanding.

          If a Note is replaced pursuant to Section 2.9 (other than a mutilated Note surrendered
for replacement), it ceases to be outstanding unless the Agent and the Issuer receive proof
satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note
ceases to be outstanding upon surrender of such Note and replacement pursuant to Section
2.9.

          If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a
Redemption Date or maturity date money sufficient to pay all principal, premium, if any, and
accrued interest payable on that date with respect to the Notes (or portions thereof) to be
redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from paying such
money to the Holders on that date pursuant to the terms of this Indenture, then on and after that
date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to
accrue.

          SECTION 2.11. Temporary Notes.

          In the event that Definitive Notes are to be issued under the terms of this Indenture, until
such Definitive Notes are ready for delivery, the Issuer may prepare and the Agent shall
authenticate temporary Notes. Temporary Notes shall be substantially in the form, and shall carry
all rights, of Definitive Notes but may have variations that the Issuer considers appropriate
for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Agent shall
authenticate Definitive Notes. After the preparation of Definitive Notes, the temporary Notes
shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at any office or

55

 

agency maintained by the Issuer for that purpose and such exchange shall be without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall
execute, and the Agent shall authenticate and make available for delivery in exchange therefor, one
or more Definitive Notes representing an equal principal amount of Notes. Until so exchanged, the
Holder of temporary Notes shall in all respects be entitled to the same benefits under this
Indenture as a Holder of Definitive Notes.

          SECTION 2.12. Cancellation.

          The Issuer at any time may deliver Notes to the Agent for cancellation. The Registrar and the
Paying Agent shall forward to the Agent any Notes surrendered to them for registration of transfer,
exchange or payment. The Agent and no one else shall cancel all Notes surrendered for registration
of transfer, exchange, payment or cancellation and dispose of such Notes in accordance with its
internal policies and customary procedures including delivery of a certificate describing such
Notes disposed (subject to the record retention requirements of the Exchange Act) or deliver copies
of canceled Notes to the Issuer pursuant to written direction by one Officer. If the Issuer or any
Guarantor acquires any of the Notes, such acquisition shall not operate as a redemption or
satisfaction of the Indebtedness represented by such Notes unless and until the same are
surrendered to the Trustee for cancellation pursuant to this Section 2.12. The Issuer may
not issue new Notes to replace Notes it has paid or delivered to the Agent for cancellation for any
reason other than in connection with a transfer or exchange.

          At such time as all beneficial interests in a Global Note have either been exchanged for
Definitive Notes, transferred, redeemed, repurchased or canceled, such Global Note shall be
returned by DTC to the Agent for cancellation or retained and canceled by the Agent. At any time
prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive
Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or
canceled, the principal amount of Notes represented by such Global Note shall be reduced and an
adjustment shall be made on the books and records of the Agent (if it is then the Notes Custodian
for such Global Note) with respect to such Global Note, by the Agent or the Notes Custodian, to
reflect such reduction.

          SECTION 2.13. Payment of Interest; Defaulted Interest.

          Interest on any Note which is payable, and is punctually paid or duly provided for, on any
interest payment date shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered at the close of business on the regular record date for such
payment at the office or agency of the Issuer maintained for such purpose pursuant to Section
2.3.

          Any interest on any Note which is payable, but is not paid when the same becomes due and
payable and such nonpayment continues for a period of 30 days shall forthwith cease to be payable
to the Holder on the regular record date, and such defaulted interest and (to the extent lawful)
interest on such defaulted interest at the rate borne by the Notes (such defaulted interest
and interest thereon herein collectively called “Defaulted Interest”) shall be paid by
the Issuer, at its election in each case, as provided in clause (a) or (b) below:

56

 

          (a) The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose
names the Notes (or their respective predecessor Notes) are registered at the close of business on
a Special Record Date (as defined below) for the payment of such Defaulted Interest, which shall be
fixed in the following manner. The Issuer shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Note and the date (not less than 30 days after such
notice) of the proposed payment (the “Special Interest Payment Date”), and at the same time
the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount proposed
to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the
Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be
held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this
Section 2.13(a). Thereupon the Issuer shall fix a record date (the “Special Record
Date”) for the payment of such Defaulted Interest, which date shall be not more than 15 days
and not less than 10 days prior to the Special Interest Payment Date and not less than 10 days
after the receipt by the Trustee of the notice of the proposed payment. The Issuer shall promptly
notify the Trustee of such Special Record Date, and in the name and at the expense of the Issuer,
the Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special
Record Date and Special Interest Payment Date therefor to be given in the manner provided for in
Section 13.2, not less than 10 days prior to such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special Record Date and Special Interest
Payment Date therefor having been so given, such Defaulted Interest shall be paid on the Special
Interest Payment Date to the Persons in whose names the Notes (or their respective predecessor
Notes) are registered at the close of business on such Special Record Date and shall no longer be
payable pursuant to the provisions in Section 2.13(b).

          (b) The Issuer may make payment of any Defaulted Interest in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes may be listed, and
upon such notice as may be required by such exchange, if, after notice given by the Issuer to the
Trustee of the proposed payment pursuant to this Section 2.13(b), such manner of payment
shall be deemed practicable by the Trustee.

          Subject to the foregoing provisions of this Section 2.13, each Note delivered under
this Indenture upon registration of, transfer of or in exchange for or in lieu of any other Note
shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Note.

          SECTION 2.14. CUSIP, Common Code and ISIN Numbers.

          The Issuer in issuing the Notes may use “CUSIP,” “Common Code” and “ISIN” numbers and, if so,
the Trustee shall use “CUSIP,” “Common Code” and “ISIN” numbers in notices of redemption or
purchase as a convenience to Holders; provided, however, that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Notes or as
contained in any notice of a redemption or purchase and that reliance may be placed only on the
other identification numbers printed on the Notes, and any such redemption or purchase shall not be
affected by any defect in or omission of such CUSIP,
Common Code and ISIN numbers. The Issuer shall promptly notify the Trustee in writing of any
change in the CUSIP, Common Code and ISIN numbers.

57

 

ARTICLE III

COVENANTS

          SECTION 3.1. Payment of Notes.

          The Issuer shall pay the principal of, premium, if any, and interest (including Additional
Interest) on the Notes on the dates and in the manner provided in the Notes and in this Indenture.
Principal, premium, if any, and interest (including Additional Interest) shall be considered paid
on the date due if on such date the Trustee or the Paying Agent holds in accordance with this
Indenture money sufficient to pay all principal, premium, if any, and interest (including
Additional Interest) then due.

          The Issuer shall pay interest on overdue principal at the rate specified therefor in the
Notes, and it shall pay interest on overdue installments of interest (including Additional
Interest) at the same rate to the extent lawful.

          Notwithstanding anything to the contrary contained in this Indenture, the Issuer may, to the
extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by
the United States of America from principal or interest payments hereunder.

          SECTION 3.2. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock
and Preferred Stock.

          (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly
liable, contingently or otherwise (collectively, “incur” and collectively, an
“incurrence”) with respect to any Indebtedness (including Acquired Indebtedness) and the
Issuer shall not issue any shares of Disqualified Stock and shall not permit any Restricted
Subsidiary to issue any shares of Disqualified Stock or Preferred Stock; provided, however, that
the Issuer may incur Indebtedness (including Acquired Indebtedness) and issue shares of
Disqualified Stock, and any of its Restricted Subsidiaries may incur Indebtedness (including
Acquired Indebtedness), issue shares of Disqualified Stock and Preferred Stock, if the Leverage
Ratio on a consolidated basis for the Issuer and its Restricted Subsidiaries’ most recently ended
four fiscal quarters for which internal financial statements are available immediately preceding
the date on which such additional Indebtedness is incurred or such Disqualified Stock or Preferred
Stock is issued would have been less than 6.5 to 1.0, determined on a pro forma basis (including a
pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been
incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the
application of proceeds therefrom had occurred at the beginning of such four-quarter period;
provided, further, that Non-Guarantor Subsidiaries may not incur Indebtedness or issue Disqualified
Stock or Preferred Stock if, after giving pro forma effect to such incurrence or issuance
(including a pro forma application of the net proceeds therefrom), more than an aggregate of $25.0
million (or
$100.0 million if the Citadel Transaction has been consummated) of Indebtedness or
Disqualified Stock or Preferred Stock of Non-Guarantor Subsidiaries would be outstanding pursuant
to this paragraph at such time.

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          (b) The limitations of Section 3.2(a) shall not apply to:

          (1) the incurrence of Indebtedness under Credit Facilities by the Issuer or any of the
Subsidiary Guarantors and the issuance and creation of letters of credit and bankers’
acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have
a principal amount equal to the face amount thereof), up to an aggregate principal amount
(excluding the amount of any Hedging Obligations incurred in the ordinary course of
business) of $50.0 million (or, following the Citadel Transaction (a) $2,525.0 million if
CMP and its Subsidiaries (with the exception of KC LLC) have been designated Restricted
Subsidiaries and (b) $1,925 million if otherwise) outstanding at any one time, less the
aggregate principal amount of all principal repayments of Credit Facilities with the
proceeds from Asset Sales made pursuant to Section 3.5(b)(1)(a) or (b) in
satisfaction of the requirements of Section 3.5;

          (2) the incurrence by the Issuer and any Subsidiary Guarantor of Indebtedness
represented by the Notes (including any Guarantee) (other than any Additional Notes) and
exchange notes issued in respect of the Notes (including any exchange notes issued with
respect to any Additional Notes incurred in compliance with this Indenture) and any
Guarantee thereof;

          (3) Indebtedness of the Issuer and its Restricted Subsidiaries in existence on the
Issue Date (other than Indebtedness described in Sections 3.2(b)(1) and
3.2(b)(2));

          (4) Indebtedness (including Capitalized Lease Obligations) incurred or Disqualified
Stock issued by the Issuer or any of its Restricted Subsidiaries, or Preferred Stock issued
by a Restricted Subsidiary, in each case to finance the purchase, lease or improvement of
property (real or personal) or equipment that is used or useful in a Similar Business,
whether through the direct purchase of assets or the Capital Stock of any Person owning such
assets, in each case specifically excluding Indebtedness, Disqualified Stock or Preferred
Stock assumed as a consequence of consummating either Acquisition; provided that the
aggregate amount of Indebtedness, Disqualified Stock and Preferred Stock incurred pursuant
to this Section 3.2(b)(4), when aggregated with the outstanding amount of
Indebtedness, Disqualified Stock and Preferred Stock incurred pursuant to Section
3.2(b)(13) to refinance Indebtedness, Disqualified Stock and Preferred Stock initially
incurred in reliance on this Section 3.2(b)(4), does not exceed $10.0 million (or
$40.0 million if the Citadel Transaction has been consummated) at any one time outstanding;

          (5) Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries
constituting reimbursement obligations with respect to letters of credit issued in the
ordinary course of business, including, without limitation, letters of credit in respect of
workers’ compensation claims, health, disability or other employee benefits or property,
casualty or liability insurance or self insurance, or other Indebtedness with respect
to reimbursement type obligations regarding workers’ compensation claims; provided, however,
that upon the drawing of such letters of credit or the incurrence of such

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Indebtedness, such
obligations are reimbursed within 30 days following such drawing or incurrence;

               (6) Indebtedness arising from agreements of the Issuer or its Restricted Subsidiaries
providing for indemnification, adjustment of purchase price or similar obligations, in each
case incurred or assumed in connection with the acquisition or disposition of any business,
assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person
acquiring all or any portion of such business, assets or a Subsidiary for the purpose of
financing such acquisition; provided, however, that

	 	(A)	 	such Indebtedness is not reflected on the
balance sheet of the Issuer, or any of its Restricted Subsidiaries
prepared in accordance with GAAP (contingent obligations referred to in
a footnote to financial statements and not otherwise reflected on the
balance sheet shall not be deemed to be reflected on such balance sheet
for purposes of this Section 3.2(b)(6)(A)); and

	 	(B)	 	with respect to a disposition, the maximum
assumable liability in respect of all such Indebtedness shall at no
time exceed the gross proceeds including non-cash proceeds (the fair
market value of such non-cash proceeds being measured at the time
received and without giving effect to any subsequent changes in value)
actually received by the Issuer and its Restricted Subsidiaries in
connection with such disposition;

               (7) Indebtedness of the Issuer owing to a Restricted Subsidiary; provided that any such
Indebtedness owing to a Non-Guarantor Subsidiary is expressly subordinated in right of
payment to the Notes; provided, further, that any subsequent issuance or transfer of any
Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to
be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except
to the Issuer or another Restricted Subsidiary) shall be deemed, in each case, to be an
incurrence of such Indebtedness not permitted by this Section 3.2(b)(7);

               (8) Indebtedness of a Restricted Subsidiary owing to the Issuer or another Restricted
Subsidiary; provided that if a Subsidiary Guarantor incurs such Indebtedness owing to a
Non-Guarantor Subsidiary, such Indebtedness is expressly subordinated in right of payment to
the Guarantee of the Notes of such Subsidiary Guarantor; provided, further, that any
subsequent issuance or transfer of any Capital Stock or any other event which results in any
such other Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent
transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary)
shall be deemed, in each case, to be an incurrence of such Indebtedness not permitted by
this Section 3.2(b)(8);

               (9) shares of Preferred Stock of a Restricted Subsidiary issued to the Issuer or
another Restricted Subsidiary; provided that any subsequent issuance or transfer of any
Capital Stock or any other event which results in any such other
Restricted

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Subsidiary
ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of
Preferred Stock (except to the Issuer or another of its Restricted Subsidiaries) shall be
deemed, in each case, to be an issuance of such shares of Preferred Stock not permitted by
this Section 3.2(b)(9);

               (10) Hedging Obligations (excluding Hedging Obligations entered into for speculative
purposes) for the purpose of limiting interest rate risk, exchange rate risk or commodity
pricing risk;

               (11) obligations in respect of performance, bid, appeal and surety bonds and
performance and completion guarantees or obligations in respect of letters of credit related
thereto provided by the Issuer or any of its Restricted Subsidiaries in the ordinary course
of business;

               (12) Indebtedness or Disqualified Stock of the Issuer and Indebtedness, Disqualified
Stock or Preferred Stock of any Restricted Subsidiary not otherwise permitted hereunder in
an aggregate principal amount or liquidation preference, which when aggregated with the
principal amount and liquidation preference of all other Indebtedness, Disqualified Stock
and Preferred Stock then outstanding and incurred pursuant to this Section
3.2(b)(12), does not at any one time outstanding exceed $25.0 million (or $60.0 million
if the Citadel Transaction has been consummated);

               (13) the incurrence or issuance by the Issuer of Indebtedness or Disqualified Stock or
the incurrence or issuance by a Restricted Subsidiary of Indebtedness, Disqualified Stock or
Preferred Stock which serves to refund or refinance any Indebtedness incurred or
Disqualified Stock or Preferred Stock issued as permitted under Section 3.2(a) and
Section 3.2(b)(2), Section 3.2(b)(3), Section 3.2(b)(4), this
Section 3.2(b)(13) and Section 3.2(b)(14) or any Indebtedness incurred or
Disqualified Stock or Preferred Stock issued to so refund or refinance such Indebtedness,
Disqualified Stock or Preferred Stock including additional Indebtedness incurred or
Disqualified Stock or Preferred Stock issued to pay premiums (including tender premiums),
defeasance costs and fees and expenses in connection therewith (the “Refinancing
Indebtedness”) prior to its respective maturity; provided, however, that such
Refinancing Indebtedness:

	 	(A)	 	has a Weighted Average Life to Maturity at the
time such Refinancing Indebtedness is incurred which is not less than
the remaining Weighted Average Life to Maturity of the Indebtedness,
Disqualified Stock or Preferred Stock being refunded or refinanced,

	 	(B)	 	to the extent such Refinancing Indebtedness
refinances (i) Indebtedness subordinated or pari passu to the Notes or
any Guarantee thereof, such Refinancing Indebtedness is subordinated or
pari passu to the Notes or the Guarantee at least to the same extent as
the Indebtedness being refinanced or refunded or (ii) Disqualified
Stock or Preferred Stock, such Refinancing Indebtedness must be
Disqualified Stock or Preferred Stock, respectively,

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	 	(C)	 	shall not include:

(x) Indebtedness, Disqualified Stock or Preferred Stock of a
Non-Guarantor Subsidiary that refinances Indebtedness,
Disqualified Stock or Preferred Stock of the Issuer or a
Subsidiary Guarantor; or

(y) Indebtedness,
Disqualified Stock or Preferred Stock of the Issuer or
a Restricted Subsidiary that refinances Indebtedness,
Disqualified Stock or Preferred Stock of an
Unrestricted Subsidiary;

	 	(D)	 	shall not be in a principal amount (or if
issued with original issue discount, an aggregate issue price) in
excess of the principal amount (or if issued with original issue
discount, the aggregate accreted value) of, premium, if any, accrued
interest on and related fees and expenses (including tender premiums)
of, the Indebtedness being refunded or refinanced; and

	 	(E)	 	shall not have a stated maturity date prior to
the earlier of the stated maturity of the Indebtedness being so
refunded or refinanced or the stated maturity of the Notes.

               (14) Indebtedness, Disqualified Stock or Preferred Stock of (x) the Issuer or a
Restricted Subsidiary incurred or issued to finance an acquisition or (y) Persons that are
acquired by the Issuer or any Restricted Subsidiary or merged into or consolidated with the
Issuer or a Restricted Subsidiary in accordance with the terms of this Indenture, in each
such case specifically excluding Indebtedness, Disqualified Stock or Preferred Stock assumed
as a consequence of consummating either Acquisition; provided that after giving effect to
such acquisition, merger or consolidation, either (a) the Issuer would be permitted to incur
at least $1.00 of additional Indebtedness pursuant to the Leverage Ratio test set forth in
Section 3.2(a) or (b) the Leverage Ratio of the Issuer and its Restricted
Subsidiaries is no greater than immediately prior to such acquisition, merger or
consolidation;

               (15) Indebtedness arising from the honoring by a bank or other financial institution of
a check, draft or similar instrument drawn against insufficient funds in the ordinary course
of business; provided that such Indebtedness is extinguished within five Business Days of
its incurrence;

               (16) Indebtedness of the Issuer or any of its Restricted Subsidiaries supported by a
letter of credit issued pursuant to the Existing Credit Facility or the Acquisition Credit
Facility, in a principal amount not in excess of the stated amount of such letter of credit;

               (17) (A) any guarantee by the Issuer or a Subsidiary Guarantor of Indebtedness or other
obligations of any Restricted Subsidiary so long as the incurrence of such Indebtedness is
permitted under the terms of this Indenture; provided that if such Indebtedness is by its
express terms subordinated in right of payment to the Guarantee of

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such Restricted
Subsidiary, any such guarantee of the Issuer or such Subsidiary Guarantor with respect to
such Indebtedness shall be subordinated in right of payment to the Notes or such Subsidiary
Guarantors’ Guarantee with respect to the Notes substantially to the same extent as such
Indebtedness is subordinated to the Guarantee of such Restricted Subsidiary, as applicable;

	 	(B)	 	any guarantee by a Subsidiary Guarantor of
Indebtedness of the Issuer so long as the incurrence of such
Indebtedness is permitted under the terms of this Indenture and such
guarantee is incurred in accordance with Section 3.7; provided
that if such Indebtedness is by its express terms subordinated in right
of payment to the Notes, any such guarantee of such Subsidiary
Guarantor with respect to such Indebtedness shall be subordinated in
right of payment to the Notes or such Subsidiary Guarantors’ Guarantee
with respect to the Notes substantially to the same extent as such
Indebtedness is subordinated to the Notes, as applicable; or

	 	(C)	 	any guarantee by a Non-Guarantor Subsidiary of
Indebtedness of another Non-Guarantor Subsidiary incurred in accordance
with the terms of this Indenture;

               (18) Indebtedness of the Issuer or any of its Restricted Subsidiaries consisting of the
financing of insurance premiums; and

               (19) Indebtedness consisting of Indebtedness issued by the Issuer or any of its
Restricted Subsidiaries to current or former officers, members of the board of managers or
directors and employees and consultants thereof, their respective estates, spouses or former
spouses, in each case to finance, either directly or through promissory notes issued to such
persons, the purchase or redemption of Equity Interests of the Issuer or any Parent to the
extent described in Section 3.3(b)(4).

          (c) For purposes of determining compliance with this covenant, in the event that an item of
Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of
more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock
described in Section 3.2(b)(1) through Section 3.2(b)(19) or is entitled to be
incurred pursuant to Section 3.2(a), the Issuer, in its sole discretion, shall classify or
reclassify (and shall be entitled to divide an item of Indebtedness into more than one of the types
of Indebtedness described in Section 3.2(a) and Section 3.2(b), subject to the last
sentence of this Section 3.2(c)) such item of Indebtedness, Disqualified Stock or Preferred
Stock (or any portion thereof). Additionally, all or any portion of any item of Indebtedness may
later be reclassified and redivided as having been incurred pursuant to any category of permitted
Indebtedness described in Section 3.2(b)(1) through Section 3.2(b)(19) or pursuant
to Section 3.2(a) so long as such Indebtedness is permitted to be incurred pursuant to such
provision at the time of reclassification and redivision.
Notwithstanding the foregoing, all Indebtedness outstanding under the Existing Credit Facility
on the Issue Date or outstanding under the Acquisition Credit Facility on the date of consummation
of the Citadel Transaction, and all Indebtedness (or the portion thereof) incurred under clause (1)
of

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the preceding paragraph to repay, refund or refinance any such amounts, shall be treated as
incurred under Section 3.2(b)(1) and may not later be reclassified.

     Accrual of interest or dividends, the accretion of accreted value, the accretion or
amortization of original issue discount and the payment of interest or dividends in the form of
additional Indebtedness, Disqualified Stock or Preferred Stock shall not be deemed to be an
incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section
3.2.

     For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated
in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case
of revolving credit debt; provided that if such Indebtedness is incurred to refinance other
Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable
U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange
rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be
deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness
does not exceed the principal amount of such Indebtedness being refinanced.

     Notwithstanding any other provision of this Section 3.2, the maximum amount of
Indebtedness that the Issuer or any Restricted Subsidiary may incur pursuant to this Section
3.2 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or
currency values. For purposes of determining compliance with, and the outstanding principal amount
of, any particular Indebtedness incurred pursuant to this Section 3.2, any other obligation
of the obligor on such Indebtedness (or of any other Person that could have incurred such
Indebtedness under this Section 3.2) arising under any Guarantee, Lien or letter of credit,
bankers’ acceptance or other similar instrument or obligation supporting such Indebtedness shall be
disregarded to the extent that such Guarantee, Lien or letter of credit, bankers’ acceptance or
other similar instrument or obligation secures the principal amount of such Indebtedness.

     The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred
in a different currency from the Indebtedness being refinanced, shall be calculated based on the
currency exchange rate applicable to the currencies in which such respective Indebtedness is
denominated that is in effect on the date of such refinancing.

     The Issuer shall not, and shall not permit any Subsidiary Guarantor to, directly or
indirectly, incur any Indebtedness (including Acquired Indebtedness) that is subordinated or junior
in right of payment to any Indebtedness of the Issuer or such Subsidiary Guarantor, as the case may
be, unless such Indebtedness is expressly subordinated in right of payment to the Notes or such
Subsidiary Guarantor’s Guarantee to the extent and in the same manner as such Indebtedness is
subordinated to other Indebtedness of the Issuer or such Subsidiary Guarantor, as the case may be.

     For purposes of this Indenture, (1) unsecured Indebtedness shall not be treated as
subordinated or junior to Secured Indebtedness merely because it is unsecured or (2) senior
Indebtedness shall not be treated as subordinated or junior to any other senior Indebtedness
merely because it has a junior priority with respect to the same collateral or is secured by
different collateral.

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          SECTION 3.3. Limitation on Restricted Payments.

          (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly:

          (i) declare or pay any dividend or make any payment or distribution on account of the
Issuer’s, or any of its Restricted Subsidiaries’, Equity Interests, including any dividend
or distribution payable in connection with any merger or consolidation, other than:

	 	(A)	 	dividends or distributions by the Issuer
payable solely in Equity Interests (other than Disqualified Stock) of
the Issuer; or

	 	(B)	 	dividends or distributions by a Restricted
Subsidiary to the Issuer or any other Restricted Subsidiary (and if
such Restricted Subsidiary is not a Wholly-Owned Subsidiary, to its
other holders of common stock on a pro rata basis) so long as, in the
case of any dividend or distribution payable on or in respect of any
class or series of securities issued by a Restricted Subsidiary other
than a Wholly-Owned Subsidiary, the Issuer or a Restricted Subsidiary
receives at least its pro rata share of such dividend or distribution
in accordance with its Equity Interests in such class or series of
securities;

          (ii) purchase, redeem, defease or otherwise acquire or retire for value any Equity
Interests of the Issuer or any Parent, including in connection with any merger or
consolidation;

          (iii) make any principal payment on, or redeem, repurchase, defease or otherwise
acquire or retire for value, in each case, prior to any scheduled repayment, sinking fund
payment or maturity, any Subordinated Indebtedness, other than:

	 	(A)	 	Indebtedness permitted under Sections
3.2(b)(7) and 3.2(b)(8); or

	 	(B)	 	the purchase, repurchase, defeasance or other
acquisition of Subordinated Indebtedness acquired in anticipation of
satisfying a sinking fund obligation, principal installment or final
maturity, in each case due within one year of the date of purchase,
repurchase or acquisition; or

          (iv) make any Restricted Investment

(all such payments and other actions set forth in clauses (i) through (iv) above being collectively
referred to as “Restricted Payments”), unless, at the time of such Restricted Payment:

	 	(A)	 	no Default shall have occurred and be
continuing or would occur as a consequence thereof;

65

 

	 	(B)	 	immediately after giving effect to such
transaction on a pro forma basis, (i) the Issuer could incur $1.00 of
additional Indebtedness under Section 3.2(a) and (ii) the
Issuer and its Restricted Subsidiaries on a consolidated basis would
have had a Leverage Ratio of less than 5.0 to 1.0 for the most recently
ended four full fiscal quarters for which internal financial statements
are available immediately preceding such transaction; provided that
clause (ii) shall not apply to any Restricted Payments used to fund the
payment of dividends on the Macquarie Preferred Stock (and any
preferred stock used to refinance any such preferred stock to the
extent the dividends per annum on such refinancing preferred stock do
not exceed the dividends per annum on the Macquarie Preferred Stock at
the time it was refinanced); and

	 	(C)	 	such Restricted Payment, together with the
aggregate amount of all other Restricted Payments made by the Issuer
and its Restricted Subsidiaries after the Issue Date (including
Restricted Payments permitted by Sections 3.3(b)(1) and
(10) but excluding all other Restricted Payments permitted by
Section 3.3(b)), is less than the sum of (without duplication):

	 	(i)	 	100% of EBITDA of the Issuer for
the period (taken as one accounting period) commencing April 1,
2011, to the end of the Issuer’s most recently ended fiscal
quarter for which internal financial statements are available at
the time of such Restricted Payment (or, in the case that EBITDA
for such period is a deficit, minus 100% of such deficit) less
1.4 times Fixed Charges for the same period; plus

	 	(ii)	 	100% of the aggregate net cash
proceeds and the fair market value, as determined in Good Faith
by the Issuer, of marketable securities or other property
received by the Issuer since immediately after the Issue Date
from:

	 	(a)	 	(x) the issue or sale of Equity Interests of the
Issuer, but excluding cash proceeds and the fair
market value, as determined in Good Faith by the
Issuer, of marketable securities or other
property received from the sale of:

	 	(1)	 	Equity Interests to employees, members of
the board of managers or directors or
consultants of the Issuer, any Parent and
the Issuer’s Subsidiaries after the Issue
Date to the extent such amounts have been
applied to Restricted Payments

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	 	 	 	made in accordance with Section
3.3(b)(4)(A); and
	 
	 	(2)	 	Designated Preferred Stock; and

	 	 	 	(y) capital contributions from any Parent (excluding
contributions of the proceeds from the sale of
Designated Preferred Stock of a Parent or
contributions to the extent such amounts have been
applied to Restricted Payments made in accordance
with Section 3.3(b)(4)); or

	 	(b)	 	The issue or sale of debt securities of the
Issuer or any of its Restricted Subsidiaries
(other than debt securities held by any of its
Subsidiaries) that have been converted into or
exchanged for such Equity Interests of the
Issuer or any Parent;

	 	 	 	provided, however, that this clause (ii) shall not include
the proceeds from (W) Refunding Capital Stock (as defined
below), (X) Equity Interests or convertible debt securities
of the Issuer sold to a Restricted Subsidiary, and (Y)
Disqualified Stock or debt securities that have been
converted into Disqualified Stock; plus
	 
	 	(iii)	 	100% of the aggregate amount of
cash and the fair market value, as determined in Good Faith by
the Issuer, of marketable securities or other property received
by the Issuer by means of:

	 	(a)	 	the sale or other disposition (other than to the
Issuer or a Restricted Subsidiary) of Restricted
Investments made by the Issuer or its Restricted
Subsidiaries and repurchases and redemptions of
such Restricted Investments from the Issuer or
its Restricted Subsidiaries and repayments of
loans or advances, and releases of guarantees,
which constitute Restricted Investments by the
Issuer or its Restricted Subsidiaries, in each
case after the Issue Date; or
	 
	 	(b)	 	the sale or other disposition (other than to the
Issuer or a Restricted Subsidiary) of the stock
of an Unrestricted Subsidiary or a dividend or
other distribution from an Unrestricted

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	 	 	 	Subsidiary (other than in each case to the
extent of the amount of the Investment in such
Unrestricted Subsidiary made by the Issuer or
a Restricted Subsidiary pursuant to
Section 3.3(b)(8) or to the extent of
the amount of the Investment that constituted
a Permitted Investment), in each case after
the Issue Date;

	 	 	 	without duplication of any amount included in EBITDA; plus
	 
	 	(iv)	 	in the case of the designation of
an Unrestricted Subsidiary as a Restricted Subsidiary or the
merger or consolidation of an Unrestricted Subsidiary into the
Issuer or a Restricted Subsidiary or the transfer of all or
substantially all of the assets of an Unrestricted Subsidiary to
the Issuer or a Restricted Subsidiary after the Issue Date, the
fair market value of the Investment in such Unrestricted
Subsidiary (or the assets transferred), as determined in Good
Faith by the Issuer or, if such fair market value exceeds $25.0
million (or $50.0 million if the Citadel Transaction has been
consummated), in writing by an Independent Financial Advisor, at
the time of the designation of such Unrestricted Subsidiary as a
Restricted Subsidiary or at the time of such merger or
consolidation or transfer of assets (after taking into
consideration any Indebtedness associated with the Unrestricted
Subsidiary so designated or merged or consolidated or
Indebtedness associated with the assets so transferred), other
than to the extent of the amount of the Investment in such
Unrestricted Subsidiary made by the Issuer or a Restricted
Subsidiary pursuant to Section 3.3(b)(8) or to the
extent of the amount of the Investment that constituted a
Permitted Investment.

          (b) The foregoing provisions of Section 3.3(a) hereof shall not prohibit:

          (1) the payment of any dividend or distribution within 60 days after the date of
declaration thereof, if at the date of declaration such payment would have complied with the
provisions of this Indenture or the redemption, repurchase or retirement of Indebtedness if,
at the date of any irrevocable redemption notice such payment would have complied with the
provisions of this Indenture;

          (2) (a) the purchase, redemption, repurchase, retirement or other acquisition of any
Equity Interests or Subordinated Indebtedness of the Issuer or any Equity Interests of any
Parent, in exchange for, or out of the proceeds of, the substantially concurrent sale or
issuance (other than to a Subsidiary of the Issuer or to an employee stock

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ownership plan or any trust established by the Issuer or any of its Subsidiaries) of,
Equity Interests of the Issuer or any Parent to the extent contributed to the Issuer (in
each case, other than any Disqualified Stock) (“Refunding Capital Stock”), (b) the
declaration and payment of dividends on Equity Interests of the Issuer out of the proceeds
of the substantially concurrent sale or issuance (other than to a Subsidiary of the Issuer
or to an employee stock ownership plan or any trust established by the Issuer or any of its
Subsidiaries) of Refunding Capital Stock, and (c) if immediately prior to the retirement of
Preferred Stock, the declaration and payment of dividends thereon was permitted under
Section 3.3(b)(6), the declaration and payment of dividends on the Refunding Capital
Stock (other than Refunding Capital Stock the proceeds of which were used to purchase,
redeem, repurchase, retire or otherwise acquire any Equity Interests of any Parent) in an
aggregate amount per year no greater than the aggregate amount of dividends per annum that
were declarable and payable on such Preferred Stock immediately prior to such retirement;

               (3) the purchase, redemption, repurchase, defeasance or other acquisition or retirement
for value of Subordinated Indebtedness of the Issuer or a Subsidiary Guarantor made by
exchange for, or out of the proceeds of, the substantially concurrent sale of, new
Indebtedness of the Issuer or such Subsidiary Guarantor, as the case may be, which is
incurred in compliance with the provisions of Section 3.2(b)(13);

               (4) a Restricted Payment to pay for the repurchase or other acquisition or retirement
for value of Equity Interests (other than Disqualified Stock) of the Issuer or any Parent
held by any future, present or former employee, member of the board of directors or
consultant of the Issuer, any of its Subsidiaries or any Parent (permitted transferees,
assigns, estates or heirs of such employee, director or consultant), pursuant to any
management equity plan or stock option plan or any other management or employee benefit plan
or agreement; provided, however, that the aggregate Restricted Payments made under this
Section 3.3(b)(4) do not exceed in any calendar year $5.0 million (with unused
amounts in any calendar year being carried over to succeeding calendar years subject to a
maximum (without giving effect to the following proviso) of $10.0 million in any calendar
year); provided, further, that such amount in any calendar year may be increased by an
amount not to exceed:

	 	(A)	 	the cash proceeds from the sale of Equity
Interests (other than Disqualified Stock) of the Issuer and, to the
extent contributed to the Issuer, of any Parent, in each case to any
employee, member of the board of directors or consultant of the Issuer,
any of its Subsidiaries or any Parent that occurs after the Issue Date,
to the extent the cash proceeds from the sale of such Equity Interests
have not otherwise been applied to the payment of Restricted Payments
by virtue of Section 3.3(a)(C); plus

	 	(B)	 	the cash proceeds of key man life insurance
policies received by the Issuer or its Restricted Subsidiaries after
the Issue Date; less

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	 	(C)	 	the amount of any Restricted Payments
previously made with the cash proceeds described in Sections
3.3(b)(4)(A) and (B);

and provided further that cancellation of Indebtedness owing to the Issuer or any Restricted
Subsidiary from any employee, member of the board of directors or consultant of the Issuer,
any Parent or any of the Issuer’s Restricted Subsidiaries in connection with any such
repurchase or other acquisition or retirement for value of Equity Interests of the Issuer or
any Parent shall not be deemed to constitute a Restricted Payment for purposes of this
covenant or any other provision of this Indenture;

               (5) the declaration and payment of dividends and distributions to holders of any class
or series of Disqualified Stock of the Issuer or any of its Restricted Subsidiaries issued
in accordance with the covenant described under Section 3.2 to the extent such
dividends are included in the definition of “Fixed Charges”;

               (6) (A) the declaration and payment of dividends and distributions to holders of any
class or series of Designated Preferred Stock (other than Disqualified Stock) issued by the
Issuer after the Issue Date; provided that the amount of dividends paid pursuant to this
Section 3.3(b)(6)(A) shall not exceed the aggregate amount of cash actually received
by the Issuer from the sale of such Designated Preferred Stock;

	 	(B)	 	the declaration and payment of dividends and
distributions to a Parent, the proceeds of which shall be used to fund
the payment of dividends to holders of any class or series of
Designated Preferred Stock (other than Disqualified Stock) of such
Parent issued after the Issue Date; provided that the amount of
dividends paid pursuant to this Section 3.3(b)(6)(B) shall not
exceed the aggregate amount of cash actually contributed to the Issuer
from the sale of such Designated Preferred Stock; or

	 	(C)	 	the declaration and payment of dividends and
distributions on Refunding Capital Stock that is Preferred Stock in
excess of the dividends declarable and payable thereon pursuant to
Section 3.3(b)(2);

provided, however, in the case of each of Section 3.3(b)(6)(A), (B) and
(C), that for the most recently ended four full fiscal quarters for which internal
financial statements are available immediately preceding the date of issuance of such
Designated Preferred Stock or Refunding Capital Stock that is Preferred Stock, after giving
effect to such issuance or declaration on a pro forma basis, the Issuer and its Restricted
Subsidiaries on a consolidated basis would have had a Leverage Ratio of less than 6.5 to
1.0;

               (7) repurchases of Equity Interests deemed to occur upon exercise of stock options or
warrants if such Equity Interests represent a portion of the exercise price of such options
or warrants;

               (8) other Restricted Payments in an aggregate amount, taken together with all other
Restricted Payments made pursuant to this Section 3.3(b)(8) (less the amount

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of capital returned from the sale of an Investment to the extent the proceeds of such
sale consist of, or have been subsequently sold or transferred for, cash or marketable
securities) not to exceed $25.0 million (or $50.0 million if the Citadel Transaction has
been consummated) at the time made;

          (9) distributions or payments of Securitization Fees, sales contributions and other
transfers of Securitization Assets and purchases of Securitization Assets pursuant to a
Securitization Repurchase Obligation, in each case in connection with a Qualified
Securitization Financing;

          (10) the payment, purchase, redemption, defeasance or other acquisition or retirement
for value of any Preferred Stock or Subordinated Indebtedness pursuant to and in accordance
with the provisions similar to Section 3.5 and Section 3.10; provided that
all Notes tendered by Holders in connection with a Change of Control Offer or Asset Sale
Offer, as applicable, have been repurchased, redeemed or acquired for value;

          (11) the distribution, by dividend or otherwise, of shares of Capital Stock of, or
Indebtedness owed to the Issuer or a Restricted Subsidiary by, Unrestricted Subsidiaries
(other than Unrestricted Subsidiaries the primary assets of which are Cash Equivalents);

          (12) cash payments in lieu of the issuance of fractional shares or interests in
connection with the exercise of warrants, options or other rights or securities convertible
into or exchangeable for Capital Stock of the Issuer or any Parent; provided that any such
cash payment shall not be for the purpose of evading the limitation of this covenant;

          (13) the declaration and payment of cash dividends, distributions, loans or other
transfers by the Issuer or any Restricted Subsidiary to any Parent in amounts required for
such Parent to pay, in each case without duplication:

(a) foreign, federal, state and/or local consolidated, combined or similar
income taxes, to the extent such income taxes are attributable to the income
of the Issuer and its Restricted Subsidiaries and, to the extent of the
amount actually received from the Issuer’s Unrestricted Subsidiaries, in
amounts required to pay such taxes to the extent attributable to the income
of such Unrestricted Subsidiaries; provided that in each case the amount of
such payments in any Fiscal Year does not exceed the amount that the Issuer
and its Restricted Subsidiaries or the Issuer’s Unrestricted Subsidiaries,
as the case may be, would be required to pay in respect of foreign, federal,
state and/or local consolidated, combined or similar income taxes for such
Fiscal Year were the Issuer and its Restricted Subsidiaries or its
Unrestricted Subsidiaries (to the extent described above), respectively, to
pay such taxes separately from any such Parent;

(b) fees and expenses (including franchise or similar taxes) required to
maintain the corporate existence, customary salary, bonus and other benefits
payable to, and indemnities provided on behalf of, officers and

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employees of any Parent, if applicable, and general corporate overhead
expenses of any Parent, in each case to the extent such fees and expenses
are attributable to the ownership or operation of the Issuer, if applicable,
and its Restricted Subsidiaries; provided that for so long as such Parent
owns no assets other than the Capital Stock in the Issuer or another Parent,
such fees and expenses shall be deemed for purposes of this Section
3.3(b)(13) to be so attributable to such ownership or operation; and

          (14) payments by the Issuer or any Restricted Subsidiary in respect of Subordinated
Indebtedness of the Issuer or any Restricted Subsidiary owed to the Issuer or another
Restricted Subsidiary;

provided however, that at the time of, and after giving effect to, any Restricted Payment permitted
under Sections 3.3(b)(4), 3.3(b)(8), and 3.3(b)(11), no Default shall have
occurred and be continuing or would occur as a consequence thereof.

          The amount of all Restricted Payments (other than cash) shall be the fair market value (as
determined in Good Faith by the Issuer) on the date of such Restricted Payment of the assets or
securities proposed to be paid, transferred or issued by the Issuer or such Restricted Subsidiary,
as the case may be, pursuant to such Restricted Payment.

          For purposes of determining compliance with this Section 3.3, in the event that at the
time a Restricted Payment or Permitted Investment (or any portion thereof) is made such Restricted
Payment or Permitted Investment (or any portion thereof) meets the criteria of more than one of the
categories of Restricted Payments described in Section 3.3(b)(1) through Section
3.3(b)(14) above or Investments described in the clauses of the definition of “Permitted
Investments,” the Issuer, in its sole discretion, shall classify (and shall be entitled to divide
and classify) such Restricted Payment or Permitted Investment (or any portion thereof).

          For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all
outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the extent repaid)
in the Subsidiary so designated shall be deemed to be Investments in an amount determined as set
forth in the last sentence of the definition of “Investment.” Such designation shall be permitted
only if a Restricted Payment in such amount would be permitted at such time, whether pursuant to
Section 3.3 or pursuant to the definition of “Permitted Investments,” and if such
Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

          SECTION 3.4. Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries.

          (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly, create or otherwise cause or suffer to exist or become effective any consensual
encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to:

          (1) (i) pay dividends or make any other distributions to the Issuer or any of its
Restricted Subsidiaries on its Capital Stock or with respect to any other interest or

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participation in, or measured by, its profits, or (ii) pay any Indebtedness owed to the
Issuer or any of its Restricted Subsidiaries;

          (2) make loans or advances to the Issuer or any of its Restricted Subsidiaries; or

          (3) sell, assign, transfer, lease, convey or otherwise dispose of any of its properties
or assets to the Issuer or any of its Restricted Subsidiaries.

          (b) The restrictions in Section 3.4(a) shall not apply (in each case) to encumbrances
or restrictions existing under or by reason of:

	 	(i)	 	contractual encumbrances or restrictions in effect on the Issue
Date, including pursuant to the Existing Credit Facility and the related
documentation and related Hedging Obligations and Cash Management Obligations;

	 	(ii)	 	contractual encumbrances or restrictions contained in the
Acquisition Credit Facility and the related documentation and related Hedging
Obligations and Cash Management Obligations; provided that such encumbrances
and restrictions are not materially more disadvantageous to the Holders than is
customary in comparable financings (as determined in Good Faith by the Issuer);

	 	(iii)	 	this Indenture, the Notes and the Guarantees (including any
exchange notes and related guarantees);

	 	(iv)	 	purchase money obligations for property acquired in the
ordinary course of business that impose restrictions of the nature discussed in
Section 3.4(a)(3) on the property so acquired;

	 	(v)	 	applicable law or any applicable rule, regulation or order;

	 	(vi)	 	any agreement or other instrument of a Person acquired by the
Issuer or any Restricted Subsidiary in existence at the time of such
acquisition (or at the time it merges with or into the Issuer or any Restricted
Subsidiary or is assumed in connection with the acquisition of assets from such
Person) (but, in each case, not created in contemplation thereof), which
encumbrance or restriction is not applicable to any Person, or the properties
or assets of any Person, other than such Person and its Subsidiaries, or the
property or assets of such Person and its Subsidiaries, so acquired;

	 	(vii)	 	contracts for the sale of assets, including customary
restrictions with respect to a Subsidiary of the Issuer pursuant to an
agreement that has been entered into for the sale or disposition of all or
substantially all of the Capital Stock or assets of such Subsidiary;

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	 	(viii)	 	Secured Indebtedness otherwise permitted to be incurred pursuant to
Sections 3.2 and 3.6 that limit the right of the debtor to
dispose of the assets securing such Indebtedness;

	 	(ix)	 	restrictions on Cash Equivalents or other deposits or net worth
imposed by customers under contracts entered into in the ordinary course of
business;

	 	(x)	 	customary provisions in joint venture agreements or
arrangements and other similar agreements relating solely to such joint
venture; provided that with respect to any joint venture agreement relating to
a Restricted Subsidiary, such provisions are not materially more
disadvantageous to the Holders than is customary in comparable agreements or
arrangements (as determined in Good Faith by the Issuer);

	 	(xi)	 	customary provisions contained in leases, subleases, licenses,
sublicenses or other agreements, in each case, entered into in the ordinary
course of business;

	 	(xii)	 	any agreement or instrument relating to any Indebtedness or
Preferred Stock of a Restricted Subsidiary permitted to be incurred subsequent
to the Issue Date pursuant to Section 3.2 if (A) such encumbrances and
restrictions are not materially more disadvantageous to the Holders than is
customary in comparable financings (as determined in Good Faith by the Issuer)
and (B) either (x) the Issuer determines that such encumbrance or restriction
shall not adversely affect the Issuer’s ability to make principal and interest
payments on the Notes as and when they come due or (y) such encumbrances and
restrictions apply only during the continuance of a default in respect of a
payment or financial maintenance covenant relating to such Indebtedness;

	 	(xiii)	 	covenants to maintain net worth, total assets or liquidity and similar
financial responsibility covenants under contracts with customers or suppliers
in the ordinary course of business;

	 	(xiv)	 	any agreement with respect to Indebtedness of a Foreign
Subsidiary permitted under this Indenture so long as such encumbrances and
restrictions are only with respect to the properties and revenues of such
Subsidiary or any Subsidiary of such Foreign Subsidiary;

	 	(xv)	 	any encumbrances or restrictions of the type referred to in
clauses (1), (2) and (3) of Section 3.4(a) imposed by any amendments,
modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings of the contracts, instruments or obligations
referred to in clauses (i) through (xiv) above; provided that such amendments,
modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are, in the good faith judgment of the Issuer, no
more restrictive in any material respect with respect to such

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	 	 	 	encumbrance and other restrictions taken as a whole than those prior to such
amendment, modification, restatement, renewal, increase, supplement,
refunding, replacement or refinancing; and
	 
	 	(xvi)	 	restrictions created in connection with any Qualified
Securitization Financing that, in the good faith determination of the Issuer,
are necessary or advisable to effect such Securitization Facility.

          SECTION 3.5. Limitation on Asset Sales. (a) The Issuer shall not, and shall not
permit any of its Restricted Subsidiaries to, consummate an Asset Sale, unless:

          (1) the Issuer or such Restricted Subsidiary, as the case may be, receives
consideration at the time of such Asset Sale at least equal to the fair market value (as
determined in Good Faith by the Issuer) of the assets sold or otherwise disposed of; and

          (2) except in the case of a Permitted Asset Swap, at least 75% of the consideration
therefor received by the Issuer or such Restricted Subsidiary, as the case may be, is in the
form of Cash Equivalents; provided that the amount of:

	 	(A)	 	any liabilities (as shown on the Issuer’s or
such Restricted Subsidiary’s most recent balance sheet or in the
footnotes thereto, or if incurred or accrued subsequent to the date of
such balance sheet, such liabilities that would have been shown on such
balance sheet or in the footnotes thereto if such incurrence or accrual
had taken place on or prior to the date of such balance sheet, as
determined in Good Faith by the Issuer) of the Issuer or such
Restricted Subsidiary, other than liabilities that are by their terms
subordinated to the Notes, that are assumed by the transferee of any
such assets and for which the Issuer and all of its Restricted
Subsidiaries have been validly released by all creditors in writing,

	 	(B)	 	any securities or other obligations received by
the Issuer or such Restricted Subsidiary from such transferee that are
converted by the Issuer or such Restricted Subsidiary into Cash
Equivalents (to the extent of the Cash Equivalents received) within 180
days following the closing of such Asset Sale, and

	 	(C)	 	any Designated Non-cash Consideration received
by the Issuer or such Restricted Subsidiary in such Asset Sale having
an aggregate fair market value, taken together with all other
Designated Non-cash Consideration received pursuant to this clause (c)
that is at that time outstanding, not to exceed the greater of (i)
$25.0 million or $50.0 million if the Citadel Transaction has been
consummated and (ii) 2.0% of Total Assets at the time of receipt of the
Designated Non-cash Consideration, with the fair market value of each
item of Designated Non-cash Consideration being measured at the time
received and without giving effect to subsequent changes in value,

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shall be deemed to be Cash Equivalents for purposes of this provision and for no other purpose.

          (b) Within 365 days after the receipt of any Net Proceeds of any Asset Sale, the Issuer or
such Restricted Subsidiary, at its option, may apply the Net Proceeds from such Asset Sale,

          (1) to reduce or repay:

	 	a.	 	Obligations under
Indebtedness (other than Subordinated Indebtedness) of the
Issuer or any Subsidiary Guarantor that is secured by a
Lien, which Lien is permitted by this Indenture, and to
correspondingly reduce commitments with respect thereto;
	 
	 	b.	 	Obligations under other
Indebtedness (other than Subordinated Indebtedness) of the
Issuer or any Subsidiary Guarantor (and to correspondingly
reduce commitments with respect thereto); provided that, to
the extent the Issuer reduces Obligations under such
Indebtedness, the Issuer shall equally and ratably reduce
Obligations under the Notes as provided in Section
5.7, through open-market purchases (to the extent such
purchases are at or above 100% of the principal amount
thereof) or by making an offer (in accordance with the
procedures set forth below for an Asset Sale Offer) to all
Holders to purchase their Notes at 100% of the principal
amount thereof, plus the amount of accrued but unpaid
interest, if any, and Additional Interest, if any, on the
amount of Notes that would otherwise be prepaid; or
	 
	 	c.	 	Indebtedness of a
Non-Guarantor Subsidiary, other than Indebtedness owed to
the Issuer or another Restricted Subsidiary (and to
correspondingly reduce commitments with respect thereto); or

          (2) to make (a) an Investment in the Capital Stock of any business that becomes a
Restricted Subsidiary or is merged with or into the Issuer or one of its Restricted
Subsidiaries as a result of such transaction, (b) capital expenditures or (c) acquisitions
of properties or other assets (other than working capital assets), which in the case of each
of (a), (b) and (c), are used or useful in a Similar Business or replace the businesses,
properties and/or assets that are the subject of such Asset Sale; provided that, in the case
of each of clause (a), (b) and (c), a binding commitment shall be treated as a permitted
application of the Net Proceeds under this Section 3.5(b)(2) from the date of such
commitment so long as the Issuer or such other Restricted Subsidiary enters into such
commitment with the good faith expectation that such Net Proceeds shall be applied to
satisfy such commitment within 180 days of such commitment (an “Acceptable
Commitment”) and, in the event any Acceptable Commitment is later cancelled or
terminated for any reason before the Net Proceeds are applied in connection therewith, the

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Issuer or such Restricted Subsidiary enters into another Acceptable Commitment (a
“Second Commitment”) within 180 days of such cancellation or termination; provided,
further, that if any Second Commitment is later cancelled or terminated for any reason
before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess
Proceeds.

          The Issuer may satisfy the foregoing obligations with respect to such Net Proceeds (or such
lesser amount that the Issuer determines) from an Asset Sale by making an Asset Sale Offer with
respect to such Net Proceeds prior to the expiration of the application period.

          Any Net Proceeds from the Asset Sale that are not invested or applied as provided and within
the time period set forth in the first sentence of the preceding paragraph shall be deemed to
constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $30.0
million, the Issuer shall make an offer to all Holders, and, if required by the terms of any
Indebtedness that is pari passu with the Notes (“Pari Passu Indebtedness”), to the holders
of such Pari Passu Indebtedness (an “Asset Sale Offer”), to purchase the maximum aggregate
principal amount of the Notes and such Pari Passu Indebtedness that may be purchased out of the
Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount
thereof, plus accrued and unpaid interest and Additional Interest, if any, to the date fixed for
the closing of such offer, in accordance with the procedures set forth in this Indenture. The
Issuer shall commence an Asset Sale Offer with respect to Excess Proceeds within twenty Business
Days after the date that Excess Proceeds exceed the threshold set forth above by delivering the
notice required pursuant to the terms of this Indenture, with a copy to the Trustee and the Agent
(if not the same as the Trustee), or otherwise in accordance with the procedures of DTC.

          To the extent that the aggregate amount of Notes and such Pari Passu Indebtedness tendered
pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining
Excess Proceeds for any purposes, not in violation of other covenants contained in this Indenture.
If the aggregate principal amount of Notes or the Pari Passu Indebtedness surrendered by such
holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the
Issuer or agent for such Pari Passu Indebtedness shall select such Pari Passu Indebtedness to be
purchased on a pro rata basis (and, in the case of the Notes, otherwise in accordance with the
procedures of DTC) based on the accreted value or principal amount of the Notes or such Pari Passu
Indebtedness tendered, in each case certified to the Trustee in an Officer’s Certificate. Upon
completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

          Pending the final application of any Net Proceeds pursuant to this Section 3.5, the
Issuer may apply such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving
credit facility or otherwise use such Net Proceeds in any manner not prohibited by this Indenture.

          The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws or regulations are
applicable in connection with the repurchase by the Issuer of the Notes pursuant to an Asset Sale
Offer. To the extent that the provisions of any securities laws or regulations conflict with the
provisions of this Indenture, the Issuer shall comply with the applicable securities laws and

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regulations and shall not be deemed to have breached its obligations described in this
Indenture by virtue thereof.

          SECTION 3.6. Limitation on Liens. The Issuer shall not, and shall not permit any
Subsidiary Guarantor to, directly or indirectly, create, incur, assume or suffer to exist any Lien
(except Permitted Liens) (each, an “Initial Lien”) that secures obligations under any
Indebtedness or any related guarantee, on any asset or property of the Issuer or any Subsidiary
Guarantor, or any income or profits therefrom, unless:

          (a) in the case of Liens securing Subordinated Indebtedness, the Notes and related Guarantees
are secured by a Lien on such assets or property, or income or profits therefrom, that is senior in
priority to such Liens; or

          (b) in all other cases, the Notes or the Guarantees are secured by a Lien on such asset or
property, or income or profits therefrom, that is pari passu with or senior in priority to such
Liens,

except that the foregoing shall not apply to Liens securing the Notes and the related Guarantees.

     Any Lien created for the benefit of the Holders pursuant to this Section 3.6 shall
provide by its terms that such Lien shall be automatically and unconditionally released and
discharged upon the release and discharge of the Initial Lien that gave rise to the obligation to
so secure the Notes.

          SECTION 3.7. Limitation on Guarantees of Indebtedness by Restricted Subsidiaries.

          (a) The Issuer shall not (i) permit any of its domestic Wholly-Owned Subsidiaries that are
Restricted Subsidiaries (and domestic non-Wholly-Owned Subsidiaries if such non-Wholly-Owned
Subsidiaries guarantee other capital markets debt securities of the Issuer or any Restricted
Subsidiary or guarantee Obligations under a Credit Facility), other than a Subsidiary Guarantor or
a License Subsidiary, to guarantee the payment of any Indebtedness of the Issuer or any Restricted
Subsidiary or (ii) permit any of its License Subsidiaries, other than a Subsidiary Guarantor, to
guarantee the payment of any Indebtedness except as permitted under Section 3.9, in each
case unless:

     (A) such Restricted Subsidiary within 30 days executes and delivers a supplemental
indenture and joinder or supplement to the Registration Rights Agreement (if such Restricted
Subsidiary’s registration obligations thereunder have not yet been completed) providing for
a senior Guarantee by such Restricted Subsidiary, except that with respect to a guarantee of
Indebtedness of the Issuer or any Restricted Subsidiary, if such Indebtedness is by its
express terms subordinated in right of payment to the Notes or, in the case of a Subsidiary
Guarantor, such Subsidiary Guarantor’s Guarantee, any such guarantee by such Restricted
Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to
the Notes or such Subsidiary Guarantor’s Guarantee substantially to the same extent as such
Indebtedness is subordinated to the Notes or such Subsidiary Guarantor’s Guarantee;

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     (B) such Restricted Subsidiary waives and shall not in any manner whatsoever claim or
take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or
any other rights against the Issuer or any other Restricted Subsidiary as a result of any
payment by such Restricted Subsidiary under its Guarantee until payment in full of
Obligations under this Indenture; and

     (C) such Restricted Subsidiary shall deliver to the Trustee an Opinion of Counsel to
the effect that:

	 	(1)	 	such Guarantee has been duly executed and authorized; and

	 	(2)	 	such Guarantee constitutes a valid, binding and enforceable
obligation of such Restricted Subsidiary, except insofar as enforcement thereof
may be limited by bankruptcy, insolvency or similar laws (including, without
limitation, all laws relating to fraudulent transfers) and except insofar as
enforcement thereof is subject to general principles of equity;

provided that this Section 3.7 shall not be applicable to any guarantee of any Restricted
Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not incurred
in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary.

     The Issuer may elect, in its sole discretion, to cause any Subsidiary that is not otherwise
required to be a Subsidiary Guarantor to become a Subsidiary Guarantor, in which case, such
Subsidiary shall only be required to comply with the Sections 3.7(a)(C)(1) and (2)
above.

          SECTION 3.8. Transactions with Affiliates. (a) The Issuer shall not, and shall not
permit any of its Restricted Subsidiaries to, make any payment to, or sell, assign, transfer,
lease, convey or otherwise dispose of any of its properties or assets to, or purchase any property
or assets from, or enter into or make or amend any transaction, contract, agreement, understanding,
loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer (each of the
foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in
excess of $2.0 million (or $5.0 million if the Citadel Transaction has been consummated), unless:

          (1) such Affiliate Transaction is on terms that are not materially less favorable to
the Issuer or its relevant Restricted Subsidiary than those that would have been obtained in
a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated
Person on an arm’s-length basis; and

          (2) the Issuer delivers to the Trustee with respect to any Affiliate Transaction or
series of related Affiliate Transactions involving aggregate payments or consideration (a)
in excess of $5.0 million (or $15.0 million if the Citadel Transaction has been
consummated), a resolution adopted by the majority of the board of directors of the Issuer
approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying
that such Affiliate Transaction complies with Section 3.8(a)(1) above and (b) in
excess of $25.0 million (or $50.0 million if the Citadel Transaction has been consummated),
a written opinion of an Independent Financial Advisor stating that such Affiliate
Transaction is fair to the Issuer or the Restricted Subsidiary, as applicable, from a
financial point of view or complies with Section 3.8(a)(1) above.

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          (b) The foregoing provisions shall not apply to the following:

          (1) transactions between or among the Issuer or any of its Restricted Subsidiaries;

          (2) Restricted Payments permitted by Section 3.3 and Permitted Investments
(other than pursuant to clause (3) or (12) of the definition thereof) ;

          (3) the payment of reasonable and customary fees and compensation paid to, and
indemnities and reimbursements provided for the benefit of, former, current or future
officers, directors, employees or consultants of the Issuer, any Parent or any of its
Restricted Subsidiaries, as determined in Good Faith by the Issuer;

          (4) any agreement or arrangement as in effect as of the Issue Date, or any amendment
thereto (so long as any such amendment is not materially disadvantageous to the Holders when
taken as a whole as compared to the applicable agreement as in effect on the Issue Date);

          (5) the Refinancing Transactions and the Acquisitions and the payment of all fees and
expenses related to the Refinancing Transactions and the Acquisitions or any of the
transactions contemplated in connection therewith, as applicable, in each case as disclosed
in the Offering Memorandum;

          (6) transactions with customers, clients, suppliers, or purchasers or sellers of goods
or services, in each case in the ordinary course of business and otherwise not in violation
of the terms of this Indenture which are fair to the Issuer and its Restricted Subsidiaries,
in the reasonable determination of the board of directors or the senior management of the
Issuer, or are on terms at least as favorable as might reasonably have been obtained at such
time from an unaffiliated party;

          (7) to the extent not otherwise prohibited under this Indenture, the issuance or
transfer of Equity Interests (other than Disqualified Stock) to Affiliates of the Issuer and
the granting of registration and other customary rights in connection therewith or any
contribution to the capital of any Parent, the Issuer or any Restricted Subsidiary;

          (8) any customary transaction with a Securitization Subsidiary effected as part of a
Qualified Securitization Financing;

          (9) payments or loans (or cancellation of loans) to employees or consultants of the
Issuer, any Parent or any of its Restricted Subsidiaries and employment agreements, stock
option plans, restricted stock plans, bonus programs and other similar arrangements with
such employees or consultants which, in each case, are approved in Good Faith by the Issuer
and in accordance with applicable law; and

          (10) transactions with a Person (other than an Unrestricted Subsidiary) that is an
Affiliate of the Issuer solely because the Issuer or a Restricted Subsidiary owns an equity
interest in or otherwise controls such Person.

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          SECTION 3.9. Limitation on Activities of the License Subsidiaries. If at any time a
License Subsidiary does not Guarantee the Notes, such License Subsidiary shall not (i) incur any
Indebtedness other than (x) guarantees of Obligations under the Existing Credit Facility or the
Acquisition Credit Facility and (y) other Indebtedness not to exceed, when aggregated with all
other Indebtedness incurred pursuant to clause (x) by all other License Subsidiaries, $250,000 or
(ii) create, incur, assume or suffer to exist any Liens upon any of its assets or property, income
or profits therefrom, whether now owned or hereafter acquired, except Permitted Liens.

          SECTION 3.10. Change of Control. (a) If a Change of Control occurs, unless the
Issuer has previously or concurrently delivered a redemption notice with respect to all the
outstanding Notes pursuant to Section 5.7, the Issuer shall make an offer to purchase all
of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a
price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal
amount thereof plus accrued and unpaid interest and Additional Interest, if any, to the date of
purchase, subject to the right of Holders of record of the Notes on the relevant record date to
receive interest due on the relevant interest payment date. Within 30 days following any Change of
Control, the Issuer shall deliver notice of such Change of Control Offer, with a copy to the
Trustee, the Agent (if not the same as the Trustee), and to each Holder of Notes to the address of
such Holder in accordance with the procedures of DTC, with the following information:

          (1) that a Change of Control Offer is being made pursuant to this Section 3.10,
and that all Notes properly tendered pursuant to such Change of Control Offer shall be
accepted for payment by the Issuer;

          (2) the purchase price and the purchase date, which shall be no earlier than 30 days
nor later than 60 days from the date such notice is delivered (the “Change of Control
Payment Date”);

          (3) that any Note not properly tendered shall remain outstanding and continue to accrue
interest;

          (4) that unless the Issuer defaults in the payment of the Change of Control Payment,
all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue
interest on the Change of Control Payment Date;

          (5) that Holders electing to have any Notes purchased pursuant to a Change of Control
Offer shall be required to surrender such Notes, with the form entitled “Option of Holder to
Elect Purchase” on the reverse of such Notes completed, to the paying agent specified in the
notice at the address specified in the notice prior to the close of business on the third
Business Day preceding the Change of Control Payment Date;

          (6) that Holders shall be entitled to withdraw their tendered Notes and their election
to require the Issuer to purchase such Note; provided that the paying agent receives, not
later than the expiration time of the Change of Control Offer, a facsimile transmission or
letter setting forth the name of the Holder of the Notes, the principal amount of Notes
tendered for purchase and a statement that such Holder is withdrawing its tendered Notes and
its election to have such Notes purchased;

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          (7) that if the Issuer is redeeming less than all of the Notes, the Holders of the
remaining Notes shall be issued new Notes, and such new Notes shall be equal in principal
amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the
Notes must be equal to $2,000 or an integral multiple of $1,000 in excess thereof;

          (8) if such notice is delivered prior to the occurrence of a Change of Control (for the
avoidance of doubt, in the circumstances described in the proviso to the first sentence of
this paragraph, prior to the completion of such transaction) stating that the Change of
Control Offer is conditional on the occurrence of such Change of Control; and

          (9) the other instructions, as determined by the Issuer, consistent with the covenant
described in this Section 3.10, that a Holder must follow.

          (b) On the Change of Control Payment Date, the Issuer shall, to the extent permitted by law,

          (1) accept for payment all Notes issued by it or portions thereof properly tendered
pursuant to the Change of Control Offer;

          (2) deposit with the Paying Agent an amount equal to the aggregate Change of Control
Payment in respect of all Notes or portions thereof so tendered; and

          (3) deliver, or cause to be delivered, to the Trustee for cancellation the Notes so
accepted together with an Officer’s Certificate to the Trustee stating that such Notes or
portions thereof have been tendered to and purchased by the Issuer.

     The Paying Agent shall promptly deliver to each Holder the Change of Control Payment for any
such Notes properly tendered and accepted for payment, and the Trustee shall cause to be
transferred by book entry (or promptly authenticate and deliver in the case of Definitive Notes) to
each Holder a new Note equal in principal amount to any unpurchased portion of the Notes
surrendered, if any; provided that each new Note shall be in a principal amount of $2,000 or an
integral multiple of $1,000 in excess thereof. The Issuer shall publicly announce the results of
the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.

          (c) The Issuer shall not be required to make a Change of Control Offer following a Change of
Control if a third party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of
Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under
such Change of Control Offer.

          (d) Notwithstanding anything to the contrary in this Section 3.10, a Change of Control
Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a
definitive agreement is in place for the Change of Control at the time of making of the Change of
Control Offer.

          (e) The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws or

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regulations are applicable in connection with the repurchase by the Issuer of Notes pursuant
to a Change of Control Offer. To the extent that the provisions of any securities laws or
regulations conflict with provisions of this Indenture, the Issuer shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under this
Indenture by virtue thereof.

          SECTION 3.11. Reports and Other Information.

          (a) Notwithstanding that the Issuer may not be subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on
forms provided for such annual and quarterly reporting pursuant to rules and regulations
promulgated by the SEC, the Issuer shall file with the SEC within 15 days after the dates set forth
below:

          (1) within 90 days after the end of each Fiscal Year, all financial information that
would be required to be contained in an annual report on Form 10-K, or any successor or
comparable form, filed with the SEC, including a “Management’s discussion and analysis of
financial condition and results of operations” and a report on the annual financial
statements by the Issuer’s independent registered public accounting firm;

          (2) within 45 days after the end of each of the first three fiscal quarters of each
Fiscal Year, all financial information that would be required to be contained in a quarterly
report on Form 10-Q, or any successor or comparable form, filed with the SEC; and

          (3) within the applicable number of days specified in the SEC’s rules and regulations,
all current reports that would be required to be filed with the SEC on Form 8-K, or any
successor or comparable form, if the Issuer were required to file with the SEC;

in each case, in a manner that complies in all material respects with the requirements specified in
such form. Notwithstanding the foregoing, the Issuer shall not be so obligated to file such reports
with the SEC if the SEC does not permit such filing, so long as, at the Issuer’s expense and by the
applicable date the Issuer would be required to file such information pursuant to this covenant,
the Issuer posts copies of such information required by the immediately preceding paragraph on a
website (which may be nonpublic and may be maintained by the Issuer or a third party) to which
access shall be given to the Trustee, Holders, prospective investors in the Notes (which
prospective investors shall be limited to “qualified institutional buyers” within the meaning of
Rule 144A of the Securities Act or non-U.S. persons (as defined in Regulation S under the
Securities Act) that certify their status as such to the reasonable satisfaction of the Issuer),
and securities analysts and market making financial institutions that are reasonably satisfactory
to the Issuer. The Trustee shall have no responsibility for determining whether or not such
information has been posted and if the information in clause (3) has been posted to a website not
maintained by the SEC, then the Issuer shall provide prompt notice of such posting to the Trustee.

     To the extent any such information is not so filed or posted, as applicable, within the time
periods specified above and such information is subsequently filed or posted, as applicable, the
Issuer shall be deemed to have satisfied its obligations with respect thereto at such time and any

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Default with respect thereto shall be deemed to have been cured; provided that such cure shall
not otherwise affect the rights of the Holders under Article VI if Holders of at least 25%
in principal amount of the then total outstanding Notes have declared the principal, premium, if
any, interest and any other monetary obligations on all the then outstanding Notes to be due and
payable immediately and such declaration shall not have been rescinded or cancelled prior to such
cure.

     In addition, to the extent not satisfied by the foregoing, the Issuer shall, for so long as
any Notes are outstanding, furnish to Holders and to securities analysts and prospective investors,
upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act.

          (b) The Issuer shall hold quarterly conference calls that are publicly accessible promptly
after the Issuer’s earnings for the prior fiscal period have been made available, beginning when
earnings for the quarter ended June 30, 2011 have been made available pursuant to this covenant. No
fewer than three Business Days prior to the date of each such conference call, the Issuer shall
issue a press release to an appropriate U.S. wire service announcing the time and the date of such
conference call and directing the beneficial owners of, and prospective investors in, the Notes and
securities analysts how to access such conference call. The Trustee shall have no responsibility
for determining whether or not such conference calls have been held.

          (c) In the event that any Parent becomes a guarantor of the Notes, the Issuer shall be deemed
to have satisfied the requirements of this Section 3.11 if such Parent files and provides
reports, documents and information of the types otherwise so required, in each case within the
applicable time periods, and the Issuer is not required to file such reports, documents and
information separately under the applicable rules and regulations of the SEC (after giving effect
to any exemptive relief) because of the filings by such Parent; provided that such financial
statements are accompanied by consolidating financial information for such Parent, the Issuer, the
Subsidiary Guarantors and the Non-Guarantor Subsidiaries in the manner prescribed by the SEC to the
extent such financial information would be required by the SEC.

          (d) If (i) any Parent that is a Guarantor has assets or operations independent of the Issuer
and its Subsidiaries that, individually or collectively, would, if contained within a Subsidiary,
constitute a Significant Subsidiary or (ii) the Issuer has designated any of its Subsidiaries as
Unrestricted Subsidiaries and such Unrestricted Subsidiaries, either individually or collectively
would otherwise have been a Significant Subsidiary then the annual and quarterly financial
information required under this Section 3.11 shall include a reasonably detailed
presentation, as determined in good faith by Senior Management of the Issuer, either on the face of
the financial statements or in the footnotes to the financial statements and in the “Management’s
discussion and analysis of financial condition and results of operations” section, of the financial
condition and results of operations of the Issuer and its Restricted Subsidiaries separate from the
financial condition and results of operations of such Parent or such Unrestricted Subsidiaries, as
the case may be.

          (e) Notwithstanding the foregoing, such requirements shall be deemed satisfied prior to the
commencement of the offering of the Exchange Notes or the effectiveness of the Shelf Registration
Statement by the filing with the SEC of any registration statement relating to the

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exchange offer pursuant to the Registration Rights Agreement or other filing, and any
amendments thereto, with such financial information that satisfies Regulation S-X of the Securities
Act.

          SECTION 3.12. Maintenance of Office or Agency.

          The Issuer shall maintain an office or agency where the Notes may be presented or surrendered
for payment, where, if applicable, the Notes may be surrendered for registration of transfer or
exchange. The office of the Agent located at 60 Livingston Avenue, 1st Floor — Bond
Drop Window St. Paul, MN 55109, shall be such office or agency of the Issuer, unless the Issuer
shall designate and maintain some other office or agency for one or more of such purposes. The
Issuer shall give prompt written notice to the Agent of any change in the location of any such
office or agency. If at any time the Issuer shall fail to maintain any such required office or
agency or shall fail to furnish the Agent with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the corporate trust office of the Agent, and the
Issuer hereby appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.

          The Issuer may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time
rescind any such designation. The Issuer shall give prompt written notice to the Trustee of any
such designation or rescission and any change in the location of any such other office or agency.

          SECTION 3.13. Corporate Existence. Except as otherwise provided in this Article
III, Article IV and Section 10.2(b), the Issuer shall do or cause to be done
all things necessary to preserve and keep in full force and effect its respective corporate
existence and the corporate, partnership, limited liability company or other existence of each
Restricted Subsidiary and the rights (charter and statutory), licenses and franchises of the Issuer
and each Restricted Subsidiary; provided, however, that the Issuer shall not be required to
preserve any such right, license or franchise or the corporate, partnership, limited liability
company or other existence of any Restricted Subsidiary if the Issuer determines that the
preservation thereof is no longer desirable in the conduct of the business of the Issuer and each
of its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not, and shall not
be, disadvantageous in any material respect to the Holders.

          SECTION 3.14. Payment of Taxes. The Issuer shall pay or discharge or cause to be
paid or discharged, before the same shall become delinquent, all material taxes, assessments and
governmental charges levied or imposed upon the Issuer or any Restricted Subsidiary; provided,
however, that the Issuer shall not be required to pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim the amount, applicability or validity of which
is being contested in good faith by appropriate proceedings and for which appropriate reserves, if
necessary (in the good faith judgment of management of the Issuer), are being maintained in
accordance with GAAP or where the failure to effect such payment shall not be disadvantageous to
the Holders.

          SECTION 3.15. Payments for Consent. Neither the Issuer nor any of its Restricted
Subsidiaries shall, directly or indirectly, pay or cause to be paid any consideration to or for the
benefit of any Holder for or as an inducement to any consent, waiver or amendment of any

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of the terms or provisions of this Indenture or the Notes unless such consideration is offered
to be paid and is paid to all Holders that (a) are “qualified institutional buyers” within the
meaning of Rule 144A of the Securities Act (and , who, upon request, confirm that they are
“qualified institutional buyers”) and (b) consent, waive or agree to amend in the time frame set
forth in the solicitation documents relating to such consent, waiver or amendment.

          SECTION 3.16. Compliance Certificate. The Issuer shall deliver to the Trustee,
within 120 days after the end of each Fiscal Year, an Officer’s Certificate in compliance with
Trust Indenture Act Section 314(a)(4) stating that to his or her knowledge the Issuer complied with
all conditions and covenants contained in this Indenture or, if a Default or Event of Default shall
have occurred, describing all such Defaults or Events of Default of which he or she may have
knowledge. For the purposes of this paragraph, such compliance shall be determined without regard
to any grace period or requirement of notice provided under this Indenture.

          SECTION 3.17. Reserved.

          SECTION 3.18. Limitation on Lines of Business. The Issuer shall not, and shall not
permit any Restricted Subsidiary to, engage in any business other than a Similar Business.

          SECTION 3.19. Statement by Officers as to Default. The Issuer shall deliver to the
Trustee with a copy to the Agent (if not the same as the Trustee), within 15 Business Days after
the Issuer becomes aware of any Event of Default that has occurred or is continuing or an event
which, with notice or the lapse of time or both, would constitute an Event of Default, a statement
specifying such default.

          SECTION 3.20. Suspension of Certain Covenants. Following the first day (a) the
Notes have an Investment Grade Rating from both of the Rating Agencies and (b) no Default has
occurred and is continuing under this Indenture, the Issuer and its Restricted Subsidiaries shall
not be subject to Sections 3.2, 3.3, 3.4, 3.5, 3.7 (but not
with respect to any Subsidiary Guarantor that is guaranteeing the Notes at the time the Suspension
Period commences and provided that such covenant shall apply to any Restricted Subsidiary that is
guaranteeing Indebtedness upon any Reinstatement Date), 3.8 and 4.1(a)(4)
(collectively, the “Suspended Covenants”).

          If at any time the Notes’ credit rating is downgraded from an Investment Grade Rating by any
Rating Agency or if a Default or Event of Default occurs and is continuing, then the Suspended
Covenants shall thereafter be reinstated as if such covenants had never been suspended (the
“Reinstatement Date”) and be applicable pursuant to the terms of this Indenture (including
in connection with performing any calculation or assessment to determine compliance with the terms
of this Indenture), unless and until the Notes subsequently attain an Investment Grade Rating and
no Default or Event of Default is in existence (in which event the Suspended Covenants shall no
longer be in effect for such time that the Notes maintain an Investment Grade Rating and no Default
or Event of Default is in existence); provided, however, that no Default, Event of Default or
breach of any kind shall be deemed to exist under this Indenture, the Registration Rights
Agreement, the Notes or the Guarantees with respect to the Suspended Covenants based on, and none
of the Issuer or any of its Subsidiaries shall bear any liability for, any actions taken or events
occurring during the Suspension Period (as defined below), or any actions taken at any time
pursuant to any contractual obligation arising prior to the Reinstatement Date, regardless of

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whether such actions or events would have been permitted if the applicable Suspended Covenants
remained in effect during such period. The period of time between the date of suspension of the
covenants and the Reinstatement Date is referred to as the “Suspension Period.”

          On the Reinstatement Date, all Indebtedness incurred during the Suspension Period shall be
classified by the Issuer to have been incurred pursuant to Section 3.2(b)(3) provided that
all Indebtedness outstanding on the Reinstatement Date under any Credit Facility shall be deemed
incurred under Section 3.2(b)(1) (up to the maximum amount of such Indebtedness permitted
by such clause and after giving effect to Indebtedness Incurred prior to the Suspension Period and
outstanding on the Reinstatement Date).

          On the Reinstatement Date, all Restricted Payments made during the Suspension Period shall be
classified as having been made pursuant to Section 3.3(a) or, at the Issuer’s option, any
of the clauses of Section 3.3(b) or of the definition of “Permitted Investments.”
Accordingly, Restricted Payments made during the Suspension Period shall reduce the amount
available to be made as Restricted Payments under Section 3.3(a) or if applicable, such
clauses.

          During any period when the Suspended Covenants are suspended, the board of directors of the
Issuer may not designate any of the Issuer’s Subsidiaries as Unrestricted Subsidiaries pursuant to
this Indenture.

          The Issuer shall provide an Officer’s Certificate to the Trustee indicating the occurrence of
any Suspension Period or Reinstatement Date. The Trustee shall have no obligation to (i)
independently determine or verify if such events have occurred, (ii) make any determination
regarding the impact of actions taken during the Suspension Period on the Issuer’s future
compliance with its covenants or (iii) notify the Holders of any Suspension Period or Reinstatement
Date.

          SECTION 3.21. Operating Holdco Assumption and Future Parents.

          (a) In connection with or following the consummation of the Citadel Transaction:

          (1) Cumulus Media Inc. and any other Parent that is a Subsidiary of Cumulus Media Inc.
shall transfer to Cumulus Media Holdings Inc., a Subsidiary Guarantor that is a wholly-owned
Subsidiary of the Issuer (the “Operating Holdco”) and its Subsidiaries all of the
assets and operations of Cumulus Media Inc. and its Subsidiaries (other than the Equity
Interests of the Operating Holdco held directly or indirectly by Cumulus Media Inc.); and

          (2) Operating Holdco shall expressly assume all of the obligations of the Issuer under
this Indenture and the Notes pursuant to a supplemental indenture or other documents or
instruments in form satisfactory to the Trustee, pursuant to which the Operating Holdco
shall, for all purposes under this Indenture and the Notes, be substituted for Cumulus Media
Inc. as the Issuer hereunder (the foregoing events described in this Section
3.21(a), the “Operating Holdco Assumption”).

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          (b) Cumulus Media Inc. and any other Parent that is a Subsidiary of Cumulus Media Inc. shall,
substantially simultaneously with the Operating Holdco Assumption or, if such Parent becomes such a
Parent after the occurrence of the Operating Holdco Assumption, within 30 days after such Parent
becomes such a Parent:

          (1) execute and deliver a supplemental indenture providing for a senior Guarantee by
such Parent and a joinder or supplement to the Registration Rights Agreement (if the
obligations of the Issuer and the Restricted Subsidiaries party thereto have not yet been
completed);

          (2) waive and not in any manner whatsoever claim or take the benefit or advantage of,
any rights of reimbursement, indemnity or subrogation or any other rights against the Issuer
or any Restricted Subsidiary as a result of any payment by such Parent under its Guarantee
until payment in full of Obligations under this Indenture; and

          (3) deliver to the Trustee an Opinion of Counsel to the effect that:

          (a) such Guarantee has been duly executed and authorized; and

(b) such Guarantee constitutes a valid, binding and enforceable
obligation of such Parent, except insofar as enforcement thereof may
be limited by bankruptcy, insolvency or similar laws (including,
without limitation, all laws relating to fraudulent transfers) and
except insofar as enforcement thereof is subject to general
principles of equity.

          SECTION 3.22. Disposition of Divestiture Trusts.

          Upon the disposition of any of the assets of or shares of Capital Stock of, or Indebtedness
owed to the Issuer or any Restricted Subsidiary by, any Divestiture Trust, the proceeds of such
disposition shall be paid to the Issuer or one of its Restricted Subsidiaries.

ARTICLE IV

SUCCESSOR COMPANY

          SECTION 4.1. Merger, Consolidation or Sale of All or Substantially All Assets.

          (a) The Issuer shall not consolidate or merge with or into or wind up into (whether or not the
Issuer is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose
of all or substantially all of its properties or assets, in one or more related transactions, to
any Person unless:

          (1) the Issuer is the surviving Person or the Person formed by or surviving any such
consolidation or merger (if other than the Issuer) or to which such sale,

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assignment, transfer, lease, conveyance or other disposition shall have been made is a
Person organized or existing under the laws of the jurisdiction of organization of the
Issuer or the laws of the United States, any state thereof, the District of Columbia or any
territory thereof (the Issuer or such Person, as the case may be, being herein called the
“Successor Company”); provided that in the case where the Successor Company is not a
corporation, a co-obligor of the Notes is a corporation;

          (2) the Successor Company, if other than the Issuer, expressly assumes all the
obligations of the Issuer under this Indenture and the Notes pursuant to supplemental
indentures or other documents or instruments in form reasonably satisfactory to the Trustee
and assumes by written agreement all of the obligations of the Issuer under the Registration
Rights Agreement (if the Issuer’s registration obligations thereunder have not yet been
completed);

          (3) immediately after such transaction, no Default exists;

          (4) immediately after giving pro forma effect to such transaction and any related
financing transactions, as if such transactions had occurred at the beginning of the
applicable four-quarter period,

	 	(A)	 	the Successor Company would be permitted to
incur at least $1.00 of additional Indebtedness pursuant to the
Leverage Ratio test set forth in Section 3.2(a) or

	 	(B)	 	the Leverage Ratio for the Successor Company
and its Restricted Subsidiaries would be less than the Leverage Ratio
for the Issuer and its Restricted Subsidiaries immediately prior to
such transaction;

          (5) each Guarantor, unless it is the other party to the transactions described above,
in which case Section 10.2(b)(i) shall apply, shall have by supplemental indenture
confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture,
the Notes and the Registration Rights Agreement (if such Guarantor’s registration
obligations thereunder have not yet been completed); and

          (6) the Issuer shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, with a copy to the Agent (if not the same as the Trustee), each stating
that such consolidation, merger or transfer and such supplemental indentures, if any, comply
with this Indenture.

          (b) The Successor Company shall succeed to, and be substituted for the Issuer under this
Indenture, the Notes and the Registration Rights Agreement (if the Issuer’s registration
obligations thereunder have not yet been completed).

          (c) Notwithstanding Sections 4.1(a)(3) and (a)(4),

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	 	(a)	 	any Non-Guarantor Subsidiary may
consolidate with or merge into or transfer all or part of its
properties and assets to the Issuer or another Restricted
Subsidiary,
	 
	 	(b)	 	the Issuer or any Subsidiary
Guarantor may consolidate with, merge into or transfer all or
part of its properties and assets to the Issuer or a Subsidiary
Guarantor, as applicable, and
	 
	 	(c)	 	the Issuer may consolidate or
merge with an Affiliate of the Issuer solely for the purpose of
reincorporating the Issuer in any state of the United States,
the District of Columbia or any territory of the United States.

          (d) For purposes of this Section 4.1, the sale, assignment, transfer, lease,
conveyance or other disposition of all or substantially all of the properties and assets of one or
more Subsidiaries of the Issuer, which properties and assets, if held by the Issuer instead of such
Subsidiaries, would constitute all or substantially all of the properties and assets of the Issuer
on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the
properties and assets of the Issuer.

          (e) The predecessor company shall be released from its obligations under the Notes and this
Indenture and the Successor Company shall succeed to, and be substituted for, and may exercise
every right and power of, the Issuer under the Notes and this Indenture, but, in the case of a
lease of all or substantially all its assets, the predecessor shall not be released from the
obligation to pay the principal of and interest on the Notes.

ARTICLE V

REDEMPTION OF SECURITIES

          SECTION 5.1. Notices to Trustee.

          If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of
Section 5.7 hereof, it must furnish to the Holders with a copy to the Trustee and the Agent
(if not the same as Trustee) unless otherwise agreed with the Trustee and the Agent, at least 30
days but not more than 60 days before a redemption date, an Officer’s Certificate setting forth:

          (1) the clause of this Indenture pursuant to which the redemption shall occur;

          (2) the redemption date;

          (3) the principal amount of Notes to be redeemed; and

          (4) the redemption price.

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          Any redemption referenced in such Officer’s Certificate may be cancelled by the Issuer at any
time prior to notice of redemption being mailed to any Holder and thereafter shall be null and
void.

          SECTION 5.2. Selection of Notes to Be Redeemed or Purchased.

          If the Issuer is redeeming or purchasing less than all of the Notes issued by it at any time,
pursuant to Section 5.7 or purchased in an Asset Sale Offer or a Change of Control Offer
pursuant to Section 3.10, the Trustee or the applicable registrar shall select the Notes to
be redeemed (a) if the Notes are listed on any national securities exchange, in compliance with the
requirements of the principal national securities exchange on which the Notes are listed, (b) on a
pro rata basis (to the extent practicable) or (c) by lot or such other similar method in accordance
with the procedures of DTC.

          No Notes of $2,000 or less can be redeemed in part, and the unredeemed portion of the Notes
must be equal to $2,000 in principal amount or integral multiples of $1,000 in excess thereof. In
the event of partial redemption, the particular Notes to be redeemed or purchased shall be
selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the
redemption or purchase date by the Trustee or the applicable registrar from the outstanding Notes
not previously called for redemption or purchase.

          The Trustee or the applicable registrar shall promptly notify the Issuer in writing of the
Notes selected for redemption or purchase and, in the case of any Note selected for partial
redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and
portions of Notes selected shall be in amounts of $2,000 or an integral multiple of $1,000 in
excess thereof, except that if all of the Notes of a Holder are to be redeemed or purchased, the
entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be
redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture
that apply to Notes called for redemption or purchase also apply to portions of Notes called for
redemption or purchase.

          SECTION 5.3. Notice of Redemption. Upon no less than 10 days’ notice to the Trustee
and the Agent (unless otherwise agreed with the Trustee and the Agent) and at least 30 days but not
more than 60 days before a redemption date, the Issuer shall deliver or cause to be delivered, a
notice of redemption to each Holder whose Notes are to be redeemed at its registered address or
otherwise in accordance with the procedures of DTC, except that redemption notices may be delivered
more than 60 days prior to a redemption date if the notice is issued in connection with a
defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles
VIII or XII hereof.

          The notice shall identify the Notes (including the CUSIP number) to be redeemed and shall
state:

          (1) the redemption date;

          (2) the redemption price;

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          (3) if any Note is being redeemed in part, the portion of the principal amount of such
Note to be redeemed and that, after the redemption date upon surrender of such Note, a new
Note or Notes in principal amount equal to the unredeemed portion shall be issued upon
cancellation of the original Note;

          (4) the name and address of the Paying Agent;

          (5) that Notes called for redemption must be surrendered to the Paying Agent to collect
the redemption price;

          (6) that, unless the Issuer defaults in making such redemption payment, interest on
Notes called for redemption ceases to accrue on and after the redemption date;

          (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and

          (8) that no representation is made as to the correctness or accuracy of the CUSIP
number, if any, listed in such notice or printed on the Notes.

          At the Issuer’s written request, the Agent shall give the notice of redemption in the Issuer’s
name and at its expense; provided, however, that the Issuer has delivered to the Agent, at least 10
days prior to the redemption date (or such shorter period as the Agent shall agree), an Officer’s
Certificate requesting that the Agent give such notice and setting forth the information to be
stated in such notice as provided in the preceding paragraph.

          SECTION 5.4. Effect of Notice of Redemption. Once notice of redemption is delivered
in accordance with Section 5.3 hereof, Notes called for redemption become irrevocably due
and payable on the redemption date at the redemption price. Any redemption or notice of redemption
may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but not
limited to, completion of an Equity Offering, other offering, Change of Control Offer, Asset Sale
Offer or other corporate transaction or event and may be given prior to the completion thereof.

          SECTION 5.5. Deposit of Redemption or Purchase Price. Prior to 11:00 a.m. (New York
City time) on the redemption or purchase date, the Issuer shall deposit with the Trustee or with
the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest
and Additional Interest, if any, on, all Notes to be redeemed or purchased on that date. The
Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the
Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption
or purchase price of, and accrued interest and Additional Interest, if any, on, all Notes to be
redeemed or purchased.

          If the Issuer complies with the provisions of the preceding paragraph, on and after the
redemption or purchase date, interest shall cease to accrue on the Notes or the portions of Notes
called for redemption or purchase. If a Note is redeemed or purchased on or after an interest
record date but on or prior to the related interest payment date, then any accrued and unpaid
interest shall be paid to the Person in whose name such Note was registered at the close of
business on such record date. If any Note called for redemption or purchase is not so paid upon
surrender for

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redemption or purchase because of the failure of the Issuer to comply with the preceding
paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date
until such principal is paid, and to the extent lawful on any interest not paid on such unpaid
principal, in each case at the rate provided in the Notes and in Section 3.1 hereof.

          SECTION 5.6. Notes Redeemed or Purchased in Part. Upon surrender of a Note that is
redeemed or purchased in part, the Issuer shall issue and, upon receipt of an Issuer Order, the
Agent shall authenticate for the Holder at the expense of the Issuer a new Note equal in principal
amount to the unredeemed or unpurchased portion of the Note surrendered; provided, that each such
new Note shall be in a principal amount of $2,000 or integral multiple of $1,000 in excess thereof.

          SECTION 5.7. Optional Redemption.

          (a) At any time prior to May 1, 2015, the Issuer may redeem all or a part of the Notes on one
or more occasions, upon notice as provided in Section 5.3, at a redemption price equal to
100% of the principal amount of Notes redeemed, plus the Applicable Premium as of, and accrued and
unpaid interest thereon and Additional Interest, if any, to, but excluding the date of redemption
(the “Redemption Date”), subject to the rights of Holders of record on the relevant record
date to receive interest due on the relevant interest payment date.

          (b) Prior to May 1, 2014, the Issuer may, at its option, upon notice as provided in
Section 5.3, redeem up to 35% of the aggregate principal amount of the Notes issued under
this Indenture on one or more occasions, at a redemption price equal to 107.75% of the aggregate
principal amount of the Notes, plus accrued and unpaid interest thereon and Additional Interest, if
any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record
on the relevant record date to receive interest due on the relevant interest payment date, with the
net cash proceeds of one or more Equity Offerings; provided that (a) at least 65% of the aggregate
principal amount of Notes issued under this Indenture remains outstanding immediately after the
occurrence of each such redemption and (b) each such redemption occurs within 90 days of the date
of closing of each such Equity Offering.

          (c) If (i) the Merger Agreement is terminated without consummation of the Citadel Transaction
and (ii) neither CMP nor any of its Subsidiaries has become a Restricted Subsidiary, during each
12-month period commencing on the date of such termination to the third anniversary of such
termination or such earlier time as CMP or any of its Subsidiaries becomes a Restricted Subsidiary,
the Issuer shall be entitled to redeem up to 10% of the aggregate principal amount of the Notes
issued under this Indenture at a redemption price equal to 103.000% of the aggregate principal
amount thereof, plus accrued and unpaid interest thereon, if any, to, but excluding, the Redemption
Date, subject to the rights of Holders of record on the relevant record date to receive interest
due on the relevant interest payment date.

          (d) Except pursuant to clause (a), (b) or (c) of this Section 5.7, the Notes shall not
be redeemable at the Company’s option prior to May 1, 2015.

          (e) On and after May 1, 2015 the Issuer may redeem all or a part of the Notes on one or more
occasions, upon notice as provided in Section 5.3, at the redemption prices (expressed

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as percentages of principal amount of the Notes to be redeemed) set forth in the table below,
plus accrued and unpaid interest thereon and Additional Interest, if any, to, but excluding, the
applicable Redemption Date, subject to the right of Holders of record on the relevant record date
to receive interest due on the relevant interest payment date, if redeemed during the twelve-month
period beginning on May 1 of each of the years indicated in the table below:

	 	 	 	 	 
	Period	 	Percentage	 
	May 1, 2015
	 	 	103.875	%
	May 1, 2016
	 	 	101.938	%
	May 1, 2017 and thereafter
	 	 	100.000	%

          (f) Unless the Issuer defaults in the payment of the redemption price, interest shall cease to
accrue on the Notes or portions thereof called for redemption on the applicable Redemption Date.

          (g) Any redemption pursuant to this Section 5.7 shall be made pursuant to the
provisions of Sections 5.1 through 5.6.

          SECTION 5.8. Mandatory Redemption. Except as set forth in Section 3.5 and
Section 3.10 hereof, the Issuer is not required to make mandatory redemption or sinking
fund payments with respect to the Notes.

ARTICLE VI

DEFAULTS AND REMEDIES

          SECTION 6.1. Events of Default. (a) Each of the following is an “Event of
Default”:

          (1) default in payment when due and payable, upon redemption, acceleration or
otherwise, of principal of, or premium, if any, on the Notes;

          (2) default for 30 days or more in the payment when due of interest or Additional
Interest on or with respect to the Notes;

          (3) failure by the Issuer or any Subsidiary Guarantor to comply with its obligations
under Section 4.1 and Section 10.2(b);

          (4) failure by the Issuer or the Subsidiary Guarantors to comply for 30 days with any
of their obligations under Section 3.5 or Section 3.10 (in each case, other
than a failure to purchase Notes which constitutes an Event of Default under Section
6.1(a)(1) or Section 6.1(a)(2));

          (5) failure by the Issuer or any Guarantor for 60 days after receipt of written notice
given by the Trustee or the Holders of not less than 25% in principal amount

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of the outstanding Notes to comply with any of its other obligations, covenants or
agreements contained in this Indenture or the Notes;

          (6) default under any mortgage, indenture or instrument under which there is issued or
by which there is secured or evidenced any Indebtedness for money borrowed by the Issuer or
any of its Restricted Subsidiaries or the payment of which is guaranteed by the Issuer or
any of its Restricted Subsidiaries, other than Indebtedness owed to the Issuer or a
Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created after
the issuance of the Notes, if both:

	 	(A)	 	(i) such default either results from the
failure to pay any principal of such Indebtedness at its stated final
maturity (after giving effect to any applicable grace periods) or (ii)
relates to an obligation other than the obligation to pay principal of
any such Indebtedness at its stated final maturity and results in the
holder or holders of such Indebtedness causing such Indebtedness to
become due prior to its stated maturity; and

	 	(B)	 	the principal amount of such Indebtedness,
together with the principal amount of any other such Indebtedness in
default for failure to pay principal at its stated final maturity
(after giving effect to any applicable grace periods), or the maturity
of which has been so accelerated, is in excess of $25.0 million (or
$50.0 million if the Citadel Transaction has been consummated) in the
aggregate;

          (7) failure by the Issuer or any Significant Subsidiary (or group of Restricted
Subsidiaries that together (determined as of the most recent consolidated financial
statements of the Issuer for a fiscal period end provided as required under Section
3.11) would constitute a Significant Subsidiary) to pay final judgments by a court or
courts of competent jurisdiction aggregating in excess of $25.0 million (or $50.0 million if
the Citadel Transaction has been consummated) other than any judgments covered by
indemnities provided by, or insurance policies issued by, reputable and creditworthy
companies, which final judgments remain unpaid, undischarged and unstayed for a period of
more than 60 days after such judgment becomes final;

          (8) the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries
that together (determined as of the most recent consolidated financial statements of the
Issuer for a fiscal period end provided as required under Section 3.11), would
constitute a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

	 	(A)	 	commences a voluntary case or proceeding;

	 	(B)	 	consents to the entry of an order for relief
against it in an involuntary case or proceeding;

	 	(C)	 	consents to the appointment of a Custodian of
it or for substantially all of its property;

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	 	(D)	 	makes a general assignment for the benefit of
its creditors;

	 	(E)	 	consents to or acquiesces in the institution of
a bankruptcy or an insolvency proceeding against it; or

	 	(F)	 	takes any comparable action under any foreign
laws relating to insolvency;

          (9) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:

	 	(A)	 	is for relief against the Issuer or any
Significant Subsidiary (or any group of Restricted Subsidiaries that
together (determined as of the most recent consolidated financial
statements of the Issuer for a fiscal period end provided as required
under Section 3.11), would constitute a Significant Subsidiary,
in an involuntary case;

	 	(B)	 	appoints a custodian of the Issuer or any
Significant Subsidiary (or any group of Restricted Subsidiaries that
together (determined as of the most recent consolidated financial
statements of the Issuer for a fiscal period end provided as required
under Section 3.11), would constitute a Significant Subsidiary,
for substantially all of its property; or

	 	(C)	 	orders the winding up or liquidation of the
Issuer or any Significant Subsidiary (or any group of Restricted
Subsidiaries that together (determined as of the most recent
consolidated financial statements of the Issuer for a fiscal period end
provided as required under Section 3.11), would constitute a
Significant Subsidiary; or

	 	(D)	 	or any similar relief is granted under any
foreign laws and the order, decree or relief remains unstayed and in
effect for 60 consecutive days; and

          (10) the Guarantee of any Parent that is required to Guarantee the Notes or of any
Significant Subsidiary (or group of Restricted Subsidiaries that together (determined as of
the most recent consolidated financial statements of the Issuer for a fiscal period end
provided as required under Section 3.11) would constitute a Significant Subsidiary)
shall for any reason cease to be in full force and effect or be declared null and void or
any responsible officer of any Parent that is required to Guarantee the Notes or of any
Subsidiary Guarantor that is a Significant Subsidiary (or the responsible officers of any
group of Restricted Subsidiaries that, taken together (determined as of the most recent
consolidated financial statements of the Issuer for a fiscal period end provided as required
under Section 3.11) would constitute a Significant Subsidiary), as the case may be,
denies that it has any further liability under its or their Guarantee(s) or gives notice to
such effect, other than by reason of the termination of this Indenture or the release of any
such Guarantee in accordance with this Indenture.

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          SECTION 6.2. Acceleration. If any Event of Default (other than an Event of Default
described in Section 6.1(a)(8) or Section 6.1(a)(9)) occurs and is continuing
under this Indenture, the Trustee by written notice to the Issuer, or the Holders of at least 25%
in principal amount of the then total outstanding Notes by written notice to the Issuer and the
Trustee, may, and the Trustee at the request of such Holders shall, declare the principal of,
premium, if any, and accrued and unpaid interest (including Additional Interest), if any, and any
other monetary obligations on all the then outstanding Notes to be due and payable immediately.
Upon the effectiveness of such notice, such principal, premium and accrued and unpaid interest
(including Additional Interest) and any other monetary obligations on all the then outstanding
Notes shall be due and payable immediately.

          If an Event of Default described in Section 6.1(a)(8) or Section 6.1(a)(9)
occurs with respect to the Issuer and is continuing, the principal of, premium, if any, and accrued
and unpaid interest (including Additional Interest) and any other monetary obligations on all the
Notes shall become and be immediately due and payable without any declaration or other act or
notice on the part of the Trustee or any Holders.

          In the event of any Event of Default specified in Section 6.1(a)(6), such Event of
Default and all consequences thereof (excluding any resulting payment default, other than as a
result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and
without any action by the Trustee or the Holders, if within 30 days after such Event of Default
arose:

     (x) the Indebtedness or guarantee that is the basis for such Event of Default has been
discharged; or

     (y) the holders thereof have rescinded or waived the acceleration, notice or action (as
the case may be) giving rise to such Event of Default; or

     (z) if the default that is the basis for such Event of Default has been cured.

          SECTION 6.3. Other Remedies. If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of
principal of (or premium, if any) or interest (including Additional Interest) on the Notes or to
enforce the performance of any provision of the Notes, this Indenture or the Guarantees.

          The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in
exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive
of any other remedy. All available remedies are cumulative.

          SECTION 6.4. Waiver of Past Defaults. The Holders of a majority in principal amount
of the then outstanding Notes by notice to the Trustee (with a copy to the Issuer, but the
applicable waiver or rescission shall be effective when the notice is given to the Trustee) may, on
behalf of the Holders of all the Notes, (a) waive, by their consent (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes),

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an existing Default and its consequences under this Indenture except (i) a continuing Default
in the payment of the principal of, or premium, if any, or interest (including Additional Interest)
on a Note held by a non-consenting Holder other than the non-payment of interest or premium, if
any, on the principal of such Note that became due solely because of the acceleration of such Note
or (ii) a Default in respect of a provision that under Section 9.2 cannot be amended
without the consent of each Holder affected and (b) rescind any acceleration and its consequences
with respect to the Notes provided that such rescission would not conflict with any judgment of a
court of competent jurisdiction. When a Default or Event of Default is waived, it is deemed cured,
but no such waiver shall extend to any subsequent or other Default or Event of Default or impair
any consequent right.

          SECTION 6.5. Control by Majority. The Holders of a majority in principal amount of
the total outstanding Notes may direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee.
However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture,
the Notes or the Guarantees or, subject to Sections 7.1 and 7.2, that the Trustee
determines is unduly prejudicial to the rights of other Holders or would involve the Trustee in
personal liability; provided, however, that the Trustee may take any other action deemed proper by
the Trustee that is not inconsistent with such direction. Prior to taking any such action
hereunder, the Trustee shall be entitled to indemnification reasonably satisfactory to it against
all losses and expenses caused by taking or not taking such action.

          SECTION 6.6. Limitation on Suits. Subject to Section 6.7, a Holder may not
pursue any remedy with respect to this Indenture or the Notes unless:

          (1) such Holder has previously given the Trustee written notice stating that an Event
of Default is continuing;

          (2) Holders of at least 25% in principal amount of the total outstanding Notes have
requested the Trustee to pursue the remedy;

          (3) Holders have offered and, if requested, provided to the Trustee indemnity or
security reasonably satisfactory to the Trustee against any loss, liability or expense;

          (4) the Trustee has not complied with such request within 60 days after the receipt
thereof and the offer of security or indemnity; and

          (5) Holders of a majority in principal amount of the total outstanding Notes have not
given the Trustee a direction inconsistent with such request within such 60-day period.

          A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a
preference or priority over another Holder (it being understood that the Trustee does not have an
affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to
such Holders).

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          SECTION 6.7. Rights of Holders to Receive Payment. Notwithstanding any other
provision of this Indenture (including, without limitation, Section 6.6), the right of any
Holder to receive payment of principal of, premium (if any), or interest (including Additional
Interest) on the Notes held by such Holder, on or after the respective due dates expressed or
provided for in the Notes, or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of such Holder.

          SECTION 6.8. Collection Suit by Trustee. If an Event of Default specified in
Section 6.1(a)(1) or Section 6.1(a)(2)occurs and is continuing, the Trustee may
recover judgment in its own name and as trustee of an express trust against the Issuer for the
whole amount then due and owing (together with interest on any unpaid interest to the extent
lawful) and the amounts provided for in Section 7.7.

          SECTION 6.9. Trustee May File Proofs of Claim. The Trustee may file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial
proceedings relative to the Issuer, its Subsidiaries or its or their respective creditors or
properties and, unless prohibited by law or applicable regulations, may be entitled and empowered
to participate as a member of any official committee of creditors appointed in such matter and may
vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing
similar functions, and any custodian in any such judicial proceeding is hereby authorized by each
Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its
counsel, and any other amounts due the Trustee under Section 7.7.

          No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize
the Trustee to vote in respect of the claim of any Holder in any such proceeding.

          SECTION 6.10. Priorities. (a) If the Trustee collects any money or property
pursuant to this Article VI, it shall pay out the money or property in the following order:

     FIRST: to the Trustee or Agent for amounts due to it under Section 7.7;

     SECOND: to Holders for amounts due and unpaid on the Notes for principal, premium, if
any, and interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Notes for principal, premium, if any, and interest (including
Additional Interest), respectively; and

     THIRD: to the Issuer, or to the extent the Trustee or Agent collects any amount for
any Guarantor, to such Guarantor.

          (b) The Trustee may fix a record date and payment date for any payment to Holders pursuant to
this Section 6.10. At least 15 days before such record date, the Issuer shall

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deliver to each Holder and the Trustee a notice that states the record date, the payment date
and amount to be paid.

          SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right
or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as Trustee, a court in its discretion may require the filing by any party litigant in the
suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in
the suit, having due regard to the merits and good faith of the claims or defenses made by the
party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by the
Issuer, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in
outstanding principal amount of the Notes.

ARTICLE VII

TRUSTEE

          SECTION 7.1. Duties of Trustee. (a) If an Event of Default has occurred and is
continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use
the same degree of care and skill in their exercise as a prudent Person would exercise or use under
the circumstances in the conduct of such person’s own affairs; provided that the Trustee shall be
under no obligation to exercise any of the rights or powers under this Indenture, the Notes or the
Guarantees at the request or direction of any of the Holders unless the Holders have offered the
Trustee indemnity or security reasonably satisfactory to the Trustee against any loss, liability or
expense.

          (b) Except during the continuance of an Event of Default:

          (1) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and

          (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates, opinions or orders furnished to the Trustee and conforming to the requirements
of this Indenture, the Notes or the Guarantees, as applicable. However, in the case of any
such certificates or opinions which by any provisions hereof are specifically required to be
furnished to the Trustee, the Trustee shall examine such certificates and opinions to
determine whether or not they conform to the requirements of this Indenture, the Notes or
the Guarantees, as the case may be (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein).

          (c) The Trustee may not be relieved from liability for its own negligent action, its own
negligent failure to act or its own bad faith or willful misconduct, except that:

          (1) this paragraph does not limit the effect of paragraph (b) of this Section
7.1;

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          (2) the Trustee shall not be liable for any error of judgment made in good faith by a
Trust Officer unless it is proved that the Trustee was negligent in ascertaining the
pertinent facts;

          (3) the Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to Section
6.5; and

          (4) No provision of this Indenture, the Notes or the Guarantees shall require the
Trustee to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or thereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it.

          (d) Every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b) and (c) of this Section 7.1.

          (e) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuer.

          (f) Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law.

          (g) Every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section 7.1
and to the provisions of the TIA.

          (h) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Issuer shall be sufficient if signed by one Officer of the Issuer.

          SECTION 7.2. Rights of Trustee. Subject to Section 7.1:

          (a) The Trustee may conclusively rely on and shall be fully protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order or other paper or document (whether in its original or facsimile
form) reasonably believed by it to be genuine and to have been signed or presented by the proper
person. The Trustee need not investigate any fact or matter stated in the document. The Trustee
shall receive and retain financial reports and statements of the Issuer as provided herein, but
shall have no duty to review or analyze such reports or statements to determine compliance with
covenants or other obligations of the Issuer.

          (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate
and/or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to
take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel.

          (c) The Trustee may execute any of the trusts and powers hereunder or perform any duties
hereunder either directly by or through its attorneys and agents and shall not be

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responsible for the misconduct or negligence of any agent or attorney appointed with due care
by it hereunder.

          (d) In the absence of willful misconduct or negligence, the Trustee shall not be liable for
any action it takes or omits to take in good faith which it believes to be authorized or within its
rights or powers, conferred upon it by this Indenture.

          (e) The Trustee may consult with counsel of its selection, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture, the Notes or the Guarantees shall
be full and complete authorization and protection from liability in respect of any action taken,
omitted or suffered by it hereunder or under the Notes or the Guarantees in good faith and in
accordance with the advice or opinion of such counsel.

          (f) The Trustee shall not be deemed to have notice of any Default or Event of Default or
whether any entity or group of entities constitutes a Significant Subsidiary unless a Trust Officer
of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact
such a Default or of any such Significant Subsidiary is received by the Trustee at the corporate
trust office of the Trustee specified in Section 13.2, and such notice references the Notes
and this Indenture.

          (g) The rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and to each Agent, custodian and
other Person employed to act hereunder.

          (h) The Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture, the Notes or the Guarantees at the request, order or direction of any of the
Holders pursuant to the provisions of this Indenture, unless the Holders shall have offered to the
Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and
liabilities which may be incurred therein or thereby.

          (i) The Trustee shall not be deemed to have knowledge of any fact or matter unless such fact
or matter is known to a Trust Officer of the Trustee.

          (j) Whenever in the administration of this Indenture, the Notes or the Guarantees the Trustee
shall deem it desirable that a matter be proved or established prior to taking, suffering or
omitting any action hereunder or thereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of negligence, bad faith or willful misconduct on its
part, conclusively rely upon an Officer’s Certificate.

          (k) In no event shall the Trustee be responsible or liable for any special, indirect, punitive
or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of
profit), irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action.

          (l) The Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, report, notice, request, direction, consent,
order, bond, debenture, coupon or other paper or document, but the Trustee, in

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its discretion, may make such further inquiry or investigation into such facts or matters as
it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation,
it shall be entitled to examine, during business hours and upon reasonable notice, the books,
records and premises of the Issuer and the Restricted Subsidiaries, personally or by agent or
attorney, and shall incur no liability or additional liability of any kind to Holders by reason of
such inquiry or investigation.

          (m) The Trustee shall not be required to give any bond or surety in respect of the performance
of its powers and duties hereunder.

          (n) The Trustee may request that the Issuer deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to
this Indenture or the Notes.

          SECTION 7.3. Individual Rights of Trustee. The Trustee in its individual or any
other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer,
Guarantors or their Affiliates with the same rights it would have if it were not Trustee. Any
Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights.
However, the Trustee must comply with Sections 7.10 and 7.11. In addition, the
Trustee shall be permitted to engage in transactions with the Issuer; provided, however, that if
the Trustee acquires any conflicting interest under the TIA, the Trustee must (i) eliminate such
conflict within 90 days of acquiring such conflicting interest, (ii) apply to the SEC for
permission to continue acting as Trustee or (iii) resign.

          SECTION 7.4. Trustee’s Disclaimer. The Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture, the Guarantees or the
Notes, shall not be accountable for the Issuer’s use of the proceeds from the sale of the Notes,
shall not be responsible for the use or application of any money received by any Paying Agent other
than the Trustee or any money paid to the Issuer pursuant to the terms of this Indenture and shall
not be responsible for any statement of the Issuer in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of
authentication.

          SECTION 7.5. Notice of Defaults. If a Default or Event of Default occurs and is
continuing and if a Trust Officer has actual knowledge thereof, the Trustee shall mail by first
class mail to each Holder at the address set forth in the Notes Register notice of the Default or
Event of Default within 90 days after it is actually known to a Trust Officer. Except in the case
of a Default relating to the payment of principal of, premium (if any), or interest on any Note
(including payments pursuant to the optional redemption or required repurchase provisions of such
Note), the Trustee may withhold the notice if and so long as a committee of its Trust Officers in
good faith determines that withholding the notice is in the interests of Holders. In addition,
subject to Section 6.5, the Trustee shall have no obligation to accelerate the Notes if in
the judgment of the Trustee acceleration is not in the interest of the Holders subject to
Section 7.1.

          SECTION 7.6. Reports by Trustee to Holders. Within 60 days after each May 15,
beginning May 15, 2012, the Trustee shall deliver to each Holder a brief report dated as of such

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May 15 that complies with TIA § 313(a) if and to the extent required thereby. The Trustee
also shall comply with TIA § 313(b) and TIA § 313(c).

          A copy of each report at the time of its delivery to Holders shall be filed with the SEC and
each stock exchange (if any) on which the Notes are listed. The Issuer agrees to notify promptly
the Trustee in writing whenever the Notes become listed on any stock exchange and of any delisting
thereof and the Trustee shall comply with TIA § 313(d).

          SECTION 7.7. Compensation and Indemnity. The Issuer shall pay to each of the
Trustee and the Agent from time to time such compensation for its services hereunder and under the
Notes and the Guarantees as the Issuer and such party shall from time to time agree in writing.
Neither the Trustee’s nor the Agent’s compensation shall be limited by any law on compensation of a
trustee of an express trust. The Issuer shall reimburse each of the Trustee and the Agent upon
request for all reasonable out-of-pocket expenses incurred or made by it, including, but not
limited to, costs of collection, costs of preparing reports, certificates and other documents,
costs of preparation and delivery of notices to Holders. Such expenses shall include the
reasonable compensation and expenses, disbursements and advances of the respective agents, counsel,
accountants and experts of the Trustee and the Agent. The Issuer shall indemnify each of the
Trustee and Agent against any and all loss, liability, damages, claims or expense (including
reasonable attorneys’ fees and expenses) incurred by it without willful misconduct, gross
negligence or bad faith on its part in connection with the administration of this trust and the
performance of its duties hereunder and under the Notes and the Guarantees, including the costs and
expenses of enforcing this Indenture (including this Section 7.7), the Notes and the
Guarantees and of defending itself against any claims (whether asserted by any Holder, the Issuer
or otherwise). Each of the Trustee and the Agent shall notify the Issuer promptly of any claim for
which it may seek indemnity of which it has received written notice. Failure by the Trustee or the
Agent to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The
Issuer shall defend the claim and each of the Trustee and the Agent shall provide reasonable
cooperation at the Issuer’s expense in the defense. The Trustee and the Agent may each have
separate counsel and the Issuer shall pay the fees and expenses of such counsel; provided that the
Issuer shall not be required to pay the fees and expenses of such separate counsel if it assumes
such party’s defense, and, in the reasonable judgment of outside counsel to such party, there is no
conflict of interest between the Issuer and such party in connection with such defense.

          To secure the Issuer’s payment obligations in this Section 7.7, each of the Trustee
and the Agent shall have a lien prior to the Notes on all money or property held or collected by
such party other than money or property held in trust to pay principal of and interest on
particular Notes. Such lien shall survive the satisfaction and discharge of this Indenture. The
Trustee’s and the Agent’s rights to receive payment of any amounts due under this Section
7.7 shall not be subordinate to any other liability or Indebtedness of the Issuer.

          The Issuer’s obligations pursuant to this Section 7.7 shall survive the discharge of
this Indenture. Without prejudice to any other rights available to the Trustee or the Agent under
applicable law, when the Trustee or the Agent incurs expenses or renders services after the
occurrence of a Default specified in clause (8) or clause (9) of Section
6.1, the expenses (including the reasonable fees and expenses of its counsel) are intended to
constitute expenses of administration under any Bankruptcy Law.

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          SECTION 7.8. Replacement of Trustee. The Trustee, the Agent or any other Registrar,
Paying Agent or Authenticating Agent may resign at any time by so notifying the Issuer in writing
not less than 30 days prior to the effective date of such resignation. The Holders of a majority
in principal amount of the Notes may remove the Trustee, the Agent or any other Registrar, Paying
Agent or Authenticating Agent by so notifying the removed party in writing not less than 30 days
prior to the effective date of such removal and may appoint a successor Trustee, Agent, Registrar,
Paying Agent or Authenticating Agent, as the case may be, with the Issuer’s written consent, which
consent shall not be unreasonably withheld. The Issuer shall remove the Trustee if:

          (1) the Trustee fails to comply with Section 7.10 hereof;

          (2) the Trustee is adjudged bankrupt or insolvent;

          (3) a receiver or other public officer takes charge of the Trustee or its property; or

          (4) the Trustee otherwise becomes incapable of acting.

          If the Trustee resigns or is removed by the Issuer or by the Holders of a majority in
principal amount of the Notes and such Holders do not reasonably promptly appoint a successor
Trustee as described in the preceding paragraph, or if a vacancy exists in the office of the
Trustee for any reason (the Trustee in such event being referred to herein as the retiring
Trustee), the Issuer shall promptly appoint a successor Trustee.

          A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee shall deliver a notice of its succession to
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the
successor Trustee, subject to the lien provided for in Section 7.7.

          If a successor Trustee does not take office within 60 days after the retiring Trustee resigns
or is removed, the retiring Trustee or the Holders of at least 10% in principal amount of the Notes
may petition, at the Issuer’s expense, any court of competent jurisdiction for the appointment of a
successor Trustee.

          If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign
is stayed as provided in TIA § 310(b), any Holder, who has been a bona fide holder of a Note for at
least six months, may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

          As used in this Section 7.8, the term “Trustee” shall also include the Agent and each
other Registrar, Paying Agent or Authenticating Agent, as the case may be.

          Notwithstanding the replacement of the Trustee pursuant to this Section 7.8, the
Issuer’s obligations under Section 7.7 shall continue for the benefit of the retiring
Trustee.

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          SECTION 7.9. Successor Trustee by Merger. If the Trustee consolidates with, merges
or converts into, or transfers all or substantially all its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Trustee.

          In case at the time such successor or successors by merger, conversion or consolidation to the
Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been
authenticated but not delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to the Trustee may
authenticate such Notes either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; provided that the right to adopt the certificate of authentication of any
predecessor Trustee or authenticate Notes in the name of any predecessor Trustee shall only apply
to its successor or successors by merger, consolidation or conversion.

          SECTION 7.10. Eligibility; Disqualification. This Indenture shall always have a
Trustee that satisfies the requirements of TIA § 310(a)(1), (2) and (5) in every respect. The
Trustee shall have a combined capital and surplus of at least $100.0 million as set forth in its
most recent published annual report of condition. The Trustee shall comply with TIA § 310(b);
provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture
or indentures under which other securities or certificates of interest or participation in other
securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA §
310(b)(1) are met.

          SECTION 7.11. Preferential Collection of Claims Against the Issuer. The Trustee
shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A
Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

          SECTION 7.12. Trustee’s Application for Instruction from the Issuer. Any
application by the Trustee for written instructions from the Issuer may, at the option of the
Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this
Indenture and the date on and/or after which such action shall be taken or such omission shall be
effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in
accordance with a proposal included in such application on or after the date specified in such
application (which date shall not be less than three Business Days after the date any Officer of
the Issuer actually receives such application, unless any such Officer shall have consented in
writing to any earlier date) unless prior to taking any such action (or the effective date in the
case of an omission), the Trustee shall have received written instructions in response to such
application specifying the action to be taken or omitted.

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ARTICLE VIII

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

          SECTION 8.1. Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance.
The Issuer may, at its option and at any time, elect to have either Section 8.2 or
8.3
hereof be applied to all outstanding Notes upon compliance with the conditions set forth below
in this Article VIII. The Issuer may exercise Legal Defeasance notwithstanding its prior
exercise of Covenant Defeasance.

          SECTION 8.2. Legal Defeasance and Discharge. Upon the Issuer’s exercise under
Section 8.1 hereof of the option applicable to this Section 8.2, the Issuer and
each of the Guarantors shall, subject to the satisfaction of the conditions set forth in
Section 8.4 hereof, be deemed to have been discharged from their obligation with respect to
all outstanding Notes (including the Guarantees) on the date the conditions set forth below are
satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that
the Issuer and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Notes (including the Guarantees), which shall thereafter be deemed
to be “outstanding” only for the purposes of Section 8.5 hereof and the other Sections of
this Indenture referred to in clauses (1) and (2) below, and to have satisfied all of their other
obligations under such Notes, the Guarantees and this Indenture (and the Trustee, on demand of and
at the expense of the Issuer, shall execute proper instruments acknowledging the same) and to have
cured all then existing Events of Default, except for the following provisions which shall survive
until otherwise terminated or discharged hereunder:

          (1) the rights of Holders to receive payments in respect of the principal of, premium,
if any, and interest on the Notes when such payments are due solely out of the trust
referred to in Section 8.4 hereof;

          (2) the Issuer’s obligations with respect to Notes under Article II concerning
issuing temporary Notes, registration of such Notes, mutilated, destroyed, lost or stolen
Notes and Section 3.12 hereof concerning the maintenance of an office or agency for
payment and money for security payments held in trust;

          (3) the rights, powers, trusts, duties and immunities of the Trustee and the Issuer’s
obligations in connection therewith; and;

          (4) this Article VIII with respect to provisions relating to Legal Defeasance.

          SECTION 8.3. Covenant Defeasance. Upon the Issuer’s exercise under Section
8.1 hereof of the option applicable to this Section 8.3, the Issuer and each of the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.4
hereof, be released from each of their obligations under the covenants contained in Sections
3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9,
3.10, 3.11, 3.14, 3.15, 3.18, and 3.22 and
Sections 4.1(a)(4) and 10.2(b)(v) hereof with respect to the outstanding Notes on
and after the date the conditions set forth in Section 8.4 hereof are

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satisfied
(hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but shall continue to be
deemed “outstanding” for all other purposes hereunder. For this purpose, Covenant Defeasance means
that, with respect to the outstanding Notes and Guarantees, the Issuer and the Guarantors may omit
to comply with and shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section 6.1 hereof, but, except as specified above,
the remainder of this Indenture and such Notes and Guarantees shall be unaffected thereby. In
addition, upon the Issuer’s exercise under Section 8.1 hereof of the option applicable to
this Section 8.3, subject to the satisfaction of the conditions set forth in Section
8.4 hereof, Sections 6.1(a)(3) (with respect only to Sections 4.1(a)(4) and
10.2(b)(v)), 6.1(a)(4), 6.1(a)(5), 6.1(a)(6), 6.1(a)(7),
6.1(a)(8) (with respect only to a Restricted Subsidiary that is a Significant Subsidiary or
any group of Restricted Subsidiaries that taken together would constitute a Significant
Subsidiary), 6.1(a)(9) (with respect only to a Restricted Subsidiary that is a Significant
Subsidiaries or any group of Restricted Subsidiaries that taken together would constitute a
Significant Subsidiary), and 6.1(a)(10) hereof shall not constitute Events of Default.

          SECTION 8.4. Conditions to Legal or Covenant Defeasance. In order to exercise
either Legal Defeasance or Covenant Defeasance under either Section 8.2 or 8.3
hereof:

          (1) the Issuer shall have irrevocably deposited with the Trustee or as specified by the
Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, Government
Securities, or a combination thereof, in such amounts as shall be sufficient, in the opinion
of a nationally recognized firm of independent public accountants, to pay the principal of,
premium, if any, and interest due on the Notes on the stated maturity date or on the
redemption date, as the case may be, of such principal, premium, if any, or interest on such
Notes, and the Issuer must specify whether such Notes are being defeased to maturity or to a
particular redemption date;

          (2) in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee,
with a copy to the Agent (if not the same as the Trustee), an Opinion of Counsel reasonably
acceptable to the Trustee confirming that, subject to customary assumptions and exclusions;

	 	(A)	 	the Issuer has received from, or there has been
published by, the United States Internal Revenue Service a ruling, or

	 	(B)	 	since the issuance of the Notes, there has been
a change in the applicable U.S. federal income tax law,

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm
that, subject to customary assumptions and exclusions, the Holders shall not recognize
income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of
such Legal Defeasance and shall be subject to such U.S. federal income tax on the same

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amounts, in the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred;

          (3) in the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee,
with a copy to the Agent (if not the same as the Trustee), an Opinion of Counsel reasonably
acceptable to the Trustee confirming that, subject to customary assumptions and exclusions,
the Holders shall not recognize income, gain or loss for U.S.
federal income tax purposes as a result of such Covenant Defeasance and shall be
subject to U.S. federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Covenant Defeasance had not occurred;

          (4) no Default (other than that resulting from borrowing funds to be applied to make
such deposit and any similar and simultaneous deposit relating to other Indebtedness, and,
in each case the granting of Liens in connection therewith) shall have occurred and be
continuing on the date of such deposit;

          (5) such Legal Defeasance or Covenant Defeasance must not result in a breach or
violation of, or constitute a default under the Revolving Facility, the Acquisition Credit
Facility or any other material agreement or instrument (other than this Indenture) to which
the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound
(other than that resulting from borrowing funds to be applied to make such deposit and any
similar and simultaneous deposit relating to other Indebtedness and, in each case, the
granting of Liens in connection therewith);

          (6) the Issuer shall have delivered to the Trustee an Opinion of Counsel, with a copy
to the Agent (if not the same as the Trustee), to the effect that, as of the date of such
opinion and subject to customary assumptions and exclusions following the deposit, the trust
funds shall not be subject to the effect of Section 547 of Title 11 of the United States
Code;

          (7) the Issuer shall have delivered to the Trustee, with a copy to the Agent (if not
the same as the Trustee), an Officer’s Certificate stating that the deposit was not made by
the Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of
the Issuer or any Subsidiary Guarantor or others; and

          (8) the Issuer shall have delivered to the Trustee, with a copy to the Agent (if not
the same as the Trustee), an Officer’s Certificate and an Opinion of Counsel (which Opinion
of Counsel may be subject to customary assumptions and exclusions) each stating that all
conditions precedent provided for or relating to the Legal Defeasance or the Covenant
Defeasance, as the case may be, have been complied with.

          SECTION 8.5. Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions. Subject to Section 8.6 hereof, all money and non-callable
Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.5, the “Trustee”)
pursuant to Section 8.4 hereof in respect of the outstanding Notes shall be held in trust
and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to
the payment, either directly or

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through any Paying Agent (including the Issuer acting as Paying
Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due
thereon in respect of principal, premium and Additional Interest, if any, and interest, but such
money need not be segregated from other funds except to the extent required by law.

          The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or non-callable Government Securities deposited pursuant
to Section 8.4 hereof or the principal and interest received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders of the
outstanding Notes.

          Notwithstanding anything in this Article VIII to the contrary, the Trustee shall
deliver or pay to the Issuer from time to time upon the request of the Issuer any money or
non-callable Government Securities held by it as provided in Section 8.4 hereof which, in
the opinion of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee (which may be the opinion delivered under
Section 8.4(1) hereof), are in excess of the amount thereof that would then be required to
be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

          SECTION 8.6. Repayment to the Issuer. Any money deposited with the Trustee or any
Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium or
Additional Interest, if any, or interest on, any Note and remaining unclaimed for two years after
such principal, premium or Additional Interest, if any, or interest has become due and payable
shall be paid to the Issuer on its request unless an abandoned property law designates another
Person or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such
Note shall thereafter be permitted to look only to the Issuer for payment thereof unless an
abandoned property law designates another Person, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to
make any such repayment, may at the expense of the Issuer cause to be published once, in The New
York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days from the date of
such notification or publication, any unclaimed balance of such money then remaining shall be
repaid to the Issuer.

          SECTION 8.7. Reinstatement. If the Trustee or Paying Agent is unable to apply any
money or U.S. dollars or non-callable Government Securities in accordance with Section 8.2
or 8.3 hereof, as the case may be, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, then the
Issuer’s and the Guarantors’ obligations under this Indenture and the Notes and the Guarantees
shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.2
or 8.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such
money in accordance with Section 8.2 or 8.3 hereof, as the case may be; provided,
however, that, if the Issuer makes any payment of principal of, premium or Additional Interest, if
any, or interest on, any Note following the reinstatement of its obligations, the Issuer shall be
subrogated to the rights of the Holders of such Notes to receive such payment from the money or
non-callable Government Securities held by the Trustee or Paying Agent.

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ARTICLE IX

AMENDMENTS

          SECTION 9.1. Without Consent of Holders. Notwithstanding Section 9.2 of
this Indenture, the Issuer, any Guarantor (with respect to this Indenture and the Guarantee to
which it is
a party, except that no existing Guarantor need execute a supplemental indenture pursuant to
clause (9) below) and the Trustee may amend or supplement this Indenture, the Notes, and any
Guarantee without the consent of any Holder:

          (1) to cure any ambiguity, omission, mistake, defect or inconsistency;

          (2) to provide for uncertificated Notes of such series in addition to or in place of
certificated Notes;

          (3) to comply with Article IV or Section 10.2(b);

          (4) to provide for the assumption by the Operating Holdco of, and the release of
Cumulus Media Inc. from, the Issuer’s obligations under this Indenture and the Notes in the
manner described in Section 3.21;

          (5) to make any change that would surrender any right or power conferred upon the
Issuer or any Guarantor or provide any other additional rights or benefits to the Holders or
that does not adversely affect the legal rights under this Indenture of any such Holder;

          (6) to comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the Trust Indenture Act;

          (7) to evidence and provide for the acceptance and appointment under this Indenture of
a successor Trustee hereunder pursuant to the requirements hereof;

          (8) to provide for the issuance of exchange notes or private exchange notes, which are
identical to exchange notes except that they are not freely transferable;

          (9) to add a Guarantor under this Indenture;

          (10) to conform the text of this Indenture, the Notes or the Guarantees to any
provision under the heading “Description of notes” in the Offering Memorandum to the extent
that such provision in the Offering Memorandum was intended to be a verbatim recitation of a
provision of this Indenture, the Notes or the Guarantees, as provided in an Officer’s
Certificate; or

          (11) to make any amendment to the provisions of this Indenture relating to the transfer
and legending of Notes as permitted by this Indenture, including, without limitation, to
facilitate the issuance and administration of the Notes; provided, however, that (i)
compliance with this Indenture as so amended would not result in Notes being

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transferred in
violation of the Securities Act or any applicable securities law and (ii) such amendment
does not materially and adversely affect the rights of Holders to transfer Notes.

          Subject to Section 9.2, upon the request of the Issuer, and upon receipt by the
Trustee of the documents described in Section 13.4 hereof, the Trustee shall join with the
Issuer and the Guarantors in the execution of such amended or supplemental indenture unless such
amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall
not be obligated to, enter into such amended or supplemental Indenture.

          After an amendment or supplement under this Section 9.1 becomes effective, the Issuer,
with the assistance of the Trustee, shall provide to Holders a notice briefly describing such
amendment or supplement. The failure to give such notice to all Holders, or any defect therein,
shall not impair or affect the validity of an amendment or supplement under this Section
9.1.

          SECTION 9.2. With Consent of Holders.

          Except as provided below in this Section 9.2, the Issuer, the Guarantors and the
Trustee may amend or supplement this Indenture, the Notes and any Guarantee issued hereunder with
the consent of the Holders of at least a majority in aggregate principal amount of the Notes then
outstanding, including consents obtained in connection with a purchase of, or tender offer or
exchange offer for, Notes, and, subject to Sections 6.4 and 6.7 hereof, any
existing Default or Event of Default (other than a Default or Event of Default in the payment of
the principal of, premium, if any, and Additional Interest, if any, or interest on the Notes,
except a payment default resulting from an acceleration that has been rescinded) or compliance with
any provision of this Indenture, the Notes and the Guarantees may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Notes, other than Notes
beneficially owned by the Issuer or its Affiliates (including consents obtained in connection with
a purchase of or tender offer or exchange offer for the Notes). Section 2.10 hereof and
Section 13.6 hereof shall determine which Notes are considered to be “outstanding” for the
purposes of this Section 9.2.

          Upon the request of the Issuer, and upon the filing with the Trustee of evidence satisfactory
to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee
of the documents described in Section 13.4 hereof, the Trustee shall join with the Issuer
and the Guarantors in the execution of such amended or supplemental indenture unless such amended
or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be
obligated to, enter into such amended or supplemental Indenture.

          Without the consent of each affected Holder, an amendment or waiver may not, with respect to
any Notes held by a non-consenting Holder:

          (1) reduce the principal amount of such Notes whose Holders must consent to an
amendment, supplement or waiver;

          (2) reduce the principal of or change the fixed stated maturity of any such Note or
reduce the premium payable upon the redemption or repurchase of any Note or change the
periods during which or events under which any Note may be redeemed at a

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particular price,
whether through an amendment or waiver of provisions in the covenants, definitions or
otherwise (except amendments to the definition of “Change of Control”);

          (3) reduce the rate of or change the time for payment of interest on any Note;

          (4) waive a Default in the payment of principal of or premium, if any, or interest on
the Notes, except a rescission of acceleration of the Notes by the Holders of at least a
majority in aggregate principal amount of the Notes and a waiver of the payment default that
resulted from such acceleration, or in respect of a covenant or provision contained in this
Indenture or any Guarantee which cannot be amended or modified without the consent of all
Holders;

          (5) make any Note payable in money other than that stated therein;

          (6) make any change in the provisions of this Indenture relating to waivers of past
Defaults or the rights of Holders to receive payments of principal of or premium, if any, or
interest on the Notes;

          (7) impair the right of any Holder to receive payment of principal of, or interest on
such Holder’s Notes on or after the due dates therefor or to institute suit for the
enforcement of any payment on or with respect to such Holder’s Notes;

          (8) make any change to or modify the ranking of the Notes that would adversely affect
the Holders;

          (9) except as expressly permitted by this Indenture, modify the Guarantees of any
Parent or any Significant Subsidiary (or group of Restricted Subsidiaries that together
(determined as of the most recent consolidated financial statements of the Issuer for a
fiscal period end provided as required under Section 3.11) would constitute a
Significant Subsidiary), in any manner adverse to the Holders of the Notes; or

          (10) make any changes in these amendments and waiver provisions.

          It shall not be necessary for the consent of the Holders under this Indenture to approve the
particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such
consent approves the substance thereof. A consent to any amendment, supplement or waiver under
this Indenture by any Holder of the Notes given in connection with a tender or exchange of such
Holder’s Notes shall not be rendered invalid by such tender or exchange.

          After an amendment or supplement under this Section 9.2 becomes effective, the Issuer,
with the assistance of the Trustee, shall provide to Holders a notice briefly describing such
amendment or supplement. The failure to give such notice to all Holders, or any defect therein,
shall not impair or affect the validity of an amendment or supplement.

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          SECTION 9.3. Compliance with Trust Indenture Act.

          Every amendment or supplement to this Indenture, any Guarantee and the Notes shall be set
forth in an amended or supplemental indenture that complies with the TIA as then in effect.

          SECTION 9.4. Revocation and Effect of Consents and Waivers.

          Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a
Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or
portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of
the consent or waiver is not made on any Note. However, any such Holder of a Note or subsequent
Holder of a Note may revoke the consent or waiver as to such Holder’s Note or portion of its Note
if the Trustee receives written notice of revocation before the date the amendment, supplement or
waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with
its terms and thereafter binds every Holder.

          The Issuer may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to give their consent or take any other action described above or
required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record
date (or their duly designated proxies), and only those Persons, shall be entitled to give such
consent or to revoke any consent previously given or to take any such action, whether or not such
Persons continue to be Holders after such record date. No such consent shall be valid or effective
for more than 120 days after such record date.

          SECTION 9.5. Notation on or Exchange of Notes.

          The Trustee may place an appropriate notation about an amendment, supplement or waiver on any
Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee
shall, upon receipt of an Issuer Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

          Failure to make the appropriate notation or issue a new Note shall not affect the validity and
effect of such amendment, supplement or waiver.

          SECTION 9.6. Trustee to Sign Amendments.

          The Trustee and Agent shall sign any amended or supplemental indenture authorized pursuant to
this Article IX if the amendment or supplement does not adversely affect the rights,
duties, liabilities or immunities of the Trustee. In executing any amended or supplemental
indenture, the Trustee and Agent shall be entitled to receive and (subject to Sections 7.1
and 7.2 hereof) shall be fully protected in conclusively relying upon, in addition to the
documents required by Section 13.4 hereof, an Officer’s Certificate and an Opinion of
Counsel stating that the execution of such amended or supplemental indenture is authorized or
permitted by this Indenture.

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ARTICLE X

GUARANTEE

          SECTION 10.1. Guarantee. Subject to the provisions of this Article X, each
Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not
merely as surety, jointly and severally with each other Guarantor, to each Holder of the Notes, and
the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by
redemption or otherwise, of the principal of, premium, if any, and interest (including Additional
Interest)) (accruing after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding, relating to the Issuer or any Guarantor whether or
not a claim for post-filing or post-petition interest is allowed in such proceeding and the
obligations under Section 7.7) on the Notes and all other obligations and liabilities of
the Issuer under this Indenture (including without limitation interest (including Additional
Interest) and the Registration Rights Agreement (all the foregoing being hereinafter collectively
called the “Guaranteed Obligations”). Each Guarantee shall be on an unsecured senior
basis. Each Guarantor agrees that the Guaranteed Obligations shall (i) rank equally in right of
payment with other existing and future senior Indebtedness of each such Guarantor, (ii) be
effectively subordinated to all Secured Indebtedness of each such Guarantor to the extent of the
value of the assets securing such Indebtedness and (iii) shall be senior in right of payment to all
existing and future Subordinated Indebtedness of each such Guarantor.

          To evidence its Guarantee set forth in this Section 10.1, each Guarantor hereby agrees
that this Indenture (or a supplemental indenture to this Indenture) shall be executed on behalf of
such Guarantor by an Officer of such Guarantor.

          Each Guarantor hereby agrees that its Guarantee set forth in Section 10.1 hereof shall
remain in full force and effect notwithstanding the absence of the endorsement of any notation of
such Guarantee on the Notes.

          If an Officer whose signature is on this Indenture no longer holds that office at the time the
Trustee authenticates the Note, the Guarantee shall be valid nevertheless.

          Upon execution of a supplemental indenture to this Indenture by the Guarantors, the Guarantees
set forth in this Indenture shall be deemed duly delivered, without any further action by any
Person, on behalf of the Guarantors. Following the Issue Date, the delivery of any Note by the
Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee
set forth in this Indenture on behalf of the Guarantors.

          Each Guarantor further agrees (to the extent permitted by law) that the Guaranteed Obligations
may be extended or renewed, in whole or in part, without notice or further assent from it, and that
it shall remain bound under this Article X notwithstanding any extension or renewal of any
Guaranteed Obligation.

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          Each Guarantor waives presentation to, demand of payment from and protest to the Issuer of any
of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Guarantor
waives notice of any default under the Notes or the Guaranteed Obligations.

          Each Guarantor further agrees that its Guarantee herein constitutes a Guarantee of payment
when due (and not a Guarantee of collection) and waives any right to require that any resort be had
by any Holder to any security held for payment of the Guaranteed Obligations.

          Except as set forth in Section 10.2, the obligations of each Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason (other than
payment of the Guaranteed Obligations in full), including any claim of waiver, release, surrender,
alteration or compromise, and shall not be subject to any defense of setoff, counterclaim,
recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability
of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the
Guaranteed Obligations of each Guarantor herein shall not be discharged or impaired or otherwise
affected by (a) the failure of any Holder to assert any claim or demand or to enforce any right or
remedy against the Issuer or any other person under this Indenture, the Notes or any other
agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver,
amendment or modification of any of the terms or provisions of this Indenture, the Notes or any
other agreement; (d) the failure of any Holder to exercise any right or remedy against any other
Guarantor; (e) any change in the ownership of the Issuer; (f) any default, failure or delay,
willful or otherwise, in the performance of the Guaranteed Obligations, or (g) any other act or
thing or omission or delay to do any other act or thing which may or might in any manner or to any
extent vary the risk of any Guarantor or would otherwise operate as a discharge of such Guarantor
as a matter of law or equity.

          Each Guarantor agrees that its Guarantee herein shall remain in full force and effect until
payment in full of all the Guaranteed Obligations or such Guarantor is released from its Guarantee
in compliance with Section 10.2, Article VIII or Article XII. Each
Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated,
as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any,
or interest on any of the Guaranteed Obligations is rescinded or must otherwise be restored by any
Holder upon the bankruptcy or reorganization of the Issuer or otherwise.

          In furtherance of the foregoing and not in limitation of any other right which any Holder has
at law or in equity against any Guarantor by virtue hereof, upon the failure of the Issuer to pay
any of the Guaranteed Obligations when and as the same shall become due, whether at maturity, by
acceleration, by redemption or otherwise, each Guarantor hereby promises to and shall, upon receipt
of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or
the Trustee on behalf of the Holders an amount equal to the sum of (i) the unpaid amount of such
Guaranteed Obligations then due and owing and (ii) accrued and unpaid interest (including
Additional Interest) on such Guaranteed Obligations then due and owing (but only to the extent not
prohibited by law) (including interest accruing after the filing of any petition in bankruptcy or
the commencement of any insolvency, reorganization or like proceeding relating to the Issuer or any
Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding).

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          Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the
Holders, on the other hand, (x) the maturity of the Guaranteed Obligations guaranteed hereby may be
accelerated as provided in this Indenture for the purposes of its Guarantee herein, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed
Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such
Guaranteed Obligations, such Guaranteed Obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantor for the purposes of this Guarantee.

          Each Guarantor also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or the Holders in enforcing any rights under
this Section.

          SECTION 10.2. Limitation on Liability; Termination, Release and Discharge.

          (a) Any term or provision of this Indenture to the contrary notwithstanding, the obligations
of each Guarantor hereunder shall be limited to the maximum amount as shall, after giving effect to
all other contingent and fixed liabilities of such Guarantor (including, without limitation, any
guarantees under the Existing Credit Facility or the Acquisition Credit Facility) and after giving
effect to any collections from or payments made by or on behalf of any other Guarantor in respect
of the obligations of such other Guarantor under its Guarantee or pursuant to its contribution
obligations under this Indenture, result in the obligations of such Guarantor under its Guarantee
not constituting a fraudulent conveyance or fraudulent transfer under federal or state law and not
otherwise being void or voidable under any similar laws affecting the rights of creditors
generally.

          (b) Subject to Section 10.2(c), the Issuer shall not permit any Subsidiary Guarantor
to consolidate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is
the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of its properties or assets, in one or more related transactions, to any Person
unless:

          (i) such Subsidiary Guarantor is the surviving corporation or the Person formed by or
surviving any such consolidation or merger (if other than such Subsidiary Guarantor) or to
which such sale, assignment, transfer, lease, conveyance or other disposition shall have
been made is a Person organized or existing under the laws of the jurisdiction of
organization of such Subsidiary Guarantor or the laws of the United States, any state
thereof, the District of Columbia or any territory thereof (such Subsidiary Guarantor or
such Person, as the case may be, being herein called the “Successor Person”);

          (ii) the Successor Person, if other than such Subsidiary Guarantor, expressly assumes
all the obligations of such Subsidiary Guarantor under this Indenture and such Subsidiary
Guarantor’s related Guarantee pursuant to supplemental indentures or other documents or
instruments in form reasonably satisfactory to the Trustee and assumes by written agreement
all of the obligations of such Subsidiary Guarantor under the Registration Rights Agreement
(if such Subsidiary Guarantor’s registration obligations thereunder have not yet been
completed);

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          (iii) immediately after such transaction, no Default exists;

          (iv) the Issuer shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, with a copy to the Agent (if not the same as the Trustee), each stating
that such consolidation, merger or transfer and such supplemental indentures, if any, comply
with this Indenture; and

          (v) the transaction is made not in violation of Section 3.5, if applicable.

          (c) The Successor Person shall succeed to, and be substituted for, such Subsidiary Guarantor
under this Indenture, such Subsidiary Guarantor’s Guarantee and the Registration Rights Agreement
(if such Subsidiary Guarantor’s registration obligations thereunder have not yet been completed).
Notwithstanding the foregoing, any Subsidiary Guarantor may (i) consolidate or merge with or into
or wind up into or sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of its properties and assets to another Subsidiary Guarantor or the Issuer or
(ii) consolidate or merge with or into an Affiliate of the Issuer solely for the purpose of
reincorporating or reorganizing the Subsidiary Guarantor in the United States, any state thereof,
the District of Columbia or any territory thereof. Notwithstanding the foregoing, any Restricted
Subsidiary may liquidate or dissolve if the board of directors of the Issuer determines in good
faith that such liquidation or dissolution is in the best interests of the Issuer and is not
materially disadvantageous to the Holders.

          (d) The predecessor company shall be released from its obligations under the Guarantee and
this Indenture and the Successor Person shall succeed to, and be substituted for, and may exercise
every right and power of, such Guarantor under the Guarantee and this Indenture, but, in the case
of a lease of all or substantially all its assets, the predecessor shall not be released from the
obligation of the Guarantee.

          (e) Any Guarantee by a Subsidiary Guarantor of the Notes shall be automatically and
unconditionally released and discharged upon:

          (1) (A) any sale, exchange, disposition or transfer (by merger or otherwise) of (x) the
Capital Stock of such Subsidiary Guarantor, after which the applicable Subsidiary Guarantor
is no longer a Restricted Subsidiary, or (y) all or substantially all the assets of such
Subsidiary Guarantor, which sale, exchange, disposition or transfer in each case does not
violate the applicable provisions of this Indenture;

     (B) the release or discharge of the guarantee by such Subsidiary
Guarantor of its guarantee of obligations under the Existing Credit
Facility, the Acquisition Credit Facility any such other guarantee which
resulted in the creation of such Guarantee, except a release or discharge
resulting from payment under such guarantee;

     (C) the proper designation of any Restricted Subsidiary that is a
Subsidiary Guarantor as an Unrestricted Subsidiary in compliance with the
applicable provisions of this Indenture; or

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     (D) the Issuer exercising its legal defeasance option or covenant
defeasance option as described in Article VIII or if its obligations
under this Indenture are discharged in accordance with Article XII;
and

          (2) Such Subsidiary Guarantor delivering to the Trustee an Officer’s Certificate and an
Opinion of Counsel, with a copy to the Agent (if not the same as the Trustee), each stating
that all conditions precedent provided for in this Indenture relating to such transaction
have been complied with.

          SECTION 10.3. Right of Contribution. Each Guarantor hereby agrees that any
Guarantor that makes a payment on the obligations under the Guarantees shall be entitled, upon
payment in full of all obligations under the Guarantees, to a contribution from each other
Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment. The
obligations of each Guarantor shall be limited as necessary to prevent such Guarantee from
constituting a fraudulent conveyance under applicable law. The provisions of this Section
10.3 shall in no respect limit the obligations and liabilities of each Guarantor to the Trustee
and the Holders, and each Guarantor shall remain liable to the Trustee and the Holders for the full
amount guaranteed by such Guarantor hereunder.

          SECTION 10.4. No Subrogation. Notwithstanding any payment or payments made by each
Guarantor hereunder, no Guarantor shall be entitled to be subrogated to any of the rights of the
Trustee or any Holder against the Issuer or any other Guarantor or any guarantee or right of offset
held by the Trustee or any Holder for the payment of the Guaranteed Obligations, nor shall any
Guarantor seek or be entitled to seek any contribution or reimbursement from the Issuer or any
other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to
the Trustee and the Holders by the Issuer on account of the Guaranteed Obligations are paid in
full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any
time when all of the Guaranteed Obligations shall not have been paid in full, such amount shall be
held by such Guarantor in trust for the Trustee and the Holders, segregated from other funds of
such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Trustee
in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Trustee, if
required), to be applied against the Guaranteed Obligations.

ARTICLE XI

RESERVED

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ARTICLE XII

SATISFACTION AND DISCHARGE

          SECTION 12.1. Satisfaction and Discharge.

          This Indenture shall be discharged and shall cease to be of further effect as to all Notes,
when:

          (a) either:

          (i) all Notes theretofore authenticated and delivered, except lost, stolen or destroyed
Notes that have been replaced or paid and Notes for whose payment money has theretofore been
deposited in trust, have been delivered to the registrar for cancellation; or

          (ii) all Notes not theretofore delivered to the registrar for cancellation have become
due and payable by reason of the making of a notice of redemption or otherwise, will become
due and payable within one year or are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Issuer, and the Issuer or any Guarantor has
irrevocably deposited or caused to be deposited with the Trustee or as specified by the
Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars,
Government Securities, or a combination thereof, in such amounts as shall be sufficient
without consideration of any reinvestment of interest to pay and discharge the entire
Indebtedness on the Notes not theretofore delivered to the registrar for cancellation for
principal, premium, if any, and accrued interest to the date of maturity or redemption;

          (b) no Default (other than that resulting from borrowing funds to be applied to make such
deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case,
the granting of Liens in connection therewith) with respect to this Indenture or the Notes shall
have occurred and be continuing on the date of such deposit or shall occur as a result of such
deposit and such deposit shall not result in a breach or violation of, or constitute a default
under, the Existing Credit Facility, the Acquisition Credit Facility or any other material
agreement or instrument (other than this Indenture) to which the Issuer or any Guarantor is a party
or by which the Issuer or any Guarantor is bound (other than that resulting from borrowing funds to
be applied to make such deposit and any similar and simultaneous deposit relating to other
Indebtedness and, in each case, the granting of Liens in connection therewith);

          (c) the Issuer has paid or caused to be paid all sums payable by it under this Indenture; and

          (d) the Issuer has delivered irrevocable instructions to the Trustee to apply the deposited
money toward the payment of the Notes at maturity or the redemption date, as the case may be.

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          In addition, the Issuer shall deliver an Officer’s Certificate and an Opinion of Counsel
to the Trustee, with a copy to the Agent (if not the same as the Trustee), stating that all
conditions precedent to satisfaction and discharge have been satisfied.

          Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited
with the Trustee pursuant to clause (a)(ii) of this Section 12.1, the provisions of
Sections 12.2 and 8.6 hereof shall survive.

          SECTION 12.2. Application of Trust Money.

          Subject to the provisions of Section 8.6 hereof, all money deposited with the Trustee
pursuant to Section 12.1 hereof shall be held in trust and applied by it, in accordance
with the provisions of the Notes and this Indenture, to the payment, either directly or through any
Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to
the Persons entitled thereto, of the principal (and premium and Additional Interest, if any) and
interest for whose payment such money has been deposited with the Trustee; but such money need not
be segregated from other funds except to the extent required by law.

          If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 12.1 hereof by reason of any legal proceeding or by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Issuer’s and any Guarantor’s obligations under this Indenture and
the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section
12.1 hereof; provided that if the Issuer has made any payment of principal of, premium or
Additional Interest, if any, or interest on, any Notes because of the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive
such payment from the money or Government Securities held by the Trustee or Paying Agent.

ARTICLE XIII

MISCELLANEOUS

          SECTION 13.1. Trust Indenture Act Controls. If and to the extent that any provision
of this Indenture limits, qualifies or conflicts with another provision which is required to be
included in this Indenture by the TIA, the provision required by the TIA shall control. Each
Guarantor in addition to performing its obligations under its Guarantee shall perform such other
obligations as may be imposed upon it with respect to this Indenture under the TIA.

          SECTION 13.2. Notices. Any notice or communication shall be in writing and
delivered in person, sent by facsimile, sent by electronic mail, delivered by commercial courier
service or mailed by first-class mail, postage prepaid, addressed as follows:

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if to Issuer or to any Guarantor:

Cumulus Media Inc.

3280 Peachtree Road, N.W., Suite 2300

Atlanta, Georgia 30305

Attention: General Counsel

Telecopy: (404) 260-6877

with a copy to:

Jones Day

1420 Peachtree Street, N.E., Suite 800

Atlanta, Georgia 30309

Attention: Mark L. Hanson, Esq.

Telecopy: (404) 581-8330

E-mail: mlhanson@JonesDay.com

if to the Trustee, at its corporate trust office, which corporate trust office
for purposes of this Indenture is at the date hereof located at:

U.S. Bank National Association

1349 West Peachtree Street, Suite 1050

Atlanta, Georgia 30309

Attention: Account Manager — Cumulus Media

Telecopy: (404) 898-8844

E-mail: william.echols@usbank.com

if to the Agent, at its corporate trust office, which corporate trust office
for purposes of this Indenture is at the date hereof located at:

U.S. Bank National Association

1349 West Peachtree Street, Suite 1050

Atlanta, Georgia 30309

Attention: Account Manager — Cumulus Media

Telecopy: (404) 898-8844

E-mail: william.echols@usbank.com

          The Issuer, the Trustee or the Agent by written notice to the other may designate additional
or different addresses for subsequent notices or communications.

          Any notice or communication to the Issuer or the Guarantors shall be deemed to have been given
or made as of the date so delivered if personally delivered; when receipt is

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acknowledged, if telecopied; on the first date on which publication is made, when given by
publication; and five calendar days after mailing if sent by registered or certified mail, postage
prepaid (except that a notice of change of address shall not be deemed to have been given until
actually received by the addressee). Any notice or communication to the Trustee shall be deemed
delivered upon receipt.

          Any notice or communication delivered to a Holder shall be delivered to the Holder at the
Holder’s address as it appears in the Notes Register and shall be sufficiently given if so
delivered within the time prescribed.

          Failure to deliver a notice or communication to a Holder or any defect in it shall not affect
its sufficiency with respect to other Holders. If a notice or communication is delivered in the
manner provided above, it is duly given, whether or not the addressee receives it, except that
notices to the Trustee shall be effective only upon receipt.

          In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made with
the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

          Notwithstanding any other provision of this Indenture or any Note, where this Indenture
provides for notice of any event (including any notice of redemption) to any Holder of a global
Note, such notice shall be sufficiently given if given to DTC or any other applicable depositary
for such Note (or its designee) according to the applicable rules and procedures of DTC or such
depositary.

          SECTION 13.3. Communication by Holders with other Holders. Holders may communicate
pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or
the Notes. The Issuer, the Trustee, the Registrar and anyone else shall have the protection of TIA
§ 312(c).

          Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any
Note provides for notice of any event (including any notice of redemption) to a Holder of a Global
Note (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC for
such Note (or its designee), pursuant to the customary procedures of DTC.

          SECTION 13.4. Certificate and Opinion as to Conditions Precedent. Upon any request
or application by the Issuer to the Trustee to take or refrain from taking any action under this
Indenture, the Issuer shall furnish to the Trustee:

          (1) an Officer’s Certificate in form reasonably satisfactory to the Trustee stating
that, in the opinion of the signers, all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with; and

          (2) an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that,
in the opinion of such counsel, all such conditions precedent have been complied with.

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          SECTION 13.5. Statements Required in Certificate or Opinion. Each certificate or
opinion with respect to compliance with a covenant or condition provided for in this Indenture
shall include:

          (1) a statement that the individual making such certificate or opinion has read such
covenant or condition;

          (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

          (3) a statement that, in the opinion of such individual, he has made such examination
or investigation as is necessary to enable him to express an informed opinion as to whether
or not such covenant or condition has been complied with; and

          (4) a statement as to whether or not, in the opinion of such individual, such covenant
or condition has been complied with.

          In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officer’s
Certificate or on certificates of public officials.

          SECTION 13.6. When Notes Disregarded. In determining whether the Holders of the
required aggregate principal amount of Notes have concurred in any direction, waiver or consent,
Notes owned by the Issuer, any Guarantor or any Affiliate of them shall be disregarded and deemed
not to be outstanding, except that, for the purpose of determining whether the Trustee shall be
protected in relying on any such direction, waiver or consent, only Notes which the Trustee
actually knows are so owned shall be so disregarded. Also, subject to the foregoing, only Notes
outstanding at the time shall be considered in any such determination.

          SECTION 13.7. Rules by Trustee, Paying Agent and Registrar. The Trustee may make
reasonable rules for action by, or at meetings of, Holders. The Registrar and the Paying Agent may
make reasonable rules for their functions.

          SECTION 13.8. Legal Holidays. If a payment date is a Legal Holiday, payment shall
be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for
the intervening period. If a regular record date is a Legal Holiday, the record date shall not be
affected.

          SECTION 13.9. GOVERNING LAW. THIS INDENTURE, THE NOTES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE OR INSTRUMENTS
ENTERED INTO AND, IN EACH CASE, PERFORMED IN SAID STATE. EACH OF THE PARTIES HERETO AGREES TO
SUBMIT TO THE JURISDICTION OF THE STATE COURTS OF, AND THE FEDERAL COURTS LOCATED IN, THE STATE OF
NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE (INCLUDING THE
GUARANTEES SET FORTH HEREIN) OR THE NOTES.

124

 

          SECTION 13.10. USA Patriot Act. The parties hereto acknowledge that in accordance
with Section 326 of the USA Patriot Act, the Trustee and the Agent, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account. The parties to this Indenture agree that they shall provide the
Trustee and the Agent with such information as they may request in order to satisfy the
requirements of the USA Patriot Act.

          SECTION 13.11. No Recourse Against Others. An incorporator, director, officer,
employee or stockholder of the Issuer or any Guarantor or any Parent, solely by reason of this
status, shall not have any liability for any obligations of the Issuer or any Guarantor under the
Notes, the Guarantees or this Indenture or for any claim based on, in respect of or by reason of
such obligations or their creation. By accepting a Note, each Holder waives and releases all such
liability to the extent permitted under applicable law. The waiver and release are a part of the
consideration for the issuance of the Notes.

          SECTION 13.12. Successors. All agreements of the Issuer and each Guarantor in this
Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in
this Indenture shall bind its successors.

          SECTION 13.13. Multiple Originals. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this
Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the
original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
PDF shall be deemed to be their original signatures for all purposes.

          SECTION 13.14. Qualification of Indenture. The Issuer has agreed to qualify this
Indenture under the TIA in accordance with the terms and conditions of the Registration Rights
Agreement and to pay all reasonable costs and expenses (including attorneys’ fees and expenses for
the Issuer, the Trustee and the Holders)
incurred in connection therewith, including, but not limited to, costs and expenses of
qualification of this Indenture and the Notes and printing this Indenture and the Notes. The
Trustee shall be entitled to receive from the Issuer any such Officer’s Certificates, Opinions of
Counsel or other documentation as it may reasonably request in connection with any such
qualification of this Indenture under the TIA.

          SECTION 13.15. Table of Contents; Headings. The table of contents, cross-reference
sheet and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not intended to be considered a part hereof and shall not modify
or restrict any of the terms or provisions hereof.

          SECTION 13.16. WAIVERS OF JURY TRIAL. THE ISSUER, THE GUARANTORS, THE TRUSTEE AND
THE AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS INDENTURE, THE NOTES OR THE GUARANTEES AND FOR ANY COUNTERCLAIM
THEREIN.

125

 

          SECTION 13.17. Force Majeure. In no event shall the Trustee or the Agent be
responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services, it being
understood that the Trustee shall use reasonable best efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the
circumstances.

126

 

          IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed all as of the
date and year first written above.

	 	 	 	 	 
	 	CUMULUS MEDIA INC.

 	 
	 	By  	/s/  Joseph
P. Hannan	 
	 	 	Name:  	Joseph P. Hannan 	 
	 	 	Title:  	Senior Vice President, Treasurer and

Chief Financial Officer	 
	 
	 	BROADCAST SOFTWARE INTERNATIONAL INC.

 	 
	 	By  	/s/  Joseph
P. Hannan	 
	 	 	Name:  	Joseph P. Hannan	 
	 	 	Title:  	Executive Vice President, Chief
Financial
Officer and Treasurer	 
	 
	 	CADET MERGER CORPORATION

 	 
	 	By  	/s/  Joseph
P. Hannan	 
	 	 	Name:  	Joseph P. Hannan	 
	 	 	Title:  	Executive Vice President, Chief
Financial
Officer and Treasurer	 
	 
	 	CUMULUS BROADCASTING LLC

 	 
	 	By  	/s/  Joseph
P. Hannan	 
	 	 	Name:  	Joseph P. Hannan	 
	 	 	Title:  	Executive Vice President, Chief
Financial
Officer and Treasurer	 
	 
	 	CUMULUS MEDIA HOLDINGS INC.

 	 
	 	By  	/s/  Joseph
P. Hannan;	 
	 	 	Name:  	Joseph P. Hannan	 
	 	 	Title:  	Executive Vice President, Chief
Financial
Officer and Treasurer	 
	 

[Signature Page to the Indenture]

 

 

	 	 	 	 	 
	 	CATALYST MEDIA, INC.

 	 
	 	By  	/s/  Joseph
P. Hannan	 
	 	 	Name:  	Joseph P. Hannan	 
	 	 	Title:  	Executive Vice President, Chief
Financial
Officer and Treasurer	 
	 

[Signature Page to the Indenture]

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee, Transfer Agent, Registrar,
 Authentication
Agent and Paying Agent

 	 
	 	By:  	/s/  William B. Echols	 
	 	 	Name:  	William B. Echols	 
	 	 	Title:  	Vice President	 
	 

[Signature Page to the Indenture]

 

 

EXHIBIT 1

Subsidiary Guarantors

	 	 	 
	Subsidiary Guarantor	 	Jurisdiction of Organization
	Cumulus Media Holdings Inc.

	 	Delaware
	Cadet Merger Corporation

	 	Delaware
	Catalyst Media, Inc.

	 	Delaware
	Broadcast Software International Inc.

	 	Nevada
	Cumulus Broadcasting LLC

	 	Nevada

 

 

EXHIBIT A: Form of Series A Note

[FORM OF FACE OF SERIES A NOTE]

[Applicable Restricted Notes Legend]

[Depository Legend, if applicable]

	 	 	 

	No. [___]

	 	Principal Amount $[___________] [as 
revised by the Schedule of Increases and 
Decreases
in Global Note attached hereto]1

CUSIP NO. _________________________2

CUMULUS MEDIA INC.

7.75% Senior Notes, Series A, due 2019

          Cumulus Media Inc., a Delaware corporation (the “Issuer”), promises to pay to [Cede &
Co.]1, or its registered assigns, the principal sum of _______________ Dollars, [as
revised by the Schedule of Increases and Decreases in Global Note attached hereto] 1, on
May 1, 2019.

          Interest Payment Dates: May 1 and November 1, commencing on November 1, 2011

          Record Dates: April 15 and October 15

          Additional provisions of this Note are set forth on the other side of this Note.

 

			
	1	 	Insert in Global Notes only
	 
	2	 	144A –

Reg S –

IAI –

A-1

 

IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed.

	 	 	 	 	 
	 	CUMULUS MEDIA INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

A-2

 

	 	 	 	 	 

AGENT’S CERTIFICATE OF

AUTHENTICATION

	 	 	 	 	 

	U.S. BANK NATIONAL ASSOCIATION,

as Agent, certifies

that this is one of

the Notes referred

to in the Indenture.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Signatory
	 	Date:                               

A-3

 

[FORM OF REVERSE SIDE OF NOTE]

CUMULUS MEDIA INC.

7.75% Senior Notes, Series A, due 2019

     Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the
Indenture.

	1.	 	Interest

          Cumulus Media Inc., a Delaware corporation (such corporation, and its successors and assigns
under the Indenture hereinafter referred to, being herein called the “Issuer”), promises to pay
interest on the principal amount of this Note at the rate of 7.75% per annum, which shall accrue
from the most recent date to which interest has been paid or, if no interest has been paid, from
May 13, 2011. The Issuer shall pay interest on overdue principal at the rate specified
herein, and it shall pay interest on overdue installments of interest (including Additional
Interest) at the same rate to the extent lawful. Interest on the Notes shall be computed on the
basis of a 360-day year comprised of twelve 30-day months. Notwithstanding the foregoing, if the
Merger Agreement is terminated without consummation of the Citadel Transaction or the parties
thereto have publicly announced their determination not to proceed with the Citadel Transaction,
interest on the Notes shall accrue at the rate of 8.25% per annum with effect from the date of such
termination or announcement.

          The Issuer shall make each interest payment in cash semi-annually in arrears on May 1 and
November 1 of each year, commencing on November 1, 2011, or if any such day is not a
Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”) to
Holders of record of Notes on the immediately preceding April 15 and October 15.

          In addition to the rights provided to Holders under the Indenture, Holders of Registrable
Securities shall have all rights set forth in the Registration Rights Agreement, dated as of May
13, 2011, among the Issuer, the Guarantors named therein and the other parties named on the
signature pages thereto (the “Registration Rights Agreement”), including the right to
receive Additional Interest in certain circumstances. If applicable, Additional Interest shall be
paid to the same Persons, in the same manner and at the same times as regular interest.

2. Method of Payment

          By no later than 11:00 a.m. (New York City time) on the date on which any principal of,
premium, if any, or interest on any Note is due and payable, the Issuer shall deposit with the
Paying Agent a sum sufficient in immediately available funds to pay such principal, premium or
interest when due. Interest on any Note which is payable, and is timely paid or duly provided for,
on any interest payment date shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered at the close of business on the preceding April 15 and October 15;
provided, however, that, at the option of the Issuer, the principal of (and premium, if any) and
interest may be paid by (i) check delivered to addresses of the Persons entitled thereto as
such addresses shall appear on the Notes Register or (ii) wire transfer to an account located
in the United States maintained by the payee, subject to the last sentence of this paragraph.
Payments in

A-4

 

respect of Notes represented by a Global Note (including principal, premium, if any,
and interest) shall be made by wire transfer of immediately available funds to the accounts
specified by the Holder or Holders thereof.

3. Paying Agent and Registrar

          The Issuer initially appoints U.S. Bank National Association (the “Agent”) as Transfer
Agent, Registrar and Paying Agent for the Notes. The Issuer may change any Registrar or Paying
Agent without prior notice to the Holders. The Issuer or any Subsidiary Guarantor may act as
Paying Agent, Registrar or transfer agent.

4. Indenture

          The Issuer issued the Notes under an Indenture, dated as of May 13, 2011 (as it may be amended
or supplemented from time to time in accordance with the terms thereof, the “Indenture”),
among Cumulus Media Inc., the Guarantors and U.S. Bank National Association, as trustee (the
“Trustee”) and the Agent. The terms of the Notes include those stated in the Indenture and
those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended, and
the rules and regulations of the SEC promulgated thereunder, as in effect on the date of the
Indenture (the “Act”). The Notes are subject to all terms and provisions of the Indenture,
and Holders are referred to the Indenture and the Act for a statement of those terms. To the
extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling.

          The Notes are senior unsecured obligations of the Issuer. The aggregate principal amount of
Notes that may be authenticated and delivered under the Indenture is unlimited. This Note is one
of the 7.75% Senior Notes, Series A, due 2019 referred to in the Indenture. The Notes include (i)
$610,000,000 principal amount of the Issuer’s 7.75% Senior Notes, Series A, due 2019 issued under
the Indenture on May 13, 2011 (the “Initial Notes”), (ii) if and when issued, additional
7.75% Senior Notes, Series A, due 2019 or 7.75% Senior Notes, Series B, due 2019 of the Issuer that
may be issued from time to time under the Indenture subsequent to May 13, 2011 (the “Additional
Notes”) as provided in Section 2.1(a) of the Indenture and (iii) if and when issued,
the Issuer’s 7.75% Senior Notes, Series B, due 2019 that may be issued from time to time under the
Indenture in exchange for Initial Notes or Additional Notes in an offer registered under the
Securities Act as provided in the Registration Rights Agreement (herein called “Exchange
Notes”). The Initial Notes, the Additional Notes and the Exchange Notes shall be considered
collectively as a single class for all purposes of the Indenture. The Indenture imposes certain
limitations on the incurrence of indebtedness and issuance of disqualified stock and preferred
stock, the making of restricted payments, the sale of assets and subsidiary stock, the incurrence
of certain liens, the making of payments for consents, the entering into of agreements that
restrict distribution from restricted subsidiaries and the consummation of mergers and
consolidations. The Indenture also imposes requirements with respect to the provision of financial
information and the provision of guarantees of the Notes by certain subsidiaries.

A-5

 

5. Guarantees

          To guarantee the due and punctual payment of the principal, premium, if any, and interest
(including post-filing or post-petition interest) on the Notes and all other amounts payable by the
Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at
maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the
Guarantors shall unconditionally guarantee (and future guarantors, together with the Guarantors,
shall unconditionally Guarantee), jointly and severally, such obligations on a senior unsecured
basis pursuant to the terms of the Indenture.

6. Redemption

          At any time prior to May 1, 2015, the Issuer may redeem all or a part of the Notes on one or
more occasions, upon notice as described under Section 5.3 of the Indenture, at a
redemption price equal to 100% of the principal amount of Notes redeemed, plus the Applicable
Premium (as defined below) as of, and accrued and unpaid interest thereon and Additional Interest,
if any, to but excluding, the date of redemption (the “Redemption Date”), subject to the
rights of Holders of record on the relevant record date to receive interest due on the relevant
interest payment date.

          Prior to May 1, 2014, the Issuer may, at its option, upon notice as described under
Section 5.3 of the Indenture, redeem up to 35% of the aggregate principal amount of the
Notes issued under the Indenture on one or more occasions at a redemption price equal to 107.75% of
the aggregate principal amount of the Notes, plus accrued and unpaid interest and Additional
Interest, thereon, if any, to but excluding the applicable Redemption Date, subject to the right of
Holders of record on the relevant record date to receive interest due on the relevant interest
payment date, with the net cash proceeds of one or more Equity Offerings; provided that (a) at
least 65% of the sum of the aggregate principal amount of Notes originally issued under the
Indenture on the Issue Date and any Additional Notes that are issued under the Indenture after the
Issue Date remains outstanding immediately after the occurrence of each such redemption and (b)
each such redemption occurs within 90 days of the date of closing of each such Equity Offering.

          In addition, if (i) the Merger Agreement is terminated without consummation of the Citadel
Transaction and (ii) neither CMP nor any of its Subsidiaries has become a Restricted Subsidiary,
during each 12-month period commencing on the date of such termination to the third anniversary of
such termination or such earlier time as CMP or any of its Subsidiaries becomes a Restricted
Subsidiary, the Issuer shall be entitled to redeem up to 10% of the aggregate principal amount of
the Notes issued under the Indenture at a redemption price equal to 103.000% of the aggregate
principal amount thereof, plus accrued and unpaid interest thereon and Additional Interest, if any,
to, but excluding, the Redemption Date, subject to the rights of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date.

          Except as set forth above, the Notes shall not be redeemable at the Issuer’s option prior to
May 1, 2015.

          On and after May 1, 2015, the Issuer may redeem all or a part of the Notes on one or more
occasions, upon notice as described under Section 5.3 of the Indenture, at the redemption

A-6

 

prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth in
the table below, plus accrued and unpaid interest thereon and Additional Interest, if any, to but
excluding the applicable Redemption Date, subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date, if redeemed during the
twelve-month period beginning on May 1 of each of the years indicated in the table below:

	 	 	 	 	 
	Period	 	Percentage	 
	2015
	 	 	103.875	%
	2016
	 	 	101.938	%
	2017 and thereafter
	 	 	100.000	%

          Any redemption pursuant to this paragraph 6 shall be made pursuant to the provisions of
Sections 5.1 through 5.6 of the Indenture.

          “Applicable Premium” means, with respect to any Note on any Redemption Date, the
greater of:

          (1) 1.0% of the principal amount of such Note; and

          (2) the excess, if any, of: (a) the present value at such Redemption Date of (i) the
redemption price of such Note at May 1, 2015 (such redemption price being set forth in the table
appearing above), plus (ii) all required interest payments due on such Note through May 1, 2015
(excluding accrued but unpaid interest to the Redemption Date), computed using a discount rate
equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over (b) the principal
amount of such Note.

          “Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such
Redemption Date of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly
equal to the period from the Redemption Date to May 1, 2015; provided, however, that if the period
from the Redemption Date to May 1, 2015 is not equal to the constant maturity of a United States
Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by
linear interpolation (calculated by the Issuer in good faith to the nearest one-twelfth of a year)
from the weekly average yields of United States Treasury securities for which such yields are
given, except that if the period from the Redemption Date to May 1, 2015 is less than one year, the
weekly average yield on actually traded United States Treasury securities adjusted to a constant
maturity of one year shall be used.

          Except as set forth in paragraph 7 below, the Issuer is not required to make mandatory
redemption or sinking fund payments with respect to the Notes.

A-7

 

7. Repurchase Provisions

          If a Change of Control occurs, unless the Issuer has previously or concurrently delivered a
redemption notice with respect to all the outstanding Notes as described in Section 5.7 of
the Indenture, the Issuer shall make an offer to purchase all of the Notes pursuant to the Change
of Control Offer at a price in cash equal to 101% of the aggregate principal amount thereof plus
accrued and unpaid interest and Additional Interest, if any, to but excluding the date of purchase,
subject to the right of Holders of record of the Notes on the relevant record date to receive
interest due on the relevant interest payment date as provided in, and subject to the terms of, the
Indenture.

          In addition, under the circumstances set forth in Section 3.5 of the Indenture, the
Issuer shall be required to make an offer to purchase Notes with the Excess Proceeds of certain
Asset Sales.

8. Denominations; Transfer; Exchange

          The Notes shall be issuable only in fully registered form, without coupons, and only in
denominations of principal amount of $2,000 and any integral multiple of $1,000 in excess thereof.
A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may
require a Holder, among other things, to furnish appropriate endorsements or transfer documents and
to pay a sum sufficient to cover any tax and fees required by law or permitted by the Indenture.
The Registrar need not register the transfer of or exchange of any Note (A) for a period beginning
(1) 15 days before the delivery of a notice of an offer to repurchase or redeem Notes and ending at
the close of business on the day of such delivery or (2) 15 days before an interest payment date
and ending on such interest payment date or (B) called for redemption or tendered (and not
withdrawn) for repurchases in connection with a Change of Control Offer, an Asset Sale Offer or
other tender offer, except the unredeemed or untendered portion of any Note being redeemed or
tendered in part.

9. Persons Deemed Owners

          The registered Holder of this Note may be treated as the owner of it for all purposes.

10. Unclaimed Money

          If money for the payment of principal, premium, if any, or interest remains unclaimed for two
years, the Trustee or Paying Agent shall pay the money back to the Issuer at its request unless an
abandoned property law designates another Person. After any such payment, Holders entitled to the
money must look only to the Issuer for payment as general creditors unless an abandoned property
law designates another person and not to the Trustee for payment.

11. Defeasance

          Subject to certain exceptions and conditions set forth in the Indenture, the Issuer at any
time may terminate some or all of its obligations under the Notes and the Indenture if the Issuer
deposits with the Trustee money or Government Securities for the payment of principal, premium, if
any, and interest on the Notes to redemption or maturity, as the case may be.

A-8

 

12. Amendment, Supplement, Waiver

          Subject to certain exceptions contained in the Indenture, the Indenture and the Notes may be
amended, or default may be waived, with the written consent of the Holders of a majority in
principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the
Issuer, the Guarantors and the Trustee may amend or supplement the Indenture, any Guarantee and the
Notes as provided in the Indenture.

13. Defaults and Remedies

          If an Event of Default (other than an Event of Default relating to certain events of
bankruptcy, insolvency or reorganization of the Issuer or certain Restricted Subsidiaries) occurs
and is continuing, the Trustee by written notice to the Issuer, or the Holders of at least 25% in
principal amount of the total outstanding Notes by written notice to the Issuer and the Trustee,
may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if
any then outstanding, and accrued and unpaid interest (including Additional Interest), if any, and
any other monetary then outstanding obligations on all the Notes to be due and payable immediately.
Upon the effectiveness of such notice, such principal, premium and accrued and unpaid interest
(including Additional Interest) and any other monetary obligations shall be due and payable
immediately. If a bankruptcy, insolvency or reorganization of the Issuer occurs and is continuing,
the principal of, premium, if any, and accrued and unpaid interest (including Additional Interest)
and any other monetary obligations on all the Notes shall become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holders. Under certain
circumstances, the Holders of a majority in principal amount of the outstanding Notes may rescind
any such acceleration with respect to the Notes and its consequences.

14. Trustee Dealings with the Issuer

          Subject to certain limitations set forth in the Indenture, The Trustee in its individual or
any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer,
Guarantors or their Affiliates with the same rights it would have if it were not Trustee.

15. No Recourse Against Others

          An incorporator, director, officer, employee or stockholder of the Issuer or any Guarantor or
Parent, solely by reason of this status, shall not have any liability for any obligations of the
Issuer or any Guarantor under the Notes, the Guarantees or the Indenture or for any claim based on,
in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder
waives and releases all such liability to the extent permitted under applicable law. The waiver
and release are a part of the consideration for the issuance of the Notes.

16. Authentication

          This Note shall not be valid until the Agent authenticates the Note.

A-9

 

17. Abbreviations

          Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=
tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with rights of
survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (= Uniform Gift to
Minors Act).

18. CUSIP, Common Code and ISIN Numbers

          The Issuer has caused CUSIP, Common Code and ISIN numbers, if applicable, to be printed on the
Notes and has directed the Trustee to use CUSIP, Common Code and ISIN numbers, if applicable, in
notices of redemption or purchase as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
or purchase and reliance may be placed only on the other identification numbers placed thereon.

19. Governing Law

          This Note shall be governed by, and construed in accordance with, the laws of the State of New
York.

          The Issuer shall furnish to any Holder upon written request and without charge to the Holder a
copy of the Indenture. Requests may be made to:

Cumulus Media Inc.

3280 Peachtree Road, N.W., Suite 2300

Atlanta, Georgia 30305

Attention: General Counsel

Telecopy: (404) 260-6877

with a copy to:

Jones Day

1420 Peachtree Street, N.E., Suite 800

Atlanta, Georgia 30309

Attention: Mark L. Hanson, Esq.

Telecopy: (404) 581-8330

E-mail: mlhanson@JonesDay.com

A-10

 

ASSIGNMENT FORM

          To assign this Note, fill in the form below:

          I or we assign and transfer this Note to:

 

(Print or type assignee’s name, address and zip code)

 

(Insert assignee’s social security or tax I.D. No.)

and irrevocably appoint ___________ agent to transfer this Note on the books of the Issuer. The
agent may substitute another to act for him.

 

	 	 	 

	Date:____________________

	 	Your Signature:___________________

Signature Guarantee:_______________________________________________________________

(Signature must be guaranteed)

 

Sign exactly as your name appears on the other side of this Note.

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to S.E.C. Rule 17Ad-15.

The
undersigned hereby certifies that it o is / o is not an Affiliate of the Issuer and that, to
its knowledge, the proposed transferee o is / o is not an Affiliate of the Issuer.

     In connection with any transfer or exchange of any of the Notes evidenced by this certificate
occurring prior to the date that is one year after the later of the date of original issuance of
such Notes and the last date, if any, on which such Notes were owned by the Issuer or any Affiliate
of the Issuer, the undersigned confirms that such Notes are being:

CHECK ONE BOX BELOW:

	 	 	 	 	 

	     (1)

	 	o
	 	acquired for the undersigned’s own account, without transfer; or
	 
	 	 	 	 
	     (2)

	 	o
	 	transferred to the Issuer; or
	 
	 	 	 	 
	     (3)

	 	o
	 	transferred pursuant to and in compliance with Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”); or
	 
	 	 	 	 
	     (4)

	 	o
	 	transferred pursuant to an effective registration statement under the
Securities Act; or

A-11

 

	 	 	 	 	 

	     (5)

	 	o
	 	transferred pursuant to and in compliance with Regulation S under the
Securities Act; or
	 
	 	 	 	 
	     (6)

	 	o
	 	transferred to an institutional “accredited investor” (as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act), that has furnished to the
Agent a signed letter containing certain representations and agreements
(the form of which letter appears as Section 2.7 of the Indenture); or
	 
	 	 	 	 
	     (7)

	 	o
	 	transferred pursuant to another available exemption from the
registration requirements of the Securities Act of 1933, as amended.

Unless one of the boxes is checked, the Agent shall refuse to register any of the Notes evidenced
by this certificate in the name of any person other than the registered Holder thereof; provided,
however, that if box (5), (6) or (7) is checked, the Issuer may require, prior to registering any
such transfer of the Notes, in its sole discretion, such legal opinions, certifications and other
information as the Issuer may reasonably request to confirm that such transfer is being made
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of
the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such Act.

	 	 	 	 	 
	 	 	 
	 	  	 	 
	 	 	Signature 	 
	 	 	 	 
	Signature Guarantee: 
	 
	 
	
(Signature must be guaranteed)
	 	Signature 	 

 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to S.E.C. Rule 17Ad-15.

TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.

     The undersigned represents and warrants that it is purchasing this Note for its own account or
an account with respect to which it exercises sole investment discretion and that it and any such
account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities
Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Issuer as the undersigned has
requested pursuant to Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon the undersigned’s foregoing representations in order to
claim the exemption from registration provided by Rule 144A.

	 	 	 	 	 
	 	 	 
	 	  	 	 
	 	 	Dated: 	 
	 	 	 	 

A-12

 

	 	 	 	 	 

[TO BE ATTACHED TO GLOBAL NOTES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTES

     The following increases or decreases in this Global Note have been made:

	 	 	 	 	 	 	 	 	 

	Date of

Exchange

	 	Amount of decrease in
Principal

Amount of this Global Note
	 	Amount of increase in
Principal

Amount of this Global Note
	 	Principal Amount of
this Global

Note following such
decrease or 

increase
	 	Signature of authorized

signatory of Trustee or Notes 

Custodian
	 
	 	 	 	 	 	 	 	 

A-13

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you elect to have this Note purchased by the Issuer pursuant to Section 3.5 or
3.10 of the Indenture, check either box:

	 	 	 

	o
	 	o
	3.5
	 	3.10

          If you want to elect to have only part of this Note purchased by the Issuer pursuant to
Section 3.5 or 3.10 of the Indenture, state the amount in principal amount (must be
in denominations of $2,000 or an integral multiple of $1,000 in excess thereof):
$________________________ and specify the denomination or denominations (which shall not be less
than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion
of the within Note not being repurchased (in the absence of any such specification, one such Note
shall be issued for the portion not being repurchased): ________________.

	 	 	 

	Date:                      Your Signature

	 	 

	 

	 	(Sign exactly as your name appears on the other side of the Note)

	 	 	 

	Signature Guarantee:

	 	 

(Signature must be guaranteed)

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to S.E.C. Rule 17Ad-15.

A-14

 

EXHIBIT B: Form of Series B Note

[FORM OF FACE OF SERIES B NOTE]

[Depository Legend, if applicable]

	 	 	 

	No. [___]

	 	Principal Amount $[___________] [as revised by the Schedule of Increases and Decreases
in Global Note attached
hereto]3
CUSIP NO. _________________________

CUMULUS MEDIA INC.

7.75% Senior Notes, Series B, due 2019

          Cumulus Media Inc., a Delaware corporation (the “Issuer”), promises to pay to [Cede &
Co.]3, or its registered assigns, the principal sum of _______________ Dollars, [as
revised by the Schedule of Increases and Decreases in Global Note attached hereto]3, on
May 1, 2019.

          Interest Payment Dates: May 1 and November 1 commencing on November 1, 2011

          Record Dates: April 15 and October 15

          Additional provisions of this Note are set forth on the other side of this Note.

 

			
	3	 	Insert in Global Notes only

B-1

 

IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed.

	 	 	 	 	 
	 	CUMULUS MEDIA INC.

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

B-2

 

	 	 	 	 	 

AGENT’S CERTIFICATE OF

AUTHENTICATION

U.S. BANK NATIONAL ASSOCIATION,

as Agent, certifies

that this is one of

the Notes referred

to in the Indenture.

	 	 	 	 

	By:  
	 	 
	 	 
	 
	 	Authorized Signatory

	 	Date: __________

B-3

 

[FORM OF REVERSE SIDE OF NOTE]

CUMULUS MEDIA INC.

7.75% Senior Notes, Series B, due 2019

          Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the
Indenture.

1. Interest

          Cumulus Media Inc., a Delaware corporation (such corporation, and its successors and assigns
under the Indenture hereinafter referred to, being herein called the “Issuer”), promises to pay
interest on the principal amount of this Note at the rate of 7.75% per annum, which shall accrue
from the most recent date to which interest has been paid or, if no interest has been paid, from
May 13, 2011. The Issuer shall pay interest on overdue principal at the rate specified herein, and
it shall pay interest on overdue installments of interest (including Additional Interest) at the
same rate to the extent lawful. Interest on the Notes shall be computed on the basis of a 360-day
year comprised of twelve 30-day months. Notwithstanding the foregoing, if the Merger Agreement is
terminated without consummation of the Citadel Transaction or the parties thereto have publicly
announced their determination not to proceed with the Citadel Transaction, interest on the Notes
shall accrue at the rate of 8.25% per annum with effect from the date of such termination or
announcement.

          The Issuer shall make each interest payment in cash semi-annually in arrears on May 1 and
November 1 of each year, commencing on November 1, 2011, or if any such day is not a Business Day,
on the next succeeding Business Day (each, an “Interest Payment Date”) to Holders of record
of Notes on the immediately preceding April 15 and October 15.

2. Method of Payment

          By no later than 11:00 a.m. (New York City time) on the date on which any principal of,
premium, if any, or interest on any Note is due and payable, the Issuer shall deposit with the
Paying Agent a sum sufficient in immediately available funds to pay such principal, premium or
interest when due. Interest on any Note which is payable, and is timely paid or duly provided for,
on any interest payment date shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered at the close of business on the preceding April 15 and October 15;
provided, however, that, at the option of the Issuer, the principal of (and premium, if any) and
interest may be paid by (i) check delivered to addresses of the Persons entitled thereto as such
addresses shall appear on the Notes Register or (ii) wire transfer to an account located in the
United States maintained by the payee, subject to the last sentence of this paragraph. Payments in
respect of Notes represented by a Global Note (including principal, premium, if any, and interest)
shall be made by wire transfer of immediately available funds to the accounts specified by the
Holder or Holders thereof.

B-4

 

3. Paying Agent and Registrar

          The Issuer initially appoints U.S. Bank National Association (the “Agent”) as Transfer
Agent, Registrar and Paying Agent for the Notes. The Issuer may change any Registrar or Paying
Agent without prior notice to the Holders. The Issuer or any Subsidiary Guarantor may act as
Paying Agent, Registrar or transfer agent.

4. Indenture

          The Issuer issued the Notes under an Indenture, dated as of May 13, 2011 (as it may be amended
or supplemented from time to time in accordance with the terms thereof, the “Indenture”),
among Cumulus Media Inc., the Guarantors and U.S. Bank National Association (the “Trustee”)
and the Agent. The terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as amended, and the rules and
regulations of the SEC promulgated thereunder, as in effect on the date of the Indenture (the
“Act”). The Notes are subject to all terms and provisions of the Indenture, and Holders
are referred to the Indenture and the Act for a statement of those terms. To the extent any
provision of this Note conflicts with the express provisions of the Indenture, the provisions of
the Indenture shall govern and be controlling.

          The Notes are senior unsecured obligations of the Issuer. The aggregate principal amount of
Notes that may be authenticated and delivered under the Indenture is unlimited. This Note is one
of the 7.75% Senior Notes, Series B, due 2019 referred to in the Indenture. The Notes include (i)
$610,000,000 principal amount of the Issuer’s 7.75% Senior Notes, Series A, due 2019 issued under
the Indenture on May 13, 2011 (the “Initial Notes”), (ii) if and when issued, additional
7.75% Senior Notes, Series A, due 2019 or 7.75% Senior Notes, Series B, due 2019 of the Issuer that
may be issued from time to time under the Indenture subsequent to May 13, 2011 (the “Additional
Notes”) as provided in Section 2.1(a) of the Indenture and (iii) if and when issued,
the Issuer’s 7.75% Senior Notes, Series B, due 2019 that may be issued from time to time under the
Indenture in exchange for Initial Notes or Additional Notes in an offer registered under the
Securities Act as provided in the Registration Rights Agreement (herein called “Exchange
Notes”). The Initial Notes, the Additional Notes and the Exchange Notes shall be considered
collectively as a single class for all purposes of the Indenture. The Indenture imposes certain
limitations on the incurrence of indebtedness and issuance of disqualified stock and preferred
stock, the making of restricted payments, the sale of assets and subsidiary stock, the incurrence
of certain liens, the making of payments for consents, the entering into of agreements that
restrict distribution from restricted subsidiaries and the consummation of mergers and
consolidations. The Indenture also imposes requirements with respect to the provision of financial
information and the provision of guarantees of the Notes by certain subsidiaries.

5. Guarantees

          To guarantee the due and punctual payment of the principal, premium, if any, and interest
(including post-filing or post-petition interest) on the Notes and all other amounts payable by the
Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at
maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the
Guarantors have unconditionally guaranteed (and future guarantors, together with

B-5

 

the Guarantors, shall unconditionally Guarantee), jointly and severally, such obligations on a
senior unsecured basis pursuant to the terms of the Indenture.

6. Redemption

          At any time prior to May 1, 2015, the Issuer may redeem all or a part of the Notes on one or
more occasions, upon notice as described under Section 5.3 of the Indenture, at a
redemption price equal to 100% of the principal amount of Notes redeemed, plus the Applicable
Premium (as defined below) as of, and accrued and unpaid interest thereon and Additional Interest,
if any, to but excluding the date of redemption (the “Redemption Date”), subject to the
rights of Holders of record on the relevant record date to receive interest due on the relevant
interest payment date.

          Prior to May 1, 2014, the Issuer may, at its option, upon notice as described under
Section 5.3 of the Indenture, redeem up to 35% of the aggregate principal amount of the
Notes issued under the Indenture on one or more occasions at a redemption price equal to 107.75% of
the aggregate principal amount of the Notes, plus accrued and unpaid interest and Additional
Interest, thereon, if any, to but excluding the applicable Redemption Date, subject to the right of
Holders of record on the relevant record date to receive interest due on the relevant interest
payment date, with the net cash proceeds of one or more Equity Offerings; provided that (a) at
least 65% of the sum of the aggregate principal amount of Notes originally issued under the
Indenture on the Issue Date and any Additional Notes that are issued under the Indenture after the
Issue Date remains outstanding immediately after the occurrence of each such redemption and (b)
each such redemption occurs within 90 days of the date of closing of each such Equity Offering.

          In addition, if (i) the Merger Agreement is terminated without consummation of the Citadel
Transaction and (ii) neither CMP nor any of its Subsidiaries has become a Restricted Subsidiary,
during each 12-month period commencing on the date of such termination to the third anniversary of
such termination or such earlier time as CMP or any of its Subsidiaries becomes a Restricted
Subsidiary, the Issuer shall be entitled to redeem up to 10% of the aggregate principal amount of
the Notes issued under the Indenture at a redemption price equal to 103.000% of the aggregate
principal amount thereof, plus accrued and unpaid interest thereon and Additional Interest, if any,
to, but excluding, the Redemption Date, subject to the rights of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date.

          Except as set forth above, the Notes shall not be redeemable at the Issuer’s option prior to
May 1, 2015.

          On and after May 1, 2015, the Issuer may redeem all or a part of the Notes, on one or more
occasions, upon notice as described under Section 5.3 of the Indenture, at the redemption
prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth in the
table below, plus accrued and unpaid interest thereon and Additional Interest, if any, to but
excluding the applicable Redemption Date, subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date, if redeemed during the
twelve-month period beginning on May 1 of each of the years indicated in the table below:

B-6

 

	 	 	 	 	 
	Period	 	Percentage	 
	2015
	 	 	103.875	%
	2016
	 	 	101.938	%
	2017 and thereafter
	 	 	100.000	%

          Any redemption pursuant to this paragraph 6 shall be made pursuant to the provisions of
Sections 5.1 through 5.6 of the Indenture.

          “Applicable Premium” means, with respect to any Note on any Redemption Date, the
greater of:

          (1) 1.0% of the principal amount of such Note; and

          (2) the excess, if any, of: (a) the present value at such Redemption Date of (i) the
redemption price of such Note at May 1, 2015 (such redemption price being set forth in the table
appearing above), plus (ii) all required interest payments due on such Note through May 1, 2015
(excluding accrued but unpaid interest to the Redemption Date), computed using a discount rate
equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over (b) the principal
amount of such Note.

          “Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such
Redemption Date of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly
equal to the period from the Redemption Date to May 1, 2015; provided, however, that if the period
from the Redemption Date to May 1, 2015 is not equal to the constant maturity of a United States
Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by
linear interpolation (calculated by the Issuer in good faith to the nearest one-twelfth of a year)
from the weekly average yields of United States Treasury securities for which such yields are
given, except that if the period from the Redemption Date to May 1, 2015 is less than one year, the
weekly average yield on actually traded United States Treasury securities adjusted to a constant
maturity of one year shall be used.

          Except as set forth in paragraph 7 below, the Issuer is not required to make mandatory
redemption or sinking fund payments with respect to the Notes.

7. Repurchase Provisions

          If a Change of Control occurs, unless the Issuer has previously or concurrently delivered a
redemption notice with respect to all the outstanding Notes as described in Section 5.7 of
the Indenture, the Issuer shall make an offer to purchase all of the Notes pursuant to the Change
of Control Offer at a price in cash equal to 101% of the aggregate principal amount thereof plus
accrued and unpaid interest and Additional Interest, if any, to but excluding the date of purchase,
subject to the right of Holders of record of the Notes on the relevant record date to receive
interest due on the relevant interest payment date as provided in, and subject to the terms of, the
Indenture.

B-7

 

          In addition, under the circumstances set forth in Section 3.5 of the Indenture, the
Issuer shall be required to make an offer to purchase Notes with the Excess Proceeds of certain
Asset Sales.

8. Denominations; Transfer; Exchange

          The Notes shall be issuable only in fully registered form, without coupons, and only in
denominations of principal amount of $2,000 and any integral multiple of $1,000 in excess thereof.
A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may
require a Holder, among other things, to furnish appropriate endorsements or transfer documents and
to pay a sum sufficient to cover any tax and fees required by law or permitted by the Indenture.
The Registrar need not register the transfer of or exchange of any Note (A) for a period beginning
(1) 15 days before the delivery of a notice of an offer to repurchase or redeem Notes and ending at
the close of business on the day of such delivery or (2) 15 days before an interest payment date
and ending on such interest payment date or (B) called for redemption or tendered (and not
withdrawn) for repurchases in connection with a Change of Control Offer, an Asset Sale Offer or
other tender offer, except the unredeemed or untendered portion of any Note being redeemed or
tendered in part.

9. Persons Deemed Owners

          The registered Holder of this Note may be treated as the owner of it for all purposes.

10. Unclaimed Money

          If money for the payment of principal, premium, if any, or interest remains unclaimed for two
years, the Trustee or Paying Agent shall pay the money back to the Issuer at its request unless an
abandoned property law designates another Person. After any such payment, Holders entitled to the
money must look only to the Issuer for payment as general creditors unless an abandoned property
law designates another person and not to the Trustee for payment.

11. Defeasance

          Subject to certain exceptions and conditions set forth in the Indenture, the Issuer at any
time may terminate some or all of its obligations under the Notes and the Indenture if the Issuer
deposits with the Trustee money or Government Securities for the payment of principal, premium, if
any, and interest on the Notes to redemption or maturity, as the case may be.

12. Amendment, Supplement, Waiver

          Subject to certain exceptions contained in the Indenture, the Indenture and the Notes may be
amended, or default may be waived, with the written consent of the Holders of a majority in
principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the
Issuer, the Guarantors and the Trustee may amend or supplement the Indenture, any Guarantee and the
Notes as provided in the Indenture.

B-8

 

13. Defaults and Remedies

          If an Event of Default (other than an Event of Default relating to certain events of
bankruptcy, insolvency or reorganization of the Issuer or certain Restricted Subsidiaries) occurs
and is continuing, the Trustee by written notice to the Issuer, or the Holders of at least 25% in
principal amount of the total outstanding Notes by written notice to the Issuer and the Trustee,
may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if
any then outstanding, and accrued and unpaid interest (including Additional Interest), if any, and
any other monetary obligations on all the Notes then outstanding to be due and payable immediately.
Upon the effectiveness of such notice, such principal, premium and accrued and unpaid interest
(including Additional Interest) and any other monetary obligations shall be due and payable
immediately. If a bankruptcy, insolvency or reorganization of the Issuer occurs and is continuing,
the principal of, premium, if any, and accrued and unpaid interest (including Additional Interest)
and any other monetary obligations on all the Notes shall become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holders. Under certain
circumstances, the Holders of a majority in principal amount of the outstanding Notes may rescind
any such acceleration with respect to the Notes and its consequences.

14. Trustee Dealings with the Issuer

          Subject to certain limitations set forth in the Indenture, The Trustee in its individual or
any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer,
Guarantors or their Affiliates with the same rights it would have if it were not Trustee.

15. No Recourse Against Others

          An incorporator, director, officer, employee or stockholder of the Issuer or any Guarantor or
Parent, solely by reason of this status, shall not have any liability for any obligations of the
Issuer or any Guarantor under the Notes, the Guarantees or the Indenture or for any claim based on,
in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder
waives and releases all such liability to the extent permitted under applicable law. The waiver
and release are a part of the consideration for the issuance of the Notes.

16. Authentication

          This Note shall not be valid until the Agent authenticates the Note.

17. Abbreviations

          Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=
tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with rights of
survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (= Uniform Gift to
Minors Act).

18. CUSIP, Common Code and ISIN Numbers

          The Issuer has caused CUSIP, Common Code and ISIN numbers, if applicable, to be printed on the
Notes and has directed the Trustee to use CUSIP, Common Code and ISIN

B-9

 

numbers, if applicable, in notices of redemption or purchase as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption or purchase and reliance may be placed only on the other
identification numbers placed thereon.

19. Governing Law

          This Note shall be governed by, and construed in accordance with, the laws of the State of New
York.

          The Issuer shall furnish to any Holder upon written request and without charge to the Holder a
copy of the Indenture. Requests may be made to:

Cumulus Media Inc.

3280 Peachtree Road, N.W., Suite 2300

Atlanta, Georgia 30305

Attention: General Counsel

Telecopy: (404) 260-6877

with a copy to:

Jones Day

1420 Peachtree Street, N.E., Suite 800

Atlanta, Georgia 30309

Attention: Mark L. Hanson, Esq.

Telecopy: (404) 581-8330

E-mail: mlhanson@JonesDay.com

B-10

 

ASSIGNMENT FORM

          To assign this Note, fill in the form below:

          I or we assign and transfer this Note to:

 

(Print or type assignee’s name, address and zip code)

 

(Insert assignee’s social security or tax I.D. No.)

and irrevocably appoint ___________ agent to transfer this Note on the books of the Issuer. The
agent may substitute another to act for him.

 

	 	 	 

	Date:____________________

	 	Your Signature:___________________

	 	 	 

	Signature Guarantee:

	 	 
	 

	 	 
(Signature must be guaranteed)

 

Sign exactly as your name appears on the other side of this Note.

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to S.E.C. Rule 17Ad-15.

B-11

 

[TO BE ATTACHED TO GLOBAL NOTES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTES

The following increases or decreases in this Global Note have been made:

	 	 	 	 	 	 	 	 	 

	Date of 

Exchange

	 	Amount of decrease in
Principal 

Amount of this Global Note
	 	Amount of increase in
Principal 

Amount of this Global Note
	 	Principal Amount of
this Global
Note
 following such
decrease or
increase
	 	Signature of authorized
signatory

 of Trustee or Notes
Custodian
	 
	 	 	 	 	 	 	 	 

B-12

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you elect to have this Note purchased by the Issuer pursuant to Section 3.5 or
3.10 of the Indenture, check either box:

	 	 	 

	o
	 	o
	3.5
	 	3.10

          If you want to elect to have only part of this Note purchased by the Issuer pursuant to
Section 3.5 or 3.10 of the Indenture, state the amount in principal amount (must be
in denominations of $2,000 or an integral multiple of $1,000 in excess thereof):
$________________________ and specify the denomination or denominations (which shall not be less
than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion
of the within Note not being repurchased (in the absence of any such specification, one such Note
shall be issued for the portion not being repurchased): ________________.

	 	 	 

	Date:                      Your Signature
	 	 
	 
	 	 
	 

	 	(Sign exactly as your name appears on the other side of the Note)

	 	 	 

	Signature Guarantee:

	 	 

(Signature must be guaranteed)

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to S.E.C. Rule 17Ad-15.

B-13

 

EXHIBIT C: Form of Indenture Supplement to Add Future Subsidiary Guarantors

FORM OF SUPPLEMENTAL INDENTURE TO ADD FUTURE SUBSIDIARY GUARANTORS

          This
Supplemental Indenture is entered into as of
                 
 (this
“Supplemental Indenture”), by and among [NAME OF FUTURE GUARANTOR] (the “New Guarantor”), a
subsidiary of [Cumulus Media Inc.], [Cumulus Media Holdings Inc.], a Delaware corporation (the
“Issuer”), U.S. Bank National Association, a banking corporation organized and existing under the
laws of the United States (the “Trustee”), as Trustee, and as transfer agent, registrar,
authentication agent and paying agent (the “Agent”) under the Indenture referred to below.

W I T N E S S E T H:

          WHEREAS, Issuer and the Trustee have heretofore executed and delivered an Indenture dated as
of May 13, 2011 (as supplemented, waived or otherwise modified, the “Indenture”), providing for the
issuance of an aggregate principal amount of $610.0 million of 7.75% Senior Notes due 2019 of the
Issuer (the “Notes”);

          WHEREAS, the Indenture provides that under certain circumstances the New Guarantor shall
execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor
shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture
on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and

          WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

          NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders as follows:

ARTICLE I

DEFINITIONS

          SECTION 1.1 Defined Terms. As used in this Supplemental Indenture, terms defined in
the Indenture or in the preamble or recital hereto are used herein as therein defined. The words
“herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental
Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

C-1

 

ARTICLE II

REPRESENTATIONS; AGREEMENT TO BE BOUND; GUARANTEE

          SECTION 2.1 Representations. The New Guarantor represents and warrants to the
Trustee as follows:

     (i) It is duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization.

     (ii) The execution, delivery and performance by it of this Supplemental Indenture have
been authorized and approved by all necessary corporate or limited liability company action
on its part.

          SECTION 2.2 Agreement to be Bound. The New Guarantor hereby becomes a party to the
Indenture as a Subsidiary Guarantor and as such shall have all of the rights and be subject to all
of the obligations and agreements of a Subsidiary Guarantor under the Indenture. The New Guarantor
agrees to be bound by all of the provisions of the Indenture applicable to a Subsidiary Guarantor
and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture.

          SECTION 2.3 Guarantee. The New Guarantor agrees, on a joint and several basis with
all the existing Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder of
the Notes and the Trustee the Guaranteed Obligations pursuant to Article X of the Indenture
on a senior unsecured basis.

ARTICLE III

MISCELLANEOUS

          SECTION 3.1 Notices. All notices and other communications to the New Guarantor
shall be given as provided in the Indenture to the New Guarantor, at its address set forth below,
with a copy to the Issuer as provided in the Indenture for notices to the Issuer.

          SECTION 3.2 Parties. Nothing expressed or mentioned herein is intended or shall be
construed to give any Person, firm or corporation, other than the Holders and the Trustee, any
legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the
Indenture or any provision herein or therein contained.

          SECTION 3.3 Governing Law. This Supplemental Indenture shall be governed by, and
construed in accordance with, the laws of the State of New York.

          SECTION 3.4 Severability Clause. In case any provision in this Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby and such provision
shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

C-2

 

          SECTION 3.5 Ratification of Indenture; Supplemental Indentures Part of Indenture.
Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all
the terms, conditions and provisions thereof shall remain in full force and effect. This
Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of
Notes heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes
no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or
with respect to the recitals contained herein, all of which recitals are made solely by the other
parties hereto.

          SECTION 3.6 Counterparts. The parties hereto may sign one or more copies of this
Supplemental Indenture in counterparts, all of which together shall constitute one and the same
agreement.

          SECTION 3.7 Headings. The headings of the Articles and the sections in this
Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or
affect the meaning or interpretation of any provisions hereof.

C-3

 

          IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written.

	 	 	 	 	 
	 	[NEW GUARANTOR],

as a Subsidiary Guarantor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  

[Address]	 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION, 

as Trustee, Transfer
Agent, Registrar,

 Authentication Agent and Paying
Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

C-4

 

	 	 	 	 	 

EXHIBIT D: Form of Indenture Supplement to Add Future Parent Guarantors

FORM OF SUPPLEMENTAL INDENTURE TO ADD FUTURE PARENT GUARANTORS

          This
Supplemental Indenture is entered into as of
                                    
(this
“Supplemental Indenture”), by and among [NAME OF FUTURE GUARANTOR] (the “New Guarantor”), Cumulus
Media Holdings Inc., a corporation organized and existing under the laws of the United States (the
“Issuer”), U.S. Bank National Association, a Delaware banking corporation (the “Trustee”),
as Trustee, and as transfer agent, registrar, authentication agent and paying agent (the
“Agent”) under the Indenture referred to below.

W I T N E S S E T H:

          WHEREAS, Issuer and the Trustee have heretofore executed and delivered an Indenture dated as
of May 13, 2011 (as supplemented, waived or otherwise modified, the “Indenture”), providing for the
issuance of an aggregate principal amount of $610.0 million of 7.75% Senior Notes due 2019 of the
Issuer (the “Notes”);

          WHEREAS, the Indenture provides that under certain circumstances the New Guarantor shall
execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor
shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture
on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and

          WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

          NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders as follows:

ARTICLE I

DEFINITIONS

          SECTION 1.1 Defined Terms. As used in this Supplemental Indenture, terms defined in
the Indenture or in the preamble or recital hereto are used herein as therein defined. The words
“herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental
Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

D-1

 

ARTICLE II

REPRESENTATIONS; AGREEMENT TO BE BOUND; GUARANTEE

          SECTION 2.1 Representations. The New Guarantor represents and warrants to the
Trustee as follows:

     (i) It is duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization.

     (ii) The execution, delivery and performance by it of this Supplemental Indenture have
been authorized and approved by all necessary corporate or limited liability company action
on its part.

          SECTION 2.2 Agreement to be Bound. The New Guarantor hereby becomes a party to the
Indenture as a Guarantor and as such shall have all of the rights and be subject to all of the
obligations and agreements of a Guarantor under the Indenture. The New Guarantor agrees to be
bound by all of the provisions of the Indenture applicable to a Guarantor and to perform all of the
obligations and agreements of a Guarantor under the Indenture.

          SECTION 2.3 Guarantee. The New Guarantor agrees, on a joint and several basis with
all the existing Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder of
the Notes and the Trustee the Guaranteed Obligations pursuant to Article X of the Indenture
on a senior unsecured basis.

ARTICLE III

MISCELLANEOUS

          SECTION 3.1 Notices. All notices and other communications to the New Guarantor
shall be given as provided in the Indenture to the New Guarantor, at its address set forth below,
with a copy to the Issuer as provided in the Indenture for notices to the Issuer.

          SECTION 3.2 Parties. Nothing expressed or mentioned herein is intended or shall be
construed to give any Person, firm or corporation, other than the Holders and the Trustee, any
legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the
Indenture or any provision herein or therein contained.

          SECTION 3.3 Governing Law. This Supplemental Indenture shall be governed by, and
construed in accordance with, the laws of the State of New York.

          SECTION 3.4 Severability Clause. In case any provision in this Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby and such provision
shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

          SECTION 3.5 Ratification of Indenture; Supplemental Indentures Part of Indenture.
Except as expressly amended hereby, the Indenture is in all respects ratified and

D-2

 

confirmed and all the terms, conditions and provisions thereof shall remain in full force and
effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every
Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. The
Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental
Indenture or with respect to the recitals contained herein, all of which recitals are made solely
by the other parties hereto.

          SECTION 3.6 Counterparts. The parties hereto may sign one or more copies of this
Supplemental Indenture in counterparts, all of which together shall constitute one and the same
agreement.

          SECTION 3.7 Headings. The headings of the Articles and the sections in this
Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or
affect the meaning or interpretation of any provisions hereof.

D-3

 

          IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written.

	 	 	 	 	 
	 	[NEW GUARANTOR],

as a Guarantor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

[Address]  	 	 
	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, 

as Trustee, Transfer

Agent, Registrar, Authentication Agent and Paying
Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

D-4

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