Document:

Exhibit 10.22

 

RESTRICTION AGREEMENT

 

This RESTRICTION AGREEMENT (the “Agreement”) is
entered into as of September [      ], 2008 by and between
Granahan McCourt Acquisition Corporation, a Delaware corporation (the “Company”),
and [      ]
(the “Holder”).

 

WHEREAS, the Holder currently serves as [      ]
of the Company;

 

WHEREAS, as of the date of this Agreement, the Holder
holds [      ]
shares of common stock, par value $.0001 per share, of the Company (the “Common
Stock”) first acquired by such Holder pursuant to a Subscription Agreement,
dated as of July 20, 2006, or from another person who first acquired such
shares pursuant to such a Subscription Agreement (the shares of Common Stock so
acquired and held by the Holder as of the date of this Agreement, the “Applicable
Shares”);

 

WHEREAS, the Company and Pro Brand International, Inc.,
a Georgia corporation (“PBI”), are parties to an Agreement and Plan of Merger,
dated as of April 24, 2008 (the “Original Merger Agreement”);

 

WHEREAS, the parties to the Merger Agreement have
amended the Original Merger Agreement pursuant to that certain Amendment No. 1,
dated as of September [      ],
2008 (the Original Merger Agreement, as so amended, the “Merger Agreement”);

 

WHEREAS, the Merger Agreement (i) provides that, at
the “Effective Time” (as defined in the Merger Agreement), a subsidiary of the
Company will merge with and into PBI (such merger, the “Merger”), (ii) provides
that those persons who, immediately prior to the Effective Time, are
shareholders and option holders of PBI will receive additional consideration
(payable in cash and/or shares of Common Stock) (the “Earn-Out Consideration”) if,
following the Effective Time, PBI attains certain performance levels specified
in the Merger Agreement and (iii) makes it a closing condition in favor of
PBI that the Company and the Holder enter into and deliver this Agreement; and

 

WHEREAS, the Holder desires that the Company cause the
Merger to be consummated, and, accordingly, is willing to subject the
Applicable Shares to the transfer and forfeiture restrictions contained herein.

 

NOW, THEREFORE, in consideration of the premises and
mutual covenants contained herein and for other good and valuable
consideration, the Company and the Holder hereby agree as follows:

 

1.                                       Restrictions
on Transfer of Shares of Common Stock.

 

(a)                                  Subject
to Section 2 of this Agreement, the Applicable Shares may not be sold,
transferred, pledged, hypothecated or otherwise disposed of or encumbered (such
restrictions, collectively, the “Transfer Restrictions,” and the sale,
transfer, pledge, hypothecation or other disposition or encumbrance of the
Applicable Shares, a “Transfer”

 

 

(including corollary terms)); provided, however,
that the Transfer Restrictions shall not apply to the Transfer of all or any
portion of the Applicable Shares [(1)] prior to the consummation of a Business
Combination (as such term is defined in the Fourth Amended and Restated
Certificate of Incorporation of the Company) to a person that is neither a
director, officer, employee of the Company, nor a family member or affiliate of
the Holder, nor a director, officer or employee of the Company (it being
understood and agreed that the Transfer Restrictions shall cease to apply to
any holder of Applicable Shares to whom such shares have been Transferred in
accordance with this clause [(1)]) [and [(2)] pursuant to Section 7 of the
Stock Purchase Agreement to which the Holder and David C. McCourt, dated as of
[GS:  April 24, 2008] [PT:  March 25, 2008] are parties (it being
understood and agreed that the Transfer Restrictions shall continue to apply to
the holder of the Applicable Shares to whom such shares have been Transferred
in accordance with this clause (2))].(1)  Any purported Transfer of the
Applicable Shares not in compliance with this Agreement shall be void and of no
effect.  For the avoidance of doubt and
notwithstanding anything to the contrary in that certain Registration Rights
Agreement (the “Registration Rights Agreement”), dated as of [      ],
2006, by and among the Company and [      ],
for so long as Transfer Restrictions apply with respect to an Appplicable
Share, such Applicable Share shall not be deemed a “Registrable Security” (as
such term is defined in the Registration Rights Agreement), nor shall such Applicable
Share otherwise be eligible for registration under the Securities Act.

 

(b)                                 In
order to facilitate the transactions contemplated by this Agreement, the Holder
agrees, during the applicability of Transfer Restrictions with respect to any
Applicable Share, to cede possession of such Applicable Share to the Company
and to deliver to the Company share certificate(s), stock powers and/or such
other documentation reasonably acceptable to the Company to evidence such
cessation of possession.  Except as provided
in Section 4 (relating to the forfeiture of Applicable Shares), the
parties hereto agree that this Agreement is not a pledge, that the Company has
no security or ownership interest in the Applicable Shares, and that the Holder
may regain possession of his Applicable Shares upon the lapse of the Transfer
Restrictions as hereinafter set forth.  Upon
and to the extent of the lapse of the Transfer Restrictions, the Company shall
deliver possession of the Applicable Shares to the Holder (or the Holder’s permissible
transferee, as the case may be).

 

2.                                       Lapse
of the Transfer Restrictions.

 

(a)                                  The
Transfer Restrictions on the Applicable Shares shall lapse as follows:

 

(i)                                     At
the time that it is determined whether a Year One Earnout Payment has been
earned pursuant to the Merger Agreement, a number of the Applicable Shares
shall be released from the Transfer Restrictions, such number to

 

(1)                                  GMAC:  Clause 2
applies only to Patrick Tangney and Gopi Sundaram.

 

 

be determined by multiplying one third of the number
of Applicable Shares, rounded to the nearest whole share (the “Year One
Eligible Shares”), by a fraction, the numerator of which is the amount of the
Year One Earnout Payment and the denominator of which is $12,000,000.  Any of the Year One Eligible Shares not so
released (the “Year One Carryforward Shares”) shall be included in the formula
set forth in clause (ii) below.

 

(ii)                                  At
the time that it is determined whether a Year Two Earnout Payment has been
earned pursuant to the Merger Agreement, a number of the Applicable Shares
shall be released from the Transfer Restrictions, such number to be determined
by multiplying (x) the sum of one third of the number of Applicable
Shares, rounded to the nearest whole share, plus the number of Year One
Carryforward Shares (collectively, the “Year Two Eligible Shares’) by (y) a
fraction, the numerator of which is the amount of the Year Two Earnout Payment
and the denominator of which is the Applicable Earnout Cap applicable to the
Year Two Earnout Payment.

 

(iii)                               At
the time that it is determined whether a Year Three Earnout Payment has been
earned pursuant to the Merger Agreement, a number of the Applicable Shares
shall be released from the Transfer Restrictions, such number to be determined
by multiplying (x) the remaining number of Applicable Shares that
have not been released from the Transfer Restrictions pursuant to clauses (i) and
(ii) of this Section 2 (the “Year Three Eligible Shares”) by (y) a
fraction, the numerator of which is the amount of the Year Three Earnout
Payment and the denominator of which is the Applicable Earnout Cap applicable
to the Year Three Earnout Payment.

 

(iv)                              If fewer than all of the Year Three Eligible
Shares have been released from the Transfer Restrictions, then a percentage of
the Applicable Shares that then remain subject to Transfer Restrictions shall
automatically be released from the Transfer Restrictions on each date, if any,
on which the Company makes additional earnout payments (subsequent to the
Earnout Payment in respect of Year Three) in accordance with the Merger
Agreement, such percentage to be determined by multiplying the Applicable
Shares that remain subject to Transfer Restrictions immediately following
application of clause (iii) of this Section 2(a) with the fraction
obtained by dividing (x) the aggregate amount of additional earnout
payments made on such date by (y) the Shortfall Amount.

 

(b)                                 If
any portion of the Applicable Shares is to be released from the Transfer
Restrictions by reason of Earn-Out Consideration having been earned, the date
on which such portion of the Applicable Shares shall be so released shall be
the same date as the date on which the Earn-Out Consideration is paid.

 

(c)                                  Subject
to the remainder of this Section 2(c), with respect to each of Year One,
Year Two and Year Three (each, a “Year”), to the extent the Company (in the
Company’s sole discretion) believes that the Holder will not be able to
liquidate the

 

 

Applicable Shares that are released from the Transfer Restrictions, the
Company shall use its commercially reasonable efforts to facilitate the Holder’s
ability to liquidate the Applicable Shares that are released from the Transfer
Restrictions with respect to such Year, which efforts may (in the Company’s
sole discretion) include, but are not intended to be limited to, (i) registration
of the Applicable Share so as to permit them to be sold on the open market or (ii) repurchase
of the Applicable Shares by the Company or an affiliate of the Company; provided,
that in no event shall the Company be obligated to repurchase any of the
Applicable Shares if doing so is not permitted under any credit agreement or
other instrument to which the Company is a party.

 

3.                                       Dividends;
Distributions; Voting Rights.  For as
long as any Applicable Shares are subject to the Transfer Restrictions set
forth herein, dividends (whether cash or shares) and other distributions
payable with respect to the Applicable Shares shall be paid to, and held by the
Company, and shall be subject to the Transfer Restrictions and forfeiture
provisions set forth herein to the same extent such restrictions and provisions
apply to the Applicable Shares to which such dividends and other distributions
relate.  Notwithstanding the forgoing
sentence, any dividends and other distributions 
payable with respect to an Applicable Share in connection with an Exit
Transaction  shall be paid to the Holder of
such Applicable Shares (or the Holder’s permissible transferee, as the case may
be).  For purposes hereof “Exit
Transaction” shall mean  (i) any
sale, conveyance or other disposition, directly or indirectly, of all or
substantially all of the Company’s assets or business to a third person, (ii) the
merger of the Company into or consolidation with any other entity (other than the
consummation of the Merger) or (iii) any other transaction or series of
related transactions in which more than fifty percent (50%) of the voting power
of the Company immediately prior to such event is transferred to a third
person.  For as long as any Applicable Shares
are subject to the Transfer Restrictions set forth herein, except as expressly
provided herein, the holder of an Applicable Share shall retain all rights with
respect to such Applicable Share, including, without limitation, voting rights.

 

4.                                       Forfeiture.  Any Applicable Share as to which the Transfer
Restrictions have not been released shall automatically, and without any
payment to the Holder, be forfeited by the Holder, and such share shall be
returned to the treasury of the Company if and when the shareholders and option
holders of PBI no longer having any right to any future Earn-Out Consideration.

 

5.                                       Effect
of Termination of the Merger Agreement. 
If the parties to the Merger Agreement terminate the Merger Agreement or
otherwise abandon the consummation of the Merger, this Agreement shall cease to
be of force and effect.

 

6.                                       Miscellaneous.

 

(a)                                  Notices.  Every notice relating to this Agreement shall
be in writing and shall be provided in the manner set forth in the Merger
Agreement.  Notices to the Holder shall
be provided to the most recent home address of the Holder contained in the
records of the Company.

 

 

(b)                                 Binding
Effect/Assignment.  This Agreement
shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, executors, personal representatives, estates, successors
(including, without limitation, by way of merger) and assigns.  Notwithstanding the provisions of the
immediately preceding sentence, the Holder shall not assign all or any portion
of this Agreement without the prior written consent of the Company.

 

(c)                                  Severability.  If any provision of this Agreement, or any
application thereof to any circumstances, is invalid, in whole or in part, such
provision or application shall to that extent be severable and shall not affect
other provisions or applications of this Agreement.

 

(d)                                 Governing
Law.  This Agreement shall be
governed by and construed in accordance with the internal laws of the State of
New York, without reference to the principles of conflict of laws.

 

(e)                                  Modifications
and Waivers.  No provision of this
Agreement may be modified, altered or amended except by an instrument in
writing executed by the parties hereto. 
No waiver by any party hereto of any breach by any other party hereto of
any provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions at the time or at any prior
or subsequent time.  To the extent the
Company agrees to any modification, alteration or amendment, or grants any
waiver under a substantially similar restriction agreement between the Company
and another holder of shares of common stock of the Company, the Company shall
agree to a corresponding modification, alteration or amendment to, or grant a
corresponding waiver under, this Agreement.

 

(f)                                          Headings;
Capitalized Terms.  The headings
contained herein are solely for the purposes of reference, are not part of this
Agreement and shall not in any way affect the meaning or interpretation of this
Agreement.  Capitalized terms used in
this Agreement but not otherwise defined herein shall have the respective
meanings set forth in the Merger Agreement.

 

(g)                                       Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the Company has caused this
Agreement to be executed by authority of its Board of Directors, and the Holder
has hereunto set his hand, in each case effective as of the day and year first
above written.

 

 

	
   

  	
   

  	
  GRANAHAN MCCOURT

  
	
   

  	
   

  	
  ACQUISITION CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [     ]

  	
   

  	
  [     ]mni4amend8-kexh101.htm

    
Exhibit
10.1

     

    
 

    AMENDMENT
NO. 4 TO CREDIT AGREEMENT

     

    This
Amendment No. 4 to Credit Agreement dated as of September 26, 2008 (this
“Amendment”) is entered into with reference to the Credit Agreement dated as of
June 27, 2006, as amended by that certain Amendment No. 1 to Credit
Agreement dated as of March 28, 2007, that certain Amendment No. 2 to Credit
Agreement dated as of July 19, 2007, and that certain Amendment No. 3 to
Credit Agreement dated as of March 28, 2008, among The McClatchy Company, as the
Borrower, Bank of America, N.A., as Administrative Agent, Swing Line Lender and
L/C Issuer, JPMorgan Chase Bank, N.A., as Syndication Agent and the other
Lenders party thereto (as so amended, the “Credit
Agreement”).  Capitalized terms used in this Amendment and not
otherwise defined herein are used with the meanings set forth for those terms in
the Credit Agreement.

     

    1. Amendments.  The
Borrower and the Administrative Agent (acting with the consent of the Required
Lenders) hereby agree to amend the Credit Agreement as follows:

     

    (a) Section
1.01 of the Credit Agreement is hereby amended by adding the following
definitions thereto in appropriate alphabetical sequence:

     

    ““Amendment Date” means
September 26, 2008.

     

    ““Amendment Disclosure
Letter” means the Disclosure Letter of the Borrower to the Administrative
Agent and the Lenders dated the Amendment Date.

     

    ““Available Investment Basket
Amount” means $20,000,000 (if the Consolidated Total Leverage Ratio shall
be greater than 5.0 to 1.0), or $40,000,000 (if the Consolidated Total Leverage
Ratio shall be less than or equal to 5.0 to 1.0), less
the cumulative amount used to make Investments constituting acquisitions under
Section
7.10(g), and less
the cumulative amount (net of any return of capital) used to make Investments
under Section
7.10(i) and Section
7.10(n).  Where the Available Investment Basket Amount is being
determined for purposes of Section 7.10(g) or
Section
7.10(n), the Consolidated Total Leverage Ratio shall be determined on a
pro forma basis with respect to the contemplated transaction using the financial
information most recently delivered to the Administrative Agent and the Lenders
pursuant to Section
6.01(a) or (b), except that
Consolidated Indebtedness shall be calculated as of the date of such Investment,
after giving pro forma effect thereto.

     

    ““Capital Expenditures”
means, with respect to any Person for any period, any expenditure in respect of
the purchase or other acquisition of any fixed or capital asset (excluding
normal replacements and maintenance which are properly charged to current
operations in accordance with GAAP).

     

    ““Cash Equivalents”
means any of the following types of Investments, to the extent owned by the
Borrower or any of its Subsidiaries free and clear of all Liens (other than
Liens created under the Collateral Documents and other Liens permitted
hereunder):

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (a)           readily
marketable obligations issued or directly and fully guaranteed or insured by the
United States of
America or any agency or instrumentality thereof having maturities of not more
than 360 days from the date of acquisition thereof; provided that the
full faith and credit of the United States of America is pledged in support
thereof;

     

    (b)           time
deposits with, or insured certificates of deposit or bankers’ acceptances of,
any commercial bank that (i) (A) is a Lender or (B) is organized under the laws
of the United States of America, any state thereof or the District of Columbia
or is the principal banking subsidiary of a bank holding company organized under
the laws of the United States of America, any state thereof or the District of
Columbia, and is a member of the Federal Reserve System, (ii) issues (or the
parent of which issues) commercial paper rated as described in clause (c) of
this definition and (iii) has combined capital and surplus of at least
$1,000,000,000, in each case with maturities of not more than 180 days from the
date of acquisition thereof;

     

    (c)           commercial
paper issued by any Person organized under the laws of any state of the United
States of America and rated at least “Prime-1” (or the then equivalent grade) by
Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each
case with maturities of not more than 180 days from the date of acquisition
thereof; and

     

    (d)           investments,
classified in accordance with GAAP as current assets of the Borrower or any of
its Subsidiaries, in money market investment programs registered under the
Investment Company Act of 1940, which are administered by Bank of America or any
of its Affiliates or financial institutions that have at least an A1 rating from
Moody’s or an A+ rating from S&P, and the portfolios of which are limited
solely to Investments of the character, quality and maturity described in
clauses (a), (b) and (c) of this definition.

     

    ““Collateral Documents”
means, collectively, the Security Agreement, each of the collateral assignments,
Security Agreement Joinders, security agreements, pledge agreements or other
similar agreements delivered to the Administrative Agent pursuant to Section 6.12, and
each of the other agreements, instruments or documents that creates or purports
to create a Lien in favor of the Administrative Agent for the benefit of the
Lenders.”

     

    ““Contingent Obligation
Amount” means Indebtedness in an amount, not exceeding $75,000,000 in the
aggregate at any time, representing contingent obligations of one or more Loan
Parties under letters of credit issued with respect to the Borrower’s programs
for workers’ compensation and insurance.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    ““Excess Cash Flow”
means, for any fiscal year of the Borrower, the excess (if any) of (a)
Consolidated EBITDA for such fiscal year over (b) the sum (for such
fiscal year) of (i) Consolidated Interest Charges actually paid in cash by the
Borrower and its Subsidiaries, (ii) principal repayments, to the extent actually
made, of the Term A Loan pursuant to Section 2.05(b) and
Section
2.07(a), (iii) all income taxes resulting from operations actually paid
in cash by the Borrower and its Subsidiaries, (iv) Capital Expenditures actually
made by the Borrower and its Subsidiaries in such fiscal year, (v) cash paid
with respect to Investments (including acquisitions) permitted under Section 7.10, (vi)
cash paid with respect to Restricted Payments permitted Section 7.09, (vii)
the amount of any mandatory repayment of Indebtedness (other than Indebtedness
under this Agreement) in connection with any Disposition, and (viii) the amount
of any cash payments under retirement plans that is in excess of the amount
accrued in determining Consolidated Net Income.”

     

    ““Excluded Asset” means
any assets Disposed of pursuant to Section 7.03 to the
extent that the Net Cash Proceeds of all Dispositions of such assets in the
fiscal year in which such Disposition occurs shall be less than
$5,000,000.”

     

    ““Excluded Issuance” by
any Person means an issuance of shares of capital stock of (or other ownership
or profit interests in) such Person upon the exercise of warrants, options or
other rights for the purchase of such capital stock (or other ownership or
profit interest), including purchases under an employee stock purchase
program.”

     

    ““FIN 48” means
interpretation no. 48, Accounting for Uncertainty in Income
Taxes – an interpretation of FASB Statement No. 109, issued by the
Financial Accounting Standards Board.”

     

    ““Leveraged Partnership
Disposition” has the meaning specified in Section
7.03(vi).”

     

    ““Non-Guarantor
Subsidiary” means (i) any Subsidiary that is a CFC, (ii) any Subsidiary
that is held directly or indirectly by a CFC, or (iii) any Subsidiary which (x)
has assets with a book value of less than $5,000,000 in the aggregate, or (y)
which, on a stand-alone basis, represented an aggregate amount less than
$1,000,000 in the calculation Consolidated EBITDA for the preceding four fiscal
quarters, provided that
a Subsidiary may not qualify as a Non-Guarantor Subsidiary under this clause
(iii) if, when taken together with all other Subsidiaries which do qualify as a
Non-Guarantor Subsidiary under this clause (iii), it would (x) cause the
aggregate book value of such Subsidiaries’ assets to exceed $50,000,000, or (y)
represent an aggregate amount greater than $15,000,000 in the calculation
Consolidated EBITDA for the preceding four fiscal quarters.”

     

    ““Qualified Bonds”
means notes (including convertible notes) issued by the Borrower that are
unsecured and not subject to any Guarantee from any Subsidiary.”

     

    
      
        
          
            	
                    28599965.7
      020904 1115P  03177401

                  	 
      	 
      

          

          17530939.13 04262717

        

         

      

      
         

        
          

        

      

      
         

      

    

    ““Reinvestment Asset”
means any asset of the type described in Sections 7.03(iv) and
7.03(v) provided that substantially
all of the Net Cash Proceeds realized in connection with the Disposition of such
asset shall be reinvested in replacement assets of the same type within 270 days
of the Disposition of the original asset.”

     

    ““Security Agreement”
means the Security Agreement, dated as of the Amendment Date, by and among the
Borrower, the Administrative Agent and the Guarantors party
thereto.”

     

    ““Security Agreement
Joinder” has the meaning specified in Annex 2 of the
Security Agreement.”

     

    ““Solvent” and “Solvency” mean, with
respect to any Person on any date of determination, that on such date
(a) the fair value of the property of such Person is greater than the total
amount of liabilities, including contingent liabilities, of such Person,
(b) the present fair salable value of the assets of such Person is not less
than the amount that will be required to pay the probable liability of such
Person on its debts as they become absolute and matured, (c) such Person
does not intend to, and does not believe that it will, incur debts or
liabilities beyond such Person’s ability to pay such debts and liabilities as
they mature, (d) such Person is not engaged in business or a transaction,
and is not about to engage in business or a transaction, for which such Person’s
property would constitute an unreasonably small capital, and (e) such Person is
able to pay its debts and liabilities, contingent obligations and other
commitments as they mature in the ordinary course of business.  The
amount of contingent liabilities at any time shall be computed as the amount
that, in the light of all the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or
matured liability.”

     

    (b) The
definition of the term “Applicable Rate” in Section 1.01 of the Credit
Agreement is hereby amended and restated to read in its entirety as
follows:

     

    ““Applicable Rate”
means, from time to time, the following rates per annum (expressed in basis
points), determined by reference to the statement of Consolidated Total Leverage
Ratio as set forth in the most recent Compliance Certificate received by the
Administrative Agent pursuant to Section
6.02(a):

     

    
      	
                              Consolidated
      Total Leverage Ratio

            	
              Commitment
      Fee

            	
              Eurodollar
      Rate + Letters of Credit

            	
              Base
      Rate

            
	
                             
      < 4.50 to 1.00

            	
              50.0

            	
              200.0

            	
              100.0

            
	
                             
      > 4.50 to 1.00 but < 5.00 to 1.00

            	
              50.0

            	
              275.0

            	
              175.0

            
	
                             
      > 5.00 to 1.00 but < 6.00 to 1.00

            	
              50.0

            	
              350.0

            	
              250.0

            
	
                             
      > 6.00 to 1.00

            	
              50.0

            	
              425.0

            	
              325.0

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    ; provided, however, that upon
completion of the sale of the Miami Property, each of the Eurodollar Rates,
Letter of Credit margins and Base Rates set forth above shall be reduced by 25.0
(illustratively, the Base Rate when the Consolidated Total Leverage Ratio was
less than 4.50 to 1.00 would be 75.0).

     

    If a
Compliance Certificate setting forth the Consolidated Total Leverage Ratio shall
not have been delivered to the Administrative Agent as required by Section 6.02(a), the
“Applicable Rate” shall be the highest rate set forth in the foregoing grid
until such Compliance Certificate is so delivered.”

     

    Notwithstanding
anything to the contrary contained in this definition, the determination of the
Applicable Rate for any period shall be subject to the provisions of Section 2.10(b).

     

    (c) The
definition of the term “Consolidated EBITDA” in Section 1.01 of the Credit
Agreement is hereby amended and restated to read in its entirety as
follows:

     

    ““Consolidated EBITDA”
means, for any period, for the Borrower and its Subsidiaries on a consolidated
basis, an amount equal to Consolidated Net Income for such period plus (a) the
following to the extent deducted in calculating such Consolidated Net Income:
(i) Consolidated Interest Charges for such period, (ii) the provision for
federal, state, local and foreign income taxes payable by the Borrower and its
Subsidiaries for such period, (iii) the amount of depreciation and amortization
expense deducted in determining such Consolidated Net Income, (iv) the amount of
equity-based compensation expense deducted in determining such Consolidated Net
Income, (v) all non-cash restructuring charges for such period, (vi) all cash
restructuring charges for such period, up to an aggregate amount of $100,000,000
for all periods (of which $25,408,000 may be incurred in the first two fiscal
quarters of 2008, and the remaining $74,592,000 will be available for incurrence
beginning with the third fiscal quarter of 2008) and (vii) other non-recurring
or non-cash charges or non-cash losses (as determined in the reasonable
discretion of the Administrative Agent in consultation with the Borrower) of the
Borrower and its Subsidiaries reducing Consolidated Net Income for such period
and minus (b) all non-recurring or non-cash gains or other non-recurring or
non-cash items (as determined in the reasonable discretion of the Administrative
Agent in consultation with the Borrower) increasing Consolidated Net Income for
such period.  Upon the Disposition of a Business Unit, Consolidated
EBITDA for the four fiscal quarter period during which the Disposition occurred
shall be reduced by the Consolidated EBITDA for such four fiscal quarter period
(if positive), or increased by the Consolidated EBITDA for such four fiscal
quarter period (if negative), directly attributable to the Business Unit that
was the subject of such Disposition using the same methodology as set forth in
such Schedule 1.01
(as determined in the reasonable discretion of the Administrative Agent in
consultation with Borrower).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (d) Clause
(c) of the definition of the term “Consolidated Indebtedness” in
Section 1.01 of the Credit Agreement is hereby amended and restated to read
in its entirety as follows: “(c) all obligations arising under letters of credit
(including standby), bankers’ acceptances, bank guaranties, surety bonds and
other instruments, exclusive of any Contingent Obligations Amount”.

     

    (e) The
definition of the term “Consolidated Indebtedness” in Section 1.01 of the Credit
Agreement is hereby amended to add at the end thereof immediately prior to the
period, “; provided, however, that “Indebtedness” shall exclude any
Guarantee obligations resulting from the completion of a Leveraged Partnership
Disposition, unless there shall exist a default under the obligations which are
the subject of such Guarantee”.

     

    (f) The
definition of the term “Consolidated Interest Charges” in Section 1.01 of
the Credit Agreement is hereby amended and restated to read in its entirety as
follows:

     

    ““Consolidated Interest
Charges” means, for any period, the interest expense of the Borrower and
its Subsidiaries for such period determined on a consolidated basis in
accordance with GAAP, including but not limited to the portion of any payments
or accruals with respect to Capital Lease Obligations that are allocable to
interest expense (excluding any write offs of capitalized fees under (i) the
Existing Credit Agreement, (ii) the KR Credit Agreement, and (iii) this
Agreement and all amendments thereto), but excluding (x) all non-cash charges
for the amortization of purchase price adjustments in connection with the Merger
related to the Indebtedness of KR, and (y) any interest on tax reserves to the
extent the Borrower has elected to treat such interest as an interest expense
under FIN 48 since its adoption.  If a Disposition of a Business
Unit occurs that results in an adjustment to the calculation of Consolidated
EBITDA, then the interest expense for the four quarter period during which the
Disposition occurred shall be reduced by the amount of interest expense
attributable to the Loans prepaid as a result of such Disposition.”

     

    (g) The
definition of the term “Guarantors” in Section 1.01 of the Credit Agreement
is hereby amended to delete the word “Material” where it appears in that
definition.

     

    (h) The
definition of the term “Loan Documents” in Section 1.01 of the Credit
Agreement is hereby amended to add “, the Collateral Documents” immediately
after the words “this Agreement”.

     

    (i) Section 2.05(b)
of the Credit Agreement is hereby amended and restated to read in its entirety
as follows:

     

    (b)           Mandatory.

     

    (i)           Promptly
upon receipt by the Borrower or any of its Subsidiaries of:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (A)           the
Net Cash Proceeds received from the sale of the Miami Property, 100% of such Net
Cash Proceeds shall be applied by the Borrower to prepay the Revolving Credit
Facility and thereafter to the Term A Loans; or

     

    (B)           the
Net Cash Proceeds received from the Disposition of any assets (including without
limitation, real property assets other than the Miami Property) other than
Excluded Assets and Reinvestment Assets, 100% of such Net Cash Proceeds shall be
applied by the Borrower to prepay the Term A Loans and thereafter to the
Revolving Credit Facility.

     

    Notwithstanding
the foregoing, if any prepayment required under this Section 2.05(b)(i)
would require the Borrower to prepay Revolving Credit Loans on other than the
last day of an Interest Period and such prepayment would require the Borrower to
compensate the Lenders under Section 3.05 by
reason of such prepayment, then the Borrower may delay making the prepayment
until the last day of the applicable Interest Period.

     

    (ii)           Within
five (5) Business Days after financial statements have been delivered pursuant
to Section
6.01(a) and the related Compliance Certificate has been delivered
pursuant to Section 6.02(b), if the
Consolidated Total Leverage Ratio as set forth on such Compliance Certificate is
greater than 4.0 to 1.0, the Borrower shall prepay an aggregate principal amount
of Loans in an amount equal to 50% of Excess Cash Flow for the fiscal year
covered by such financial statements (such prepayment to be applied as set forth
below).

     

    (iii)           On
the date specified in Section
2.06(b)(i)(B), the Borrower shall prepay an amount sufficient to cause
the Total Revolving Credit Outstandings to be less than or equal to the
Revolving Credit Facility as reduced in accordance therewith.

     

    (iv)           Upon
the sale or issuance by the Borrower or any of its Subsidiaries of any of its
Equity Interests (other than Excluded Issuances and any sales or issuances of
Equity Interests to another Loan Party), the Borrower shall prepay an aggregate
principal amount of Loans equal to 75% of all Net Cash Proceeds received
therefrom immediately upon receipt thereof by the Borrower or such Subsidiary (such
prepayments to be applied as set forth below).

     

    (v)           Upon
the incurrence or issuance by the Borrower or any of its Subsidiaries of any
Indebtedness (other than Indebtedness expressly permitted to be incurred or
issued pursuant to Section 7.02), the
Borrower shall prepay an aggregate principal amount of Loans equal to 100% of
all Net Cash Proceeds received therefrom immediately upon receipt thereof by the
Borrower or such Subsidiary (such prepayments to be applied as set forth
below).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (vi)           Prepayments
of the Revolving Credit Facility made pursuant to this Section 2.05(b),
first, shall be
applied ratably to the L/C Borrowings and the Swing Line Loans, second, shall be
applied ratably to the outstanding Revolving Credit Loans, and, third, shall be used
to Cash Collateralize the remaining L/C Obligations.  Upon the drawing
of any Letter of Credit that has been Cash Collateralized, the funds held as
Cash Collateral shall be applied (without any further action by or notice to or
from the Borrower or any other Loan Party) to reimburse the L/C Issuer or the
Revolving Credit Lenders, as applicable.

     

    (vii)           Each
prepayment of Loans pursuant to Section 2.05(b)(ii),
Section 2.05(b)(iv),
Section
2.05(b)(v) or Section 7.03(vi)
shall be applied, first, to the Term A
Facility and, second, to the
Revolving Credit Facility in the manner set forth in clause (vi) of this Section
2.05(b).

     

    (j) Section 2.06(b)
of the Credit Agreement is hereby amended and restated to read in its entirety
as follows:

     

    “(b)           Mandatory.

     

    (i)           The
Revolving Credit Facility shall be automatically and permanently reduced as
follows:

     

    (A)           upon
the sale of the Miami Property, by $125,000,000 at the close of business on the
date the prepayment required under Section 2.05(b)(i)(A)
is made;

     

    (B)           by
$25,000,000 at the close of business on December 31, 2009; and

     

    (C)           at
the close of business on the date any prepayment of the Revolving Credit
Facility is required to be made under clauses (i), (ii), (iv), (v) or (vii) of Section 2.05(b), by
the amount of any such required repayment.

     

    (ii)           If
after giving effect to any reduction or termination of Revolving Credit
Commitments under this Section 2.06,
the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the Revolving
Credit Facility at such time, the Letter of Credit Sublimit or the Swing Line
Sublimit, as the case may be, shall be automatically reduced by the amount of
such excess.”

     

    (k) Section 2.06(d)
of the Credit Agreement is hereby amended and restated to read in its entirety
as follows:

     

    “(d)           Reduction of Revolving
Credit Commitments.  On September 30, 2008, the Revolving
Credit Facility shall be reduced by $25,000,000 to $600,000,000.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (l)   Section
2.10 of the Credit Agreement is hereby amended by inserting “(a)” before the
first paragraph thereof and adding a new paragraph thereafter reading in its
entirety as follows:

     

    “(b)  If,
as a result of any restatement of or other adjustment to the financial
statements of the Borrower or for any other reason, the Borrower or the Lenders
determine that (i) the Consolidated Total Leverage Ratio as calculated by the
Borrower as of any applicable date was inaccurate and (ii) a proper calculation
of the Consolidated Total Leverage Ratio would have resulted in higher pricing
for such period, the Borrower shall immediately and retroactively be obligated
to pay to the Administrative Agent for the account of the applicable Lenders,
promptly on demand by the Administrative Agent (or, after the occurrence of an
actual or deemed entry of an order for relief with respect to the Borrower under
the Bankruptcy Code of the United States, automatically and without further
action by the Administrative Agent, any Lender or the L/C Issuer), an amount
equal to the excess of the amount of interest and fees that should have been
paid for such period over the amount of interest and fees actually paid for such
period.  This paragraph shall not limit the rights of the
Administrative Agent, any Lender or the L/C Issuer, as the case may be, under
Section
2.03(c)(iii), 2.03(i) or 2.08(b) or under
Article VIII.  The Borrower’s obligations under this paragraph shall
survive the termination of the Aggregate Commitments and the repayment of all
other Obligations hereunder.”

     

    (m) Section
2.14 of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:

     

    “Section
2.14  [Intentionally Omitted].”

     

    (n) There
shall be added to the Credit Agreement a new Section 4.02(d) reading in its
entirety as follows:

     

    “(d)           After
giving effect to such proposed Credit Extension, the Borrower shall be in pro
forma compliance with the financial covenants set forth in Section
7.07.  In the calculation of such pro forma compliance, the
Borrower shall use the Consolidated EBITDA from the financial information most
recently delivered to the Administrative Agent pursuant to Section 6.01(a)
or (b) and the
Consolidated Indebtedness as of the date of such proposed Credit Extension,
after giving pro forma effect to such Credit Extension.”

     

    (o) The final
sentence of Section 4.02 of the Credit Agreement is hereby amended and restated
to read in its entirety as follows:

     

    “Each
Request for Credit Extension (other than a Committed Loan Notice requesting only
a conversion of Committed Loans to the other Type or a continuation of
Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a
representation and warranty that the conditions specified in Sections 4.02(a),
(b) and (d) have been
satisfied on and as of the date of the applicable Credit
Extension.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (p) There
shall be added to the Credit Agreement a new Section 5.05(d) reading in its
entirety as follows:

     

    “(d)           Since
the later of (i) date of the quarterly financial statements for the fiscal
quarter ended June 29, 2008, and (ii) the date of the most recent audited
financial statements delivered pursuant to Section 6.01(a),
there has been no event or circumstance, either individually or in the
aggregate, that has had or could reasonably be expected to have a Material
Adverse Effect.”

     

    (q) Section
5.08 of the Credit Agreement is hereby amended to add the words “or created
pursuant to any Loan Document” immediately prior to the end
thereof.

     

    (r) There
shall be added to the Credit Agreement a new Section 5.17 reading in its
entirety as follows:

     

    “5.17                      Solvency.  Each
Loan Party is, individually and together with its Subsidiaries on a consolidated
basis, Solvent.”

     

    (s) Section
6.02(a) of the Credit Agreement is hereby amended by adding the following
immediately prior to the end thereof:

     

    “and
within five (5) Business Days after the delivery of the financial statements
referred to in Section
6.01(a), if the Consolidated Total Leverage Ratio as set forth in the
Compliance Certificate as of the relevant fiscal year end is greater than 4.0 to
1.0, a computation of Excess Cash Flow for such fiscal year signed by a
Responsible Officer of the Borrower.”

     

    (t) Section
6.03(e) of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:

     

    “(e)  of
the (i) occurrence of any Disposition of property or assets for which the
Borrower is required to make a mandatory prepayment pursuant to Section 2.05(b)(i),
(ii) occurrence of any sale of capital stock or other Equity Interests for which
the Borrower is required to make a mandatory prepayment pursuant to Section 2.05(b)(iv),
or (iii) incurrence or issuance of any Indebtedness for which the Borrower is
required to make a mandatory prepayment pursuant to Section 2.05(b)(v);
and”

     

    (u) Section
6.12 of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:

     

    “6.12
Covenant to Guarantee Obligations and Give Security.  Upon the
formation or acquisition of any new direct or indirect Subsidiary (other than
any Non-Guarantor Subsidiary) by any Loan Party, or any Non-Guarantor Subsidiary
no longer meeting the requirements of the definition thereof, the Borrower
shall, at the Borrower’s expense:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (i) within 10
days after such formation or acquisition (or such longer period agreed to by the
Administrative Agent), or change in status, cause such Subsidiary, and cause
each direct and indirect parent of such Subsidiary (if it has not already done
so), to duly execute and deliver to the Administrative Agent (x) a guaranty or
guaranty supplement, in form and substance satisfactory to the Administrative
Agent, guaranteeing the Borrower’s Obligations under the Loan Documents and (y)
a joinder to the Security Agreement in the form attached thereto,
and

     

    (ii) within 30
days after such formation or acquisition (or such longer period agreed to by the
Administrative Agent), deliver to the Administrative Agent, (i) an incumbency
certificate issued by the secretary or assistant secretary of such Guarantor,
certifying as to the authority of the person executing such Guaranty on behalf
of such Guarantor, (ii) a copy of a resolution from the board of directors of
such Guarantor authorizing execution and delivery of such Guaranty, and (iii) a
signed copy of a favorable opinion, addressed to the Administrative Agent and
the Lenders, of counsel for the Loan Parties acceptable to the Administrative
Agent as to such matters as the Administrative Agent may reasonably
request.

     

    At any
time upon request of the Administrative Agent, the Borrower shall, and shall
cause each relevant Subsidiary to, promptly execute and deliver any and all
further instruments and documents and take all such other action as the
Administrative Agent may deem necessary or desirable in obtaining the full
benefits of, or (as applicable) in perfecting and preserving the Liens under the
Collateral Documents.”

     

    (v) Section
7.01(p) of the Credit Agreement is hereby amended by replacing the number
“$50,000,000” with the number “$25,000,000”.

     

    (w) Section
7.01(q) of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:  “(q) [Intentionally Omitted]”.

     

    (x) Section
7.02 of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:

     

    “7.02                      Indebtedness.  The
Borrower shall not, and shall not permit any Subsidiary to create, incur, assume
or suffer to exist any Indebtedness, except:

     

    (a)           Indebtedness
under the Loan Documents, including any Guaranty of the Obligations issued by
any Subsidiary;

     

    (b)           Indebtedness
outstanding on the Amendment Date and listed on Schedule 7.02 to
the Amendment Disclosure Letter and any refinancings, refundings, renewals or
extensions thereof; provided
that the amount of such Indebtedness is not increased at the time of such
refinancing, refunding, renewal or extension except by an amount equal to a
reasonable premium or other reasonable amount paid, and fees and expenses
reasonably incurred, in connection with such refinancing and by an amount equal
to any existing commitments unutilized thereunder;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (c)           unsecured
Indebtedness of the Borrower (and which may be guaranteed by Subsidiaries), at
any time outstanding in an aggregate principal amount not to exceed
$200,000,000, to be used for (i) any general corporate purposes, or (ii) any
Early Retirement or refinancing or exchange of the Borrower’s 7.125% Notes due
June 1, 2011 or its Later Maturity Public Indebtedness, provided that the amount of
such Indebtedness is not increased at the time of such refinancing or exchange
offer, and such payment is otherwise permitted under Section 7.09(h) of
this Agreement;

     

    (d)           Indebtedness
pursuant to Swap Contracts; provided that such obligations are (or were) entered
into by such Person in the ordinary course of business for the purpose of
directly mitigating risks associated with liabilities, commitments, investments,
assets, or property held or reasonably anticipated by such Person, or changes in
the value of securities issued by such Person, and not for purposes of
speculation or taking a “market view”;

     

    (e)           Indebtedness
incurred to finance the acquisition, construction or improvement of any assets,
including Capital Lease Obligations and including any such Indebtedness incurred
for such purpose within 90 days after such acquisition or completion of
construction or improvement, and any Indebtedness assumed in connection with the
acquisition of any such assets or secured by a Lien on any such assets prior to
the acquisition thereof, and extensions, renewals and replacements of any such
Indebtedness that do not increase the outstanding principal amount thereof;
provided that
the aggregate principal amount of Indebtedness permitted by this clause (e)
shall not exceed $25,000,000 at any time outstanding;

     

    (f)           (i)
Indebtedness of the Borrower and its Subsidiaries to the Borrower or its
Subsidiaries outstanding on the Amendment Date, (ii) Indebtedness of a Loan
Party to another Loan Party, (iii) Indebtedness of a Loan Party to a Subsidiary
of the Borrower that is not a Loan Party, and (iv) Indebtedness of Subsidiaries
of the Borrower that are not Loan Parties to a Loan Party that would be
permitted under clause (iv) of Section
7.10(c);

     

    (g)           Guarantees
by the Borrower or its Subsidiaries of Indebtedness otherwise permitted under
this Section
7.02;

     

    (h)           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 or other cash management services in the ordinary course of
business; provided that (x) such Indebtedness (other than credit or purchase
cards) is extinguished within five Business Days of its incurrence; and (y) such
Indebtedness in respect of credit or purchase cards is extinguished within 60
days of its incurrence;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (i)           Indebtedness
of a Subsidiary acquired after the date of this Agreement or a corporation
merged into or consolidated with the Borrower or any Subsidiary after the
Agreement and Indebtedness assumed in connection with the acquisition of assets,
which Indebtedness in each case exists at the time of such acquisition, merger
or consolidation and is not created in contemplation of such event and where
such acquisition, merger or consolidation is permitted by this Agreement, and
(ii) extensions, renewals and replacements of any such Indebtedness that do not
increase the outstanding principal amount thereof (plus any accrued and unpaid
interest and redemption premium paid plus other reasonable amounts, including
fees and expenses reasonably incurred in connection with any such extension,
renewal or replacement); provided that the aggregate amount of all such
Indebtedness does not at any time exceed an amount at any time outstanding in
excess of $10,000,000;

     

    (j)           Indebtedness
incurred or arising in connection with the matters described in Sections 7.01(g),
(h) and (j); and

     

    (k)           other
unsecured Indebtedness of Borrower in an amount not to exceed
$10,000,000.

     

    (y) Section
7.03 of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:

     

    “7.03                      Fundamental
Changes, Dispositions.  The Borrower shall not, nor shall it permit
any Subsidiary to merge, dissolve, liquidate, consolidate with or into another
Person, or Dispose of (whether in one transaction or in a series of
transactions) any of its assets (whether now owned or hereafter acquired) to or
in favor of any Person, or make any Disposition or enter into any agreement to
make any Disposition, except that:

     

    (i)           any
Subsidiary may merge with (A) the Borrower, provided that the Borrower
shall be the continuing or surviving Person, (B) any other Subsidiary that is a
Loan Party, provided
that when any Subsidiary is merging with a Loan Party, such Loan Party
shall be the continuing or surviving Person, or (C) if such Subsidiary is not a
Loan Party, any Subsidiary that is not a Loan Party;

     

    (ii)           any
Loan Party other than the Borrower may Dispose of all or substantially all of
its assets (upon voluntary liquidation or otherwise) to the Borrower or to
another Loan Party;

     

    (iii)           any
Subsidiary that is not a Loan Party may Dispose of all or substantially all its
assets (including any Disposition that is in the nature of a liquidation) to the
Borrower or any of its Subsidiaries;

     

    (iv)           the
Borrower or any of its Subsidiaries may make Dispositions of inventory and of
obsolete, unneeded or worn out property, whether now owned or hereafter
acquired, and may grant licenses of intellectual property, in each case in the
ordinary course of business;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (v)           the
Borrower or any of its Subsidiaries may make Dispositions (i) of equipment or
real property to the extent that such property is exchanged for credit against
the purchase price of similar replacement property, and (ii) of newspaper assets
(including one or more Subsidiaries) to the extent exchanged for other newspaper
assets (including any Person that becomes a Subsidiary as a result of such
exchange) so long as, after giving effect thereto, the portion of Consolidated
EBITDA attributable to such Disposed assets, when added to that portion of
Consolidated EBITDA attributable to all other assets Disposed of in reliance on
this subsection (v), does not exceed 20% of Consolidated EBITDA as set forth in
the most recent financial information delivered to the Administrative Agent
pursuant to Section
6.01(a) or (b);

     

    (vi)           the
Borrower or any of its Subsidiaries may enter into one or more leveraged
partnerships in connection with a Disposition of property made for fair market
value and on terms satisfactory to the Administrative Agent (a “Leveraged Partnership
Disposition”), provided
that (i) 100% of the Net Cash Proceeds shall be used to prepay the Loans
(such amount to be allocated in accordance with the priority set forth in Section 2.05(b)(vi)),
and (ii) the Borrower shall have received the prior written consent of the
Administrative Agent to its entry into such transaction and the execution and
delivery of the definitive documentation in connection therewith;

     

    (vii)           other
Dispositions so long as (w) no Default or Event of Default exists or would
result therefrom, (x) after giving pro forma effect to such transaction, the
Borrower shall be in compliance with the covenants in Section 7.07,
(y) such Disposition shall be (A) for fair market value and (B)at least 75% of
the proceeds thereof shall be in cash or Cash Equivalents, and (z) all Net Cash
Proceeds therefrom shall be applied as set forth in Section 2.05(b)(i);
provided Dispositions for consideration having a value of up to $7,500,000 in
any fiscal year may be under taken without satisfying the requirement in clause
(B) above so long as the Net Cash Proceeds of the liquidation of any such
consideration is applied as set forth in Section 2.05(b)(i);
and

     

    (viii)
Dispositions in connection with a joint production arrangement of equipment to a
joint venture entity in exchange for Equity Interests in or Indebtedness of the
joint venture entity so long as within 10 days after such Disposition (or such
longer period agreed to by the Administrative Agent), the Borrower’s or the
applicable Subsidiary’s Equity Interests or Indebtedness in such entity are
pledged to the Administrative Agent.”

     

    (z) Section
7.07(a) of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    “(a)           Consolidated Interest
Coverage Ratio.  The Borrower shall not permit the Consolidated
Interest Coverage Ratio as of the last day of any fiscal quarter of the Borrower
to be less than 3.00 to 1.00 from the Closing Date through July 1, 2007; 2.75 to
1.00 from September 30, 2007 through June 29, 2008; 2.25 to 1.00 from
September 28, 2008 through December 28, 2008; and 2.00 to 1.00 from
and after March 29, 2009.”

     

    (aa) Section 7.07(b)
of the Credit Agreement is hereby amended and restated to read in its entirety
as follows:

     

    “(b)           Consolidated Total Leverage
Ratio.  The Borrower shall not permit the Consolidated Total
Leverage Ratio as of the last day of any fiscal quarter of the Borrower to be
greater than 6.25 to 1.00 from September 28, 2008 through December 28,
2008; 7.00 to 1.00 from March 29, 2009 through September 26, 2010; and 6.25
to 1.00 from and after December 26, 2010; provided, however, that upon
completion of the sale of the Miami Property, the numerator of each of the
foregoing ratios shall be reduced by 0.25 (illustratively, the ratio from
September 28, 2008 through December 28, 2008 would drop to 6.00 to
1.00).”

     

    (bb) Section
7.09(g) of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:

     

    “(g)           the
Borrower may make any payment at the maturity of, or any payment constituting an
Early Retirement of, its 9.875% Debentures due April 15, 2009;”

     

    (cc) Section
7.09(h) of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:

     

    “(h)           the
Borrower may make any payment at the maturity of, or any payment constituting an
Early Retirement of, its 7.125% Notes due June 1, 2011 or its Later Maturity
Public Indebtedness, so long as such payment is funded solely from: (a)
Qualified Bonds or (b) from Indebtedness permitted under Section
7.02(c);”

     

    (dd) Section
7.09(i) of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:

     

    “(i)           the
Borrower may declare and pay cash dividends to its stockholders

     

    (A) in an
amount not to exceed $8,000,000 that is paid in the fiscal quarter ending
December 28, 2008,

     

    (B) in
amounts not to exceed $8,000,000 paid in the fiscal quarter ending March 29,
2009 and $8,000,000 paid in the fiscal quarter ending June 28,
2009,

     

    (C)
beginning with the fiscal quarter ending September 27, 2009 and during each
fiscal quarter thereafter,

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (1) in an
amount not to exceed $8,000,000 during such fiscal quarter, if such dividend is
declared at a time when the Consolidated Total Leverage Ratio as set forth in
the most recent Compliance Certificate received by the Administrative Agent
pursuant to Section 6.02(a)
or (b),
adjusted to give effect to the actual amount of Consolidated Indebtedness on the
date of such declaration, is less than 5.0 to 1.0 but greater than or equal to
4.0 to 1.0, or

     

    (2) in an
amount not to exceed $12,000,000 in the aggregate during such fiscal quarter, if
such dividend is declared at a time when the Consolidated Total Leverage Ratio
as set forth in the most recent Compliance Certificate received by the
Administrative Agent pursuant to Section 6.02(a)
or (b),
adjusted to give effect to the actual amount of Consolidated Indebtedness on the
date of such declaration, is less than 4.0 to 1.0;”

     

    (ee) Section
7.09(j) of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:

     

    “(j)           the
Borrower may (i) declare or pay additional cash dividends to its stockholders in
excess of the dividends permitted under Section 7.09(i), (ii) purchase, redeem
or otherwise acquire for cash Equity Interests issued by it and (iii) make any
payment constituting an Early Retirement of its 7.125% Notes due June 1, 2011 or
Later Maturity Public Indebtedness that is not otherwise permitted under Section
7.09(h), if after giving effect thereto (A) the aggregate amount of such
dividends, purchases, redemptions, acquisitions or Early Retirements under
clauses (i), (ii) and (iii) paid or made after September 15, 2008 would be less
than $50,000,000, and (B) the amount of Consolidated Indebtedness of the
Borrower would not cause the Consolidated Total Leverage Ratio to equal or
exceed 4.00 to 1.00 calculated using the Consolidated EBITDA of the Borrower as
set forth in the most recent Compliance Certificate received by the
Administrative Agent pursuant to Section 6.02(a).”

     

    (ff) There
shall be added to the Credit Agreement a new Section 7.10 reading in its
entirety as follows:

     

    “7.10                      Investments.  The
Borrower shall not, nor shall it permit any Subsidiary to make or hold any
Investments, except:

     

    (a)           Investments
held by the Borrower and its Subsidiaries in the form of Cash Equivalents or
Investments that were Cash Equivalents when made;

     

    (b)           advances
to officers, directors and employees of the Borrower and Subsidiaries in an
aggregate amount not to exceed $3,000,000 at any time outstanding, for travel,
entertainment, relocation and analogous ordinary business purposes;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (c)           (i)
Investments by the Borrower and its Subsidiaries in their respective
Subsidiaries outstanding on the Amendment Date, (ii) additional Investments by
the Borrower and its Subsidiaries in the Loan Parties, (iii) additional
Investments by Subsidiaries of the Borrower that are not Loan Parties in other
Subsidiaries that are not Loan Parties, and (iv) additional investments by the
Loan Parties in Subsidiaries that are not Loan Parties in an aggregate amount
outstanding at any time of $5,000,000;

     

    (d)           Investments
consisting of extensions of credit in the nature of accounts receivable or notes
receivable arising from the grant of trade credit in the ordinary course of
business, and Investments received in satisfaction or partial satisfaction
thereof from financially troubled account debtors to the extent reasonably
necessary in order to prevent or limit loss;

     

    (e)           Guarantees
of ordinary course obligations of Subsidiaries of the Borrower that do not
constitute Indebtedness and Guarantees permitted by Section
7.02;

     

    (f)           Investments
existing on the Amendment Date and set forth on Schedule 7.10 to the
Amendment Disclosure Letter;

     

    (g)           the
purchase or other acquisition of all of the Equity Interests in, or all or
substantially all of the property of, any Person that, upon the consummation
thereof, will be wholly-owned directly by the Borrower or one or more of its
wholly-owned Subsidiaries (including as a result of a merger or consolidation);
provided that,
with respect to each purchase or other acquisition made pursuant to this Section
7.10(g):

     

    (i)           any
such newly-created or acquired Subsidiary shall comply with the requirements of
Section
6.12;

     

    (ii)           the
lines of business of the Person to be (or the property of which is to be) so
purchased or otherwise acquired shall be substantially the same lines of
business, or reasonably related or incidental thereto, as one or more of the
principal businesses of the Borrower and its Subsidiaries in the ordinary
course;

     

    (iii)           such
purchase or other acquisition shall not include or result in any contingent
liabilities that could reasonably be expected to be material to the business,
financial condition, operations or prospects of the Borrower and its
Subsidiaries, taken as a whole (as determined in good faith by the board of
directors (or the persons performing similar functions) of the Borrower or such
Subsidiary if the board of directors is otherwise approving such transaction
and, in each other case, by a Responsible Officer);

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (iv)           the
total cash and noncash consideration (including the fair market value of all
Equity Interests issued or transferred to the sellers thereof measured at the
time of execution of the acquisition agreement, the reasonably estimated amount
of earnouts and other contingent payment obligations to, and the aggregate cash
amounts paid or to be paid under noncompete, consulting and other affiliated
agreements with, the sellers thereof, and all assumptions of Indebtedness) paid
by or on behalf of the Borrower and its Subsidiaries for any such purchase or
other acquisition, when aggregated with the total cash and noncash consideration
paid by or on behalf of the Borrower and its Subsidiaries for all other
purchases and other acquisitions made by the Borrower and its Subsidiaries
pursuant to this Section 7.10(g),
shall not exceed the Available Investment Basket Amount; and

     

    (v)           (A)
immediately before and immediately after giving pro forma effect to any such
purchase or other acquisition, no Default shall have occurred and be continuing
and (B) immediately after giving effect to such purchase or other acquisition,
the Borrower and its Subsidiaries shall be in pro forma compliance with all of
the covenants set forth in Section 7.07, such
compliance to be determined on the basis of the financial information most
recently delivered to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or
(b) as though
such purchase or other acquisition had been consummated as of the first day of
the fiscal period covered thereby.

     

     (h)           any
Investment by a Loan Party resulting from the completion of a Leveraged
Partnership Disposition;

     

    (i)           any
Investment received as non-cash consideration from a Disposition permitted under
Section
7.03;

     

    (j)           Investments
consisting of pledges and deposits permitted by Section 7.01(g) and
(h);

     

    (k)           Investments
of any Person that becomes a Subsidiary after the Amendment Date; provided that
(i) such Investments exist at the time such Person becomes a Subsidiary and (ii)
such Investments were not made in anticipation of such Person becoming a
Subsidiary;

     

    (l)           Investments
pursuant to Swap Contracts permitted by Section
7.02(d);

     

    (m)           Investments
consisting of acquisitions of newspaper assets (including Investments in any
Person that becomes a Subsidiary) in an exchange permitted under Section 7.03(v) and
any Investment received in a transaction described in Section 7.03(viii);
and

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (n)           additional
Investments in an amount not to exceed the Available Investment Basket so long
as within 10 days after such Investment (or such longer period agreed to by the
Administrative Agent), the Borrower’s or the applicable Subsidiary’s interests
in such Investment are pledged to the Administrative Agent.

     

    (gg) There
shall be added to the Credit Agreement a new Section 7.11 reading in its
entirety as follows:

     

    “7.11                      Amendments
of Organization Documents.  The Borrower shall not, nor shall it
permit any Subsidiary to amend any of its Organization Documents in a manner
that is adverse to the Lenders.

     

    (hh) There
shall be added to the Credit Agreement a new Section 7.12 reading in its
entirety as follows:

     

    “7.12                      Accounting
Changes.  The Borrower shall not, nor shall it permit any Subsidiary
to make any change in (a) accounting policies or reporting practices,
except as required or permitted by GAAP, or (b) fiscal year.

     

    (ii) Section
8.01(h) of the Credit Agreement is hereby amended and restated to read in its
entirety as follows:

     

    “(h)           Judgments.  There
is entered against any Loan Party or any Subsidiary thereof any one or more
final judgments or orders for the payment of money in an aggregate amount
exceeding the Threshold Amount (to the extent not covered by independent
third-party insurance as to which the insurer does not dispute coverage), and
(A) enforcement proceedings are commenced by any creditor upon such judgment or
order and such enforcement remains unstayed or such judgment remains unsatisfied
for a period of 10 days, or (B) there is a period of 30 consecutive days during
which a stay of enforcement of such judgment, by reason of a pending appeal or
otherwise, is not in effect or such judgment is unsatisfied”

     

    (jj) There
shall be added to the Credit Agreement a new Section 8.01(l) reading in its
entirety as follows:

     

    “(l)           Collateral
Documents.  Any Collateral Document shall for any reason (other
than pursuant to the terms thereof) cease to create a valid and perfected first
priority Lien (subject to Liens permitted by Section 7.01) on the
Collateral purported to be covered thereby.

     

    (kk) There
shall be added to the Credit Agreement a new Section 8.01(m) reading in its
entirety as follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    “(m)                      Subordination.  (i)  The
subordination provisions of the documents evidencing or governing any
subordinated Indebtedness (the “Subordinated
Provisions”) shall, in whole or in part, terminate, cease to be effective
or cease to be legally valid, binding and enforceable against any holder of the
applicable subordinated Indebtedness; or (ii) the Borrower or any other Loan
Party shall, directly or indirectly, disavow or contest in any manner (A) the
effectiveness, validity or enforceability of any of the Subordination
Provisions, (B) that the Subordination Provisions exist for the benefit of the
Administrative Agent, the Lenders and the L/C Issuer or (C) that all payments of
principal of or premium and interest on the applicable subordinated
Indebtedness, or realized from the liquidation of any property of any Loan
Party, shall be subject to any of the Subordination Provisions.”

     

    (ll) Section
9.01 of the Credit is hereby amended by inserting “(a)” before the first
paragraph thereof and adding a new paragraph thereafter reading in its entirety
as follows:

     

    “(b)  The
Administrative Agent shall also act as the “collateral agent” under the Loan
Documents, and each of the Lenders and the L/C Issuer hereby irrevocably
appoints and authorizes the Administrative Agent to act as the agent of such
Lender and the L/C Issuer for purposes of acquiring, holding and enforcing any
and all Liens on Collateral granted by any of the Loan Parties to secure any of
the Obligations, together with such powers and discretion as are reasonably
incidental thereto.  In this connection, the Administrative Agent, as
“collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed
by the Administrative Agent pursuant to Section 9.05 for
purposes of holding or enforcing any Lien on the collateral (or any portion
thereof) granted under the Collateral Documents, or for exercising any rights
and remedies thereunder at the direction of the Administrative Agent), shall be
entitled to the benefits of all provisions of this Article IX and Article XI (including
Section
10.04(c), as though such co-agents, sub-agents and attorneys-in-fact were
the “collateral agent” under the Loan Documents) as if set forth in full herein
with respect thereto.”

     

    (mm) There
shall be added to the Credit Agreement a new Section 10.01(j) reading in
its entirety as follows:

     

    “(j)  release
all or substantially all of the Collateral in any transaction or series of
related transactions without the written consent of each Lender;”

     

    (nn) There
shall be added to Section 10.03 of the Credit Agreement a new paragraph reading
in its entirety as follows:

     

    “Notwithstanding anything to the
contrary contained herein or in any other Loan Document, the authority to
enforce rights and remedies hereunder and under the other Loan Documents against
the Loan Parties or any of them shall be vested exclusively in, and all actions
and proceedings at law in connection with such enforcement shall be instituted
and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the
benefit of all the Lenders and the L/C Issuer; provided, however, that the
foregoing shall not prohibit (a) the Administrative Agent from exercising on its
own

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    behalf
the rights and remedies that inure to its benefit (solely in its capacity as
Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C
Issuer or the Swing Line Lender from exercising the rights and remedies that
inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender,
as the case may be) hereunder and under the other Loan Documents, (c) any Lender
from exercising setoff rights in accordance with Section 10.03
(subject to the terms of Section 2.13) or (d)
any Lender from filing proofs of claim or appearing and filing pleadings on its
own behalf during the pendency of a proceeding relative to any Loan Party under
any Debtor Relief Law; and provided, further, that if at
any time there is no Person acting as Administrative Agent hereunder and under
the other Loan Documents, then (i) the Required Lenders shall have the rights
otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii)
in addition to the matters set forth in clauses (b), (c) and (d) of the
preceding proviso and subject to Section 2.13, any
Lender may, with the consent of the Required Lenders, enforce any rights and
remedies available to it and as authorized by the Required
Lenders.  Notwithstanding any other provision of this Article X to the
contrary, the Administrative Agent shall not be required to verify the payment
of, or that other satisfactory arrangements have been made with respect to,
obligations to the Lenders or their Affiliates arising under treasury or cash
management agreements and Swap Contracts unless the Administrative Agent has
received written notice of such obligations, together with such supporting
documentation as the Administrative Agent may request, from the applicable
treasury or cash management Lender or swap counterparty, as the case may
be.”

     

    (oo) Exhibit A
to the Credit Agreement (Form of Committed Loan Notice) is hereby replaced with
the form attached as Annex I to this
Amendment.

     

    (pp) Exhibit B
to the Credit Agreement (Form of Swing Loan Notice) is hereby replaced with the
form attached as Annex
II to this Amendment.

     

    (qq) Exhibit D
to the Credit Agreement (Form of Compliance Certificate) is hereby replaced with
the form attached as Annex III to this
Amendment.

     

    2. Conditions
Precedent.  The effectiveness of this Amendment shall be
conditioned upon the receipt by the Administrative Agent of:

     

    (a) counterparts
of this Amendment executed by the Borrower;

     

    (b) written
consents hereto executed by the Required Lenders in substantially the form of
Exhibit A attached hereto;

     

    (c) receipt
by the Administrative Agent of amendment fees in an amount equal to 0.50% of the
aggregate principal amount of Loans, L/C Obligations and unfunded Commitments
(based, in each case, on a $600,000,000 Revolving Credit Facility) held by
Lenders that shall have executed and returned written consents in substantially
the form of Exhibit A attached hereto to Mayer Brown LLP by 12:00 noon
(Eastern Time) on September 26, 2008 (which fees shall be distributed by the
Administrative Agent ratably among such consenting Lenders);

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (d) receipt
by the Administrative Agent of:

     

    (i) an
Amended and Restated Guaranty, substantially in the form of Exhibit G to the
Credit Agreement, from each Subsidiary of the Borrower, other than those that
qualify as a Non-Guarantor Subsidiary; and

     

    (ii) an
executed counterpart of the Security Agreement,

     

    together
with (i) an incumbency certificate issued by the secretary or assistant
secretary, certifying as to the authority of the person executing such Guaranty
on behalf of such Guarantor, the Security Agreement, as applicable, (ii) a copy
of a resolution from the board of directors of such Guarantor authorizing
execution and delivery of such Guaranty, (iii) a copy of a resolution from the
board of directors of the Borrower authorizing execution and delivery of the
Security Agreement, (iv) proper financing statements in a form acceptable to the
Administrative Agent and appropriate for filing under the Uniform Commercial
Code of all jurisdictions that the Administrative Agent may deem necessary or
desirable in order to perfect the Liens created under the Security Agreement,
covering the Collateral described in the Security Agreement, (iv) evidence of
the completion of all other actions, recordings and filings of or with respect
to the Security Agreement that the Administrative Agent may deem necessary or
desirable in order to perfect the Liens created thereby, (v) evidence that all
other action that the Administrative Agent may deem necessary or desirable in
order to perfect the Liens created under the Security Agreement has been taken,
and (vi) a signed copy of a favorable opinions, addressed to the Administrative
Agent and the Lenders, of counsel for the Loan Parties acceptable to the
Administrative Agent as to such matters as the Administrative Agent may
reasonably request;

     

    (e) receipt
by the Administrative Agent of the Amendment Disclosure Letter executed by the
Borrower; and

     

    (f) receipt
by the Administrative Agent of all fees and expenses payable to it and its
special counsel in connection with this Amendment;

     

    3. Representations and
Warranties.  The Borrower represents and warrants to the
Administrative Agent and the Lenders that, as of the date of this Amendment, (i)
no Default has occurred and remains continuing, and (ii) the representations and
warranties contained in Article V of the Credit Agreement, as amended
hereby, and each other Loan Document or which are contained in any document
furnished at any time under or in connection with the Credit Agreement are true
and correct as if made on the date hereof, except for representations and
warranties which expressly speak as of a particular date, in which case they
shall be true and correct as of such earlier date and except that the
representations and warranties contained in subsections (a) and (b) of
Section 5.05 of the Credit Agreement shall refer to the most recent
statements furnished pursuant to clauses (a) and (b), respectively, of
Section 6.01 of the Credit Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    4. Confirmation.  In
all other respects, the terms of the Credit Agreement and the other Loan
Documents are hereby confirmed.

     

    5. Counterparts.  This
Amendment may be executed in any number of counterparts, and all of such
counterparts taken together shall be deemed to constitute one and the same
instrument.

     

    6. Governing
Law.  This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Borrower and the Administrative Agent have executed this
Amendment as of the date first written above by their duly authorized
representatives.

     

    THE
McCLATCHY COMPANY

     

    By:  /s/
Patrick J. Talamantes

                                    Name: Patrick J.
Talamantes

    Title:
VP-Finance, CFO & Asst. Secretary

     

    BANK OF
AMERICA, N.A., as Administrative Agent

    

    By:  /s/
Ken Puro

    Name:  Ken
Puro

    Title:  Vice
President

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [Exhibit
A to Amendment]

     

    CONSENT
OF LENDER

     

    This
Consent of Lender is delivered by the undersigned Lender to Bank of America,
N.A., as Administrative Agent, with reference to the Credit Agreement dated as
of June 27, 2006 (the “Credit Agreement”), among The McClatchy Company, as the
Borrower, Bank of America, N.A., as Administrative Agent, Swing Line Lender and
L/C Issuer, JPMorgan Chase Bank, N.A., as Syndication Agent and the other
Lenders party thereto (the “Credit Agreement”).  Capitalized terms
used herein are used with the meanings set forth for those terms in the Credit
Agreement.

     

    The
undersigned is a party to the Credit Agreement and hereby consents to the
execution and delivery of the proposed Amendment No. 4 to Credit Agreement
by the Administrative Agent on behalf of the Lenders party to the Credit
Agreement, substantially in the form of the draft presented to the
undersigned.

     

    [Name of
Lender]

     

    By:                                                                

    Title:                                                                           

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

     

    FORM
OF COMMITTED LOAN NOTICE

     

    Date:  ___________,
_____

     

    To:           Bank
of America, N.A., as Administrative Agent

     

    Ladies
and Gentlemen:

     

    Reference
is made to that certain Credit Agreement, dated as of June 27, 2007 (as
amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Agreement”, the terms
defined therein being used herein as therein defined), among The McClatchy
Company, a Delaware corporation (the “Borrower”), the
Lenders from time to time party thereto, and Bank of America, N.A., as
Administrative Agent, L/C Issuer and Swing Line Lender.

     

    The
undersigned hereby requests (select one):

     

    
      	
                A
      Borrowing of Committed Loans

            	
                A
      conversion or continuation of Loans

            

    

     

    
      	
               
      

            	
              1.

            	
              On

            	
              (a
      Business Day).

            

    

     

    
      	
               
      

            	
              2.

            	
              In
      the amount of $

            	
              .

            

    

     

    
      	
               
      

            	
              3.

            	
              The
      Loans requested shall be [Revolving Credit Loans] [Term A
      Loans].

            

    

     

    
      	
               
      

            	
              4.

            	
              Comprised
      of

            	
              .

            

    

     

    
      	
               
      

            	
              [Type of Committed Loan
      requested]

            

    

     

    
      	
               
      

            	
              5.

            	
              For
      Eurodollar Rate Loans:  with an Interest Period
    of

            	
              months.

            

    

     

    [The
Committed Borrowing of Revolving Credit Loans requested herein complies with the
proviso to the first sentence of Section 2.01(c)
of the Agreement.]

     

    Without
limitation of its undertakings in Section 4.02 of the
Agreement, the undersigned confirms that the representation in Section 5.16 of the
Agreement is true and correct as of the date of this notice, and will be true
and correct as of the date set forth at 1 above.

     

      
THE MCCLATCHY COMPANY

     

    

     

    

        

            
By:                                                              

                                                  Name:                                                              

               
Title:                                                              

     

    
      
        
                                    Form of Committed Loan
Notice

          
            	
                     

                  	
                    A-

                  	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
B

     

    FORM
OF SWING LINE LOAN NOTICE

     

    Date:  ___________,
_____

     

    
      	
              To:

            	
              Bank
      of America, N.A., as Swing Line
Lender

            

    

     

    
      	
               
      

            	
              Bank
      of America, N.A., as Administrative
Agent

            

    

     

    Ladies
and Gentlemen:

     

    Reference
is made to that certain Credit Agreement, dated as of June 27, 2006 (as
amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Agreement”, the terms
defined therein being used herein as therein defined), among The McClatchy
Company, a Delaware corporation (the “Borrower”), the
Lenders from time to time party thereto, and Bank of America, N.A., as
Administrative Agent, L/C Issuer and Swing Line Lender.

     

    The
undersigned hereby requests a Swing Line Loan:

     

    
      	
               
      

            	
              1.

            	
              On
      _______ (a Business Day).

            

    

     

    
      	
               
      

            	
              2.

            	
              In
      the amount of $____________.

            

    

     

    
      	
               
      

            	
              3.

            	
              Comprised
      of IBOR Rate Loans.

            

    

     

    The Swing
Line Borrowing requested herein complies with the requirements of the provisos
to the first sentence of Section 2.04(a) of
the Agreement.

     

    Without
limitation of its undertakings in Section 4.02 of the
Agreement, the undersigned confirms that the representation in Section 5.16 of the
Agreement is true and correct as of the date of this notice, and will be true
and correct as of the date set forth at 1 above.

     

                THE MCCLATCHY
COMPANY

    

    

                By:                                                                           

                Name:                                                                           

                Title:                                 

     

     

                                              

    

    Form of
Committed Loan Notice

    
      B-1

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