Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

AMENDMENT NO. 4, dated as of December 13, 2019 (this “Amendment”), to the Credit Agreement, dated as of October 17,
2016 (as amended by Amendment No. 1, dated as of March 3, 2017, Amendment No. 2, dated as of November 17, 2017, Amendment No. 3 dated as of April 30, 2019 and as otherwise amended, restated, modified or otherwise
supplemented prior to the date hereof, the “Existing Credit Agreement”; the Existing Credit Agreement as amended by this Amendment, the “Credit Agreement”), by and among ENTERCOM MEDIA CORP. (formerly known as CBS
RADIO INC.), a Delaware corporation (“Borrower”), each of the GUARANTORS party thereto, the LENDERS and L/C ISSUERS party thereto from time to time and JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative
Agent”) and as Collateral Agent (the “Collateral Agent”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

WHEREAS, the Borrower has requested to (i) replace all Term B-1 Loans with Term B-2 Loans, (ii) establish a new Class of revolving
credit commitments from a portion of its existing Revolving Credit Commitments with a later maturity date than the Revolving Credit Commitments outstanding immediately prior to the effectiveness of this Amendment and (iii) make certain other
amendments to the Credit Agreement; 
 WHEREAS, each Lender with outstanding Term B-1 Loans that has executed a signature page to this
Amendment has agreed to convert all of such Term B-1 Loans to Term B-2 Loans (or such lesser amount as may be notified to such Lender by the Administrative Agent prior to the Amendment No. 4 Effective Time); 

WHEREAS, each Revolving Credit Lender listed on Annex A-1 hereto as a “2024 Revolving Credit Lender” has agreed to provide a 2024
Revolving Credit Commitment (as defined in Exhibit A hereto) in accordance with the terms and subject to the conditions set forth herein; 

WHEREAS, each Revolving Credit Lender listed on Annex A-1 hereto as a “2022 Revolving Credit Lender” has agreed to the amendments
specified herein (but not, for the avoidance of doubt, to extend the maturity of its Revolving Credit Commitments) in accordance with the terms and subject to the conditions set forth herein; 

WHEREAS, the 2024 Revolving Credit Commitments and any 2024 Revolving Credit Loans (as defined in Exhibit A hereto), on the one hand, and the
2022 Revolving Credit Commitments (as defined in Exhibit A hereto) and any 2022 Revolving Loans (as defined in Exhibit A hereto), will constitute separate tranches and Classes under the Credit Agreement; 

WHEREAS, JPMorgan Chase Bank, N.A. (in such capacity, the “Initial Term B-2 Lender”) has agreed to provide the Term B-2 Loan
Commitment (as defined in Exhibit A hereto); 
 WHEREAS, the Required Lenders, each Revolving Credit Lender listed on Annex A-1 hereto, the
Initial Term B-2 Lender and each Lender with a Converted Term B-1 Loan (as defined in Exhibit A) have agreed to the amendments contemplated above; 

NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

 SECTION 1. Extension of Certain of the Revolving Credit Commitments. 

(a) Each Lender that is a Revolving Credit Lender on the date hereof (an “Existing Revolving Credit Lender”) may elect to
become a 2024 Revolving Credit Lender and holder of a 2024 Revolving Credit Commitment subject to all of the rights, obligations and conditions thereto under the Credit Agreement, by executing the appropriate signature page in accordance with
paragraph (b) below and delivering to the Administrative Agent such signature page stating that such Lender agrees to extend and reclassify all of its Revolving Credit Commitments outstanding immediately prior to the Amendment No. 4
Effective Time (the “Existing Revolving Credit Commitments”) as 2024 Revolving Credit Commitments upon the Amendment No. 4 Effective Time.  

(b) At the Amendment No. 4 Effective Time, each Existing Revolving Credit Lender that has executed and delivered a counterpart to this
Amendment as a “2024 Revolving Credit Lender” (each, a “2024 Revolving Credit Lender”) shall have its entire Existing Revolving Credit Commitment automatically reclassified as 2024 Revolving Credit Commitments for all
purposes under the Credit Agreement. 
 (c) At the Amendment No. 4 Effective Time, all of the Existing Revolving Credit Commitments of
any Existing Revolving Credit Lender that is not a 2024 Revolving Credit Lender (each, a “2022 Revolving Credit Lender”) shall be reclassified as and continue as 2022 Revolving Credit Commitments under the Credit Agreement in
accordance with the terms and conditions set forth therein. 
 (d) The 2024 Revolving Credit Commitments shall be deemed Extended Revolving
Credit Commitments for purposes of Section 2.16 of the Credit Agreement. 
 SECTION 2. Amendment of the Credit Agreement and
Schedules. The Credit Agreement is, effective as of the Amendment No. 4 Effective Time, hereby amended to (i) delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following
example: double-underlined text) as set forth in the pages
of the Credit Agreement attached as Exhibit A hereto, (ii) amend and restate Schedule 1.01(A) to the Credit Agreement by replacing it in its entirety with Annex A-1 hereto, (iii) amend and restate Schedule 1.01(B) to the
Credit Agreement by replacing it in its entirety with Annex A-2 hereto, (iv) amend and restate Exhibit C-1 to the Credit Agreement by replacing it in its entirety with Exhibit B hereto and (v) amend and restate Exhibit D to
the Credit Agreement by replacing it in its entirety with Exhibit C hereto. 
 SECTION 3. Effectiveness. This Amendment
shall become effective on the date (such date and time of effectiveness, the “Amendment No. 4 Effective Time”) that each of the conditions precedent set forth below shall have been satisfied: 

(a) The Administrative Agent shall have received executed counterparts hereof from each of the Loan Parties, Lenders constituting the Required
Lenders, the Initial Term B-2 Lender, each of the Revolving Credit Lenders listed on Annex A-1 hereto, the Swing Line Lender and each of the L/C Issuers; 

  
 -2- 

 (b) The representations and warranties of each of the Loan Parties contained in
Section 4 hereof shall be true and correct on and as of the Amendment No. 4 Effective Time; 
 (c) At the Amendment No. 4
Effective Time, the Administrative Agent shall have received the legal opinion of Latham & Watkins LLP, counsel to the Loan Parties, which opinion shall be in form and substance reasonably satisfactory to the Administrative Agent; 

(d) The Administrative Agent shall have received a completed Committed Loan Notice for the Term B-2 Loans and a notice of prepayment of the
Term B-1 Loans (other than Converted Term B-1 Loans); 
 (e) The Borrower shall have paid all accrued and unpaid interest, commitment fees
and Letter of Credit fees owing under the Existing Credit Agreement and no Revolving Loans or Swing Line Loans shall be outstanding. 
 (f)
The Administrative Agent shall have received a certificate attesting to the Solvency of the Borrower and its Subsidiaries, on a consolidated basis, as of the Amendment No. 4 Effective Time from the Borrower’s Vice President and Assistant
Secretary; 
 (g) The Administrative Agent shall have received copies of lien searches in such jurisdictions as the Amendment No. 4
Arrangers may reasonably request; 
 (h) The Administrative Agent shall have received such certifications of resolutions or other action and
incumbency certificates of Responsible Officers of each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer authorized to act as a Responsible Officer in
connection with this Amendment; and 
 (i) The Borrower shall have paid, or concurrently herewith shall pay to the Amendment No. 4
Arrangers such fees as have separately been agreed by the Amendment No. 4 Arrangers and the Borrower and, to the extent invoiced, the reasonable and documented out-of-pocket expenses of the Administrative Agent and the Amendment No. 4
Arrangers in connection with this Amendment (including the reasonable fees and expenses of Cahill Gordon & Reindel LLP, counsel to the Amendment No. 4 Arrangers and the Administrative Agent). 

(j) (i) The Administrative Agent shall have received, at least five days prior to the Amendment No. 4 Effective Time, all
documentation and other information regarding the Borrower requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the
Borrower at least 10 days prior to the Amendment No. 4 Effective Time and (ii) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five days prior to the Amendment
No. 4 Effective Time, any Lender that has requested, in a written notice to the Borrower at least 10 days prior to the Amendment No. 4 Effective Time, a Beneficial Ownership Certification in relation to the Borrower shall have received
such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Amendment No. 4, the condition set forth in this clause (ii) shall be deemed to be satisfied). 

  
 -3- 

 SECTION 4. Representations and Warranties. In order to induce the Lenders and the
Administrative Agent to enter into this Amendment, each of the Loan Parties represents and warrants to each of the Lenders and the Administrative Agent that, as of the Amendment No. 4 Effective Time, both before and after giving effect to the
transactions contemplated by this Amendment: 
 (a) no Default or Event of Default exists; and 

(b) the representations and warranties of each Loan Party contained in Article V of the Credit Agreement (other than, for the
avoidance of doubt, Section 5.17(b)) or any other Loan Document are true and correct in all material respects on and as of such date (except, to the extent that such representations and warranties specifically refer to an earlier date, they are
true and correct as of such earlier date); provided, that, to the extent that such representations and warranties are qualified by materiality, material adverse effect or similar language, they are true and correct in all respects. 

SECTION 5. Reference to and Effect on the Loan Documents. On and after the Amendment No. 4 Effective Time, each reference in the
Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit
Agreement,” “thereunder,” “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment. This Amendment constitutes a Loan Document.
The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of (or otherwise affect) any right, power or remedy of any Lender or any Agent under any of the Loan Documents, nor
constitute a waiver of any provision of any of the Loan Documents. Each of the Loan Parties hereby consents to the Amendment and reaffirms its obligations under the Loan Documents to which it is party and its prior grant and the validity of the
Liens granted by it pursuant to the Collateral Documents, with all such Liens continuing in full force and effect after giving effect to the Amendment. This Amendment shall not constitute a novation of the Credit Agreement or any other Loan
Document. 
 SECTION 6. Applicable Law; Waiver of Jury Trial. 

(A) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO
ANY CONFLICTS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
 (B) EACH PARTY HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT (WHETHER BASED ON CONTRACT, TORT OR
ANY OTHER THEORY). 

  
 -4- 

 SECTION 7. Headings. The Section headings used herein are for convenience of
reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment. 

SECTION 8. Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto on separate
counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature page of this Amendment by
facsimile or any other electronic transmission shall be effective as delivery of an original executed counterpart hereof. 
 [Signature pages
to follow] 

  
 -5- 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective authorized officers as of the day and year first written above. 
  

			
	ENTERCOM MEDIA CORP., as the Borrower
		
	By:	 	 /s/ Andrew P. Sutor, IV

		 	Name: Andrew P. Sutor, IV
		 	Title: Executive Vice President
	
	 GUARANTORS:
  

ENTERCOM, INC.
 ENTERCOM OPERATIONS, INC.

ENTERCOM MIAMI, LLC
 ENTERCOM ARIZONA, LLC

ENTERCOM CALIFORNIA, LLC
 ENTERCOM COLORADO, LLC

ENTERCOM CONNECTICUT, LLC
 ENTERCOM FLORIDA, LLC

ENTERCOM GEORGIA, LLC
 ENTERCOM ILLINOIS, LLC

ENTERCOM INDIANA, LLC
 ENTERCOM KANSAS, LLC

ENTERCOM LOUISIANA, LLC
 ENTERCOM MARYLAND, LLC

ENTERCOM MICHIGAN, LLC
 ENTERCOM MINNESOTA, LLC

ENTERCOM MISSOURI, LLC
 ENTERCOM NEVADA, LLC

ENTERCOM NEW YORK, LLC
 ENTERCOM NORTH CAROLINA, LLC

ENTERCOM OHIO, LLC
 ENTERCOM OREGON, LLC

ENTERCOM PENNSYLVANIA, LLC
 ENTERCOM RHODE ISLAND, LLC

ENTERCOM SOUTH CAROLINA, LLC
 ENTERCOM TENNESSEE, LLC

ENTERCOM TEXAS, LLC
 ENTERCOM VIRGINIA, LLC

ENTERCOM WASHINGTON DC, LLC
 ENTERCOM WASHINGTON, LLC

ENTERCOM WISCONSIN, LLC
 ENTERCOM LICENSE, LLC

ENTERCOM PROPERTIES, LLC
 ENTERCOM RADIO TOWER, LLC

ENTERCOM SPORTS RADIO, LLC
 EVENTFUL, LLC

INFINITY BROADCASTING LLC

		
	By:	 	 /s/ Andrew P. Sutor, IV

		 	Name: Andrew P. Sutor, IV
		 	Title: Executive Vice President

  
 [Amendment No. 4 to
Credit Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A., as the Administrative Agent and Collateral Agent
		
	By:	 	 /s/ Inderjeet Singh Aneja

	Name:	 	Inderjeet Singh Aneja
	Title:	 	Vice President
	
	JPMORGAN CHASE BANK, N.A., as the Initial Term B-2 Lender, a 2024 Revolving Credit Lender, L/C Issuer and Swing Line Lender
		
	By:	 	 /s/ Inderjeet Singh Aneja

	Name:	 	Inderjeet Singh Aneja
	Title:	 	Vice President

  
 [Amendment No. 4 to
Credit Agreement] 

 Term Lender Signature Page to Amendment No. 4 

The undersigned hereby consents to Amendment No. 4 and hereby agrees to have up to all of its Term B-1 Loans converted to Term B-2 Loans
(or such lesser amount as may be notified to such Lender by the Administrative Agent prior to the Amendment No. 4 Effective Time). 
  

			
	[NAME OF INSTITUTION]
		
	By:	 	     

	Name:
	Title:
	
	If a second signature is necessary:
		
	By:	 	      

	Name:
	Title:

  
 [Amendment No. 4 to
Credit Agreement] 

 2024 Revolving Credit Lender Signature Page to Amendment No. 4 

By executing a counterpart to this Amendment as a 2024 Revolving Credit Lender, the undersigned institution agrees (A) to the terms of
this Amendment and the Credit Agreement as amended hereby and (B) on the terms and subject to the conditions set forth in the Amendment and the Credit Agreement as amended hereby, to extend and reclassify the full amount of its Existing
Revolving Credit Commitments into 2024 Revolving Credit Commitments. 
  

			
	[NAME OF INSTITUTION], as a 2024 Revolving Credit Lender [and L/C Issuer]
		
	By:	 	      

	Name:
	Title:
	
	If a second signature is necessary:
		
	By:	 	      

	Name:
	Title:

 2022 Revolving Credit Lender Signature Page to Amendment No. 4 

By executing a counterpart to this Amendment as a 2022 Revolving Credit Lender, the undersigned institution agrees to the terms of this
Amendment and the Credit Agreement as amended hereby. 
  

			
	[NAME OF INSTITUTION], as a 2022 Revolving Credit Lender
		
	By:	 	      

	Name:
	Title:
	
	If a second signature is necessary:
		
	By:	 	      

	Name:
	Title:

 Annex A 

2024 Revolving Credit Lenders 
  

									
	 Lender
	  	2024 Revolving Credit
Commitment	 	  	Applicable
Percentage	 
	 Goldman Sachs Bank USA
	  	$	22,727,272.80	 	  	 	10	% 
	 Morgan Stanley Senior Funding, Inc.
	  	$	22,727,272.72	 	  	 	10	% 
	 JPMorgan Chase Bank, N.A.
	  	$	22,727,272.72	 	  	 	10	% 
	 Bank of America, N.A.
	  	$	22,727,272.72	 	  	 	10	% 
	 Citibank, N.A.
	  	$	22,727,272.72	 	  	 	10	% 
	 Credit Suisse AG, Cayman Islands Branch
	  	$	22,727,272.72	 	  	 	10	% 
	 Deutsche Bank AG New York Branch
	  	$	22,727,272.72	 	  	 	10	% 
	 Royal Bank of Canada
	  	$	22,727,272.72	 	  	 	10	% 
	 The Toronto-Dominion Bank, New York Branch
	  	$	22,727,272.72	 	  	 	10	% 
	 Wells Fargo Bank, N.A.
	  	$	22,727,272.72	 	  	 	10	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	227,272,727.28	 	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 
	
	2022 Revolving Credit Lender	  

			
	 Lender
	  	2022 Revolving Credit
Commitment	 	  	Applicable
Percentage	 
	 U.S. Bank National Association
	  	$	22,727,272.72	 	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	22,727,272.72	 	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 

 Exhibit A 

Execution
Version 
 EXHIBIT A 
  

 
  

CREDIT AGREEMENT 
 Dated as of
October 17, 2016, 
 as amended by Amendment No. 1 on March 3, 2017, 

as amended by Amendment No. 2 on November 17, 2017 

as amended by Amendment No. 3 on April 30, 2019, and 

as amended by Amendment No. 4 on
[            
]December 13, 2019 

among 
 ENTERCOM MEDIA CORP., 

as the Borrower, 
 JPMORGAN CHASE
BANK, N.A., 
 as Administrative Agent, Collateral Agent, Swing Line Lender and an L/C Issuer, 

THE OTHER LENDERS PARTY HERETO FROM TIME TO TIME, and 

THE GUARANTORS PARTY HERETO FROM TIME TO TIME 
  

 
 JPMORGAN
CHASE BANK, N.A., BANK OF AMERICA, N.A. and [            ],1MORGAN STANLEY SENIOR FUNDING, INC., BOFA SECURITIES, INC., CITIGROUP GLOBAL MARKETS INC., CREDIT SUISSE LOAN FUNDING LLC, DEUTSCHE BANK
SECURITIES INC., GOLDMAN SACHS BANK USA, RBC CAPITAL MARKETS LLC, TD SECURITIES (USA) LLC and WELLS FARGO SECURITIES, LLC, 

as Joint Lead Arrangers and Joint Bookrunners for Amendment No. 4 

 
  

 
  

	1	 Other JLAs to be listed in the final amendment. 

 TABLE OF CONTENTS 

 

							
	ARTICLE I	  

	Definitions and Accounting Terms	  

			
	 Section 1.01.
	 	Defined Terms	  	 	1	 
	 Section 1.02.
	 	Other Interpretive Provisions	  	 	6063	 
	 Section 1.03.
	 	Accounting Terms; GAAP	  	 	64	 
	 Section 1.04.
	 	Rounding	  	 	64	 
	 Section 1.05.
	 	References to Agreements, Laws, Etc.	  	 	64	 
	 Section 1.06.
	 	Times of Day	  	 	65	 
	 Section 1.07.
	 	Timing of Payment of Performance	  	 	65	 
	 Section 1.08.
	 	Pro Forma and Other Calculations	  	 	6265	 
	 Section 1.09.
	 	Letter of Credit Amounts	  	 	6467	 
	 Section 1.10.
	 	Interest Rates; LIBOR Notification	  	 	6467	 
	 Section 1.11.
	 	Divisions	  	 	68	 
	
	ARTICLE II	  

	The Commitments and Credit Extensions	  

			
	 Section 2.01.
	 	The Loans	  	 	6568	 
	 Section 2.02.
	 	Borrowings, Conversions and Continuations of Loans	  	 	6669	 
	 Section 2.03.
	 	Letters of Credit	  	 	6771	 
	 Section 2.04.
	 	Swing Line Loans	  	 	80	 
	 Section 2.05.
	 	Prepayments	  	 	7983	 
	 Section 2.06.
	 	Termination or Reduction of Commitments	  	 	8286	 
	 Section 2.07.
	 	Repayment of Loans	  	 	87	 
	 Section 2.08.
	 	Interest	  	 	8387	 
	 Section 2.09.
	 	Fees	  	 	88	 
	 Section 2.10.
	 	Computation of Interest and Fees	  	 	89	 
	 Section 2.11.
	 	Evidence of Indebtedness	  	 	89	 
	 Section 2.12.
	 	Payments Generally	  	 	8589	 
	 Section 2.13.
	 	Sharing of Payments	  	 	8791	 
	 Section 2.14.
	 	Incremental Credit Extensions	  	 	92	 
	 Section 2.15.
	 	Refinancing Amendments	  	 	9094	 
	 Section 2.16.
	 	Extension Offers	  	 	9195	 
	 Section 2.17.
	 	Defaulting Lenders	  	 	97	 
	
	ARTICLE III	  

	Taxes, Increased Costs Protection and Illegality	  

			
	 SECTION 3.01
	 	Taxes	  	 	98	 
	 SECTION 3.02
	 	Illegality	  	 	101	 
	 SECTION 3.03
	 	Inability to Determine Rates	  	 	97101	 
	 SECTION 3.04
	 	Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans	  	 	98102	 
	 SECTION 3.05
	 	Funding Losses	  	 	104	 
	 SECTION 3.06
	 	Matters Applicable to All Requests for Compensation	  	 	100104	 
	 SECTION 3.07
	 	Replacement of Lenders under Certain Circumstances	  	 	101105	 
	 SECTION 3.08
	 	Survival	  	 	106	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	ARTICLE IV	  

	Conditions Precedent to Credit Extensions	  

			
	 SECTION 4.01
	 	Conditions to the Initial Credit Extensions	  	 	106	 
	 SECTION 4.02
	 	Conditions to All Credit Extensions after the Closing Date	  	 	104108	 
	 SECTION 4.03
	 	Conditions to the Initial Credit Extension of Term B-1 Loans	  	 	109	 
	
	ARTICLE V	  

	Representations and Warranties	  

			
	 SECTION 5.01
	 	Existence, Qualification and Power; Compliance with Laws	  	 	112	 
	 SECTION 5.02
	 	Authorization; No Contravention	  	 	112	 
	 SECTION 5.03
	 	Governmental Authorization; Other Consents	  	 	112	 
	 SECTION 5.04
	 	Binding Effect	  	 	108112	 
	 SECTION 5.05
	 	Financial Statements; No Material Adverse Effect	  	 	113	 
	 SECTION 5.06
	 	Litigation	  	 	113	 
	 SECTION 5.07
	 	FCC Licenses and Matters	  	 	113	 
	 SECTION 5.08
	 	Ownership of Property; Liens	  	 	114	 
	 SECTION 5.09
	 	Environmental Compliance	  	 	110114	 
	 SECTION 5.10
	 	Taxes	  	 	115	 
	 SECTION 5.11
	 	ERISA Compliance	  	 	111115	 
	 SECTION 5.12
	 	Subsidiaries; Equity Interests	  	 	116	 
	 SECTION 5.13
	 	Margin Regulations; Investment Company Act	  	 	116	 
	 SECTION 5.14
	 	Disclosure	  	 	116	 
	 SECTION 5.15
	 	OFAC, Patriot Act and Anti-Terrorism Laws	  	 	116	 
	 SECTION 5.16
	 	Intellectual Property; Licenses, Etc	  	 	117	 
	 SECTION 5.17
	 	Solvency	  	 	113117	 
	 SECTION 5.18
	 	FCPA	  	 	117	 
	 SECTION 5.19
	 	Security Documents	  	 	118	 
	 SECTION 5.20
	 	Use of Proceeds	  	 	118	 
	
	ARTICLE VI	  

	Affirmative Covenants	  

			
	 SECTION 6.01
	 	Financial Statements	  	 	115119	 
	 SECTION 6.02
	 	Certificates; Other Information	  	 	121	 
	 SECTION 6.03
	 	Notices	  	 	122	 
	 SECTION 6.04
	 	Payment of Taxes	  	 	122	 
	 SECTION 6.05
	 	Preservation of Existence, Etc.	  	 	118122	 
	 SECTION 6.06
	 	Maintenance of Properties	  	 	122	 
	 SECTION 6.07
	 	Maintenance of Insurance	  	 	123	 
	 SECTION 6.08
	 	Compliance with Laws	  	 	123	 
	 SECTION 6.09
	 	Books and Records	  	 	123	 
	 SECTION 6.10
	 	Inspection Rights	  	 	119123	 
	 SECTION 6.11
	 	Additional Collateral; Additional Guarantors	  	 	124	 
	 SECTION 6.12
	 	Compliance with Environmental Laws	  	 	126	 
	 SECTION 6.13
	 	Post-Closing Conditions and Further Assurances	  	 	126	 
	 SECTION 6.14
	 	Designation of Subsidiaries	  	 	127	 
	 SECTION 6.15
	 	Administration of Deposit Accounts and Securities Accounts	  	 	123127	 
	 SECTION 6.16
	 	Use of Proceeds	  	 	128	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 SECTION 6.17
	 	Maintenance of Ratings	  	 	128	 
	 SECTION 6.18
	 	Lender Calls	  	 	128	 
	 SECTION 6.19
	 	FCC Matters	  	 	124128	 
	 SECTION 6.20
	 	Compliance with Anti-Corruption Laws and Sanctions	  	 	124128	 
	
	ARTICLE VII	  

	Negative Covenants	  

			
	 SECTION 7.01
	 	Liens	  	 	129	 
	 SECTION 7.02
	 	Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	133	 
	 SECTION 7.03
	 	Fundamental Changes	  	 	133137	 
	 SECTION 7.04
	 	Dispositions	  	 	139	 
	 SECTION 7.05
	 	Restricted Payments	  	 	141	 
	 SECTION 7.06
	 	Investments	  	 	140144	 
	 SECTION 7.07
	 	Transactions with Affiliates	  	 	145	 
	 SECTION 7.08
	 	Burdensome Agreements	  	 	142146	 
	 SECTION 7.09
	 	Financial Covenant	  	 	148	 
	 SECTION 7.10
	 	Accounting Changes	  	 	148	 
	 SECTION 7.11
	 	Change in Nature of Business	  	 	144148	 
	 SECTION 7.12
	 	Sale and Lease-Back Transactions	  	 	144148	 
	 SECTION 7.13
	 	No Violation of Anti-Corruption Laws or Sanctions	  	 	148	 
	
	ARTICLE VIII	  

	Events Of Default and Remedies	  

			
	 SECTION 8.01
	 	Events of Default	  	 	149	 
	 SECTION 8.02
	 	Remedies Upon Event of Default	  	 	147151	 
	 SECTION 8.03
	 	Application of Funds	  	 	152	 
	
	ARTICLE IX	  

	Administrative Agent and Other Agents	  

			
	 SECTION 9.01
	 	Appointment and Authority	  	 	153	 
	 SECTION 9.02
	 	Delegation of Duties	  	 	149153	 
	 SECTION 9.03
	 	Exculpatory Provisions	  	 	149153	 
	 SECTION 9.04
	 	Reliance by Administrative Agent	  	 	150154	 
	 SECTION 9.05
	 	Non-Reliance on Administrative Agent and Other Lenders	  	 	155	 
	 SECTION 9.06
	 	Rights as a Lender	  	 	155	 
	 SECTION 9.07
	 	Resignation of Administrative Agent	  	 	155	 
	 SECTION 9.08
	 	Administrative Agent May File Proofs of Claim	  	 	156	 
	 SECTION 9.09
	 	Collateral and Guaranty Matters	  	 	152157	 
	 SECTION 9.10
	 	No Other Duties, Etc.	  	 	158	 
	 SECTION 9.11
	 	Treasury Services Agreements and Secured Hedge Agreements	  	 	158	 
	 SECTION 9.12
	 	Withholding Tax	  	 	154158	 
	
	ARTICLE X	  

	Miscellaneous	  

			
	 SECTION 10.01
	 	Amendments, Etc.	  	 	159	 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 SECTION 10.02
	 	Notices; Effectiveness; Electronic Communications	  	 	161	 
	 SECTION 10.03
	 	No Waiver; Cumulative Remedies; Enforcement	  	 	163	 
	 SECTION 10.04
	 	Expenses; Indemnity; Damage Waiver	  	 	159163	 
	 SECTION 10.05
	 	Payments Set Aside	  	 	161165	 
	 SECTION 10.06
	 	Successors and Assigns	  	 	161165	 
	 SECTION 10.07
	 	Treatment of Certain Information; Confidentiality	  	 	166170	 
	 SECTION 10.08
	 	Setoff	  	 	167171	 
	 SECTION 10.09
	 	Interest Rate Limitation	  	 	172	 
	 SECTION 10.10
	 	Counterparts; Effectiveness	  	 	172	 
	 SECTION 10.11
	 	Integration	  	 	168172	 
	 SECTION 10.12
	 	Survival of Representations and Warranties	  	 	168172	 
	 SECTION 10.13
	 	Replacement of Lenders	  	 	173	 
	 SECTION 10.14
	 	Severability	  	 	169173	 
	 SECTION 10.15
	 	GOVERNING LAW	  	 	174	 
	 SECTION 10.16
	 	WAIVER OF RIGHT TO TRIAL BY JURY	  	 	170174	 
	 SECTION 10.17
	 	Binding Effect	  	 	175	 
	 SECTION 10.18
	 	No Advisory or Fiduciary Responsibility	  	 	175	 
	 SECTION 10.19
	 	Lender Action	  	 	171175	 
	 SECTION 10.20
	 	USA Patriot Act	  	 	176	 
	 SECTION 10.21
	 	Electronic Execution of Assignments and Certain Other Documents	  	 	176	 
	 SECTION 10.22
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	172176	 
	 SECTION 10.23
	 	Certain ERISA Matters	  	 	177	 
	
	ARTICLE XI	  

	Guarantee	  

			
	 SECTION 11.01
	 	The Guarantee	  	 	178	 
	 SECTION 11.02
	 	Obligations Unconditional	  	 	178	 
	 SECTION 11.03
	 	Reinstatement	  	 	179	 
	 SECTION 11.04
	 	Subrogation; Subordination	  	 	180	 
	 SECTION 11.05
	 	Remedies	  	 	180	 
	 SECTION 11.06
	 	Instrument for the Payment of Money	  	 	180	 
	 SECTION 11.07
	 	Continuing Guarantee	  	 	180	 
	 SECTION 11.08
	 	General Limitation on Guarantee Obligations	  	 	180	 
	 SECTION 11.09
	 	Release of Guarantors	  	 	180	 
	 SECTION 11.10
	 	Right of Contribution	  	 	181	 
	 SECTION 11.11
	 	Subject to Intercreditor Agreement	  	 	181	 
	 SECTION 11.12
	 	Keepwell	  	 	181	 
	 SECTION 11.13
	 	Acknowledgement Regarding Any Supported QFCs	  	 	182	 

  
 iv 

 SCHEDULES 
  

			
	 1.01A
	 	Commitments
	 1.01B
	 	Letter of Credit Commitments
	 1.01C
	 	Excluded Accounts
	 1.01D
	 	Existing Investments
	 5.07(a)
	 	Stations and FCC Licenses
	 5.08
	 	Exceptions to Ownership of Property
	 5.09(b)
	 	Environmental Matters
	 5.12
	 	Subsidiaries and Other Equity Investments
	 6.13(a)
	 	Mortgaged Property
	 6.13(c)
	 	Other Post-Closing Matters
	 6.15
	 	Deposit Accounts and Securities Accounts
	 7.01(b)
	 	Existing Liens
	 7.02(b)
	 	Existing Indebtedness
	 7.07
	 	Existing Transactions with Affiliates
	 7.08
	 	Burdensome Agreements
	 10.02
	 	Administrative Agent’s Office, Certain Addresses for Notices
	
	EXHIBITS
		
	 Form of
	 	
		
	 A
	 	Committed Loan Notice
	 B
	 	Swing Line Loan Notice
	 C-1
	 	Term Note
	 C-2
	 	Revolving Credit Note
	 C-3
	 	Swing Line Note
	 D
	 	Compliance Certificate
	 E
	 	Assignment and Assumption
	 F
	 	Security Agreement
	 G-1
	 	Perfection Certificate
	 G-2
	 	Perfection Certificate Supplement
	 H
	 	Subordinated Intercompany Note
	 I-1
	 	Intercreditor Agreement
	 I-2
	 	Second Lien Intercreditor Agreement
	 J-1
	 	United States Tax Compliance Certificate (Foreign Lenders That Are Not Partnerships)
	 J-2
	 	United States Tax Compliance Certificate (Foreign Participants That Are Not Partnerships)
	 J-3
	 	United States Tax Compliance Certificate (Foreign Participants That Are Partnerships)
	 J-4
	 	United States Tax Compliance Certificate (Foreign Lenders That Are Partnerships)
	 K
	 	Solvency Certificate
	 L
	 	Term B-1 Solvency Certificate

  
 v 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (this “Agreement”) is entered into as of October 17, 2016 among Entercom Media Corp. (formerly
known as CBS Radio Inc.), a Delaware corporation, as borrower (together with its successors and assigns, the “Borrower”), the Guarantors party hereto from time to time, JPMorgan Chase Bank, N.A. (“JPM”), as
Administrative Agent, Collateral Agent, the Swing Line Lender and an L/C Issuer, and each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”). 

PRELIMINARY STATEMENTS 

The Borrower has requested that (i) on the Closing Date, the Term B Lenders lend to the Borrower Term B Loans in an initial principal
amount of $1.06 billion in order to finance the Closing Date Transactions and to finance costs and expenses incurred in connection therewith and (ii) from time to
time until the applicable Maturity Date, the Revolving
Credit Lenders make Revolving Credit Loans and Swing Line Loans to the Borrower and the L/C Issuers issue for the account of the Borrower and its Subsidiaries Letters of Credit. 

The Borrower has requested that on the ETM Acquisition Closing Date, the Initial Term B-1 Lenders lend to the Borrower the Initial Term B-1
Loans in an initial principal amount of up to $500 million in order to finance the ETM Acquisition Closing Date Transactions and to finance costs and expenses incurred in connection therewith. 

At the Amendment No. 2 Effective Time, following the funding of the Initial Term B-1 Loans, the Borrower has requested that all Term B
Loans be converted to Additional Term B-1 Loans or be prepaid from cash on hand of the Borrower and, if applicable, the proceeds of newly funded Additional Term B-1 Loans. 

At the Amendment No. 4 Effective Time, the Borrower has requested that all Term B-1 Loans be converted to Term B-2 Loans or be prepaid
from cash on hand of the Borrower and, if applicable, the proceeds of newly funded Term B-2 Loans. 
 The applicable Lenders have indicated
their willingness to lend, and the L/C Issuers have indicated their willingness to issue Letters of Credit, in each case, on the terms and subject to the conditions set forth herein. 

In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 

ARTICLE I 
 Definitions
and Accounting Terms 
 Section 1.01. Defined Terms. 

As used in this Agreement, the following terms shall have the meanings set forth below: 

“2022 Revolving
Credit Commitment” means, as to each 2022 Revolving Credit Lender, its obligation to make 2022 Revolving Credit Loans to the Borrower pursuant to Section 2.01(b) in an aggregate principal amount at any one time outstanding not to exceed
the amount set forth opposite such Lender’s name on Annex A-1 to Amendment No. 4 under the caption “2022 Revolving Credit Commitment” or in the Assignment and Assumption pursuant to which such Lender becomes a

 
party
 hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including Section 2.14). The aggregate 2022 Revolving Credit Commitments of all 2022 Revolving Credit Lenders shall be $22,727,272.72
immediately following the Amendment No. 4 Effective Time, as such amount may be adjusted from time to time in accordance with the terms of this Agreement.  

“2022 Revolving
Credit Exposure” means, as to each 2022 Revolving Credit Lender, the outstanding principal amount of such 2022 Revolving Credit Lender’s 2022 Revolving Credit Loans. 

“2022 Revolving
Credit Facility” means, at any time, the aggregate amount of the 2022 Revolving Credit Lenders’ 2022 Revolving Credit Commitments at such time. 

“2022 Revolving
Credit Lender” has the meaning specified in Amendment No. 4.  
 “2022 Revolving Credit Loans” has the meaning specified in Section 2.01(b)(ii)(A). 

“2024 Revolving
Credit Commitment” means, as to each 2024 Revolving Credit Lender, its obligation to (a) make 2024 Revolving Credit Loans to the Borrower pursuant to Section 2.01(b), (b) purchase participations in L/C Obligations in respect of
Letters of Credit, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Annex A-1 to Amendment No. 4 under
the caption “2024 Revolving Credit Commitment” or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement
(including Section 2.14). The aggregate 2024 Revolving Credit Commitments of all 2024 Revolving Credit Lenders shall be $227,272,727.28 immediately following the Amendment No. 4 Effective Time, as such amount may be adjusted from time to
time in accordance with the terms of this Agreement.  

“2024 Revolving
Credit Exposure” means, as to each 2024 Revolving Credit Lender, the sum of the amount of the outstanding principal amount of such 2024 Revolving Credit Lender’s Revolving Credit Loans and its Pro Rata Share (calculated solely on the basis
of the 2024 Revolving Credit Facility) of the amount of the L/C Obligations and the Swing Line Obligations at such time. 

“2024 Revolving
Credit Facility” means, at any time, the aggregate amount of the 2024 Revolving Credit Lenders’ 2024 Revolving Credit Commitments at such time.  

“2024 Revolving
Credit Lender” has the meaning specified in Amendment No. 4.  
 “2024 Revolving Credit Loans” has the meaning specified in Section 2.01(b)(ii)(B). 

“Accounting Opinion” has the meaning set forth in Section 6.01(a). 

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

(a) Indebtedness of any other Person existing at the time such other Person is merged with or into or became 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 

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

 “Acquisition” means the purchase or acquisition in a single transaction or a series of related transactions by the
Borrower and its Subsidiaries of (a) Equity Interests of any other Person (other than an existing Subsidiary of the Borrower) such that such other Person becomes a direct or indirect Subsidiary of the Borrower or (b) all or substantially
all of the property of another Person or all or substantially all of the property comprising a division, business unit or line of business of another Person (in each case other than a Subsidiary of the Borrower), whether or not involving a merger or
consolidation with such other Person. “Acquire” has a meaning correlative thereto. 
 “Additional Lender”
has the meaning set forth in Section 2.14(c). 
 “Additional Refinancing Lender” means, at any time, any bank,
financial institution or other institutional lender or investor that, in any case, is not an existing Lender and that agrees to provide any portion of Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with
Section 2.15; provided, that each Additional Refinancing Lender shall be subject to the approval of the Administrative Agent, such approval not to be unreasonably withheld or delayed, to the extent that any such consent would be
required from the Administrative Agent under Section 10.06(b)(iii)(B) for an assignment of Loans to such Additional Refinancing Lender, solely to the extent such consent would be required for any assignment to such Lender. 

“Additional Revolving Borrower Joinder” means the joinder hereto by any Loan Party, as an additional joint and several
Borrower under the Revolving Credit Facility, pursuant to a joinder agreement among the Administrative Agent, the Borrower and such Loan Party in form and substance reasonably acceptable to the Administrative Agent. 

“Additional Term B-1 Lender” means the Lender identified as such in Amendment No. 2. 

“Additional Term B-1 Loan” has the meaning assigned to such term in Section 2.01(a). 

“Additional Term B-1 Loan Commitment” means the obligation of the Additional Term B-1 Lender to make an Additional Term B-1
Loan immediately following the Amendment No. 2 Effective Time in an aggregate principal amount equal to $340,276,116.77, which represents the excess of $830,000,000 over the aggregate principal amount of Converted Term B Loans. 

“Administrative Agent” means JPM, in its capacity as administrative agent under any of the Loan Documents, or any successor
administrative agent. 
 “Administrative Agent Fee Letter” means that certain fee letter agreement, dated the date hereof,
between the Borrower and the Administrative Agent, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time. 

“Administrative Agent’s Office” means the Administrative Agent’s address and account as set forth on Schedule
10.02, or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 

  
 3 

 “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. 
 “Agent Parties” has the meaning set forth
in Section 10.02(c). 
 “Agents” means, collectively, the Administrative Agent, the Collateral Agent, the
Co-Documentation Agents and the Co-Syndication Agents. 
 “Aggregate Commitments” means the Commitments of all the Lenders.

 “Agreement” has the meaning set forth in the introductory paragraph to this Agreement. 

“All-In Yield” means, at any time, with respect to any Term Loan or other Indebtedness, the weighted average yield to stated
maturity of such Term Loan or other Indebtedness based on the interest rate or rates applicable thereto and giving effect to all upfront or similar fees or original issue discount payable to the Lenders or other creditors advancing such Term Loan or
other Indebtedness with respect thereto (but not arrangement or underwriting fees paid to an arranger for their account) and to any interest rate “floor” (with original issue discount and upfront fees, which shall be deemed to constitute
like amounts of original issue discount, being equated to interest margins in a manner consistent with generally accepted financial practice based on an assumed four-year life to maturity); provided, that with respect to calculating the
All-In Yield of Incremental Term Loans pursuant to the proviso in Section 2.14(b)(v), if the Eurodollar Rate in respect of the Incremental Term Loans referenced in Section 2.14(b)(v) includes an interest rate
“floor” greater than the interest rate “floor” applicable to any series of then-outstanding Term Loans, such increased amount shall be equated to interest rate for purposes of determining whether an increase to the interest rate
margins applicable to such series of Term Loans shall be required pursuant to the proviso in Section 2.14(b)(v), in the reasonable discretion of the Administrative Agent. 

“Alternative Currency” means Canadian Dollars or any other lawful currency which is freely convertible into Dollars and is
freely traded and available in the London interbank eurocurrency market with the consent of the Administrative Agent and the applicable L/C Issuer. 

“Amendment No. 1” means Amendment No. 1 to this Agreement, dated as of March 3, 2017, by and among the
Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto. 
 “Amendment No. 1 Effective Date”
has the meaning set forth in Amendment No. 1. 
 “Amendment No. 2” means Amendment No. 2 to this Agreement,
dated as of November 17, 2017, by and among the Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto. 

“Amendment No. 2 Arrangers” means each of Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc., Citigroup Global
Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America
Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement), RBC
Capital Markets, TD Securities (USA) LLC, U.S. Bank, National Association and Wells Fargo Securities, LLC in their respective capacities as joint lead arrangers and joint bookrunners in connection with Amendment No. 2. 

  
 4 

 “Amendment No. 2 Consenting Lender” means each Term B Lender that has
returned an executed counterpart to Amendment No. 2 to the Administrative Agent prior to the Amendment No. 2 Effective Time. 

“Amendment No. 2 Effective Time” has the meaning set forth in Amendment No. 2. 

“Amendment No. 3” means Amendment No. 3 to this Agreement, dated as of April 30, 2019, by and among the
Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto. 
 “Amendment No. 4” means Amendment
No. 4 to this Agreement, dated as of [            ]December 13, 2019, by and among the Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto. 

“Amendment
No. 4 Arrangers” means each of the financial institutions listed on the cover page hereof as “Joint Lead Arrangers and Joint Bookrunners for Amendment No. 4” in their respective capacities as joint lead arrangers and joint
bookrunners in connection with Amendment No. 4. 
 “Amendment No. 4 Effective Time” has the meaning set
forth in Amendment No. 4. 
 “Anti-Corruption Laws” means all Laws applicable to the Borrower or its Subsidiaries from
time to time concerning or relating to bribery, money laundering or corruption, including, without limitation, the FCPA. 

“Anti-Terrorism Order” means that certain Executive Order 13224, issued on September 23, 2001. 

“Applicable Percentage” means with respect to any Revolving Credit Lender of any Class, the percentage of the total Revolving Credit
Commitments of such Class represented by such
Revolving Credit Lender’s Revolving Credit Commitment in respect of such Class. If the Revolving Credit Commitments of such Class have terminated or expired, the Applicable Percentages shall be determined based upon the Revolving Credit Commitments
of such Class most recently in effect, giving effect
to any assignments. 
 “Applicable Period” has the meaning set forth in the definition of “Applicable
Rate.” 
 “Applicable Rate” means a percentage per annum equal to: 

(a) with respect to Term B-2 Loans,
[            
]2.50% in the case of Eurodollar Rate Loans and [            
]1.50% in the case of Base Rate Loans. 

(b) with respect to
2024 Revolving Credit Loans, unused 2024 Revolving Credit Commitments and Letter of Credit fees,
(i) until the first delivery of financial statements after the Amendment No. 4 Effective Time pursuant to Section 6.01, (A) for Eurodollar Rate Loans, 2.00%, (B) for Base Rate Loans, 1.00%, (C) for Letter of
Credit fees, 2.00% and (D) for unused commitment fees, 0.375% and (ii) thereafter, the following percentages per annum, based upon the Consolidated Net First Lien Leverage Ratio as set forth in the most recent Compliance Certificate
received by the Administrative Agent pursuant to Section 6.02(a): 

  
 5 

 Applicable Rate 
  

									
	 Pricing

Level
	  	Consolidated Net First Lien
Leverage Ratio	  	Eurodollar Rate and Letter
of Credit Fees	  	Base Rate	  	Unused Commitment Fee
Rate
	 1
	  	£ 1.50:1.00	  	1.50%	  	0.50%	  	0.250%
	 2
	  	 > 1.50:1.00 and

£ 2.00:1.00
	  	1.75%	  	0.75%	  	0.375%
	 3
	  	 > 2.00:1.00 and

£ 2.50:1.00
	  	2.00%	  	1.00%	  	0.375%
	 4
	  	> 2.50:1.00	  	2.25%	  	1.25%	  	0.50%

(c) with respect to 2022
Revolving Credit Loans and unused 2022 Revolving Credit Commitments, (i) until delivery of financial statements for the first full fiscal quarter commencing on or after the Amendment No. 2 Effective Time pursuant to Section 6.01,
(A) for Eurodollar Rate Loans, 2.25% and (B) for Base Rate Loans, 1.25% and (C) for unused commitment fees, 0.50% and (ii) thereafter, the following percentages per
annum, based upon the Consolidated Net Secured Leverage Ratio as set forth in the most recent Compliance
Certificate received by the Administrative Agent pursuant to Section 6.02(a): 
 Applicable Rate 
  

									
	 Pricing

Level
	  	Consolidated Net Secured
Leverage Ratio	  	Eurodollar Rate and Letter
of Credit Fees	  	Base Rate	  	Unused Commitment Fee
Rate
	
1
	  	< 1.50:1.00	  	1.50%	  	0.50%	  	0.375%
	
2
	  	 > 1.50:1.00 and

 < 2.00:1.00
	  	1.75%	  	0.75%	  	0.375%
	
3
	  	 > 2.00:1.00 and

 < 2.50:1.00
	  	2.00%	  	1.00%	  	0.50%
	
4
	  	> 2.50:1.00	  	2.25%	  	1.25%	  	0.50%

  
 6 

 AnyWith respect to clauses (b) and (c) above, any increase or decrease in the Applicable Rate resulting from a change
in the Consolidated Net First Lien Leverage Ratio or Consolidated Net Secured Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, that the highest
Pricing Level shall apply as of the first Business Day after the date on which a Compliance Certificate was required to have been delivered but was not delivered, and shall continue to so apply up to and including the date on which such Compliance
Certificate is so delivered (and thereafter the Pricing Level otherwise determined in accordance with this definition shall apply). 

In the event that any Compliance Certificate is shown by the Administrative Agent to be inaccurate (whether as a result of an inaccuracy in
the financial statements on which such Compliance Certificate is based, a mistake in calculating the applicable Consolidated Net First Lien Leverage Ratio or otherwise) at any time that this Agreement is in effect and any Loans or Commitments are
outstanding such that the Applicable Rate for any period (an “Applicable Period”) should have been higher than the Applicable Rate applied for such Applicable Period, then (i) the Borrower shall promptly (and in no event later
than five (5) Business Days thereafter) deliver to the Administrative Agent a corrected Compliance Certificate for such Applicable Period; (ii) the Applicable Rate shall be determined by reference to the corrected Compliance Certificate
(but in no event shall the Lenders owe any amounts to the Borrower); and (iii) the Borrower shall pay to the Administrative Agent promptly (and in no event later than five (5) Business Days after the date such corrected Compliance
Certificate is delivered) any additional interest owing as a result of such increased Applicable Rate for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with the terms hereof.
Notwithstanding anything to the contrary in this Agreement, any nonpayment of such interest as a result of any such inaccuracy shall not constitute a Default (whether retroactively or otherwise), and no such amounts shall be deemed overdue (and no
amounts shall accrue interest at the Default Rate), at any time prior to the date that is five (5) Business Days following the date such corrected Compliance Certificate is delivered. The Borrower’s Obligations under this paragraph shall
survive the termination of the Aggregate Commitments and the repayment of all other Obligations hereunder. 
 “Appropriate
Lender” means, at any time, (a) with respect to Loans of any Class, the Lenders of such Class, (b) with respect to Letters of Credit, (i) the relevant L/C Issuers and (ii) the Revolving Credit Lenders, and (c) with
respect to the Swing Line Facility, (i) the relevant Swing Line Lender and (ii) if any Swing Line Loans are outstanding pursuant to Section 2.04(a), the Revolving Credit Lenders. 

“Approved Fund” means any Fund that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a
Lender, or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender. 
 “Arrangers”
means, (a) JPMorgan Chase Bank, N.A., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs Bank USA, Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services
or related businesses may be transferred following the date of this Agreement), in their capacities as lead arrangers and/or lead bookrunners, (b) with respect to Amendment No. 1 and the Initial Term B-1 Loans, (i) Goldman Sachs Bank
USA, Morgan Stanley Senior Funding, Inc., Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or
substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement), Wells Fargo Securities, LLC,
JPMorgan Chase Bank, N.A., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., in their capacities as lead arrangers and lead bookrunners and (ii) BNP Paribas Securities Corp., Sumitomo Mitsui Banking Corporation, U.S. Bank National
Association, TD Securities (USA) LLC and SG Americas Securities, LLC, in their capacities as co-managers, (c) with respect to Amendment No. 2, the Amendment No. 2 Arrangers and (d) with respect to Amendment No. 34, the Amendment No. 34 Arrangers. 

  
 7 

 “Assignee Group” means two or more Eligible Assignees that are Affiliates
of one another or two or more Approved Funds managed by the same investment advisor. 
 “Assignment and Assumption” means
an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)(iii), and accepted by the Administrative Agent, in substantially the form of
Exhibit E hereto or any other form (including electronic documentation generated by any electronic platform) approved by the Administrative Agent. 

“Attorney Costs” means and includes all reasonable fees, expenses and disbursements of any law firm or other external legal
counsel. 
 “Attributable Indebtedness” means, on any date of determination, in respect of any Sale and Leaseback
Transaction, the present value of the total obligations of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction, including any period for which such lease has been extended or may,
at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 

“Audited Financial Statements” means the audited consolidated balance sheet of the Borrower and its Subsidiaries as of each
of December 31, 2015, 2014 and 2013, and the related audited consolidated statements of income, of changes in shareholders’ equity and of cash flows for the Borrower and its Subsidiaries for the fiscal years ended December 31, 2015,
2014 and 2013, respectively. 
 “Auto-Extension Letter of Credit” has the meaning set forth in Section 2.03(b)(iii).

 “Available Amount” means, at any time, the sum of (a) (i) $150 million plus (ii) the Cumulative
Retained Excess Cash Flow Amount plus (b) 100% of the aggregate net cash proceeds and the fair market value, as determined in good faith by the Borrower, of marketable securities or other property received by the Borrower since
immediately after the Closing Date from the issue or sale of (i) Equity Interests of the Borrower, but excluding cash proceeds and the fair market value, as determined in good faith by the Borrower, of marketable securities or other property
received from the IPO and (ii) Indebtedness or Disqualified Stock of the Borrower or a Restricted Subsidiary that has been converted into or exchanged for Equity Interests of the Borrower (provided, however, that this clause
(ii) shall not include the proceeds of (x) Equity Interests, Indebtedness or Disqualified Stock of the Borrower sold to a Restricted Subsidiary or the Borrower or (y) Disqualified Stock or Indebtedness that has been converted or
exchanged into Disqualified Stock) plus (c) 100% of the aggregate amount of cash and the fair market value, as determined in good faith by the Borrower, of marketable securities or other property contributed to the capital of the
Borrower following the Closing Date (other than by a Restricted Subsidiary) plus (d) to the extent (i) not already reflected as a return of capital with respect to such Investment for purposes of determining the amount of such
Investment and (ii) not already reflected in the calculation of Consolidated Net Income, the proceeds received by the Borrower or any Restricted Subsidiary during the period from and including the day immediately following the Closing Date
through and including such time in connection with cash returns, cash profits, cash distributions and similar cash amounts, including cash principal repayments of loans, in each case received in respect of any Investment made after the Closing Date
pursuant to clause (r) of the definition of “Permitted Investment” (in an amount not to exceed the original amount of such Investment); provided, that each usage of the Available Amount pursuant to
Section 7.05(a) or clause (r) of the definition of “Permitted Investment” shall result in a dollar-for-dollar reduction in the Available Amount. 

  
 8 

 “Bail-In Action” means the exercise of any Write-Down and Conversion Powers
by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing Law for such EEA Member Country from time to
time which is described in the EU Bail-In Legislation Schedule. 
 “Base Rate” means, for any day, a rate per annum equal
to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Eurodollar Rate for
a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that for the purpose of this definition, the Eurodollar Rate for any day shall be based on the LIBO Screen Rate
(or if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the Base Rate due to a change in the Prime Rate, the NYFRB Rate or the
Eurodollar Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Eurodollar Rate, respectively. If the Base Rate is being used as an alternate rate of interest pursuant to
Section 3.03 (for the avoidance of doubt, only until any amendment has become effective pursuant to Section 3.03(b)), then the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference
to clause (c) above. For the avoidance of doubt, if the Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement. 

“Base Rate Loan” means a Loan that bears interest based on the Base Rate. 

“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may be a SOFR-Based Rate) that
has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body and/or
(ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the Eurodollar Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment;
provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement; provided, further, that any such Benchmark Replacement
shall be administratively feasible as determined by the Administrative Agent in its sole discretion. 
 “Benchmark Replacement
Adjustment” means the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due
consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Eurodollar Rate with the applicable Unadjusted Benchmark Replacement by the
Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Eurodollar Rate with the
applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time (for the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the form of a reduction to the Applicable Rate).

  
 9 

 “Benchmark Replacement Conforming Changes” means, with respect to any
Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments
of interest and other administrative matters) that the Administrative Agent decides in its reasonable discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by
the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent
determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this
Agreement). 
 “Benchmark Replacement Date” means the earlier to occur of the following events with respect to the
Eurodollar Rate: 
 (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the LIBO Screen Rate permanently or indefinitely ceases to provide the LIBO Screen Rate; or 

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein. 
 “Benchmark Transition Event” means the occurrence of one or more of the following
events with respect to the Eurodollar Rate: 
 (1) a public statement or publication of information by or on behalf of the administrator of
the LIBO Screen Rate announcing that such administrator has ceased or will cease to provide the LIBO Screen Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide the LIBO Screen Rate; 
 (2) a public statement or publication of information by the regulatory supervisor for the
administrator of the LIBO Screen Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the LIBO Screen Rate, a resolution authority with jurisdiction over the administrator for the LIBO Screen
Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBO Screen Rate, in each case which states that the administrator of the LIBO Screen Rate has ceased or will cease to provide the LIBO
Screen Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO Screen Rate; and/or 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Screen Rate announcing that
the LIBO Screen Rate is no longer representative. 
 “Benchmark Transition Start Date” means (a) in the case of a
Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the
expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and
(b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the
Lenders. 

  
 10 

 “Benchmark Unavailability Period” means, if a Benchmark Transition Event
and its related Benchmark Replacement Date have occurred with respect to the Eurodollar Rate and solely to the extent that the Eurodollar Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such
Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the Eurodollar Rate for all purposes hereunder in accordance with Section 3.03 and (y) ending at the time that a Benchmark Replacement has
replaced the LIBO Rate for all purposes hereunder pursuant to Section 3.03. 
 “Beneficial Ownership Certification”
means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation. 
 “Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230. 
 “Benefit Plan” means any of (a) an “employee
benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of the Plan Asset Regulations or
otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Borrower” means, collectively, (a) the “Borrower” as defined in
the introductory paragraph to this Agreement (provided, that when used in the context of determining fair market value of an asset or liability under this Agreement, “Borrower” will mean the board of directors (or equivalent
body) of the Borrower (or a duly appointed committee thereof) when the fair market value is equal to or in excess of $25 million) and (b) in the case of the Revolving Credit Facility only, such other Loan Parties, on a joint and several basis
with the Borrower, as may be requested by the Borrower (as defined in the introductory paragraph to this Agreement) upon at least ten (10) business days’ notice to the Administrative Agent; provided, that, in respect of each Person
that becomes a Borrower under the Revolving Credit Facility pursuant to this clause (b), (i) such Loan Party shall have executed an Additional Revolving Borrower Joinder, (ii) such Loan Party shall have provided (or caused to be
provided) such legal opinions and other documentation reasonably requested by the Administrative Agent (or any Revolving Credit Lender) and consistent with the documentation delivered under Section 4.01 with respect to the Borrower on
the Closing Date (including any additional information that may be necessary to comply with “know your customer” and other applicable laws and regulations), (iii) such Person shall thereafter comply with the provisions of this
Agreement applicable to the Borrower, and (iv) the funding of Loans to such Loan Party by any Revolving Credit Lender shall not violate any Requirement of Law applicable to such Revolving Credit Lender. 

“Borrower Materials” has the meaning assigned to such term in Section 6.02. 

“Borrowing” means a Revolving Credit Borrowing, a Swing Line Borrowing, or a Term Borrowing, as the context may require. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in, the state of New York; provided that if such day relates to any interest rate settings as to a Eurodollar Rate Loan, any fundings, disbursements, settlements and payments in respect of any such
Eurodollar Rate Loan, or any other dealings to be carried out pursuant to this Agreement in respect of any such Eurodollar Rate Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar
deposits in the London interbank eurodollar market. 

  
 11 

 “Capital Expenditures” means, for any period, all amounts which are set
forth on the consolidated statement of cash flows of the Borrower for such period as “capital expenditures” in accordance with GAAP. 

“Capital Stock” means: 

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

(b) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (c) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (d) 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 Capitalized 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. 

“Capitalized Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases.

 “Cash Collateral” has the meaning specified in Section 2.03(g). 

“Cash Collateral Account” means a blocked account at JPM (or another commercial bank selected in compliance with
Section 9.09) in the name of the Administrative Agent and under the sole dominion and control of the Administrative Agent, and otherwise established in a manner satisfactory to the Administrative Agent. 

“Cash Collateralize” has the meaning specified in Section 2.03(g). 

“Cash Equivalents” means: 

(a) United States dollars; 

(b) (A) euro, or any national currency of any member state of the European Union; or (B) in the case of any Foreign
Subsidiary that is a Restricted Subsidiary, such local currencies held by them from time to time in the ordinary course of business; 

(c) 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 twenty four (24) months or less from the date of acquisition; 

(d) certificates of deposit, time deposits and dollar 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 $500 million in the case of U.S. banks and $100 million (or
the U.S. dollar equivalent as of the date of determination) in the case of non-U.S. banks; 

  
 12 

 (e) repurchase obligations for underlying securities of the types described
in clauses (c) and (d) entered into with any financial institution meeting the qualifications specified in clause (d) above; 

(f) commercial paper rated at least P-1 by Moody’s or at least A-1 by S&P and in each case maturing within twenty four
(24) months after the date of creation thereof; 
 (g) 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 twenty four (24) months after the date of creation thereof; 
 (h) 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 twenty four (24) months or less from
the date of acquisition; 
 (i) Investments with average maturities of twenty four (24) months or less from the date of
acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s; and 

(j) investment funds investing 95% of their assets in securities of the types described in clauses (a) through
(i) above). 
 Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those
set forth in clauses (a) and (b) above, provided that such amounts are converted into any currency listed in clauses (a) and (b) as promptly as practicable and in any event within ten
(10) Business Days following the receipt of such amounts. 
 “Casualty Event” means any event that gives rise to the
receipt by the Borrower or any Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment, fixed assets
or real property. 
 “CBS Corporation” means CBS Corporation, a Delaware corporation. 

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as subsequently amended.

 “CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by
the U.S. Environmental Protection Agency. 
 “CFC” means a “controlled foreign corporation” within the meaning of
Section 957 of the Code. 
 “CFC Holdco” means a Domestic Subsidiary substantially all of the assets of which consist,
directly or indirectly, of equity of one or more Foreign Subsidiaries that are CFCs. 

  
 13 

 “Change in Law” means the occurrence, after the date of this Agreement, of
any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any
Governmental Authority, or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, that notwithstanding anything herein to the contrary,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law,” regardless of the date enacted, adopted or issued. 
 “Change of Control” means any of the following:

 (a) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of
the Borrower and its Subsidiaries, taken as a whole, to any Person other than a Permitted Holder; 
 (b) the Borrower 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), 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, or any successor provision), other than a
Permitted Holder, 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 the Voting Stock of the Borrower (directly or through the acquisition of voting power of Voting Stock of any direct or indirect parent company of the Borrower); 

(c) during any period of two (2) consecutive years, individuals who at the beginning of such period were members of the
board of directors (or equivalent body) of the Borrower (together with any new members thereof whose election by such board of directors (or equivalent body) or whose nomination for election by holders of Capital Stock of the Borrower was approved
by a vote of a majority of the members of such board of directors (or equivalent body) then still in office who were either members thereof at the beginning of such period or whose election or nomination for election was previously so approved)
cease for any reason to constitute a majority of such board of directors (or equivalent body) then in office; 
 (d) the
approval of any plan or proposal for the winding up or liquidation of the Borrower; or 
 (e) a “change of control”
(or similar event) shall occur under the Senior Notes Indenture or any Indebtedness for borrowed money or any Disqualified Stock, in each case incurred by any Loan Party as permitted under Section 7.02 with an aggregate outstanding
principal amount in excess of the Threshold Amount. 
 For purposes of this definition, any direct or indirect parent company of the
Borrower shall not itself be considered a “Person” or “group” for purposes of clause (b) above; provided, that (i) no “Person” or “group” other than a Permitted Holder beneficially
owns, directly or indirectly, 50% or more of the total voting power of the Voting Stock of such parent company and (ii) such parent company does not 

  
 14 

 
own any material assets other than the Equity Interests in the Borrower or a direct or indirect parent company of the Borrower. Notwithstanding anything to the contrary herein, it is understood
and agreed that the ETM Acquisition Closing Date Transactions shall not constitute a Change of Control so long as no Person or group (as determined pursuant to clause (b) above) has beneficial ownership (as determined pursuant to clause
(b) above) of 50% or more of the voting power of the Voting Stock of Entercom immediately after the ETM Acquisition Closing Date Transactions. 

“Class” means (a) when used with respect to Lenders, refers to whether such Lenders are 2024 Revolving Credit Lenders, 2022 Revolving Credit Lenders,
Term B-1 Lenders, Term B-2 Lenders or Lenders in respect of any other series of Term
Loans or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments are
2022 Revolving Credit Commitments, 2024 Revolving
Credit Commitments, Term B-1 Commitments, Term B-2 Commitments or Commitments in respect of any other series of Term Loans, and (c) when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are 2022 Revolving Credit Loans, 2024 Revolving Credit Loans, Term
B-1 Loans, Term B-2 Loans or any other series of Term Loans. 

“Closing Date” means the date on which the conditions precedents set forth in Section 4.01 are satisfied or duly
waived. 
 “Closing Date Transactions” means, collectively (a) the funding of the Loans on the Closing Date and the
execution and delivery of Loan Documents to be entered into on the Closing Date, (b) the Debt Proceeds Transfer, and (c) the payment of Closing Date Transaction Expenses. 

“Closing Date Transaction Expenses” means any fees or expenses incurred or paid by the Borrower (or any direct or indirect
parent of the Borrower) or any of their respective Subsidiaries in connection with the Closing Date Transactions (including expenses in connection with hedging transactions), this Agreement and the other Loan Documents and the transactions
contemplated hereby and thereby. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Co-Documentation Agents” means JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Wells Fargo Bank, N.A., Credit Suisse
Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of
its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement), as co-documentation agents. 

“Collateral” means the “Collateral” as defined in the Security Agreement, all the “Collateral” or
“Pledged Assets” as defined in any other Collateral Document and any other assets a Lien in which is granted or purported to be granted pursuant to any Collateral Documents. 

“Collateral Agent” means JPM, in its capacity as collateral agent or pledgee in its own name under any of the Loan Documents,
or any successor collateral agent. 
 “Collateral Documents” means, collectively, the Security Agreement, each of the
Mortgages, collateral assignments, security agreements, pledge agreements, the Intellectual Property Security Agreements, the Control Agreements or other similar agreements delivered to the Administrative Agent and the Lenders pursuant to
Section 6.11 or Section 6.13, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties. 

  
 15 

 “Commitment” means a Term Commitment or a Revolving Credit Commitment of
any Class or of multiple Classes, as the context may require. 
 “Committed Loan Notice” means a notice of (a) a
Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A hereto. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Communications Act” has the meaning specified in Section 5.07(b). 

“Communications Laws” has the meaning specified in Section 5.07(b). 

“Compliance Certificate” means a certificate substantially in the form of Exhibit D hereto. 

“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology
for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Period) being established by
the Administrative Agent in accordance with: 
 (1) the rate, or methodology for this rate, and conventions for this rate selected or
recommended by the Relevant Governmental Body for determining compounded SOFR; provided that: 
 (2) if, and to the extent that, the
Administrative Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that the Administrative Agent determines in its reasonable
discretion are substantially consistent with any evolving or then-prevailing market convention for determining compounded SOFR for U.S. dollar-denominated syndicated credit facilities at such time; 

provided, further, that if the Administrative Agent decides that any such rate, methodology or convention determined in
accordance with clause (1) or clause (2) is not administratively feasible for the Administrative Agent, then Compounded SOFR will be deemed unable to be determined for purposes of the definition of “Benchmark Replacement.” 

“Consolidated Current Assets” means, at any date, all amounts (other than cash and Cash Equivalents) that would, in
conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries at such date. 

“Consolidated Current Liabilities” means, at any date, all amounts that would, in conformity with GAAP, be set forth opposite
the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries at such date, but excluding (a) the current portion of any Funded Debt of the Borrower and
its Restricted Subsidiaries and (b) without duplication of clause (a) above, all Indebtedness consisting of Revolving Credit Loans or Swing Line Loans to the extent otherwise included therein. 

  
 16 

 “Consolidated Depreciation and Amortization Expense” means, with respect to
any Person, for any period, 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 otherwise
determined in accordance with GAAP. 
 “Consolidated EBITDA” means, with respect to any Person for any period, the
Consolidated Net Income of such Person for such period: 
 (a) increased (without duplication) by: 

(A) provision for taxes based on income or profits or capital gains, including, federal, state, non-U.S. franchise, excise,
value added and similar taxes and foreign withholding taxes of such Person paid or accrued during such period, including any penalties and interest relating to such taxes or arising from any tax examinations, deducted (and not added back) in
computing Consolidated Net Income; plus 
 (B) Consolidated Interest Expense of such Person for such period;
plus 
 (C) Consolidated Depreciation and Amortization Expense of such Person for such period to the extent the same
were deducted (and not added back) in computing Consolidated Net Income; plus 
 (D) any fees, expenses or charges
related to the IPO, any Equity Offering, Permitted Investment, acquisition, disposition, recapitalization or the incurrence or repayment of Indebtedness permitted to be incurred in accordance with this Agreement (including a refinancing thereof)
(whether or not successful), including such fees, expenses or charges related to (i) the offering of the Senior Notes or the Loan Documents, including Amendment No. 1, (ii) any amendment or other modification of the Senior Notes and
(iii) the other Transactions and the ETM Acquisition Closing Date Transactions, in each case, deducted (and not added back) in computing Consolidated Net Income; plus 

(E) the amount of any (i) restructuring charge or reserve deducted (and not added back) in such period in computing
Consolidated Net Income, including any restructuring costs incurred in connection with Acquisitions, mergers or consolidations after the Closing Date and (ii) other non-recurring charges in an amount of up to $5 million in any 12 month period,
including any non-ordinary course legal expenses; plus 
 (F) any other non-cash charges, including asset impairments,
any write offs or write downs and non-cash compensation expenses recorded from grants of stock appreciation or similar rights, stock options, restricted stock or other rights, reducing Consolidated Net Income for such period (provided, that
if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA in such future period to the extent
paid, but excluding from this proviso, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior period); plus 

(G) the amount of any minority interest expense consisting of Subsidiary income attributable to minority equity interests of
third parties in any non-Wholly-Owned Subsidiary deducted (and not added back) in such period in calculating Consolidated Net Income; plus 

  
 17 

 (H) the amount of loss on sale of receivables and related assets to the
Receivables Subsidiary in connection with a Receivables Facility permitted to be incurred pursuant to Section 7.02(b)(19); plus 

(I) any costs or expense incurred by the Borrower 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 subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Borrower or net
cash proceeds of an issuance of Equity Interest of the Borrower (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation of the Available Amount; plus 

(J) the amount of cost savings, operating expense reductions, other operating improvements and initiatives and synergies
projected by the Borrower in good faith to be reasonably anticipated to be realizable within eighteen (18) months of the date of any Investment, Acquisition, Disposition, merger, consolidation or other action being given pro forma effect
(which will be added to Consolidated EBITDA as so projected until fully realized and calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, other operating improvements and initiatives and synergies had been
realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions; provided that (x) all steps have been taken or are expected to be taken within eighteen (18) months of
the date of such Investment, Acquisition, Disposition, merger, consolidation or other action for realizing such cost savings, (y) such cost savings are reasonably identifiable and factually supportable (in the good faith determination of the
Borrower) and (z) the aggregate amount of cost savings, operating expense reductions, other operating improvements and initiatives and synergies added back pursuant to this clause (J) in any Test Period shall not exceed 30% of
Consolidated EBITDA (prior to giving effect to such addbacks); 
 (b) decreased by (without duplication) 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 Consolidated EBITDA in any prior period; and

 (c) increased or decreased by (without duplication): 

(A) any net loss or gain, respectively, resulting in such period from Hedging Obligations and the application of Financial
Accounting Codification No. 815-Derivatives and Hedging; plus or minus, as applicable, and 
 (B) any net
loss or gain, respectively, resulting in such period from currency translation gains or losses related to currency remeasurements of Indebtedness (including any net loss or gain resulting from hedge agreements for currency exchange risk). 

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

  
 18 

 (a) 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 (i) amortization of original issue discount resulting from the issuance of Indebtedness at less than par,
(ii) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (iii) non-cash interest expense (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), (iv) the interest component of Capitalized Lease Obligations, (v) imputed interest with respect to Attributable Indebtedness, and (vi) net
payments, if any, pursuant to interest rate Hedging Obligations with respect to Indebtedness, and excluding (w) interest on any Subordinated Intercompany Note, (x) amortization of deferred financing fees, debt issuance costs, 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 Receivables Facility permitted to be
incurred pursuant to Section 7.02(b)(19)); plus 
 (b) consolidated capitalized interest of such Person
and such Subsidiaries for such period, whether paid or accrued; plus 
 (c) whether or not treated as interest expense
in accordance with GAAP, all cash dividends or other distributions accrued (excluding dividends payable solely in Equity Interests (other than Disqualified Stock) of the Borrower) on any series of Disqualified Stock or any series of Preferred Stock
during 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 First Lien Leverage Ratio” means, as of the date of determination, the ratio of (a) the Consolidated
Total Net Debt of the Borrower and its Restricted Subsidiaries on such date that is secured by Liens (other than Liens ranking junior to the Lien on the Collateral securing the Obligations), to (b) Consolidated EBITDA of the Borrower and its
Restricted Subsidiaries for the most recently ended Test Period. 
 “Consolidated Net Income” means, with respect to any
Person for any period, the aggregate Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided, however, that, without duplication:

 (a) any after-tax effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses
relating thereto) or expenses (including expenses relating to (i) severance and relocation costs, (ii) any rebranding or corporate name change or (iii) uninsured storm or other weather-related damage, in excess of $5 million for any
single weather event) shall be excluded; 
 (b) the Net Income for such period shall not include the cumulative effect of a
change in accounting principles during such period; 
 (c) any after-tax effect of income (loss) from disposed or
discontinued operations and any net after-tax gains or losses on disposal of disposed, abandoned or discontinued operations shall be excluded; 

  
 19 

 (d) any after-tax effect of gains or losses (less all fees and
expenses relating thereto) attributable to asset dispositions other than in the ordinary course of business, as determined in good faith by the Borrower, shall be excluded; 

(e) the 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 Borrower shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to
the extent converted into cash or Cash Equivalents) to the Borrower or a Restricted Subsidiary in respect of such period; 

(f) the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded if the declaration
or payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at the date of determination wholly permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly,
by the operation of the terms of 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 Borrower will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to
the extent converted into cash or Cash Equivalents) to the Borrower or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein; 

(g) any after-tax effect of income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other
derivative instruments shall be excluded; and 
 (h) any fees and expenses incurred during such period, or any amortization
thereof for such period, in connection with the Transactions and any Acquisition, Investment, Disposition, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt
instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such
transaction shall be excluded. 
 “Consolidated Net Leverage Ratio” means, as of the date of determination, the ratio of
(a) the Consolidated Total Net Debt of the Borrower and its Restricted Subsidiaries on such date, to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recently ended Test Period. 

“Consolidated Net Secured Leverage Ratio” means, as of the date of determination, the ratio of (a) the Consolidated
Total Net Debt of the Borrower and its Restricted Subsidiaries on such date that is secured by Liens, to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recently ended Test Period. 

“Consolidated Total Net Debt” means, as of any date of determination, the aggregate principal amount of Indebtedness of the
Borrower and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in accordance with GAAP, consisting of Indebtedness for borrowed money (excluding the aggregate outstanding principal amount of Indebtedness under
the Subordinated Intercompany Note), Capitalized Lease Obligations and Attributable Indebtedness, less up to $150 million of cash and Cash Equivalents (which are not Restricted Cash) that would be stated on the balance sheet of the Loan
Parties as of such date of determination; provided that for purposes of determining the 

  
 20 

 
Consolidated Net Secured Leverage Ratio in connection with the incurrence of any Incremental Facilities incurred pursuant to Section 2.14 or any Permitted Debt Offerings incurred
pursuant to Section 7.02(b)(20) only, the cash proceeds of such Incremental Facilities and/or Permitted Debt Offering shall not be deemed to be included on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries.

 “Consolidated Working Capital” means, as of any date of determination, the excess of Consolidated Current Assets on such
date over Consolidated Current Liabilities on such date. 
 “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 any obligation of such Person, whether or not contingent: 
 (a) to purchase any
such primary obligation or any property constituting direct or indirect security therefor; 
 (b) 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 

(c) 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. 
 “Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control” has the meaning specified in the definition of “Affiliate.” 

“Control Agreements” means, collectively, the Deposit Account Control Agreements and the Securities Account Control
Agreements. 
 “Converted Term B Loan” means, as to any Amendment No. 2 Consenting Lender that has indicated on its
counterpart to Amendment No. 2 that it is requesting to convert its Term B Loan to an Additional Term B-1 Loan, the entire aggregate principal amount of such Amendment No. 2 Consenting Lender’s Term B Loan outstanding as of the
Amendment No. 2 Effective Time (or, if less, the amount notified to the Administrative Agent and such Lender by Goldman Sachs Bank USA prior to the Amendment No. 2 Effective Time). 

“Converted Term B-1 Loan” means, as to any Amendment No. 4 Consenting Lender that has indicated on its counterpart to
Amendment No. 4 that it is requesting to convert its Term B-1 Loan to
ana Term B-2 Loan, the entire
aggregate principal amount of such Amendment No. 4 Consenting Lender’s Term B-1 Loan outstanding as of the Amendment No. 4 Effective Time (or, if less, the amount notified to such Lender by the Administrative Agent prior to the
Amendment No. 4 Effective Time). 
 “Corresponding Tenor” with respect to a Benchmark Replacement means a tenor
(including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the applicable Interest Period with respect to the Eurodollar Rate. 

  
 21 

 “Co-Syndication Agents” means Deutsche Bank Securities Inc. and Citigroup
Global Markets Inc., as co-syndication agents. 
 “Covered Party” has the meaning specified in Section 11.13.

 “Credit Agreement Refinancing Indebtedness” means any (a) Permitted Pari Passu Secured Refinancing Debt,
(b) Permitted Junior Secured Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or (d) Indebtedness incurred hereunder pursuant to a Refinancing Amendment, in each case, issued, incurred or otherwise obtained (including by
means of the extension or renewal of existing Indebtedness) in exchange for, or to extend, renew, replace, repurchase, retire or refinance, in whole or part, existing Loans or Commitments hereunder, or any then-existing Credit Agreement Refinancing
Indebtedness (“Refinanced Debt”); provided, that (i) such exchanging, extending, renewing, replacing, repurchasing, retiring or refinancing Indebtedness is in an original aggregate principal amount not greater than the
aggregate principal amount of the Refinanced Debt except by an amount equal to unpaid accrued interest and premium (including tender premium) and penalties thereon plus reasonable upfront fees and OID on such exchanging, extending, renewing,
replacing, repurchasing, retiring or refinancing Indebtedness, plus other reasonable and customary fees and expenses in connection with such exchange, modification, refinancing, refunding, renewal, replacement, repurchase, retirement or
extension; (ii) such Refinanced Debt shall be repaid, repurchased, retired, defeased or satisfied and discharged, and all accrued interest, fees, premiums (if any) and penalties in connection therewith shall be paid, substantially concurrently
with the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained; and (iii) any Credit Agreement Refinancing Indebtedness (x) has a Weighted Average Life to Maturity at the time such Credit Agreement Refinancing
Indebtedness is incurred which is not shorter than ninety one (91) days after the remaining Weighted Average Life to Maturity of the applicable Refinanced Debt and (y) has a final scheduled maturity date that is no earlier than ninety one
(91) days after the final scheduled maturity date of the applicable Refinanced Debt. 
 “Credit Extension” means each
of the following: (a) a Borrowing and (b) an L/C Credit Extension. 
 “Cumulative Retained Excess Cash Flow
Amount” means, at any date of determination, an amount equal to the aggregate cumulative sum of the Retained Percentage of Excess Cash Flow for the Excess Cash Flow Periods ended on or prior to such date. 

“Debt Proceeds Transfer” means one or more distributions by the Borrower of the net proceeds of the Term Loans borrowed on
the Closing Date and the Senior Notes (less $10 million to be retained by the Borrower for general corporate purposes and ongoing cash needs) to an indirect wholly-owned Subsidiary of CBS Corporation. 

“Debtor Relief Laws” means the United States Bankruptcy Code and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of
creditors generally. 
 “Declined Proceeds” has the meaning set forth in Section 2.05(b)(vi). 

“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the
passage of time, or both, would be an Event of Default. 
 “Default Rate” means an interest rate equal to (a) the Base
Rate plus (b) the Applicable Rate, if any, applicable to Base Rate Loans plus (c) 2.0% per annum; provided, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to
the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2.0% per annum, in each case, to the fullest extent permitted by applicable Laws. 

  
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“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“Defaulting Lender” means any Lender that (a) has failed to fund any portion of the Term Loans, Revolving Credit Loans,
participations in L/C Obligations or participations in Swing Line Loans required to be funded by it hereunder within two (2) Business Days of the date required to be funded by it hereunder, unless subsequently cured, unless such Lender notifies
Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s good faith determination that one or more conditions precedent to funding (which conditions precedent, together with the applicable default or
breach of a representation, if any, shall be specifically identified in such writing) has not been satisfied, (b) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it
hereunder within two (2) Business Days of the date when due, unless the subject of a good faith dispute or subsequently cured, (c) has notified the Borrower or the Administrative Agent or an L/C Issuer in writing that it does not intend to
comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or generally under agreements in which it commits to extend credit, (d) has failed, within three
(3) Business Days after written request by the Administrative Agent or an L/C Issuer to confirm in a manner satisfactory to the Administrative Agent or such L/C Issuer that it will comply with its funding obligations (provided that such
Lender shall cease to be a Defaulting Lender pursuant to this clause (d) upon receipt of such confirmation by the Administrative Agent and any such L/C Issuer), or (e) has, or has a direct or indirect parent company that has,
(i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its
business or a custodian appointed for it, (iii) become the subject of a Bail-In Action or (iv) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding, appointment or action;
provided, that a Lender shall not be a Defaulting Lender solely by virtue (1) of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority or
(2) an Undisclosed Administration. 
 “Deposit Account” has the meaning assigned thereto in Article 9 of the UCC. 

“Deposit Account Control Agreement” means a deposit account control agreement to be executed by the Collateral Agent, the
applicable Loan Party and each institution maintaining a Deposit Account (other than an Excluded Account) for the Borrower or any other Loan Party, in each case as required by and in accordance with the terms of Section 6.15. 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject
of any Sanction. 
 “Designated Non-Cash Consideration” means non-cash consideration received by the Borrower or any of its
Restricted Subsidiaries in connection with a Disposition that is so designated as Designated Non-Cash Consideration pursuant to an officer’s certificate of a Responsible Officer of the Borrower, setting forth the fair market value of such
Designated Non-Cash Consideration (as determined in good faith by the Borrower) and the basis of such valuation. 

“Disposition” or “Dispose” means: 

  
 23 

 (a) 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 Borrower or any of its Restricted Subsidiaries (each referred to in this definition as a “disposition”);
or 
 (b) the issuance or sale of Equity Interests of any Restricted Subsidiary (other than Preferred Stock of Restricted
Subsidiaries issued in compliance with Section 7.02), whether in a single transaction or a series of related transactions. 

“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 ninety one (91) days after the
earlier of the Latest Maturity Date at the time of issuance of such Capital Stock or the date the Loans are no longer outstanding; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable,
is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to any
employee or any plan for the benefit of employees of the Borrower 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
Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of any such employee’s termination, death or disability; provided, further, however, that any class of Capital
Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock. 

“Dollar” and “$” mean lawful money of the United States. 

“Dollar Equivalent” means, for any amount, at the time of determination thereof, (a) if such amount is expressed in
dollars, such amount, (b) if such amount is expressed in an Alternative Currency, the equivalent of such amount in dollars determined by using the rate of exchange for the purchase of dollars with the Alternative Currency last provided (either
by publication or otherwise provided to the Administrative Agent) by the applicable Thomson Reuters Corp., Refinitiv, or any successor thereto (“Reuters”) source on the Business Day (New York City time) immediately preceding
the date of determination or if such service ceases to be available or ceases to provide a rate of exchange for the purchase of dollars with the Alternative Currency, as provided by such other publicly available information service which provides
that rate of exchange at such time in place of Reuters chosen by the Administrative Agent in its sole discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in dollars as
determined by the Administrative Agent using any method of determination it deems appropriate in its sole discretion) and (c) if such amount is denominated in any other currency, the equivalent of such amount in dollars as determined by the
Administrative Agent using any method of determination it deems appropriate in its sole discretion. 
 “Domestic
Subsidiary” means any Subsidiary that is organized under the laws of the United States, any state thereof or the District of Columbia. 

“Early Opt-in Election” means the occurrence of: 

  
 24 

 (1) (i) a determination by the Administrative Agent or (ii) a notification by the
Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that
contained in Section 3.03 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the Eurodollar Rate, and 

(2) (i) the election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in
Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority, any Governmental Authority or any Person entrusted with
public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Assignee” means and includes a commercial bank, an insurance company, a finance company, a financial institution,
any Fund or any other “accredited investor” (as defined in Regulation D of the Securities Act) but in any event excluding (x) the Borrower and its Affiliates and Subsidiaries, (y) natural persons and (z) any Defaulting
Lender. 
 “EMU” means economic and monetary union as contemplated in the Treaty on European Union. 

“Entercom” means Entercom Communications Corp., a Pennsylvania corporation and any successor thereto. 

“Environment” means indoor air, ambient air, surface water, groundwater, drinking water, land surface, subsurface strata, and
natural resources such as wetlands, flora and fauna. 
 “Environmental Laws” means the common law and any and all Federal,
state, local, and foreign statutes, Laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution, the protection of the
Environment or, to the extent relating to exposure to Hazardous Materials, human health and safety or to the transportation, handling, Release or threat of Release of Hazardous Materials into the Environment. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
investigation and remediation, fines, penalties or indemnities), of the Loan Parties or any Restricted Subsidiary directly or indirectly resulting from or based upon (a) violation of or noncompliance with any Environmental Law or Environmental
Permit, (b) the generation, use, handling, transportation, storage, treatment, recycling, shipment or disposal (or arrangement for any of the foregoing) of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the
Release or threatened Release of any Hazardous Materials into the Environment, (e) any investigatory, remedial, natural resource, response, removal or corrective obligation or measure required by any Environmental Law, (f) any claim
(including but not limited to property damage and personal injury) by any third party relating to any Hazardous Materials, or (g) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with
respect to any of the foregoing. 

  
 25 

 “Environmental Permit” means any permit, approval, identification number,
license or other authorization required under any Environmental Law. 
 “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 Borrower (excluding Disqualified
Stock), other than: 
 (a) the IPO; 

(b) public offerings with respect to any such Person’s common stock registered on Form S-8; 

(c) issuances to any Subsidiary of the Borrower; and 

(d) Refunding Capital Stock. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated
thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that is under common control
with a Loan Party or any Restricted Subsidiary within the meaning of Section 414 of the Code or Section 4001 of ERISA. 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) with respect to any Pension Plan,
the failure to satisfy the minimum funding standards under Section 412 of the Code or Section 302 of ERISA, whether or not waived; (c) a withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Pension Plan
subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA;
(d) a complete or partial withdrawal by a Loan Party, any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent or in reorganization, within the meaning of Title IV of
ERISA, or in endangered or critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA; (e) the filing of a notice of intent to terminate, the treatment of a plan amendment as a termination under
Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (f) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of,
or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (g) the imposition of any liability under Title IV of ERISA by the PBGC, other than for PBGC premiums due but not delinquent under Section 4007 of
ERISA, upon a Loan Party, any Restricted Subsidiary or any ERISA Affiliate with respect to any Pension Plan or Multiemployer Plan. 

“ETM Acquisition” means the merger of Constitution Merger Sub Corp., a wholly-owned subsidiary of Entercom, with and into the
Borrower, with the Borrower surviving as a wholly owned subsidiary of Entercom, on the terms and subject to the conditions of the ETM Acquisition Agreement. 

  
 26 

 “ETM Acquisition Agreement” means that certain Agreement and Plan of Merger
dated as of February 2, 2017, by and among CBS Corporation, the Borrower, Entercom and Constitution Merger Sub Corp. 
 “ETM
Acquisition Closing Date” means the date of the consummation of the ETM Acquisition. 
 “ETM Acquisition Closing Date
Transactions” means (i) the ETM Acquisition, (ii) the ETM Contribution, (iii) the ETM Distributions, (iv) the ETM Refinancing and (v) the redemption or other retirement of the preferred stock, par value $0.01, per
share, of Entercom. 
 “ETM Contribution” means the contribution by Entercom of all of the Equity Interests in Entercom
Radio, LLC to the Borrower on the ETM Acquisition Closing Date, immediately following the ETM Acquisition, in accordance with the ETM Acquisition Agreement. 

“ETM Distributions” means the “Distributions” pursuant to and as defined in the ETM Acquisition Agreement. 

“ETM Refinancing” means the date of repayment of all outstanding amounts under that certain credit agreement, dated as of
November 1, 2016, by and among Entercom, Bank of America, N.A., as administrative agent, and the other parties signatory thereto, as may be amended, restated, supplemented or otherwise modified from time to time, the termination of all
commitments thereunder and the release of security interests therefor. 
 “EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“euro” means the single currency of participating member states of the EMU. 

“Eurodollar Rate” means, with respect to any Eurodollar Rate Borrowing for any Interest Period, the LIBO Screen Rate at
approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest
Period”) then the Eurodollar Rate shall be the Interpolated Rate. 
 “Eurodollar Rate Loan” means a Loan that
bears interest at a rate based on the Eurodollar Rate. 
 “Event of Default” has the meaning specified in
Section 8.01. 
 “Excess Cash Flow” means, for any fiscal year of the Borrower, the excess, if any, of 

(a) the sum, without duplication, of 

(i) Consolidated Net Income of the Borrower and its Restricted Subsidiaries for such period, plus 

(ii) the amount of all non-cash charges (including depreciation and amortization) deducted in arriving at such Consolidated Net
Income, plus 
 (iii) decreases in Consolidated Working Capital for such period; provided, that, for the fiscal year
of the Borrower in which the ETM Acquisition Closing Date Transactions occur, decreases in Consolidated Working Capital shall be calculated without giving effect to the ETM Acquisition Closing Date Transactions, plus 

  
 27 

 (iv) the aggregate net amount of non-cash loss on the disposition of
property by the Borrower and its Restricted Subsidiaries during such period (other than sales of inventory in the ordinary course of business), to the extent deducted in arriving at such Consolidated Net Income, plus 

(v) the amount by which Tax expense deducted in determining such Consolidated Net Income for such period exceeds Taxes
(including penalties and interest) paid in cash (including, without duplication, any amounts paid in cash pursuant to Section 7.05(k)) or cash Tax reserves set aside or payable (without duplication) by the Borrower and its Subsidiaries
in such period, plus 
 (vi) the amount of any decrease in Consolidated Net Income as a result of the exclusion set
forth in clause (c) of the definition thereof. 
 over (b) the sum, without duplication, of 

(i) the amount of all non-cash credits included in arriving at such Consolidated Net Income, plus 

(ii) the aggregate amount actually paid by the Borrower and its Restricted Subsidiaries in cash during such period on account
of Capital Expenditures (excluding the principal amount of Indebtedness incurred in connection with such Capital Expenditures (other than under the Revolving Credit Facility) and any such Capital Expenditures financed with the proceeds of any
Reinvestment Deferred Amount), plus 
 (iii) the aggregate amount of all regularly scheduled principal payments of
Funded Debt (including the Loans and any Capitalized Leases) of the Borrower and its Restricted Subsidiaries made during such period (other than in respect of any revolving credit facility (including the Revolving Credit Facility) to the extent
there is not an equivalent permanent reduction in commitments thereunder) (excluding any such principal payments that are financed with other Indebtedness or satisfied with the proceeds of any Reinvestment Deferred Amount or the issuance of any
Equity Interests by the Borrower or any Restricted Subsidiary), plus 
 (iv) increases in Consolidated Working Capital
for such period; provided, that, for the fiscal year of the Borrower in which the ETM Acquisition Closing Date Transactions occur, increases in Consolidated Working Capital shall be calculated without giving effect to the ETM Acquisition Closing
Date Transactions, plus 
 (v) the aggregate net amount of non-cash gain on the disposition of property by the
Borrower and its Restricted Subsidiaries during such period (other than sales of inventory in the ordinary course of business), to the extent included in arriving at such Consolidated Net Income, plus 

(vi) the aggregate amount actually paid by the Borrower and its Restricted Subsidiaries in cash during such period on account
of professional fees that have not been deducted in the calculation of Consolidated Net Income for such period, plus 

  
 28 

 (vii) the aggregate amount of any premium, make-whole or penalty payments
actually paid in cash by the Borrower and its Restricted Subsidiaries during such period and financed with internally generated cash flow of the Borrower and its Restricted Subsidiaries that are made in connection with the prepayment of Indebtedness
to the extent such payments are not expensed during such period or are not deducted in calculating Consolidated Net Income, plus 

(viii) the amount of Taxes (including penalties and interest) paid in cash (including, without duplication, any amounts paid in
cash pursuant to Section 7.05(k)) or cash Tax reserves set aside or payable (without duplication) in such period to the extent they exceed the amount of Tax expense deducted in determining Consolidated Net Income for such period,
plus 
 (ix) the aggregate cash consideration paid by the Borrower or any of the Restricted Subsidiaries during such
period in respect of Acquisitions, acquisitions of intellectual property (to the extent not constituting Capital Expenditures or accounted for in the calculation of Consolidated Net Income) and Permitted Investments pursuant to clause
(l) or (s) of the definition thereof, in each case, (A) to the extent such expenditures are permitted under this Agreement and (B) excluding the principal amount of Indebtedness incurred in connection with such expenditures
(other than under the Revolving Credit Facility) and any such expenditures financed with the proceeds of any Reinvestment Deferred Amount or the issuance of any Equity Interests by the Borrower or any Restricted Subsidiary, plus 

(x) the amount of Restricted Payments during such period by the Borrower and the Restricted Subsidiaries made pursuant to
Section 7.05(e) and/or Section 7.05(l) to the extent such Restricted Payments were financed with internally generated cash flow of the Borrower and the Restricted Subsidiaries, plus 

(xi) cash costs incurred during such period and excluded from the definition of Consolidated Net Income pursuant to clause
(a) or (h) thereof, in each case to the extent not netted from or otherwise financed with the proceeds of Indebtedness, a Disposition or the issuance of Equity Interests by the Borrower or any Restricted Subsidiary, plus

 (xii) the amount of any increase in Consolidated Net Income as a result of the exclusion set forth in clause (c) of
the definition thereof 
 “Excess Cash Flow Period” means each fiscal year of the Borrower, commencing with the fiscal year
ending December 31, 2018. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the SEC promulgated thereunder. 
 “Excluded Account” means a Deposit Account or Securities Account
(a) that is used for the sole purpose of making payroll and withholding tax payments related thereto and other employee wage and benefit payments and accrued and unpaid employee compensation (including salaries, wages, benefits and expense
reimbursements), (b) that is used for paying taxes, including sales taxes, (c) that is used as an escrow account or as a fiduciary or trust account, (d) that is a zero balance Deposit Account, (e) with an average monthly balance
of less than $100,000, not to exceed $1,000,000 in the aggregate at any time for all Deposit Accounts and Securities Accounts that are Excluded Accounts pursuant to this clause (e), or (f) that is listed on Schedule 1.01C. 

  
 29 

 “Excluded Subsidiary” means (a) any Subsidiary that is not a Wholly
Owned Subsidiary; (b) any Immaterial Subsidiary; (c) any Subsidiary that is prohibited by applicable Law, or by Contractual Obligations existing on the Closing Date (or, in the case of any future Acquisition, as of the closing date of such
Acquisition, so long as such prohibition is not incurred in contemplation of such Acquisition), from guaranteeing the Obligations or would require the approval, consent, license or authorization of any Governmental Authority in order to guarantee
the Obligations (unless such approval, consent, license or authorization has been received); (d) any other Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent and the Borrower, the cost or other consequences
(including any adverse tax consequences) of providing a Guarantee shall be excessive in view of the benefits to be obtained by the Lenders therefrom; (e) any Receivables Subsidiary; (f) any Foreign Subsidiary; (g) any Unrestricted
Subsidiary; and (h) any CFC Holdco. 
 “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap
Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity
Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason not to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act at the time the Guarantee of such Guarantor becomes effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than
one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swaps for which such Guarantee or security interest is or becomes illegal. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or
deducted from a payment to or on account of a Recipient, (a) any Taxes imposed on or measured by net income (however denominated) or profits, franchise Taxes or branch profits Taxes, in each case, (i) imposed as a result of such Recipient
being organized or having its principal office or applicable Lending Office in the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) in the case of a Lender, any U.S. federal
withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment except to the extent that such Tax is imposed as a result of a Change in Law after the time
(i) such Lender becomes a party hereto or acquires such interest in the Loan or Commitment (other than pursuant to the Borrower’s request under Section 10.13) or (ii) such Lender designates a new Lending Office, except to
the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new Lending Office (or assignment), to receive additional amounts from a Loan Party with respect to such Taxes pursuant to
Section 3.01(a) or (c); (c) any Taxes attributable to such Recipient’s failure to comply with Section 3.01(d); and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Executive Order” has the meaning set forth in Section 5.15. 

“Existing Revolving
Credit Commitments” means the “Revolving Credit Commitments” immediately prior to the Amendment No. 4 Effective Time.  

“Existing Revolving
Credit Loans” means the “Revolving Credit Loans” outstanding immediately prior to the Amendment No. 4 Effective Time.  

“Extended Revolving Credit Commitment” has the meaning set forth in Section 2.16. 

  
 30 

 “Extended Term Loan” has the meaning set forth in Section 2.16.

 “Extending Lender” has the meaning set forth in Section 2.16. 

“Extension” has the meaning set forth in Section 2.16. 

“Extension Offer” has the meaning set forth in Section 2.16. 

“Facility” means any series of Term Loans, the
2022 Revolving Credit Facility, the 2024 Revolving Credit
Facility, the Swing Line Sublimit or the Letter of Credit Sublimit, as the context may require. 
 “FATCA” means
Sections 1471 through 1474 of the Code as of the date hereof (and any amended or successor version that is substantively comparable and not materially more onerous to comply with), any agreements entered into pursuant to current
Section 1471(b)(1) of the Code (or any amended or successor version described above) and any current or future Treasury regulations or official administrative interpretations thereof. 

“FCC” means the Federal Communications Commission (or any Governmental Authority succeeding to the Federal Communications
Commission). 
 “FCC Licenses” means such FCC licenses, permits, authorizations and certificates issued by the FCC to the
Borrower and its Restricted Subsidiaries (including, without limitation, any license under Part 73 of Title 47 of the Code of Federal Regulations) as are necessary to own and operate the Stations (collectively, together with all extensions,
additions and renewals thereto or thereof). 
 “FCPA” means Foreign Corrupt Practices Act of 1977, as amended, and the
rules and regulations thereunder. 
 “Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB
based on such day’s federal funds transactions by depositary institutions, as determined in such manner as shall be set forth on the Federal Reserve Bank of New York’s Website from time to time, and published on the next succeeding
Business Day by the NYFRB as the effective federal funds rate; provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Federal Reserve Bank of New York’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any
successor source. 
 “Federal Reserve Board” means the Board of Governors of the Federal Reserve System of the
United States of America. 
 “Field Family Members” includes only the following Persons: (i) Joseph M. Field and
David J. Field and their immediate families, including their wives, their children and grandchildren, the spouses of their children and their grandchildren, or trusts created for the benefit of any of, or the estates of, the foregoing and
(ii) Persons controlled by the Persons described in the foregoing clause (i) by virtue of their beneficial ownership of more than 50% of the weighted voting power of the Equity Interests of such Persons. 

“Financial Covenant Event of Default” has the meaning set forth in Section 8.01(b). 

  
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 “Flood Insurance Laws” means, collectively, (i) the National Flood
Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the National Flood Insurance Reform
Act of 1994 as now or hereafter in effect or any successor statute thereto, (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (v) the Biggert-Waters Flood Insurance Reform Act of
2012 as now or hereafter in effect or any successor statute thereto. 
 “Foreign Lender” means any Lender that is not a
“United States person” as defined in Section 7701(a)(30) of the Code. 
 “Foreign Plan” means any employee
benefit plan, program or agreement maintained or contributed to by, or entered into with, any Loan Party or any Subsidiary with respect to employees employed outside the United States (other than benefit plans, programs or agreements that are
mandated by applicable Laws). 
 “Foreign Subsidiary” means (i) any Subsidiary that is not a Domestic Subsidiary or
(ii) any Subsidiary of a Subsidiary described in the preceding clause (i). 
 “FRB” means the Board of
Governors of the Federal Reserve System of the United States. 
 “Fronting Exposure” means, at any time there is a
Defaulting Lender, (a) with respect to any L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such L/C Issuer other than L/C Obligations as to which
such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof and (b) with respect to any Swing Line Lender, such Defaulting Lender’s Applicable
Percentage of outstanding Swing Line Loans made by such Swing Line Lender other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to Non-Defaulting Lenders. 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 
 “Funded
Debt” means, as to any Person, all Indebtedness of such Person that matures more than one year from the date of its creation or matures within one year from such date but is renewable or extendible, at the option of such Person, to a date
more than one year from such date or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including all current maturities and current
sinking fund payments in respect of such Indebtedness whether or not required to be paid within one year from the date of its creation and, in the case of the Borrower, Indebtedness in respect of the Loans and any Credit Agreement Refinancing
Indebtedness in respect thereof. 
 “GAAP” means generally accepted accounting principles in the United States, as in
effect from time to time, subject to Section 1.03. 
 “Governmental Authority” means any nation or government,
any state, county, provincial or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government. 
 “Granting Lender” has the meaning
specified in Section 10.06(g). 

  
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 “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. 

“Guaranteed Obligations” has the meaning specified in Section 11.01. 

“Guarantors” means (a) the Subsidiaries of the Borrower party hereto as of the Closing Date and those Restricted
Subsidiaries that issue a Guarantee of the Obligations after the Closing Date pursuant to Section 6.11, in each case (i) other than any Foreign Subsidiary or any CFC Holdco and/or (ii) until released in accordance with the
terms hereof, and (b) with respect to obligations and liabilities owing by any Loan Party (other than the Borrower) in respect of Secured Hedge Agreements or Treasury Services Agreements, the Borrower. 

“Guaranty” means, collectively, the guaranty of the Obligations by the Guarantors pursuant to this Agreement. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous, carcinogenic or toxic
substances, wastes or pollutants, contaminants, chemicals (whether solids, liquids or gases), including petroleum or petroleum distillates or by-products and other hydrocarbons, asbestos or asbestos-containing materials, polychlorinated biphenyls,
urea formaldehyde, lead-based paint, radon gas, mold, infectious or medical wastes that are subject to regulation, control or remediation under any Environmental Law, or the Release or exposure to which could give rise to liability under, applicable
Environmental Law. 
 “Hedge Bank” means any Person that is the Administrative Agent, an Arranger or a Lender or an
Affiliate of the Administrative Agent, an Arranger, or a Lender on the Closing Date or at the time it enters into a Secured Hedge Agreement or a Treasury Services Agreement, as applicable, in its capacity as a party thereto, and (other than a Person
already party hereto as a Lender) delivers to the Administrative Agent a letter agreement reasonably satisfactory to it agreeing to be bound by Sections 9.09 and 10.05 as if it were a Lender. 

“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 or currency risks either generally or under specific contingencies. 
 “Honor Date” has the
meaning set forth in Section 2.03(c)(i). 
 “Immaterial Subsidiary” means any Subsidiary of the Borrower that
individually has assets (after intercompany eliminations) equal to or less than 2.50% of Total Assets and annual revenues equal to or less than 2.50% of Total Revenues, in each case as determined as of the date of the most recent financial
statements delivered pursuant to Section 6.01(a); provided, that such Immaterial Subsidiaries shall collectively account for 5.00% or less of Total Assets and 5.00% or less of Total Revenues. 

“Impacted Interest Period” has the meaning assigned to it in the definition of “Eurodollar Rate.” 

“Incremental Amendment” has the meaning set forth in Section 2.14(c). 

  
 33 

 “Incremental Facility” means any Incremental Term Loans or Revolving
Commitment Increase. 
 “Incremental Term Loans” has the meaning set forth in Section 2.14(a). 

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

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

(i) in respect of borrowed money; 

(ii) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or,
without duplication, reimbursement agreements in respect thereof); 
 (iii) representing the deferred and unpaid balance of
the purchase price of any property, except (x) any such balance that constitutes a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business, (y) any earn-out obligations until such
obligation becomes a liability on the balance sheet of such Person in accordance with GAAP, and (z) liabilities accrued in the ordinary course of business; or 

(iv) representing any Hedging Obligations; 

if and to the extent that any of the foregoing Indebtedness (other than letters of credit, bankers’ acceptances (or reimbursement agreements in respect
thereof) and Hedging Obligations) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 

(b) all Attributable Indebtedness and all Capitalized Lease Obligations; 

(c) to the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or
otherwise, on Indebtedness of the type referred to in clause (a) 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 
 (d) to the extent not otherwise included, any Indebtedness of the type
referred to in clause (a) of a third Person secured by a Lien on any asset owned by such first Person (other than Liens on Equity Interests of Unrestricted Subsidiaries securing, respectively, Indebtedness of such Unrestricted
Subsidiaries), whether or not such Indebtedness is assumed by such first Person; provided, for purposes hereof the amount of such Indebtedness shall be the lesser of the Indebtedness so secured and the fair market value of the assets of the
first person securing such Indebtedness; 
 provided, however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include
(a) Contingent Obligations incurred in the ordinary course of business, (b) deferred or prepaid revenues and (c) obligations under or in respect of Receivables Facilities permitted to be incurred pursuant to Section
7.02(b)(19). 

  
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 “Indemnified Taxes” means (a) all Taxes, other than Excluded Taxes,
imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a) above, Other Taxes. 

“Indemnitees” has the meaning set forth in Section 10.04. 

“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 Borrower, qualified to perform the task for which it has been engaged. 

“Information” has the meaning set forth in Section 10.07. 

“Initial Term B-1 Commitment” means, as to each Initial Term B-1 Lender, its obligation to make an Initial Term B-1 Loan to
the Borrower pursuant to Section 2.01(c) in an aggregate amount not to exceed the amount set forth in the Term B-1 Joinder Agreement or in the Assignment and Assumption pursuant to which such Initial Term B-1 Lender becomes a party
hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including Section 2.14). The initial aggregate amount of the Initial Term B-1 Commitments as of the Amendment No. 1 Effective
Date shall be as set forth in the Term B-1 Joinder Agreement but in no event shall it be in excess of $500 million. 
 “Initial Term
B-1 Lender” means a Lender with an Initial Term B-1 Commitment or holding Initial Term B-1 Loans. 
 “Initial Term B-1
Loan” means a Loan made pursuant to Section 2.01(c). 
 “Intellectual Property Security
Agreement” has the meaning specified in Section 4.01(a)(iv)(E). 
 “Intercreditor Agreement” means a
first lien intercreditor agreement substantially in the form of Exhibit I-1 hereto, among the Administrative Agent, the Collateral Agent and the representatives for any Additional First Lien Secured Parties (as defined therein) (which
agreement in such form or with immaterial changes thereto the Administrative Agent is authorized to enter into) together with any material changes thereto in light of prevailing market conditions, which material changes shall be posted to the
Lenders not less than five (5) Business Days before execution thereof and, if the Required Lenders shall not have objected to such changes within five (5) Business Days after posting, then the Required Lenders shall be deemed to have
agreed that the Administrative Agent’s entry into such intercreditor agreement (with such changes) is reasonable and to have consented to such intercreditor agreement (with such changes) and to the Administrative Agent’s execution thereof.

 “Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable
to such Loan and the Maturity Date of the Facility under which such Loan was made; provided, that if any Interest Period for a Eurodollar Rate Loan exceeds three (3) months, the respective dates that fall every three (3) months
after the beginning of such Interest Period shall also be Interest Payment Dates, (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each March, June, September and December and the Maturity Date of the
Facility under which such Loan was made, (c) with respect to all Loans (other than the Term B-1 Loans), the Amendment No. 2 Effective Time and (d) with respect to all Loans (other than the Term B-2 Loans), the Amendment No. 4
Effective Time. 

  
 35 

 “Interest Period” means, as to each Eurodollar Rate Loan, the period
commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one (1), three (3) or six (6) months thereafter, or, to the extent agreed by each Lender of such
Eurodollar Rate Loan, twelve (12) months or one (1) week thereafter, as selected by the Borrower in its Committed Loan Notice; provided, that: 

(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(c) no Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made. 

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of
decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between:
(a) the LIBO Screen Rate for the longest period for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which that LIBO Screen Rate is
available) that exceeds the Impacted Interest Period, in each case, at such time. 
 “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 an equivalent rating by any other Rating Agency, and in each such case with a “stable” or better outlook. 

“Investment Grade Securities” means: 

(a) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality thereof (other than Cash Equivalents); 
 (b) debt securities or debt instruments with an Investment Grade
Rating, but excluding any debt securities or instruments constituting loans or advances among the Borrower and its Subsidiaries; 

(c) investments in any fund that invests exclusively in investments of the type described in clauses (a) and
(b) which fund may also hold immaterial amounts of cash pending investment or distribution; and 
 (d) 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, trade credit, deposits, advances
to customers and suppliers, 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

  
 36 

 
other securities issued by any other Person, Acquisitions, and investments that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of such Person 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 7.06:

 (a) “Investments” shall include the portion (proportionate to the Borrower’s direct or indirect
equity interest in such Subsidiary) of the fair market value (as determined in good faith by the Borrower) of the net assets of a Subsidiary of the Borrower 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 Borrower or applicable Restricted Subsidiary shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in
an amount (if positive) equal to: 
 (A) the Borrower’s direct or indirect “Investment” in such
Subsidiary at the time of such redesignation; less 
 (B) the portion (proportionate to the Borrower’s direct or
indirect equity interest in such Subsidiary) of the fair market value of the net assets of such Subsidiary at the time of such redesignation; and 

(b) any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such
transfer as determined in good faith by the Borrower. 
 The amount of any Investment outstanding at any time shall be the original cost of
such Investment, without giving effect to subsequent changes in value but reduced by any dividend, distribution, interest payment, return of capital, repayment or other amount received in cash by the Borrower or a Restricted Subsidiary in respect of
such Investment. 
 “IP Rights” has the meaning set forth in Section 5.16. 

“IPO” means the underwritten initial public offering of common stock of the Borrower (including the issuance of shares of
common stock of the Borrower pursuant to the option to purchase granted to the underwriters in connection with the IPO) pursuant to the registration statement on Form S-1 initially filed by the Borrower with the SEC on July 8, 2016, as amended
from time to time. 
 “IPO Proceeds Transfers” means one or more payments by the Borrower of the net proceeds of the IPO to
the direct parent company of the Borrower, which is an indirect wholly-owned Subsidiary of CBS Corporation, in repayment of the Subordinated Intercompany Note. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the
International Chamber of Commerce, Publication No. 590 (or such later version thereof as may be in effect at the time of issuance). 

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document,
agreement and instrument entered into by any L/C Issuer and the Borrower (or any of its Subsidiaries) or in favor of such L/C Issuer and relating to such Letter of Credit. 

“JPM” has the meaning set forth in the introductory paragraph to this Agreement. 

  
 37 

 “L/C Advance” means, with respect to each 2024 Revolving Credit Lender, such Lender’s funding of its
participation in any L/C Borrowing in accordance with its Pro Rata Share of the 2024 Revolving Credit
Facility. 
 “L/C Borrowing” means an extension of credit
resulting from a drawing under any Letter of Credit which has not been timely reimbursed or refinanced as a Revolving Credit Borrowing in accordance with Section 2.03(c). 

“L/C Commitment” means, with respect to any L/C Issuer, the aggregate face amount of Letters of Credit that such L/C Issuer
has committed, in writing, to provide subject to the terms and conditions set forth in this Agreement. The L/C Commitments of the L/C Issuers as of the Closing Date are as set forth on Schedule 1.01B. 

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date
thereof, or the renewal or increase of the amount thereof. 
 “L/C Issuer” means (a) each Person identified on
Schedule 1.01B and (b) any other Lender that becomes an L/C Issuer in accordance with Section 2.03(k) or 10.06(h) following the Closing Date, in each case, in its capacity as an issuer of Letters of Credit hereunder,
or any successor issuer of Letters of Credit hereunder and, in the case of clause (b), subject to such Lender’s acceptance of such appointment. Any reference to “L/C Issuer” herein shall be to the applicable L/C Issuer, as
appropriate. 
 “L/C Obligations” means, as at any date of determination, the Dollar Equivalent of the aggregate undrawn
amount of all outstanding Letters of Credit plus the Dollar Equivalent of the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. 

“Latest Maturity Date” means, at any date of determination, the latest Maturity Date applicable to any Loan or Commitment
hereunder at such time, including the latest maturity date of any Incremental Term Loans, any Other Term Loans, any Extended Term Loan, any Extended Revolving Credit Commitment and any Revolving Commitment Increase, in each case as extended in
accordance with this Agreement from time to time. 
 “Laws” means, collectively, all international, foreign, Federal, state
and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority. 

“LCA Election” has the meaning set forth in Section 1.08(f). 

“LCA Test Date” has the meaning set forth in Section 1.08(f). 

“Lender” has the meaning specified in the introductory paragraph to this Agreement and, as the context requires, includes an
L/C Issuer and a Swing Line Lender, and their respective successors and assigns as permitted hereunder, each of which is referred to herein as a “Lender.” 

“Lending Office” means, as to any Lender, such office or offices as a Lender may from time to time notify the Borrower and
the Administrative Agent. 

  
 38 

 “Letter of Credit” means any letter of credit issued hereunder. A Letter of
Credit may be a standby letter of credit. 
 “Letter of Credit Application” means an application and agreement for the
issuance or amendment of a Letter of Credit in the form from time to time in use by the relevant L/C Issuer. 
 “Letter of Credit
Expiration Date” means the day that is five (5) Business Days prior to the scheduled Maturity Date then in effect for the
2024 Revolving Credit Facility (or, if such day is not a
Business Day, the next preceding Business Day). 
 “Letter of Credit Sublimit” means an amount equal to the lesser
of (a) $15 million and (b) the aggregate amount of the 2024 Revolving Credit Commitments. The Letter of Credit Sublimit is part of, and not in addition to, the
2024 Revolving Credit Facility. 

“LIBO Screen Rate” means, for any day and time, with respect to any Eurodollar Rate Borrowing for any Interest Period, the
London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for for a period equal in length to such Interest Period as displayed on such day and time on pages
LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such
other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBO Screen Rate as so determined would be less than zero, such rate shall be deemed to
zero for the purposes of this Agreement. 
 “Lien” means, with respect to any asset, any mortgage, deed of trust, 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 similar 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. 

“Limited Condition Acquisition” means any Permitted Acquisition by the Borrower or one or more of its Restricted Subsidiaries
whose consummation is not conditioned on the availability of, or on obtaining, third party financing. 
 “Loan” means an
extension of credit by a Lender to the Borrower under Article II in the form of a Term Loan, a Revolving Credit Loan or a Swing Line Loan. 

“Loan Documents” means, collectively, (a) this Agreement, (b) the Notes, (c) the Collateral Documents,
(d) the Intercreditor Agreement (if any), (e) the Second Lien Intercreditor Agreement (if any), (f) the Administrative Agent Fee Letter, (g) Amendment No. 1, (h) upon the effectiveness thereof, the Term B-1 Joinder
Agreement, (j) Amendment No. 2, (k) Amendment No. 3, (l) Amendment No. 4 and (m) any other amendments of and joinders to any Loan Documents that are deemed pursuant to their terms to be Loan Documents for purposes
hereof. 
 “Loan Extension Agreement” means an agreement among the Borrower and one or more Extending Lenders implementing
the terms of any applicable Extension Offer pursuant to Section 2.16. 
 “Loan Parties” means, collectively,
the Borrower and each Guarantor. 

  
 39 

 “Margin Stock” has the meaning specified in Section 5.13(a).

 “Master Agreement” has the meaning specified in the definition of “Swap Contract.” 

“Master Separation Agreement” means that certain Separation Agreement, dated as of February 2, 2017, by and among CBS
Corporation and the Borrower. 
 “Material Adverse Effect” means a material adverse effect on (a) the business,
assets, operations, or financial condition of the Borrower and its Restricted Subsidiaries, taken as a whole, (b) the ability of the Borrower and its Restricted Subsidiaries, taken as a whole, to perform their obligations under this Agreement
or any other Loan Document, (c) the material rights and remedies of the Administrative Agent and the Lenders under (i) this Agreement or the Security Agreement or (ii) the Loan Documents taken as a whole, or (d) the legality,
validity, binding effect or enforceability against the Loan Parties, taken as a whole, of any Loan Document. 
 “Material
Non-Guarantor Subsidiary” means any Non-Guarantor Subsidiary of the Borrower that has assets (after intercompany eliminations) in excess of $50 million or annual revenues in excess of $50 million, in each case as determined as of the date
of the most recent financial statements delivered pursuant to Section 6.01(a). 
 “Material Subsidiary” means
any Subsidiary of the Borrower that is not an Immaterial Subsidiary. 
 “Maturity Date” means (a) with respect to the
Term B-2 Loans, November 17, 2024
and, (b) with respect to the 2022 Revolving Credit Facility, November 17, 2022 and (c) with respect to the 2024 Revolving Credit Facility, August 19, 2024; provided, that if eitherany such day is not a Business Day, the Maturity Date shall be the Business Day immediately succeeding such day. 

“Maximum Consolidated Net First Lien Leverage Ratio” has the meaning specified in Section 7.09. 

“Maximum Incremental Facilities Amount” means, at any date of determination, a principal amount of not greater than
(a) $400 million plus (b) an unlimited amount, so long as on a Pro Forma Basis after giving effect to the incurrence of any Incremental Facility or any Permitted Debt Offering (and after giving effect to any Acquisition consummated
concurrently therewith and calculated as if any Revolving Commitment Increase were fully drawn on the closing date thereof), the Consolidated Net Secured Leverage Ratio is equal to or less than 3.25 to 1.00 for the most recently ended Test Period
for which financial statements have been delivered pursuant to Section 6.01, provided, that the principal amount of any Incremental Facilities incurred pursuant to Section 2.14 or any Permitted Debt Offerings incurred
pursuant to Section 7.02(b)(20), in each case, shall reduce the amount in clause (a) on a dollar-for-dollar basis until reduced to
zero.;
provided, further, that notwithstanding the foregoing, the Borrower shall be permitted to incur an Incremental Facility in the form of an increase to the 2024 Revolving Credit Commitments in an amount not to exceed the amount of
2022 Revolving Credit Commitments permanently terminated prior to such time without reducing the amounts in clauses (a) or (b). 

“Maximum Rate” has the meaning specified in Section 10.09. 

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

  
 40 

 “Mortgage” means any deed of trust, trust deed, hypothec or mortgage made
by any Loan Party in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties creating and evidencing a Lien on a Mortgaged Property, in form and substance reasonably satisfactory to the Collateral Agent with such terms and
provisions as may be required by the applicable Laws of the relevant jurisdiction, including, without limitation, any such deeds of trust, trust deeds, hypothecs or mortgages executed and delivered pursuant to Sections 6.11 and 6.13,
in each case, as the same may from time to time be amended, restated, supplemented, or otherwise modified. 
 “Mortgaged
Property” means the Real Properties listed on Schedule 6.13(a) and any other Real Property (other than any leasehold interests) for which a Loan Party is required to grant to the Collateral Agent, for the benefit of the Secured
Parties, a first priority Lien pursuant to the terms of this Agreement or any other Loan Document. 
 “Multiemployer Plan”
means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which any Loan Party, any Subsidiary or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made
or been obligated to make contributions. 
 “Net Income” means, with respect to any Person, the net income (loss)
attributable to such Person and its Restricted Subsidiaries, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 

“Net Proceeds” means: 

(a) with respect to any Disposition or Casualty Event, 100% of the cash proceeds actually received by the Borrower or any of
its Restricted Subsidiaries from such Disposition or Casualty Event, net of (i) attorneys’ fees, accountants’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer
taxes, deed or mortgage recording taxes, required debt payments and required payments of other obligations relating to the applicable asset to the extent such debt or obligations are secured by a Lien permitted hereunder (other than pursuant to the
Loan Documents and Credit Agreement Refinancing Indebtedness) on such asset, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith, (ii) Taxes paid or payable as a result thereof,
and (iii) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to clause (i) above) (x) related to any of
the applicable assets and (y) retained by the Borrower or any of its Restricted Subsidiaries including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification
obligations (however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such Disposition or Casualty Event occurring on the date of
such reduction); provided, that, if the Borrower intends to use any portion of such proceeds (other than proceeds of Dispositions in connection with obtaining regulatory approval for the ETM Acquisition Closing Date Transactions) to acquire,
maintain, develop, construct, improve, upgrade or repair assets useful in the business of the Borrower or any of its Restricted Subsidiaries or to make Permitted Acquisitions or any acquisition of all or substantially all the assets of, or all the
Equity Interests (other than directors’ qualifying shares) in, a Person or division or line of business of a Person (or any subsequent investment made in a Person, division or line of business previously acquired), in each case within twelve
(12) months of such receipt, such portion of such proceeds shall not constitute Net Proceeds except to the extent not, within twelve (12) months of such receipt, so used or contractually committed to be so used (it being understood that if
any portion of such 

  
 41 

 
proceeds are not so used within such twelve (12) month period but within such twelve (12) month period are contractually committed to be used, then upon the termination of such contract
or if such Net Proceeds are not so used within the later of such twelve (12) month period and one hundred and eighty (180) days from the entry into such Contractual Obligation, such remaining portion shall constitute Net Proceeds as of the
date of such termination or expiry without giving effect to this proviso); provided further that, if the Borrower intends to use any portion of such proceeds of Dispositions in connection with obtaining regulatory approval for the ETM
Acquisition Closing Date Transactions to acquire, maintain, develop, construct, improve, upgrade or repair assets useful in the business of the Borrower or any of its Restricted Subsidiaries or to make Permitted Acquisitions or any acquisition of
all or substantially all the assets of, or all the Equity Interests (other than directors’ qualifying shares) in, a Person or division or line of business of a Person (or any subsequent investment made in a Person, division or line of business
previously acquired), in each case within eighteen (18) months of such receipt, such portion of such proceeds shall not constitute Net Proceeds except to the extent not, within eighteen (18) months of such receipt, so used or contractually
committed to be so used (it being understood that if any portion of such proceeds are not so used within such eighteen (18) month period but within such eighteen (18) month period are contractually committed to be used, then upon the
termination of such contract or if such Net Proceeds are not so used within the later of such eighteen (18) month period and one hundred and eighty (180) days from the entry into such Contractual Obligation, such remaining portion shall
constitute Net Proceeds as of the date of such termination or expiry without giving effect to this proviso); and 
 (b) with
respect to any Indebtedness, 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower or any of its Restricted Subsidiaries of such Indebtedness, net of all taxes and fees (including investment banking fees), commissions,
costs and other expenses, in each case incurred in connection with such issuance or sale. 
 For purposes of calculating the amount of Net
Proceeds, fees, commissions and other costs and expenses payable to the Borrower or any Affiliate shall be disregarded. 

“Non-Converted Term B Loan” means each Term B Loan (or portion thereof) other than a Converted Term B Loan. 

“Non-Converted Term B-1 Loan” means each Term B-1 Loan (or portion thereof) other than a Converted Term B-1 Loan. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 

“Non-Extension Notice Date” has the meaning specified in Section 2.03(b)(iii). 

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

“Note” means a Term B-2 Note, a Revolving Credit Note or a Swing Line Note, as the context may require. 

“NPL” means the National Priorities List under CERCLA. 

“NYFRB” means the Federal Reserve Bank of New York. 

  
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 “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds
Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published
for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by
it; provided, further, that if any of the aforesaid rates as so determined shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Obligations” means all (a) advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party
arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue after the commencement by or against any Loan Party of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed
claims in such proceeding and (b) obligations of any Loan Party arising under any Secured Hedge Agreement or any Treasury Services Agreement, excluding, in the case of clauses (a) and (b), with respect to any Guarantor at any
time, any Excluded Swap Obligations with respect to such Guarantor at such time. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents include (i) the obligation (including guarantee
obligations) to pay principal, interest, Letter of Credit fees, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by any Loan Party or Subsidiary under any Loan Document and (ii) the
obligation of any Loan Party to reimburse any amount in respect of any of the foregoing that any Lender may elect to pay or advance on behalf of such Loan Party or such Subsidiary in accordance with this Agreement. 

“obligations” means any principal (including any accretion), 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), penalties,
fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal (including any accretion),
interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 

“OFAC” means the Trading with the Enemy Act, as amended or any of the foreign asset control regulations of the United States
Department of the Treasury (31 C.F.R. Subtitle B, Chapter V). 
 “Organization Documents” means, (a) with respect to
any corporation, the certificate, charter or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement or limited liability company agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture
or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of
its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity. 
 “Other
Applicable Indebtedness” has the meaning set forth in Section 2.05(b)(i). 
 “Other Connection Taxes”
means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax, other than any connection arising from such Recipient having executed, delivered, become
a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, and/or enforced, any Loan Documents. 

  
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 “Other Encumbrances” has the meaning specified in clause (5) of
Section 7.01. 
 “Other Taxes” has the meaning specified in Section 3.01(b). 

“Other Term Loan Commitments” means one or more Classes of term loan commitments hereunder to fund Other Term Loans of the
applicable Refinancing Series hereunder that result from a Refinancing Amendment. 
 “Other Term Loans” means one or more
Classes of Term Loans that result from a Refinancing Amendment. 
 “Outstanding Amount” means (a) with respect to the
Term Loans, 2022 Revolving Credit Loans, 2024 Revolving
Credit Loans and Swing Line Loans on any date, the outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans,
2022 Revolving Credit Loans, 2024 Revolving Credit Loans (including any refinancing of
outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing) and Swing Line Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the
outstanding amount thereof on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes thereto as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any
Letters of Credit (including any refinancing of outstanding unpaid drawings under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing under Letters of Credit
taking effect on such date. 
 “Overnight Bank Funding Rate” means, for any day, the rate comprised of both
overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the Federal Reserve Bank of New York’s Website from
time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate. 

“Participant” has the meaning specified in Section 10.06(d). 

“Participant Register” has the meaning set forth in Section 10.06(d). 

“PBGC” means the Pension Benefit Guaranty Corporation, or any Governmental Authority succeeding to any of its principal
functions. 
 “Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party, any Restricted Subsidiary or any ERISA Affiliate or to which any Loan Party, any Restricted
Subsidiary or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding
five (5) plan years. 
 “Perfection Certificate” means a certificate in the form of Exhibit G-1 hereto or any
other form approved by the Collateral Agent, as the same shall be supplemented from time to time by a Perfection Certificate Supplement or otherwise. 

  
 44 

 “Perfection Certificate Supplement” means a certificate supplement in the
form of Exhibit G-2 hereto or any other form approved by the Collateral Agent. 
 “Permitted Acquisition” means any
Investment permitted under clause (c) or clause (t) of the definition of Permitted Investments. 

“Permitted Asset Swap” means the concurrent purchase and sale or exchange of Related Business Assets or a combination of
Related Business Assets, cash and Cash Equivalents between the Borrower or any of its Restricted Subsidiaries and another Person; provided, that any cash or Cash Equivalents received must be applied in accordance with Sections 2.05(b)
and 7.04. 
 “Permitted Debt Offering” means any issuance of senior secured or junior secured or unsecured
Indebtedness by any Loan Party after the Closing Date through an incurrence of term loans or through a public offering or private issuance of debt securities under Rule 144A or Regulation S under the Securities Act, or otherwise; provided
that, (a) such Indebtedness may be secured by a first priority Lien on the Collateral that is pari passu with the Lien securing the Obligations (other than any Permitted Debt Offering Indebtedness incurred in the form of term loans,
which shall not be secured by a first priority Lien on the Collateral), or may be secured by a Lien ranking junior to the Lien on the Collateral securing the Obligations or may be unsecured; (b) such Indebtedness is not secured by any
collateral other than the Collateral securing the Obligations; (c) such Indebtedness does not mature on or prior to the Latest Maturity Date at the time of incurrence thereof or have a shorter Weighted Average Life to Maturity than, any then
outstanding Class of Term Loans; (d) the covenants (excluding the Borrower’s ability to make Restricted Payments) and events of default in respect of such Indebtedness, taken as a whole, are substantially similar, or more favorable to the
Loan Parties than, those governing the Senior Notes or are otherwise not more restrictive to the Loan Parties in the aggregate than those set forth in this Agreement (it being understood to the extent that any financial maintenance covenant is added
for the benefit of any Permitted Debt Offering, no consent shall be required from the Administrative Agent or any Lender to the extent that such financial maintenance covenant is also added for the benefit of any corresponding existing Facility);
(e) a certificate of a Responsible Officer of the issuing Loan Party delivered to the Administrative Agent at least three (3) Business Days (or such shorter period as the Administrative Agent may reasonably agree) prior to the incurrence
of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the issuing Loan Party has determined in good faith that
such terms and conditions satisfy the foregoing requirements shall be conclusive evidence that such terms and conditions satisfy the foregoing requirements; and (f) none of the Borrower and its Subsidiaries (other than the Loan Parties) is a
guarantor or borrower under such Permitted Debt Offering. Any debt securities (including registered debt securities) issued by any Loan Party in exchange for any Indebtedness issued in connection with a Permitted Debt Offering in accordance with the
terms of a registration rights agreement entered into in connection with the issuance of such Permitted Debt Offering Indebtedness shall also be considered a Permitted Debt Offering. 

“Permitted Holders” means (a) (i) CBS Corporation or any of its controlled Affiliates, (ii) National
Amusements, Inc. or any of its controlled Affiliates and (iii) Redstone Family Members, in each case until such time as such Person beneficially owns less than 50% of the total voting power of the Voting Stock of the Borrower (it being
understood that if any such Person subsequently acquires any Voting Stock of the Borrower it shall not, at such time, constitute a “Permitted Holder”) and (b) from and after the ETM Acquisition Closing Date, (i) Entercom or any
of its controlled Affiliates and (ii) Field Family Members. 
 “Permitted Investments” means: 

  
 45 

 (a) any Investment in the Borrower or any other Loan Party; 

(b) any Investment in cash or Cash Equivalents; 

(c) any Investment by the Borrower or any of its Restricted Subsidiaries in a Person that is engaged in a Similar Business if
as a result of such Investment such Person becomes a Restricted Subsidiary and a Guarantor, or such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys
substantially all of its assets (or all or substantially all of the property comprising a division, business unit or line of business of such Person) to, or is liquidated into, the Borrower or any other Loan Party; provided: 

(i) no Event of Default shall exist either immediately before or after such purchase or acquisition; and 

(ii) Section 6.11 shall be complied with respect to such newly acquired Restricted Subsidiary and property; 

and any Investment held by such Person at the time such Person becomes a Restricted Subsidiary and Guarantor; provided, that such Investment was not
acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer; 
 (d) any Investment in
securities or other assets not constituting cash or Cash Equivalents (including Designated Non-Cash Consideration) and received in connection with a Disposition made pursuant to the provisions described under Section 7.04 or any other
disposition of assets not constituting a Disposition; 
 (e) any Investment existing on the Closing Date or made pursuant to
binding commitments in effect on the Closing Date, in each case, as set forth on Schedule 1.01D or an Investment consisting of any extension, modification or renewal of any Investment existing on the Closing Date; provided, that the
amount of any such Investment may only be increased as required by the terms of such Investment as in existence on the Closing Date; 

(f) any Investment acquired by the Borrower or any of its Restricted Subsidiaries: 

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

(ii) as a result of a foreclosure by the Borrower 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 
 (iii) as a result of the settlement,
compromise or resolution of litigation, arbitration or other disputes with Persons who are not Affiliates of the Borrower; 

(g) Hedging Obligations permitted under Section 7.02(b)(9); 

  
 46 

 (h) Investments the payment for which consists of Equity Interests
(exclusive of Disqualified Stock) of the Borrower; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under Section 7.05(a); 

(i) guarantees of Indebtedness permitted under Section 7.02; 

(j) any transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions of
Section 7.07(b) (except transactions described in clauses (2), (6), (8) and (9) thereof); 

(k) Investments consisting of (x) purchases and acquisitions of inventory, supplies, material, services or equipment, or
other similar assets or purchases of contract rights or licenses or leases of intellectual property, in each case in the ordinary course of business or (y) the licensing or contribution of intellectual property pursuant to joint marketing
arrangements with other Persons; 
 (l) Investments by the Borrower or any of its Restricted Subsidiaries in an Unrestricted
Subsidiary, a Non-Guarantor Subsidiary (or a Person who becomes a Non-Guarantor Subsidiary as a result of such Investment) or a joint venture engaged in a Similar Business having an aggregate fair market value (as determined in good faith by the
Borrower), taken together with all other Investments made pursuant to this clause (l) that are at that time outstanding, not to exceed the greater of (x) $200 million and (y) 4% of Total Assets at the time of such Investment
(with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); 

(m) Investments in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any Person that, in the good faith
determination of the Borrower are necessary or advisable to effect any Receivables Facility permitted to be incurred pursuant to Section 7.01(b)(19) or any repurchases in connection therewith; 

(n) advances to, or guarantees of Indebtedness of, officers, directors and employees not in excess of $5 million outstanding at
any one time, in the aggregate; 
 (o) loans and advances to officers, directors and employees for business-related travel
expenses, moving expenses, payroll 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 Borrower; 

(p) any Investment in any Subsidiary or joint venture in connection with intercompany cash management arrangements or related
activities arising in the ordinary course of business; 
 (q) any Investment by the Borrower or any of its Restricted
Subsidiaries consisting of Permitted Non-Cash Consideration, provided that (x) the aggregate fair market value of such Permitted Non-Cash Consideration so received during the term of this Agreement shall not exceed $100 million and
(y) such fair market value shall be determined in good faith by the Borrower at the time provided and without giving effect to subsequent changes in value; 

(r) any other Investment in an aggregate amount not to exceed the Available Amount at the time of such Investment; 

  
 47 

 (s) other Investments (including Investments in Unrestricted Subsidiaries
and other Persons that do not become Loan Parties) having an aggregate fair market value (as determined in good faith by the Borrower), taken together with all other Investments made pursuant to this clause (s) that are at the time
outstanding, not to exceed the greater of (x) $200 million and (y) 4% of Total Assets; 
 (t) additional
Acquisitions of a Person (or all or a substantial portion of the property comprising a division, business unit or line of business of a Person) that is engaged in a Similar Business; provided, that: 

(i) no Default shall exist either immediately before or after such Acquisition; 

(ii) such Person becomes a Restricted Subsidiary or is merged, consolidated or amalgamated with or into, or transfers or
conveys substantially all of its assets (or all or a substantial portion of the property comprising a division, business unit or line of business of such Person) to, or is liquidated into, a Restricted Subsidiary; 

(iii) Section 6.11 shall be complied with respect to such newly acquired Restricted Subsidiary and property; and

 (iv) on a Pro Forma Basis after giving effect to such Acquisition, the Consolidated Net Leverage Ratio is less than or
equal to 6.0 to 1.0; and 
 (u) endorsements for collection or deposit in the ordinary course of business. 

“Permitted Junior Secured Refinancing Debt” means any secured Indebtedness (including any Registered Equivalent Notes)
incurred by the Borrower in the form of one or more series of second lien (or other junior lien) secured notes or second lien (or other junior lien) secured loans; provided, that (a) such Indebtedness is secured by the Collateral on a
second priority (or other junior priority) basis to the liens securing the Obligations and the obligations in respect of any Permitted Pari Passu Secured Refinancing Debt and is not secured by any property or assets of the Borrower or any Restricted
Subsidiary other than the Collateral, (b) such Indebtedness may be secured by a Lien on the Collateral that is junior to the Liens securing the Obligations and the obligations in respect of any Permitted Pari Passu Secured Refinancing Debt,
notwithstanding any provision to the contrary contained in the definition of Credit Agreement Refinancing Indebtedness, (c) a Representative acting on behalf of the holders of such Indebtedness shall have become party to or otherwise subject to
the provisions of a Second Lien Intercreditor Agreement with the Borrower, the Guarantors and the Administrative Agent, and (d) such Indebtedness meets the Permitted Other Debt Conditions. Permitted Junior Secured Refinancing Debt will include
any Registered Equivalent Notes issued in exchange therefor. 
 “Permitted Liens” has the definition assigned to such term
in Section 7.01. 
 “Permitted Non-Cash Consideration” means non-cash consideration received by the Borrower or
any of its Restricted Subsidiaries in connection with the lease, other disposition or provision of advertising time or other goods and services provided by the Borrower and its Restricted Subsidiaries to customers in the ordinary course of business.

  
 48 

 “Permitted Other Debt Conditions” means that such applicable debt
(a) does not mature or have scheduled amortization payments of principal or payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (other than customary offers to repurchase upon a
change of control, asset sale or event of loss and a customary acceleration right after an event of default), in each case prior to the Latest Maturity Date at the time such Indebtedness is incurred, (b) is not at any time guaranteed by any
Subsidiaries other than Subsidiaries that are Guarantors, (c) to the extent secured, the security agreements relating to such Indebtedness are substantially the same as or more favorable to the Loan Parties than the Collateral Documents (with
such differences as are reasonably satisfactory to the Administrative Agent), and (d) in regard to any Refinancing Notes, the other terms and conditions (excluding pricing and optional prepayment or redemption terms and restrictions on the
Borrower’s ability to make Restricted Payments) are substantially identical to or (taken as a whole) less favorable to the investors providing such Refinancing Notes than the those applicable to the Term Loans being refinanced (except for
covenants or other provisions applicable only to periods after the Latest Maturity Date at the time of incurrence of such debt and it being understood that the terms contained in the Senior Notes Indenture satisfy the requirements of this clause
(d)); provided, that a certificate of a Responsible Officer delivered to the Administrative Agent at least five (5) Business Days prior to the incurrence of the applicable Indebtedness, together with a reasonably detailed description
of the material terms and conditions of such Indebtedness and drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirements of this clause
(d) shall be conclusive evidence that such terms and conditions satisfy such requirements. 
 “Permitted Pari Passu Secured
Refinancing Debt” means any secured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower in the form of one or more series of senior secured notes; provided, that (a) such Indebtedness is secured by
the Collateral on a pari passu basis (but without regard to the control of remedies) with the Obligations and is not secured by any property or assets of the Borrower or Restricted Subsidiary other than the Collateral, (b) such
Indebtedness is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors, (c) such Indebtedness, (i) unless incurred as a term loan under this Agreement, does not mature or have scheduled amortization or
payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (other than customary offers to repurchase upon a change of control, asset sale or event of loss and a customary acceleration right
after an event of default), in each case prior to the date that is the Latest Maturity Date at the time such Indebtedness is incurred or issued, and (ii) if incurred as a term loan under this Agreement, does not mature earlier than, or have a
Weighted Average Life to Maturity shorter than, the applicable Refinanced Debt, (d) the security agreements relating to such Indebtedness (to the extent such Indebtedness is not incurred hereunder) are substantially the same as or more
favorable to the Loan Parties than the Collateral Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (e) to the extent such Indebtedness is not incurred hereunder, a Representative acting on behalf of
the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of an Intercreditor Agreement with the Administrative Agent and (f) such Indebtedness, if consisting of Refinancing Notes, satisfies clause
(d) of the definition of Permitted Other Debt Conditions. Permitted Pari Passu Secured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor. 

“Permitted Unsecured Refinancing Debt” means unsecured Indebtedness (including any Registered Equivalent Notes) incurred by
the Borrower in the form of one or more series of senior unsecured notes or loans; provided, that (a) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness and (b) meets the Permitted Other Debt Conditions. 

“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. 

  
 49 

 “Plan” means any “employee benefit plan” as such term is defined
in Section 3(3) of ERISA established or maintained by any Loan Party, any Restricted Subsidiary or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate. 

“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from
time to time. 
 “Platform” has the meaning assigned to such term in Section 6.02. 

“Preferred Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation,
dissolution, or winding up. 
 “Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the
“Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (Selected Interest Rates) as the
“bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative
Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective. 

“Pro Forma Basis” and “Pro Forma Compliance” mean, with respect to compliance with any test or covenant
hereunder, that such test or covenant shall have been calculated in accordance with Section 1.08. 
 “Pro Rata
Share” means, with respect to each Lender at any time a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Commitments of such Lender under the applicable Facility or
Facilities at such time and the denominator of which is the amount of the Aggregate Commitments under the applicable Facility or Facilities at such time; provided, that if such Commitments have been terminated, then the Pro Rata Share of each
Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments of Loans and other Obligations made pursuant to the terms hereof. 

“Projections” means financial projections of the Borrower and its Subsidiaries through 2021 following the Closing Date, which
will be prepared on a pro forma basis after giving effect to the Closing Date Transactions and will include, without limitation, consolidated income statements (with Consolidated EBITDA clearly noted) and a pro forma consolidated
balance sheet of the Borrower and its Subsidiaries as at the Closing Date, all of which will be in form and substance and at levels reasonably satisfactory to the Arrangers. 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may
be amended from time to time. 
 “Public Lender” has the meaning assigned to such term in Section 6.02.

 “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in
accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” has the meaning set forth in Section 11.13.

  
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 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each
Guarantor that, at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation, has total assets exceeding $10 million and constitutes an “eligible contract participant”
under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another Person to qualify as an “eligible contract participant” with respect to such Swap Obligation at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 “Quarterly Financial Statements” means the unaudited
consolidated balance sheets and related consolidated statements of operations and cash flows of the Borrower and its subsidiaries for the fiscal quarters ended March 31, 2016 and June 30, 2016. 

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

“Ratio” means each of (a) the Consolidated Net Secured Leverage Ratio, (b) the Consolidated Net Leverage Ratio,
(c) the Consolidated Net First Lien Leverage Ratio and (d) the Maximum Consolidated Net First Lien Leverage Ratio. 

“Ratio Calculation Date” has the meaning assigned to such term in Section 1.08(b). 

“Real Property” means, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and
to any and all parcels of or interests in real property owned, leased, licensed or operated by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all
improvements and appurtenant fixtures and other property and rights incidental to the ownership, lease or operation thereof. 

“Receivables Facility” means any of one or more receivables financing facilities as amended, supplemented, modified,
extended, renewed, restated or refunded from time to time, the obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Borrower or any of its
Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Borrower or any of its Restricted Subsidiaries sells its accounts receivable to either (a) a Person that is not a Restricted Subsidiary or (b) a
Receivables Subsidiary that in turn sells its accounts receivable to a Person that is not a Restricted Subsidiary. 
 “Receivables
Fees” means distributions or payments made directly or by means of discounts with respect to any accounts receivable 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 Receivables Facility. 
 “Receivables Subsidiary” means any Subsidiary of the
Borrower formed for the sole purpose of, and that engages only in, the purchase and sale of accounts receivables under one or more Receivables Facilities and other activities reasonably related thereto. 

“Recipient” means the Administrative Agent, any Lender and any L/C Issuer, as applicable. 

“Redstone Family Members” includes only the following Persons: (i) Mr. Sumner Redstone; (ii) the estate of
Mr. Redstone; (iii) each descendant of Mr. Redstone or spouse or former spouse of Mr. Redstone and their respective estates, guardians, conservators or committees; (iv) any spouse or former spouse of Mr. Redstone;
(v) each Family Controlled Entity (as defined below); and (vi) the trustees, in 

  
 51 

 
their respective capacities as such, of each Family Controlled Trust (as defined below). The term “Family Controlled Entity” means: (i) any not-for-profit corporation if
more than 50% of its board of directors is composed of Redstone Family Members; (ii) any other corporation if more than 50% of the value of its outstanding equity is owned by Redstone Family Members; (iii) any partnership if more than 50%
of the value of its partnership interests is owned by Redstone Family Members; and (iv) any limited liability or similar company if more than 50% of the value of the company is owned by Redstone Family Members. The term “Family
Controlled Trust” includes certain trusts existing on the Closing Date and any other trusts the primary beneficiaries of which are Redstone Family Members, spouses of Redstone Family Members and/or charitable organizations, provided
that if the trust is a wholly charitable trust, more than 50% of the trustees of such trust consist of Redstone Family Members. 

“Refinanced Debt” has the meaning set forth in the definition of “Credit Agreement Refinancing
Indebtedness.” 
 “Refinancing Amendment” means an amendment to this Agreement executed by each of (a) the
Borrower, (b) the Administrative Agent, and (c) each Additional Refinancing Lender and each Lender that agrees to provide any portion of the Other Term Loans or Other Term Loan Commitments incurred pursuant thereto, in accordance with
Section 2.15, and provided, that the Indebtedness pursuant to any such Refinancing Amendment (i) does not mature earlier than, or have a Weighted Average Life to Maturity shorter than, the applicable Refinanced Debt and
(ii) is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors. 
 “Refinancing
Indebtedness” has the meaning set forth in Section 7.02(b). 
 “Refinancing Notes” means Credit
Agreement Refinancing Indebtedness incurred in the form of notes rather than loans. 
 “Refinancing Series” means all Other
Term Loans or Other Term Loan Commitments that are established pursuant to the same Refinancing Amendment (or any subsequent Refinancing Amendment to the extent such Refinancing Amendment expressly provides that the Other Term Loans or Other Term
Loan Commitments provided for therein are intended to be a part of any previously established Refinancing Series) and that provide for the same yield (taking into account any applicable interest rate margin, original issue discount, up-front fees
and any interest rate “floor”) and amortization schedule (if any). 
 “Refunding Capital Stock” has the meaning
set forth in Section 7.05(c). 
 “Register” has the meaning set forth in Section 10.06(c). 

“Registered Equivalent Notes” means, with respect to any notes originally issued in an offering pursuant to Rule 144A under
the Securities Act or other private placement transaction under the Securities Act, substantially identical notes (having the same guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC.

 “Reinvestment Deferred Amount” means, with respect to any Reinvestment Event, the aggregate Net Proceeds received by the
Borrower or any of its Subsidiaries in connection therewith that are not applied to prepay Indebtedness pursuant to Section 2.05(b)(i). 

“Reinvestment Event” means any Disposition or Casualty Event in respect of which the Borrower has exercised its reinvestment
rights pursuant to and in accordance with Section 2.05(b)(i). 

  
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 “Rejection Notice” has the meaning set forth in
Section 2.05(b)(vi). 
 “Related Business Assets” means assets (other than cash and Cash Equivalents) used or
useful in a Similar Business; provided, that any assets received by the Borrower or a Restricted Subsidiary in exchange for assets transferred by the Borrower or a Restricted Subsidiary shall not be 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 be or become a Restricted Subsidiary. 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees and advisors of such Person and of such Person’s Affiliates, together with their respective successors and permitted assigns. 

“Release” means any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping,
leaching, dumping, disposing, depositing, dispersing or migrating in, into, onto or through the Environment. 
 “Relevant
Governmental Body” means the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto. 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder,
other than events for which the thirty (30) day notice period has been waived. 
 “Representative” means, with respect
to any Indebtedness, the trustee, administrative agent, collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of
their successors in such capacities. 
 “Repricing Transaction” means any prepayment (including by way of any repricing,
refinancing, replacement or conversion) of all or a portion of the Term B-2 Loans with proceeds from the incurrence by the Borrower of any new indebtedness having an All-In Yield that is less than the All-In Yield of the Term B-2 Loans (excluding
any prepayments, repricings or refinancings in connection with a Change of Control) (as such comparable yields are determined in the reasonable judgment of the Administrative Agent consistent with generally accepted financial practices), including
as may be effected through any amendment to this Agreement relating to the All-In Yield of the Term B-2 Loans. 
 “Request for
Credit Extension” means (a) with respect to a Borrowing, continuation or conversion of Term Loans or Revolving Credit Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and
(c) with respect to a Swing Line Loan, a Swing Line Loan Notice. 
 “Required Class Lenders” means, as of any date of
determination, Lenders of a Class having more than 50% of the sum of (a) the Total Outstandings (with, in the case of the Revolving Credit Facility, the aggregate amount of each Lender’s risk participation and funded participation in L/C
Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition) of all Lenders of such Class and (b) the aggregate unused Commitments of all Lenders of such Class; provided, that the unused
Commitment and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender of such Class shall be excluded for purposes of making a determination of Required Class Lenders. 

  
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 “Required Lenders” means, as of any date of determination, Lenders having
more than 50% of the sum of the (a) Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for
purposes of this definition), (b) aggregate unused Term Commitments, and (c) aggregate unused Revolving Credit Commitments; provided, that the unused Term Commitment and unused Revolving Credit Commitment of, and the portion of the
Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

“Required ECF Percentage” means, with respect to any fiscal year of the Borrower commencing with the fiscal year ending
December 31, 2018, 50%; provided, that (a) if the Consolidated Net Secured Leverage Ratio as of the end of such fiscal year is less than or equal to 3.00 to 1.00 but greater than 2.50 to 1.00, such percentage shall be 25%, and
(b) if the Consolidated Net Secured Leverage Ratio as of the end of such fiscal year is less than or equal to 2.50 to 1.00, such percentage shall be 0%. 

“Responsible Officer” means the chief executive officer, president, vice president, chief financial officer, treasurer or
assistant treasurer or other similar officer of a Loan Party and, as to any document delivered on the Closing Date, any secretary or assistant secretary of such Loan Party and, solely for purposes of notices given pursuant to Article II, any
other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be
conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 

“Restricted Cash” means cash and Cash Equivalents held by Restricted Subsidiaries that is contractually restricted from being
distributed to the Borrower, except for such restrictions that are contained in agreements governing Indebtedness permitted under this Agreement and that is secured by such cash or Cash Equivalents. 

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

“Restricted Payment” has the meaning set forth in Section 7.05. 

“Restricted Subsidiary” means, at any time, each direct and indirect Subsidiary of the Borrower (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.” 
 “Retained Percentage” means, with respect to any Excess Cash Flow Period,
(a) 100% minus (b) the Required ECF Percentage with respect to such Excess Cash Flow Period. 
 “Revaluation Date” shall mean, with respect to any Letter of Credit denominated in an Alternative Currency, each of the following: (i) the date on which such Letter of Credit
is issued, (ii) the first Business Day of each calendar month and (iii) the date of any amendment of such Letter of Credit that has the effect of increasing the face amount thereof; and (c) any additional date as the Administrative
Agent may determine at any time when an Event of Default exists. 
 “Revolving Commitment Increase” has
the meaning set forth in Section 2.14(a). 
 “Revolving Commitment Increase Lender” has the meaning set forth
in Section 2.14(d). 

  
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 “Revolving Credit Borrowing” means a borrowing consisting of simultaneous
Revolving Credit Loans of the same Type and Class and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Revolving Credit Lenders of such Class pursuant to Section 2.01(b). 

“Revolving Credit Commitment” means, as to each
Revolving Credit Lender, its obligation to (a) make Revolving Credit Loans to the Borrower pursuant to Section 2.01(b), (b) purchase participations in L/C Obligations in respect of Letters of Credit, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one
time outstanding not to exceed the amount set forth, and opposite such Lender’s name on Schedule I to Amendment No. 2 under the caption “Revolving Credit Commitment” or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as
such amount may be adjusted from time to time in accordance with this Agreement (including Section 2.14). The aggregate the 2022 Revolving Credit
Commitments of alland the 2024
Revolving Credit Lenders shall be $250 million immediately following the Amendment No. 2 Effective Time, as such amount may be adjusted from time to time in accordance with
the terms of this AgreementCommitments.  

“Revolving Credit Exposure” means, as to
each the 2022 Revolving Credit
Lender, the sum of the amount of the outstanding principal amount of
suchExposure and the 2024 Revolving Credit
Lender’s Revolving Credit Loans and its Pro Rata Share of the amount of the L/C Obligations and the Swing Line Obligations at such timeExposure. 

“Revolving Credit Facility” means, at any time,
the aggregate amount of the the 2022 Revolving Credit Lenders’Facility and the 2024 Revolving
Credit Commitments at such
timeFacility. 

“Revolving Credit Lender” means, at any time, any Lender that has a Revolving Credit Commitment at such time. 

“Revolving Credit Loans” has the meaning
specified in
Section 2.01(b)means the
2022 Revolving Credit Loans and the 2024 Revolving Credit Loans. 
 “Revolving Credit Note” means a
promissory note of the Borrower payable to any Revolving Credit Lender or its registered assigns, in substantially the form of Exhibit C-2 hereto, evidencing the aggregate Indebtedness of the Borrower to such Revolving Credit Lender resulting
from the Revolving Credit Loans made by such Revolving Credit Lender to the Borrower. 
 “Revolving Extension Offers” has
the meaning specified in Section 2.16(a). 
 “S&P” means S&P Global Ratings, a business unit of
Standard & Poor’s Financial Services, LLC, a subsidiary of S&P Global Inc., and any successor to its rating agency business. 

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

“Same Day Funds” means immediately available funds. 

“Sanction” or “Sanctions” means (a) any sanctions administered or enforced by any Governmental
Authority of the United States (including the U.S. Department of the Treasury’s Office of Foreign Assets Control and the U.S. Department of State), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other
applicable sanctions authority and (b) any applicable requirement of Law relating to terrorism or money laundering. 

  
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 “SEC” means the Securities and Exchange Commission, or any Governmental
Authority succeeding to any of its principal functions. 
 “Second Lien Intercreditor Agreement” means an intercreditor
agreement substantially in the form of Exhibit I-2 hereto (which agreement in such form or with immaterial changes thereto the Administrative Agent is authorized to enter into) together with any material changes thereto in light of prevailing
market conditions, which material changes shall be posted to the Lenders not less than five (5) Business Days before execution thereof and, if the Required Lenders shall not have objected to such changes within five (5) Business Days after
posting, then the Required Lenders shall be deemed to have agreed that the Administrative Agent’s entry into such intercreditor agreement (with such changes) is reasonable and to have consented to such intercreditor agreement (with such
changes) and to the Administrative Agent’s execution thereof. 
 “Secured Hedge Agreement” means any Swap Contract
permitted under Article VII that is entered into by and between any Loan Party and any Hedge Bank. 
 “Secured
Indebtedness” means any Indebtedness of the Borrower or any of its Restricted Subsidiaries secured by a Lien. For the avoidance of doubt, Attributable Indebtedness will be considered to be secured by the asset that is the subject of the
Sale and Leaseback Transaction. 
 “Secured Parties” means, collectively, the Administrative Agent, the Collateral Agent,
the Lenders, the Hedge Banks and each co-agent or sub-agent appointed by the Administrative Agent or Collateral Agent from time to time pursuant to Section 9.02. 

“Securities Account Control Agreement” means a securities account control agreement to be executed by the Collateral Agent,
the applicable Loan Party and each institution maintaining a securities account for the Borrower or any other Loan Party, in each case as required by and in accordance with the terms of the Security Agreement. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Security Agreement” has the meaning specified in Section 4.01(a)(iii). 

“Senior Notes” means $400 million in an aggregate principal amount of the Borrower’s 7.250% senior unsecured notes due
2024. 
 “Senior Notes Indenture” means the Indenture for the Senior Notes, dated as of October 17, 2016, between the
Borrower, as issuer, Deutsche Bank Trust Company Americas, as trustee, and the other entities from time to time party thereto, as the same may be amended, modified, supplemented, replaced or refinanced to the extent not prohibited by this Agreement.

 “Separation” means the disposition of any or all of the Capital Stock of the Borrower held by CBS Corporation and its
applicable Subsidiaries in one or a series of transactions, including by way of the IPO and by way of a tax-free split-off or tax-free spin-off, pursuant to which CBS Corporation will (a) offer its stockholders the option to exchange their
shares of CBS Corporation’s common stock for shares of the Borrower’s common stock in an exchange offer or exchange offers, (b) distribute the Borrower’s common stock held by CBS Corporation and its applicable Subsidiaries on a
pro rata basis to CBS Corporation’s shareholders whose CBS Corporation common stock remains outstanding after any exchanges are consummated, and/or (c) otherwise dispose of the Borrower’s Capital Stock. 

  
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 “Similar Business” means any business conducted or proposed to be conducted
by the Borrower and its Restricted Subsidiaries on the Closing Date or any business that is similar, reasonably related, complimentary, incidental or ancillary thereto. 

“SOFR” with respect to any day means the secured overnight financing rate published for such day by the NYFRB, as the
administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website. 

“SOFR-Based Rate” means SOFR, Compounded SOFR or Term SOFR. 

“Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date
(a) the fair value of the assets 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 greater than the amount
that will be required to pay the probable liability of such Person on the sum of its debts and other liabilities, including contingent liabilities; (c) such Person has not incurred debts or liabilities beyond such Person’s ability to pay
such debts and liabilities as they become due (whether at maturity or otherwise); and (d) such Person does not have unreasonably small capital with which to conduct the businesses in which it is engaged as such businesses are now conducted and
are proposed to be conducted following the Closing Date. 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. 
 “SPC” has the meaning specified in
Section 10.06(g). 
 “Specified Transaction” means, with respect to any period, any Acquisition, Investment,
Disposition, incurrence or repayment of Indebtedness, Restricted Payment, Subsidiary designation (as “Restricted” or “Unrestricted”), merger, amalgamation, consolidation, Incremental Term Loan or Revolving Commitment Increase or
any other transaction (including the ETM Acquisition Closing Date Transactions) that by the terms of this Agreement requires “Pro Forma Compliance” with a test or covenant hereunder or requires such test or covenant to be calculated
on a “Pro Forma Basis.” 
 “Stations” means those broadcast radio stations identified on Schedule
5.07(a), together with any broadcast radio station acquired by the Borrower or any Restricted Subsidiary pursuant to a Permitted Acquisition. 

“Subordinated Indebtedness” means: 

(a) any Indebtedness of the Borrower which is by its terms subordinated in right of payment to the Obligations; and 

(b) any Indebtedness of a Guarantor which is by its terms subordinated in right of payment to the Guaranty of such Guarantor.

 “Subordinated Intercompany Note” means any subordinated promissory note evidencing any intercompany debt (i) owed
by the Borrower to CBS Corporation or any of its Subsidiaries (that is not the Borrower or a Subsidiary of the Borrower), (ii) incurred within three (3) Business Days prior to the IPO, or, if earlier, on the date of pricing of the
securities to be issued in the IPO, (iii) having a maturity no earlier than 91 days after the Latest Maturity Date, with mandatory prepayment using the net proceeds of the IPO, (iv) that by its terms is subordinated in right of payment to
the Obligations and (v) that is designated as such by the Borrower, which promissory note shall be substantially in the form of Exhibit H hereto, or such other form as may be reasonably acceptable to the Administrative Agent. 

  
 57 

 “Subsidiary” means, with respect to any Person: 

(a) 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 

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

(i) more than 50% of the voting interests or general 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 

(ii) such Person or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such
entity. 
 Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a
Subsidiary or Subsidiaries of the Borrower. 
 “Successor Company” has the meaning specified in
Section 7.03(d). 
 “Supported QFC” has the meaning specified in Section 11.13. 

“Survey” means a survey of any Real Property subject to a Mortgage (and all improvements thereon) which is
(a) (i) prepared by a surveyor or engineer licensed to perform surveys in the jurisdiction where such Real Property is located, (ii) dated (or redated) not earlier than six (6) months prior to the date of delivery thereof unless
there shall have occurred within six (6) months prior to such date of delivery any material change to such Real Property, improvements or any easement, right of way or other interest in the Real Property has been granted or become effective
through operation of law or otherwise with respect to such Real Property which, in either case, can be depicted on a survey, in which events, as applicable, such survey shall be dated (or redated) after the completion of such construction or if such
construction shall not have been completed as of such date of delivery, not earlier than thirty (30) days prior to such date of delivery, or after the grant or effectiveness of any such easement, right of way or other interest in the subject
Real Property, (iii) certified by the surveyor (in a manner reasonably acceptable to the Administrative Agent) to the Administrative Agent, the Collateral Agent and the title company, (iv) compliant with the American Land Title Association
requirements as such requirements are in effect on the date of preparation of such survey including a survey endorsement, and (v) sufficient for the title company to issue a Title Policy, or (b) otherwise reasonably acceptable to the
Collateral Agent. 
 “Swap” means any agreement, contract or transaction that constitutes a “swap” within the
meaning of section 1a(47) of the Commodity Exchange Act. 

  
 58 

 “Swap Contract” means (a) any and all rate swap transactions, basis
swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward
bond price or forward bond index transactions, interest rate swaps and options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions,
currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master
agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives
Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or
liabilities under any Master Agreement. 
 “Swap Obligation” means, with respect to any Guarantor, any obligation to pay or
perform under any Swap. 
 “Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to
Section 2.04. 
 “Swing Line Facility” means the swing line loan facility made available by the Swing Line
Lenders pursuant to Section 2.04. 
 “Swing Line Lender” means JPM, in its capacity as provider of Swing Line
Loans or any successor or additional swing line lender hereunder. 
 “Swing Line Loan” has the meaning specified in
Section 2.04(a). 
 “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to
Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit B hereto. 
 “Swing Line
Note” means a promissory note of the Borrower payable to any Swing Line Lender or its registered assigns, in substantially the form of Exhibit C-3 hereto, evidencing the aggregate Indebtedness of the Borrower to such Swing Line
Lender resulting from the Swing Line Loans. 
 “Swing Line Obligations” means, as at any date of determination, the
aggregate principal amount of all Swing Line Loans outstanding. 
 “Swing Line Sublimit” means an amount equal to the
lesser of (a) $5 million and (b) the aggregate amount of the 2024 Revolving Credit Commitments. The Swing Line Sublimit is part of, and not in addition to, the
2024 Revolving Credit Commitments. 

“Taxes” means any present or future taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar
charges imposed by any Governmental Authority, including any interest, additions to tax and penalties applicable thereto. 
 “Tax
Group” has the meaning specified in Section 7.05(k). 
 “Term B Lender” means a Lender holding a Term
B Loan. 
 “Term B Loan” means all Term B Loans made by the Term Lenders on the Closing Date that are outstanding under
this Agreement immediately prior to the Amendment No. 2 Effective Time. 

  
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 “Term B-1 Commitment” means an Initial Term B-1 Commitment or an Additional
Term B-1 Loan Commitment. 
 “Term B-1 Joinder Agreement” means a joinder agreement to this Agreement executed by the
Borrower, the Administrative Agent and each Lender with an Initial Term B-1 Commitment (and which shall not require any further consent from any other Lender, Agent, Arranger or other Loan Party). 

“Term B-1 Lender” means a Lender with a Term B-1 Commitment or holding Term B-1 Loans. 

“Term B-1 Loan” means an Initial Term B-1 Loan or an Additional Term B-1 Loan. 

“Term B-1 Note” means a promissory note of the Borrower payable to any Term B-1 Lender or its registered assigns, in
substantially the form attached to the Term B-1 Joinder Agreement, evidencing the aggregate Indebtedness of the Borrower to such Term B-1 Lender resulting from the Term B-1 Loans made by such Term B-1 Lender. 

“Term B-2 Commitment” means, as to each Term B-2 Lender, its obligation to make a Term B-2 Loan to the Borrower
pursuant to Section 2.01(d) in an aggregate amount equal to $[            ]92,776,530.32, which represents the excess of
$[            
]2 770,000,000.00 over the aggregate principal amount of Converted Term B-1 Loans. 

“Term B-2 Lender” means the Lender identified as such in Amendment No. 4. 

“Term B-2 Loan” has the meaning assigned to such term in Section 2.01(d). 

“Term B-2 Note” means a promissory note of the Borrower payable to any Term B-2 Lender or its registered assigns, in
substantially the form attached as Exhibit C hereto. 
 “Term B-2 Prepayment Premium” has the meaning specified in
Section 2.05(a)(iv). 
 “Term Borrowing” means a borrowing consisting of simultaneous Term Loans of the same
Class, Type and currency and, in the case of Eurodollar Rate Loans, having the same Interest Period. 
 “Term Commitment”
means the Term B-2 Commitments and the obligation of any other Term Lender with respect to any other series of Term Loans to make a Term Loan of such series. 

“Term Extension Offers” has the meaning specified in Section 2.16(a). 

“Term Lender” means the Term B Lenders, the Term B-1 Lenders, the Term B-2 Lenders and each Lender holding Incremental Term
Loans, Extended Term Loans or Other Term Loans. 
 “Term Loan” means the Term B Loans, the Term B-1 Loans, the Term B-2
Loans, the Incremental Term Loans of each series, the Extended Term Loans of each series and the Other Term Loans of each series, collectively. 

“Term Loan Standstill Period” has the meaning set forth in Section 8.01(b). 

 
 2 JPM to advise on size of the repriced Term B-2 Facility that will remain after giving effect to the prepayment with bond proceeds.  

  
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 “Term SOFR” means the forward-looking term rate based on SOFR that has been
selected or recommended by the Relevant Governmental Body. 
 “Test Period” means, for any date of determination under this
Agreement, the four consecutive fiscal quarters of the Borrower then last ended. 
 “Threshold Amount” means $35 million
(or the equivalent thereof in any foreign currency). 
 “Title Policy” means a fully paid American Land Title Association
form of policy of title insurance (or marked-up title insurance commitment having the effect of a policy of title insurance) insuring the Lien of a Mortgage as a valid subsisting first priority Lien (subject only to Permitted Liens) on the mortgaged
property and fixtures described therein in the amount equal to no more than the fair market value of such mortgaged property and fixtures, issued by a title company reasonably acceptable to the Collateral Agent which shall (a) to the extent
necessary, include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Collateral Agent; (b) contain a “tie-in” or “cluster” endorsement, if available
under applicable law (i.e., policies which insure against losses regardless of location or allocated value of the insured property up to a stated maximum coverage amount); (c) have been supplemented by such endorsements as shall be reasonably
requested by the Collateral Agent (including endorsements on matters relating to usury, first loss, last dollar, zoning, contiguity, revolving credit, doing business, non-imputation, public road access, survey, variable rate, environmental lien,
subdivision, mortgage recording tax, separate tax lot, revolving credit and so-called comprehensive coverage over covenants and restrictions, provided that, where the cost of a zoning endorsement is excessive in light of nature of the
transaction the Administrative Agent shall reasonably consider the Borrower’s requests to waive such zoning endorsement and to provide a zoning opinion, report or other letter in form and substance reasonably satisfactory to the Administrative
Agent; and (d) affirmatively insure against loss arising out from or contain no exceptions to title other than Permitted Liens. 

“Total Assets” means total assets of the Borrower and its Restricted Subsidiaries on a consolidated basis, shown on the most
recent balance sheet of the Borrower and its Restricted Subsidiaries delivered pursuant to Section 6.01 as may be expressly stated without giving effect to any amortization of the amount of intangible assets since the Closing Date, with
such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in Section 1.08. 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations. 

“Total Revenues” means total revenues of the Borrower and its Restricted Subsidiaries on a consolidated basis, shown on the
most recent statement of income or operations of the Borrower and its Restricted Subsidiaries delivered pursuant to Section 6.01, with such pro forma adjustments as are appropriate and consistent with the pro forma
adjustment provisions set forth in Section 1.08. 
 “Transactions” means (a)(i) the issuance and sale of the
Senior Notes, (ii) the entering into of the Loan Documents and (iii) the borrowing of Term Loans under this Agreement, (b) the issuance, dividend and/or distribution of the Subordinated Intercompany Note and any repayment thereof,
(c) the consummation of the IPO, (d) the transfer of a portion of the aggregate proceeds (which may be substantially all of the net proceeds) of the Senior Notes, the Term Loans and the IPO by the Borrower to, directly or indirectly, CBS
Corporation, (e) the Separation and (f) in connection with the Separation, entry into and consummation of the transactions contemplated under a master separation agreement, a tax matters agreement, a transition services agreement, a joint
digital services agreement, intellectual property license agreements and a registration rights agreement, in each case as disclosed in the offering memorandum for the Senior Notes. 

  
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 “Transfers” means a collective reference to the Debt Proceeds Transfers and
the IPO Proceeds Transfers. 
 “Treasury Services Agreement” means any agreement between any Loan Party and any Hedge Bank
relating to commercial credit or debit card, merchant card, or purchasing card programs (including non-card e-payables services), or treasury, depository, or cash management services (including automatic clearing house transfer of funds, overdraft,
controlled disbursement, electronic funds transfer, lockbox, stop payment, return item and wire transfer services). 

“Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 

“U.S. Lender” means any Lender that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment;
provided that, if the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed to be zero for the purposes of this Agreement. 

“Undisclosed Administration” means in relation to a Lender the appointment of an administrator, provisional liquidator,
conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender is subject to home jurisdiction supervision if applicable law requires that such
appointment is not to be publicly disclosed. 
 “Uniform Commercial Code” or “UCC” means the Uniform
Commercial Code as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of
Collateral. 
 “United States” and “U.S.” mean the United States of America. 

“United States Tax Compliance Certificate” has the meaning set forth in Section 3.01(d). 

“Unreimbursed Amount” has the meaning set forth in Section 2.03(c)(i). 

“Unrestricted Subsidiary” means: 

(a) any Subsidiary of the Borrower which at the time of determination is an Unrestricted Subsidiary (as designated by the
Borrower, pursuant to Section 6.14); and 
 (b) any Subsidiary of an Unrestricted Subsidiary. 

As of the Closing Date, all of the Borrower’s Subsidiaries are Restricted Subsidiaries. 

“U.S. Special Resolution Regimes” has the meaning specified in Section 11.13. 

“USA Patriot Act” has the meaning specified in Section 5.15. 

  
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 “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 (or equivalent body) or other governing body 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 quotient obtained by dividing: (a) the sum of the products of the number of years from the date of determination to the date of each successive scheduled principal payment of such Indebtedness or scheduled
redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by (b) the sum of all such payments; provided, that for purposes of determining the Weighted Average Life
to Maturity of any Refinanced Debt or any Indebtedness that is being modified, refinanced, refunded, renewed, replaced or extended, the effects of any amortization or prepayments made on such Indebtedness prior to the date of the applicable
modification, refinancing, refunding, renewal, replacement or extension shall be disregarded. 
 “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 and shares required to be held by foreign nationals) shall at the time be owned by such Person or by one
or more Wholly-Owned Subsidiaries of such Person. 
 “Withholding Agent” means any Loan Party, the Administrative Agent
and, in the case of any U.S. federal withholding Tax, any other applicable withholding agent. 
 “Write-Down and Conversion
Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule. 
 Section 1.02. Other Interpretive Provisions. 

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 

(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b) The words “herein,” “hereto,” “hereof” and “hereunder “and words of similar import
when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof. 

(c) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears. 

(d) The term “including” is by way of example and not limitation. 

(e) The term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports,
financial statements and other writings, however evidenced, whether in physical or electronic form. 

  
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 (f) In the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including.” 

(g) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect
the interpretation of this Agreement or any other Loan Document. 
 Section 1.03. Accounting Terms; GAAP. 

(a) All accounting terms not specifically or completely defined herein shall be construed in conformity with GAAP, except as otherwise
specifically prescribed herein. 
 (b) Notwithstanding anything to the contrary herein, for purposes of this Agreement (including in
determining compliance with any test or covenant contained herein) with respect to (i) any Test Period during which any Specified Transaction occurs, the applicable Ratio shall be calculated with respect to such Test Period and such Specified
Transaction on a Pro Forma Basis and (ii) any Test Period with respect to which testing is based on a Specified Transaction happening after the end of such Test Period, the applicable Ratio shall be calculated as if such Specified Transaction
had taken place on the first day of such Test Period. 
 (c) If the Borrower notifies the Administrative Agent that the Borrower wishes to
amend any provision hereof to eliminate the effect of any change in GAAP (or in the application thereof) occurring after the Closing Date on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required
Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then the compliance of the Borrower and its Subsidiaries with
such provision shall be determined on the basis of GAAP as in effect (and as applied) immediately before the relevant change became effective, until either such notice is withdrawn or such provision is amended in a manner satisfactory to the
Borrower and the Required Lenders. Until such notice is withdrawn or the relevant provision is so amended, the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement
setting forth a reconciliation between calculations made with respect to the relevant provision before and after giving effect to such change in GAAP. Notwithstanding any other provision of this agreement, in no event shall a lease obligation that
does not constitute a Capitalized Lease Obligation under GAAP as in effect on the date hereof be treated as a Capitalized Lease Obligation for any purpose hereof. 

Section 1.04. Rounding. 

Any financial ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific
action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the
result up or down to the nearest number (with a rounding up if there is no nearest number). 
 Section 1.05. References to
Agreements, Laws, Etc. 
 Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements
(including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements,
extensions, supplements and other modifications are permitted by the Loan Documents, and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law.

  
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 Section 1.06. Times of Day. 

Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

 Section 1.07. Timing of Payment of Performance. 

When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day
which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day. 

Section 1.08. Pro Forma and Other Calculations. 

(a) Notwithstanding anything to the contrary herein, financial ratios and tests, including the Ratios, shall be calculated in the manner
prescribed by this Section 1.08; provided, that notwithstanding anything to the contrary in clauses (b), (c), (d) or (e) of this Section 1.08, when calculating any Ratio for
purposes of (i) the definition of “Applicable Rate” and (ii) Section 7.09 (other than for the purpose of determining Pro Forma Compliance with Section 7.09), the events described in this
Section 1.08 that occurred subsequent to the end of the applicable Test Period shall not be given pro forma effect. 
 (b)
In the event that the Borrower or any of its Restricted Subsidiaries incurs, assumes, guarantees, redeems, retires or extinguishes any Indebtedness or issues or redeems Disqualified Stock or Preferred Stock subsequent to the Test Period for which
any Ratio is being calculated but prior to or simultaneously with the event for which the calculation of the applicable Ratio is made (the “Ratio Calculation Date”), then the applicable Ratio shall be calculated giving pro forma
effect to such incurrence, assumption, guarantee, redemption, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred on the last day of the applicable
Test Period; provided, however, that, for purposes of any pro forma calculation of the Consolidated Net Leverage Ratio on such determination date pursuant to the provisions described in Section 7.02(a), the pro
forma calculation shall not give effect to any Indebtedness incurred on such determination date pursuant to the provisions described under Section 7.02(b). 

(c) For purposes of making the computation referred to above, Investments, Acquisitions, Dispositions, mergers, amalgamations and
consolidations (as determined in accordance with GAAP), in each case with respect to a business (as such term is used in Regulation S-X Rule 11-01 under the Securities Act), a company, a segment, an operating division or unit or line of business
that the Borrower, or any of its Restricted Subsidiaries has determined to make and/or made during the Test Period or subsequent to such Test Period and on or prior to or simultaneously with the Ratio Calculation Date shall be calculated on a pro
forma basis in accordance with GAAP (except as set forth in the last sentence of clause (d) below) assuming that all such Investments, Acquisitions, Dispositions, mergers, amalgamations and consolidations (and the change in any
associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom (and, in the case of any pro forma calculation of Consolidated EBITDA, subject only to any limitation set forth in clause (z) to the proviso to
clause (a)(J) of the definition of Consolidated EBITDA, to the extent applicable) had occurred on the first day of the Test Period. If since the beginning of such Test Period any Person that subsequently became a Restricted Subsidiary or was merged
with or into the Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Investment, Acquisition, Disposition, merger, 

  
 65 

 
amalgamation and consolidation, in each case with respect to a business (as such term is used in Regulation S-X Rule 11-01 under the Securities Act), a company, a segment, an operating division
or unit or line of business that would have required adjustment pursuant to this Section 1.08, then the applicable Ratio shall be calculated giving pro forma effect thereto for such Test Period as if such Investment, Acquisition,
Disposition, merger and consolidation had occurred at the beginning of the applicable Test Period. 
 (d) For purposes of making the
computation referred to above, whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower. Any such pro
forma calculation may include adjustments appropriate, in the reasonable determination of the Borrower as set forth in an officer’s certificate, to reflect reasonably identifiable and factually supportable operating expense reductions and
other operating improvements or synergies reasonably expected to result from any action taken or expected to be taken within eighteen (18) months after the date of any Acquisition, amalgamation or merger (and, in the case of any pro forma
calculation of Consolidated EBITDA, subject only to the limitation set forth in clause (z) to the proviso to clause (a)(J) of the definition of Consolidated EBITDA, to the extent applicable); provided, that no such amounts shall be
included pursuant to this paragraph to the extent duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA with respect to such period. 

(e) For purposes of calculation of any Ratio, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the
average exchange rate for such currency for the most recent twelve (12) month period immediately prior to the date of determination determined in a manner consistent with that used in calculating Consolidated EBITDA for the applicable Test
Period. 
 (f) Notwithstanding anything in this Agreement or any Loan Document to the contrary, when calculating any applicable ratio or
determining other compliance with this Agreement (including the determination of compliance with any provision of this Agreement which requires that no Default or Event of Default has occurred, is continuing or would result therefrom) in connection
with a Specified Transaction undertaken in connection with the consummation of a Limited Condition Acquisition and the incurrence of any Indebtedness (and use of the proceeds thereof) in connection therewith, the date of determination of such ratio
and determination of whether any Default or Event of Default has occurred, is continuing or would result therefrom or the date of determination of such other applicable covenant shall, at the option of the Borrower (the Borrower’s election to
exercise such option in connection with any Limited Condition Acquisition, an “LCA Election”), be deemed to be the date the definitive agreements for such Limited Condition Acquisition are entered into (the “LCA Test
Date”) and if, after such ratios and other provisions are measured on a pro forma basis after giving effect to such Limited Condition Acquisition and the other Specified Transactions to be entered into in connection therewith
(including any incurrence of Indebtedness (including any Incremental Facility) and the use of proceeds thereof) as if they occurred at the beginning of the four consecutive fiscal quarter period being used to calculate such financial ratio ending
prior to the LCA Test Date, the Borrower could have taken such action on the relevant LCA Test Date in compliance with such ratios and provisions, such provisions shall be deemed to have been complied with. For the avoidance of doubt, if and after
the Borrower has made an LCA Election for any Limited Condition Acquisition, (x) if any of such ratios are exceeded as a result of fluctuations in such ratio (including due to fluctuations in Consolidated EBITDA) at or prior to the consummation
of the relevant Limited Condition Acquisition, such ratios and other provisions will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether the Limited Condition Acquisition and any related
Specified Transaction and/or incurrence of Indebtedness in connection therewith are permitted hereunder and (y) such ratios and other provisions shall not be tested at the time of consummation of such Limited Condition Acquisition or related
Specified Transactions. If the Borrower has made an LCA Election for any Limited Condition 

  
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Acquisition, then in connection with any subsequent calculation of any ratio (specifically excluding the determination of the Applicable Rate and the financial covenant set forth in
Section 7.09) or basket availability with respect to any other Specified Transaction on or following the relevant LCA Test Date and prior to the earlier of the date on which such Limited Condition Acquisition is consummated or the date that the
definitive agreement for such Limited Condition Acquisition is terminated or expires without consummation of such Limited Condition Acquisition, any such ratio or basket shall be calculated (I) on a pro forma basis assuming such Limited
Condition Acquisition and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated and (II) on a pro forma basis but without giving effect to such Limited
Condition Acquisition and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof). 

Section 1.09. Letter of Credit Amounts. 

Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of
Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount
thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 

Section 1.10. Interest Rates; LIBOR Notification. 

The interest rate on Eurodollar Loans is determined by reference to the Eurodollar Rate, which is derived from the London interbank offered
rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that,
after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for
purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to
determine the interest rate on Eurodollar Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered
rate. Upon the occurrence of a Benchmark Transition Event or an Early Opt-In Election, Section 3.03(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Borrower, pursuant to
Section 3.03(d), of any change to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect
to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “Eurodollar Rate” or with respect to any alternative or successor rate thereto, or replacement rate
thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 3.03(b), whether upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, and
(ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 3.03(c)), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate
will be similar to, or produce the same value or economic equivalence of, the Eurodollar Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability 

  
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 Section 1.11. Divisions. 

For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event
under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the
original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such
time. 
 ARTICLE II 

The Commitments and Credit Extensions 

Section 2.01. The Loans. 

(a) The Additional Term B-1 Borrowings. Subject to the terms and conditions set forth herein, (i) the Additional Term B-1 Lender
agrees to make a Loan denominated in Dollars (an “Additional Term B-1 Loan”, which term shall include each Loan converted from a Converted Term B Loan pursuant to subclause (ii) below) immediately following the Amendment
No. 2 Effective Time in an amount equal to the Additional Term B-1 Commitment and (ii) the Converted Term B Loan of each Lender shall be converted into an Additional Term B-1 Loan of such Lender in the same principal amount as its
Converted Term B Loan immediately following the Amendment No. 2 Effective Time. Notwithstanding the foregoing, all Additional Term B-1 Loans borrowed immediately following the Amendment No. 2 Effective Time shall initially take the form of
a pro rata increase to each then outstanding Borrowing of Term B-1 Loans. Additional Term B-1 Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. Amounts borrowed under this Section 2.01(a) and repaid or
prepaid may not be reborrowed. 
 (b) The Revolving Credit Borrowings. 

(i) At the
Amendment No. 4 Effective Time, in accordance with, and upon the terms and conditions set forth in, Amendment No. 4, (x) the Existing Revolving Credit Commitments of each 2022 Revolving Credit Lender outstanding on such date shall
continue hereunder and be reclassified as a 2022 Revolving Credit Commitment on such date and (y) the Existing Revolving Credit Commitment of each 2024 Revolving Credit Lender outstanding on such date shall continue hereunder and be
reclassified as a 2024 Revolving Credit Commitment on such date.  
 (ii) Subject to the terms and conditions set forth herein, and in Amendment
No. 4, (A) each 2022 Revolving Credit Lender severally agrees to make Revolving Credit Loans denominated in Dollars to the Borrower from its applicable Lending Office (each such loan, a “2022 Revolving Credit Loan”) from time to time, on any
Business Day until the Business Day preceding the Maturity Date for the 2022 Revolving Credit Facility, in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender’s
2022 Revolving Credit Commitment;
provided, that after giving effect to any
such Revolving Credit Borrowing, the aggregate
Outstanding Amount of the
Revolving2022
 Revolving Credit Loans of any Lender shall not exceed such Lender’s 2022 Revolving Credit Commitment and (B) each 2024 Revolving Credit Lender severally agrees to make Revolving Credit Loans denominated in Dollars to the Borrower from its
applicable Lending Office (each such loan, a “2024 Revolving Credit Loan”) from time to time, on any Business Day until the Business Day preceding the Maturity Date for the 2024 Revolving Credit Facility, in an aggregate principal amount
not to exceed at any time outstanding the amount of such Lender’s 2024  

  
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Revolving Credit Commitment; provided,
 that after giving effect to any such Revolving Credit Borrowing, the aggregate Outstanding Amount of the 2024 Revolving Credit Loans of any Lender, plus such Lender’s Pro Rata Share of(calculated solely on
the basis of the 2024 Revolving Credit Facility) of the Outstanding Amount of all L/C Obligations, plus such Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans,
shall not exceed such Lender’s 2024 Revolving
Credit Commitment; and provided, further, that on the Closing Date, any Revolving Credit Borrowings shall be
limited to not more than $10 million solely to fund Closing Date Transaction Expenses and other expenses relating to the Transactions. Within the limits of each Lender’s Revolving
Credit Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01(b), prepay under Section 2.05, and reborrow under this Section 2.01(b). Revolving Credit
Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 
 (c) Initial Term B-1 Borrowings. Subject
to the terms and conditions set forth herein, each Initial Term B-1 Lender severally agrees to make to the Borrower on a pro rata basis on the ETM Acquisition Closing Date, Loans denominated in Dollars in an aggregate amount not to exceed at
any time outstanding the amount of such Initial Term B-1 Lender’s Initial Term B-1 Commitment. Amounts borrowed under this Section 2.01(c) and repaid or prepaid may not be reborrowed. Initial Term B-1 Loans may be Base Rate Loans or
Eurodollar Rate Loans, as further provided herein. For the avoidance of doubt, Initial Term B-1 Loans shall not constitute Incremental Term Loans. 

(d) Subject to the terms and conditions set forth herein and in Amendment No. 4, (i) the Term B-2 Lender agrees to make a Loan
denominated in Dollars (a “Term B-2 Loan”, which term shall include each Loan converted from a Converted Term B-1 Loan pursuant to subclause (ii) below) immediately following the Amendment No. 4 Effective Time in an amount
equal to the Term B-2 Commitment and (ii) the Converted Term B-1 Loan of each Lender shall be converted into ana Term B-2 Loan of such Lender in the same principal amount as its Converted Term B-1 Loan immediately following the Amendment
No. 4 Effective Time. Term B-2 Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. Amounts borrowed under this Section 2.01(d) and repaid or prepaid may not be reborrowed. 

Section 2.02. Borrowings, Conversions and Continuations of Loans. 

(a) Each Term Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Credit Loans from one Type to the other,
and each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent. Each such notice must be received by the Administrative Agent not later than (i) 2:00 p.m. (A) three
(3) Business Days prior to the requested date of any Borrowing or continuation of Eurodollar Rate Loans or any conversion of Base Rate Loans to Eurodollar Rate Loans and (B) one (1) Business Day before the requested date of any Term
Borrowing consisting of Base Rate Loans, or (ii) 10:00 a.m. on the requested date of any Revolving Credit Borrowing consisting of Base Rate Loans. Each notice by the Borrower pursuant to this Section 2.02(a) must be by delivery to
the Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Except as provided in Section 2.14(a), each Borrowing of, conversion to or continuation of
Eurodollar Rate Loans shall be in a minimum principal amount of $1 million, or a whole multiple of $1 million, in excess thereof. Except as provided in Section 2.03(c), 2.04(c), 2.14(a) or the last sentence of this
paragraph, each Borrowing of or conversion to Base Rate Loans shall be in a minimum principal amount of $1 million or a whole multiple of $500,000 in excess thereof. Each Committed Loan Notice shall specify (i) whether the Borrower is
requesting a Term Borrowing, a Revolving Credit Borrowing, a conversion of Term Loans or Revolving Credit Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or
continuation, as the case may be (which 

  
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shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the
Class and Type of Loans to be borrowed or to which existing
Term Loans or Revolving Credit Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or fails to give a timely
notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Credit Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of
the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Committed Loan Notice, but fails to specify an
Interest Period, it will be deemed to have specified an Interest Period of one (1) month. 
 (b) Following receipt of a Committed
Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Pro Rata Share of the applicable Class of Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative
Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans or continuation described in Section 2.02(a). In the case of each Borrowing, each Appropriate Lender shall make the amount of its Loan available
to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice; provided, that each such Appropriate Lender may, at its
option, make its Loan by causing any domestic or foreign branch or Affiliate of such Appropriate Lender to make such Loan; provided, further, that any exercise of such option shall not affect in any manner the obligation of the
Borrower to repay such Loan in accordance with the terms of this Agreement. Upon satisfaction of the applicable conditions set forth in Section 4.02 or, in the case of the Initial Term B-1 Loans, Section 4.03, in the case of
the Additional Term B-1 Loans, Section 2 of Amendment No. 2 and in the case of the Term B-2 Loans, Section 2 of Amendment No. 4 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the
Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably
acceptable to) the Administrative Agent by the Borrower; provided, that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are Swing Line Loans or L/C Borrowings outstanding, then the
proceeds of such Borrowing shall be applied, first, to the payment in full of any such L/C Borrowing, second, to the payment in full of any such Swing Line Loans, and third, to the Borrower as provided above. 

(c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for
such Eurodollar Rate Loan unless the Borrower pays the amount due, if any, under Section 3.05 in connection therewith. During the existence of an Event of Default, the Administrative Agent or the Required Lenders may require that no
Loans may be converted to or continued as Eurodollar Rate Loans. 
 (d) The Administrative Agent shall promptly notify the Borrower and the
Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. The determination of the Eurodollar Rate by the Administrative Agent shall be conclusive in the absence of manifest
error. 
 (e) After giving effect to all Term Borrowings, all Revolving Credit Borrowings, all conversions of Term Loans or Revolving Credit
Loans from one Type to the other, and all continuations of Term Loans or Revolving Credit Loans as the same Type, there shall not be more than twelve (12) Interest Periods in effect. 

(f) The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation,
if any, hereunder to make its Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the date of any Borrowing. 

  
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 Section 2.03. Letters of Credit. 

(a) The Letter of Credit Commitment. 

(i) Subject to Section 4.02 and all of the other terms and conditions set forth herein, (A) each L/C Issuer
agrees, in reliance upon the agreements of the other 2024
Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date to the date that is thirty (30) days prior to the Letter of Credit Expiration Date, to
issue Letters of Credit denominated in Dollars, or in the sole discretion of such L/C Issuer in an Alternative Currency, for the account of the Borrower (provided, that any Letter of Credit may be for the benefit of the Borrower or any
Subsidiary of the Borrower) and to amend or renew Letters of Credit previously issued by it, in accordance with Section 2.03(b), and (2) to honor drafts under the Letters of Credit and (B) the 2024 Revolving Credit Lenders severally agree to participate in
Letters of Credit issued pursuant to this Section 2.03; provided, that no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Lender shall be obligated to participate in any
Letter of Credit if as of the date of such L/C Credit Extension, (x) the Revolving Credit Exposure of any
2024 Revolving Credit Lender would exceed such
Lender’s 2024 Revolving Credit Commitment,
(y) the Outstanding Amount of the L/C Obligations would exceed the Letter of Credit Sublimit or (z) the Outstanding Amount of L/C Obligations in respect of Letters of Credit denominated in an Alternative Currency would exceed $5 million;
provided, that in the event Deutsche Bank AG New York Branch is an L/C Issuer, Deutsche Bank AG New York Branch shall only be obligated to issue standby Letters of Credit in accordance with the terms hereof. Within the foregoing limits, and
subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that
have expired or that have been drawn upon and reimbursed. 
 (ii) An L/C Issuer shall be under no obligation to issue
any Letter of Credit if: 
 (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms
purport to enjoin or restrain such L/C Issuer from issuing the Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over
such L/C Issuer shall prohibit, or request that such L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon such L/C Issuer with respect to the Letter of Credit any
restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not applicable on
the Closing Date and which such L/C Issuer in good faith deems material to it; 
 (B) subject to
Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve (12) months after the date of issuance or last extension; 

(C) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless
(1) each Appropriate Lender (in its sole discretion) has approved of such expiration date or (2) the Outstanding Amount of L/C Obligations in respect of such requested Letter of Credit has been Cash Collateralized or back-stopped by a
letter of credit reasonably satisfactory to the applicable L/C Issuer; 

  
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 (D) the issuance of such Letter of Credit would violate any Laws binding
upon such L/C Issuer; 
 (E) except as otherwise agreed by the Administrative Agent and such L/C Issuer, the Letter of Credit
is in an initial stated amount less than $100,000, in the case of a standby Letter of Credit; 
 (F) the issuance of the
Letter of Credit would violate one or more policies of such L/C Issuer applicable to letters of credit generally; 
 (G) the
Letter of Credit is to be denominated in a currency other than Dollars; 
 (H) any 2024 Revolving Credit Lender is at that time a Defaulting Lender,
unless such L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the Borrower or such Lender to eliminate such L/C Issuer’s actual or potential
Fronting Exposure (after giving effect to Section 2.17(a)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such
L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or 
 (I) after giving
effect to such issuance, (1) the aggregate face amount of Letters of Credit issued by such L/C Issuer would exceed such L/C Issuer’s L/C Commitment or (2) the Outstanding Amount of L/C Obligations in respect of Letters of Credit
denominated in any Alternative Currency would exceed $5 million in the aggregate. 
 (iii) An L/C Issuer shall be under no
obligation to amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not
accept the proposed amendment to such Letter of Credit. 
 (iv) Each L/C Issuer shall act on behalf of the 2024 Revolving Credit Lenders with respect to any Letters of
Credit issued by it and the documents associated therewith, and such L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken or omissions suffered by
such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article IX
included such L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to such L/C Issuer. 

(b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.  

  
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 (i) Subject to Section 4.02, each Letter of Credit shall be
issued or amended, as the case may be, upon the request of the Borrower delivered to an L/C Issuer during the period specified in Section 2.03(a) (with a copy to the Administrative Agent) in the form of a Letter of Credit Application,
appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application must be received by the relevant L/C Issuer and the Administrative Agent not later than 2:00 p.m. at least three (3) Business Days
prior to the proposed issuance date or date of amendment, as the case may be; or, in each case, such later date and time as the relevant L/C Issuer may agree in a particular instance in its sole discretion. In the case of a request for an initial
issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer: (a) the proposed issuance date of the requested Letter of Credit (which shall be a Business
Day); (b) the amount thereof; (c) the expiry date thereof; (d) the name and address of the beneficiary thereof; and (e) such other matters as the relevant L/C Issuer may reasonably request (which may include the form of the
requested Letter of Credit). In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant L/C Issuer (1) the Letter of
Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the relevant L/C Issuer may reasonably request. Additionally,
the Borrower shall furnish to each L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such L/C Issuer or the
Administrative Agent may reasonably require. 
 (ii) Promptly after receipt of any Letter of Credit Application, the relevant
L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such L/C Issuer will provide the Administrative
Agent with a copy thereof. Unless the relevant L/C Issuer has received written notice from any Revolving Credit Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the
applicable Letter of Credit, that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, the relevant L/C Issuer shall, on the requested date, issue a Letter of
Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the relevant L/C Issuer’s usual and customary business practices; provided, that each L/C Issuer may, at
its option, issue such Letter of Credit or enter into such amendment, as the case may be, by causing any foreign or domestic branch or Affiliate of such L/C Issuer to issue such Letter of Credit or enter into such amendment, as the case may be;
provided, further, that any exercise of such option by such L/C Issuer shall not affect the obligation of the Borrower to pay or perform its Obligations in respect of such Letter of Credit or such amendment, as the case may be, in
accordance with the terms of this Agreement. Immediately upon the issuance of each Letter of Credit, each
2024 Revolving Credit Lender shall be deemed to, and hereby
irrevocably and unconditionally agrees to (regardless of whether the conditions set forth in Section 4.02 have been satisfied), purchase from the relevant L/C Issuer without recourse or warranty a risk participation in such Letter of
Credit in an amount equal to the product of such Lender’s Pro Rata Share of the 2024 Revolving Credit
Facility times the amount of such Letter of Credit. 

(iii) If the Borrower so requests in any applicable Letter of Credit Application, the relevant L/C Issuer may, in its
discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided, that any such Auto-Extension Letter of Credit must permit the relevant L/C Issuer
to prevent any such extension at least once in each twelve (12) month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension
Notice Date”) in each such twelve (12) month period to be agreed upon at the 

  
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time such Letter of Credit is issued. Once an Auto-Extension Letter of Credit has been issued, unless otherwise directed by the relevant L/C Issuer, the Borrower shall not be required to make a
specific request to the relevant L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the relevant L/C Issuer to permit the extension of such
Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date (unless each Appropriate Lender (in its sole discretion) has approved a later expiry date); provided, that the relevant L/C Issuer shall not
permit any such extension if (A) the relevant L/C Issuer has determined that it would have no obligation at such time to issue such Letter of Credit in its extended form under the terms hereof (by reason of the provisions of Section
2.03(a)(ii) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is five (5) Business Days before the Non-Extension Notice Date from the Administrative Agent, any 2024 Revolving Credit Lender or the Borrower that one or more of
the applicable conditions specified in Section 4.02 is not then satisfied; provided, further, that the relevant L/C Issuer may permit any such extension to an expiry date later than the Letter of Credit Expiration Date if
the Outstanding Amount of L/C Obligations in respect of such Letter of Credit has been Cash Collateralized or back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer (it being understood and agreed that, in such case,
the obligations of the 2024 Revolving Credit Lenders
to reimburse any drawing under such Letter of Credit pursuant to the terms hereof following the Letter of Credit Expiration Date shall terminate as of the Letter of Credit Expiration Date, unless all of the 2024 Revolving Credit Lenders (in their sole discretion) have
approved such later expiry date). 
 (iv) Promptly after its delivery of any Letter of Credit or any amendment to a
Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the relevant L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

(c) Drawings and Reimbursements; Funding of Participations.  

(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the
relevant L/C Issuer shall notify promptly the Borrower and the Administrative Agent thereof. Not later than 2:00 p.m. on the Business Day immediately following any payment by an L/C Issuer under a Letter of Credit with notice to the Borrower (each
such date, an “Honor Date”), the Borrower shall reimburse such L/C Issuer through the Administrative Agent (or directly to such L/C Issuer with a written notice to the Administrative Agent) in an amount equal to the amount of such
drawing in (x) with respect to any Letter of Credit issued in Dollars, in Dollars or (y) with respect to any Letter of Credit issued in an Alternative Currency, in such Alternative Currency (or if requested by the applicable L/C Issuer,
the Dollar Equivalent thereof in Dollars). If the Borrower fails to so reimburse such L/C Issuer by such time, the L/C Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify each 2024 Revolving Credit Lender of the Honor Date, the amount of the
unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such
2024 Revolving Credit Lender’s Pro Rata Share
(calculated solely on the basis of the 2024 Revolving Credit Facility) thereof. In such event, the Borrower shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans
under the 2024 Revolving Credit Facility to be
disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans but subject to the amount of the unutilized
portion of the 2024 Revolving Credit Commitments of
the 2024 Revolving Credit Lenders and the conditions
set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by an L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately
confirmed in writing; provided, that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 

  
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 (ii) Each 2024 Revolving Credit Lender shall upon any notice pursuant to
Section 2.03(c)(i) make funds available in Dollars (which in the case of any Letters of Credit denominated in an Alternative Currency shall be based on the Dollar Equivalent of the Unreimbursed Amount thereof) (and the Administrative
Agent may apply Cash Collateral provided for this purpose) for the account of the relevant L/C Issuer at the Administrative Agent’s Office for payments in an amount equal to its Pro Rata Share (calculated solely on the basis of the 2024 Revolving Credit Facility) of the Unreimbursed Amount not later than 4:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each 2024 Revolving Credit Lender that so makes funds available shall
be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the relevant L/C Issuer. 

(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans under the 2024 Revolving Credit Facility because the conditions
set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the relevant L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which
L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each
2024 Revolving Credit Lender’s payment to the
Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in
satisfaction of its participation obligation under this Section 2.03. 
 (iv) Until a 2024 Revolving Credit Lender funds its 2024 Revolving Credit Loan or L/C Advance pursuant to this
Section 2.03(c) to reimburse the relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Pro Rata Share
(calculated solely on the basis of the 2024 Revolving Credit Facility) of such amount shall be solely for the account of the relevant L/C Issuer. 
 (v)
Each 2024 Revolving Credit Lender’s obligation to make
2024 Revolving Credit Loans or L/C Advances to
reimburse an L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim,
recoupment, defense or other right which such Lender may have against the relevant L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, (C) the form, validity, sufficiency,
accuracy, genuineness or legal effect of any Letter of Credit or any document submitted by any party in connection with the application for and issuance of a Letter of Credit, even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, fraudulent or forged; (D) failure of the beneficiary to comply fully with conditions required in order to demand payment under a Letter of Credit; or (E) any other occurrence, event or condition, whether or not
similar to any of the foregoing, including without limitation, any of the events specified in Section 2.03(e); provided, that each
2024 Revolving Credit Lender’s obligation to
make 2024 Revolving Credit Loans pursuant to this
Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the
Borrower to reimburse the relevant L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein. 

  
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 (vi) If any 2024 Revolving Credit Lender fails to make available to the
Administrative Agent for the account of the relevant L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), then,
without limiting the other provisions of this agreement, such L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment
is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the applicable L/C Issuer in accordance with banking
industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the
amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the relevant L/C Issuer submitted to any 2024 Revolving Credit Lender (through the Administrative Agent)
with respect to any amounts owing under this Section 2.03(c)(vi) shall be conclusive absent manifest error. 
 (d)
Repayment of Participations.  
 (i) If, at any time after an L/C Issuer has made a payment under any
Letter of Credit and has received from any 2024 Revolving
Credit Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), the Administrative Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or
interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Pro Rata Share (calculated solely on the basis of the 2024 Revolving Credit Facility) thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s L/C Advance was outstanding) in the same funds as those received by the
Administrative Agent. 
 (ii) If any payment received by the Administrative Agent for the account of an L/C Issuer
pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each 2024 Revolving Credit Lender shall pay to the Administrative
Agent for the account of such L/C Issuer its Pro Rata Share (calculated solely on the basis of the 2024
Revolving Credit Facility) thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a
rate per annum equal to the applicable Federal Funds Rate from time to time in effect. The obligations of the Lenders under this clause (ii) shall survive the payment in full of the Obligations and the termination of this
Agreement. 
 (e) Obligations Absolute. The obligation of the Borrower to reimburse the relevant L/C Issuer for each drawing
under each Letter of Credit issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

 (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument
relating thereto; 
 (ii) the existence of any claim, counterclaim, setoff, defense or other right that any Loan Party may
have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the relevant L/C Issuer or any other Person, whether in connection with this
Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

  
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 (iii) any draft, demand, certificate or other document presented under such
Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 

(iv) any payment by the relevant L/C Issuer under such Letter of Credit against presentation of a draft or certificate that
does not strictly comply with the terms of such Letter of Credit; or any payment made by the relevant L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; 

(v) any amendment or waiver of or any consent to departure from all or any of the provisions of the Loan Documents; 

(vi) any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of the
Borrower or any of its Subsidiaries; or 
 (vii) any other circumstance or happening whatsoever, whether or not similar to
any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Loan Party. 

The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of
any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the applicable L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against such L/C Issuer
and its correspondents unless such notice is given as aforesaid. 
 (f) Role of L/C Issuers. Each Lender and the Borrower agree that,
in paying any drawing under a Letter of Credit, the relevant L/C Issuer shall not have any responsibility to obtain any document (other than all documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or
accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuers, any Related Parties nor any of the respective correspondents, participants or assignees of any L/C Issuer shall be
liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Lenders holding a majority of the Revolving Credit Commitments, as applicable; (ii) any action taken
or omitted in the absence of bad faith, gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Application.
The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, that this assumption is not intended to, and shall not, preclude the Borrower from
pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuers, any Related Parties, nor any of the respective correspondents, participants or assignees of any L/C
Issuer, shall be liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.03(e); provided, that anything in such clauses to the contrary notwithstanding, the Borrower
may have a claim against an L/C Issuer, and such L/C Issuer may be liable to the Borrower, to the extent, but only to the 

  
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extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by such L/C Issuer’s willful misconduct or gross
negligence or such L/C Issuer’s willful or grossly negligent failure to pay under any Letter of Credit after the presentation to it by the beneficiary of all documents specified in the Letter of Credit strictly complying with the terms and
conditions of a Letter of Credit, in each case, as determined in a final and nonappealable judgment by a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, each L/C Issuer may accept documents that appear on
their face to be in order, without responsibility for further investigation, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or
the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. Notwithstanding anything to the contrary contained in this Section 2.03(f), the Borrower shall
retain any and all rights it may have against any L/C Issuer for any liability arising out of the bad faith, gross negligence or willful misconduct of such L/C Issuer, as determined in a final and nonappealable judgment by a court of competent
jurisdiction. 
 (g) Cash Collateral. (i) If an L/C Issuer has honored any full or partial drawing request under any Letter of
Credit and such drawing has resulted in an L/C Borrowing that has not been repaid and the conditions set forth in Section 4.02 to a Revolving Credit Borrowing cannot then be met, (ii) if, as of the Letter of Credit Expiration Date,
any Letter of Credit for any reason remains outstanding and partially or wholly undrawn (and arrangements that are reasonably satisfactory to the applicable L/C Issuer have not otherwise been made), (iii) if any Event of Default occurs and is
continuing and the Administrative Agent or the Lenders holding a majority of the 2024 Revolving Credit Commitments, as applicable, require the Borrower to Cash Collateralize the L/C Obligations pursuant to Section 8.02, (iv) if, after the issuance of any Letter of Credit, any
2024 Revolving Credit Lender becomes a Defaulting
Lender or (v) an Event of Default set forth under Section 8.01(f) occurs and is continuing, then the Borrower shall Cash Collateralize the then Outstanding Amount of (A) the applicable L/C Borrowing, in the case of the
preceding clause (i), (B) all L/C Obligations, in the case of the preceding clauses (ii), (iii) and (v), or (C) such L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender that has not been re-allocated to
Non-Defaulting Lenders in accordance with Section 2.17(a) in the case of the preceding clause (iv), and shall do so not later than 4:00 p.m., on (x) in the case of the immediately preceding clauses (i) through
(iv), (1) the Business Day that the Borrower receives notice thereof, if such notice is received on such day prior to 12:00 noon, or (2) if clause (1) above does not apply, the Business Day immediately following the day
that the Borrower receives such notice and (y) in the case of the immediately preceding clause (v), the Business Day on which an Event of Default set forth under Section 8.01(f) occurs or, if such day is not a Business Day,
the Business Day immediately succeeding such day. For purposes hereof, “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the relevant L/C Issuer and the 2024 Revolving Credit Lenders, as collateral for the L/C
Obligations, cash or deposit account balances (“Cash Collateral”) pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the relevant L/C Issuer (which documents are hereby consented
to by the Lenders). Derivatives of such term have corresponding meanings. The Borrower hereby grants to the Administrative Agent, for the benefit of the L/C Issuers and the 2024 Revolving Credit Lenders, a security interest in all such
cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked accounts at the Administrative Agent and may be invested in readily available Cash Equivalents. If at any time the
Administrative Agent determines that any funds held as Cash Collateral are subject to any right or claim of any Person other than the Administrative Agent (on behalf of the Secured Parties) or that the total amount of such funds is less than the
aggregate Outstanding Amount of all L/C Obligations, the Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited and held in the deposit accounts at the Administrative
Agent as aforesaid, an amount equal to the excess of (a) such aggregate Outstanding Amount over (b) the total amount of funds, if any, then held as Cash Collateral that the Administrative Agent reasonably determines to be free

  
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and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under
applicable Law, to reimburse the relevant L/C Issuer. To the extent the amount of any Cash Collateral exceeds the then Outstanding Amount of such L/C Obligations and so long as no Event of Default has occurred and is continuing, the excess shall be
refunded to the Borrower. 
 (h) Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each 2024 Revolving Credit Lender in accordance with its Pro Rata
Share of the 2024 Revolving Credit Facility a Letter
of Credit fee for each Letter of Credit outstanding pursuant to this Agreement equal to the Applicable Rate times the Dollar Equivalent of the daily maximum amount available to be drawn under such Letter of Credit. For purposes of computing
the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.09. Such letter of credit fees shall be due and payable in arrears in U.S. Dollars on
the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. If there is any change in
the Applicable Rate during any quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. 

(i) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers. The Borrower shall pay directly to each L/C Issuer for
its own account a fronting fee with respect to each Letter of Credit issued by it for the account of the Borrower or any Subsidiary equal to 0.125% of the daily maximum amount available to be drawn under such Letter of Credit. For purposes of
computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.09. Such fronting fees shall be due and payable in arrears on the first
Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. In addition, the
Borrower shall pay directly to each L/C Issuer for its own account with respect to each Letter of Credit issued to the Borrower or a Subsidiary thereof the customary issuance, presentation, drawing, amendment, transfer and other processing fees, and
other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable within ten (10) Business Days of demand and are
nonrefundable. 
 (j) Conflict with Issuer Documents. Notwithstanding anything else to the contrary in this Agreement, in the event of
any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control. 
 (k) Addition of an L/C
Issuer. A 2024 Revolving Credit Lender may become an
additional L/C Issuer hereunder pursuant to a written agreement among the Borrower, the Administrative Agent and such
2024 Revolving Credit Lender and such agreement
shall specify such additional L/C Issuer’s L/C Commitment. The Administrative Agent shall notify the
2024 Revolving Credit Lenders of any such additional
L/C Issuer. 
 (l) Applicability of ISP; Limitation of Liability. Unless otherwise expressly agreed by the applicable
L/C Issuer and the Borrower when a Letter of Credit is issued, the rules of the ISP and, as to all matters not covered thereby, the laws of the State of New York shall apply to each standby Letter of Credit. Notwithstanding the foregoing, the
applicable L/C Issuer shall not be responsible to the Borrower (or any other Person) for, and such L/C Issuer’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of such L/C Issuer required or permitted
under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the 

  
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Law or any order of a jurisdiction where such L/C Issuer or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions, practice statements, or official commentary
of the ICC Banking Commission, the Bankers Association for Finance and Trade—International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit
chooses such law or practice. 
 (m) Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or
outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary of the Borrower, the Borrower shall be obligated to reimburse the L/C Issuers hereunder for any and all drawings under such Letter of Credit. The
Borrower hereby acknowledge that the issuance of Letters of Credit for the account of any such Subsidiary inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the business of such
Subsidiaries. 
 (n) Reporting of Letter of Credit Information. At any time that any 2024 Revolving Credit Lender other than the Person serving as the
Administrative Agent is an L/C Issuer, then (i) on the last Business Day of each calendar month, (ii) on each date that a Letter of Credit is amended, terminated or otherwise expires, (iii) on each date that an L/C Credit Extension
occurs with respect to any Letter of Credit, and (iv) upon the request of the Administrative Agent, each L/C Issuer (or, in the case of part (ii), (iii) or (iv), the applicable L/C Issuer) shall deliver to the Administrative Agent a report
setting forth in form and detail reasonably satisfactory to the Administrative Agent information (including any reimbursement, Cash Collateral, or termination in respect of Letters of Credit issued by such L/C Issuer) with respect to each Letter of
Credit issued by such L/C Issuer that is outstanding hereunder, including any auto-renewal or termination of auto-renewal provisions in such Letter of Credit. No failure on the part of any L/C Issuer to provide such information pursuant to this
Section 2.03(n) shall limit the obligation of the Borrower or any 2024 Revolving Credit Lender hereunder with respect to its reimbursement and participation obligations, respectively, pursuant to this Section 2.03. 

(o) Deemed Issuance. Subject to the terms, conditions and limitations set forth in this Section 2.03, the Borrower may
designate letters of credit not otherwise constituting Letters of Credit hereunder issued by any L/C Issuer to be Letters of Credit hereunder by written notice to the applicable L/C Issuer and the Administrative Agent. Following such designation,
such letter of credit shall be deemed to be a Letter of Credit hereunder for all purposes and any fees relating to such letter of credit shall be payable as set forth herein (in substitution for any fees set forth in the applicable letter of credit
reimbursement agreements or applications relating to such letters of credit). 

(p) Amendment No. 4
Reallocation. At the Amendment No. 4 Effective Time, the participations in any outstanding Letters of Credit
shall be reallocated so that after giving effect thereto the 2024 Revolving Credit Lenders shall share ratably in the L/C Obligations in accordance with their Pro Rata Share of the 2024 Revolving Credit Facility. 

Section 2.04. Swing Line Loans. 

(a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender, in reliance upon the agreements of the
other 2024 Revolving Credit Lenders set forth in this
Section 2.04, may in its sole discretion, make loans to the Borrower (each such loan, a “Swing Line Loan”) from time to time on any Business Day (other than the Closing Date) until the Maturity Date for the 2024 Revolving Credit Facility in an aggregate amount not to
exceed at any time the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Pro Rata Share
(calculated solely on the basis of the 2024 Revolving Credit Facility) of the Outstanding Amount of 2024 Revolving Credit Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Swing Line Lender’s 2024 Revolving Credit Commitment; provided, 

  
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that, after giving effect to any Swing Line Loan, (i) the
2024 Revolving Credit Exposure shall not exceed the
aggregate 2024 Revolving Credit Commitment and
(ii) the aggregate Outstanding Amount of the
2024 Revolving Credit Loans of any Lender (other
than the relevant Swing Line Lender), plus such Lender’s Pro Rata Share (calculated solely on the
basis of the 2024 Revolving Credit Facility) of the Outstanding Amount of all L/C Obligations, plus such Lender’s Pro Rata Share (calculated solely on the basis of the 2024 Revolving Credit Facility) of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s
2024 Revolving Credit Commitment then in effect;
provided, further, that the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan; provided, further, that the Swing Line Lender shall be under no obligation to make Swing
Line Loans at any time if any Lender is at such time a Defaulting Lender hereunder, unless such Defaulting Lender’s participation in the Swing Line Loan would be reallocated, in full, to Non-Defaulting Lenders in accordance with
Section 2.17(a). Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this
Section 2.04. Each Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line Loan, each
2024 Revolving Credit Lender shall be deemed to, and
hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Pro Rata Share of the 2024 Revolving Credit Facility times the amount of
such Swing Line Loan. 
 (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable
notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the relevant Swing Line Lender and the Administrative Agent not later than 2:00 p.m. on the requested borrowing date,
and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000 and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be confirmed promptly by delivery to the Swing
Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Promptly after receipt by the relevant Swing Line Lender of any Swing Line Loan Notice (by
telephone or in writing), such Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the
Administrative Agent (by telephone or in writing) of the contents thereof. Unless the relevant Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any 2024 Revolving Credit Lender) prior to the funding of the
proposed Swing Line Borrowing (A) directing such Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.04(a), or (B) that one or more
of the applicable conditions specified in Section 4.02 is not then satisfied, then, subject to the terms and conditions hereof, the relevant Swing Line Lender will, not later than 4:00 p.m. on the borrowing date specified in such Swing
Line Loan Notice, make the amount of its Swing Line Loan available to the Borrower. 
 (c) Refinancing of Swing Line Loans.
(A) The Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Borrower (which hereby irrevocably authorize such Swing Line Lender to so request on its behalf), that each 2024 Revolving Credit Lender make a Base Rate Loan in an amount
equal to such Lender’s Pro Rata Share
of(calculated solely on the basis of the 2024
Revolving Credit Facility) of the amount of Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the
requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the aggregate 2024 Revolving Credit Commitments and the conditions set forth in
Section 4.02. The relevant Swing Line Lender shall furnish the Borrower with a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Administrative Agent. Each 2024 Revolving Credit Lender shall make an amount equal to its
Pro Rata Share of(calculated solely on the
 

  
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basis of the 2024 Revolving Credit Facility) of the amount specified in such Committed Loan Notice available to the Administrative Agent in Same Day Funds for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 4:00
p.m. on the day specified in such Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii), each
2024 Revolving Credit Lender that so makes funds
available shall be deemed to have made a Base Rate Loan, as applicable, to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lender. 

(i) If for any reason any Swing Line Loan cannot be refinanced by such a Revolving Credit Borrowing in accordance with this
Section 2.04(c)(i), the request for Base Rate Loans submitted by the relevant Swing Line Lender as set forth herein shall be deemed to be a request by such Swing Line Lender that each of the 2024 Revolving Credit Lenders fund its risk participation in the
relevant Swing Line Loan and each 2024 Revolving
Credit Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to this Section 2.04(c)(i) shall be deemed payment in respect of such participation. 

(ii) If any
2024 Revolving Credit Lender fails to make available to the
Administrative Agent for the account of the Swing Line Lender any amount required to be paid by the Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing
Line Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to the Swing Line Lender at a rate per annum equal to the applicable Federal Funds Rate from time to time in effect. A certificate of the Swing Line Lender submitted to any Lender (through the Administrative Agent) with respect to
any amounts owing under this clause (ii) shall be conclusive absent manifest error. 
 (iii) Each 2024 Revolving Credit Lender’s obligation to make 2024 Revolving Credit Loans or to purchase and fund risk
participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which
such Lender may have against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any
of the foregoing; provided, that each 2024
Revolving Credit Lender’s obligation to make
2024 Revolving Credit Loans pursuant to this
Section 2.04(c) (but not to purchase and fund risk participations in Swing Line Loans) is subject to the conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation
of the Borrower to repay Swing Line Loans, together with interest as provided herein. 
 (d) Repayment of Participations. 

(i) At any time after any
2024 Revolving Credit Lender has purchased and funded a
risk participation in a Swing Line Loan, if the relevant Swing Line Lender receives any payment on account of such Swing Line Loan, such Swing Line Lender will distribute to such Lender its Pro Rata Share (calculated solely on the basis of the 2024 Revolving Credit Facility) of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s risk participation was funded) in the same funds as those received by such
Swing Line Lender. 

  
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 (ii) If any payment received by the Swing Line Lender in respect of
principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by the Swing Line Lender in its
discretion), each 2024 Revolving Credit Lender shall pay to
the Swing Line Lender its Pro Rata Share (calculated solely on the basis of the 2024 Revolving Credit
Facility) thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the
applicable Federal Funds Rate. The Administrative Agent will make such demand upon the request of a Swing Line Lender. 
 (e)
Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrower for interest on the Swing Line Loans. Until each
2024 Revolving Credit Lender funds its Base Rate Loan,
Eurodollar Rate Loan or risk participation pursuant to this Section 2.04 to refinance such Lender’s Pro Rata Share
(calculated solely on the basis of the 2024 Revolving Credit Facility) of any Swing Line Loan, interest in respect of such Pro Rata Share shall be solely for the account of the Swing Line Lender. 

(f) Payments Directly to Swing Line Lender. The Borrower shall make all payments of principal and interest in respect of the Swing Line
Loans directly to the Swing Line Lender. 
 Section 2.05. Prepayments. 

(a) Optional.  
 (i)
The Borrower may, upon notice to the Administrative Agent, at any time or from time to time elect to voluntarily prepay Term Loans and Revolving Credit Loans in whole or in part without premium or penalty (except as provided in clause
(iii) below); provided, that (1) such notice must be received by the Administrative Agent not later than 2:00 p.m. (A) three (3) Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on
the date of prepayment of Base Rate Loans; (2) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $1 million or a whole multiple of $1 million in excess thereof; and (3) any prepayment of Base Rate Loans shall be in
a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Class (or
Classes) and Type (or Types) of Loans and the order of Borrowing (or Borrowings) to be prepaid. The Administrative Agent will promptly notify each Appropriate Lender of its receipt of each such notice, and of the amount of such Lender’s Pro
Rata Share of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein; provided, that the
Borrower may rescind any notice of prepayment under this Section 2.05(a) if such prepayment would have resulted from a refinancing or other repayment of all of the Facility or other transaction, which refinancing or transaction shall not
be consummated or shall otherwise be delayed. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to Section 3.05. In the case of each
prepayment of the Loans pursuant to this Section 2.05(a)(i), the Borrower may in its sole discretion select the Borrowing or Borrowings to be repaid, and such payment shall be paid to the Appropriate Lenders in accordance with their
respective Pro Rata Shares. Partial prepayments of the Term Loans of any Class pursuant to this Section 2.05(a)(i) shall be applied to the remaining scheduled amortization installments of the Term Loans of such Class required under
Section 2.07(a) as directed by the Borrower. 
 (ii) The Borrower may, upon notice to the Swing Line Lender (with a copy to the
Administrative Agent), at any time or from time to time, elect to voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided, that (1) such notice must be received by the Swing Line Lender and the
Administrative Agent not later than 2:00 p.m. on the date of the prepayment, 

  
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and (2) any such prepayment shall be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount thereof then
outstanding. Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date
specified therein. 
 (iii) [Reserved]. 

(iv) In the event that, after the Amendment No. 4 Effective Time and on or prior to the date that is six (6) months following the
Amendment No. 4 Effective Time, the Borrower (x) makes any prepayment of Term B-2 Loans in connection with any Repricing Transaction, or (y) effects any amendment of this Agreement resulting in a Repricing Transaction, the Borrower
shall pay to the Administrative Agent, for the ratable account of each Term B-2 Lender, (I) in the case of clause (x), a prepayment premium of 1% of the amount of the Term B-2 Loans being prepaid and (II) in the case of clause
(y), a payment equal to 1% of the aggregate amount of the Term B-2 Loans outstanding immediately prior to such amendment that have been repriced (in each case, the “Term B-2 Prepayment Premium”). 

(b) Mandatory. 
 (i)
If (1) the Borrower or any Restricted Subsidiary Disposes of any property or assets (other than any Disposition of any property or assets permitted by Section 7.04 (excluding dispositions permitted by Section 7.04(m),
(s) (to the extent the proceeds thereof are received by Borrower or a Restricted Subsidiary) and (t) or (2) any Casualty Event occurs, that results in the realization or receipt by the Borrower or such Restricted
Subsidiary of Net Proceeds in excess of $25 million, the Borrower shall cause to be prepaid on or prior to the date which is ten (10) Business Days after the date of the realization or receipt by the Borrower or such Restricted Subsidiary of
such Net Proceeds an aggregate amount of Term Loans in an amount equal to 100% of all Net Proceeds received; provided, that if at the time that any such prepayment would be required, the Borrower (or any Restricted Subsidiary) is required to
offer to repurchase Permitted Pari Passu Secured Refinancing Debt (or any Refinancing Indebtedness in respect thereof that is secured on a pari passu basis with the Obligations) pursuant to the terms of the documentation governing such
Indebtedness with the net proceeds of such Disposition or Casualty Event (such Permitted Pari Passu Secured Refinancing Debt (or any Refinancing Indebtedness in respect thereof) required to be offered to be so repurchased, “Other Applicable
Indebtedness”), then the Borrower (or any Restricted Subsidiary) may apply such Net Proceeds on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable
Indebtedness at such time; provided, that the portion of such Net Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of such Net Proceeds required to be allocated to the Other Applicable Indebtedness pursuant
to the terms thereof, and the remaining amount, if any, of such Net Proceeds shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable
Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this Section 2.05(b)(i) shall be reduced accordingly; provided, further, that to the extent the holders of
Other Applicable Indebtedness decline to have such indebtedness repurchased or prepaid, the declined amount shall promptly (and in any event within ten (10) Business Days after the date of such rejection) be applied to prepay the Term Loans in
accordance with the terms hereof; provided, further, that no prepayment shall be required pursuant to this Section 2.05(b)(i) with respect to such portion of such Net Proceeds that the Borrower or the relevant Restricted
Subsidiary shall have reinvested or entered into a binding commitment to reinvest or otherwise determined to reinvest (as set forth in a notice from the Borrower to the Administrative Agent to be delivered on or prior to the date which is ten
(10) Business Days after the date of receipt of the applicable Net Proceeds), in each case in accordance with the definition of “Net Proceeds” and within the timeframe contemplated thereby. 

  
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 (ii) If any Loan Party or any Restricted Subsidiary incurs or issues any Indebtedness after
the Closing Date (other than, in the case of the Borrower or any Restricted Subsidiary, Indebtedness not prohibited under Section 7.02, other than Credit Agreement Refinancing Indebtedness), the Borrower shall cause to be prepaid an
aggregate amount of Term Loans in an amount equal to 100% of all Net Proceeds received therefrom on or prior to the date which is five (5) Business Days after the receipt by such Loan Party or Restricted Subsidiary of such Net Proceeds. 

(iii) If for any reason the aggregate
2022 Revolving Credit Exposures or 2024 Revolving Credit
Exposures at any time exceeds the aggregate 2022
Revolving Credit Commitments or 2024 Revolving Credit Commitments, respectively, then in effect, the Borrower shall promptly prepay or cause to be promptly prepaid
2022 Revolving Credit Loans, 2024 Revolving Credit Loans and Swing Line Loans
and/or Cash Collateralize the L/C Obligations, as applicable, in an aggregate amount equal to such excess. 
 (iv) If, for any Excess Cash Flow Period, there
shall be Excess Cash Flow, then not later than ten (10) Business Days after the date on which the Borrower is required to deliver annual financial statements pursuant to Section 6.01(a) with respect to such Excess Cash Flow Period,
the Borrower shall prepay the Term Loans in an amount equal to (A) the Required ECF Percentage multiplied by the amount of Excess Cash Flow for such Excess Cash Flow Period minus (B) to the extent not financed with the
proceeds of the incurrence of Indebtedness having a maturity of more than twelve (12) months from the date of incurrence thereof and not previously deducted pursuant to this clause (B) in any prior period, the amount of any optional
prepayments of principal made by the Borrower during such Excess Cash Flow Period of (1) Term Loans (provided, that with respect to any prepayment of Term Loans below the par value thereof, the aggregate amount of such prepayment for
purposes of this clause shall be the amount of the Borrower’s cash payment in respect of such prepayment) and (2) the Revolving Credit Loans (to the extent Revolving Credit Commitments are permanently reduced by the amount of, and at the
time of, such prepayments). 
 (v) Each prepayment of Term Loans pursuant to this Section 2.05(b) shall be applied on a pro rata
basis to each then outstanding Class of Term Loans and shall be further applied within each Class of Term Loans to the Lenders of such Class of Term Loans in accordance with their respective Pro Rata Shares (provided, that any prepayment of
Term Loans with the Net Proceeds of Credit Agreement Refinancing Indebtedness shall be applied solely to each applicable Class (or Classes) of Refinanced Debt), subject to clause (vi) of this Section 2.05(b). Partial prepayments of
the Term Loans pursuant to this Section 2.05(b) shall be applied to the remaining scheduled amortization installments of the Term Loans required under Section 2.07(a) (other than the repayment to be made on the Maturity Date
for the Term Loans) on a pro rata basis. 
 (vi) The Borrower shall notify the Administrative Agent in writing of any mandatory
prepayment of Loans (and/or Cash Collateralization of L/C Obligations) required to be made pursuant to clauses (i) through (iv) of this Section 2.05(b) promptly, and in no event more than three (3) Business
Days, following the event giving rise to such mandatory prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the amount of such prepayment. The Administrative Agent will promptly
notify each Appropriate Lender of the contents of the Borrower’s prepayment notice and of such Appropriate Lender’s Pro Rata Share of the prepayment. Each Term Lender may reject all or a portion of its Pro Rata Share of any mandatory
prepayment (such declined amounts, the “Declined Proceeds”) of Term Loans required to be made pursuant to clauses (i), (ii) and (iv) of this Section 2.05(b) by providing written notice
(each, a “Rejection Notice”) to the 

  
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Administrative Agent and the Borrower no later than 5:00 p.m. one (1) Business Day prior to the proposed date of such prepayment. Each Rejection Notice from a given Lender shall specify the
principal amount of the mandatory repayment of Term Loans to be rejected by such Lender. If a Term Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above or such Rejection Notice fails to specify
the principal amount of the Term Loans to be rejected, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of Term Loans. Any Declined Proceeds remaining thereafter may be retained by the Borrower and/or
applied for any purpose not otherwise prohibited by this Agreement. 
 (vii) Funding Losses, Etc. All prepayments under this
Section 2.05 shall be made together with, in the case of any such prepayment of a Eurodollar Rate Loan on a date other than the last day of an Interest Period therefor, any amounts owing in respect of such Eurodollar Rate Loan pursuant
to Section 3.05. Notwithstanding any of the other provisions of this Section 2.05(b), so long as no Event of Default shall have occurred and be continuing, if any prepayment of Eurodollar Rate Loans is required to be made
under this Section 2.05(b), other than on the last day of the Interest Period therefor, the Borrower may, in its sole discretion, deposit the amount of any such prepayment otherwise required to be made thereunder into a Cash Collateral
Account until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by or notice to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of such
Loans in accordance with this Section 2.05(b). Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent shall also be authorized (without any further action by or notice to or from the Borrower or
any other Loan Party) to apply such amount to the prepayment of the outstanding Loans in accordance with this Section 2.05(b). 

(c) Additionally, notwithstanding anything else in this Agreement to the contrary, in the event that any Term Loan of any Lender would
otherwise be repaid or prepaid from the proceeds of other Term Loans being funded on the date of such repayment or prepayment, if agreed to by the Borrower and such Lender and notified to the Administrative Agent prior to the date of the applicable
repayment or prepayment, all or any portion of such Lender’s Term Loan that would have otherwise been repaid or prepaid in connection therewith may be converted on a “cashless roll” basis into a new Term Loan. 

Section 2.06. Termination or Reduction of Commitments. 

(a) Optional. The Borrower may, upon notice to the Administrative Agent, elect to terminate the Revolving Credit Facility, the Letter of
Credit Sublimit or the Swing Line Sublimit, or from time to time permanently reduce the Revolving Credit Facility, the Letter of Credit Sublimit or the Swing Line Sublimit; provided, that (i) any such notice shall be received by the
Administrative Agent not later than 2:00 p.m. three (3) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $1 million or any whole multiple of $1 million in
excess thereof and (iii) the Borrower shall not elect to terminate or reduce
(A) theeither Revolving Credit
Facility if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings in
respect of such Revolving Credit
OutstandingsFacility would exceed
thesuch Revolving Credit Facility,
(B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or (C) the Swing Line Sublimit if, after
giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Amount of Swing Line Loans would exceed the Letter of Credit Sublimit. 

  
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 (b) Application of Commitment Reductions; Payment of Fees. The Administrative Agent
will promptly notify the Lenders of any termination or reduction of unused portions of the Letter of Credit Sublimit or the Swing Line Sublimit or the unused Commitments of any Class under this Section 2.06. Upon any reduction of
unused Commitments of any Class, the Commitment of each Lender of such Class shall be reduced by such Lender’s Pro Rata Share of the amount by which such Commitments are reduced (other than the termination of the Commitment of any Lender as
provided in Section 10.13). All commitment fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination. 

Section 2.07. Repayment of Loans. 

(a) Term Loans. 
 (i)
[Reserved]. 
 (ii) The Borrower shall repay the Term B-2 Loans in consecutive quarterly installments on the last Business Day of each of
March, June, September and December (or, in the case of the last installment), the Maturity Date for the Term B-2 Loans, commencing on March 31, 2020, each of which installments shall be in an aggregate principal amount equal to 0.25% of the
original aggregate principal amount of the Term B-2 Loans immediately following the Amendment No. 4 Effective Time; provided, that with respect to the installment payable on the Maturity Date for the Term B-2 Loans, such installment
shall be in an amount equal to the aggregate principal amount of the Term B-2 Loans outstanding on such date. Each such repayment shall be made to the Administrative Agent for the ratable account of the Term B-2 Lenders. 

(b) Revolving Credit Loans. The Borrower shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders on
the applicable Maturity Date for theeach Revolving Credit Facility the
aggregate principal amount of all of the Borrower’s Revolving Credit Loans under such Revolving Credit
Facility outstanding on such date. 
 (c) Swing Line Loans. The
Borrower shall repay the aggregate principal amount of its Swing Line Loans on the earlier to occur of (i) the date five (5) Business Days after such Loan is made and (ii) the Maturity Date for the Revolving Credit Facility. 

(d) Non-Converted Term B Loans. The Borrower shall repay to the Administrative Agent for the ratable account of each Term Lender
with Non-Converted Term B Loans the full amount of Non-Converted Term B Loans immediately following the Amendment No. 2 Effective Time. 

(e) Non-Converted Term B-1 Loans. The Borrower shall repay to the Administrative Agent for the ratable account of each Term
Lender with Non-Converted Term B-1 Loans the full amount of Non-Converted Term B-1 Loans immediately following the Amendment No. 4 Effective Time. 

Section 2.08. Interest. 

(a) Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan shall bear interest on the
outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii) each Base Rate Loan shall bear interest on the outstanding
principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from
the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for
2024 Revolving Credit Loans. 

(i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity,
by acceleration or otherwise, such overdue amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

  
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 (ii) If any amount (other than principal of any Loan) payable by the Borrower under any Loan
Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times
equal to the Default Rate to the fullest extent permitted by applicable Laws. 
 (iii) Accrued and unpaid interest on past due amounts
(including interest on past due interest) shall be due and payable upon demand. 
 (b) Interest on each Loan shall be due and payable in
arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the
commencement of any proceeding under any Debtor Relief Law. 
 Section 2.09. Fees. 

In addition to certain fees described in Sections 2.03(h) and (i): 

(a) Commitment Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Credit
Lender in accordance with its Pro Rata Share of the 2022 Revolving Credit Facility or the 2024 Revolving Credit
Facility, as applicable, a commitment fee equal to the Applicable Rate multiplied by the actual daily amount by which the aggregate Revolving Credit Commitment of the applicable Class exceeds the sum of (A) the
Outstanding Amount of Revolving Credit Loans of such Class and (B) in the case of the 2024 Revolving Credit
Facility, the Outstanding Amount of L/C Obligations; provided, that any commitment fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to
the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such commitment fee shall otherwise have been due and payable
by the Borrower prior to such time; and provided, further, that no commitment fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The commitment fee on theeach Revolving Credit Facility shall
accrue at all times from the Amendment
No. 24 Effective Time until
the Maturity Date for the applicable Revolving
Credit Facility, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing
with the first such date to occur after the Amendment
No. 24 Effective Time, and on
the applicable Maturity Date for theeach Revolving Credit Facility. The
commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate
for the applicable Class during any quarter, the
actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. For the avoidance of doubt, the Outstanding Amount of Swing Line Loans shall not be
counted towards or considered usage of the Aggregate Commitments for purposes of determining the commitment fee. 

(b) Other Fees. The Borrower shall pay to the Administrative Agent the fees set forth in the Administrative Agent Fee
Letter in the amounts and at the times so specified therein. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Borrower and the Administrative Agent). 

  
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 Section 2.10. Computation of Interest and Fees. 

All computations of (a) interest for Base Rate Loans determined by reference to clause (b) of the definition of “Base
Rate” and (b) the commitment fee set forth in Section 2.09(a) shall, in each case, be made on the basis of a year of three hundred and sixty five (365) days (or three hundred and sixty six (366) days in a leap year),
and actual days elapsed. All other computations of fees and interest shall be made on the basis of a three hundred and sixty (360) day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if
computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided, that
any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding
for all purposes, absent manifest error. 
 Section 2.11. Evidence of Indebtedness. 

(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the
Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the
Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the
event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of
manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such
accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 

(b) In addition to the accounts and records referred to in Section 2.11(a), each Lender and the Administrative Agent shall maintain
in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by the
Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. 

Section 2.12. Payments Generally. 

(a) All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s
Office in Dollars and in Same Day Funds not later than 3:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Pro Rata Share (or other applicable share as provided herein) of such payment in like
funds as received by wire transfer to such Lender’s applicable Lending Office. All payments received by the Administrative Agent after 3:00 p.m., shall in each case be deemed received on the next succeeding Business Day and any applicable
interest or fee shall continue to accrue. 

  
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 (b) If any payment to be made by the Borrower shall come due on a day other than a Business
Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; provided that, if such extension would cause payment of interest on or principal
of Eurodollar Rate Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day. 

(i) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will
not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 and may, in
reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the
Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to
but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower,
the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of
such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by
the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii) Unless the Administrative Agent shall have received notice from the Borrower prior to the time at which any payment is due to the
Administrative Agent for the account of the Lenders or an L/C Issuer hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in
reliance upon such assumption, distribute to the Appropriate Lenders or the applicable L/C Issuers, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Appropriate Lenders or the
applicable L/C Issuers, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such L/C Issuer, in immediately available funds with interest thereon, for each day
from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation. 
 A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this
clause (c) shall be conclusive, absent manifest error. 
 (c) If any Lender makes available to the Administrative Agent funds for
any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set
forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest. 

  
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 (d) The obligations of the Lenders hereunder to make Loans, to fund participations in
Letters of Credit and Swing Line Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment under
Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan,
purchase its participation or to make its payment under Section 10.04(c). 
 (e) Nothing herein shall be deemed to obligate any
Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

(f) Except as otherwise provided herein, whenever any payment received by the Administrative Agent under this Agreement or any of the other
Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such payment shall be distributed by the
Administrative Agent and applied by the Administrative Agent and the Lenders in the order of priority set forth in Section 8.03. If the Administrative Agent receives funds for application to the Obligations of the Loan Parties under or
in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent may (to the fullest extent permitted by mandatory provisions of applicable
Law), but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such Lender’s Pro Rata Share of the sum of (a) the Outstanding Amount of all Loans outstanding at such time and (b) the
Outstanding Amount of all L/C Obligations outstanding at such time, in repayment or prepayment of such of the outstanding Loans or other Obligations then owing to such Lender. 

Section 2.13. Sharing of Payments. 

Subject to Section 2.05(b)(vi), if any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment
in respect of (a) Obligations due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to
such Lender at such time to (ii) the aggregate amount of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations due and payable to all Lenders
hereunder and under the other Loan Documents at such time obtained by all the Lenders at such time or (b) Obligations owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess of its
ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the Obligations owing (but not due and payable) to all Lenders
hereunder and under the other Loan Parties at such time) of payments on account of the Obligations owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at such time,
then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and subparticipations in L/C Obligations and Swing Line Loans
of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of Obligations then due and payable to the Lenders or
owing (but not due and payable) to the Lenders, as the case may be; provided that: 
 (i) if any such participations or
subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

  
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 (ii) the provisions of this Section shall not be construed to apply to (x) any payment
made by or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender, and including any 2024 Revolving Credit Loans made by Revolving Commitment Increase
Lenders pursuant to Section 2.14(d)), (y) the application of Cash Collateral provided for in Section 2.17, or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in
any of its Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other than an assignment to the Borrower or any of its Subsidiaries (as to which the provisions of this Section shall apply). 

Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such
participation. 
 Section 2.14. Incremental Credit Extensions. 

(a) The Borrower may, at any time or from time to time after the Closing Date, by notice to the Administrative Agent (whereupon the
Administrative Agent shall promptly deliver a copy to each of the Lenders), request (i) one or more additional tranches of term loans (the “Incremental Term Loans”) or (ii) one or more increases in the amount of the 2024 Revolving Credit Commitments of any Facility (each such
increase, a “Revolving Commitment Increase”); provided, that upon the effectiveness of any Incremental Amendment referred to below and at the time that any such Incremental Term Loan is made (and after giving effect thereto),
(A) no Default or Event of Default shall exist and (B) the Borrower shall be in Pro Forma Compliance with Section 7.09 for the most recently ended Test Period for which financial statements have been delivered pursuant to
Section 6.01. Each tranche of Incremental Term Loans and each Revolving Commitment Increase shall be in an aggregate principal amount that is not less than $25 million (provided, that such amount may be less than $25 million if
such amount represents all remaining availability under the limit set forth in the next sentence); provided that in connection with a Limited Condition Acquisition, if agreed to by the Lenders providing such Incremental Facility, the representations
and warranties made by the Borrower shall be limited to customary “specified representations” and those representations of the seller or the target company (as applicable) included in the acquisition agreement related to such Limited
Condition Acquisition that are material to the interests of the Lenders and that give the applicable parties the ability to terminate such acquisition agreement; (B) no Default shall have occurred and be continuing or be caused by the Revolving
Commitment Increase or incurrence of the Incremental Term Loan (provided that solely with respect to Incremental Term Loans incurred in connection with a Limited Condition Acquisition, to the extent the Lenders participating in such tranche of
Incremental Term Loans agree, no Default shall exist at the time of the execution of the definitive documentation for such Limited Condition Acquisition and no Default under Section 8.01(a) or Event of Default under Sections 8.01(f) shall exist
at the time such Limited Condition Acquisition is consummated) and (C) subject to the terms of Section 1.08(f) in respect of Limited Condition Acquisitions, the Borrower shall be in compliance with the financial covenant set forth in
Section 7.09 for the applicable Test Period (determined on a pro forma basis after giving effect to such incurrence of the Incremental Facility and any related prepayment of Indebtedness). Notwithstanding anything to the contrary herein,
the aggregate amount of the Incremental Term Loans and the Revolving Commitment Increases (other than, for the avoidance of doubt, those established in respect of Extended Term Loans or Extended Revolving Credit Commitments pursuant to
Section 2.16) shall not exceed the Maximum Incremental Facilities Amount. 

  
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 (b) Any Revolving Commitment Increase shall be on the same terms and pursuant to the same
documentation applicable to the 2024 Revolving Credit
Facility (including the maturity date in respect thereof but excluding up-front commitment or similar fees); provided, the Applicable Rate with respect to the
2024 Revolving Credit Facility may be increased if
necessary to be consistent with that required by the lenders providing the Revolving Commitment Increase. The Incremental Term Loans (i) shall have the same guarantees as, and rank pari passu or junior in right of payment and of security
with, the Revolving Credit Loans and the Term B-2 Loans (provided, that any junior Liens on the Collateral incurred pursuant to any such Incremental Term Loans shall be subject to a Second Lien Intercreditor Agreement), (ii) shall not
mature earlier than the Maturity Date with respect to the Term B-2 Loans, (iii) shall not have a shorter Weighted Average Life to Maturity than the remaining Weighted Average Life to Maturity of the Term B-2 Loans, (iv) shall be entitled
to share in mandatory and voluntary prepayments on a ratable (or less than ratable, but in no event greater than ratable) basis with the Term B-2 Loans, and (v) shall bear interest at rates and be entitled to upfront fees as shall be determined
by the Borrower and the applicable new Lenders; provided, however, that if the All-In Yield for any Incremental Term Loans shall exceed the All-In Yield with respect to the Term B-2 Loans by more than 50 basis points, then the interest
rate margins applicable to such Class of Term Loans shall be increased so that such excess shall be only 50 basis points. The Incremental Term Loans shall otherwise be on terms and pursuant to documentation to be determined by the Borrower;
provided that, to the extent such terms and documentation are not consistent with the Term B-2 Facility (except to the extent permitted by clauses (i) through (v) above), they shall be reasonably satisfactory to the
Administrative Agent (it being understood to the extent that any financial maintenance covenant is added for the benefit of any Incremental Facility, no consent shall be required from the Administrative Agent or any Lender to the extent that such
financial maintenance covenant is also added for the benefit of any corresponding existing Term Loans) and subject to clauses (ii) and (iii) above, the amortization schedule (if any) applicable to the Incremental Term Loans
shall be determined by the Borrower and the lenders thereof. 
 (c) Each notice from the Borrower pursuant to this
Section 2.14 shall set forth the requested amount and proposed terms of the relevant Incremental Term Loans or Revolving Commitment Increases. Incremental Term Loans may be made, and Revolving Commitment Increases may be provided, by any
existing Lender or by any other bank or other financial institution (any such other bank or other financial institution being called an “Additional Lender”); provided, that the Administrative Agent, each Swing Line Lender and
each L/C Issuer shall have consented (not to be unreasonably withheld) to such Lender’s or Additional Lender’s making such Incremental Term Loans or providing such Revolving Commitment Increases if such consent would be required under
Section 10.06(b) for an assignment of Loans or Revolving Credit Commitments, as applicable, to such Lender or Additional Lender. Commitments in respect of Incremental Term Loans and Revolving Commitment Increases shall become Commitments
(or in the case of a Revolving Commitment Increase to be provided by an existing Revolving Credit Lender, an increase in such Lender’s applicable
2024 Revolving Credit Commitment) under this Agreement
pursuant to an amendment (an “Incremental Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Lender agreeing to provide such Commitment, if any, each Additional Lender, if
any, and the Administrative Agent. The Incremental Amendment shall, without the consent of the Agents or the Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion
of the Administrative Agent and the Borrower to effect the provisions of this Section 2.14, including without limitation to incorporate the applicable lenders in respect of Incremental Term Loans as “Lenders”, and the
Incremental Term Loans as “Loans” and/or “Term Loans”, for all applicable purposes hereunder, including the definition of Required Lenders and to establish any tranche of Incremental Term Loans as an independent Class or
Facility, as applicable (unless specified in the applicable Incremental Amendment to form an increase in any previously established Class of Term Loans). The effectiveness of any Incremental Amendment shall be subject to such further conditions as
the Borrower and the applicable Lenders and Additional Lenders shall agree. The Borrower may use the proceeds of the Incremental Term Loans and Revolving Commitment Increases for any purpose not prohibited by this Agreement. No Lender shall be
obligated to provide any Incremental Term Loans or Revolving Commitment Increases, unless it so agrees. 

  
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 (d) Upon each increase in the 2024 Revolving Credit Commitments pursuant to this
Section 2.14, (a) each 2024
Revolving Credit Lender immediately prior to such increase will automatically and without further act be deemed to have assigned to each Lender providing a portion of the Revolving Commitment Increase (each a “Revolving Commitment Increase
Lender”), and each such Revolving Commitment Increase Lender will automatically and without further act be deemed to have assumed, a portion of such Revolving Credit Lender’s participations hereunder in outstanding Letters of Credit
and Swing Line Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding (i) participations hereunder in Letters of Credit and (ii) participations
hereunder in Swing Line Loans held by each 2024
Revolving Credit Lender (including each such Revolving Commitment Increase Lender) will equal the percentage of the aggregate
2024 Revolving Credit Commitments of all 2024 Revolving Credit Lenders represented by such 2024 Revolving Credit Lender’s 2024 Revolving Credit Commitment and (b) if, on the date of
such increase, there are any 2024 Revolving Credit
Loans under the applicable Facility outstanding, such 2024 Revolving Credit Loans shall on or prior to the
effectiveness of such Revolving Commitment Increase be prepaid from the proceeds of 2024 Revolving Credit Loans to be made by the Revolving Commitment Increase Lenders to the extent and such that the percentage of the aggregate outstanding 2024 Revolving Credit Loans held by each 2024 Revolving Credit Lender (including each such Revolving
Commitment Increase Lender) will equal the percentage of the aggregate 2024 Revolving Credit Commitments of all 2024 Revolving Credit Lenders represented by such 2024 Revolving Credit Lender’s 2024 Revolving Credit Commitment (reflecting such increase in
2024 Revolving Credit Commitments), which prepayment
shall be accompanied by accrued interest on the 2024
Revolving Credit Loans being prepaid and any reasonable and documented out-of-pocket costs incurred by any Lender in accordance with Section 3.05. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro
rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence. 

(e) [Reserved]. 
 (f) The
effectiveness of any Incremental Amendment shall be subject to, if requested by the Administrative Agent, receipt by the Administrative Agent of (i) customary legal opinions, board resolutions and officers’ certificates consistent with
those delivered on the Closing Date (conformed as appropriate, including to reflect any Incremental Term Loans provided on a “certain funds” basis) and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents
as may be reasonably requested by the Administrative Agent in order to ensure that such Incremental Term Loans or Incremental Credit Increase is provided with the benefit of the applicable Loan Documents. 

(g) This Section 2.14 shall supersede any provisions in Section 2.13 or 10.01 to the contrary. 

Section 2.15. Refinancing Amendments. 

(a) On one or more occasions after the Closing Date, the Borrower may obtain, from any Lender or any Additional Refinancing Lender, Credit
Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans of any Class then outstanding under this Agreement, in the form of Other Term Loans or Other Term Loan Commitments, pursuant to a Refinancing Amendment. The
effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 (which, for the avoidance of doubt, shall not require compliance with
Section 7.09 for any incurrence of Other Term Loans) and, to the extent reasonably 

  
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requested by the Administrative Agent, receipt by the Administrative Agent of (i) customary legal opinions, board resolutions and officers’ certificates consistent with those delivered
on the Closing Date (conformed as appropriate) and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by the Administrative Agent in order to ensure that such Credit Agreement
Refinancing Indebtedness is provided with the benefit of the applicable Loan Documents. 
 (b) Each issuance of Credit Agreement Refinancing
Indebtedness under Section 2.15(a) shall be in an aggregate principal amount that is (x) $25 million or (y) an integral multiple of $5 million in excess thereof, unless the Administrative Agent shall otherwise agree in its
discretion. 
 (c) Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to a
Refinancing Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto, including
without limitation to incorporate the applicable lenders in respect of Other Term Loans as “Lenders”, and the Other Term Loans as “Loans” and/or “Term Loans”, for all applicable purposes hereunder, including the
definition of Required Lenders and to establish any tranche of Other Term Loans an independent Class or Facility, as applicable, and (ii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or
appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.15, and the Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing
Amendment, which shall not, for the avoidance of doubt be subject to Section 10.01. 
 Section 2.16. Extension
Offers. 
 (a) Pursuant to one or more offers made from time to time by the Borrower to all Term Lenders of a particular Class by notice
to the Administrative Agent, on a pro rata basis (based on the aggregate outstanding Term Loans of such Class) and on the same terms (“Term Extension Offers”), the Borrower is hereby permitted to consummate transactions with
individual Term Lenders from time to time to extend the maturity date of such Lender’s Term Loans and to otherwise modify the terms of such Lender’s Term Loans pursuant to the terms of the relevant Term Extension Offer (including
increasing the interest rate or fees payable in respect of such Lender’s Term Loans and/or modifying the amortization schedule (if any) in respect of such Lender’s Term Loans); provided, that it is understood and agreed that no Term
Lender will have any obligation to accept or commit to any such Term Extension Offer. Pursuant to one or more offers made from time to time by the Borrower to all Revolving Credit Lenders of any Class by notice to the Administrative Agent, on a pro
rata basis (based on the aggregate outstanding Revolving Credit Commitments of such Class) and on the same terms (“Revolving Extension Offers” and, together with Term Extension Offers, “Extension Offers”), the Borrower is hereby permitted to consummate transactions
with individual Revolving Credit Lenders from time to time to extend the maturity date of such Lender’s Revolving Credit Commitments and to otherwise modify the terms of such Lender’s Revolving Credit Commitments pursuant to the terms of
the relevant Revolving Extension Offer (including increasing the interest rate or fees payable in respect of such Lender’s Revolving Credit Commitments); provided, that it is understood and agreed that no Revolving Credit Lender will
have any obligation to accept or commit to any such Revolving Extension Offer. For the avoidance of doubt, the reference to “on the same terms” in the preceding sentences shall mean, (i) when comparing Term Extension Offers, that the
Term Loans are offered to be extended for the same amount of time and that the interest rate changes and fees payable in respect thereto are the same and (ii) when comparing Revolving Extension Offers, that the Revolving Credit Commitments are
offered to be extended for the same amount of time and that the interest rate changes and fees payable in respect thereto are the same. Any such extension (an “Extension”) agreed to between the Borrower and any such Lender

  
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(an “Extending Lender”) will be established under this Agreement by implementing an additional tranche of term loans (which, for the avoidance of doubt, shall not count as an
Incremental Term Loan for purposes of calculating the Maximum Incremental Facilities Amount) for such Lender, if such Lender is extending an existing Term Loan (such extended Term Loan, an “Extended Term Loan”)) or a Revolving
Credit Commitment subject to the applicable Extension (which, for the avoidance of doubt, shall not count as a Revolving CreditCommitment Increase for purposes of calculating the Maximum Incremental Facilities Amount) for such Lender, if such Lender is
extending an existing Revolving Credit Commitment (such extended Revolving Credit Commitment, an “Extended Revolving Credit Commitment”). 

(b) The Borrower and each Extending Lender shall execute and deliver to the Administrative Agent a Loan Extension Agreement and such other
documentation as the Administrative Agent shall reasonably specify to evidence the Extended Term Loans and/or Extended Revolving Credit Commitments of such Extending Lender. Each Loan Extension Agreement shall specify the terms of the applicable
Extended Term Loans and/or Extended Revolving Credit Commitments; provided, that (i) except as to interest rates, fees, amortization, final maturity date, collateral arrangements and voluntary and mandatory prepayment arrangements (which
shall, subject to clauses (ii) and (iii) of this proviso, be determined by the Borrower and set forth in the Extension Offer), the Extended Term Loans shall have (x) the same terms as the Term B-2 Loans, as applicable,
or (y) such other terms as shall be reasonably satisfactory to the Administrative Agent, (ii) the final maturity date of any Extended Term Loans shall be no earlier than the Maturity Date for the Term B-2 Loans, (iii) the Weighted
Average Life to Maturity of any Extended Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Term B-2 Loans and (iv) except as to interest rates, fees, final maturity, collateral arrangements, voluntary
and mandatory prepayment arrangements and commitment reduction arrangements (which may provide for Extended Revolving Credit Commitments to share less than ratably relative to non-Extended Revolving Credit Commitments), any Extended Revolving Credit
Commitment shall be a Revolving Credit Commitment with the same terms as the existing Revolving Credit Commitments, and funded and repaid ratably with such existing Revolving Credit Commitments. Upon the effectiveness of any Loan Extension
Agreement, this Agreement shall be amended to the extent necessary to reflect the existence and terms of the Extended Term Loans and/or Extended Revolving Credit Commitments evidenced thereby and other changes necessary to preserve the intent of
this Agreement without the consent of any other Lender and without regard to Section 10.01, including without limitation to incorporate the Extending Lenders as “Lenders”, and the Extended Term Loans and Extended Revolving Credit Commitments as “Loans” and/or “Term
Loans” and/or Commitments, for all applicable purposes hereunder, including the definition of Required Lenders and to establish any tranche of Extended Term Loans or Extended Revolving Credit Commitments as an independent Class or Facility, as
applicable. Any such deemed amendment may, at the Borrower or the Administrative Agent’s request, be memorialized in writing by the Administrative Agent and the Borrower and furnished to the other parties hereto. 

(c) Upon the effectiveness of any such Extension, the applicable Extending Lender’s Term Loan will be automatically designated an Extended
Term Loan and/or such Extending Lender’s Revolving Credit Commitment will be automatically designated an Extended Revolving Credit Commitment. For the avoidance of doubt, the commitments and obligations of any Swing Line Lender or L/C Issuer
can only be extended pursuant to an Extension or otherwise with such Person’s consent. 
 (d) Notwithstanding anything to the contrary
set forth in this Agreement or any other Loan Document (including this Section 2.16), (i) no Extended Term Loan or Extended Revolving Credit Commitment is required to be in any minimum amount or any minimum increment;
provided, that the aggregate amount of Extended Term Loans or Extended Revolving Credit Commitment for any new Class of Term Loans or Revolving Credit Commitments made in connection with any Extension Offer

  
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shall be at least $25
million, or, in the case of any Extension of 2022
Revolving Credit Commitments, the aggregate amount of all outstanding 2022 Revolving Credit Commitments, (ii) any Extending Lender may extend all or any portion of its Term Loans and/or Revolving Credit Commitment pursuant to one
or more Extension Offers (subject to applicable proration in the case of over participation) (including the extension of any Extended Term Loan and/or Extended Revolving Credit Commitment), (iii) there shall be no condition to any Extension of
any Loan or Revolving Credit Commitment at any time or from time to time other than notice to the Administrative Agent of such Extension and the terms of the Extended Term Loan or Extended Revolving Credit Commitment implemented thereby,
(iv) the interest rate limitations referred to in the proviso to clause (e) of Section 2.14(b) shall not be implicated by any Extension and (v) all Extended Term Loans, Extended Revolving Credit Commitments and all
obligations in respect thereof shall be Obligations under this Agreement and the other Loan Documents that are secured by the Collateral on a pari passu basis with all other Obligations under this Agreement and the other Loan Documents. 

(e) Each extension shall be consummated pursuant to procedures set forth in the associated Extension Offer; provided, that the Borrower
shall cooperate with the Administrative Agent prior to making any Extension Offer to establish reasonable procedures with respect to mechanical provisions relating to such Extension, including timing, rounding and other adjustments. 

Section 2.17. Defaulting Lenders. 

(a) Reallocation of Participations to Reduce Fronting Exposure. All or any part of a Defaulting Lender’s participation in L/C
Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders that are 2024 Revolving
Credit Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the
conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and
warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Credit Commitment. Subject to Section 10.22, no
reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of
such Non-Defaulting Lender’s increased exposure following such reallocation. 
 (b) Cash Collateral, Repayment of Swing Line
Loans. If the reallocation described in Section 2.17(a) cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to the Borrower hereunder or under law, (x) first,
prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in
Section 2.03(g). 
 (c) New Swing Line Loans/Letters of Credit. Notwithstanding anything in this Agreement to the
contrary, so long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and
(ii) no L/C Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 

(d) Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Swing Line Lender and each L/C Issuer agree in writing that a
Revolving Credit Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the 

  
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effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent
applicable, purchase at par that portion of outstanding Revolving Credit Loans of the other Revolving Credit Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Credit Loans and funded
and unfunded participations in Letters of Credit and Swing Line Loans to be held pro rata by the Revolving Credit Lenders in accordance with the Revolving Credit Commitments (without giving effect to Section 2.17(a)), whereupon such
Revolving Credit Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and
provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender. 
 ARTICLE III 

Taxes, Increased Costs Protection and Illegality 

SECTION 3.01 Taxes. 
 (a)
Any and all payments by any Loan Party to or for the account of any Recipient under any Loan Document shall be made free and clear of and without deduction for any Taxes, except as required by applicable Law. If any Withholding Agent shall be
required by any Laws to deduct any Taxes from or in respect of any such payment, (i) the applicable Withholding Agent shall be entitled to make such deductions, (ii) the applicable Withholding Agent shall pay the full amount so deducted to
the relevant Governmental Authority in accordance with applicable Laws, (iii) as soon as practicable after the date of such payment, the Borrower shall furnish to the Administrative Agent the original or a copy of a receipt evidencing payment
thereof, a copy of the tax return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent, and (iv) if the Tax in question is an Indemnified Tax, the sum payable by the applicable Loan Party
shall be increased as necessary so that after all required deductions have been made (including deductions applicable to additional sums payable under this Section 3.01(a)), the applicable Recipient receives an amount equal to the sum it
would have received had no such deductions been made. 
 (b) In addition, the Borrower and Guarantors agree to pay any and all present or
future stamp, court or documentary, intangible, mortgage recording or similar Taxes which arise from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to,
any Loan Document, excluding any such Taxes imposed as a result of an assignment by a Lender (other than an assignment made pursuant to Section 10.13) that are Other Connection Taxes (hereinafter referred to as “Other
Taxes”). 
 (c) The Borrower and each Guarantor agrees to indemnify each Recipient, within ten (10) days after written demand
therefor, for (i) the full amount of any Indemnified Taxes (including Indemnified Taxes imposed on or attributable to amounts payable under this Section 3.01) payable by such Recipient, whether or not such Taxes were correctly or
legally imposed or asserted by the Governmental Authority. A certificate as to the amount of such payment or liability prepared in good faith and delivered to the Borrower by a Lender or by the Administrative Agent on its own behalf or on behalf of
a Lender shall be conclusive absent manifest error. 
 (d) Status of Lenders. Each Lender shall, at such times as are reasonably
requested by the Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with such properly completed and executed documentation prescribed by any Laws or reasonably requested by the Borrower or the Administrative
Agent certifying as to any entitlement of such Lender to an exemption 

  
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from, or reduction in the rate of, any applicable withholding Tax with respect to any payments to be made to such Lender under any Loan Document. In addition, any Lender, if reasonably requested
by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by any Laws or reasonably requested by the Borrower or the Administrative Agent as will enable the Loan Parties or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements. Each Lender shall, whenever any such documentation (including any specific documentation required below in this Section 3.01(d)) becomes
obsolete, expired or inaccurate in any respect, deliver promptly to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative
Agent) or promptly notify the Borrower and the Administrative Agent in writing of its legal ineligibility to do so. 
 Without limiting the
generality of the foregoing: 
 (1) Each U.S. Lender shall deliver to the Borrower and the Administrative Agent on or before
the date on which it becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent) two (2) properly completed and duly executed originals of IRS Form W-9
certifying that such Lender is exempt from U.S. federal backup withholding; 
 (2) Each Foreign Lender shall, to the extent
it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the Borrower or Administrative Agent) on or before the date on which it becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent) whichever of the following is applicable: 

(A) two (2) properly completed and duly executed originals of IRS Form W-8BEN-E
(or any successor form) claiming eligibility for the benefits of an income tax treaty to which the United States is a party, 

(B) two (2) properly completed and duly executed originals of IRS Form W-8ECI (or any successor form), 

(C) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or
Section 881(c) of the Code, (A) two (2) properly completed and duly executed certificates substantially in the form of Exhibit J-1 (any such certificate, a “United States Tax Compliance Certificate”) and
(B) two (2) properly completed and duly executed originals of IRS Form W-8BEN-E (or any successor form), or 
 (D)
to the extent a Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or a participating Lender), two (2) properly completed and duly executed originals of IRS Form W-8IMY (or any successor form),
accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E, United States Tax Compliance Certificate substantially in the form of Exhibit J-2 or Exhibit J-3, IRS Form W-9, IRS Form W-8IMY (or any successor form) and/or any other required information,
certification or documentation from each beneficial owner, as applicable (provided, that if the Foreign Lender is a partnership (and not a participating Lender) and one or more direct or indirect partners of such Foreign Lender are claiming
the portfolio interest exemption, such Foreign Lender may provide a United States Tax Compliance Certificate substantially in the form of Exhibit J-4 on behalf of such direct or indirect partner (or partners)); 

  
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 (3) Any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the Borrower or the Administrative Agent) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), two (2) properly completed and duly executed originals of any other form prescribed by applicable Laws (including the Treasury Regulations) as a
basis for claiming a complete exemption from, or a reduction in, United States federal withholding tax on any payments to such Lender under the Loan Documents, together with such supplementary documentation as may be prescribed by applicable Law
(including the Treasury Regulations) to permit any Loan Party or the Administrative Agent to determine the withholding or deduction required to be made; and 

(4) If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at
the time or times prescribed by Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and
such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for any Loan Party and the Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has or
has not complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. For purposes of this clause (4), “FATCA” shall include any amendments made to FATCA after
the date of this Agreement and any intergovernmental agreement or similar agreement intended to facilitate compliance with, or otherwise related to FATCA. 

(e) Any Lender claiming any additional amounts payable pursuant to this Section 3.01 shall use its reasonable efforts to change the
jurisdiction of its Lending Office if such a change would reduce any such additional amounts in the future and would not, in the sole good faith determination of such Lender, result in any unreimbursed cost or expense or be otherwise materially
disadvantageous to such Lender. 
 (f) If any Recipient determines, in its sole discretion exercised in good faith that it has received a
refund in respect of any Taxes as to which indemnification or additional amounts have been paid to it pursuant to this Section 3.01, it shall promptly remit to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made or additional amounts paid under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses of such Recipient (including any Taxes imposed with respect to such
refund) and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that such indemnifying party, upon the request of such Recipient, agrees to promptly repay to such
Recipient the amount paid over to it pursuant to the above provisions of this Section 3.01(f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority), in the event such Recipient is required to
repay such refund to the relevant Governmental Authority. This Section 3.01(f) shall not be construed to require any Lender or Agent to make available its Tax returns (or any other information relating to its Taxes that it deems
confidential) to any Loan Party or any other Person. 

  
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 (g) For the avoidance of doubt, the term “Lender” shall, for purposes of
this Section 3.01, include any Swing Line Lender and any L/C Issuer. 
 SECTION 3.02 Illegality. 

If any Lender determines in good faith in its reasonable discretion that any Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate,
or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the
Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender
making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be
determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no
longer exist. Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the
interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts
the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the
Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or
conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. 
 SECTION 3.03 Inability to Determine
Rates. 
 (a) If in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) the
Administrative Agent determines that (i) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan or (ii) adequate and reasonable
means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan, or (b) the Required Lenders determine that
for any reason the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so
notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and (y) in the event
of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the
Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the
extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a committed Borrowing of Base Rate Loans in the amount specified therein. 

  
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 (b) Notwithstanding anything to the contrary herein or in any other Loan Document, upon the
occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the Eurodollar Rate with a Benchmark Replacement. Any such amendment with respect to
a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower, so long as the Administrative Agent has not
received, by such time, written notice of objection to such proposed amendment from Lenders comprising the Required Lenders; provided that, with respect to any proposed amendment containing any SOFR-Based Rate, the Lenders shall be entitled
to object only to the Benchmark Replacement Adjustment contained therein. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative
Agent written notice that such Required Lenders accept such amendment. No replacement of the Eurodollar Rate with a Benchmark Replacement will occur prior to the applicable Benchmark Transition Start Date. 

(c) In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time in consultation with the Borrower and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or
consent of any other party to this Agreement. 
 (d) The Administrative Agent will promptly notify the Borrower and the Lenders of
(i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and
(iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 3.03, including any determination with
respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its
or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 3.03. 

(e) Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, (i) any Interest Election Request
that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as a Base Rate
Borrowing. 
 SECTION 3.04 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of,
deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(d)) or any L/C Issuer; 

  
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 (ii) subject any Lender or any L/C Issuer to any Tax of any kind whatsoever with respect to
this Agreement, any Letter of Credit, any participation in a Letter of Credit or any Loan made by it, or change the basis of taxation of payments to such Lender or such L/C Issuer in respect thereof (except for (i) Indemnified Taxes
indemnifiable under Section 3.01 and (ii) Excluded Taxes); or 
 (iii) impose on any Lender or any L/C Issuer or the London
interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Loan the interest on which is determined by
reference to the Eurodollar Rate (or, in the case of clause (ii) above, any Loan), or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender or such L/C Issuer of participating in, issuing or
maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or such L/C Issuer hereunder (whether of principal,
interest or any other amount) then, upon request of such Lender or such L/C Issuer, the Borrower will pay to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer, as
the case may be, for such additional costs incurred or reduction suffered, to the extent such compensation is sought from similarly situated Borrower. 

(b) Capital Requirements. If any Lender or any L/C Issuer determines in good faith in its reasonable discretion that any Change in Law
affecting such Lender or any L/C Issuer or any Lending Office of such Lender or such Lender’s or such L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of
return on such Lender’s or such L/C Issuer’s capital or on the capital of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or
participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a level below that which such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s or such L/C Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect to capital adequacy or liquidity),
then, to the extent such compensation is sought from similarly situated borrowers, the Borrower, upon request of such Lender or such L/C Issuer, as the case may be, will pay to such Lender or such L/C Issuer such additional amount or amounts as will
compensate such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company for any such reduction suffered. 

(c) Certificates for Reimbursement. A certificate of a Lender or an L/C Issuer setting forth the amount or amounts necessary to
compensate such Lender or such L/C Issuer or its holding company, as the case may be, as specified in clauses (a) or (b) of this Section and delivered to the Borrower shall be conclusive absent manifest error. The Borrower
shall pay such Lender or such L/C Issuer, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

(d) Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain
reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal
to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error), which shall be due and payable on each date on which interest is
payable on such Loan; provided the Borrower shall have received at least ten (10) days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice ten
(10) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable ten (10) days from receipt of such notice. 

  
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 SECTION 3.05 Funding Losses. 

Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for
and hold such Lender harmless from any loss, cost or expense actually incurred by it as a result of: 
 (a) any continuation,
conversion, payment or prepayment of any Eurodollar Rate Loan on a day other than the last day of the Interest Period for such Loan; 

(b) any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue
or convert any Eurodollar Rate Loan on the date or in the amount notified by the Borrower; or 
 (c) any assignment of a
Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 10.13; 

including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing. 

Each Amendment No. 2 Consenting Lender with a Converted Term B Loan waives the provisions of this Section 3.05 with respect to the
prepayment and/or conversion of its Term B Loans immediately following the Amendment No. 2 Effective Time. 
 Each Amendment No. 4
Consenting Lender with a Converted Term B-1 Loan waives the provisions of this Section 3.05 with respect to the prepayment and/or conversion of its Term B-1 Loans immediately following the Amendment No. 4 Effective Time. 

SECTION 3.06 Matters Applicable to All Requests for Compensation. 

(a) Except with respect to any requests for compensation or indemnification under Section 3.01 (requests for which shall be governed by
Section 3.01(c)), any Agent or any Lender claiming compensation under this Article III shall deliver a certificate to the Borrower setting forth the additional amount or amounts to be paid to it hereunder which shall be conclusive in the
absence of manifest error. In determining such amount, such Agent or such Lender may use any reasonable averaging and attribution methods. 

(b) Failure or delay on the part of any Lender or any L/C Issuer to demand compensation pursuant to Section 3.01, 3.02,
3.03 or 3.04 shall not constitute a waiver of such Lender’s or any L/C Issuer’s right to demand such compensation; provided, that the Borrower shall not be required to compensate such Lender for any amount incurred
more than one hundred and eighty (180) days prior to the date that such Lender notifies the Borrower of the event that gives rise to such claim; provided that, if the circumstance giving rise to such claim is retroactive, then such one
hundred and eighty (180) day period referred to above shall be extended to include the period of retroactive effect thereof. If any Lender requests compensation by the Borrower under Section 3.04, the Borrower may, by notice to such
Lender (with a copy to the Administrative Agent), suspend the obligation of such Lender to make or 

  
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continue from one Interest Period to another applicable Eurodollar Rate Loans, or, if applicable, to convert Base Rate Loans into Eurodollar Rate Loans, until the event or condition giving rise
to such request ceases to be in effect (in which case the provisions of Section 3.06(c) shall be applicable); provided, that such suspension shall not affect the right of such Lender to receive the compensation so requested. 

(c) If the obligation of any Lender to make or continue any Eurodollar Rate Loan, or to convert Base Rate Loans into Eurodollar Rate Loans
shall be suspended pursuant to Section 3.06(b) hereof, such Lender’s applicable Eurodollar Rate Loans shall be automatically converted into Base Rate Loans (or, if such conversion is not possible, repaid) on the last day (or days)
of the then current Interest Period (or Interest Periods) for such Eurodollar Rate Loans (or, in the case of an immediate conversion required by Section 3.02, on such earlier date as required by Law) and, unless and until such Lender
gives notice as provided below that the circumstances specified in Section 3.01, 3.02, 3.03 or 3.04 hereof that gave rise to such conversion no longer exist: 

(i) to the extent that such Lender’s Eurodollar Rate Loans have been so converted, all payments and prepayments of principal that would
otherwise be applied to such Lender’s applicable Eurodollar Rate Loans shall be applied instead to its Base Rate Loans; and 
 (ii) all
Loans that would otherwise be made or continued from one Interest Period to another by such Lender as Eurodollar Rate Loans shall be made or continued instead as Base Rate Loans (if possible), and all Base Rate Loans of such Lender that would
otherwise be converted into Eurodollar Rate Loans shall remain as Base Rate Loans. 
 (d) If any Lender gives notice to the Borrower (with a
copy to the Administrative Agent) that the circumstances specified in Section 3.01, 3.02, 3.03 or 3.04 hereof that gave rise to the conversion of any of such Lender’s Eurodollar Rate Loans pursuant to this
Section 3.06 no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when Eurodollar Rate Loans made by other Lenders under the applicable Facility are outstanding, if applicable, such
Lender’s Base Rate Loans shall be automatically converted, on the first day (or days) of the next succeeding Interest Period (or Interest Periods) for such outstanding Eurodollar Rate Loans, to the extent necessary so that, after giving effect
thereto, all Loans held by the Lenders holding Eurodollar Rate Loans under such Facility and by such Lender are held pro rata (as to principal amounts, interest rate basis, and Interest Periods) in accordance with their respective Commitments
for the applicable Facility. 
 SECTION 3.07 Replacement of Lenders under Certain Circumstances. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or the Borrower is
required to pay any additional amount to any Lender, any L/C Issuer, or any Governmental Authority for the account of any Lender or any L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to
Section 3.02, then such Lender or such L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender or such L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04,
as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or such L/C Issuer, as the case may be, to any unreimbursed cost
or expense and would not otherwise be materially disadvantageous to such Lender or such L/C Issuer, as the case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or any L/C Issuer in connection with
any such designation or assignment. 

  
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 (b) Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower may replace such Lender in accordance
with Section 10.13. 
 SECTION 3.08 Survival. 

All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments, repayment of all
other Obligations hereunder, resignation of the Administrative Agent and any assignment of rights by, or replacement of, a Lender or L/C Issuer. 

ARTICLE IV 

Conditions Precedent to Credit Extensions 

SECTION 4.01 Conditions to the Initial Credit Extensions. 

The obligation of each L/C Issuer and each Lender to make its initial Credit Extension hereunder is subject to satisfaction or waiver of the
following conditions precedent: 
 (a) The Administrative Agent’s receipt of the following, each properly executed by a Responsible
Officer of the signing Loan Party (to the extent a Loan Party is party thereto), each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably
satisfactory to the Administrative Agent: 
 (i) executed counterparts of this Agreement; 

(ii) an original Note executed by the Borrower in favor of each Lender requesting a Note; 

(iii) executed counterparts of the Administrative Agent Fee Letter; 

(iv) a security agreement, in substantially the form of Exhibit F hereto (together with each security agreement supplement delivered
pursuant to Section 6.11, in each case as amended, the “Security Agreement”), duly executed by each Loan Party, together with: 

(A) except to the extent required to be delivered pursuant to Section 6.13(c), certificates and instruments, if
any, representing the applicable Collateral referred to therein accompanied by undated stock powers or instruments of transfer executed in blank, 

(B) financing statements in form 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, 

(C) copies of UCC, United States Patent and Trademark Office and United States Copyright Office, tax and judgment lien
searches, bankruptcy searches and pending lawsuit searches, or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents (together with copies of such financing statements
and documents) that name any Loan Party as debtor and that are filed in those state and county jurisdictions in which any Loan Party is 

  
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organized or maintains its principal place of business and such other searches that are required by the Perfection Certificate or that the Administrative Agent reasonably deems necessary or
appropriate, none of which encumber the Collateral covered or intended to be covered by the Collateral Documents (other than Permitted Liens), 

(D) a Perfection Certificate duly executed by each of the Loan Parties, 

(E) a Copyright Security Agreement, Patent Security Agreement and Trademark Security Agreement (as each such term is defined in
the Security Agreement and to the extent applicable) (together with each other intellectual property security agreement delivered pursuant to Section 6.11, in each case as amended or supplemented, the “Intellectual Property
Security Agreement”), duly executed by each applicable Loan Party, together with evidence that all action that the Administrative Agent may reasonably deem necessary or desirable in order to perfect the Liens created under the Intellectual
Property Security Agreement has been taken, and 
 (F) Control Agreements, duly executed by the Collateral Agent, each
applicable Loan Party and each applicable depository bank or securities intermediary, with respect to all Deposit Accounts and Securities Accounts maintained by the Loan Parties as of the Closing Date (other than Excluded Accounts); 

(v) such certifications of resolutions or other action and incumbency certificates of Responsible Officers of each Loan Party as the
Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan
Party is a party or is to be a party; 
 (vi) such documents and certifications as the Administrative Agent may reasonably require to
evidence that each Loan Party is duly organized or formed; 
 (vii) a favorable opinion of each of (A) Wachtell, Lipton,
Rosen & Katz, counsel to the Loan Parties, and (B) Lerman Senter PLLC, FCC counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, in a form reasonably satisfactory to the Administrative Agent and the
Arrangers; 
 (viii) a certificate signed by a Responsible Officer of the Borrower certifying that the conditions specified in Sections
4.02(a) and (b) have been satisfied; 
 (ix) (A) the Audited Financial Statements; (B) the Quarterly Financial
Statements; and (C) the Projections; 
 (x) a certificate attesting to the Solvency of the Borrower and its Subsidiaries on a
consolidated basis after giving effect to the Closing Date Transactions, from the Borrower’s Vice President and Assistant Secretary, substantially in the form of Exhibit K hereto; 

(xi) to the extent required by Section 6.07, (A) proof of insurance policies (including flood insurance, if applicable) and
any endorsements thereto and (B) evidence that all such insurance policies name the Collateral Agent as additional insured (in the case of liability insurance and property insurance) or loss payee (solely in the case of property insurance), as
applicable; and 
 (xii) a funds flow memorandum executed by a Responsible Officer of the Borrower; 

  
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 (b) at least five (5) Business Days prior to the Closing Date, each of the Agents and
the Lenders shall have received all documentation and other information required by regulatory authorities with respect to the Loan Parties reasonably requested by such Agent or Lender at least ten (10) days prior to such date under applicable
“know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act; 
 (c) (i) all fees required
to be paid to the Administrative Agent and the Arrangers on or before the Closing Date shall have been paid; (ii) all fees required to be paid to the Lenders on or before the Closing Date shall have been paid and (iii) all reasonable fees,
charges and disbursements of counsel to the Administrative Agent shall have been paid, to the extent invoiced; 
 (d) the Arrangers shall be
reasonably satisfied (i) that all necessary regulatory, governmental and corporate approvals and consents have been received and (ii) with the outstanding indebtedness of the Borrower and its Subsidiaries, in each case, as of the Closing
Date; 
 (e) the Arrangers shall have received public ratings for the Facilities from each of S&P and Moody’s, and a public
corporate credit rating and a public corporate family rating in respect of the Borrower and its Subsidiaries after giving effect to the Closing Date Transactions from each of S&P and Moody’s; and 

(f) since December 31, 2015, there shall not have occurred any event that has had or would reasonably be expected to have a Material
Adverse Effect. 
 Without limiting the generality of the provisions of Section 9.03(e), for purposes of determining compliance
with the conditions specified in this Section 4.01, each of the Lenders and the Administrative Agent that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or
other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection
thereto. 
 SECTION 4.02 Conditions to All Credit Extensions after the Closing Date. 

Following the Closing Date, the obligation of each Lender to honor any Request for Credit Extension (other than (i) a Committed Loan
Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans, (ii) a Borrowing of Term B-1 Loans on the ETM Acquisition Closing Date and (iii) a Credit Extension of an Incremental Facility in
connection with a Limited Condition Acquisition) is subject to the following conditions precedent: 
 (a) The representations
and warranties of each Loan Party contained in Article V or any other Loan Document shall be true and correct in all material respects on and as of the date of such Credit Extension (except to the extent that such representations and
warranties specifically refer to an earlier date, they shall be true and correct as of such earlier date); provided, that, to the extent that such representations and warranties are qualified by materiality, material adverse effect or similar
language, they shall be true and correct in all respects. 
 (b) No Default or Event of Default shall exist or would result
from such proposed Credit Extension or from the application of the proceeds therefrom. 
 (c) The Administrative Agent and,
if applicable, the relevant L/C Issuer or the relevant Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof. 

  
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 Each Request for Credit Extension (other than a Committed Loan Notice requesting only a
conversion of 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) and (b) have been
satisfied on and as of the date of the applicable Credit Extension. Notwithstanding anything to the contrary in this Section 4.02 or in Section 2.14, so long as no Event of Default has occurred pursuant to
Section 8.01(a) or (f), the lenders providing any Incremental Term Loans in connection with a Permitted Acquisition may agree to modify the conditionality with respect to such Incremental Term Loans such that the Permitted
Acquisition may be consummated on a “certain funds” basis. 
 SECTION 4.03 Conditions to the Initial Credit Extension of Term
B-1 Loans. 
 The obligation of each Term B-1 Lender to make its initial Credit Extension of Initial Term B-1 Loans hereunder on the ETM
Acquisition Closing Date is subject to satisfaction or waiver of the following conditions precedent: 
 (a) None of CBS Corporation, the
Borrower or Entercom shall have waived, amended or provided any consent with respect to, any term of condition of the ETM Acquisition Agreement (including the exhibits thereto) in a manner that materially and adversely affects the interests of the
Term B-1 Lenders in their capacities as such without the prior written consent of the Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc. (such consent not to be unreasonably withheld, delayed or conditioned) (it being understood and
agreed that (1) any change in the Exchange Ratio (as defined in the ETM Acquisition Agreement) that is not in excess of 10% shall be deemed not to be adverse to the interests of the Term B-1 Lenders and (2) any modifications to any of the
“Xerox provisions” shall be deemed to be adverse to the interests of the Term B-1 Lenders). The ETM Acquisition, the ETM Contribution and the ETM Distributions shall each have been, or shall substantially concurrently with the funding of
the Initial Term B-1 Loans be, consummated in accordance with the terms of the ETM Acquisition Agreement and the Master Separation Agreement. 

(b) Substantially concurrently with the funding of the Initial Term B-1 Loans, the ETM Refinancing shall have occurred. 

(c) The Administrative Agent’s receipt of the following, each properly executed by a Responsible Officer of the signing Loan Party (to the
extent party thereto), each dated the ETM Acquisition Closing Date (or, in the case of certificates of governmental officials, a recent date before the ETM Acquisition Closing Date) and each in form and substance reasonably satisfactory to the
Administrative Agent: 
 (i) executed counterparts of the Term B-1 Joinder Agreement; 

(ii) an original Term B-1 Note executed by the Borrower in favor of each Term B-1 Lender requesting a Term B-1 Note at least three
(3) Business Days prior to the ETM Acquisition Closing Date; 
 (iii) supplements to the Security Agreement and the Credit Agreement
from Entercom Radio LLC, together with: 
 (A) certificates, if any, representing the Equity Interests of Entercom Radio LLC,
accompanied by undated stock powers or instruments of transfer executed in blank, 

  
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 (B) financing statements in form 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 Collateral Documents, covering the Collateral of Entercom Radio LLC, and 

(C) a Perfection Certificate duly executed by Entercom Radio LLC. 

(E) such certifications of resolutions or other action and incumbency certificates of Responsible Officers of Entercom Radio,
LLC as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which
Entercom Radio, LLC is a party or is to be a party; 
 (iv) such customary documents and certifications as the Administrative Agent or
Goldman Sachs Bank USA may reasonably require to evidence that Entercom Radio, LLC is duly organized or formed; 
 (v) a favorable opinion of
counsel reasonably acceptable to the Administrative Agent in its sole discretion, addressed to the Administrative Agent and each Lender, in a form reasonably satisfactory to the Administrative Agent and Goldman Sachs Bank USA; 

(vi) a certificate signed by a Responsible Officer of the Borrower certifying that the conditions specified in clauses (f) and
(g) below have been satisfied; 
 (vii) (a)(x) the audited consolidated balance sheets and related statements of operations,
invested equity and cash flow of the Borrower and (y) audited consolidated balance sheets and related statements of operations, shareholders’ equity and cash flows of Entercom for the last three full fiscal years, in each case ended at
least 90 days prior to the ETM Acquisition Closing Date and (b)(x) unaudited consolidated balance sheets and related statements of operations and cash flows of the Borrower and (y) unaudited consolidated balance sheets and related statements of
operations, shareholders’ equity and cash flows of Entercom, in each case for each subsequent interim quarterly period ended at least 45 days prior to the ETM Acquisition Closing Date (excluding the fourth quarter of any fiscal year); and 

(viii) a certificate attesting to the Solvency of the Borrower and its Subsidiaries on a consolidated basis after giving effect to the ETM
Acquisition Closing Date Transactions, from the Borrower’s Chief Financial Officer, treasurer or assistant treasurer, substantially in the form of Exhibit L hereto; 

(d) at least three (3) Business Days prior to the ETM Acquisition Closing Date, the Borrower shall have delivered all documentation and
other information required by U.S. regulatory authorities with respect to the Loan Parties reasonably requested in writing by such Agent or Lender at least ten (10) Business Days prior to the ETM Acquisition Closing Date under applicable
“know your customer” and anti-money laundering rules and anti-terrorist financing rules and regulations, including the USA Patriot Act; 

(e) (i) all costs, fees, expenses (including reasonable and documented legal fees and out-of-pocket expenses) and other compensation and
amounts otherwise payable to the Arrangers, the Term B-1 Lenders or any of their respective affiliates as shall have been agreed in writing by the Borrower and are required to be paid to the Arrangers or their respective affiliates on or before the
ETM 

  
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Acquisition Closing Date in connection with the Initial Term B-1 Loans shall have been, or substantially concurrently with the funding of the Initial Term B-1 Loans shall be, paid to the extent
due and payable (in the case of expenses, to the extent invoiced at least two (2) Business Days prior to the ETM Acquisition Closing Date) and (ii) all reasonable fees, charges and disbursements of counsel to the Administrative Agent shall
have been paid, to the extent invoiced at least two (2) Business Days prior to the ETM Acquisition Closing Date; 
 (f) except as
otherwise disclosed or identified in (i) the Acquiror SEC Documents (as defined in the ETM Acquisition Agreement) filed on or prior to February 2, 2017 (excluding any risk factor disclosure and disclosure of risks included in any
“forward-looking statements” disclaimer included in such Acquiror SEC Documents to the extent they are predictive, forward-looking or primarily cautionary in nature), or (ii) subject to Section 10.8(b) of the ETM Acquisition
Agreement, the corresponding section of the Disclosure Letter delivered by CBS Corporation and the Borrower to the Arrangers on February 2, 2017, and except as expressly contemplated by the ETM Acquisition Agreement and the other Transaction
Agreements (as defined in the ETM Acquisition Agreement), since December 31, 2016, there has not occurred any Acquiror Material Adverse Effect (as defined in the ETM Acquisition Agreement as in effect on February 2, 2017). 

(g) (i) Each of the representations and warranties of the Loan Parties set forth in Section 5.01(a) (limited to existence),
Section 5.01(b)(ii), Section 5.02(a), Section 5.02(b), Section 5.02(c)(i) (limited to the entry into the Term B-1 Joinder Agreement, the borrowing of the Initial Term B-1 Loans and the granting of
Liens to secure the Initial Term B-1 Loans), Section 5.04, Section 5.13, Section 5.17(b), Section 5.19 (other than with respect to any Collateral (other than to the extent that a Lien on such
Collateral may be perfected by the filing of a financing statement under the Uniform Commercial Code) that is not or cannot reasonably be provided or perfected on the ETM Acquisition Closing Date), Section 5.20(c) and the last sentence
of Section 5.20(d) shall be true and correct in all material respects as of the ETM Acquisition Closing Date (except that any such representation that is qualified as to materiality shall be true and correct in all respects) and
(ii) the representations and warranties made by Entercom in the ETM Acquisition Agreement as are material to the interests of the Term B-1 Lenders (in their capacities as such) shall be true and correct in all material respects on the ETM
Acquisition Closing Date but only to the extent that CBS Corporation or the Borrower has the right (determined without regard to any notice requirement) to terminate its obligations under the ETM Acquisition Agreement or decline to consummate the
ETM Acquisition as a result of the failure of such representation to be accurate. 
 Without limiting the generality of the provisions of
Section 9.03(e), for purposes of determining compliance with the conditions specified in this Section 4.03, each of the Term B-1 Lenders and the Administrative Agent that has signed the Term B-1 Joinder Agreement shall be
deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent and Goldman
Sachs Bank USA shall have received notice in writing from such Lender prior to the proposed ETM Acquisition Closing Date specifying its objection thereto. 

  
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 ARTICLE V 

Representations and Warranties 

Each Loan Party represents and warrants to the Agents and the Lenders that: 

SECTION 5.01 Existence, Qualification and Power; Compliance with Laws. 

Each Loan Party (a) is a Person duly organized or formed, validly existing and in good standing (where relevant) under the Laws of the
jurisdiction of its incorporation or organization, (b) has all requisite power and authority to (i) own or lease its assets and carry on its business as currently conducted and (ii) execute, deliver and perform its obligations under
the Loan Documents to which it is a party, (c) is duly qualified and in good standing (where relevant) under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such
qualification, (d) is in compliance with all Laws, orders, writs and injunctions and (e) has all requisite governmental licenses, authorizations, consents and approvals to operate its business as currently conducted; except in each case
referred to in clause (b)(i), (c), (d) or (e), to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect. 

SECTION 5.02 Authorization; No Contravention. 

The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is a party, and the consummation of the
Closing Date Transactions, (a) are within such Loan Party’s corporate or other powers, (b) have been duly authorized by all necessary corporate or other organizational action and (c) do not and will not (i) contravene the
terms of any of such Person’s Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by Section 7.01) (x) any order, injunction,
writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject or (y) any agreement to which such Person is a party; or (iii) violate any material Law; except with respect to any
conflict, breach, violation or contravention referred to in clause (ii) or (iii), to the extent that such conflict, breach, violation or contravention would not reasonably be expected to have a Material Adverse Effect. 

SECTION 5.03 Governmental Authorization; Other Consents. 

No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority is necessary or
required in connection with (a) the execution, delivery or performance by any Loan Party of this Agreement or any other Loan Document, or for the consummation of the Closing Date Transactions, (b) the grant by any Loan Party of the Liens
granted by it pursuant to the Collateral Documents, or (c) the perfection or maintenance of the Liens created under the Collateral Documents (including the priority thereof), except for (i) filings and registrations necessary to perfect
the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full
force and effect (or, with respect to consummation of the Transactions, will be duly obtained, taken, given or made and will be in full force and effect, in each case within the time period required to be so obtained, taken, given or made) and
(iii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make would not reasonably be expected to have a Material Adverse Effect. 

SECTION 5.04 Binding Effect. 

This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that is a party thereto. This Agreement and
each other Loan Document constitutes, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is a party thereto in accordance with its terms, except as such enforceability may be limited by (a) Debtor
Relief Laws and by general principles of equity, (b) the need for filings and registrations necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties and (c) the effect of foreign Laws,
rules and regulations as they relate to pledges of Equity Interests in Foreign Subsidiaries (other than those pledges made under the Laws of the jurisdiction of formation of the applicable Foreign Subsidiary). 

  
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 SECTION 5.05 Financial Statements; No Material Adverse Effect. 

(a) The Audited Financial Statements and the Quarterly Financial Statements fairly present in all material respects the financial condition of
the Borrower and its Subsidiaries as of the dates thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the periods covered thereby, (i) except as otherwise expressly
noted therein and (ii) subject, in the case of the Quarterly Financial Statements, to changes resulting from normal year-end adjustments and the absence of footnotes. 

(b) Since the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or would reasonably
be expected to have a Material Adverse Effect. 
 SECTION 5.06 Litigation. 

There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing or
contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any of its Subsidiaries or against any of their properties or revenues (other than actions, suits, proceedings and claims in
connection with the Transactions) that either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 

SECTION 5.07 FCC Licenses and Matters. 

(a) The Borrower and its Restricted Subsidiaries hold the FCC Licenses, except as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. Schedule 5.07(a) hereto contains a list showing each Station and the holder of the FCC License for each Station as of the Closing Date. As of the Closing Date, each FCC License set forth on
Schedule 5.07(a) is valid and in full force and effect and the FCC has renewed each such FCC License for a full license term. 
 (b)
Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, there is no condition imposed by the FCC as part of any FCC License, other than conditions either set forth on the face thereof as
issued by the FCC, contained in the rules and regulations of the FCC or the Communications Act of 1934 (as amended, the “Communications Act”), or applicable generally to stations of the type, nature, class or location of the Station
in question. Each Station has been and is being operated in accordance with the terms, conditions and requirements of the FCC Licenses applicable to it and the rules, orders, regulations, and other applicable requirements of the FCC and the
Communications Act (including, without limitation, the FCC’s rules, regulations and published policies relating to the operation of transmitting and studio equipment) (collectively, the “Communications Laws”), except where the
failure to comply would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (c) No
proceedings are pending or, to the knowledge of the Borrower or any of its Restricted Subsidiaries, are threatened which may result in the revocation, modification, non-renewal or suspension of any of the FCC Licenses, the denial of any pending
applications, the issuance of any cease and desist order or the imposition of any fines, forfeitures or other administrative actions by the FCC with respect to any Station or its operations, other than any matters which, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect and proceedings affecting the radio broadcasting industry in general. 

  
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 (d) All reports, applications and other documents required to be filed by the Borrower and
its Restricted Subsidiaries with the FCC with respect to the Stations and the Closing Date Transactions have been timely filed, and all such reports, applications and documents are true, correct and complete in all respects, except where the failure
to make such timely filing or any inaccuracy therein would not, singly or in the aggregate, reasonably be expected to have a Material Adverse Effect. As of the Closing Date, neither the Borrower nor any of its Restricted Subsidiaries has knowledge
of any matters that would reasonably be expected to result in the suspension or revocation of or the refusal to renew any of the FCC Licenses for the Stations or the imposition on the Borrower or any of its Restricted Subsidiaries of any material
fines or forfeitures by the FCC, or which would reasonably be expected to result in the suspension, revocation, rescission, reversal or materially adverse modification of any Station’s authorization to operate as currently authorized under the
rules and regulations of the FCC and the Communications Act. 
 (e) Neither the Borrower nor any of its Restricted Subsidiaries has knowledge
of any matters that would reasonably be expected to result in (i) the suspension or revocation of or the refusal to renew any of the FCC Licenses, (ii) the imposition on the Borrower or any of its Restricted Subsidiaries of any material
fines or forfeitures by the FCC, or (iii) the suspension, revocation, rescission, reversal or modification of any Station’s authorization to operate as authorized as of the date this representation is made under the rules and regulations
of the FCC and the Communications Act, in each case, except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(f) There are no unsatisfied or otherwise outstanding citations or other notices issued by the FCC with respect to any Station or its
operations that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 
 SECTION 5.08
Ownership of Property; Liens. 
 Each Loan Party and each of its Subsidiaries has good, sufficient and record title to, or valid
leasehold interests in, or easements or other limited property interests in, all Real Property necessary in the ordinary conduct of its business, free and clear of all Liens except (i) as set forth on Schedule 5.08, (ii) minor
defects in title that do not materially interfere with its ability to conduct its business or to utilize such assets for their intended purposes, (iii) Permitted Liens and (iv) where the failure to so have would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect. 
 SECTION 5.09 Environmental Compliance. 

(a) There are no claims, actions, suits, or proceedings against the Borrower or any of its Subsidiaries alleging liability or responsibility
for violation of, or otherwise relating to, any Environmental Law, and there is no Environmental Liability, that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) The Real Property currently owned, leased, licensed, or operated by the Loan Parties and their Subsidiaries are in compliance with all
Environmental Laws, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (c)
Except as specifically disclosed in Schedule 5.09(b) or except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) none of the Real Property currently or formerly owned, leased or
operated by any Loan Party or any of its Subsidiaries is listed or proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such property; (ii) there are no and never have been any
underground or aboveground storage tanks or any surface impoundments, septic tanks, pits, sumps or 

  
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lagoons in which Hazardous Materials are being or have been treated, stored or disposed on any Real Property currently owned, leased or operated by any Loan Party or any of its Subsidiaries or,
to its knowledge, on any Real Property formerly owned or operated by any Loan Party or any of its Subsidiaries; (iii) there is no asbestos or asbestos-containing material on any Real Property currently owned or operated by any Loan Party or any
of its Subsidiaries; and (iv) Hazardous Materials have not been released, discharged or disposed of by any Person on any property currently or formerly owned, leased or operated by any Loan Party or any of its Subsidiaries and Hazardous
Materials have not otherwise been released, discharged or disposed of by any Loan Party or any of its Subsidiaries at any other location. 

(d) The Real Property owned, leased or operated by the Loan Parties and their Subsidiaries does not contain any Hazardous Materials in amounts
or concentrations which (i) constitute a violation of, (ii) require remedial action under, or (iii) could give rise to liability under, Environmental Laws, which violations, remedial actions and liabilities, individually or in the
aggregate, would reasonably be expected to result in a Material Adverse Effect. 
 (e) All Hazardous Materials generated, used, treated,
handled or stored at, or transported to or from, any Real Property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries have been disposed of in a manner that would not reasonably be expected to result, individually
or in the aggregate, in a Material Adverse Effect. 
 (f) Except as would not reasonably be expected to result, individually or in the
aggregate, in a Material Adverse Effect, none of the Loan Parties or any of their Subsidiaries has contractually assumed any liability or obligation under or relating to any Environmental Law. 

SECTION 5.10 Taxes. 

Except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, each of the Loan Parties
and each of their Subsidiaries has filed all Tax returns required to be filed, and has paid all Taxes required to be paid by it, that are due and payable, except those Taxes which are being contested in good faith by appropriate proceedings
diligently conducted and for which adequate reserves have been made in accordance with GAAP. 
 SECTION 5.11 ERISA Compliance. 

(a) Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each Plan is
in compliance with the applicable provisions of ERISA, the Code and other Federal or state Laws. 
 (b) (i) No ERISA Event has occurred or is
reasonably expected to occur with respect to any Pension Plan or Multiemployer Plan; (ii) none of any Loan Party, any Restricted Subsidiary or any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has
occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (iii) none of any Loan Party, any Restricted Subsidiary
or any ERISA Affiliate has engaged in a transaction that would reasonably be expected to be subject to Sections 4069 or 4212(c) of ERISA, except, with respect to each of the foregoing clauses of this Section 5.11(b), as would not
reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 

  
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 (c) The Foreign Plans of the Loan Parties and the Subsidiaries are in compliance with the
requirements of any Law applicable in the jurisdiction in which the relevant Foreign Plan is maintained, in each case, except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

SECTION 5.12 Subsidiaries; Equity Interests. 

As of the Closing Date (after giving effect to any part of the Transactions that is consummated on or prior to the Closing Date), no Loan Party
has any material Subsidiaries other than those disclosed in Schedule 5.12, and all of the outstanding Equity Interests owned by the Loan Parties in such material Subsidiaries have been validly issued and are fully paid and all Equity
Interests owned by a Loan Party in such material Subsidiaries are owned free and clear of all Liens except (a) those created under the Collateral Documents; and (b) any Lien that is permitted under Section 7.01. As of the
Closing Date, Schedules 1(a) and 9(a) and 9(b) to the Perfection Certificate (a) set forth the name and jurisdiction of each Domestic Subsidiary that is a Loan Party and (b) set forth the ownership interest of the
Borrower and any Subsidiary thereof in each Subsidiary, including the percentage of such ownership. 
 SECTION 5.13 Margin Regulations;
Investment Company Act. 
 (a) No Loan Party is engaged in, nor will it engage, principally or as one of its important activities, in the
business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB (“Margin Stock”)), or extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Borrowings
or drawings under any Letter of Credit will be used for the purpose of purchasing or carrying Margin Stock or any purpose that violates Regulation U. 

(b) None of the Loan Parties or any of the Subsidiaries of the Loan Parties is or is required to be registered as an “investment
company” under the Investment Company Act of 1940. 
 SECTION 5.14 Disclosure. 

(a) The reports, financial statements, certificates and other written information (other than as set forth below and other than information of
a general economic or industry nature) (a) furnished by or on behalf of any Loan Party to any Agent or any Lender in connection with the Transactions and the negotiation of this Agreement, when taken as a whole, do not contain any material
misstatement of fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading, and (b) furnished by or on behalf of any Loan Party to
any Agent or any Lender under this Agreement or any other Loan Document, when taken as a whole, are true and correct in all material respects; provided, that, with respect to projected financial information and pro forma financial
information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation; it being understood that such financial information as it relates to future
events is not to be viewed as fact and that such projections may vary from actual results and that such variances may be material. 
 (b) As
of the Amendment No. 4 Effective Time, to the best knowledge of the Borrower, the information included in the Beneficial Ownership Certification, if any, provided on or prior to the Amendment No. 4 Effective Time to any Lender in
connection with this Agreement is true and correct in all respects. 
 SECTION 5.15 OFAC, Patriot Act and Anti-Terrorism Laws. 

(a) None of the Borrower, any of its Subsidiaries, or any of the Borrower’s directors or officers, nor, to the knowledge of the Borrower
or any of its Subsidiaries, any employees or agents of the Borrower or any directors, officers, employees or agents of any Subsidiary of the Borrower, is a 

  
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Person that is, or is owned 50% or more, individually or in the aggregate, directly or indirectly, or controlled by Persons that are, (i) the subject of Sanctions, (ii) in violation of
any applicable requirement of Law relating to Sanctions, or (iii) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions, currently including (as of the Closing Date) Crimea, Cuba,
Iran, North Korea, Sudan and Syria. 
 (b) The Borrower and each of its Subsidiaries is in compliance with the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (as amended, the “USA Patriot Act”), and OFAC. 

(c) None of the Loan Parties (i) is a blocked person described in Section 1.1 of the Anti-Terrorism Order or (ii) to the best of
its knowledge, is in violation of the Anti-Terrorism Order. 
 SECTION 5.16 Intellectual Property; Licenses, Etc. 

Each of the Loan Parties and their Subsidiaries owns, licenses or possesses the right to use, all of the trademarks, service marks, trade
names, domain names, copyrights, patents, patent rights, technology, software, know-how database rights, design rights and other intellectual property rights (collectively, “IP Rights”) that are used or held for use in connection
with and reasonably necessary for the operation of their respective businesses as currently conducted, except where the failure to so own, license or possess the right to use any such IP Rights would not reasonably be expected to have a Material
Adverse Effect. No IP Rights and, to the Loan Parties’ knowledge, no advertising, product, process, method, substance, part or other material, in each case used by any Loan Party or any of its Subsidiaries in the operation of their respective
businesses as currently conducted infringes upon any rights held by any other Person except for such infringements, individually or in the aggregate, which would not reasonably be expected to have a Material Adverse Effect. No claim or litigation
regarding any of the IP Rights, is pending or, to the knowledge of the Borrower, threatened against any Loan Party or any of its Subsidiaries, which, either individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect. 
 As of the Closing Date, (i) each Loan Party owns each copyright, patent or trademark listed in Schedule 13(a) or
13(b) to the Perfection Certificate and (ii) all registrations listed in Schedule 13(a) or 13(b) to the Perfection Certificate are valid and in full force and effect, except, in each case, to the extent failure to own or
possess such right to use or of such registrations to be valid and in full force and effect would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

SECTION 5.17 Solvency. 

(a) Immediately after the Amendment No. 4 Effective Time, after giving effect to the refinancing of the Term B-1 Loans with the Term B-2
Loans and other funds available to the Borrower, the Borrower and its Subsidiaries, on a consolidated basis taken as a whole, are Solvent. 

(b) On the ETM Acquisition Closing Date after giving effect to the ETM Acquisition Closing Date Transactions, the Borrower and its
Subsidiaries, on a consolidated basis taken as a whole, are Solvent. 
 SECTION 5.18 FCPA. 

No Loan Party, none of its Subsidiaries nor, to the knowledge of the Borrower, any director, officer, agent or employee of the Borrower or any
of its Subsidiaries acting in his/her capacity as such, has taken any action, directly or indirectly, that would result in a violation by such Persons of the FCPA, including making use of the mails or any means or instrumentality of interstate
commerce corruptly in 

  
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furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any
“foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA. The Borrower and its Subsidiaries have conducted their
businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 

SECTION 5.19 Security Documents. 

(a) Security Agreement. The Collateral Documents are effective to create in favor of the Collateral Agent for the benefit of the Secured
Parties, legal, valid and enforceable Liens on, and security interests in, the Collateral described therein to the extent intended to be created thereby and (i) when financing statements and other filings in appropriate form are filed in the
offices specified on Schedule 6 to the Perfection Certificate and (ii) upon the taking of possession or control by the Collateral Agent of such Collateral with respect to which a security interest may be perfected only by possession or control
(which possession or control shall be given to the Collateral Agent to the extent required by the Security Agreement or the Intercreditor Agreement (if in effect)), the Liens created by the Collateral Documents shall constitute fully perfected Liens
on, and security interests in (to the extent intended to be created thereby), all right, title and interest of the grantors in such Collateral to the extent perfection can be obtained by filing financing statements or taking possession or control,
in each case subject to no Liens other than Permitted Liens. 
 (b) PTO Filing; Copyright Office Filing. In addition to the actions
taken pursuant to Section 5.19(a)(i), when the Security Agreement or a short form thereof (including any Intellectual Property Security Agreement) is properly filed in the United States Patent and Trademark Office and the United States
Copyright Office, the Liens created by such Security Agreement (or Intellectual Property Security Agreement) shall constitute fully perfected Liens on, and security interests in, all right, title and interest of the grantors (to the extent intended
to be created thereby) in Patents (as defined in the Security Agreement) and Trademarks (as defined in the Security Agreement) registered or applied for with the United States Patent and Trademark Office or Copyrights (as defined in the Security
Agreement) registered or applied for with the United States Copyright Office, as the case may be, in each case subject to no Liens other than Permitted Liens (it being understood that subsequent recordings in the United States Patent and Trademark
Office and the United States Copyright Office may be necessary to perfect a Lien on registered or applied-for Trademarks, Patents and Copyrights acquired by the grantors thereof after the Closing Date). 

(c) Notwithstanding anything herein (including this Section 5.19) or in any other Loan Document to the contrary, neither the
Borrower nor any other Loan Party makes any representation or warranty as to the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest (other than with respect to those pledges and security
interests made under the Laws of the jurisdiction of formation of the applicable Foreign Subsidiary) in any Equity Interests of any Foreign Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign
Law. 
 SECTION 5.20 Use of Proceeds. 

(a) The Borrower will use the proceeds of the Term Loans borrowed on the Closing Date solely for the following purposes: (i) for the Debt
Proceeds Transfer; (ii) to make Investments, Acquisitions and Restricted Payments, in each case, to the extent permitted hereunder; and/or (iii) to fund working capital and general corporate purposes of the Borrower and the Restricted
Subsidiaries, including the Closing Date Transaction Expenses and other expenses relating to the Transactions. 

  
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 (b) The Borrower will use the proceeds of the Revolving Credit Loans solely to fund working
capital and general corporate purposes of the Borrower and the Restricted Subsidiaries on or after the Closing Date. 
 (c) No proceeds of
the Loans will be used in violation of OFAC or the other Sanctions by (i) the Borrower or any of its Restricted Subsidiaries or (ii) to the Borrower’s knowledge as of the time of the applicable Loan, any other Person. 

(d) The Borrower will use the proceeds of the Initial Term B-1 Loans solely to consummate the ETM Refinancing, to redeem or otherwise retire
the preferred stock, par value $0.01, per share, of Entercom, to pay fees and expenses in connection with the ETM Acquisition Closing Date Transactions and for general corporate purposes. No portion of the Initial Term B-1 Loans will be used in
violation of the FCPA or the Patriot Act. 
 (e) The Borrower will use the proceeds of the Additional Term B-1 Loans solely to refinance a
portion of the Term B Loans immediately following the Amendment No. 2 Effective Time and to pay fees and expenses in connection therewith. 

(f) The Borrower will use the proceeds of the Term B-2 Loans solely to refinance a portion of the Term B-1 Loans immediately following the
Amendment No. 4 Effective Time and to pay fees and expenses in connection therewith. 
 ARTICLE VI 

Affirmative Covenants 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder which is accrued and payable remains unpaid
or unsatisfied, or any Letter of Credit shall remain outstanding (and not Cash Collateralized), each of the Loan Parties shall, and shall cause each of their Restricted Subsidiaries to: 

SECTION 6.01 Financial Statements. 

(a) Deliver to the Administrative Agent for prompt further distribution to each Lender within ninety (90) days after the end of each
fiscal year of the Borrower (or, with respect to the fiscal year ending December 31, 2016, within one-hundred and five (105) days after the end of such fiscal year) beginning with the 2016 fiscal year, a consolidated balance sheet of the
Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the
figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of PricewaterhouseCoopers LLP or any other independent registered public accounting firm of
nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or
exception as to the scope of such audit (other than any qualification that is expressly solely with respect to, or expressly resulting solely from, (i) an upcoming maturity date of
theany Revolving Credit Facility within one year from the date of such opinion or
(ii) any potential inability to satisfy a financial maintenance covenant on a future date or in a future period) (an “Accounting Opinion”); and 

  
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 (b) Deliver to the Administrative Agent for prompt further distribution to each Lender
within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Borrower (or, with respect to the fiscal quarter ending September 30, 2016, within sixty (60) days after the end
of such fiscal quarter), a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter and the related (i) consolidated statements of income or operations for such fiscal quarter and for the portion of
the fiscal year then ended, and (ii) consolidated statements of cash flows for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal
year and the corresponding portion of the previous fiscal year, all in reasonable detail and certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations,
stockholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes. 

Notwithstanding the foregoing, the obligations in clauses (a) and (b) of this Section 6.01 may be
satisfied with respect to financial information of the Borrower and the Restricted Subsidiaries by furnishing (i) the Borrower’s Form 10-K or 10-Q, as applicable, filed with the SEC; provided, that, to the extent such information is
in lieu of information required to be provided under Section 6.01(a), such materials are accompanied by an Accounting Opinion or (ii) following the ETM Acquisition Closing Date Transactions (and for so long as Entercom owns 100% of
the Equity Interests of the Borrower and does not have material operations other than those relating to the Borrower and the Borrower’s Subsidiaries), Entercom’s Form 10-K or 10-Q; provided that in the case of this clause (ii),
(x) in the case of such information delivered in lieu of information required by Section 6.01(a), such materials are accompanied by an Accounting Opinion with respect to Entercom or the Borrower and (y) such Form 10-K or 10-Q contains
reasonably detailed information showing the differences between the accounts of Entercom and its Subsidiaries, on the one hand, and the Borrower and its Subsidiaries, on the other hand. The information delivery requirements set forth in this
Section 6.01 for the applicable period may be satisfied by the Borrower by (i) the posting of such information on the Borrower’s public website (which may include a press release of the Borrower), (ii) the filing with the
SEC of a shelf registration statement, and any amendments thereto, with such information or (iii) by including in the registration statement for the IPO or the ETM Acquisition quarterly or annual updates, as applicable, containing the
applicable required information. 
 Documents required to be delivered pursuant to Section 6.01 and Sections 6.02 (a),
(b) and (c) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower (or any direct or indirect parent of the Borrower) posts such documents, or
provides a link thereto, at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Borrower’s behalf on IntraLinks/IntraAgency or another relevant website (including without limitation the
EDGAR website of the SEC), if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent). 

In the event that the rules and regulations of the SEC (including Rule 3-10 of Regulation S-X) permit (or if such rules and regulations do not
apply, would permit if such rules and regulations did apply) the Borrower or any direct or indirect parent of the Borrower to report at such parent entity’s level on a consolidated basis, the Borrower may satisfy its obligations under this
covenant by furnishing financial information and reports relating to such parent, provided that the same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such
direct or indirect parent and any of its subsidiaries other than the Borrower and its Subsidiaries, on the one hand, and the information relating to the Borrower and the Subsidiaries of the Borrower on a stand-alone basis, on the other hand. 

  
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 SECTION 6.02 Certificates; Other Information. 

Deliver to the Administrative Agent for prompt further distribution to each Lender: 

(a) no later than five (5) days after the delivery of the financial statements referred to in Section 6.01(a) and (b),
a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower; 
 (b) promptly after the same are publicly
available, copies of all annual, regular, periodic and special reports and registration statements which the Borrower or any Subsidiary files with the SEC or with any Governmental Authority that may be substituted therefor (other than amendments to
any registration statement (to the extent such registration statement, in the form it became effective, is delivered), exhibits to any registration statement and, if applicable, any registration statement on Form S-8) and in any case not otherwise
required to be delivered to the Administrative Agent pursuant hereto; 
 (c) together with each Compliance Certificate delivered pursuant to
Section 6.02(a) in connection with financial statements delivered pursuant to Section 6.01(a), a report setting forth the information required by a Perfection Certificate Supplement or confirming that there has been no change
in such information since the Closing Date or the date of the last such report; and 
 (d) promptly, (x) such additional information
regarding the business, legal, financial or corporate affairs of the Loan Parties or any of their respective Subsidiaries, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender through the Administrative Agent
may from time to time reasonably request and (y) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering
rules and regulations, including the PATRIOT Act and the Beneficial Ownership Regulation. 
 The Loan Parties hereby acknowledge that
(a) the Administrative Agent and/or the Arranger will make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by
posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material
non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The
Loan Parties hereby agree that so long as the Borrower is the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities it will use
commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a
minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the
Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United
States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked
“PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials that are
not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials
“PUBLIC”. 

  
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 SECTION 6.03 Notices. 

(a) Promptly after a Responsible Officer of a Loan Party has obtained knowledge thereof, notify the Administrative Agent of (i) the
occurrence of any Default; (ii) the occurrence of any ERISA Event; and (iii) any matter (including in regard to any court suit or action) that has resulted or would reasonably be expected to result in a Material Adverse Effect. Each notice
pursuant to this clause (a) shall be accompanied by a written statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Loan Parties have taken and propose
to take with respect thereto and shall be made available to the Lenders by the Administrative Agent. 
 (b) The Borrower shall furnish to the
Administrative Agent promptly after a Responsible Officer of a Loan Party has obtained knowledge of the issuance, filing or receipt thereof, (A) copies of any order or notice of the FCC or any other Governmental Authority which designates any
FCC License for a Station, or any application therefor, for a hearing before an administrative law judge or which refuses renewal or extension thereof, or revokes or suspends the authority of the Borrower or any of its Restricted Subsidiaries to
operate a full-power broadcast radio station, (B) any citation, notice of violation or order to show cause issued by the FCC or other Governmental Authority or any complaint filed by or with the FCC or other Governmental Authority, or any
petition to deny or other objection to any application, in each case with respect to the Borrower or any of its Restricted Subsidiaries that would reasonably be expected to have a Material Adverse Effect, and (C) a copy of any notice or
application to the FCC by the Borrower or any of its Restricted Subsidiaries requesting authority to cease broadcasting on any broadcast radio station for any period in excess of thirty (30) days. 

SECTION 6.04 Payment of Taxes. 

Pay, discharge or otherwise satisfy as the same shall become due and payable, all its obligations and liabilities in respect of Taxes imposed
upon it (including in its capacity as withholding agent) or upon its income or profits or in respect of its property, except, in each case, (a) to the extent the failure to pay or discharge the same would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, or (b) which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been made in accordance with GAAP. 

SECTION 6.05 Preservation of Existence, Etc. 

(a) Preserve, renew and maintain in full force and effect its legal existence except (x) in a transaction permitted by
Section 7.03 or 7.04 and (y) any Restricted Subsidiary may merge or consolidate with any other Restricted Subsidiary and (b) take all reasonable action to maintain all rights, privileges (including its good standing
where applicable in the relevant jurisdiction), permits, licenses and franchises necessary or desirable in the normal conduct of its business, except (i) to the extent that failure to do so would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect or (ii) pursuant to a transaction permitted by Section 7.03 or 7.04 or clause (y) of this Section 6.05. 

SECTION 6.06 Maintenance of Properties. 

Except, in each case, to the extent that the failure to do so would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect, (a) maintain, preserve and protect all of its Real Property and tangible properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted
and casualty or condemnation excepted, and (b) make all necessary repairs, renewals, replacements, modifications, improvements, upgrades, extensions and additions thereof or thereto in accordance with prudent industry practice and in the normal
conduct of its business. 

  
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 SECTION 6.07 Maintenance of Insurance. 

Maintain with financially sound and reputable insurance companies, insurance with respect to its properties and business against loss or damage
of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance reasonable and customary for similarly situated Persons engaged in the same or
similar businesses as the Borrower and the Restricted Subsidiaries) as are customarily carried under similar circumstances by such other Persons. Subject to Section 6.13(a), all such insurance policies of the Loan Parties shall name the
Collateral Agent as additional insured (in the case of liability insurance and property insurance) or loss payee (solely in the case of property insurance), as applicable. With respect to each parcel of Real Property that is subject to a Mortgage,
obtain flood insurance in such total amount (no greater than the value of the property) as the Administrative Agent or the Required Lenders may from time to time reasonably require, if at any time the area in which any improvements on such Real
Property are located is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), and otherwise comply with Flood Insurance Laws and the National Flood
Insurance Program as set forth in the Flood Insurance Laws. 
 SECTION 6.08 Compliance with Laws. 

Comply in all respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or
property, except if the failure to comply therewith would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

SECTION 6.09 Books and Records. 

Maintain proper books of record and account, in which entries are full, true and correct in all material respects and are in conformity with
GAAP consistently applied and which reflect all material financial transactions and matters involving the business of the Loan Parties or a Restricted Subsidiary, as the case may be. 

SECTION 6.10 Inspection Rights. 

Permit representatives and independent contractors of the Administrative Agent, the Collateral Agent and each Lender to visit and inspect any
of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its senior officers, and independent public accountants, all at
reasonable times during normal business hours, upon reasonable advance notice to the Borrower; provided, however, (a) unless an Event of Default exists, only the Administrative Agent on behalf of the Lenders may exercise the
rights under this Section 6.10 and the Administrative Agent shall not exercise such rights more often than twoone (21) timestime during any calendar year, (b) if an Event of Default exists and an individual Lender elects to exercise rights under
this Section 6.10, (x) such Lender shall coordinate with the Administrative Agent, the Collateral Agent and any other Lender electing to exercise such rights and shall share the results of such inspection with the Administrative
Agent and the Collateral Agent on behalf of the Lenders and (y) the number of visits and expense associated with such individual Lender inspections must be reasonable, and (c) the Borrower shall have the opportunity to participate in any
discussions with the Borrower’s independent public accountants. 

  
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 SECTION 6.11 Additional Collateral; Additional Guarantors. 

(a) Subject to this Section 6.11 and Section 6.13(d), with respect to any property acquired after the Closing Date by
any Loan Party that is intended to be subject to the Lien created by any of the Collateral Documents but is not so subject, promptly (and in any event within thirtyninety (3090) days after the acquisition thereof (or, with respect to intellectual property, in any event on a quarterly basis) (or
such later date as the Administrative Agent may agree)) (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments or supplements to the relevant Collateral Documents or such other documents as the
Administrative Agent or the Collateral Agent shall reasonably request to grant to the Collateral Agent, for its benefit and for the benefit of the other Secured Parties, a Lien on such property subject to no Liens other than Permitted Liens; and
(ii) take all actions reasonably necessary or advisable to cause such Lien to be duly perfected within the United States to the extent required by such Collateral Document in accordance with all applicable Law, including the filing of financing
statements in such jurisdictions within the United States as may be reasonably requested by the Administrative Agent. The Borrower shall otherwise take such actions and execute and/or deliver to the Collateral Agent such documents as the
Administrative Agent or the Collateral Agent shall reasonably require to confirm the validity, perfection and priority of the Lien of the Collateral Documents on such after-acquired properties. 

(b) With respect to any Person that is or becomes a Subsidiary (other than an Excluded Subsidiary) of a Loan Party after the Closing Date or
ceases to be an Excluded Subsidiary, promptly (and in any event within
thirtyninety (3090) days after the later of
(I) the date such Person becomes a Subsidiary or (II) the date the Borrower delivers to the Administrative Agent financial statements by which it is determined that such Person ceased to be an Excluded Subsidiary (or such later date as the
Administrative Agent may agree)) (i) deliver to the Collateral Agent the certificates, if any, representing all of the Equity Interests of such Subsidiary directly owned by such Loan Party, together with undated stock powers or other
appropriate instruments of transfer executed and delivered in blank by a duly authorized officer of the holder (or holders) of such Equity Interests, and all intercompany notes owing from such Subsidiary to any Loan Party together with instruments
of transfer executed and delivered in blank by a duly authorized officer of such Loan Party (in each case, with respect to Foreign Subsidiaries, to the extent applicable and permitted under foreign laws, rules or regulations) or, if necessary to
perfect a Lien under applicable Law, by means of an applicable Collateral Document, to create a Lien on such Equity Interests and intercompany notes in favor of the Collateral Agent on behalf of the Secured Parties and (ii) cause any such
Subsidiary (A) to execute a joinder agreement reasonably acceptable to the Administrative Agent or such comparable documentation to become a Guarantor and a joinder agreement to the applicable Collateral Documents (including the Security
Agreement), substantially in the form annexed thereto, and (B) to take all other actions reasonably requested by the Administrative Agent or the Collateral Agent to cause the Lien created by the applicable Collateral Documents (including the
Security Agreement) to be duly perfected within the United States to the extent required by such agreement in accordance with all applicable Law, including the filing of financing statements in such jurisdictions within the United States as may be
reasonably requested by the Administrative Agent or the Collateral Agent. Notwithstanding the foregoing, (1) the Equity Interests required to be delivered to the Collateral Agent, or on which a Lien is required to be created, pursuant to
clause (i) of this Section 6.11(b) shall not include any Equity Interests of a Subsidiary that is an Excluded Subsidiary by reason of clause (e) of the definition of Excluded Subsidiary, (2) no Excluded
Subsidiary shall be required to become a Guarantor or otherwise take the actions specified in clause (ii) of this Section 6.11(b), (3) no more than (A) 66% of the total voting power of all outstanding voting stock
and (B) 100% of the Equity Interests not constituting voting stock of any CFC or CFC Holdco (except that any such Equity Interests constituting “voting stock” within the meaning of Treasury Regulation Section 1.956-2(c)(2) shall
be treated as voting stock for purposes of this Section 6.11(b)) shall be required to be pledged and (4) no Equity Interests in any Person held by a Foreign Subsidiary shall be required to be pledged. 

  
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 (c) Each Loan Party shall grant to the Collateral Agent, within ninety (90) days of the
acquisition thereof (or such later date as the Administrative Agent may agree), a security interest in and Mortgage on each parcel of Real Property owned in fee by such Loan Party as is acquired by such Loan Party after the Closing Date and that,
together with any improvements thereon, individually has a fair market value of at least $10 million as additional security for the Obligations (unless the subject property is subject to a Lien pursuant to Section 7.01(6)). Such
Mortgages shall be granted pursuant to documentation reasonably satisfactory in form and substance to the Administrative Agent and the Collateral Agent and shall constitute valid and enforceable perfected Liens subject only to Permitted Liens. The
Mortgages or instruments related thereto shall be duly recorded or filed in such manner and in such places as are required by Law to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to be granted pursuant
to the Mortgages and all taxes, fees and other charges payable in connection therewith shall be paid in full. Such Loan Party shall otherwise take such actions and execute and/or deliver to the Collateral Agent such documents as the Administrative
Agent or the Collateral Agent shall reasonably require to confirm the validity, perfection and priority of the Lien of any existing Mortgage or new Mortgage against such after-acquired Real Property (including, to the extent so required, a Title
Policy, a Survey, local counsel opinion (in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent), a Phase I environmental assessment, and a completed “Life-of-Loan” Federal Emergency Management
Agency standard flood hazard determination, together with a notice executed by such Loan Party about special flood hazard area status, if applicable, in respect of such Mortgage), and, if reasonably requested by the Administrative Agent or the
Collateral Agent, an appraisal (in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent) with respect to such Real Property. 

(d) The foregoing clauses (a) through (c) shall not require the creation or perfection of pledges of or security
interests in, or the obtaining of a Title Policy or Survey with respect to, particular assets if and for so long as (i) in the reasonable judgment of the Administrative Agent and the Borrower in writing, the cost of creating or perfecting such
pledges or security interests in such assets or obtaining a Title Policy or Survey in respect of such assets shall be excessive in view of the benefits to be obtained by the Lenders therefrom or (ii) such asset constitutes an Excluded Asset (as
such term is defined in the Security Agreement). In addition, the foregoing will not require actions under this Section 6.11 by a Person if and to the extent that such action would (a) go beyond the corporate or other powers of the
Person concerned (and then only as such corporate or other power cannot be modified or excluded to allow such action); or (b) unavoidably result in material issues of director’s personal liability, breach of fiduciary duty or criminal
liability. The Administrative Agent may grant extensions of time for the perfection of security interests in or the obtaining of title insurance or surveys with respect to particular assets (including extensions beyond the Closing Date for the
perfection of security interests in the assets of the Loan Parties on such date) where it reasonably determines, in consultation with the Borrower, that perfection cannot be accomplished without undue effort or expense by the time or times at which
it would otherwise be required by this Agreement or the Collateral Documents. 
 (e) Notwithstanding the foregoing provisions of this
Section 6.11 or anything in this Agreement or any other Loan Document to the contrary, Liens required to be granted from time to time pursuant to this Section 6.11 shall be subject to exceptions and limitations set forth
herein, in the Collateral Documents and, to the extent appropriate in the applicable jurisdiction, as agreed between the Collateral Agent and the Borrower. Notwithstanding the foregoing provisions of this Section 6.11 or anything in this
Agreement or any other Loan Document to the contrary, any Subsidiary of the Borrower that Guarantees the Senior Notes shall be a Guarantor hereunder for so long as it Guarantees the Senior Notes. 

  
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 SECTION 6.12 Compliance with Environmental Laws. 

Except, in each case, to the extent that the failure to do so would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect, (a) comply, and take all reasonable actions to cause all lessees and other Persons operating or occupying its Real Property to comply, with all applicable Environmental Laws and Environmental Permits, (b) obtain
and timely renew all Environmental Permits necessary for its operations and properties, and (c) to the extent the Loan Parties are required by Environmental Laws, conduct any investigation, study, sampling and testing, and undertake any
cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any affected Real Property, in accordance with the requirements of all Environmental Laws. 

SECTION 6.13 Post-Closing Conditions and Further Assurances. 

(a) Within ninety (90) days after the Closing Date (subject to extension by the Administrative Agent in its sole discretion), deliver to
the Collateral Agent the following items: (i) counterparts of a Mortgage with respect to each Mortgaged Property duly executed and delivered by the record owner of such property in form suitable for filing or recording in all filing or
recording offices that the Collateral Agent may reasonably deem necessary or desirable in order to create a valid and subsisting perfected Lien (subject only to Permitted Liens) on the property and/or rights described therein in favor of the
Collateral Agent for the benefit of the Secured Parties, and evidence that all filing and recording taxes and fees have been paid or otherwise provided for in a manner reasonably satisfactory to the Collateral Agent (it being understood that if a
mortgage tax will be owed on the entire amount of the Indebtedness evidenced hereby, then the amount secured by such Mortgage shall be limited to 100% of the fair market value of the property at the time such Mortgage is entered into if such
limitation results in such mortgage tax being calculated based upon such fair market value), (ii) with respect to each Mortgaged Property, a Survey for which all necessary fees (where applicable) have been paid, (iii) with respect to each
Mortgaged Property, a title search dated contemporaneous with the delivery of such Mortgage conducted by a nationally recognized title insurance company (or agent therefor) which reflects that such Mortgaged Property is free and clear of all defects
and encumbrances other than Permitted Liens, (iv) a Title Policy in respect of such Mortgage and Mortgaged Property naming the Collateral Agent as the insured for its benefit and the benefit of the Secured Parties and their respective
successors and assigns, (v) customary legal opinions, addressed to the Administrative Agent, the Collateral Agent and the Secured Parties, in form and substance reasonably acceptable to the Collateral Agent as to such matters as the Collateral
Agent may reasonably request, (vi) a completed “Life-of-Loan” Federal Emergency Management Agency standard flood hazard determination with respect to each Mortgaged Property on which any “building” (as defined in the Flood
Insurance Laws) is located, duly executed and acknowledged by the appropriate Loan Parties, together with a notice executed by such Loan Party about special flood hazard area status, if applicable, and evidence of flood insurance to the extent
required under Section 6.07, and (vii) Phase I environmental site assessments as to the properties described in the Mortgages, in form and substance and from professional firms reasonably acceptable to the Collateral Agent. 

(b) Promptly upon request by the Administrative Agent (i) correct any material defect or error that may be discovered in the execution,
acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral or any payments or fees relating thereto, and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file,
register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent may reasonably request from time to time in order to carry out more effectively the purposes of the Collateral
Documents. If the Administrative Agent, the Collateral Agent or the Required Lenders reasonably determine that they are required by applicable Law to have appraisals prepared in respect of any Mortgaged Property, the Borrower shall cooperate with
the Administrative Agent in obtaining appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments of FIRREA and are otherwise in form and substance reasonably satisfactory to the Administrative Agent and the
Collateral Agent. 

  
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 (c) Within the applicable time periods specified in Schedule 6.13(c), deliver to the
Collateral Agent each document or other deliverable set forth in Schedule 6.13(c) in accordance with the terms thereof. 
 SECTION
6.14 Designation of Subsidiaries. 
 (a) After the Closing Date, the Borrower may designate any of its Subsidiaries (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, as of the time of designation, owns any Equity Interests or Indebtedness of, or owns or holds
any Lien on, any property of, the Borrower or any Subsidiary of the Borrower (other than solely any Subsidiary of the Subsidiary to be so designated); provided, that no Default or Event of Default shall have occurred and be continuing and the
Borrower and its Restricted Subsidiaries shall be in Pro Forma Compliance with Section 7.09 for the most recently ended Test Period for which financial statements have been delivered pursuant to Section 6.01 and,
provided, further, that (i) such designation complies with Section 7.06; and (ii) each Subsidiary to be so designated and 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 of such Indebtedness has recourse to any of the assets of any Loan Party or any Restricted Subsidiary
(other than Equity Interests of such Subsidiary to be designated). 
 (b) The Borrower may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary; provided, that, immediately before and after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing and the Borrower and its Restricted Subsidiaries shall be in Pro Forma
Compliance with Section 7.09 for the most recently ended Test Period for which financial statements have been delivered pursuant to Section 6.01; provided, further, that any Indebtedness of the applicable
Subsidiary and any Liens encumbering its property existing as of the time of such designation shall be deemed incurred or established, as applicable at such time. 

(c) Any such designation by the Borrower pursuant to this Section 6.14 shall be notified by the Borrower to the Administrative
Agent by promptly delivering to the Administrative Agent a certificate of a Responsible Officer of the Borrower certifying that such designation complied with the foregoing provision. The Borrower shall not be permitted to designate any Subsidiary
as an Unrestricted Subsidiary if such Subsidiary is not designated as an Unrestricted Subsidiary (or equivalent term) in the documentation relating to any other Indebtedness of the Loan Parties in excess of the Threshold Amount (to the extent
permissible under such Indebtedness). 
 SECTION 6.15 Administration of Deposit Accounts and Securities Accounts. 

Take all actions necessary to establish the Collateral Agent’s control (within the meaning of the UCC) at all times over each of the
Deposit Accounts and Securities Accounts (other than Excluded Accounts) set forth in Schedule 6.15, which Schedule sets forth all Deposit Accounts and Securities Accounts maintained by the Loan Parties as of the Closing Date (other than
Excluded Accounts). Each Loan Party shall be the sole account holder (or a joint account holder with one or more other Loan Parties) of each of its Deposit Accounts and Securities Accounts and, subject to the terms of any Intercreditor Agreement or
Second Lien Intercreditor Agreement, shall not allow any other Person (other than the Collateral Agent) to have control over a Deposit Account or Securities Account or any deposits or financial assets therein. The Borrower shall promptly notify the
Administrative Agent of any opening or closing of a Deposit Account or a Securities Account by any Loan Party (other than any Excluded Accounts). 

  
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 SECTION 6.16 Use of Proceeds. 

Use the proceeds of the Credit Extensions (including any issued Letters of Credit) solely for the purposes described in
Section 5.20 and not in contravention of any Law (including Anti-Corruption Laws, the Sanctions and OFAC) or of any Loan Document. 

SECTION 6.17 Maintenance of Ratings. 

Use commercially reasonable efforts to (a) cause each Facility to be continuously rated (but not any specific rating) by S&P and
Moody’s and (b) maintain a public corporate rating (but not any specific rating) from S&P and a public corporate family rating (but not any specific rating) from Moody’s, in each case for the Borrower. 

SECTION 6.18 Lender Calls. 

Commencing after the one year anniversary of the Closing Date, at the request of the Administrative Agent or of the Required Lenders and upon
reasonable prior notice, hold a quarterly conference call (at a location and time selected by the Administrative Agent and the Borrower) with all Lenders who choose to attend such conference call, at which conference call the financial results of
the previous fiscal year or each of the first three (3) fiscal quarters of the current fiscal year, as applicable, and the financial condition of the Borrower and its Subsidiaries shall be reviewed; provided, that notwithstanding the
foregoing, the requirement set forth in this Section 6.18 may be satisfied with a public earnings call; provided, further, that in no event shall any such call be required to take place prior to forty five (45) days
after the end of each of the first three (3) fiscal quarters of each fiscal year of the Borrower and ninety (90) days after the end of each fiscal year of the Borrower, as applicable; provided, further, that the Borrower
shall in no event be required to hold more than four (4) such calls during any fiscal year. 
 SECTION 6.19 FCC Matters. 

At all times maintain the FCC Licenses and all other licenses, permits, permissions and other authorizations used or necessary to operate the
Stations as operated from time to time by the Borrower and its Restricted Subsidiaries, except to the extent that the failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

SECTION 6.20 Compliance with Anti-Corruption Laws and Sanctions. 

Implement and maintain in effect and enforce policies and procedures reasonably designed to promote and achieve compliance by such Loan Party,
its respective Subsidiaries and their respective directors, officers, employees and agents with applicable Anti-Corruptions Laws and applicable Sanctions. 

  
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 ARTICLE VII 

Negative Covenants 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder which is accrued and payable shall remain
unpaid or unsatisfied, or any Letter of Credit shall remain outstanding: 
 SECTION 7.01 Liens. 

The Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any
Lien that secures any obligation or any related guarantee, on any asset or property of the Borrower or any of its Restricted Subsidiaries, or any income or profits therefrom, or assign or convey any right to receive income therefrom, other than the
following (“Permitted Liens”): 
 (1) pledges, deposits or security by such Person under workmen’s
compensation laws, unemployment insurance, employers’ health tax, and other social security laws or similar legislation, or other insurance related obligations (including, but not limited to, in respect of deductibles, self-insured retention
amounts and premiums and adjustments thereto) or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance, 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, stay, customs 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, performance and return of money bonds and other similar
obligations (including letters of credit issued in lieu of any such bonds or to support the issuance thereof and including those to secure health, safety and environmental obligations), in each case incurred in the ordinary course of business; 

(2) Liens imposed by law or regulation, such as carriers’, warehousemen’s and mechanics’ Liens, in each case for
sums not yet overdue for a period of more than thirty (30) days 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 thirty (30) days
or which are being contested in good faith by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP; 

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

(5) survey exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers,
electric lines, telegraph and telephone lines, utilities and other similar purposes, or zoning or other restrictions as to the use of Real Property 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 or other covenants, conditions, restrictions and minor defects or irregularities in title (“Other Encumbrances”), in each case which Liens and Other Encumbrances do
not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

  
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 (6) Liens securing Indebtedness permitted to be incurred pursuant to
clause (4) of Section 7.02(b); provided, that such Liens extend only to the assets and/or Capital Stock, the acquisition, lease, construction, repair, replacement or improvement of which is financed thereby and any
replacements, additions or accessions thereto and any income or profits therefrom; 
 (7) Liens existing on the Closing Date
listed on Schedule 7.01(b); 
 (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 Borrower or any of its Restricted Subsidiaries; 
 (9) Liens on property at the
time the Borrower or a Restricted Subsidiary acquired the property, including any acquisition by means of a merger or consolidation with or into the Borrower or a Restricted Subsidiary; 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 Borrower or any of its
Restricted Subsidiaries; 
 (10) Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the
Borrower or another Restricted Subsidiary permitted to be incurred under Section 7.02; 
 (11) Liens securing
Hedging Obligations so long as, in the case of Hedging Obligations related to interest, the related Indebtedness is, and is permitted to be under this Agreement, secured by a Lien on the same property securing such Hedging Obligations; 

(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 or trade letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(13) (a) leases, subleases, licenses or sublicenses (including of real property and intellectual property) granted to others in
the ordinary course of business and (b) with respect to any leasehold interest held by the Borrower or any of its Restricted Subsidiaries, the terms of the leases granting such leasehold interest and the rights of lessors thereunder and any
Lien granted by any lessor, in the case of each of clauses (a) and (b) which do not materially interfere with the ordinary conduct of the business of the Borrower or any of its Restricted Subsidiaries and do not secure any Indebtedness;

 (14) Liens arising from Uniform Commercial Code (or equivalent statute) financing statement filings regarding operating
leases entered into by the Borrower and its Restricted Subsidiaries in the ordinary course of business; 
 (15) Liens in
favor of the Loan Parties; 
 (16) Liens on equipment of the Borrower or any of its Restricted Subsidiaries granted in the
ordinary course of business; 

  
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 (17) Liens on accounts receivable and related assets incurred in connection
with a Receivables Facility permitted to be incurred pursuant to Section 7.02(b)(19); 
 (18) Liens to secure any
refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6),
(7), (8), (9), this (18), (28) and (35); 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 (6), (7), (8), (9), this (18), (28) and (35) at the time the original Lien became a Permitted Lien under this Agreement, and (ii) an amount necessary to pay any
fees and expenses, including premiums, and accrued and unpaid interest related to such refinancing, refunding, extension, renewal or replacement; 

(19) deposits made in the ordinary course of business to secure liability to insurance carriers; 

(20) other Liens securing obligations which do not exceed $100 million in aggregate principal amount at any one time
outstanding; 
 (21) Liens securing judgments for the payment of money not constituting an Event of Default under
Section 8.01(h) 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; 
 (22) 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; 
 (23) Liens (i) of a
collection bank arising under Section 4-208 or 4-210 (as applicable) of the Uniform Commercial Code or any comparable or successor provision 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 or other financial institutions arising as a matter of law or pursuant to customary depositary terms encumbering deposits (including the
right of set-off) and which are within the general parameters customary in the banking industry; 
 (24) Liens deemed to
exist in connection with Investments in repurchase agreements permitted pursuant to Section 7.02; provided, that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement; 

(25) Liens encumbering reasonable and 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; 

(26) banker’s liens, Liens that are statutory, common law or contractual rights of set-off and other similar Liens, in
each case (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 Borrower or any of its Restricted
Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into
with customers of the Borrower or any of its Restricted Subsidiaries in the ordinary course of business; 

  
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 (27) Liens pursuant to any Loan Document; 

(28) Liens on Collateral securing Indebtedness incurred pursuant to Section 7.02(b)(20) and 7.02(b)(21), in
each case so long as such Indebtedness is subject to an Intercreditor Agreement (or Second Lien Intercreditor Agreement in the case of Permitted Junior Secured Refinancing Debt and such other Indebtedness pursuant to such sections as shall be
intended to be secured on a second-lien basis); 
 (29) Liens on the Equity Interest of Unrestricted Subsidiaries that secure
Indebtedness of such Unrestricted Subsidiaries; 
 (30) any encumbrance or restriction (including put and call arrangements)
with respect to capital stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 

(31) Liens on property or assets used to defease or to irrevocably satisfy and discharge Indebtedness; provided, that
such defeasance or satisfaction and discharge is not prohibited by this Agreement; 
 (32) Liens arising out of conditional
sale, title retention, consignment or similar arrangements for the sale of goods entered into in the ordinary course of business; 

(33) Liens incurred to secure cash management services or to implement cash pooling arrangements in the ordinary course of
business; 
 (34) Liens solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries
in connection with any letter of intent or purchase agreement in respect of any Investment permitted under this Agreement; 

(35) additional Liens securing Indebtedness of the Borrower and its Restricted Subsidiaries permitted pursuant to
Section 7.02, so long as (A) both before and after giving effect to the granting of such Liens and the incurrence of such Indebtedness, no Default shall have occurred and be continuing, and (B) on a Pro Forma Basis after giving
effect to the incurrence of such Indebtedness, the Consolidated Net Secured Leverage Ratio is less than or equal to 3.25 to 1.00 for the most recently ended Test Period for which financial statements have been delivered pursuant to
Section 6.01; provided, that any Liens on the Collateral incurred pursuant to this clause (35) shall be subject to an Intercreditor Agreement or a Second Lien Intercreditor Agreement, as applicable; and 

(36) Liens on assets of Foreign Subsidiaries securing Indebtedness of such Foreign Subsidiaries permitted pursuant to
Section 7.02. 
 For purposes of this Section 7.01, the term “Indebtedness” shall be deemed to
include interest on and the costs in respect of such Indebtedness. Without limitation of any other terms and conditions set forth in this Section 7.01, any Permitted Liens on the Collateral securing (x) any Indebtedness for borrowed
money not incurred under the Loan Documents or (y) any other Indebtedness or other Contractual Obligations in an amount in excess of $10 million (other than Indebtedness incurred under the Loan Documents) shall, in each case, be subject to an
Intercreditor Agreement or a Second Lien Intercreditor Agreement, as applicable. 

  
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 SECTION 7.02 Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred
Stock. 
 (a) The Borrower will not, and will 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 Borrower will not issue any shares of Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or Preferred Stock; provided, however, that the Borrower
may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock and issue shares of Preferred
Stock, so long as (A) both before and after giving effect to the incurrence of such Indebtedness or issuance of such Disqualified Stock or Preferred Stock, as the case may be, no Default shall have occurred and be continuing, and (B) the
Consolidated Net Leverage Ratio of the Borrower and its Restricted Subsidiaries for the most recently ended Test Period for which financial statements have been delivered pursuant to Section 6.01 preceding the date on which such
additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued would not have been greater than 5.00 to 1.00, determined on a Pro Forma Basis (including a pro forma application of the net proceeds therefrom);
provided, further, however, that Non-Guarantor Subsidiaries may not incur Indebtedness or issue Disqualified Stock or Preferred Stock pursuant to this Section 7.02(a) if, after giving pro forma effect to such
incurrence or issuance, more than $150 million of Indebtedness or Disqualified Stock or Preferred Stock of Non-Guarantor Subsidiaries is outstanding pursuant to this paragraph and clause (16) of Section 7.02(b) in the
aggregate. 
 (b) The provisions of Section 7.02(a) hereof shall not apply to: 

(1) Indebtedness of any Loan Party under the Loan Documents; 

(2) the incurrence by a Loan Party of Indebtedness represented by the Senior Notes (including any guarantee thereof); 

(3) Indebtedness of the Borrower or any of its Restricted Subsidiaries in existence on the Closing Date (other than
Indebtedness described in clauses (1) and (2)) listed on Schedule 7.02(b); 
 (4) Indebtedness
(including Capitalized Lease Obligations), Disqualified Stock and Preferred Stock incurred or issued by the Borrower or any of its Restricted Subsidiaries, to finance the purchase, lease, construction 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, and any Indebtedness incurred to refinance any such Indebtedness, in an aggregate principal
amount or liquidation preference which, when aggregated with the principal amount of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding under this clause (4), does not exceed the greater of (x) $50 million
and (y) 1.0% of the Total Assets determined at the time of incurrence; 

  
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 (5) Indebtedness incurred by the Borrower or any of its Restricted
Subsidiaries constituting reimbursement obligations with respect to letters of credit, bankers’ acceptances, bank guarantees, warehouse receipts or similar facilities issued or entered into in the ordinary course of business, including letters
of credit in respect of workers’ compensation claims, performance or surety bonds, 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, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance; 

(6) Indebtedness arising from agreements of the Borrower or any of its Restricted Subsidiaries providing for indemnification,
holdback, 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; 
 (7)
Indebtedness of the Borrower to a Restricted Subsidiary or a Restricted Subsidiary to the Borrower or another Restricted Subsidiary; provided, that (i) any such Indebtedness (other than such as may arise from ordinary course intercompany
cash management obligations) owing by the Borrower or a Guarantor to a Non-Guarantor Subsidiary is expressly subordinated in right of payment to the Obligations and (ii) any such Indebtedness (other than such as may arise from ordinary course
intercompany cash management obligations) owing by a Non-Guarantor Subsidiary to the Borrower or a Guarantor is pledged to the Administrative Agent pursuant to the terms of the Collateral Documents to the extent required thereby; provided,
further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the
Borrower or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an incurrence of such Indebtedness not permitted by this clause (7); 

(8) shares of Preferred Stock of a Restricted Subsidiary issued to the Borrower or another Restricted Subsidiary;
provided, that any subsequent issuance or transfer of any Capital Stock or any other event which results in such Preferred Stock being beneficially owned by a Person other than the Borrower or any Restricted Subsidiary or any other subsequent
transfer of any such shares of Preferred Stock (except to the Borrower 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 clause (8); 

(9) Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes) for the purpose of limiting
interest rate risk with respect to any Indebtedness permitted to be incurred pursuant to this Section 7.02, exchange rate risk, commodity pricing risk or any combination thereof; 

(10) obligations in respect of performance, bid, appeal and surety bonds and completion guarantees and similar obligations
provided by the Borrower or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business or consistent with past practice;

 (11) Indebtedness, Disqualified Stock or Preferred Stock of the Borrower or any Guarantor not otherwise permitted
hereunder in an aggregate principal amount or liquidation preference, which when aggregated with the outstanding principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and
incurred pursuant to this clause (11), does not at any one time outstanding exceed the greater of (x) $75 million and (y) 1.5% of Total Assets determined at the time of incurrence; 

  
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 (12) the incurrence by the Borrower or any Restricted Subsidiary of
Indebtedness, Disqualified Stock or Preferred Stock which serves to refund or refinance any Indebtedness, Disqualified Stock or Preferred Stock incurred or issued under clause (a) of this Section 7.02 and clauses (2),
(3), this clause (12), and clauses (13) and (20) of this Section 7.02(b), including, in each case, additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay premiums (including
tender premiums), accrued interest, defeasance costs and reasonable fees and expenses in connection therewith (collectively, the “Refinancing Indebtedness”); provided, however, that such Refinancing Indebtedness: 

(A) (i) 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, and (ii) has a final scheduled maturity date that is no earlier than the final scheduled maturity date 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 Obligations, such Refinancing Indebtedness is subordinated or pari passu, as the case may be, to the Obligations 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; and 

(C) shall not include Indebtedness, Disqualified Stock or Preferred Stock of a Non-Guarantor Subsidiary that refinances
Indebtedness, Disqualified Stock or Preferred Stock of the Borrower or a Guarantor; 
 (13) Indebtedness, Disqualified Stock
or Preferred Stock of (x) the Borrower or another Loan Party incurred to finance an Acquisition or (y) Persons that are Acquired by the Borrower or any other Loan Party or merged into or consolidated with the Borrower or another Loan Party
in accordance with the terms of this Agreement; provided that, after giving effect to such Acquisition, merger or consolidation, either: 

(A) the Borrower would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Net
Leverage Ratio test set forth in Section 7.02(a), or 
 (B) the Consolidated Net Leverage Ratio is less than or
equal to the Consolidated Net Leverage Ratio immediately prior to such Acquisition, merger or consolidation; 
 (14)
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 such Indebtedness is extinguished within ten (10) Business Days of notice of its incurrence; 

(15) (A) any guarantee by the Borrower or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted
Subsidiary so long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of this Agreement and, in the case of the guarantee by a Loan Party of Indebtedness of any Non-Guarantor Subsidiary, only
to the extent that the related Investment is permitted, or (B) any guarantee by a Restricted Subsidiary of Indebtedness of the Borrower; 

  
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 (16) Indebtedness of Non-Guarantor Subsidiaries in an aggregate principal
amount, which when aggregated with the principal amount of all other Indebtedness of Non-Guarantor Subsidiaries then outstanding and incurred pursuant to this clause (16) and Section 7.02(a), does not exceed $150 million at
any one time outstanding; 
 (17) Indebtedness of the Borrower or any of its Restricted Subsidiaries consisting of
(i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business; 

(18) Indebtedness issued by the Borrower or any of its Restricted Subsidiaries to current or former officers, directors and
employees thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Borrower permitted under Section 7.05(e); 

(19) Indebtedness incurred pursuant to any Receivables Facility; provided, that the aggregate outstanding principal
amount under such Receivables Facility, when aggregated with the outstanding principal amount under all other Receivables Facilities then outstanding and incurred pursuant to this clause (19), shall not exceed $75 million; 

(20) Indebtedness incurred pursuant to a Permitted Debt Offering so long as, at the time of the incurrence thereof, after
giving effect thereto, the aggregate principal amount of such Indebtedness, together with the aggregate outstanding principal amount of any Incremental Facilities at such time (calculated as if any Incremental Revolving
Commitment Increase were fully drawn), does not
exceed the Maximum Incremental Facilities Amount; 
 (21) Credit Agreement Refinancing Indebtedness; 

(22) Indebtedness of the Borrower or any of its Restricted Subsidiaries undertaken in connection with cash management and
related activities with respect to any Subsidiary or joint venture in the ordinary course of business; and 
 (23)
Indebtedness of the Borrower under the Subordinated Intercompany Note; provided, that such Indebtedness shall be paid in full, and the Subordinated Intercompany Note shall be satisfied and discharged, within five (5) Business Days after
the date of consummation of the IPO. 
 (c) For purposes of determining compliance with this Section 7.02, 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 clauses (1) through
(22) of Section 7.02(b) above or is entitled to be incurred pursuant to Section 7.02(a) hereof, the Borrower, in its sole discretion, will divide and/or classify on the date of incurrence and may later redivide
and/or reclassify such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) and will only be required to include the amount and type of such Indebtedness, Disqualified Stock or Preferred Stock in one of the above
clauses or such paragraph. 

  
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 Accrual of interest, the accretion of accreted value and the payment of interest in the form
of additional indebtedness with the same terms, the payment of dividends in the form of additional shares of Disqualified Stock or Preferred Stock, as applicable, of the same class, and accretion of original issue discount or liquidation preference
will not be deemed to be an incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 7.02. Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness which is otherwise
included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the incurrence of the Indebtedness represented by such guarantee or letter of
credit, as the case may be, was in compliance with this Section 7.02. 
 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 (whichever is lower), 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. For the avoidance of doubt and notwithstanding any other provision
of this covenant, the maximum amount of Indebtedness that may be incurred pursuant to this Section 7.02 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. 

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. 

Notwithstanding anything to the contrary contained in this Section 7.02, the Borrower will not, and will not permit any Loan Party
to, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is subordinated or junior in right of payment to any Indebtedness of such Loan Party, as the case may be, unless such Indebtedness is expressly subordinated in
right of payment to the Obligations or such Guarantor’s Guarantee to the extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the applicable Loan Party. 

For the purposes of this Agreement, (a) Indebtedness that is unsecured is not deemed to be subordinated or junior to secured Indebtedness
merely because it is unsecured, and (b) Indebtedness is not deemed to be subordinated or junior to any other Indebtedness merely because it has a junior priority with respect to the same collateral. 

SECTION 7.03 Fundamental Changes. 

Neither the Borrower nor any of its Restricted Subsidiaries shall merge, dissolve, liquidate, consolidate with or into another Person, or
Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that: 

(a) any Restricted Subsidiary may merge or consolidate with (i) the Borrower (including a merger, the purpose of which is
to reorganize the Borrower into a new jurisdiction); provided, that the Borrower shall be the continuing or surviving Person; or (ii) one or more other Restricted Subsidiaries; provided, that when any Person that is a Loan Party
is merging with a Restricted Subsidiary under this clause (a)(ii), a Loan Party shall be the continuing or surviving Person; 

  
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 (b) (i) any Subsidiary that is not a Loan Party may merge or
consolidate with or into any other Subsidiary that is not a Loan Party; and (ii) any Subsidiary may liquidate or dissolve into its parent if the Borrower determines in good faith that such action is in the best interest of the Borrower and its
Subsidiaries as a whole and is not materially disadvantageous to the Lenders; 
 (c) any Restricted Subsidiary may Dispose of
all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or any other Restricted Subsidiary; provided, that if the transferor in such a transaction is a Guarantor, then the transferee must be the
Borrower or a Guarantor; and 
 (d) so long as no Default exists or would result therefrom, the Borrower may merge or
consolidate with any other Person; provided, that (i) the Borrower shall be the continuing or surviving corporation or (ii) if the Person formed by or surviving any such merger or consolidation (any such Person, the
“Successor Company”) is not the Borrower, (A) the Successor Company shall be an entity organized or existing under the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory
thereof, (B) the Successor Company shall expressly assume all the obligations of the Borrower under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form reasonably
satisfactory to the Administrative Agent, (C) each Guarantor, unless it is the other party to such merger or consolidation, shall have confirmed that its Guarantee and its pledges and other obligations under the Collateral Documents shall apply
to the Successor Company’s obligations under the Loan Documents, including, to the extent reasonably requested by the Administrative Agent, by executing amendments or supplements to the Security Agreement, any Mortgage and any other Collateral
Documents, and (D) the Borrower shall have delivered to the Administrative Agent (i) an officer’s certificate stating that such merger or consolidation and such supplement to this Agreement or any Collateral Document comply with this
Agreement and (ii) such other certificates and other documentation as reasonably requested by the Administrative Agent; provided, further, that if the foregoing are satisfied, the Successor Company will succeed to, and be
substituted for, the Borrower under this Agreement; 
 (e) so long as no Default exists or would result therefrom, a
Guarantor may merge or consolidate with any other Person; provided, that (i) such Guarantor shall be the continuing or surviving corporation or (ii) if the Successor Company is not such Guarantor, (A) the Successor Company
shall be an entity organized or existing under the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof, (B) the Successor Company shall expressly assume all the obligations of such
Guarantor under this Agreement and the other Loan Documents to which such Guarantor is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent, and (C) such Guarantor shall have delivered
to the Administrative Agent an officer’s certificate stating that such merger or consolidation and such supplement to this Agreement or any Collateral Document comply with this Agreement; provided, further, that if the foregoing
are satisfied, the Successor Company will succeed to, and be substituted for, such Guarantor under this Agreement; 
 (f) so
long as no Default exists or would result therefrom, the Borrower or any Restricted Subsidiary may merge or consolidate with any other Person in order to effect an Investment permitted pursuant to Section 7.05; provided, that any
such merger or consolidation involving the Borrower or any Guarantor shall be subject to the conditions set forth in clauses (d) and (e) above, respectively; and 

  
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 (g) so long as no Default exists or would result therefrom, any Restricted
Subsidiary may consummate a merger, dissolution, liquidation or consolidation, in each case, the purpose of which is to effect a Disposition of all or substantially all of the assets of, or all of the Equity Interests of, such Restricted Subsidiary
permitted pursuant to clause (t) of Section 7.04. 
 SECTION 7.04 Dispositions. 

The Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, consummate any Disposition, except: 

(a) any disposition of cash, Cash Equivalents or Investment Grade Securities or damaged, obsolete or worn out equipment or
other assets, or assets no longer used or useful in the business of the Borrower and the Restricted Subsidiaries in the reasonable opinion of the Borrower, in each case, in the ordinary course of business or any disposition or transfer of inventory
or goods (or other assets) held for sale in the ordinary course of business; 
 (b) the disposition of all or substantially
all of the assets of any Restricted Subsidiary in a manner permitted pursuant to Section 7.03 (other than clause (g) thereof); 

(c) the making of any Restricted Payment that is permitted to be made, and is made, under Section 7.05 or any
Permitted Investment; 
 (d) any disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary
in any transaction or series of transactions with an aggregate fair market value (as determined in good faith by the Borrower) not to exceed $5 million; 

(e) any disposition of property or assets or issuance of securities by a Restricted Subsidiary to the Borrower or by the
Borrower or a Restricted Subsidiary to another Restricted Subsidiary; provided, that any transfer from a Loan Party shall be to another Loan Party; 

(f) to the extent qualifying for non-recognition under Section 1031 of the Code, or any comparable or successor provision,
any exchange of like property (excluding any boot thereon) for use in a Similar Business; 
 (g) the lease, assignment or
sub-lease 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 on assets or
Dispositions of assets required by Law, governmental regulation or any Governmental Authority; 
 (j) sales of accounts
receivable, or participations therein, in connection with any Receivables Facility permitted to be incurred pursuant to Section 7.02(b)(19); 

(k) any financing transaction (excluding by way of a Sale and Lease-Back Transaction) with respect to property built or
acquired by the Borrower or any of its Restricted Subsidiaries after the Closing Date; 

  
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 (l) the licensing or sub-licensing of intellectual property or other general
intangibles in the ordinary course of business (other than exclusive, world-wide licenses that are longer than three (3) years); 

(m) sales, transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to,
customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

(n) the lapse or abandonment of intellectual property rights in the ordinary course of business which, in the reasonable good
faith determination of the Borrower, are not material to the conduct of the business of the Borrower and its Restricted Subsidiaries taken as a whole; 

(o) an issuance of Equity Interests pursuant to benefit plans, employment agreements, equity plans, stock subscription or
shareholder agreements, stock ownership plans and other similar plans, policies, contracts or arrangements established in the ordinary course of business or approved by the Borrower in good faith; 

(p) any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other
claims of any kind; 
 (q) dispositions of receivables in connection with the compromise, settlement or collection thereof in
the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

(r) the granting of Liens not prohibited by this Agreement; 

(s) Dispositions of Investments in and the property of joint ventures (to the extent any such joint venture constitutes a
Restricted Subsidiary) so long as the aggregate fair market value (determined, with respect to each such Disposition, as of the time of such Disposition) of all such Dispositions does not exceed $5 million; and 

(t) Dispositions (including by way of any Sale and Lease-Back Transaction) with respect to which (1) the Borrower or any
Restricted Subsidiary, as the case may be, receives consideration at the time of such Disposition at least equal to the fair market value (as determined in good faith by the Borrower) 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 Borrower or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided, that the amount of: 

(i) any liabilities (as shown on the Borrower’s most recent consolidated 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 reflected on the Borrower’s consolidated 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 Borrower) of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the Obligations, that are assumed by the transferee of any
such assets (or are otherwise extinguished by the transferee in connection with the transactions relating to such Disposition) and for which the Borrower and all such Restricted Subsidiaries have been validly released, 

  
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 (ii) any notes or other obligations or securities received by the Borrower
or any such Restricted Subsidiary from such transferee that are converted by the Borrower or any such Restricted Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of
the cash or Cash Equivalents received), in each case, within one hundred and eighty (180) days following the receipt thereof, and 

(iii) any Designated Non-Cash Consideration received by the Borrower or such Restricted Subsidiary in such Disposition having
an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (iii) that is at that time outstanding (but less the amount of any cash or Cash Equivalents received in
connection with a subsequent sale or conversion of or collection on such Designated Non-Cash Consideration, up to the lesser of (a) the amount of the cash and Cash Equivalents so received (less the cost of disposition, if any) and (b) the
initial amount of such Designated Non-Cash Consideration) not to exceed $150 million, with the fair market value of each item of Designated Non-Cash Consideration being determined in good faith by the Borrower and measured at the time received and
without giving effect to subsequent changes in value, shall, in each case, be deemed to be cash for purposes of this provision and for no other purpose. 

SECTION 7.05 Restricted Payments. 

The Borrower will not, and will 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 Borrower’s or any of its Restricted Subsidiaries’ Equity Interests, including any dividend or distribution payable in connection with any merger or consolidation, other than
(x) dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Borrower, or (y) dividends or distributions by a Restricted Subsidiary 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 Borrower 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 Borrower, 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 the payment,
redemption, repurchase, defeasance, acquisition or retirement of: (x) Indebtedness permitted under Section 7.02(b)(7); or (y) Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation,
principal installment or final maturity, in each case due within one year of the date of payment, redemption, repurchase, defeasance, acquisition or retirement (all such payments and other actions set forth in clauses (i) through
(iii) above being collectively referred to as “Restricted Payments”), except as follows: 
 (a) so long as
(i) no Default shall have occurred and be continuing or would occur as a consequence thereof and (ii) the Consolidated Net Leverage Ratio of the Borrower and its Restricted Subsidiaries for the most recently ended Test Period for which
financial statements have been delivered pursuant to Section 6.01 would not have been greater than 5.00 to 1.00, determined on a Pro Forma Basis, Restricted Payments, together with the aggregate amount of all other Restricted Payments
made by the Borrower and its Restricted Subsidiaries after the Closing Date pursuant to this Section 7.05(a), in an aggregate amount not to exceed the Available Amount; 

  
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 (b) the payment of any dividend or distribution or the consummation of any irrevocable
redemption within sixty (60) days after the date of declaration thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration or the giving of such notice such payment would have complied with the provisions of
this Agreement as if it were and is deemed at such time to be a Restricted Payment at the time of such notice; 
 (c) the redemption,
repurchase, retirement or other acquisition of any Equity Interests of the Borrower, or of Subordinated Indebtedness of any Loan Party, in exchange for, or out of the proceeds of the substantially concurrent issuance or sale (other than to a
Restricted Subsidiary or to an employee stock ownership plan or any trust established by the Borrower) of, Equity Interests of the Borrower (other than Disqualified Stock) (collectively, the “Refunding Capital Stock”); 

(d) the purchase, redemption, defeasance, repurchase or other acquisition or retirement of Subordinated Indebtedness of the Borrower or a
Guarantor made by exchange for, or out of the proceeds of the substantially concurrent issuance of, new Indebtedness of the Borrower or a Guarantor, as the case may be, which is incurred in compliance with Section 7.02 so long as: 

(i) the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount (or accreted value,
if applicable) of, plus any accrued and unpaid interest on, the Subordinated Indebtedness being so purchased, redeemed, defeased, repurchased, acquired or retired for value, plus the amount of any premium required to be paid under the
terms of the instrument governing the Subordinated Indebtedness being so purchased, redeemed, defeased, repurchased, acquired or retired and any reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness; 

(ii) such new Indebtedness is subordinated to the Obligations or the applicable Guarantee at least to the same extent as such Subordinated
Indebtedness so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired for value; 
 (iii) such new Indebtedness has a
final scheduled maturity date equal to or later than the final scheduled maturity date of the Subordinated Indebtedness being so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired; and 

(iv) such new Indebtedness has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted Average Life to Maturity of
the Subordinated Indebtedness being so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired; 
 (e) a Restricted
Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests (other than Disqualified Stock) of (i) prior to the ETM Acquisition Closing Date, the Borrower and (ii) thereafter, the Borrower
or Entercom held by any future, present or former employee, director or consultant of the Borrower or Entercom, as applicable, or any of its Subsidiaries pursuant to any management equity plan or stock option plan or any other management or employee
benefit plan or agreement, or any stock subscription or shareholder agreement; provided, however, that the aggregate Restricted Payments made under this Section 7.05(e) do not exceed in any calendar year $25 million (with
unused amounts in any calendar year being carried over for one additional calendar year); provided, further, that such amount in any calendar year may be increased by an amount not to exceed: 

(i) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Borrower or Entercom, as applicable, to members
of management, directors or consultants of the Borrower or Entercom, as applicable, or any of its Subsidiaries that occurs after the Closing 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 or to the making of any Permitted Investment (pursuant to clause (r) of the definition thereof) by virtue of the Available Amount; plus 

  
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 (ii) the cash proceeds of key man life insurance policies received by the Borrower or
Entercom, as applicable, or any Restricted Subsidiary after the Closing Date; less 
 (iii) the amount of any Restricted Payments
previously made with the cash proceeds described in clauses (i) and (ii) of this Section 7.05(e); 
 and
provided, further, that cancellation of Indebtedness owing to the Borrower, Entercom or any Restricted Subsidiary, as applicable, from members of management of the Borrower or Entercom, as applicable, or any of the Borrower’s
Restricted Subsidiaries in connection with a repurchase of Equity Interests of the Borrower or Entercom, as applicable, will not be deemed to constitute a Restricted Payment for purposes of this Section 7.05 or any other provision of
this Agreement; 
 (f) repurchases of Equity Interests deemed to occur (i) upon exercise of stock options, stock appreciation rights or
warrants if such Equity Interests represent a portion of the exercise price of such options, stock appreciation rights or warrants or (ii) for purposes of satisfying any required tax withholding obligation upon the exercise or vesting of a
grant or award that was granted or awarded to an employee; 
 (g) any other Restricted Payment, so long as (i) no Default shall have
occurred and be continuing or would occur as a consequence thereof and (ii) on a Pro Forma Basis after giving effect to such Restricted Payment, the Consolidated Net Leverage Ratio is less than 2.50 to 1.00; 

(h) distributions or payments of Receivables Fees; 

(i) the repurchase, redemption or other acquisition for value of Equity Interests of the Borrower deemed to occur in connection with paying
cash in lieu of fractional shares of such Equity Interests in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Borrower or its Subsidiaries, in
each case, permitted under this Agreement; 
 (j) so long as no Default shall have occurred and be continuing or would occur as a consequence
thereof, the distribution, by dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Borrower or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are
cash and/or Cash Equivalents); 
 (k) for any taxable period in which the taxable income of the Borrower and/or any of its Subsidiaries is
included in a consolidated, combined or similar income tax group of which a direct or indirect parent of the Borrower is the common parent (a “Tax Group”), an amount not to exceed the tax liabilities that the Borrower and the
applicable Subsidiaries, in the aggregate, would have been required to pay in respect of such taxable income if such entities were a standalone group of corporations separate from such Tax Group (it being understood and agreed that, if the Borrower
or any Subsidiary pays any portion of such tax liabilities directly to any taxing authority, a Restricted Payment in duplication of such amount shall not be permitted to be made pursuant to this clause (k)); provided, that, from and
after the execution of the tax matters agreement in connection with the Transactions or the effectiveness of this Agreement, and while such tax matters agreement remains in effect, payments in respect of any taxes pursuant to this clause
(k) shall not exceed the amounts required to be paid in respect of such taxes pursuant to such tax matters agreement; 

  
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 (l) the declaration and payment of regularly scheduled or accrued dividends to holders of
any class or series of Disqualified Stock of the Borrower or any Restricted Subsidiary or Preferred Stock of any Restricted Subsidiaries issued or incurred in accordance with Section 7.02; 

(m) any Restricted Payment to fund the Transfers, so long as any Restricted Payments relating thereto are made in connection with or in
anticipation of the Separation, so long as the Borrower is pursuing the Separation in good faith; 
 (n) any Restricted Payment to fund the
Transactions (including the Transfers) to the extent funded with the proceeds of the IPO, so long as any Restricted Payments relating thereto are made in connection with or in anticipation of the Separation, so long as the Borrower is pursuing the
Separation in good faith; 
 (o) payments of cash, or dividends, distributions or advances by the Borrower or any Restricted Subsidiary to
allow the payment of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 

(p) mandatory redemptions or repurchases of Disqualified Stock the issuance of which itself constituted a Restricted Payment or Permitted
Investment otherwise permissible hereunder; 
 (q) the purchase, repurchase or other acquisition of Subordinated Indebtedness in an amount
not to exceed $25 million; and 
 (r) following consummation of the ETM Acquisition Closing Date Transactions, Restricted Payments to
Entercom of amounts necessary to fund the payment by or reimbursement of Entercom of (i) its general corporate operating and overhead costs and expenses in the ordinary course of business and (ii) expenses that are principally attributable
to Entercom’s status as a public corporation and/or SEC registrant or to Entercom’s ownership of the Borrower and its Subsidiaries and activities relating thereto, in either case, including any fees, costs or expenses of independent
auditors and legal counsel to Entercom, fees and expenses (including franchise or similar taxes) required to maintain its corporate existence and customary salary, bonus and other benefits payable to its directors, officers and employees. 

SECTION 7.06 Investments. 

The Borrower shall not, nor shall the Borrower permit any of its Restricted Subsidiaries to, directly or indirectly make an Investment other
than any Permitted Investment. 
 The Borrower will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary other than as
permitted pursuant to Section 6.14. For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Borrower and its Restricted Subsidiaries (except to the extent repaid) in the
Subsidiary so designated will be deemed to be Investments in an amount determined as set forth in the last sentence of the definition of “Investment.” Such designation will be permitted only if an Investment in such amount would be
permitted at such time, pursuant to the definition of “Permitted Investments,” and if such Subsidiary otherwise meets the definition of an “Unrestricted Subsidiary.” 

  
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 SECTION 7.07 Transactions with Affiliates. 

(a) The Borrower shall not, and shall not permit any Restricted Subsidiary to, make any payment to, or sell, lease, transfer 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
Borrower (each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $25 million unless: (i) such Affiliate Transaction is on terms that are not materially less favorable to
the Borrower or such Restricted Subsidiary than those that would have been obtained in a comparable transaction by such Person with an unrelated Person on an arm’s-length basis; (ii) any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate payments or consideration in excess of $50 million is approved by a majority of the board of directors (or equivalent body) of the Borrower; and (iii) the Borrower delivers to the Administrative Agent with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in excess of $75 million, an opinion as to the fairness to the Borrower or such Restricted Subsidiary of such Affiliate
Transaction from a financial point of view issued by an Independent Financial Advisor. 
 (b) The foregoing provisions will not apply to the
following: 
 (1) transactions between or among the Borrower or any other Loan Party (or any Person that becomes a Loan Party
as a result of, or in connection with, such transaction, so long as neither such Person nor the selling entity was an Affiliate of the Borrower or any other Loan Party prior to such transaction); 

(2) Restricted Payments permitted to be made pursuant to Section 7.05 and Investments permitted to be made pursuant
to Section 7.06; 
 (3) the payment of reasonable and customary fees and compensation paid to, and indemnities
and reimbursements and employment and severance arrangements and agreements provided on behalf of, or entered into with, officers, directors, employees or consultants of the Borrower or any of its Restricted Subsidiaries; 

(4) any agreement or arrangement (i) as in effect as of the Closing Date or (ii) anticipated to be entered into in
connection with the Separation and/or the Initial Public Offering, in each case, as set forth on Schedule 7.07, or any amendment thereto (so long as any such amendment is not disadvantageous in any material respect to the Lenders when taken
as a whole as compared to the applicable agreement, as determined in good faith by the Borrower) and any transaction contemplated thereby, as determined in good faith by the Borrower; 

(5) the Transactions and the payment of all fees and expenses related to the Transactions; 

(6) transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, or transactions otherwise
relating to the purchase or sale of goods or services in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement which are fair to the Borrower and its Restricted Subsidiaries, in the reasonable
determination of the board of directors (or equivalent body) of the Borrower or the senior management thereof, or are on terms not materially less favorable to the Borrower or its Restricted Subsidiaries than might reasonably have been obtained at
such time from an unaffiliated party; 
 (7) the issuance or transfer of Equity Interests (other than Disqualified Stock) of
the Borrower; 

  
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 (8) sales of accounts receivable, or participations therein, in connection
with any Receivables Facility permitted to be incurred pursuant to Section 7.02(b)(19); 
 (9) payments or loans
(or cancellation of loans) to employees, directors or consultants of the Borrower or any of its Restricted Subsidiaries and employment agreements, benefit plans, equity plans, stock option and stock ownership plans and other similar arrangements
with such employees, directors or consultants which, in each case, are approved by the Borrower in good faith; 
 (10)
transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary course of business; 

(11) transactions with respect to which the Borrower or any Restricted Subsidiary, as the case may be, has obtained a letter
from an Independent Financial Advisor stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a financial point of view or meets the requirements of Section 7.07(a)(i); 

(12) the issuances of securities or other payments, loans (or cancellation of loans) awards or grants in cash, securities or
otherwise pursuant to, or the funding of, employment arrangements, benefit plans, equity plans, stock option and stock ownership plans or similar employee benefit plans approved by the board of directors (or equivalent body) of the Borrower in good
faith; 
 (13) any contribution to the capital of the Borrower (other than in consideration of Disqualified Stock); and 

(14) the provision to Unrestricted Subsidiaries and Non-Guarantor Subsidiaries of cash management, accounting and other
overhead services in the ordinary course of business undertaken in good faith and not for the purpose of circumventing any covenant set forth in this Agreement. 

SECTION 7.08 Burdensome Agreements. 

The Borrower 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) (a) pay dividends or make any other distributions to the Borrower or any of its Restricted Subsidiaries on its Capital
Stock or with respect to any other interest or participation in, or measured by, its profits, or (b) pay any Indebtedness owed to the Borrower or any Restricted Subsidiary; 

(2) make loans or advances to the Borrower or any Restricted Subsidiary; or 

(3) sell, lease or transfer any of its properties or assets to the Borrower or any Restricted Subsidiary; 

  
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 except (in each case) for such encumbrances or restrictions existing under or by reason of: 

(a) contractual encumbrances or restrictions (i) in effect on the Closing Date or in the Senior Notes Indenture (as in effect on the date
hereof) or (ii) to the extent not in effect on the Closing Date, set forth on Schedule 7.08 hereto or in any other agreement governing Indebtedness permitted hereunder to the extent not materially more restrictive for the Borrower and
its Restricted Subsidiaries than one or both of the Loan Documents and/or the Senior Notes Indenture (as in effect on the date hereof); 

(b) the Loan Documents; 
 (c)
purchase money obligations for property acquired in the ordinary course of business and Capitalized Lease Obligations that impose restrictions of the nature described in clause (3) above on the property so acquired or leased; 

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

(e) any agreement or other instrument of a Person acquired by or merged or consolidated with or into the Borrower or any Restricted Subsidiary
in existence at the time of such transaction (but 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 the Person and its Subsidiaries, or the
property or assets of the Person and its Subsidiaries, so acquired; 
 (f) contracts for the sale of assets, including customary restrictions
with respect to a Subsidiary of the Borrower, that impose restrictions solely on the assets to be sold; 
 (g) Secured Indebtedness otherwise
permitted to be incurred under Sections 7.01 and 7.02 that limit the right of the debtor to dispose of the assets securing such Indebtedness; 

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

 (i) other Indebtedness, Disqualified Stock or Preferred Stock of Non-Guarantor Subsidiaries permitted to be incurred subsequent to the
Closing Date under Section 7.02; 
 (j) customary provisions in joint venture agreements or arrangements and other similar
agreements or arrangements relating solely to such joint venture, including the interests therein; 
 (k) customary provisions contained in
leases, sub-leases, licenses or sub-licenses and other agreements, in each case, entered into in the ordinary course of business; 
 (l) any
encumbrances or restrictions of the type referred to in clauses (1), (2) and (3) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings
of the contracts, instruments or obligations referred to in clauses (a) through (k) above; provided, that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings are, in the good faith judgment of the Borrower, no more restrictive in any material respect with respect to such encumbrance and other restrictions taken as a whole than those prior to such amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing; and 
 (m) restrictions created in connection with any Receivables
Facility permitted to be incurred pursuant to Section 7.02(b)(19) that, in the good faith determination of the Borrower are necessary or advisable to effect such Receivables Facility. 

  
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 SECTION 7.09 Financial Covenant. 

As long as any Revolving Credit Commitment remains outstanding, the Borrower shall not permit the Consolidated Net First Lien Leverage Ratio as
of the last day of any Test Period to be higher than 4.00 to 1.00 (such ratio, the “Maximum Consolidated Net First Lien Leverage Ratio”); provided, further, that in the event the Borrower or any Restricted Subsidiary
makes a Permitted Acquisition in compliance with the terms of this Agreement that causes, on a Pro Forma Basis after giving effect to such Permitted Acquisition (and any Indebtedness incurred in connection therewith), the Consolidated Net First Lien
Leverage Ratio to be greater than 3.75 to 1.00 but less than or equal to 4.50 to 1.00, the Maximum Consolidated Net First Lien Leverage Ratio will be increased to 4.50 to 1.00 during the one year period following the consummation of such Permitted
Acquisition (it being understood and agreed that any additional Permitted Acquisition consummated during such one year period shall not extend such period for any additional time). 

The provisions of this Section 7.09 are for the benefit of the Revolving Credit Lenders only and the Required Class Lenders for
the Revolving Credit Facility may amend, waive or otherwise modify this Section 7.09 or the defined terms used for purposes of this Section 7.09 (but solely for such purposes) or waive any Default resulting from a breach of
this Section 7.09 without the consent of any Lenders other than such Required Class Lenders in accordance with the provisions of clause (v) of the second proviso of Section 10.01. 

SECTION 7.10 Accounting Changes. 

The Borrower shall not make any change in its fiscal year; provided, however, that the Borrower may, upon written notice to the
Administrative Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent, in which case, the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments
to this Agreement that are necessary to reflect such change in fiscal year without the consent of any Lender. 
 SECTION 7.11 Change in
Nature of Business. 
 The Borrower shall not, nor shall the Borrower permit any of its Restricted Subsidiaries to, directly or
indirectly, engage in any material line of business substantially different from those lines of business conducted by the Borrower and its Restricted Subsidiaries on the Closing Date or any Similar Business. 

SECTION 7.12 Sale and Lease-Back Transactions. 

The Borrower will not, nor will it permit any Restricted Subsidiary to, enter into any Sale and Lease-Back Transaction; provided, that
the Borrower or any Restricted Subsidiary may enter into a Sale and Leaseback Transaction if (a) the Borrower or such Restricted Subsidiary, as applicable, could have (i) incurred Indebtedness in an amount equal to the Attributable
Indebtedness relating to such Sale and Leaseback Transaction under Section 7.02, and (ii) incurred a Lien to secure such Indebtedness without equally and ratably securing the Obligations pursuant to Section 7.01, and
(b) the transfer of assets in such Sale and Leaseback Transaction is permitted by Section 7.04(d) or (t) and the Borrower or such Restricted Subsidiary applies the proceeds of such transaction in compliance with
Section 2.05(b). 
 SECTION 7.13 No Violation of Anti-Corruption Laws or Sanctions. 

The Borrower shall not, nor shall the Borrower permit any of its Subsidiaries to, directly or indirectly, use the proceeds of the Credit
Extensions (including any issued Letters of Credit) (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to such Person in violation of any applicable
Anti-Corruption Laws, (b) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions or (c) in any other manner that
would result in a violation of Sanctions by the Borrower or any of its Subsidiaries. 

  
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 ARTICLE VIII 

Events Of Default and Remedies 

SECTION 8.01 Events of Default. 

Any of the following shall constitute an event of default (an “Event of Default”): 

(a) Non-Payment. Any Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of
any Loan, (ii) within three (3) Business Days after the same becomes due, any interest on any Loan or (iii) within five (5) Business Days after the same becomes due, any other amount payable hereunder or under any other Loan
Document; or 
 (b) Specific Covenants. The Borrower fails to perform or observe any term, covenant or agreement
contained in any of Sections 6.01, 6.03(a)(i) or 6.05(a) (solely with respect to the Borrower), Section 6.16, or Article VII; provided, that a Default as a result of a breach of Section 7.09
(a “Financial Covenant Event of Default”) shall not constitute an Event of Default with respect to any Term Loans, Incremental Term Loans or Extended Term Loans unless and until the Revolving Credit Lenders have declared all amounts
outstanding under the Revolving Credit Facility to be immediately due and payable and all outstanding Revolving Credit Commitments to be immediately terminated, in each case in accordance with this Agreement (the “Term Loan Standstill
Period”); or 
 (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or
agreement (not specified in Section 8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) days following the earlier of (i) the date
a Responsible Officer of the Borrower becomes aware of such failure and (ii) the date on which written notice thereof is delivered by the Administrative Agent to the Borrower in accordance with Section 10.02(a)(i); or 

(d) Representations and Warranties. Any representation, warranty or certification made or deemed made by or on behalf of
the Borrower or any other Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith shall be incorrect in any material respect when made or deemed made; or 

(e) Cross-Default. The Borrower or any Restricted Subsidiary (i) fails to make any payment beyond the applicable
grace period with respect thereto, if any (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness (including any outstanding letters of credit thereunder, but other than Indebtedness
hereunder) having an aggregate principal amount of not less than the Threshold Amount, or (ii) fails to observe or perform any other agreement or condition relating to any such Indebtedness, or any other event occurs that would constitute a
default under such Indebtedness (other than, with respect to Indebtedness consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts), the effect of which default is to cause, or to permit the
holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due or to be repurchased, prepaid,
defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made or require cash collateralization thereof, prior to its stated maturity; provided, that this clause
(e)(ii) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents
providing for such Indebtedness; or 

  
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 (f) Insolvency Proceedings, Etc. Any Loan Party or any
Material Non-Guarantor Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee,
custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator,
administrator, administrative receiver or similar officer is appointed without the application or consent of such Loan Party or Material Non-Guarantor Subsidiary and the appointment continues undischarged or unstayed for sixty (60) calendar
days; or any proceeding under any Debtor Relief Law relating to any Loan Party or Material Non-Guarantor Subsidiary or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed
for sixty (60) calendar days, or an order for relief is entered in any such proceeding; or any Loan Party or any Material Non-Guarantor Subsidiary becomes unable or fails generally to pay its debts as they become due; or 

(g) Judgments; Attachments. (i) There is entered against any Loan Party or any Material Non-Guarantor Subsidiary a
final judgment or order 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 has been notified of such judgment or order and has not
disputed coverage) and such judgment or order shall not have been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of sixty (60) consecutive days; or (ii) in respect of an obligation in excess of the
Threshold Amount, any writ or warrant of attachment or execution or similar process is otherwise issued or levied against all or any material part of the property of the Loan Parties and any Material Non-Guarantor Subsidiary, taken as a whole, and
is not released, vacated or fully bonded within sixty (60) days after its issue or levy; or 
 (h) Invalidity of Loan
Documents. Any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under
Section 7.03 or 7.04) or as a result of acts or omissions by the Administrative Agent or Collateral Agent or any Lender or the satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party
contests in writing the validity or enforceability of any provision of any Loan Document or the validity or priority of a Lien as required by the Collateral Documents on a material portion of the Collateral; or any Loan Party denies in writing that
it has any or further liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations and termination of the Aggregate Commitments), or purports in writing to revoke or rescind any Loan Document; or

 (i) Change of Control. There occurs any Change of Control; or 

(j) Collateral Documents. Any Collateral Document after delivery thereof, including any Collateral Document delivered
pursuant to Section 6.11 or 6.13, shall for any reason (other than pursuant to the terms thereof including as a result of a transaction not prohibited under this Agreement) cease to create a valid and perfected Lien on and
security interest in, with the priority required by the Collateral Documents, any material portion of the Collateral, subject to Permitted Liens, (i) except to the extent that any such loss of perfection or

  
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priority results from the failure of the Administrative Agent or the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged under the
Collateral Documents or to file Uniform Commercial Code continuation statements and (ii) except for any failure due to foreign Laws, rules and regulations as they relate to pledges of Equity Interests in Foreign Subsidiaries (other than pledges
made under Laws of the applicable jurisdiction of formation of such Foreign Subsidiary); or 
 (k) ERISA. (i) An
ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or would reasonably be expected to result in liability of a Loan Party, a Restricted Subsidiary or any ERISA Affiliate under Title IV of ERISA in an aggregate
amount which would reasonably be expected to result in a Material Adverse Effect, (ii) a Loan Party, any Restricted Subsidiary or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment
payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount which would reasonably be expected to result in a Material Adverse Effect, or (iii) with respect to any Foreign
Plan, a termination, withdrawal or noncompliance with applicable Law or plan terms, except as would not reasonably be expected to have a Material Adverse Effect; or 

(l) FCC. The FCC issues one or more final, non-appealable orders that revoke, suspend or impair the authority to operate
under any one or more FCC Licenses for any Station of the Borrower or any of its Restricted Subsidiaries that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 

SECTION 8.02 Remedies Upon Event of Default. 

If any Event of Default occurs and is continuing, the Administrative Agent may and, at the request of the Required Lenders, shall take any or
all of the following actions (or, to the extent such Event of Default solely comprises a Financial Covenant Event of Default, prior to the expiration of the Term Loan Standstill Period, at the request of the Required Class Lenders with respect to
the Revolving Credit Facility only, and in such case only with respect to the Revolving Credit Loans, Revolving Credit Commitments, Swing Line Loans, and any Letters of Credit): 

(a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions to
be terminated, whereupon such commitments and obligation shall be terminated; 
 (b) declare the unpaid principal amount of
all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind,
all of which are hereby expressly waived by the Loan Parties; 
 (c) require that the Borrower Cash Collateralize the L/C
Obligations (in an amount equal to the then Outstanding Amount thereof); and 
 (d) exercise on behalf of itself and the
Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable Law; 
 provided, that upon the entry of an
order for relief with respect to the Borrower under the United States Bankruptcy Code (11 U.S.C. § 101, et seq.), the obligation of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions shall
automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable and the obligation of the Borrower to Cash Collateralize the L/C Obligations as
aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender. 

  
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 SECTION 8.03 Application of Funds. 

After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and
payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall be applied by the Administrative Agent in
the following order (to the fullest extent permitted by applicable Law): 
 First, to payment of that portion of the Obligations
constituting fees, indemnities, expenses and other amounts (other than principal and interest, but including Attorney Costs payable under Section 10.04 and amounts payable under Article III) payable to the Administrative Agent or
the Collateral Agent in its capacity as such; 
 Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal and interest) payable to the Lenders (including Attorney Costs payable under Section 10.04 and amounts payable under Article III), ratably among them in proportion to the amounts described
in this clause Second payable to them; 
 Third, to payment of that portion of the Obligations constituting accrued and
unpaid interest on the Loans and L/C Borrowings, and any fees, premiums and scheduled periodic payments due under Treasury Services Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts
described in this clause Third payable to them; 
 Fourth, to payment of that portion of the Obligations constituting
unpaid principal of the Loans and L/C Borrowings (including to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit), and any breakage, termination or other payments under Treasury
Services Agreements or Secured Hedge Agreements, ratably among the Secured Parties in proportion to the respective amounts described in this clause Fourth held by them; 

Fifth, to the payment of all other Obligations of the Borrower that are due and payable to the Administrative Agent and the other
Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Obligations owing to the Administrative Agent and the other Secured Parties on such date; and 

Last, the balance, if any, after all of the Obligations have been paid in full, as directed by the Borrower or as otherwise required by
Law. 
 Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit
pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired,
such remaining amount shall be applied to the other Obligations, if any, in the order set forth above and, if no Obligations remain outstanding, as directed by the Borrower. 

  
 152 

 ARTICLE IX 

Administrative Agent and Other Agents 

SECTION 9.01 Appointment and Authority. 

(a) Each of the Lenders and the L/C Issuers hereby irrevocably appoints JPM to act on its behalf as the Administrative Agent and the Collateral
Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such
actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Collateral Agent, the Lenders and the L/C Issuers, and neither the Borrower nor any other Loan Party
shall have rights as a third party beneficiary of any of such provisions. 
 (b) The Administrative Agent shall also act as the Collateral
Agent under the Loan Documents, and each of the Lenders (including in its capacity as a potential Hedge Bank) and the L/C Issuers hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and such 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 9.02 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 X (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. 

SECTION 9.02 Delegation of Duties. 

The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by
or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The
exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent. 
 SECTION 9.03 Exculpatory Provisions. 

The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents.
Without limiting the generality of the foregoing, the Administrative Agent: 
 (a) shall not be subject to any fiduciary or
other implied duties, regardless of whether a Default has occurred and is continuing; 

  
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 (b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or
percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided, that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may
expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law; 
 (c) shall not,
except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or
obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity; 
 (d) shall not be
liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.01 and 8.02), in each case in the absence of its own gross negligence or willful misconduct as determined by the final and nonappealable judgment of a court of competent
jurisdiction. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Borrower, a Lender or an L/C Issuer; and 

(e) shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any
other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral, or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

SECTION 9.04 Reliance by Administrative Agent. 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) reasonably believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and reasonably believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, the Administrative Agent may presume that such
condition is satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or an L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The
Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any
such counsel, accountants or experts. 

  
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 SECTION 9.05 Non-Reliance on Administrative Agent and Other Lenders. 

Each Lender and L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or
any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and L/C Issuer also acknowledges that it will, independently
and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not
taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

SECTION 9.06 Rights as a Lender. 

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender
and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person
serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of
business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

SECTION 9.07 Resignation of Administrative Agent. 

The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Borrower. Upon receipt of any
such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the
United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may on behalf of the Lenders and the L/C Issuers, appoint a successor Administrative Agent meeting the qualifications set forth above; provided, that if the Administrative Agent shall notify the Borrower and the Lenders
that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Administrative Agent shall be discharged from its duties and obligations
hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the retiring Administrative Agent shall
continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be
made by or to each Lender and the L/C Issuers directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative
Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its
duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to
its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04
shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was
acting as Administrative Agent. 

  
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 Any resignation by JPM as Administrative Agent pursuant to this Section 9.07
shall also constitute its resignation as L/C Issuer and Swing Line Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights,
powers, privileges and duties of the retiring L/C Issuer and Swing Line Lender, (ii) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan
Documents, and (iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to
effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit. 
 SECTION 9.08 Administrative
Agent May File Proofs of Claim. 
 In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding
relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 
 (a) to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable
in order to have the claims of the Lenders, the L/C Issuers and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and
their respective agents and counsel and all other amounts to the extent due to the Lenders, the L/C Issuers and the Administrative Agent under Sections 2.03(h) and (i), 2.09 and 10.04) allowed in such judicial proceeding;
and 
 (b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by
each Lender and L/C Issuer to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuers, to pay to the Administrative Agent any amount due
for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due to the Administrative Agent under Sections 2.09 and 10.04. 

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any
Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender
or any L/C Issuer or in any such proceeding. 

  
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 SECTION 9.09 Collateral and Guaranty Matters. 

Each of the Lenders (including in its capacity as a potential Hedge Bank) and each L/C Issuer irrevocably authorize the Collateral Agent: 

(a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon
termination of the Aggregate Commitments and payment in full of all Obligations (other than (A) contingent indemnification obligations and (B) obligations and liabilities under Treasury Services Agreements and Secured Hedge Agreements,
except as to amounts that are due and payable thereunder for which the Administrative Agent has received a written notice from the applicable Hedge Bank) and the expiration or termination of all Letters of Credit (other than Letters of Credit that
have been Cash Collateralized or back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer), (ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan
Document to a Person that is not a Loan Party, (iii) that constitutes “Excluded Assets” (as such term is defined in the Security Agreement), (iv) if approved, authorized or ratified in writing in accordance with
Section 10.01, (v) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant to clause (b) below, or (vi) upon the terms of the
Collateral Documents or the Intercreditor Agreement (if in effect), Second Lien Intercreditor Agreement (if in effect), or any other intercreditor agreement entered into pursuant hereto. 

(b) a Subsidiary as a result of a transaction permitted hereunder, or becomes an Excluded Subsidiary or an Unrestricted
Subsidiary or (ii) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than (A) contingent indemnification obligations and (B) obligations and liabilities under Treasury Services Agreements and
Secured Hedge Agreements, except as to amounts that are due and payable thereunder for which the Administrative Agent has received a written notice from the applicable Hedge Bank) and the expiration or termination of all Letters of Credit (other
than Letters of Credit that have been Cash Collateralized or back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer); and 

(c) to subordinate any Lien on any property granted to or held by the Administrative Agent or Collateral Agent under any Loan
Document to the holder of any Lien on such property that is permitted by Section 7.01(6) (but solely in the case of Indebtedness incurred pursuant to clause (4) of Section 7.02(b)). 

Upon request by the Administrative Agent or the Collateral Agent at any time, the Lenders will confirm in writing the Administrative
Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.09. The Administrative Agent or the
Collateral Agent, as applicable, will, at the Borrower’s expense, execute and deliver to the Borrower such documents as the Borrower may reasonably request to evidence the release of any item of Collateral from the assignment and security
interest granted under the Collateral Documents or to subordinate its interest in such item, or to release any Loan Party from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this
Section 9.09. 
 Notwithstanding the foregoing, if, in compliance with the terms and provisions of Section 7.04
hereof, any portion of the Collateral is sold or otherwise transferred to a Person or Persons, none of which is a Loan Party, then (i) such portion of the Collateral shall, upon the consummation of such sale or transfer, be automatically
released from the Lien of the Collateral Agent pursuant to any Collateral Document and (ii) if the aggregate fair market value of the portion of the Collateral so sold or otherwise transferred exceeds $5 million, the Borrower will promptly
deliver to the Administrative Agent a notice of the consummation of such sale or other transfer, certifying that such sale was made in compliance with Section 7.04 hereof. 

  
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 The Lenders hereby authorize the Administrative Agent and Collateral Agent, as applicable,
to enter into any Intercreditor Agreement, any Second Lien Intercreditor Agreement or other intercreditor agreement or arrangement permitted under this Agreement and the Lenders acknowledge that any such intercreditor agreement shall be binding upon
the Lenders. The Administrative Agent and Collateral Agent, as applicable, agree, upon the request of the Borrower and at the Borrower’s expense, to negotiate in good faith and enter into any Intercreditor Agreement, any Second Lien
Intercreditor Agreement or other intercreditor agreement or arrangement permitted under this Agreement. 
 SECTION 9.10 No Other Duties,
Etc. 
 Anything herein to the contrary notwithstanding, none of the “syndication agents,” “documentation agents,”
“joint bookrunners,” “joint lead arrangers” or “co-managers” listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its
capacity, as applicable, as the Administrative Agent, a Lender or an L/C Issuer hereunder. 
 SECTION 9.11 Treasury Services Agreements
and Secured Hedge Agreements. 
 No Hedge Bank that obtains the benefits of Section 8.03, the Guaranty or any Collateral by
virtue of the provisions hereof or of the Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the
Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article IX
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 arising under Treasury Services Agreements and Secured Hedge Agreements
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 Hedge Bank, as the case may be. 

SECTION 9.12 Withholding Tax. 

To the extent required by any applicable Laws (as determined in good faith by the Administrative Agent), the Administrative Agent may withhold
from any payment to any Lender under any Loan Document an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of Section 3.01, each Lender shall indemnify and hold harmless the Administrative
Agent against, and shall make payable in respect thereof within ten (10) days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel
for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the
account of such Lender for any reason (including because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from,
or reduction of withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 9.12. The agreements in this
Section 9.12 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of
all other Obligations. For the avoidance of doubt, the term “Lender” shall, for purposes of this Section 9.12, include any Swing Line Lender and any L/C Issuer. 

  
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 ARTICLE X 

Miscellaneous 

SECTION 10.01 Amendments, Etc. 

Except as otherwise set forth in this Agreement (including, without limitation, Section 3.03(b) and (c)), no amendment or
waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and such Loan Party, and each such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given; provided, that, no such amendment, waiver or consent shall: 

(a) extend or increase the Commitment of any Lender without the written consent of each Lender holding such Commitment (it
being understood that a waiver of any condition precedent or of any Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute an extension or increase of any Commitment of any Lender); 

(b) postpone any date scheduled for, or reduce or forgive the amount of, any scheduled payment of principal or interest under
Section 2.07 or 2.08 without the written consent of each Lender holding the applicable Obligation (it being understood that the waiver of (or amendment to the terms of) any mandatory prepayment of the Term Loans shall not
constitute a postponement of any date scheduled for the payment of principal or interest); 
 (c) reduce or forgive the
principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iii) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other
Loan Document (or change the timing of payments of such fees or other amounts) without the written consent of each Lender holding such Loan or L/C Borrowing or to whom such fee or other amount is owed; provided, that only the consent of the
Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate; 

(d) subject to the third paragraph of this Section 10.01, change any provision of this Section 10.01,
the definition of “Required Lenders” or “Pro Rata Share” or Section 2.06(b), 2.13, 8.03 or 10.06 (with respect to assignments by the Borrower), without the written consent of each
Lender; 
 (e) change any provision specifying the number of Lenders or portion of the Loans or Commitments required to take
any action under the Loan Documents, without the written consent of each Lender directly affected thereby; 
 (f) change the
definition of “Required Class Lenders” without the written consent of each Lender in the affected Class; 

(g) other than in connection with a transaction permitted under Section 7.03 or 7.04, release all or
substantially all of the Collateral in any transaction or series of related transactions, without the written consent of each Lender; 

(h) other than in connection with a transaction permitted under Section 7.03 or 7.04, release all or
substantially all of the aggregate value of the Guarantees, without the written consent of each Lender; 

  
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 (i) without the written consent of the Required Class Lenders, adversely
affect the rights of a Class in respect of payments or Collateral in a manner different to the effect of such amendment, waiver or consent on any other Class; or 

(j) without the written consent of Lenders holding at least a majority of the Revolving Credit Commitments, amend, modify or
waive any provision of Section 4.02 if the effect of such amendment, modification or waiver is that the Revolving Credit Lenders shall be required to fund Revolving Credit Loans when such Lenders would otherwise not be required to do so
pursuant to the terms hereof; 
 and provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by
each L/C Issuer in addition to the Lenders required above, affect the rights or duties of an L/C Issuer under this Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued by it; (ii) no amendment,
waiver or consent shall, unless in writing and signed by a Swing Line Lender in addition to the Lenders required above, affect the rights or duties of such Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall,
unless in writing and signed by the Administrative Agent or the Collateral Agent, as applicable, in addition to the Lenders required above, affect the rights or duties of, or any fees or other amounts payable to, the Administrative Agent or the
Collateral Agent, as applicable, under this Agreement or any other Loan Document; (iv) Section 10.06(g) may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are
being funded by an SPC at the time of such amendment, waiver or other modification; and (v) no amendment, waiver or consent shall be made to modify Section 7.09 or any definition related thereto (as any such definition is used for
purposes of Section 7.09) or waive any Default or Event of Default resulting from a failure to perform or observe the requirements of Section 7.09 without the written consent of the Required Class Lenders under the Revolving
Credit Facility; provided, however, that the waivers described in this clause (v) shall not require the consent of any Lenders other than the Required Class Lenders under such Facility; and provided, further,
that (A) the Borrower and the Administrative Agent shall be permitted to enter into an amendment, supplement, modification, consent or waiver to cure any ambiguity, omission, defect, mistake or inconsistency in any Loan Document without the
prior written consent of the Required Lenders and (B) guarantees and collateral security documents and related documents executed by the Loan Parties in connection with this Agreement, and this Agreement, may be amended, restated, amended and
restated, supplemented or waived without the consent of any Lender if such amendment, restatement, amendment and restatement, supplement or waiver is delivered in order to (1) comply with local law or advice of local counsel, (2) cure
ambiguities, omissions, mistakes, defects or inconsistencies or (3) cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Loan Documents or (4) add additional guarantors or
Collateral. 
 Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder, except that (i) the Commitment of such Lender may not be increased or extended, (ii) the maturity date of any Loan held by such Lender may not be extended and (iii) the principal or interest in
respect of any Loans held by such Lenders shall not be reduced or forgiven, in each case without the consent of such Lender (it being understood that any Commitments or Loans held or deemed held by any Defaulting Lender shall be excluded for a vote
of the Lenders hereunder requiring any consent of the Lenders). 
 Notwithstanding the foregoing, this Agreement may be amended (or amended
and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding
thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the Revolving Credit Loans 

  
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and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders. Notwithstanding
the foregoing, this Agreement may be amended to adjust the borrowing mechanics related to Swing Line Loans with only the written consent of the Administrative Agent, the applicable Swing Line Lender (or Swing Lien Lenders) and the Borrower so long
as the Obligations of the Revolving Credit Lenders and, if applicable, any other Swing Line Lender are not affected thereby. Notwithstanding anything to the contrary herein, this Agreement and the other Loan Documents may be amended as set forth in
Section 2.14, Section 2.15 and Section 2.16. 
 If any Lender does not consent to a proposed amendment,
waiver, consent or release with respect to any Loan Document that requires the consent of such Lender and that has been approved by the Required Lenders, the Borrower may replace such non-consenting Lender in accordance with
Section 10.13; provided, that such amendment, waiver, consent or release can be effected as a result of the assignment contemplated by such Section (together with all other such assignments required by the Borrower to be made
pursuant to this paragraph). 
 SECTION 10.02 Notices; Effectiveness; Electronic Communications. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in clause (b) below), all notices and other communications provided for herein shall be in writing (including by electronic communication) and shall be delivered as follows, and all notices and other communications expressly
permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 
 (i) if to the Borrower, the
Administrative Agent or the Collateral Agent, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and 

(ii) if to any Lender or L/C Issuer, to the address, telecopier number, electronic mail address or telephone number specified in its
Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender or L/C Issuer on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public
information relating to the Borrower). 
 Notices and other communications sent by hand or overnight courier service, or mailed by certified
or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall
be deemed to have been given at the opening of business on the next business day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in clause (b) below shall be
effective as provided in such clause (b). 
 (b) Electronic Communications. Notices and other communications to the Lenders and
the L/C Issuers hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided, that the foregoing shall not apply
to notices to any Lender or any L/C Issuer pursuant to Article II if such Lender or such L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided, that approval of
such procedures may be limited to particular notices or communications. 

  
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 Unless the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgement); provided, that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the
next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing
clause (i) of notification that such notice or communication is available and identifying the website address therefor. 
 (c)
The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY
DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent
Parties”) have any liability to the Borrower, any Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the
Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction in a final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender, any L/C Issuer or any other Person
for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 
 (d) Change of
Address, Etc. Each of the Borrower, the Administrative Agent and the Collateral Agent may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each Lender
and L/C Issuer may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrower and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time
to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate
wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the
content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to
make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes
of United States Federal or state securities laws. 
 (e) Reliance by the Agents, L/C Issuer and Lenders. The Administrative
Agent, the Collateral Agent, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf of the Borrower even if
(i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any
confirmation thereof. The Borrower shall 

  
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indemnify the Administrative Agent, the Collateral Agent, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the
reliance by such Person on each notice purportedly given by or on behalf of the Borrower in the absence of gross negligence or willful misconduct by such Person as determined in a final and nonappealable judgment by a court of competent
jurisdiction. All telephonic notices to and other telephonic communications with the Administrative Agent or the Collateral Agent, may be recorded by the Administrative Agent or the Collateral Agent, and each of the parties hereto hereby consents to
such recording. 
 SECTION 10.03 No Waiver; Cumulative Remedies; Enforcement. 

No failure by any Lender or the Administrative Agent or the Collateral Agent to exercise, and no delay by any such Person in exercising, any
right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by Law. 
 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 and the Collateral Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuers; provided, however, that the foregoing shall not prohibit
(a) the Administrative Agent or the Collateral Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent or Collateral Agent) hereunder and under the other Loan
Documents, (b) any 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 10.08 (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 and Collateral Agent hereunder and
under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent and the Collateral 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. 
 SECTION 10.04 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the
Administrative Agent and its Affiliates (including the reasonable and documented out-of-pocket fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein,
the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby
or thereby shall be consummated); (ii) all reasonable and documented out-of-pocket expenses incurred by an L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder;
and (iii) after the occurrence and during the continuance of an Event of Default, all reasonable and documented out-of-pocket expenses incurred by 

  
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the Administrative Agent, the Collateral Agent, any Lender or any L/C Issuer (including the reasonable and documented out-of-pocket fees, charges and disbursements of any counsel for the
Administrative Agent, any Lender or any L/C Issuer) in connection with the enforcement or protection of its rights in connection with this Agreement and the Loans made or Letters of Credit issued hereunder, including all out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit; provided that reasonable fees and disbursements of outside counsel shall be limited to (x) one primary counsel for the
Administrative Agent, the Collateral Agent and the Lenders and, if reasonably required by the Administrative Agent, local or specialist counsel and (y) one additional counsel for the Lenders (unless there is an actual or perceived conflict of
interest that requires separate representation for any Lender, in which case those Lenders similarly affected shall, as a whole, be entitled to one separate counsel) and, to the extent reasonably necessary, local or specialist counsel. 

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender,
each Agent, each Arranger and each L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities and related expenses (including the reasonable and documented out-of-pocket fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or
by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the
performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related
Parties only, the administration of this Agreement and the other Loan Documents; (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any L/C Issuer to honor a demand for payment under
a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit); (iii) any actual or alleged presence or Release of Hazardous Materials at, on, under or emanating from
any property owned, leased or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries; or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party or any of the Borrower’s or such Loan Party’s directors,
shareholders or creditors, and regardless of whether any Indemnitee is a party thereto; provided, that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (A) the gross negligence or willful misconduct of such Indemnitee or (B) any material breach of the obligations
of such Indemnitee under the Loan Documents, or (y) any proceeding that does not involve an act or omission by the Borrower or any Restricted Subsidiary and that is brought by an Indemnitee against another Indemnitee (other than disputes
involving claims against any Agent in its capacity as such). 
 (c) Reimbursement by Lenders. To the extent that the Borrower for any
reason fails to indefeasibly pay any amount required under clause (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the Collateral Agent, any L/C Issuer or any Related Party
of any of the foregoing, and without relieving the Borrower of its obligation to do so, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Collateral Agent, any L/C Issuer or such Related Party, as the case
may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided, that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the Collateral Agent or any L/C Issuer in its capacity as such, or against any Related Party of any of
the foregoing acting for the Administrative Agent (or any such sub-agent), the Collateral Agent or any L/C Issuer in connection with such capacity. The obligations of the Lenders under this clause (c) are subject to the provisions of
Section 2.12(e). 

  
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 (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable Law, the Borrower shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No
Indemnitee referred to in clause (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the
gross negligence or willful misconduct of such Indemnitee as determined in a final and nonappealable judgment by a court of competent jurisdiction. 

(e) Payments. All amounts due under this Section shall be payable not later than ten (10) days after demand therefor. 

(f) Survival. The agreements in this Section shall survive the resignation of the Administrative Agent, the Collateral Agent, any L/C
Issuer and the Swing Line Lender, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

SECTION 10.05 Payments Set Aside. 

To the extent that any payment by or on behalf of the Borrower is made to any Agent or any Lender, or any Agent or any Lender exercises its
right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Agent or
such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof
originally intended to be satisfied shall, to the fullest extent possible under provisions of applicable Law, be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred; and (b) each
Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate
per annum equal to the applicable Federal Funds Rate from time to time in effect. 
 SECTION 10.06 Successors and Assigns.

 (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that (other than as permitted pursuant to Section 7.03), neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights
or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance
with the provisions of Section 10.06(b); (ii) by way of participation in accordance with the provisions of Section 10.06(d); or (iii) by way of pledge or assignment of a security interest subject to the restrictions
of Section 10.06(f) or (iv) to an SPC in accordance with the provisions of Section 10.06(g)  

  
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(and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other
than (i) the parties hereto, (ii) their respective successors and assigns permitted hereby, (iii) Participants to the extent provided in clause (d) of this Section and, (iv) to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitment (or Commitments) and the Loans (including for purposes of this Section 10.06(b), participations in L/C Obligations and in Swing Line Loans) at the time owing to it);
provided, that any such assignment shall be subject to the following conditions: 
 (i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment under any Facility
and the Loans at the time owing to it under such Facility or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in clause (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for
this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5 million, in the case of any assignment
in respect of the Revolving Credit Facility, or $250,000, in the case of any assignment in respect of Term Loans, unless each of the Administrative Agent and, so long as no Event of Default under Section 8.01(a) or (f) has
occurred and is continuing, the Borrower otherwise consents; provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or
to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met; 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under each applicable Facility, except that this clause (ii) shall not (A) apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans or (B) prohibit any
Lender from assigning all or a portion of its rights and obligations under one Facility on a non-pro rata basis relative to its rights and obligations under another Facility; 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by clause (b)(i)(B) of
this Section and, in addition: 
 (A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed)
shall be required unless (1) an Event of Default under Section 8.01(a) or (f) has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved
Fund; provided, that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof;

  
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 (B) the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required for assignments in respect of (1) any Term Commitment or Revolving Credit Commitment (and associated Revolving Credit Loans and participations in L/C Obligations and in Swing Line Loans) if
such assignment is to a Person that is not a Lender with a Commitment in respect of the applicable Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender or (2) any Term Loan to a Person that is not a Lender, an
Affiliate of a Lender or an Approved Fund; 
 (C) the consent of the L/C Issuers and the Swing Line Lender (each such consent
not to be unreasonably withheld or delayed) shall be required for any assignment in respect of the Revolving Credit Facility if such assignment is to a Person that is not a Lender with a Revolving Credit Commitment, an Affiliate of such a Lender or
an Approved Fund with respect to such a Lender. 
 (iv) Assignment and Assumption. The parties to each assignment shall execute and
deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that (i) the Administrative Agent may, in its sole discretion, elect to
waive such processing and recordation fee in the case of any assignment and (ii) only one such processing and recordation shall be required in connection with concurrent assignments to or by more than one member of an Assignee Group. The
assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
 (v) No Assignment to
Certain Persons. No such assignment shall be made (A) to the Borrower or any of the Borrower’s Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender
hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural person. 
 (vi)
Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein,
the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or
subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each
of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued
thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the
event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a
Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

  
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 Subject to acceptance and recording thereof by the Administrative Agent pursuant to
clause (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of (and
subject to the obligations and limitations of) Sections 3.01, 3.04, 3.05 and 10.04 with respect to amounts payable thereunder and accruing for such Lender’s benefit but not paid prior to the effective date of such
assignment. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section shall be
treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 10.06(d). 

(c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the
Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts) of
the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error and the Borrower, the Administrative Agent
and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for
inspection by the Borrower and any Lender (with respect to its own interests only), at any reasonable time and from time to time upon reasonable prior notice. 
 (d)
Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower, the Administrative Agent, the Swing Line Lender or any L/C Issuer, sell participations to any Eligible Assignee (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations
and/or Swing Line Loans) owing to it); provided, that (i) such Lender’s obligations under this Agreement shall remain unchanged; (ii) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations; and (iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuers shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision
of this Agreement; provided, that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to
Section 10.01 that affects such Participant. Subject to clause (e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to
the requirements and limitations of such Sections and Section 10.13 and the Participant’s compliance with Section 3.01(d)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
Section 10.06(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender; provided such Participant agrees to be subject to
Section 2.13 as though it were a Lender. 
 Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and related interest amounts) of each participant’s interest in the Loans or other obligations under
this Agreement (the “Participant Register”). The entries in the Participant Register shall be conclusive, absent manifest error, and the Borrower and such Lender shall treat each person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of 

  
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this Agreement notwithstanding any notice to the contrary; provided, that no Lender shall have the obligation to disclose all or a portion of the Participant Register (including the
identity of the Participant or any information relating to a Participant’s interest in any Loans or other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that any loans are
in registered form for U.S. federal income tax purposes. 
 (e) Limitations upon Participant Rights. A Participant shall not be
entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, except to the extent such entitlement to
receive a greater payment results in a Change in Law that occurs after the Participant acquired the applicable participation. 
 (f)
Certain Pledges. Any Lender may at any time, without consent or notice, pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender,
including any pledge or assignment to secure obligations to a Federal Reserve Bank or any central bank having jurisdiction over such Lender; provided, that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (g) Special Purpose Funding Vehicles.
Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative
Agent and the Borrower (an “SPC”) the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided, that (i) nothing herein shall
constitute a commitment by any SPC to fund any Loan; (ii) any grant of such an option to any SPC shall not constitute a novation, if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting
Lender shall be obligated to make such Loan pursuant to the terms hereof, and in no event shall any Granting Lender be released from its obligations hereunder. Each party hereto hereby agrees that (i) each SPC shall be entitled to the benefits
of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations of such Sections and Section 10.13) to the same extent as if it were a Granting Lender and had acquired its interest by assignment pursuant
to Section 10.06(b); provided, that an SPC shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Granting Lender would have been entitled to receive with respect to
the SPC granted to such SPC, (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable; and (iii) the Granting Lender shall for all purposes, including the approval
of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if,
such Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in
full of all outstanding commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding
under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of, the Borrower and the Administrative Agent and with the payment of
a processing fee in the amount of $3,500 (which processing fee may be waived by the Administrative Agent in its sole discretion), assign all or any portion of its right to receive payment with respect to any Loan to the related Granting Lender; and
(ii) disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC. 

  
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 (h) Resignation as L/C Issuer after Assignment. Notwithstanding anything to the
contrary contained herein, if at any time any L/C Issuer assigns all of its Revolving Credit Commitment and Revolving Credit Loans pursuant to Section 10.06(b), such L/C Issuer may, subject to the remainder of this paragraph, upon thirty
(30) days’ notice to the Borrower and the Lenders, resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder;
provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of such L/C Issuer. If any L/C Issuer resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of
such L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or
fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). Upon the appointment of a successor L/C Issuer, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and
duties of the retiring L/C Issuer and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the
retiring L/C Issuer to effectively assume the obligations of such L/C Issuer with respect to such Letters of Credit 
 (i) Resignation as
Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any time JPM assigns all of its Revolving Credit Commitment and Revolving Credit Loans pursuant to Section 10.06(b), JPM may,
subject to the remainder of this paragraph, upon thirty (30) days’ notice to the Borrower and the Lenders, resign as Swing Line Lender. In the event of any such resignation as Swing Line Lender, the Borrower shall be entitled to appoint
from among the Lenders a Swing Line Lender hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of JPM as Swing Line Lender. If JPM resigns as Swing Line Lender, it
shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans
or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c). Upon the appointment of a successor Swing Line Lender, such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring Swing Line Lender. 
 SECTION 10.07 Treatment of Certain Information; Confidentiality. 

Each of the Administrative Agent, the Lenders and the L/C Issuers agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, trustees, advisors and representatives (it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential and that the disclosing party shall be liable for the failure of any such Persons to adhere to the
requirements of this Section 10.07); (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance
Commissioners); (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process; (d) to any other party hereto; (e) to the extent reasonably required in connection with the exercise of any
remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder; (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement; (ii) any actual or prospective counterparty
(or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations; or (iii) any credit insurance provider relating to the Borrower and its obligations hereunder, (g) with the consent of the Borrower;
(h) on a confidential basis to the CUSIP Service Bureau or any similar agency in 

  
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connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder; (i) on a confidential basis to the Rating
Agencies or any other rating agency; and (j) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Lender, any L/C
Issuer or any of their respective Affiliates on a non-confidential basis from a source other than the Borrower that is not itself, to the knowledge of such Person, in breach of a confidentiality obligation to the Borrower or any Subsidiary in
connection with the disclosure of such Information. 
 For purposes of this Section, “Information” means all information
received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary of the Borrower or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any L/C
Issuer on a non-confidential basis prior to disclosure by the Borrower or any Subsidiary. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do
so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

Each of the Administrative Agent, the Lenders and the L/C Issuers acknowledges that (a) the Information may include material non-public
information concerning the Borrower or a Subsidiary, as the case may be; (b) it has developed compliance procedures regarding the use of material non-public information; and (c) it will handle such material non-public information in
accordance with applicable Law, including United States Federal and state securities Laws. In addition, the Administrative Agent and each Lender may disclose the existence of this Agreement and the information about this Agreement to market data
collectors, similar services providers to the lending industry, and service providers to the Administrative Agent and the Lenders in connection with the administration and management of this Agreement and the other Loan Documents. 

SECTION 10.08 Setoff. 
 In
addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender and its Affiliates (and the Administrative Agent and the Collateral Agent, in respect of any
unpaid fees, costs and expenses payable hereunder) is authorized at any time and from time to time, without prior notice to the Borrower, any such notice being waived by the Borrower (on its own behalf and on behalf of each Loan Party and each of
its Subsidiaries) to the fullest extent permitted by applicable Law, after obtaining the prior written consent of the Administrative Agent, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any
time held by, and other Indebtedness at any time owing by, such Lender and its Affiliates, the Administrative Agent or the Collateral Agent to or for the credit or the account of the respective Loan Parties and their Subsidiaries against any and all
Obligations owing to such Lender and its Affiliates, the Administrative Agent or the Collateral Agent hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not such Agent or such Lender or Affiliate shall
have made demand under this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or Indebtedness. Each Lender agrees promptly to
notify the Borrower and the Administrative Agent after any such set off and application made by such Lender; provided, that the failure to give such notice shall not affect the validity of such setoff and application. The rights of the
Administrative Agent, the Collateral Agent and each Lender under this Section 10.08 are in addition to other rights and remedies (including other rights of setoff) that the Administrative Agent, the Collateral Agent and such Lender may
have. 

  
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 SECTION 10.09 Interest Rate Limitation. 

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall
not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be
applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to
the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest; (b) exclude voluntary prepayments and the effects thereof; and (c) amortize, prorate,
allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

SECTION 10.10 Counterparts; Effectiveness. 

This Agreement and each other Loan Document may be executed in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Delivery by telecopier or email pdf of an executed counterpart of a signature page to this Agreement and each other Loan Document shall be effective as delivery of an original executed
counterpart of this Agreement and such other Loan Document. The Agents may also require that any such documents and signatures delivered by telecopier or email pdf be confirmed by a manually signed original thereof; provided, that the failure
to request or deliver the same shall not limit the effectiveness of any document or signature delivered by telecopier or email pdf. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been
executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. 

SECTION 10.11 Integration. 

This Agreement, together with the other Loan Documents, comprises the complete and integrated agreement of the parties on the subject matter
hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall
control; provided, that the inclusion of supplemental rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint
participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof. 

SECTION 10.12 Survival of Representations and Warranties. 

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in
connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by
the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and
effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 

  
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 SECTION 10.13 Replacement of Lenders. 

If any Lender requests compensation under Section 3.04, if the Borrower is required to pay any additional amount to any Lender or
any Governmental Authority for the account of any Lender pursuant to Section 3.01, if any Lender is a Defaulting Lender, if any Lender shall fail to consent to any amendment or waiver requested by the Borrower in accordance with the last
paragraph of Section 10.01 or if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the
Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights and obligations
under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: 

(a) the Administrative Agent shall have received the assignment fee specified in Section 10.06(b); 

(b) such Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances and, other
than in the case of a Defaulting Lender, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents, any premium thereon (assuming for this purpose that the Loans of such Lender were being prepaid) from the
assignee and any amounts payable by the Borrower pursuant to Section 3.01, 3.04 or 3.05 from the Borrower (it being understood that the Assignment and Assumption relating to such assignment shall provide that any interest
and fees that accrued prior to the effective date of the assignment shall be for the account of the replaced Lender and such amounts that accrue on and after the effective date of the assignment shall be for the account of the replacement Lender);

 (c) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be
made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 
 (d)
such assignment does not conflict with applicable Laws. 
 A Lender shall not be required to make any such assignment or delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Each Lender agrees that, if the Borrower elects to replace such Lender in
accordance with this Section 10.13, it shall promptly execute and deliver to the Administrative Agent an Assignment and Assumption to evidence the assignment and shall deliver to the Administrative Agent any Note (if Notes have been
issued in respect of such Lender’s Loans) subject to such Assignment and Assumption; provided, that the failure of any such Lender to execute an Assignment and Assumption shall not render such assignment invalid and such assignment shall
be recorded in the Register. 
 Notwithstanding the foregoing, if the Borrower elects to replace a Lender in connection with a Repricing
Transaction, such Lender shall be entitled to the Term B-2 Prepayment Premium paid in accordance with Section 2.05(a)(iv). 

SECTION 10.14 Severability. 

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity
and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby; and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions 

  
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of this Section 10.14, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as
determined in good faith by the Borrower and the Administrative Agent, the applicable L/C Issuer or the Swing Line Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited. 

SECTION 10.15 GOVERNING LAW. 

THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO ANY CONFLICTS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
 ANY LEGAL ACTION OR
PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK LOCATED IN THE BOROUGH OF MANHATTAN OR ANY APPELLATE COURT FROM ANY SUCH
COURT, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY, EACH AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH LOAN PARTY, EACH AGENT AND EACH LENDER
IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT
OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN
TELECOPIER) IN SECTION 10.02. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

SECTION 10.16 WAIVER OF RIGHT TO TRIAL BY JURY. 

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  
 174 

 SECTION 10.17 Binding Effect. 

This Agreement shall become effective when it shall have been executed by the Loan Parties and the Administrative Agent shall have been
notified by each Lender, the Swing Line Lenders and L/C Issuer that each such Lender, Swing Line Lender and L/C Issuer has executed it and thereafter shall be binding upon and inure to the benefit of the Loan Parties, each Agent and each Lender and
their respective successors and assigns, in each case in accordance with Section 10.06 (if applicable) and except that no Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written
consent of the Lenders except as permitted by Section 7.03. 
 SECTION 10.18 No Advisory or Fiduciary Responsibility.

 In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document), each of the Borrower and the other Loan Parties acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) the arranging and other services regarding this
Agreement provided by the Administrative Agent, the Arrangers and the Lenders, are arm’s-length commercial transactions between the Borrower, the other Loan Parties their respective Affiliates, on the one hand, and the Administrative Agent, the
Arrangers and the Lenders, on the other hand, (ii) each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) each of the Borrower
and each of the other Loan Parties are capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) the Administrative Agent, the
Arrangers and the Lenders each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower, the
other Loan Parties or any of their respective Affiliates, or any other Person; and (ii) neither the Administrative Agent, the Arrangers nor the Lenders have any obligation to the Borrower, the other Loan Parties or any of their respective
Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent, the Arrangers, the Lenders and their respective Affiliates
may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and neither the Administrative Agent, the Arrangers nor the Lenders have any
obligation to disclose any of such interests to the Borrower, the other Loan Parties or any of their respective Affiliates. To the fullest extent permitted by law, the Borrower and each of the other Loan Parties hereby waive and release any claims
that it may have against the Administrative Agent, the Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

SECTION 10.19 Lender Action. 

Each Lender agrees that it shall not take or institute any actions or proceedings, judicial or otherwise, or exercise any right or remedy
against any Loan Party or any other obligor under any of the Loan Documents or the Secured Hedge Agreements (including the exercise of any right of setoff, rights on account of any banker’s lien or similar claim or other rights of self-help),
or institute any actions or proceedings, or otherwise commence any remedial procedures, with respect to any Collateral or any other property of any such Loan Party, without the prior written consent of the Administrative Agent. The provisions of
this Section 10.19 are for the sole benefit of the Lenders and shall not afford any right to, or constitute a defense available to, any Loan Party. 

  
 175 

 SECTION 10.20 USA Patriot Act. 

Each Lender that is subject to the USA Patriot Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies
the Loan Parties that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name, address and tax identification number of each
Loan Party and other information regarding each Loan Party that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the USA Patriot Act. This notice is given in accordance with the
requirements of the USA Patriot Act and is effective as to the Lenders and the Administrative Agent. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the
Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act. 

SECTION 10.21 Electronic Execution of Assignments and Certain Other Documents. 

The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in any
amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 SECTION
10.22 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. 
 Notwithstanding anything to the contrary in any Loan
Document or in any other agreement, arrangement or understanding among any of the parties hereto, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent
such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any Lender hereto that is an EEA Financial Institution; and 
 (b) the effects of any Bail-in Action on any such
liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its
parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this
Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in connection with the exercise of the
Write-Down and Conversion Powers of any EEA Resolution Authority. 

  
 176 

 SECTION 10.23 Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for
the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 
 (i) such Lender is not using
“plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, 

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate
accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such
Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to
the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of
Credit, the Commitments and this Agreement, or 
 (iv) such other representation, warranty and covenant as may be agreed in writing between
the Administrative Agent, in its sole discretion, and such Lender. 
 (b) In addition, unless sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents
and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the
Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, or any Arranger, any Co-Syndication
Agent, any Co-Documentation Agent or any of their respective Affiliates is a fiduciary with respect to the Collateral or the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent
under this Agreement, any Loan Document or any documents related to hereto or thereto). 
 (c) The Administrative Agent, and each Arranger,
Co-Syndication Agent and Co-Documentation Agent hereby informs the Lenders that each such Person is not undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and
that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, this
Agreement and any other Loan Documents (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the
Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated 

  
 177 

 
hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative
agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other
early termination fees or fees similar to the foregoing. 
 ARTICLE XI 

Guarantee 
 SECTION
11.01 The Guarantee. 
 Each Guarantor hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not
as a surety, to each Secured Party and their respective successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and
interest (including any interest that would accrue but for the provisions of (i) the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other Debtor Relief
Laws) on the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrower (other than such Guarantor), and all other Obligations from time to time owing to the Secured Parties by any Loan Party under any Loan Document or any
Secured Hedge Agreement or any Treasury Services Agreement, in each case strictly in accordance with the terms thereof, excluding, with respect to any Guarantor at any time, Excluded Swap Obligations with respect to such Guarantor at such time (such
obligations being herein collectively called the “Guaranteed Obligations”). The Guarantors hereby jointly and severally agree that if the Borrower shall fail to pay in full when due (whether at stated maturity, by acceleration or
otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the
same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. Notwithstanding anything to the contrary, this Section 11.01 shall not
require or result in the application of any amount received from any Loan Party to any Excluded Swap Obligation of such Loan Party. 

SECTION 11.02 Obligations Unconditional. 

The obligations of the Guarantors under Section 11.01 shall constitute a guaranty of payment (and not merely a guaranty of
collection) and to the fullest extent permitted by applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of the
Borrower under this Agreement, the Notes, if any, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and,
irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (except for payment in full). Without limiting the generality of the foregoing, it is agreed that
the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above: 

(a) at any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any
of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; 

  
 178 

 (b) any of the acts mentioned in any of the provisions of this Agreement or
the Notes, if any, or any other agreement or instrument referred to herein or therein shall be done or omitted; 
 (c) the
maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the Loan Documents or any other agreement or instrument referred to herein or therein shall
be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; 

(d) any Lien or security interest granted to, or in favor of, an L/C Issuer or any Lender or Agent as security for any of the
Guaranteed Obligations shall fail to be perfected; 
 (e) the release of any other Guarantor pursuant to
Section 11.09; or 
 (f) the expiration of any statute of limitations. 

The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that
any Secured Party exhaust any right, power or remedy or proceed against the Borrower under this Agreement or the Notes, if any, or any other agreement or instrument referred to herein or therein, or against any other Person under any other guarantee
of, or security for, any of the Guaranteed Obligations. The Guarantors waive any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any
Secured Party upon this Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guarantee, and all dealings between
the Borrower and the Secured Parties shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guarantee. This Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of
payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent
upon the pursuit by the Secured Parties or any other Person at any time of any right or remedy against the Borrower or against any other Person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any
collateral security or guarantee therefor or right of offset with respect thereto. This Guarantee shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and
assigns thereof, and shall inure to the benefit of the Lenders, and their respective successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding. 

SECTION 11.03 Reinstatement. 

The obligations of the Guarantors under this Article XI shall be automatically reinstated if and to the extent that for any reason any
payment by or on behalf of the Borrower or other Loan Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy
or reorganization or otherwise. 

  
 179 

 SECTION 11.04 Subrogation; Subordination. 

Each Guarantor hereby agrees that until the payment and satisfaction in full in cash of all Guaranteed Obligations and the expiration and
termination of the Commitments of the Lenders under this Agreement it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in Section 11.01,
whether by subrogation or otherwise, against the Borrower or any other Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations. 

SECTION 11.05 Remedies. 

The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrower under this
Agreement and the Notes, if any, may be declared to be forthwith due and payable as provided in Section 8.02 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 8.02) for
purposes of Section 11.01, notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrower and that, in the event of such
declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable by the Guarantors for purposes of
Section 11.01. 
 SECTION 11.06 Instrument for the Payment of Money. 

Each Guarantor hereby acknowledges that the guarantee in this Article XI constitutes an instrument for the payment of money, and
consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213. 

SECTION 11.07 Continuing Guarantee. 

The guarantee in this Article XI is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

 SECTION 11.08 General Limitation on Guarantee Obligations. 

In any action or proceeding involving any state corporate limited partnership or limited liability company law, or any applicable state,
federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 11.01 would otherwise be held or determined to be void, voidable,
invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 11.01, then, notwithstanding any other provision to the contrary, the amount of such liability shall,
without any further action by such Guarantor, any Loan Party or any other Person, be automatically limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 11.10) that is valid
and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 
 SECTION 11.09
Release of Guarantors. 
 If, in compliance with the terms and provisions of the Loan Documents, any portion of the Equity Interests
or all or substantially all property of any Guarantor is sold or otherwise transferred to a Person or Persons, none of which is a Loan Party, or if any Guarantor shall be designated an Unrestricted Subsidiary or otherwise not be required to remain a
Guarantor hereunder, then such Guarantor shall, upon the consummation of such sale or transfer, designation or other circumstance, be automatically released from its obligations under this Agreement (including under Section 10.04 hereof)
and its obligations to pledge and grant any Collateral owned by it (and all security interests actually granted in such Collateral) 

  
 180 

 
pursuant to any Collateral Document and, in the case of a sale of all or substantially all of the Equity Interests of such Guarantor, the pledge of such Equity Interests to the Collateral Agent
pursuant to the Collateral Documents shall be automatically released, and, so long as the Borrower shall have provided the Agents such certifications or documents as any Agent shall reasonably request, the Collateral Agent shall take such actions as
are necessary to effect each release described in this sentence. 
 SECTION 11.10 Right of Contribution. 

Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made
hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right of contribution shall be subject to
the terms and conditions of Section 11.04. The provisions of this Section 11.10 shall in no respect limit the obligations and liabilities of any Guarantor to the Administrative Agent, the Collateral Agent, the L/C Issuers,
the Swing Line Lenders and the Lenders, and each Guarantor shall remain liable to the Administrative Agent, the Collateral Agent, the L/C Issuers, the Swing Line Lenders and the Lenders for the full amount guaranteed by such Guarantor hereunder.

 SECTION 11.11 Subject to Intercreditor Agreement. 

Notwithstanding anything herein to the contrary, (i) the liens and security interests granted to the Collateral Agent pursuant to the
Collateral Documents are expressly subject to the Intercreditor Agreement (if in effect), the Second Lien Intercreditor Agreement (if in effect) and any other intercreditor agreement entered into pursuant hereto and (ii) the exercise of any
right or remedy by the Administrative Agent or the Collateral Agent hereunder or under the Intercreditor Agreement (if in effect), the Second Lien Intercreditor Agreement (if in effect) and any other intercreditor agreement entered into pursuant
hereto is subject to the limitations and provisions of the Intercreditor Agreement (if in effect), the Second Lien Intercreditor Agreement (if in effect) and such other intercreditor agreement entered into pursuant hereto. In the event of any
conflict between the terms of the Intercreditor Agreement (if in effect), the Second Lien Intercreditor Agreement (if in effect) or any other such intercreditor and terms of this Agreement, the terms of the Intercreditor Agreement (if in effect),
the Second Lien Intercreditor Agreement (if in effect) or such other intercreditor agreement, as applicable, shall govern. 
 SECTION 11.12
Keepwell. 
 Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to
provide such funds or other support as may be needed from time to time by each other Guarantor to honor all of its obligations under this Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor
shall only be liable under this Section 11.12 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 11.12, or otherwise under this Guaranty, voidable under
applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section 11.12 shall remain in full force and effect until the release of
this Guaranty under Section 9.09(b)(ii). Each Qualified ECP Guarantor intends that this Section 11.12 constitute, and this Section 11.12 shall be deemed to constitute, a “keepwell, support, or other
agreement” for the benefit of each other Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
 181 

 SECTION 11.13 Acknowledgement Regarding Any Supported QFCs. 

To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Contracts or any other agreement or
instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance
Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in
respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United
States or any other state of the United States): 
 In the event a Covered Entity that is party to a Supported QFC (each, a “Covered
Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC
Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the
Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered
Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are
permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United
States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC
Credit Support. 
 [Remainder of Page Intentionally Left Blank] 

  
 182 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
as of the date first above written. 
  

			
	CBS RADIO INC., as the Borrower
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO ANNAPOLIS HOLDINGS INC., as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO ANNAPOLIS LLC., as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO EAST HOLDINGS CORPORATION, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO EAST INC., as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO HOLDINGS CORP. OF ORLANDO, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO INC. OF ATLANTA, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

  
 [CREDIT
AGREEMENT] 

 
			
	CBS RADIO INC. OF BOSTON, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO INC. OF DETROIT, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO INC. OF ILLINOIS, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO INC. OF LOS ANGELES, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO INC. OF MARYLAND, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO INC. OF MICHIGAN, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO INC. OF NORTHERN CALIFORNIA, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO INC. OF WASHINGTON, D.C., as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

  
 [CREDIT
AGREEMENT] 

 
			
	CBS RADIO KMVQ-FM INC., as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO MEDIA CORPORATION, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO OF CHICAGO LLC, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO SERVICES INC., as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO STATIONS INC., as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO TEXAS INC., as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO TOWER INC., as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	CBS RADIO WPGC (AM) Inc., as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

  
 [CREDIT
AGREEMENT] 

 
			
	CBS SPORTS RADIO NETWORK INC., as a Guarantor

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	EVENTFUL, INC., as a Guarantor

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	INFINITY BROADCASTING CORPORATION, as a Guarantor

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	JPMORGAN CHASE BANK, N.A., as the Administrative Agent, the Collateral Agent, a Lender, the Swing Line Lender and an L/C
Issuer

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	                                    
                                         
                      ,
	             as a Lender

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 [CREDIT
AGREEMENT] 

 Exhibit B 

 Exhibit B 

LENDER: [    ] 
 PRINCIPAL AMOUNT:
$[    ] 
 [FORM OF] TERM B-2 NOTE 

New York, New York 

[    ] 
 FOR
VALUE RECEIVED, the undersigned, Entercom Media Corp. (formerly known as CBS Radio Inc.), a Delaware corporation (the “Borrower”), hereby promises to pay to the Lender set forth above (the “Lender”) or its
registered assigns, in accordance with the provisions of the Credit Agreement (as defined below), in lawful money of the United States of America in immediately available funds to the Administrative Agent for the benefit of the Lender at the
Administrative Agent’s Office (such term, and each other capitalized term used but not otherwise defined herein, having the meaning assigned to it in the Credit Agreement, dated as of October 17, 2016 (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Guarantors party thereto from time to time, the lenders and other parties thereto from time to time and JPMorgan Chase
Bank, N.A., as Administrative Agent) (i) on the dates set forth in the Credit Agreement, the principal installment amounts set forth in the Credit Agreement with respect to Term B-2 Loans made by the Lender to the Borrower pursuant to the
Credit Agreement and (ii) on each Interest Payment Date, interest at the rate or rates per annum as provided in the Credit Agreement on the unpaid principal amount of all Term B-2 Loans made by the Lender to the Borrower pursuant to the Credit
Agreement. 
 The Borrower promises to pay interest, on demand, on any overdue principal and, to the extent permitted by law, overdue
interest from their due dates at the rate or rates provided in (and to the extent required by) the Credit Agreement. 
 The Borrower hereby
waives diligence, presentment, demand, protest and notice of any kind whatsoever. The nonexercise by the holder hereof of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent
instance. 
 All borrowings evidenced by this note and all payments and prepayments of the principal hereof and interest hereon and the
respective dates thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its
internal records; provided, however, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of the Borrower under this note. 

 This note is one of the Term B-2 Notes referred to in the Credit Agreement that, among other
things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain
provisions of the Credit Agreement, all upon the terms and conditions therein specified. 
 THIS NOTE MAY NOT BE TRANSFERRED EXCEPT IN
COMPLIANCE WITH THE TERMS OF THE CREDIT AGREEMENT. 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

 
			
	ENTERCOM MEDIA CORP.
		
	By:	 	  

		 	Name:
		 	Title:

 LOANS AND PAYMENTS 
  

											
	 Date
	  	 Amount of Loan
	  	 Maturity Date
	  	Payments of
Principal/Interest	  	Principal Balance
of Note	  	Name of Person
Making the Notation

 EXHIBIT C 

[Form of Compliance Certificate] 

 [FORM OF] 

COMPLIANCE CERTIFICATE 
 [Date]

 Reference is made to the Credit Agreement, dated as of October 17, 2016 (as amended, restated, amended and restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Entercom Media Corp. (formerly known as CBS Radio Inc.), as the Borrower, the Guarantors party thereto from time to time, the lenders and other parties thereto
from time to time and JPMorgan Chase Bank, N.A., as Administrative Agent, Collateral Agent, Swing Line Lender and an L/C Issuer (capitalized terms used herein have the meanings attributed thereto in the Credit Agreement unless otherwise defined
herein). Pursuant to Section 6.02(a) of the Credit Agreement, the undersigned, in his/her capacity as a Responsible Officer of the Borrower, certifies as follows: 
  

	 	1.	 [Attached hereto as Exhibit A is the consolidated balance sheet of the Borrower and its Subsidiaries as of
December 31, 20[•] and related consolidated statements of income or operations, stockholders’ equity and cash flows for the fiscal year then ended, setting forth in each case in comparative form the figures for the previous fiscal
year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of PricewaterhouseCoopers LLP, prepared in accordance with generally accepted auditing standards and not subject to any “going
concern” or like qualification or exception or any qualification or exception as to the scope of such audit (other than any qualification that is expressly solely with respect to, or expressly resulting solely from, (A) an upcoming
maturity date of the Revolving Facility within one year from the date of such opinion or (B) any potential inability to satisfy a financial maintenance covenant on a future date or in a future period).]1 

  

	 	2.	 [Attached hereto as Exhibit A is the consolidated balance sheet of the Borrower and its Subsidiaries as of
[•] and the related (i) consolidated statements of income or operations for the fiscal quarter then ended and for the portion of the fiscal year then ended and (ii) consolidated statements of cash flows for the portion of the fiscal
year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail. These present fairly in
all material respects the financial condition, results of operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of
footnotes.]2 

  

	 	3.	 To my knowledge, except as otherwise disclosed to the Administrative Agent pursuant to the Credit Agreement, no
Default has occurred. [If unable to provide the foregoing certification, fully describe the reasons therefor and circumstances thereof and any action taken or proposed to be taken with respect thereto on Annex A attached hereto.]

  

	1 	 To be included if delivered in connection with annual financial statements only. 

	2 	 To be included if delivered in connection with quarterly financial statements only.

  
 C-1 

	 	4.	 The following represent true and accurate calculations, as of [•], to be used to determine the Applicable
Rate and, to the extent Section 7.09 is applicable for such reporting period, compliance with the covenant set forth in Section 7.09 of the Credit Agreement: 

 

			
	Consolidated Net First Lien	  	
	Leverage Ratio:	  	
		
	Consolidated Total Net Debt	  	
	that is secured by Liens (other than	  	
	Liens ranking junior to the Lien on the	  	
	Collateral securing the Obligations) =	  	[•]
	Consolidated EBITDA=	  	[•]
	Actual Ratio=	  	[•] to 1.00
	[Maximum Ratio=	  	[4.00]/[4.50]3 to
		  	1.00]4
	[Consolidated Net Secured	  	
	Leverage Ratio:	  	
		
	Consolidated Total Net Debt	  	
	that is secured by Liens =	  	[•]
	Consolidated EBITDA=	  	[•]
	Actual Ratio=	  	[•] to 1.00]5

 Supporting detail showing the calculations of the Consolidated Net First Lien Leverage Ratio and
Consolidated Net Secured Leverage Ratio, respectively, is attached hereto as Schedule 1-A and 1-B, respectively. 
  

	 	5.	 [The following represent true and accurate calculations, as of December 31, 20[•], to be used to
confirm compliance with the mandatory prepayment requirement set forth in Section 2.05(b)(iv) of the Credit Agreement: 

 

	3 	 4.50 to be included only during the one year period following the consummation of a Permitted Acquisition by
the Borrower or any Restricted Subsidiary that causes, on a Pro Forma Basis after giving effect to such Permitted Acquisition (and any Indebtedness incurred in connection therewith), the Consolidated Net Secured Leverage Ratio to be greater than
3.75 to 1.00 but less than or equal to 4.50 to 1.00. 

	4	 Insert if Section 7.09 is applicable for the reporting period. 

	5	 Calculation of the Consolidated Net Secured Leverage Ratio to be included (1) in
connection with annual financial statements and (2) for so long as any 2022 Revolving Credit Commitments are outstanding, in connection with quarterly financial statements. 

  
 C-2 

 
			
	(a) Required ECF Percentage=	  	[●]%
	(b) Excess Cash Flow=	  	$[●]
	(c) Optional prepayments of	  	$[●]
	Term Loans and/or Revolving	  	
	Credit Loans to the extent allowed	  	
	to be deducted pursuant to	  	
	Section 2.05(b)(iv)(B) of the Credit	  	
	Agreement=	  	
	(d) Amount of Excess Cash	  	$[●]
	Flow mandatory prepayment	  	
	((a) multiplied by (b), minus (c))	  	

 Supporting detail showing the calculation of the Excess Cash Flow mandatory prepayment is attached hereto
as Schedule 2.]6 
  

	 	6.	 [Attached hereto is the information required by Section 6.02(c) of the Credit Agreement.]7 

  

	6 	 To be included only in annual compliance certificate, commencing with the fiscal year ending
December 31, 2018. 

	7 	 To be included only in annual compliance certificate. 

  
 C-3 

 SCHEDULE 1-A 

Consolidated Net First Lien Leverage Ratio: Consolidated Total Net Debt that is secured by Liens (other than Liens ranking junior to the Lien on the
Collateral securing the Obligations), to Consolidated EBITDA for the most recently ended Test Period. 
  

											
	(1)	  	Consolidated Total Net Debt that is secured by Liens (other than Liens ranking junior to the Lien on the Collateral securing the Obligations) as of [•], 20[•]:	 	
				
		  	(a)	  	the aggregate principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in accordance with GAAP, secured by Liens (other than Liens
ranking junior to the Lien on the Collateral securing the Obligations) and consisting of:	 	
					
		  		  	(i)	  	Indebtedness for borrowed money (excluding the aggregate outstanding principal amount of Indebtedness under the Subordinated Intercompany Note),	 	                        
					
		  		  	(ii)	  	Capitalized Lease Obligations, and	 	                        
					
		  		  	(iii)	  	Attributable Indebtedness.	 	                        
				
		  	(b)	  	less up to $150 million of cash and Cash Equivalents (which are not Restricted Cash) that would be stated on the balance sheet of the Loan Parties as of such date of determination,	 	                        
			
		  	Consolidated Total Net Debt that is secured by Liens (other than Liens ranking junior to the Lien on the Collateral securing the Obligations)	 	                        
			
	(2)	  	Consolidated EBITDA:	 	
				
		  	(a)	  	Consolidated Net Income:	 	
					
		  		  	(i)	  	the aggregate Net Income of the Borrower and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided, however, that, without
duplication:	 	
						
		  		  		  	(A)	  	any after-tax effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including
expenses relating to (i) severance and relocation costs, (ii) any rebranding or corporate name change or (iii) uninsured storm or other weather-related damage, in excess of $5 million for any single weather event) shall be
excluded,	 	                        

  
 C-4 

											
		  		  		  	(B)	  	the Net Income for such period shall not include the cumulative effect of a change in accounting principles during such period,	 	                        
						
		  		  		  	(C)	  	any after-tax effect of income (loss) from disposed or discontinued operations and any net after-tax gains or losses on disposal of disposed, abandoned
or discontinued operations shall be excluded,	 	                        
						
		  		  		  	(D)	  	any after-tax effect of gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions other than in the ordinary course of business, as determined in
good faith by the Borrower shall be excluded,	 	                        
						
		  		  		  	(E)	  	the 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 Borrower shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash or Cash Equivalents) to the Borrower or a Restricted Subsidiary in respect of such
period,	 	                        
						
		  		  		  	(F)	  	the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded if the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at
the date of determination wholly permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of 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 Borrower will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash or Cash Equivalents) to the Borrower or a Restricted Subsidiary thereof in
respect of such period, to the extent not already included therein,	 	                        
						
		  		  		  	(G)	  	any after-tax effect of income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments shall be excluded, and	 	                        

  
 C-5 

											
		  		  		  	(H)	  	any fees and expenses incurred during such period, or any amortization thereof for such period, in connection with the Transactions and any Acquisition, Investment, Disposition, issuance or repayment of Indebtedness, issuance of
Equity Interests, refinancing transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed) and any charges
or non-recurring merger costs incurred during such period as a result of any such transaction shall be excluded,	 	                        
				
		  	(b)	  	plus (without duplication):	 	
					
		  		  	(i)	  	provision for taxes based on income or profits or capital gains, including, federal, state, non-U.S. franchise, excise, value added and similar taxes and foreign withholding taxes
of the Borrower and its Restricted Subsidiaries paid or accrued during such period, including any penalties and interest relating to such taxes or arising from any tax examinations, deducted (and not added back) in computing Consolidated Net
Income,	 	                        
					
		  		  	(ii)	  	Consolidated Interest Expense of the Borrower and its Restricted Subsidiaries for such period,	 	                        
					
		  		  	(iii)	  	Consolidated Depreciation and Amortization Expense of the Borrower and its Restricted Subsidiaries for such period to the extent the same were deducted (and not added back) in computing Consolidated Net Income,	 	                        
					
		  		  	(iv)	  	any fees, expenses or charges related to the IPO, any Equity Offering, Permitted Investment, acquisition, disposition, recapitalization or the incurrence or repayment of Indebtedness permitted to be incurred in
accordance with the Credit Agreement (including a refinancing thereof) (whether or not successful), including such fees, expenses or charges related to (i) the offering of the Senior Notes or the Loan Documents, including Amendment No. 1,
(ii) any amendment or other modification of the Senior Notes and (iii) the other Transactions and the ETM Acquisition Closing Date Transactions, in each case, deducted (and not added back) in computing Consolidated Net Income,	 	                        

  
 C-6 

											
		  		  	(v)	  	the amount of (i) any restructuring charge or reserve deducted (and not added back) in such period in computing Consolidated Net Income, including any restructuring costs incurred in connection with Acquisitions,
mergers or consolidations after the Closing Date and (ii) other non-recurring charges in an amount of up to $5 million in any 12 month period, including any non-ordinary course legal expenses,	 	                        
					
		  		  	(vi)	  	any other non-cash charges, including asset impairments, any write offs or write downs and non-cash compensation expenses recorded from
grants of stock appreciation or similar rights, stock options, restricted stock or other rights, reducing Consolidated Net Income for such period (provided, that if any such non-cash charges represent
an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA in such future period to the extent paid, but excluding from this proviso,
for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior period),	 	                        
					
		  		  	(vii)	  	the amount of any minority interest expense consisting of Subsidiary income attributable to minority equity interests of third parties in any non-Wholly-Owned Subsidiary deducted
(and not added back) in such period in calculating Consolidated Net Income,	 	                        
					
		  		  	(viii)	  	the amount of loss on sale of receivables and related assets to the Receivables Subsidiary in connection with a Receivables Facility permitted to be incurred pursuant to Section 7.02(b)(19) of the Credit
Agreement,	 	                        
					
		  		  	(ix)	  	any costs or expense incurred by the Borrower 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 subscription
or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Borrower or net cash proceeds of an issuance of Equity Interest of the Borrower (other than Disqualified Stock) solely
to the extent that such net cash proceeds are excluded from the calculation of the Available Amount, and	 	                        
					
		  		  	(x)	  	the amount of cost savings, operating expense reductions, other operating improvements and initiatives and synergies projected by the Borrower in good faith to be reasonably anticipated to be realizable within eighteen
(18) months of the date of any Investment, Acquisition, Disposition, merger, consolidation or other action being given pro forma effect (which will be added to Consolidated EBITDA as so projected until fully realized and calculated on a
Pro Forma	 	

  
 C-7 

									
		 		  		  	Basis as though such cost savings, operating expense reductions, other operating improvements and initiatives and synergies had been realized on the first day of such period), net of the amount of actual benefits realized during
such period from such actions; provided that (x) all steps have been taken or are expected to be taken within eighteen (18) months of the date of such Investment, Acquisition, Disposition, merger, consolidation or other action for
realizing such cost savings, (y) such cost savings are reasonably identifiable and factually supportable (in the good faith determination of the Borrower) and (z) the aggregate amount of cost savings, operating expense reductions, other
operating improvements and initiatives and synergies added back pursuant to this clause (x) in any Test Period shall not exceed 30% of Consolidated EBITDA (prior to giving effect to such addbacks).	 	                        
				
		 	(c)	  	minus (without duplication) non-cash gains increasing Consolidated Net Income of the Borrower and its Restricted Subsidiaries 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 Consolidated EBITDA in any prior period, and	 	                        
				
		 	(d)	  	plus or minus (without duplication)	 	
					
		 		  	(i)	  	any net loss or gain, respectively, resulting in such period from Hedging Obligations and the application of Financial Accounting Codification No. 815-Derivatives and Hedging; plus or
minus, as applicable, and	 	                        
					
		 		  	(ii)	  	any net loss or gain, respectively, resulting in such period from currency translation gains or losses related to currency remeasurements of Indebtedness (including any net loss or gain resulting from hedge agreements for currency
exchange risk).	 	                        
			
		 	Consolidated EBITDA	 	                        
			
		 	Consolidated Total Net Debt secured by Liens (other than Liens ranking	 	
		 		  	junior to the Lien on the Collateral securing the Obligations) to Consolidated EBITDA	 	[•]:1.00
			
		 	Covenant Requirement	 	[4.00]/[4.50]1 to 1.00

  

	1 	 4.50 to be included only during the one year period following the consummation of a Permitted Acquisition by
the Borrower or any Restricted Subsidiary that causes, on a Pro Forma Basis after giving effect to such Permitted Acquisition (and any Indebtedness incurred in connection therewith), the Consolidated Net First Lien Leverage Ratio to be greater than
3.75 to 1.00 but  

 Footnote continued on next page. 

  
 C-8 

 SCHEDULE 1-B2 
 Consolidated Net Secured Leverage Ratio: Consolidated Total Net Debt that is secured by Liens to
Consolidated EBITDA for the most recently ended Test Period. 
  

									
	(1)	  	Consolidated Total Net Debt that is secured by Liens as of [•], 20[•]:	 	
				
		  	(a)	  	the aggregate principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in accordance with GAAP, secured by Liens and consisting
of:	 	
					
		  		  	(i)	  	Indebtedness for borrowed money (excluding the aggregate outstanding principal amount of Indebtedness under the Subordinated Intercompany Note),	 	                        
					
		  		  	(ii)	  	Capitalized Lease Obligations, and	 	                        
					
		  		  	(iii)	  	Attributable Indebtedness.	 	                        
				
		  	(b)	  	less up to $150 million of cash and Cash Equivalents (which are not Restricted Cash) that would be stated on the balance sheet of the Loan Parties as of such date of determination,3 	 	                        
			
		  	Consolidated Total Net Debt that is secured by Liens	 	                        
			
		  	Consolidated EBITDA (as set forth on Schedule 1-A):	 	                        
			
		  	Consolidated Total Net Debt secured by Liens to Consolidated EBITDA	 	[•]:1.00

  
  

Footnote continued from previous page.  

less than or equal to 4.50 to 1.00. 
  

	2	 Calculation of the Consolidated Net Secured Leverage Ratio to be included (1) in
connection with annual financial statements and (2) for so long as any 2022 Revolving Credit Commitments are outstanding, in connection with quarterly financial statements. 

	3	 provided that for purposes of determining the Consolidated Net Secured Leverage Ratio in connection with
the incurrence of any Incremental Facilities incurred pursuant to Section 2.14 of the Credit Agreement or any Permitted Debt Offerings incurred pursuant to Section 7.02(b)(20) of the Credit Agreement, the cash proceeds of
such Incremental Facilities and/or Permitted Debt Offering shall not be deemed to be included on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries. 

  
 C-9 

 SCHEDULE 2 
  

											
	(A)	  	Excess Cash Flow: for the most recently ended Excess Cash Flow Period, the excess, if any, of:	 	
			
	(1)	  	the sum, without duplication, of:	 	
				
		  	(a)	  	Consolidated Net Income of the Borrower and its Restricted Subsidiaries for such period:	 	
					
		  		  	(i)	  	the aggregate Net Income of the Borrower and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided, however, that, without
duplication:	 	                        
						
		  		  		  	(A)	  	any after-tax effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including
expenses relating to (i) severance and relocation costs, (ii) any rebranding or corporate name change or (iii) uninsured storm or other weather-related damage, in excess of $5 million for any single weather event) shall be
excluded,	 	                        
						
		  		  		  	(B)	  	the Net Income for such period shall not include the cumulative effect of a change in accounting principles during such period,	 	                        
						
		  		  		  	(C)	  	any after-tax effect of income (loss) from disposed or discontinued operations and any net after-tax gains or losses on disposal of disposed, abandoned
or discontinued operations shall be excluded,	 	                        
						
		  		  		  	(D)	  	any after-tax effect of gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions other than in the ordinary course of business, as determined in
good faith by the Borrower shall be excluded,	 	                        
						
		  		  		  	(E)	  	the 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 Borrower shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash or Cash Equivalents) to the Borrower or a Restricted Subsidiary in respect of such
period,	 	                        

  
 C-10 

											
		  		  		  	(F)	  	the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded if the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at
the date of determination wholly permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of 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 Borrower will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash or Cash Equivalents) to the Borrower or a Restricted Subsidiary thereof in
respect of such period, to the extent not already included therein,	 	                        
						
		  		  		  	(G)	  	any after-tax effect of income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments shall be excluded, and	 	                        
						
		  		  		  	(H)	  	any fees and expenses incurred during such period, or any amortization thereof for such period, in connection with the Transactions and any Acquisition, Investment, Disposition, issuance or repayment of Indebtedness, issuance of
Equity Interests, refinancing transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed) and any charges
or non-recurring merger costs incurred during such period as a result of any such transaction shall be excluded,	 	
				
		  	(b)	  	the amount of all non-cash charges (including depreciation and amortization) deducted in arriving at such Consolidated Net Income,	 	

  
 C-11 

											
		  	(c)	  	decreases in Consolidated Working Capital for such period:4 	 	
					
		  		  	(i)	  	Consolidated Working Capital on the first day of such period:	 	
						
		  		  		  	(A)	  	the excess of Consolidated Current Assets on such date,	 	                        
						
		  		  		  	(B)	  	over Consolidated Current Liabilities on such date,	 	                        
					
		  		  	(ii)	  	minus Consolidated Working Capital on the last day of such period:	 	
						
		  		  		  	(A)	  	the excess of Consolidated Current Assets on such date,	 	                        
						
		  		  		  	(B)	  	over Consolidated Current Liabilities on such date,	 	                        
				
		  	(d)	  	the aggregate net amount of non-cash loss on the disposition of property by the Borrower and its Restricted Subsidiaries during such period (other than sales of inventory in the
ordinary course of business), to the extent deducted in arriving at such Consolidated Net Income,	 	                        
				
		  	(e)	  	the amount by which Tax expense deducted in determining such Consolidated Net Income for such period exceeds Taxes (including penalties and interest) paid in cash (including, without duplication, any amounts paid in cash
pursuant to Section 7.05(k) of the Credit Agreement) or cash Tax reserves set aside or payable (without duplication) by the Borrower and its Subsidiaries in such period, and	 	                        
				
		  	(f)	  	the amount of any decrease in Consolidated Net Income as a result of the exclusion set forth in clause (c) of the definition thereof, and	 	                        
			
	(2)	  	over the sum, without duplication, of:	 	
				
		  	(a)	  	the amount of all non-cash credits included in arriving at such Consolidated Net Income,	 	                        

  

	4 	 To the extent the calculations pursuant to this clause (c) results in a positive number,
include such number here and to the extent such calculations result in a negative number, please include the absolute value of such number in clause (2)(d) below with respect to increases in Consolidated Working Capital for such period. For the
fiscal year ending December 31, 2017, decreases in Consolidated Working Capital shall be calculated without giving effect to the ETM Acquisition Closing Date Transactions.  

  
 C-12 

											
		  	(b)	  	the aggregate amount actually paid by the Borrower and its Restricted Subsidiaries in cash during such period on account of Capital Expenditures (excluding the principal amount of Indebtedness incurred in connection with
such Capital Expenditures (other than under the Revolving Credit Facility) and any such Capital Expenditures financed with the proceeds of any Reinvestment Deferred Amount),	 	                        
				
		  	(c)	  	the aggregate amount of all regularly scheduled principal payments of Funded Debt (including the Loans and any Capitalized Leases) of the Borrower and its Restricted Subsidiaries made during such period (other than in
respect of any revolving credit facility (including the Revolving Credit Facility) to the extent there is not an equivalent permanent reduction in commitments thereunder) (excluding any such principal payments that are financed with other
Indebtedness or satisfied with the proceeds of any Reinvestment Deferred Amount or the issuance of any Equity Interests by the Borrower or any Restricted Subsidiary),	 	                        
				
		  	(d)	  	increases in Consolidated Working Capital for such period,5 	 	                        
				
		  	(e)	  	the aggregate net amount of non-cash gain on the disposition of property by the Borrower and its Restricted Subsidiaries during such period (other than sales of inventory in the
ordinary course of business), to the extent included in arriving at such Consolidated Net Income,	 	                        
				
		  	(f)	  	the aggregate amount actually paid by the Borrower and its Restricted Subsidiaries in cash during such period on account of professional fees that have not been deducted in the calculation of Consolidated Net Income for
such period,	 	                        
				
		  	(g)	  	the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and its Restricted Subsidiaries during such period and financed with internally generated cash flow of the
Borrower and its Restricted Subsidiaries that are made in connection with the prepayment of Indebtedness to the extent such payments are not expensed during such period or are not deducted in calculating Consolidated Net Income,	 	                        
				
		  	(h)	  	the amount of Taxes (including penalties and interest) paid in cash (including, without duplication, any amounts paid in cash pursuant to Section 7.05(k) of the Credit Agreement) or cash Tax reserves set aside or
payable (without duplication) in such period to the extent they exceed the amount of Tax expense deducted in determining Consolidated Net Income for such period,	 	                        

  

	5 	 For the fiscal year ending December 31, 2017, increases in Consolidated Working Capital
shall be calculated without giving effect to the ETM Acquisition Closing Date Transactions. 

  
 C-13 

							
		  	(i)	  	the aggregate cash consideration paid by the Borrower or any of the Restricted Subsidiaries during such period in respect of Acquisitions, acquisitions of intellectual property (to the extent not constituting Capital Expenditures or
accounted for in the calculation of Consolidated Net Income) and Permitted Investments pursuant to clause (l) or (s) of the definition thereof, in each case, (A) to the extent such expenditures are permitted under the Credit
Agreement and (B) excluding the principal amount of Indebtedness incurred in connection with such expenditures (other than under the Revolving Credit Facility) and any such expenditures financed with the proceeds of any Reinvestment Deferred
Amount or the issuance of any Equity Interests by the Borrower or any Restricted Subsidiary,	 	                        
				
		  	(j)	  	the amount of Restricted Payments during such period by the Borrower and the Restricted Subsidiaries made pursuant to Section 7.05(e) and/or Section 7.05(l) of the Credit Agreement to the extent such Restricted
Payments were financed with internally generated cash flow of the Borrower and the Restricted Subsidiaries,	 	                        
				
		  	(k)	  	cash costs incurred during such period and excluded from the definition of Consolidated Net Income pursuant to clause (a) or (h) thereof, in each case to the extent not netted from or otherwise financed with the
proceeds of Indebtedness, a Disposition or the issuance of Equity Interests by the Borrower or any Restricted Subsidiary, and	 	                        
				
		  	(l)	  	the amount of any increase in Consolidated Net Income as a result of the exclusion set forth in clause (c) of the definition thereof	 	                        
			
		  	Excess Cash Flow	 	
			
		  	((1(a)+1(b)+1(c)+1(d)+1(e)+1(f))-	 	
		  	(2(a)+2(b)+2(c)+2(d)+2(e)+2(f)+2(g)+2(h)+2(i)+2(i)+2(k)+2(l))):	 	                        
			
	(B)	  	Mandatory Prepayment of Excess Cash Flow for the most recently ended Excess Cash Flow Period: an amount equal to	 	
				
		  	(a)	  	the Required ECF Percentage,	 	[•]%6 
				
		  	(b)	  	multiplied by the amount of Excess Cash Flow for such Excess Cash Flow Period,7 	 	

  

	6 	 50%; provided, that (a) if the Consolidated Net Secured Leverage Ratio as of the end of
such fiscal year (based on Schedule 1) is less than or equal to 3.00 to 1.00 but greater than 2.50 to 1.00, such percentage shall be 25%, and (b) if the Consolidated Net Secured Leverage Ratio as of the end of such fiscal year
(based on Schedule 1) is less than or equal to 2.50 to 1.00, such percentage shall be 0%. 

  
 C-14 

									
		 	(c)	  	minus, to the extent not financed with the proceeds of the incurrence of Indebtedness having a maturity of more than twelve (12) months from the date of incurrence thereof and not previously deducted pursuant
to this clause (c) in any prior period, the amount of any optional prepayments of principal made by the Borrower during such Excess Cash Flow Period of:	 	
					
		 		  	(1)	  	Term Loans (provided, that with respect to any prepayment of Term Loans below the par value thereof, the aggregate amount of such prepayment for purposes of this clause shall be the amount of the Borrower’s cash payment
in respect of such prepayment), and	 	                        
					
		 		  	(2)	  	the Revolving Credit Loans (to the extent Revolving Credit Commitments are permanently reduced by the amount of, and at the time of, such prepayments).	 	                        
			
		 	Mandatory Prepayment of Excess Cash Flow	 	
			
		 	((axb)-(c(1)+c(2))):	 	                        

 IN WITNESS WHEREOF, the undersigned, in his/her capacity as a Responsible Officer of the Borrower, has
executed this certificate for and on behalf of the Borrower and has caused this certificate to be delivered as of the first date written above. 
  

			
	ENTERCOM MEDIA CORP.
		
	By:	 	  

		 	Name:
		 	Title:

  
  

Footnote continued from previous page. 
  

	7 	 See calculations in part (A) above. 

  
 C-15Exhibit 4.1

 

STERLING BANCORP

 

Issuer

 

and

 

U.S. BANK NATIONAL ASSOCIATION

 

Trustee

 

INDENTURE

 

Dated as of December 16, 2019

 

SUBORDINATED DEBT SECURITIES

 

     

     

    

   

STERLING BANCORP

 

CERTAIN SECTIONS OF THIS INDENTURE RELATING
TO

SECTIONS 310 THROUGH 318, INCLUSIVE, OF THE

TRUST INDENTURE ACT OF 1939:

 

	Trust Indenture Act Section	 	Indenture Section	 
	§310(a)(1)	 	 	609	 
	(a)(2)	 	 	609	 
	(a)(3)	 	 	Not Applicable	 
	(a)(4)	 	 	Not Applicable	 
	 (b)	 	 	608; 610	 
	§311(a)	 	 	613	 
	(b)	 	 	613	 
	§312(a)	 	 	701; 702	 
	(b)	 	 	702	 
	(c)	 	 	702	 
	§313(a)	 	 	703	 
	(b)	 	 	703	 
	(c)	 	 	703	 
	(d)	 	 	703	 
	§314(a)	 	 	704	 
	(a)(4)	 	 	1004	 
	(b)	 	 	Not Applicable	 
	(c)(1)	 	 	102	 
	(c)(2)	 	 	102	 
	(c)(3)	 	 	Not Applicable	 
	(d)	 	 	Not Applicable	 
	(e)	 	 	102	 
	§315(a)	 	 	601, 603	 
	(b)	 	 	602	 
	(c)	 	 	601	 
	(d)	 	 	601	 
	(e)	 	 	514	 
	§316(a)	 	 	101	 
	(a)(1)(A)	 	 	502; 512	 
	(a)(1)(B)	 	 	513	 
	(a)(2)	 	 	Not Applicable	 
	(b)	 	 	508	 
	(c)	 	 	104	 
	§317(a)(1)	 	 	503	 
	(a)(2)	 	 	504	 
	(b)	 	 	1003	 
	§318(a)	 	 	107	 

  

 

NOTE: This reconciliation and
tie shall not, for any purpose, be deemed to be a part of the Indenture.

  

    i

     

    

 

TABLE OF CONTENTS

 

	 	 	 	 	Page
	 
	 	 	 	 	 	 
	Article I.
	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 	 	 	 	 	 
	Section 101.	 	Definitions	 	 	1	 
	Section 102.	 	Compliance Certificates and Opinions	 	 	6	 
	Section 103.	 	Form of Documents Delivered to Trustee	 	 	6	 
	Section 104.	 	Acts of Holders; Record Dates	 	 	7	 
	Section 105.	 	Notices, Etc., to Trustee and the Company	 	 	8	 
	Section 106.	 	Notice to Holders; Waiver	 	 	8	 
	Section 107.	 	Conflict with Trust Indenture Act	 	 	8	 
	Section 108.	 	Effect of Headings and Table of Contents	 	 	8	 
	Section 109.	 	Successors and Assigns	 	 	8	 
	Section 110.	 	Separability Clause	 	 	8	 
	Section 111.	 	Benefits of Indenture	 	 	9	 
	Section 112.	 	Governing Law	 	 	9
	Section 113.	 	Legal Holidays	 	 	9	 
	Section 114.	 	Language of Notices, Etc.	 	 	9	 
	Section 115.	 	Interest Limitation	 	 	9	 
	Section 116.	 	No Personal Liability of Officers, Directors, Employees or Shareholders	 	 	10	 
	Section 117.	 	Applicability of Depositary	 	 	10	 
	 	 	 	 	 	 	 
	Article II.
	 
	SECURITY FORMS
	 	 	 	 	 	 	 
	Section 201.	 	Forms Generally	 	 	10	 
	Section 202.	 	Form of Face of Security	 	 	10	 
	Section 203.	 	Form of Reverse of Security	 	 	13	 
	Section 204.	 	Section 204	 	 	16	 
	Section 205.	 	Form of Trustee’s Certificate and Authorization	 	 	17	 
	 	 	 	 	 	 	 
	Article III.
	
	 
	THE SECURITIES
	 	 	 	 	 	 	 
	Section 301.	 	Amount Unlimited; Issuable in Series	 	 	17	 
	Section 302.	 	Denominations	 	 	19	 
	Section 303.	 	Execution, Authentication, Delivery and Dating	 	 	19	 
	Section 304.	 	Temporary Securities	 	 	21	 
	Section 305.	 	Registration, Registration of Transfer and Exchange	 	 	21	 
	Section 306.	 	Mutilated, Destroyed, Lost and Stolen Securities	 	 	23	 
	Section 307.	 	Payment of Interest; Interest Rights Preserved	 	 	23	 

 

    ii

     

    

 

	Section 308.	 	Persons Deemed Owners	 	 	24	 
	Section 309.	 	Cancellation	 	 	24	 
	Section 310.	 	Computation of Interest	 	 	25	 
	Section 311.	 	CUSIP Numbers	 	 	25	 
	 	 	 	 	 	 	 
	Article IV.
	
	 
	SATISFACTION AND DISCHARGE
	 	 	 	 	 	 	 
	Section 401.	 	Satisfaction and Discharge of Indenture	 	 	25	 
	Section 402.	 	Application of Trust Money	 	 	26	 
	 	 	 	 	 	 	 
	Article V.
	
	 
	REMEDIES
	 	 	 	 	 	 	 
	Section 501.	 	Events of Default	 	 	26	 
	Section 502.	 	Acceleration of Maturity; Rescission and Annulment	 	 	27	 
	Section 503.	 	Collection of Indebtedness and Suits for Enforcement by Trustee	 	 	27	 
	Section 504.	 	Trustee May File Proofs of Claim	 	 	28	 
	Section 505.	 	Trustee May Enforce Claims Without Possession of Securities	 	 	28	 
	Section 506.	 	Application of Money Collected	 	 	28	 
	Section 507.	 	Limitation on Suits	 	 	29	 
	Section 508.	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	 	 	29	 
	Section 509.	 	Restoration of Rights and Remedies	 	 	29	 
	Section 510.	 	Rights and Remedies Cumulative	 	 	29	 
	Section 511.	 	Delay or Omission Not Waiver	 	 	30	 
	Section 512.	 	Control by Holders	 	 	30
	Section 513.	 	Waiver of Past Defaults	 	 	30	 
	Section 514.	 	Undertaking for Costs	 	 	30	 
	 	 	 	 	 	 	 
	Article VI.
	
	 
	THE TRUSTEE
	 	 	 	 	 	 	 
	Section 601.	 	Certain Duties and Responsibilities	 	 	31	 
	Section 602.	 	Notice of Defaults	 	 	31	 
	Section 603.	 	Certain Rights of Trustee	 	 	32	 
	Section 604.	 	Not Responsible for Recitals or Issuance of Securities	 	 	32	 
	Section 605.	 	May Hold Securities	 	 	33	 
	Section 606.	 	Money Held in Trust	 	 	33	 
	Section 607.	 	Compensation and Reimbursement	 	 	33	 
	Section 608.	 	Disqualification; Conflicting Interests	 	 	33	 
	Section 609.	 	Corporate Trustee Required; Eligibility	 	 	34	 
	Section 610.	 	Resignation and Removal; Appointment of Successor	 	 	34	 
	Section 611.	 	Acceptance of Appointment by Successor	 	 	35	 
	Section 612.	 	Merger, Conversion, Consolidation or Succession to Business	 	 	36	 

 

    iii

     

    

 

	Section 613.	 	Preferential Collection of Claims Against the Company	 	 	36	 
	Section 614.	 	Appointment of Authenticating Agent	 	 	36	 
	 	 	 	 	 	 	 
	Article VII.
	
	 
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY
	 	 	 	 	 	 	 
	Section 701.	 	The Company to Furnish Trustee Names and Addresses of Holders	 	 	37
	Section 702.	 	Preservation of Information; Communications to Holders	 	 	37
	Section 703.	 	Reports by Trustee	 	 	37	 
	Section 704.	 	Reports by the Company	 	 	38	 
	 	 	 	 	 	 	 
	Article VIII.
	
	 
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	 	 	 	 	 	 	 
	Section 801.	 	The Company May Consolidate, Etc., Only on Certain Terms	 	 	38
	Section 802.	 	Successor Substituted	 	 	38	 
	 	 	 	 	 	 	 
	Article IX.
	
	 
	SUPPLEMENTAL INDENTURES
	 	 	 	 	 	 	 
	Section 901.	 	Supplemental Indentures Without Consent of Holders	 	 	39	 
	Section 902.	 	Supplemental Indentures with Consent of Holders	 	 	39	 
	Section 903.	 	Execution of Supplemental Indentures	 	 	40	 
	Section 904.	 	Effect of Supplemental Indentures	 	 	40	 
	Section 905.	 	Conformity with Trust Indenture Act	 	 	40	 
	Section 906.	 	Reference in Securities to Supplemental Indentures	 	 	40	 
	 	 	 	 	 	 	 
	Article X.
	
	 
	COVENANTS
	 	 	 	 	 	 	 
	Section 1001.	 	Payment of Principal, Premium and Interest	 	 	41	 
	Section 1002.	 	Maintenance of Office or Agency	 	 	41	 
	Section 1003.	 	Money for Securities Payments to Be Held in Trust	 	 	41	 
	Section 1004.	 	Statement by Officers as to Default	 	 	42
	Section 1005.	 	Waiver of Certain Covenants	 	 	42	 
	 	 	 	 	 	 	 
	Article XI.
	
	 
	REDEMPTION OF SECURITIES
	 	 	 	 	 	 	 
	Section 1101.	 	Applicability of Article	 	 	43	 
	Section 1102.	 	Election to Redeem; Notice to Trustee	 	 	43	 
	Section 1103.	 	Selection by Trustee of Securities to be Redeemed	 	 	43
	Section 1104.	 	Notice of Redemption	 	 	43	 
	Section 1105.	 	Deposit of Redemption Price	 	 	44	 
	Section 1106.	 	Securities Payable on Redemption Date	 	 	44	 
	Section 1107.	 	Securities Redeemed in Part	 	 	44	 

 

    iv

     

    

 

	Article XII.
	
	 
	SINKING FUNDS
	 	 	 	 	 	 	 
	Section 1201.	 	Applicability of Article	 	 	44	 
	Section 1202.	 	Satisfaction of Sinking Fund Payments with Securities	 	 	45	 
	Section 1203.	 	Redemption of Securities for Sinking Fund	 	 	45	 
	 	 	 	 	 	 	 
	Article XIII.
	
	 
	DEFEASANCE
	 	 	 	 	 	 	 
	Section 1301.	 	Applicability of Article	 	 	45	 
	Section 1302.	 	Legal Defeasance	 	 	45	 
	Section 1303.	 	Covenant Defeasance	 	 	46
	Section 1304.	 	Application by Trustee of Funds Deposited for Payment of Securities	 	 	47	 
	Section 1305.	 	Repayment to the Company	 	 	48	 
	Section 1306.	 	Reinstatement	 	 	48	 
	 	 	 	 	 	 	 
	Article XIV.
	
	 
	SUBORDINATION OF SECURITIES
	 	 	 	 	 	 	 
	Section 1401.	 	Securities Subordinated to Senior Debt	 	 	48	 

 

    v

     

    

  

INDENTURE dated as of December 16, 2019,
between STERLING BANCORP, a Delaware corporation (the “Company”), having its principal office at 400 Rella Boulevard,
Montebello, New York, 10901, and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the
laws of the United States of America (the “Trustee”), having a corporate trust office at 100 Wall Street, 6th
Floor, New York, New York 10005.

 

RECITALS OF THE COMPANY

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its unsecured subordinated debentures, notes or
other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in this Indenture.

 

All things necessary to make this Indenture
a valid agreement of the Company, in accordance with its terms, have been done.

 

This Indenture is subject to the provisions
of the Trust Indenture Act that are required to be a part of this Indenture and, to the extent applicable, shall be governed by
such provisions.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises
and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all
Holders of the Securities or of any series thereof, as follows:

 

Article
I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section
101.              
Definitions

 

For all purposes of this Indenture, except
as otherwise expressly provided or unless the context otherwise requires:

 

(1) the terms defined in this Article have
the meanings assigned to them in this Article and include the plural as well as the singular;

 

(2) all other terms used herein which are
defined in the Trust Indenture Act, either directly, or by reference therein, have the meanings assigned to them therein;

 

(3) all accounting terms not otherwise
defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States,
and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with
respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the
United States at the date of such computation;

 

(4) 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; and

 

(5) the words “Article”
and “Section” refer to an Article and Section, respectively, of this Indenture.

 

“Act”, when used with
respect to any Holder, has the meaning specified in Section 104.

 

“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 the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

    	 	1	 

     

    

 

“Authenticating Agent”
means any Person authorized by the Trustee pursuant to Section 614 to act on behalf of the Trustee to authenticate Securities
of one or more series.

 

“Authorized Newspaper”
means a newspaper, in the English language or in an official language of the country of publication, customarily published on each
Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection
with which the term is used or in the financial community of such place.

 

“Bankruptcy Law” means
Title 11, U.S. Code, or any similar federal or state law for the relief of debtors or the protection of creditors.

 

“Board of Directors”
means the board of directors of the Company, or the executive or any other committee of that board duly authorized to act in respect
thereof.

 

“Board Resolution” means
a copy of a resolution certified by the Corporate Secretary of the Company, the principal financial officer of the Company or any
other authorized officer of the Company or a Person duly authorized by any of them, to have been duly adopted by the Board of Directors
and to be in full force and effect on the date of such certification, and delivered to the Trustee. Where any provision of this
Indenture refers to action to be taken pursuant to a Board Resolution (including the establishment of any series of the Securities
and the forms and terms thereof), such action may be taken by any committee, officer or employee of the Company authorized to take
such action by the Board of Directors as evidenced by a Board Resolution.

 

“Business Day”, when
used with respect to any Place of Payment or other location, means, except as otherwise provided as contemplated by Section 301
with respect to any series of Securities, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment or other location are authorized or obligated by law, executive order or regulation to close.

 

“Commission” means the
Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at any time after the
execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time.

 

“Company” means the
Person named as the “Company” in the first paragraph of this Indenture until a successor Person shall have become
such pursuant to the applicable provisions of this instrument, and thereafter “Company” shall mean such successor Person.

 

“Company Request” or
“Company Order” means a written request or order signed in the name of the Company by the Chairman of the Board,
the Vice Chairman, the President or a Vice President of the Company, and by the Treasurer or Secretary of the Company, and delivered
to the Trustee.

 

“Corporate Trust Office”
means the designated office of the Trustee at which at any particular time its corporate trust business shall be principally administered,
which at the date hereof is 100 Wall Street, 6th Floor, New York, New York 10005.

 

“Corporation” means
a corporation, association, partnership (general or limited), limited liability company, joint-stock company or business trust.

 

“Covenant defeasance”
has the meaning specified in Section 1303.

 

“Custodian” means any
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Debt” means any debt
for money borrowed.

 

“Default” means, with
respect to a series of Securities, any event which is, or after notice or lapse of time or both would become, an Event of Default
with respect to Securities of such series.

 

“Defaulted Interest”
has the meaning specified in Section 307.

 

    	 	2	 

     

    

 

“Defeasance” has the
meaning specified in Section 1302.

 

“Definitive Security”
means a Security other than a Global Security or a temporary Security.

 

“Depositary” means,
with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing
agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301,
until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter shall
mean or include each Person which is then a Depositary hereunder, and if at any time there is more than one such Person, shall
be a collective reference to such Persons.

 

“Dollar” or “$”
means the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public
and private debts.

 

“Event of Default” has
the meaning specified in Section 501.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended from time to time, and any statute successor thereto.

 

“Fiscal Year” means,
with respect to the Company, each 12-month period beginning on January 1 and ending on December 31; provided,
however, that, with respect to a series of Securities, the first fiscal year will begin on the date such series of Securities
is authenticated and delivered under this Indenture. The Company will notify the Trustee if its fiscal year changes.

 

“Global Security” means
a Security in global form that evidences all or part of the Securities of any series and is registered in the name of the Depositary
for such Securities or a nominee thereof.

 

“Holder” means a Person
in whose name a Security is registered in the Security Register.

 

“Indenture” means this
instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument, and any such
supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and
any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series
of Securities established as contemplated by Section 301.

 

“Interest”, when used
with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable
after Maturity.

 

“Interest Payment Date”,
when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Maturity”, when used
with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due
and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption
or otherwise.

 

“Notice of Default”
means a written notice of the kind specified in Section 501(3).

 

“Officers’ Certificate”
of a Person means a certificate signed by any two of the Chairman of the Board, the Vice Chairman, the Chief Executive Officer
and/or President, Chief Financial Officer or a Vice President of the Person, or if such Person is a partnership, of its general
partner, and delivered to the Trustee. One of the officers or such other Persons (as applicable) signing an Officers’ Certificate
given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the Person, or if such
Person is a partnership, of its general partner.

 

    	 	3	 

     

    

 

“Opinion of Counsel”
means a written opinion of legal counsel, who may be an employee of or counsel for the Company, which opinion shall comply with
the provisions of Sections 102 and 103. Such counsel shall be acceptable to the Trustee, whose acceptance shall not be unreasonably
withheld.

 

“Original Issue Discount Security”
means any Security which provides for an amount less than the stated principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 502.

 

“Outstanding”, when
used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:

 

(i) Securities theretofore canceled by
the Trustee or delivered to the Trustee for cancellation;

 

(ii) Securities for whose payment or redemption
money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust
or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such
Securities; provided, however, that, if such Securities are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor has been made;

 

(iii) Securities which have been paid pursuant
to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this
Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory
to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;
and

 

(iv) Securities, except to the extent provided
in Sections 1302 and 1303, with respect to which the Company has effected defeasance or covenant defeasance as provided in
Article XIII;

 

provided, however, that in determining whether
the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, (A) the principal amount of an Original Issue Discount Security that shall be deemed
to be Outstanding shall be the amount of the principal thereof that would be due and payable as of the date of such determination
upon acceleration of the Maturity thereof on such date pursuant to Section 502, (B) the principal amount of a Security
denominated in one or more currencies or currency units other than U.S. dollars shall be the U.S. dollar equivalent of
such currencies or currency units, determined in the manner provided as contemplated by Section 301 on the date of original
issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the U.S. dollar
equivalent (as so determined) on the date of original issuance of such Security, of the amount determined as provided in Clause (A)
above) of such Security, and (C) Securities owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether
the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only
Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned as described in Clause (C)
above which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other
obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 

“Paying Agent” means
any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.

 

“Periodic Offering”
means an offering of Securities of a series from time to time, the specific terms of which Securities, including, without limitation,
the rate or rates of interest or formula for determining the rate or rates of interest thereon, if any, the Stated Maturity or
Stated Maturities thereof, the original issue date or dates thereof, the redemption provisions, if any, with respect thereto, and
any other terms specified as contemplated by Section 301 with respect thereto, are to be determined by the Company upon the
issuance of such Securities.

 

“Person” means any individual,
corporation, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision
thereof.

 

    	 	4	 

     

    

 

“Place of Payment”,
when used with respect to the Securities of any series, means, unless otherwise specifically provided for with respect to such
series as contemplated by Section 301, the office or agency of the Company in 400 Rella Boulevard, Montebello, New York, 10901
and such other place or places where, subject to the provisions of Section 1002, the principal of and any premium and interest
on the Securities of that series are payable as specified as contemplated by Section 301.

 

“Predecessor Security”
of any particular Security means every previous Security evidencing all or a portion of the same Debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306
in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same Debt as the
mutilated, destroyed, lost or stolen Security.

 

“Redemption Date”, when
used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

 

“Redemption Price”,
when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record Date”
for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose
as contemplated by Section 301.

 

“Securities” has the
meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under
this Indenture.

 

“Security Register”
and “Security Registrar” have the respective meanings specified in Section 305.

 

“Special Record Date”
for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307.

 

“Stated Maturity”, when
used with respect to the principal of any Security or any installment of principal thereof or interest thereon, means the date
specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest
is due and payable.

 

“Subsidiary” means,
with respect to any Person, any entity of which more than 50% of the total voting power of the equity interests entitled, without
regard to the occurrence of any contingency, to vote in the election of directors, managers or trustees thereof; or any partnership
of which more than 50% of the partners’ equity interests, considering all partners’ equity interests as a single class,
is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person
or combination thereof.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed, except as otherwise provided
in Section 905; provided, however, that if the Trust Indenture Act of 1939 is amended after such date, “Trust
Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

“Trustee” means the
Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person
who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect
to the Securities of any series shall mean each Trustee with respect to Securities of that series.

 

“U.S. Government Obligations”
means securities which are (i) direct obligations of the United States for the payment of which its full faith and credit
is pledged, or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the
United States, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, each
of which are not callable or redeemable at the option of the issuer thereof.

 

“Vice President”, when
used with respect to the Company, means any vice president of the Company, or when used with respect to the Trustee, means any
vice president of the Trustee.

 

    	 	5	 

     

    

 

Section
102.              
Compliance Certificates and Opinions

 

Upon any application or request by the
Company to the Trustee to take or refrain from taking any action under any provision of this Indenture, the Company shall furnish
to the Trustee an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the
opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed
action have been complied with, and an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating
that, in the opinion of such counsel, all such conditions precedent have been complied with. Each such certificate or opinion shall
be given in the form of an Officers’ Certificate, if to be given by officers of the Company, or an Opinion of Counsel, if
to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth
in this Indenture.

 

Every Officers’ Certificate or Opinion
of Counsel (except for certificates provided for in Section 1004) shall include:

 

(1) a statement that each individual signing
such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

 

(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
each 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, in the opinion
of each such individual, such condition or covenant has been complied with.

 

Section
103.              
Form of Documents Delivered to Trustee

 

In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an officer
of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company, stating that the information with respect to such factual matters is in the possession of the Company,
unless such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous.

 

Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.

 

    	 	6	 

     

    

 

Section
104.              
Acts of Holders; Record Dates

 

Any request, demand, authorization, direction,
notice, consent, waiver or other action provided or permitted by this Indenture to be given or taken by Holders may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed (either physically or by means of a facsimile
or an electronic transmission, provided that such electronic transmission is transmitted through the facilities of a Depositary)
by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered (either physically or by means of a facsimile or an electronic
transmission, provided that such electronic transmission is transmitted through the facilities of a Depositary) to the Trustee
and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee and the Company, if made
in the manner provided in this Section.

 

Without limiting the generality of the
foregoing, a Holder, including a Depositary that is a Holder of a Global Security, may make, give or take, by a proxy or proxies,
duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this
Indenture to be made, given or taken by Holders, and a Depositary that is a Holder of a Global Security may provide its proxy or
proxies to the beneficial owners of interests in any such Global Security. With respect to any Global Security the Depositary for
which is The Depository Trust Company (“DTC”), any consent or other action given, made or taken by an “agent
member” of DTC by electronic means in accordance with the Automated Tender Offer Procedures system or other applicable procedures
of, and pursuant to authorization by, DTC shall be deemed to constitute the “Act” of the Holder of such Global Security,
and such Act shall be deemed to have been delivered to the Company and the Trustee upon the delivery by DTC of an “agent’s
message” or other notice of such consent or other action having been so given, made or taken in accordance with the applicable
procedures of DTC.

 

The fact and date of the execution by any
Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a
notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such
instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other
than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and
date of the execution of any such instrument or writing or the authority of the Person executing the same, may also be proved in
any other manner which the Trustee deems sufficient.

 

The ownership, principal amount and serial
numbers of Securities held by any Person, and the date of commencement of such Person’s holding the same, shall be proved
by the Security Register.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other action of the Holder of any Security shall bind every future Holder of the same Security and the
Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect
of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of
such action is made upon such Security.

 

Without limiting the foregoing, a Holder
entitled hereunder to give or take any action hereunder with regard to any particular Security may do so with regard to all or
any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any different part of such principal amount.

 

The Company may set any day as the record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given or taken
by Holders of Securities of such series, but the Company shall have no obligation to do so. With regard to any record date set
pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date (or their duly appointed
agents), and only such Persons, shall be entitled to give or take the relevant action, whether or not such Holders remain Holders
after such record date.

 

    	 	7	 

     

    

 

Section
105.              
Notices, Etc., to Trustee and the Company

 

Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with,

 

(1) the Trustee by any Holder or by the
Company shall be sufficient for every purpose hereunder if made in writing and actually received by the Trustee at its office at
100 Wall Street, 6th Floor, New York, New York 10005, or at any other address previously furnished in writing by the
Trustee, or

 

(2) the Company by the Trustee or by any
Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to the Company, addressed to it at 400 Rella Boulevard, Montebello, New York, 10901, to the attention of the Corporate
Secretary, or at any other address previously furnished in writing to the Trustee by the Company.

 

Section
106.              
Notice to Holders; Waiver

 

Where this Indenture provides for notice
to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid (if international mail, by air mail), to each Holder affected by such event, at his address
as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect
to other Holders. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received
by such Holder, whether or not such Holder actually receives such notice.

 

Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

In case 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.

 

Where this Indenture provides for notice
or other communication with respect to any event to a Holder of a Global Security, such notice or other communication shall be
sufficiently given if given to the Depositary for such Security (or its designee), pursuant to its applicable procedures, not later
than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice or other
communication.

 

Section
107.              
Conflict with Trust Indenture Act

 

If any provision hereof limits, qualifies
or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture,
the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture
Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or excluded,
as the case may be. Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by
reference in and made a part of this Indenture.

 

Section
108.              
Effect of Headings and Table of Contents

 

The Article and Section headings herein
and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section
109.              
Successors and Assigns

 

All covenants and agreements in this Indenture
and the Securities by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section
110.              
Separability Clause

 

In case any provision in this Indenture
or in the Securities 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.

 

    	 	8	 

     

    

 

Section
111.              
Benefits of Indenture

 

Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the holders of any
designated senior debt and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section
112.              
Governing Law

 

This Indenture and the Securities shall
be governed by and construed in accordance with the law of the state of New York.

 

Section
113.              
Legal Holidays

 

In any case where any Interest Payment
Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding
any other provision of this Indenture or of the Securities (other than a provision of the Securities of any series which specifically
states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) need not
be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with
the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that
no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case
may be.

 

Section
114.              
Language of Notices, Etc.

 

Any request, demand, authorization, direction,
notice, consent, waiver or Act required or permitted under this Indenture shall be in the English language, except that any published
notice may be in an official language of the country of publication.

 

Section
115.              
Interest Limitation

 

It is the intention of the Company to conform
strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if
the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to
the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes
interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable
law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall
have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the
maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes
interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be
credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded
to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect
to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made,
to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security
all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such
Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of
the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of
time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount
of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture
or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest
that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest.

 

The right to accelerate maturity of any
Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration,
provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with
the terms of the Indenture and such Security.

 

    	 	9	 

     

    

 

Section
116.              
No Personal Liability of Officers, Directors, Employees or Shareholders

 

Obligations of the Company under this Indenture
and the Securities hereunder are payable only out of cash flow and assets of the Company. The Trustee, and each Holder of a Security
by its acceptance thereof, will be deemed to have agreed in this Indenture that no director, officer, employee, or shareholder,
as such, of the Company, the Trustee, or any Affiliate of any of the foregoing entities shall have any personal liability in respect
of the obligations of the Company under this Indenture or such Securities by reason of his, her or its status. The agreements set
forth in this Section are part of the consideration for the issuance of the Securities.

 

Section
117.              
Applicability of Depositary

 

Notwithstanding any other provision of
this Indenture, so long as a series of Securities is a Global Security, the parties hereto will be bound at all times by the applicable
procedures of the Depositary with respect to such series.

 

Article
II

SECURITY FORMS

 

Section
201.              
Forms Generally

 

The Securities of each series shall be
in substantially the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply with applicable laws or the rules of any securities
exchange or automated quotation system on which the Securities of such series may be listed or traded or of any Depositary therefor
or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the
Securities. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by an authorized officer or other authorized Person on behalf of the Company
and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication
and delivery of such Securities. Any form of Security approved by or pursuant to a Board Resolution must be acceptable as to form
by the Trustee, such acceptance to be evidenced by the Trustee’s authentication of Securities in that form.

 

The Definitive Securities shall be printed,
lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing
such Securities, as evidenced by their execution of such Securities.

 

Section
202.              
Form of Face of Security

 

[Insert any legend required by the United
States Internal Revenue Code and the regulations thereunder.]

 

[If a Global Security, insert legend required
by Section 204 of the Indenture]

 

[If applicable, insert—UNLESS
THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE COMPANY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

 

    	 	10	 

     

    

 

STERLING BANCORP

 

[TITLE OF SECURITY]

 

	NO.	 	U.S. $

 

[CUSIP No.]

 

STERLING BANCORP, a Delaware corporation
(herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to),
for value received, hereby promises to pay to [       ], or registered assigns, the principal sum of [        ] United States Dollars [state
other currency] on [        ] [if the Security is to bear interest prior to Maturity, insert—, and to pay interest thereon from
[        ], or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on [        ] and
[        ] in each year, commencing [        ] , at the rate of [        ] % per annum, until the principal hereof is paid or made available for payment
[if applicable, insert—, and at the rate of [        ] % per annum on any overdue principal and premium and on any overdue installment
of interest]. [If applicable, insert—The amount of interest payable for any period shall be computed on the basis of twelve
30-day months and a 360-day year. The amount of interest payable for any partial period shall be computed on the basis of a 360-day
year of twelve 30-day months and the days elapsed in any partial month. In the event that any date on which interest is payable
on this Security is not a Business Day, then a payment of the interest payable on such date will be made on the next succeeding
day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect
as if made on the date the payment was originally payable. A “Business Day” shall mean, when used with respect to any
Place of Payment, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that
Place of Payment are authorized or obligated by law, executive order or regulation to close.] The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which shall be the [        ] or [        ] (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
of which shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or
be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation
system on which the Securities of this series may be listed or traded, and upon such notice as may be required by such exchange
or automated quotation system, all as more fully provided in such Indenture].

 

[If the Security is not to bear interest
prior to Maturity, insert—The principal of this Security shall not bear interest except in the case of a default in payment
of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal of this Security shall
bear interest at the rate of [        ] % per annum, which shall accrue from the date of such default in payment to the date payment of
such principal has been made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest
on any overdue principal that is not so paid on demand shall bear interest at the rate of [        ] % per annum, which shall accrue from
the date of such demand for payment to the date payment of such interest has been made or duly provided for, and such interest
shall also be payable on demand.]

 

[If a Global Security, insert—Payment
of the principal of [(and premium, if any)] and [if applicable, insert-any such] interest on this Security will be made by transfer
of immediately available funds to a bank account in [        ] designated by the Holder in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts [state other currency].]

 

    	 	11	 

     

    

 

[If a Definitive Security, insert—Payment
of the principal of [(and premium, if any)] and [if applicable, insert—any such] interest on this Security will be made at
the office or agency of the Company maintained for that purpose in [        ], [in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts] [state other currency] [or subject to any laws
or regulations applicable thereto and to the right of the Company (as provided in the Indenture) to rescind the designation of
any such Paying Agent, at the [main] offices of [        ] in [        ] and [        ] in [        ], or at such other offices or agencies as the Company
may designate, by [United States Dollar] [state other currency] check drawn on, or transfer to a [United States Dollar] account
maintained by the payee with, a bank in [        ] (so long as the applicable Paying Agent has received proper transfer instructions in
writing at least [        ] days prior to the payment date)] [if applicable, insert—; provided, however, that payment
of interest may be made at the option of the Company by [United States Dollar] [state other currency] check mailed to the addresses
of the Persons entitled thereto as such addresses shall appear in the Security Register] [or by transfer to a [United States Dollar]
[state other currency] account maintained by the payee with a bank in [        ] [state other Place of Payment] (so long as the applicable
Paying Agent has received proper transfer instructions in writing by the Record Date prior to the applicable Interest Payment Date)].]

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

    	 	12	 

     

    

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

 

	Dated:	 	 	 	 
	 	 	 	 	 
		 	 	STERLING
    BANCORP
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

Section
203.              
Form of Reverse of Security

 

This Security is one of a duly authorized
issue of securities of the Company (the “Securities”), issued and to be issued in one or more series under an Indenture
dated as of December [16], 2019 (the “Indenture”), between the Company and U.S. Bank National Association, as Trustee
(the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, obligations, duties
and immunities thereunder of the Company, the Trustee, the Holders of any designated senior debt and the Holders of the Securities
and of the terms upon which the Securities are, and are to be, authenticated and delivered. As provided in the Indenture, the Securities
may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest, if any, at different rates, may be subject to different redemption provisions, if any, may
be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default
and may otherwise vary as in the Indenture provided or permitted. This Security is one of the series designated on the face hereof
[if applicable, insert—, limited in aggregate principal amount to U.S. $ [        ]].

 

[If applicable, insert—The
Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail,
[if applicable, insert—(1) on in any year commencing with the year [        ] and
ending with the year [        ] through operation of the sinking fund for this series at a
Redemption Price equal to 100% of the principal amount, and (2)] at any time [if applicable, insert—on or after
[        ]], as a whole or in part, at the election of the Company, at the following
Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert—on or before [
       ], [       ] %, and if redeemed] during the
12-month period beginning [        ] of the years indicated,

  

	Year	 	Redemption Price for 

Redemption Through Operation 

of the Sinking Fund	 	 	Redemption Price for Redemption

 Otherwise Than Through Operation of

 the Sinking Fund	 
	 	 	 	 	 	 	 	 	 

  

and thereafter at a Redemption Price equal
to [        ] % of the principal amount, together in the case of any such redemption [if applicable, insert—(whether through operation
of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity
is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities,
of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

    	 	13	 

     

    

 

[If applicable, insert—The Securities
of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, (1) on [
       ] in any year commencing with the year [        ] and ending with the year [        ] through operation of the sinking fund for this series at
the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set
forth in the table below, and (2) at any time [if applicable, insert—on or after [        ]], as a whole or in part, at the
election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning of the years
indicated,

 

	Year	 	Redemption Price for 

Redemption Through Operation 

of the Sinking Fund	 	 	Redemption Price for Redemption

 Otherwise Than Through Operation of

 the Sinking Fund	 
	 	 	 	 	 	 	 	 	 

  

and thereafter at a Redemption Price equal
to     % of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise)
with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business
on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable, insert—The sinking
fund for this series provides for the redemption on [         ] in each year beginning with the year [          ] and ending with the year of [if
applicable,—not less than $ [         ] (“mandatory sinking fund”) and not more than] $ [          ] aggregate principal amount
of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise than through [if applicable,—mandatory]
sinking fund payments may be credited against subsequent [if applicable,—mandatory] sinking fund payments otherwise required
to be made [if applicable,—in the inverse order in which they become due].]

 

[If the Security is subject to redemption
in part of any kind, insert—In the event of redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.]

 

[If applicable, insert—The Securities
of this series are not redeemable prior to Stated Maturity.]

 

[If the Security is not an Original Issue
Discount Security, insert—If an Event of Default with respect to Securities of this series shall occur and be continuing,
the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the
Indenture.]

 

[If the Security is an Original Issue Discount
Security, insert—If an Event of Default with respect to Securities of this series shall occur and be continuing, an amount
of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the
Indenture. Such amount shall be equal to—insert formula for determining the amount. Upon payment (1) of the amount of principal
so declared due and payable, and (2) of interest on any overdue principal and overdue interest, all of the Company’s obligations
in respect of the payment of the principal of and interest, if any, on the Securities of this series shall terminate.]

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of not less than the Holders of a majority in aggregate principal amount of the Outstanding Securities of all series
to be affected (voting as one class). The Indenture also contains provisions permitting the Holders of a majority in aggregate
principal amount of the Outstanding Securities of all affected series (voting as one class), on behalf of the Holders of all Securities
of such series, to waive compliance by the Company with certain provisions of the Indenture. The Indenture permits, with certain
exceptions as therein provided, the Holders of a majority in principal amount of Securities of any series then Outstanding to waive
past defaults under the Indenture with respect to such series and their consequences. Any such consent or waiver by the Holder
of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

 

    	 	14	 

     

    

 

As provided in and subject to the provisions
of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee
shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding
a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt
of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security
for the enforcement of any payment of principal hereof or [any premium or] interest hereon on or after the respective due dates
expressed herein.

 

No reference herein to the Indenture and
no provision of this Security or of the Indenture shall, without the consent of the Holder, alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and [any premium and] interest on this Security at the times,
place(s) and rate, and in the coin or currency, herein prescribed, except for Section 115 of the Indenture (which limits interest
to the maximum amount permissible by law), the provisions of which are incorporated herein by reference.

 

[If a Global Security, insert—This
Global Security or portion hereof may not be exchanged for Definitive Securities of this series except in the limited circumstances
provided in the Indenture.

 

The holders of beneficial interests in
this Global Security will not be entitled to receive physical delivery of Definitive Securities except as described in the Indenture
and will not be considered the Holders thereof for any purpose under the Indenture.]

 

[If a Definitive Security, insert—As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in
the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in [if
applicable, insert—any place where the principal of and any premium and interest on this Security are payable] [if applicable,
insert—[         ] [, or, subject to any laws or regulations applicable thereto and to the right of the Company (limited as provided
in the Indenture) to rescind the designation of any such transfer agent, at the [main] offices of [         ] in [         ] and in [       ] or at such
other offices or agencies as the Company may designate]], duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.]

 

The Securities of this series are issuable
only in registered form without coupons in denominations of U.S. $ [state other currency] and any integral multiple in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for
a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested
by the Holder surrendering the same.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of this Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

This Security is subordinated in right
of payment to any designated senior debt, to the extent provided in the Indenture.

 

    	 	15	 

     

    

 

Obligations of the Company under the Indenture
and the Securities thereunder, including this Security, are payable only out of cash flow and assets of the Company. The Trustee,
and each Holder of a Security by its acceptance hereof, will be deemed to have agreed in the Indenture that no director, officer,
employee, or shareholder, as such, of the Company, the Trustee, or any Affiliate of any of the foregoing entities shall have any
personal liability in respect of the obligations of the Company under the Indenture or such Securities by reason of his, her or
its status.

 

The Indenture contains provisions that
relieve the Company from the obligation to comply with certain restrictive covenants in the Indenture and for satisfaction and
discharge at any time of the entire indebtedness upon compliance by the Company with certain conditions set forth in the Indenture.

 

This Security shall be governed by and
construed in accordance with the laws of the state of New York.

 

All terms used in this Security which are
defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

[If a Definitive Security, insert as a
separate page—

 

FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto [           ] (Please Print or Typewrite Name and Address of Assignee) the within instrument of STERLING
BANCORP, and does hereby irrevocably constitute and appoint [         ] Attorney to transfer said instrument on the books of the within-named
Company, with full power of substitution in the premises.

 

Please Insert Social Security or

Other Identifying Number of Assignee:

 

	Dated:	 	 	 	(Signature)

 

Signature Guarantee:

 

(Participant in a Recognized Signature

Guaranty Medallion Program)

 

NOTICE: The signature to this assignment
must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement
or any change whatever.]

 

Section
204.              
Section 204. Global Securities

 

Every Global Security authenticated and
delivered hereunder shall bear a legend in substantially the following form:

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY
OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE
A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

 

If Securities of a series are issuable
in whole or in part in the form of one or more Global Securities, as contemplated by Section 301, then, notwithstanding Clause (9)
of Section 301 and the provisions of Section 302, any Global Security shall represent such of the Outstanding Securities
of such series as shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities
from time to time endorsed thereon and that the aggregate amount of Outstanding Securities represented thereby may from time to
time be reduced or increased, as the case may be, to reflect exchanges. Any endorsement of a Global Security to reflect the amount,
or any reduction or increase in the amount, of Outstanding Securities represented thereby shall be made in such manner and upon
instructions given by such Person or Persons as shall be specified therein or in a Company Order. Subject to the provisions of
Sections 303, 304 and 305, the Trustee shall deliver and redeliver any Global Security in the manner and upon instructions
given by the Person or Persons specified therein or in the applicable Company Order. Any instructions by the Company with respect
to endorsement or delivery or redelivery of a Global Security shall be in a Company Order (which need not comply with Section 102
and need not be accompanied by an Opinion of Counsel).

 

    	 	16	 

     

    

 

The provisions of the last sentence of
Section 303 shall apply to any Security represented by a Global Security if such Security was never issued and sold by the
Company and the Company delivers to the Trustee the Global Security together with a Company Order (which need not comply with Section 102
and need not be accompanied by an Opinion of Counsel) with regard to the reduction or increase, as the case may be, in the principal
amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303.

 

Section
205.              
Form of Trustee’s Certificate and Authorization

 

The Trustee’s certificates of authentication
shall be in substantially the following form:

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

	 	U.S.
                                         Bank National Association
 As Trustee
	 	 
	 	 
	 	By: 	 
			Authorized
    Signatory

 

Article
III

THE SECURITIES

 

Section
301.              
Amount Unlimited; Issuable in Series

 

The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued in one or
more series. There shall be established in or pursuant to a Board Resolution (and, subject to Section 303, to the extent established
pursuant to rather than set forth in a Board Resolution, in an Officers’ Certificate or Company Order setting forth, or determining
the manner of, such establishment) or established in one or more indentures supplemental hereto, prior to the issuance of Securities
of any series,

 

(1) the form and title of the Securities
of the series (which shall distinguish the Securities of the series from Securities of any other series);

 

(2) any limit upon the aggregate principal
amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304,
305, 306, 906 or 1107 and except for any Securities which, pursuant to Section 303, are deemed never to have been authenticated
and delivered hereunder);

 

(3) the Person to whom any interest on
a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest;

 

(4) the date or dates on which the Securities
will be issued and on which the principal of, and premium, if any, on the Securities of the series is payable or the method of
determination thereof;

 

    	 	17	 

     

    

 

(5) the rate or rates (which may be fixed
or variable) at which the Securities of the series shall bear interest, if any, or the method of determination thereof, the date
or dates from which such interest shall accrue, or the method of determination thereof, the Interest Payment Dates on which any
such interest shall be payable and the Regular Record Date for any interest payable on any Interest Payment Date;

 

(6) the place or places where, subject
to the provisions of Section 1002, the principal of and any premium and interest on Securities of the series shall be payable,
Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for exchange
and notices, and demands to or upon the Company in respect of the Securities of the series and this Indenture may be served;

 

(7) the period or periods, if any, within
which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole
or in part, at the option of the Company or otherwise, if the Company is to have that option;

 

(8) the obligation, if any, and the option,
if any, of the Company to redeem, purchase or repay Securities of the series pursuant to any sinking fund or analogous provisions
or upon the happening of a specified event or at the option of a Holder thereof and the period or periods within which, the price
or prices at which and the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid, in
whole or in part, pursuant to such obligation;

 

(9) if other than minimum denominations
of $1,000 and any integral multiple in excess thereof, the minimum denominations in which Securities of the series shall be issuable;

 

(10) whether payment of principal of and
premium, if any, and interest, if any, on the Securities of the series shall be without deduction for taxes, assessments or governmental
charges paid by Holders of the series;

 

(11) the currency, currencies or currency
units in which payment of the principal of and any premium and interest on any Securities of the series shall be denominated, payable,
redeemable or purchasable if other than the currency of the United States of America and the manner of determining the equivalent
thereof in the currency of the United States of America for purposes of the definition of “Outstanding” in Section 101;

 

(12) if the amount of payments of principal
of or any premium or interest on any Securities of the series may be determined with reference to an index, the manner in which
such amounts shall be determined;

 

(13) if the principal of or any premium
or interest on any Securities of the series is to be payable, at the election of the Company or a Holder thereof, in one or more
currencies or currency units other than that or those in which the Securities are stated to be payable, the currency, currencies
or currency units in which payment of the principal of and any premium and interest on Securities of such series as to which such
election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be
made;

 

(14) the right, if any, of the Company
to defer payments of interest by extending the interest payment periods and specify the duration of such extension, the Interest
Payment Dates on which such interest shall be payable and whether and under what circumstances additional interest on amounts deferred
shall be payable;

 

(15) if other than the principal amount
thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration
of the Maturity thereof pursuant to Section 502 or provable in bankruptcy pursuant to Section 504 or the method of determination
thereof;

 

(16) if and as applicable, that the Securities
of the series shall be issuable in whole or in part in the form of one or more Global Securities (and whether in temporary or permanent
global form) and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances
other than those set forth in Section 305 in which any such Global Security may be transferred to, and registered and exchanged
for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and
in which any such transfer may be registered;

 

(17) any deletions from, modifications
of or additions to the Events of Default set forth in Section 501 or the covenants of the Company set forth in Article X
pertaining to the Securities of the series;

 

    	 	18	 

     

    

 

(18) if and the terms and conditions upon
which any Securities of the series may be converted into or exchanged for securities, which may include, without limitation, capital
stock, of any class or series of the Company or any other issuer;

 

(19) if the amount of payments of principal
of or any premium or interest on any Securities of the series may be determined with reference to an index, including, but not
limited to an index based on a currency or currencies other than that in which the Securities of that series are payable, or any
other type of index, the manner in which such amounts shall be determined;

 

(20) if other than as provided in Sections 1302
and 1303, the terms and conditions upon which and the manner in which such series of Securities may be defeased or discharged;

 

(21) if other than the Trustee, the identity
of any other trustee, the Security Registrar and any Paying Agent;

 

(22) any restrictions or other provisions
with respect to the transfer or exchange of the Securities; and

 

(23) any other terms of the Securities
of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 901(3)).

 

All Securities of any one series shall
be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution
or Officers’ Certificate referred to above or in any such indenture supplemental hereto.

 

Any such Board Resolution or Officers’
Certificate referred to above with respect to Securities of any series filed with the Trustee on or before the initial issuance
of the Securities of such series shall be incorporated herein by reference with respect to Securities of such series and shall
thereafter be deemed to be a part of the Indenture for all purposes relating to Securities of such series as fully as if such Board
Resolution or Officers’ Certificate were set forth herein in full.

 

All Securities of any one series need not
be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for increases
in the aggregate principal amount of such series of Securities and issuances of additional Securities of such series or for the
establishment of additional terms with respect to the Securities of such series.

 

If any of the terms of the series are established
by action taken by or pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by an authorized
officer or other authorized person of the Company and delivered to the Trustee at or prior to the delivery of the Officers’
Certificate setting forth, or providing the manner for determining, the terms of the series.

 

With respect to Securities of a series
subject to a Periodic Offering, such Board Resolution or Officers’ Certificate may provide general terms for Securities of
such series and provide either that the specific terms of particular Securities of such series shall be specified in a Company
Order, or that such terms shall be determined by the Company, or one or more of the Company’s agents designated in an Officers’
Certificate, in accordance with a Company Order.

 

Section
302.              
Denominations

 

The Securities of each series shall be
issuable only in registered form without coupons in such denominations as shall be specified as contemplated by Section 301.
In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall
be issuable in minimum denominations of $1,000 and any integral multiple in excess thereof.

 

Section
303.              
Execution, Authentication, Delivery and Dating

 

The Securities shall be executed on behalf
of the Company by the Chairman of the Board, Vice Chairman, Chief Executive Officer, Chief Financial Officer, President or any
Vice President of the Company and need not be attested. The signature of any of these officers on the Securities may be manual
or facsimile.

 

    	 	19	 

     

    

 

Securities bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or
did not hold such offices at the date of such Securities.

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities; provided, however, that in the case of Securities
offered in a Periodic Offering, the Trustee shall authenticate and deliver such Securities from time to time in accordance with
such other procedures (including, without limitation, the receipt by the Trustee of oral or electronic instructions from the Company
or its duly authorized agents, thereafter promptly confirmed in writing) acceptable to the Trustee as may be specified by or pursuant
to a Company Order delivered to the Trustee prior to the time of the first authentication of Securities of such series. If the
form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted
by Sections 201 and 301, in authenticating such Securities, and accepting the additional responsibilities under this Indenture
in relation to such Securities, the Trustee shall be entitled to receive, in addition to any Officers’ Certificate and Opinion
of Counsel required to be furnished to the Trustee pursuant to Section 102, and (subject to Section 601) shall be fully
protected in relying upon, an Opinion of Counsel stating,

 

(1) the form and terms (or the manner of
determining the terms) of such Securities have been established by or pursuant to Board Resolution as permitted by Section 201,
that such form or forms have been established in conformity with the provisions of this Indenture;

 

(2) if the terms of such Securities have
been, or in the case of Securities of a series offered in a Periodic Offering, will be, established by or pursuant to a Board Resolution
as permitted by Section 301, that such terms have been, or in the case of Securities of a series offered in a Periodic Offering,
will be, established in conformity with the provisions of this Indenture, subject, in the case of Securities of a series offered
in a Periodic Offering, to any conditions specified in such Opinion of Counsel (which conditions are reasonably acceptable to the
Trustee);

 

(3) that such Securities, when authenticated
and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, which conditions are reasonably acceptable to the Trustee, will constitute valid and legally binding obligations of the
Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles and
entitled to the benefits of this Indenture, equally and ratably with all other Securities, if any, of such series Outstanding;
and

 

(4) such other matters as the Trustee may
reasonably request;

 

and, if the authentication and delivery relates to a new series
of Securities created by an indenture supplemental hereto, also stating that all conditions precedent to the execution of the supplemental
indenture with respect to that series of Securities have been complied with, the Company has the power to execute and deliver any
such supplemental indenture and has taken all necessary action for those purposes and any such supplemental indenture has been
executed and delivered and constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its
terms (subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium
or other laws and legal principles affecting creditors’ rights generally from time to time in effect and to general equitable
principles, whether applied in an action at law or in equity).

 

If such form or forms or terms have been
so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this
Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.

 

    	 	20	 

     

    

 

Notwithstanding the provisions of Section 301
and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary
to deliver the Officers’ Certificate otherwise required pursuant to Section 301 or the Company Order and Opinion of
Counsel or Board Resolution or supplemental indenture otherwise required pursuant to such preceding paragraph at or prior to the
time of authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original
issuance of the first Security of such series to be issued.

 

With respect to Securities of a series
not to be originally issued at one time, the Trustee may rely upon the Opinion of Counsel and the other documents delivered pursuant
to Sections 201 and 301 and this Section, as applicable, in connection with the first authentication of Securities of such
series and any subsequent request by the Company to the Trustee to authenticate Securities of such series upon original issuance
shall constitute a representation and warranty by the Company that as of the date of such request, the statements made in the Officers’
Certificate shall be true and correct as if made on such date.

 

Each Security shall be dated the date of
its authentication.

 

No Security shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual signature of an authorized signatory, and such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall
have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security
to the Trustee for cancellation as provided in Section 309 for all purposes of this Indenture, such Security shall be deemed
never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

Section
304.              
Temporary Securities

 

Pending the preparation of Definitive Securities
of any series, the Company may execute, and upon receipt of the documents required by Section 303, together with a Company
Order, the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the tenor of the Definitive Securities of like series in
lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers
executing such Securities may determine, as evidenced by their execution of such Securities.

 

If temporary Securities of any series are
issued, the Company will cause Definitive Securities of that series to be prepared without unreasonable delay. After the preparation
of Definitive Securities of such series, the temporary Securities of such series shall be exchangeable for Definitive Securities
of such series upon surrender of the temporary Securities of such series at the office or agency of the Company maintained pursuant
to Section 1002 for the purpose of exchanges of Securities of such series, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities of any series the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor one or more Definitive Securities of the same series, of any authorized denominations and of a
like aggregate principal amount and tenor. Until so exchanged the temporary Securities of any series shall in all respects be entitled
to the same benefits under this Indenture as Definitive Securities of such series and tenor.

 

Section
305.              
Registration, Registration of Transfer and Exchange

 

The Company shall cause to be kept at the
Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company in a
Place of Payment being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The
Company shall, prior to the issuance of any Securities hereunder, appoint the Trustee as the initial “Security Registrar”
for the purpose of registering Securities and transfers of Securities as herein provided. The Company may at any time replace such
Security Registrar, change such office or agency or act as its own Security Registrar. The Company will give prompt written notice
to the Trustee of any change of the Security Registrar or of the location of such office or agency. At all reasonable times the
Security Register shall be available for inspection by the Trustee.

 

    	 	21	 

     

    

 

Upon surrender for registration of transfer
of any Security of any series at the office or agency of the Company maintained pursuant to Section 1002 for such purpose,
the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor.

 

At the option of the Holder, Securities
of any series (except a Global Security) may be exchanged for other Securities of the same series, of any authorized denominations
and of a like aggregate principal amount and tenor, upon surrender of the Securities to be exchanged at such office or agency.
Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver,
the Securities which the Holder making the exchange is entitled to receive.

 

All Securities issued upon any registration
of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to
the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

 

Every Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
thereof or his attorney duly authorized in writing.

 

No service charge shall be made for any
registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 304 or 1107 not involving any transfer.

 

Neither the Trustee nor the Company shall
be required (1) to issue, register the transfer of or exchange Securities of any series (or of any series and specified tenor,
as the case may be) during a period beginning at the opening of business 15 days before the day of mailing of a notice of
redemption of Securities of that series selected for redemption under Section 1103 and ending at the close of business on
the day of such mailing, or (2) to register the transfer of or exchange any Security so selected for redemption in whole or
in part, except the unredeemed portion of any Security being redeemed in part.

 

Notwithstanding any other provision in
this Indenture and except as otherwise specified as contemplated by Section 301, no Global Security may be transferred to,
or registered or exchanged for Securities registered in the name of, any Person other than the Depositary for such Global Security
or any nominee thereof, and no such transfer may be registered, except as provided in this paragraph. Every Security authenticated
and delivered upon registration or transfer of, or in exchange for or in lieu of, a Global Security shall be a Global Security,
except as provided in this paragraph. If (1) (A) the Depositary for a Global Security notifies the Company that it is
unwilling or unable to continue as Depositary for such Global Security or ceases to be a clearing agency registered under the Exchange
Act, and (B) a successor Depositary is not appointed by the Company within 90 days, (2) an Event of Default has
occurred and is continuing with respect to the Securities of such series and the Security Registrar has received a request from
the Depositary to issue certificated securities in lieu of all or a portion of the Global Securities of such series (in which case
the Company shall deliver certificated securities within 30 days of such request) or (3) the Company determines in its
sole discretion that Securities of a series issued in global form shall no longer be represented by a Global Security, then such
Global Security may be exchanged by such Depositary for Definitive Securities of the same series, of any authorized denomination
and of a like aggregate principal amount and tenor, registered in the names of, and the transfer of such Global Security or portion
thereof may be registered to, such Persons as such Depositary shall direct.

 

    	 	22	 

     

    

 

Section
306.              
Mutilated, Destroyed, Lost and Stolen Securities

 

If any mutilated Security is surrendered
to the Trustee, together with such security or indemnity as may be required by the Company or the Trustee to save each of them
and any agent of either of them harmless, the Company shall execute and upon its request the Trustee shall authenticate and deliver
in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously
Outstanding.

 

If there shall be delivered to the Company
and the Trustee (1) evidence to their satisfaction of the destruction, loss or theft of any Security and (2) such security
or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute
and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new
Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously Outstanding. If,
after the delivery of such new Security, a bona fide purchaser of the original Security in lieu of which such new Security
was issued presents for payment or registration such original Security, the Trustee shall be entitled to recover such new Security
from the party to whom it was delivered or any party taking therefrom, except a bona fide 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
Company and the Trustee in connection therewith.

 

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

 

Upon the issuance of any new Security under
this Section, the Company may require the payment of 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 the Trustee) connected therewith. Every
new Security of any series issued pursuant to this Section in exchange for any mutilated Security or in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the mutilated,
destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder.

 

The provisions of this Section 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 Securities.

 

Section
307.              
Payment of Interest; Interest Rights Preserved

 

Except as otherwise provided as contemplated
by Section 301 with respect to any series of Securities, interest on any Security 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 that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest.

 

Any interest on any Security of any series
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been
such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1)
or (2) below:

 

(1) The Company may elect to make payment
of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities)
are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed
in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid
on each Security of such series and the date of the proposed payment, and at the same time the Company 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 Clause provided. Thereupon the Trustee shall
fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than
10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice
of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor
to be mailed, first-class postage prepaid, to each Holder of Securities of such series at his address as it appears in the Security
Register, 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 therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names
the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following Clause (2).

 

    	 	23	 

     

    

 

(2) The Company may make payment of any
Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities
exchange or automated quotation system on which such Securities may be listed or traded, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Clause, such manner
of payment shall be deemed practicable by the Trustee.

 

Subject to the foregoing provisions of
this Section and Section 305, each Security delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Security, shall carry the rights to interest accrued and unpaid, and to accrue, which were carried
by such other Security.

 

For each series of Securities, the Company
shall, prior to 10:30 a.m. (New York City time) on each payment date for principal and premium, if any, and interest, if any,
deposit with the Trustee money in immediately available funds sufficient to make cash payments due on the applicable payment date.

 

Section
308.              
Persons Deemed Owners

 

Except as otherwise provided as contemplated
by Section 301 with respect to any series of Securities, prior to due presentment of a Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered
as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Sections 305
and 307) any interest on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and neither
the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

No holder of any beneficial interest in
any Global Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such Global Security,
and such Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner of such
Global Security for all purposes whatsoever. None of the Company, the Trustee nor any agent of the Company or the Trustee will
have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 

Section
309.              
Cancellation

 

All Securities surrendered for payment,
redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person
other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to
the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired
in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation
any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall
be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled
as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall
be disposed of in accordance with its customary procedures, and the Trustee shall thereafter, from time to time upon written request,
deliver to the Company a certificate with respect to such disposition.

 

    	 	24	 

     

    

 

Section
310.              
Computation of Interest

 

Except as otherwise specified as contemplated
by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a
360-day year of twelve 30-day months and interest on the Securities of each series for any partial period shall be computed on
the basis of a 360-day year of twelve 30-day months and the number of days elapsed in any partial month.

 

Section
311.              
CUSIP Numbers

 

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

 

Article
IV

SATISFACTION AND DISCHARGE

 

Section
401.              
Satisfaction and Discharge of Indenture

 

This Indenture shall upon Company Request
cease to be of further effect with respect to Securities of any series (except as to any surviving rights of registration of transfer
or exchange of such Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with respect to such Securities, when

 

(1) either

 

(A) all such Securities theretofore
authenticated and delivered (other than (i) such Securities which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section 306, and (ii) such Securities for whose payment money has theretofore been deposited
in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as
provided in Section 1003) have been delivered to the Trustee for cancellation; or

 

(B) all such Securities not theretofore
delivered to the Trustee for cancellation

 

(i) have become due and payable,

 

(ii) will become due and payable
at their Stated Maturity within one year, or

 

(iii) 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 Company,

 

and the Company in the case of (i), (ii) or (iii) above,
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for this purpose an amount of money
in the currency or currency units in which such Securities are payable sufficient to pay and discharge the entire indebtedness
on such Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the
date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date,
as the case may be;

 

(2) the Company has paid or caused to be
paid all other sums payable hereunder by the Company with respect to such Securities; and

 

(3) the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture with respect to such Securities have been complied with.

 

    	 	25	 

     

    

 

Notwithstanding the satisfaction and discharge
of this Indenture with respect to Securities of any series, (i) the obligations of the Company to the Trustee under Section 607,
the obligations of the Trustee to any Authenticating Agent under Section 614 and the right of the Trustee to resign under
Section 610 shall survive, and (ii) if money shall have been deposited with the Trustee pursuant to subclause (B)
of Clause (1) of this Section, the obligations of the Company and/or the Trustee under Sections 402, 606, 701 and 1002
and the last paragraph of Section 1003 shall survive.

 

Section
402.              
Application of Trust Money

 

Subject to the provisions of the last paragraph
of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it,
in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal
and any premium 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.

 

Article
V

REMEDIES

 

Section
501.              
Events of Default

 

“Event of Default”,
wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1) default in the payment of any interest
upon any Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days
(whether or not such payment is prohibited by the provisions of Article XIV hereof); or

 

(2) default in the payment of the principal
of (or premium, if any, on) any Security of that series at its Maturity (whether or not such payment is prohibited by the provisions
of Article XIV hereof); or

 

(3) default in the performance, or breach,
of any term, covenant or warranty of the Company in this Indenture (other than a term, covenant or warranty a default in whose
performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture
solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period
of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and
the Trustee by Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; or

 

(4) the Company pursuant to or within the
meaning of any Bankruptcy Law (A) commences a voluntary case, (B) consents to the entry of any order for relief against
it in an involuntary case, (C) consents to the appointment of a Custodian of it or for all or substantially all of its property,
or (D) makes a general assignment for the benefit of its creditors; or

 

(5) a court of competent jurisdiction enters
an order or decree under any Bankruptcy Law that (A) is for relief against the Company in an involuntary case, (B) appoints
a Custodian of the Company or for all or substantially all of its property, or (C) orders the liquidation of the Company;
and the order or decree remains unstayed and in effect for 90 days; or

 

(6) any other Event of Default provided
as contemplated by Section 301 with respect to Securities of that series.

 

    	 	26	 

     

    

 

 

Section
502.              
Acceleration of Maturity; Rescission and Annulment

 

If an Event of Default with respect to
Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or Holders of not
less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount of (or, if any
of the Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities
as may be specified in the terms thereof) all of the Securities of that series to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified
amount) shall become immediately due and payable.

 

At any time after such a declaration of
acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due
has been obtained by the Trustee as hereinafter in this Article provided, Holders of a majority in principal amount of the Outstanding
Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences
if

 

(1) the Company has paid or deposited with
the Trustee a sum sufficient to pay

 

(A) all overdue interest on all
Securities of that series,

 

(B) the principal of (and premium,
if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and any interest
thereon at the rate or rates prescribed therefor in such Securities,

 

(C) to the extent that payment
of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and

 

(D) all sums paid or advanced
by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel;

 

and

 

(2) all Events of Default with respect
to Securities of that series, other than the non-payment of the principal of Securities of that series which have become due solely
by such declaration of acceleration, have been cured or waived as provided in Section 513.

 

No such rescission shall affect any subsequent
Default or impair any right consequent thereon.

 

Section
503.              
Collection of Indebtedness and Suits for Enforcement by Trustee

 

The Company covenants that if

 

(1) default is made in the payment of any
interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days (whether
or not such payment is prohibited by the provisions of Article XIV hereof), or

 

(2) default is made in the payment of the
principal of (or premium, if any, on) any Security at the Maturity thereof (whether or not such payment is prohibited by the provisions
of Article XIV hereof),

 

the Company will, upon demand of the Trustee, pay to it, for
the benefit of Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium
and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and
premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel and other amounts due to the Trustee pursuant to Section 607.

 

If the Company fails to pay such amounts
forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the
same against the Company, or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in
the manner provided by law out of the property of the Company, or any other obligor upon such Securities, wherever situated.

 

     27

     

    

 

 

If an Event of Default with respect to
Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights
and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most
effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture
or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section
504.              
Trustee May File Proofs of Claim

 

In case of any judicial proceeding relative
to the Company, or any other obligor upon the Securities, their property or their creditors, the Trustee shall be entitled and
empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act
in order to have claims of Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of
such payments directly to Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607.

 

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 Securities 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; provided, however, that the Trustee may, on behalf
of Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other
similar committee.

 

Section
505.              
Trustee May Enforce Claims Without Possession of Securities

 

All rights of action and claims under this
Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the
production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due to the Trustee
under Section 607, be for the ratable benefit of Holders of the Securities in respect of which such judgment has been recovered.

 

Section
506.              
Application of Money Collected

 

Any money or property collected or to be
applied by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money or property on account of principal or any premium or interest, upon presentation
of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts due
the Trustee under Section 607;

 

SECOND: Subject to Article XIV, to
the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which
or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the
amounts due and payable on such Securities for principal and any premium and interest, respectively; and

 

THIRD: The balance, if any, to the Company.

 

     28

     

    

 

Section
507.              
Limitation on Suits

 

No Holder of any Security of any series
shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or a Security, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless

 

(1) such Holder has previously given written
notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;

 

(2) Holders of not less than 25% in principal
amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default in its own name as Trustee hereunder;

 

(3) such Holder or Holders have offered
and, if requested, provided to the Trustee reasonable security or indemnity against the costs, expenses and liabilities to be incurred
in compliance with such request;

 

(4) the Trustee for 60 days after
its receipt of such notice, request and offer and, if requested, provision of security or indemnity has failed to institute any
such proceeding; and

 

(5) no direction inconsistent with such
written request has been given to the Trustee during such 60-day period by Holders of a majority in principal amount of the Outstanding
Securities of that series;

 

it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and
ratable benefit of all of such Holders.

 

Section
508.              
Unconditional Right of Holders to Receive Principal, Premium and Interest

 

Notwithstanding any other provision in
this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the
principal of and any premium and (subject to Sections 305 and 307) interest on such Security on the respective Stated Maturity
expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of
any such payment, and such rights shall not be impaired without the consent of such Holder.

 

Section
509.              
Restoration of Rights and Remedies

 

If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Trustee or to such Holder, then in every such case, subject to any determination
in such proceeding, the Company, the Trustee and Holders shall be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Trustee and Holders shall continue as though no such proceeding had been
instituted.

 

Section
510.              
Rights and Remedies Cumulative

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no
right or remedy herein conferred upon or reserved to the Trustee or to Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

     29

     

    

 

Section
511.              
Delay or Omission Not Waiver

 

No delay or omission of the Trustee or
of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this
Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient,
by the Trustee or by the Holders, as the case may be.

 

Section
512.              
Control by Holders

 

Subject to the provisions of Section 603,
Holders of a majority in aggregate principal amount of the Outstanding Securities of any series shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred on the Trustee, with respect to the Securities of such series; provided, however, that

 

(1) such direction shall not be in conflict
with any rule of law or with this Indenture;

 

(2) the Trustee may take any other action
deemed proper by the Trustee which is not inconsistent with such direction; and

 

(3) subject to the provisions of Section 601,
the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall determine that the
proceeding so directed would involve the Trustee in personal liability or would otherwise be contrary to applicable law.

 

Section
513.              
Waiver of Past Defaults

 

Holders of a majority in aggregate principal
amount of the Outstanding Securities of any series may on behalf of Holders of all the Securities of such series waive any past
default hereunder with respect to such series and its consequences, except

 

(1) a continuing default in the payment
of the principal of or any premium or interest on any Security of such series, or

 

(2) a default in respect of a covenant
or provision hereof which under Article IX cannot be modified or amended without the consent of the Holder of each Outstanding
Security of such series affected.

 

Upon any such waiver, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture,
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section
514.              
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, suffered or omitted by it as Trustee,
a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs
against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided, however,
that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or
to make such an assessment in any suit instituted by the Trustee, in any suit instituted by any Holder, or group of Holders, holding
in the aggregate more than 10% in principal amount of the Outstanding Securities of any series to which the suit relates, or in
any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest on any
Security on or after the respective Stated Maturity expressed by such Security (or, in the case of redemption or repayment, on
or after the Redemption Date).

 

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Article
VI

THE TRUSTEE

 

Section
601.              
Certain Duties and Responsibilities

 

(a) Except during the continuance of an
Event of Default with respect to any series of Securities,

 

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

 

(2) in the absence of bad faith on its
part, the Trustee may, with respect to Securities of such series, conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee conforming to the requirements
of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required
to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform
on their face to the requirements of this Indenture.

 

(b) In case an Event of Default with respect
to any series of Securities has occurred and is continuing, the Trustee shall exercise with respect to the Securities of such series
such 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.

 

(c) No provisions of this Indenture shall
be construed to relieve the Trustee from liability for its own gross negligent action, its own gross negligent failure to act,
or its own willful misconduct, except that

 

(3) this Subsection shall not be construed
to limit the effect of Subsection (a) of this Section;

 

(4) the Trustee shall not be liable for
any error of judgment made in good faith by a responsible officer, unless it shall be proved that the Trustee was grossly negligent
in ascertaining the pertinent facts;

 

(5) the Trustee shall not be liable with
respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders or a majority
in principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with
respect to the Securities of such series; and

 

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

 

(d) Whether or not therein expressly so
provided, 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.

 

Section
602.              
Notice of Defaults

 

If a Default occurs and is continuing with
respect to the Securities of any series, the Trustee shall, within 90 days after it occurs, transmit, in the manner and to
the extent provided in Section 313(c) of the Trust Indenture Act, notice of all uncured or unwaived Defaults known to it;
provided, however, that, except in the case of a Default in payment on the Securities of any series, the Trustee shall be
protected in withholding the notice if and so long as the board of directors, the executive committee or a trust committee of directors
or responsible officers of the Trustee determine in good faith that withholding such notice is in the interests of Holders of Securities
of such series; provided, further, however, that, in the case of any default or breach of the character specified in Section 501(3)
with respect to the Securities of such series, no such notice to Holders shall be given until at least 90 days after the occurrence
thereof.

 

The Trustee shall not be deemed to have
notice or be charged with knowledge of any Default, except a Default under Sections 501(1) or 501(2) herein, unless the Trustee
shall have received from the Company or from any Holder written notice thereof at its Corporate Trust Office, and such notice references
the Securities in this Indenture. In the absence of any such notice, the Trustee may conclusively assume that no such Default exists.

 

     31

     

    

 

Section
603.              
Certain Rights of Trustee

 

Subject to the provisions of Section 601:

 

(1) the Trustee may rely on and shall be
protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by
it to be genuine and to have been signed or presented by the proper party or parties;

 

(2) any request, direction, order or demand
of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (or in the case of a Periodic
Offering, as agreed in procedures set forth in a Company Order pursuant to Section 303) and any resolution of the Board of
Directors shall be sufficiently evidenced by a Board Resolution;

 

(3) whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its
part, rely upon an Officers’ Certificate;

 

(4) the Trustee may consult with counsel
and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(5) the Trustee shall be under no obligation
to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant
to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs,
expenses and liabilities which might be incurred by it in compliance with such request or direction;

 

(6) the Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee,
in its discretion, may, without obligation to do so, 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
the books, records and premises of the Company, personally or by agent or attorney and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation;

 

(7) the Trustee may execute any of the
trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee
shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;
and

 

(8) the Trustee may request that the Company
deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time
to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized
to sign an Officers’ Certificate, including any Person specified as so authorized in any such certificate previously delivered
and not superseded.

 

(9) 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 each agent, custodian and other Person employed to
act hereunder.

 

(10) in no event shall the Trustee be responsible
or liable for special, indirect 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.

 

Section
604.              
Not Responsible for Recitals or Issuance of Securities

 

The recitals contained herein and in the
Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the
Trustee or any Authenticating Agent assumes no responsibility for their correctness. Neither the Trustee nor any Authenticating
Agent makes any representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor
any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

     32

     

    

 

Section
605.              
May Hold Securities

 

The Trustee, any Authenticating Agent,
any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become
the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

 

Section
606.              
Money Held in Trust

 

Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest
on any money received by it hereunder except as otherwise agreed with the Company.

 

Section
607.              
Compensation and Reimbursement

 

The Company agrees:

 

(1) to pay to the Trustee from time to
time such compensation for all services rendered by it hereunder as shall be mutually agreed upon by the Company and the Trustee
in writing (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express
trust);

 

(2) to reimburse the Trustee upon its request
for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this
Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its gross negligence or bad faith; and

 

(3) to indemnify the Trustee for, and to
hold it harmless against, any loss, liability or expense incurred without gross negligence or bad faith on its part, arising out
of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of
defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder
(and the reasonable fees and disbursements of its agents, attorneys, accountants and experts and taxes (other than taxes based
upon, measured by or determined by the income of the Trustee)).

 

The obligations of the Company under this
Section to compensate the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute
additional indebtedness hereunder.

 

The Trustee shall have a lien prior to
the Securities upon all property and funds held or collected by it as such for any amount owing to it pursuant to this Section
607, except with respect to funds held in trust for the benefit of the Holders.

 

Without limiting any rights available to
the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection with an Event of Default specified
in Section 501(4) or Section 501(5), the expenses (including the reasonable charges and expenses of its counsel) and
the compensation for such services are intended to constitute expenses of administration under any applicable Bankruptcy Law.

 

The provisions of this Section shall survive
the satisfaction and discharge of this Indenture and the defeasance of the Securities and the resignation or removal of the Trustee.

 

Section
608.              
Disqualification; Conflicting Interests

 

If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent
and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

 

     33

     

    

 

Section
609.              
Corporate Trustee Required; Eligibility

 

There shall at all times be one or more
Trustees hereunder with respect to the Securities of each series, at least one of which shall be a Person that is eligible pursuant
to the Trust Indenture Act to act as such and has a combined capital and surplus required by the Trust Indenture Act. If such Person
publishes reports of condition at least annually, pursuant to law or to the requirements of a supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible
in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified
in this Article.

 

Section
610.              
Resignation and Removal; Appointment of Successor

 

No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by
the successor Trustee in accordance with the applicable requirements of Section 611.

 

The Trustee may resign at any time with
respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance
by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the
giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

The Trustee may be removed at any time
with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities
of such series, delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee shall not have
been delivered to the Trustee within 30 days after the giving of such notice of removal, the removed Trustee may petition
any court of competent jurisdiction for the appointment of a successor Trustee.

 

If at any time:

 

(1) the Trustee shall fail to comply with
Section 608 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security
for at least six months, or

 

(2) the Trustee shall cease to be eligible
under Section 609 and shall fail to resign after written request therefor by the Company or by any such Holder, or

 

(3) the Trustee shall become incapable
of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any
public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation
or liquidation, then, in any such case, (A) the Company, acting pursuant to the authority of a Board Resolution, may remove
the Trustee with respect to all Securities, or (B) subject to Section 514, any Holder who has been a bona fide Holder
of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to
the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities
of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of
any series shall be appointed by Act of Holders of a majority in principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the
Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee
with respect to the Securities of any series shall have been so appointed by the Company or Holders and accepted appointment in
the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such series for at least
six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

     34

     

    

 

The Company shall give notice of each resignation
and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect
to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice
shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate
Trust Office.

 

Section
611.              
Acceptance of Appointment by Successor

 

(1) In case of the appointment hereunder
of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and
deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges and subject to any claim provided for in Section 607, execute
and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and
shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.

 

(2) In case of the appointment hereunder
of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and
each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental
hereto wherein each successor Trustee shall accept such appointment and which (A) shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates, (B) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall
be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (C) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees as co-trustees of the same trust and that each such Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the
execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective
to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates, but, on request of the Company, or any successor Trustee, such retiring
Trustee shall, upon payment of its charges and subject to any claim provided for in Section 607, duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates.

 

(3) Upon request of any such successor
Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor
Trustee all such rights, powers and trusts referred to in paragraph (1) or (2) of this Section, as the case may be.

 

(4) No successor Trustee shall accept its
appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article.

 

     35

     

    

 

Section
612.              
Merger, Conversion, Consolidation or Succession to Business

 

Any corporation into which the Trustee
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of
the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and
eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties
hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by
merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so
authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section
613.              
Preferential Collection of Claims Against the Company

 

If and when the Trustee shall be or become
a creditor of the Company, or any other obligor upon the Securities, the Trustee shall be subject to the provisions of the Trust
Indenture Act regarding the collection of claims against the Company or any such other obligor.

 

Section
614.              
Appointment of Authenticating Agent

 

The Trustee (upon notice to the Company)
may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act
on behalf of the Trustee to authenticate Securities of such series issued upon original issue (in accordance with procedures acceptable
to the Trustee) and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 306, and
Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes
as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication
and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the
Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized
under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject
to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified
in this Section.

 

Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all
of the corporate agency or corporate trust business of such Authenticating Agent, shall continue to be an Authenticating Agent,
provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further
act on the part of the Trustee or such Authenticating Agent.

 

An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the
Company. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights,
powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

 

Except with respect to an Authenticating
Agent appointed at the request of the Company, the Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section.

 

     36

     

    

 

If an appointment with respect to one or
more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s
certificate of authentication, an alternative certificate of authentication in the following form:

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

	 	     	   	U.S. Bank National Association
	 	 	 	As Trustee
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Date: 	 	 	By:	          
	 	 	 	 	 
	 	 	 	As Authenticating Agent
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	 
	 	 	 	Authorized Signatory

 

Article
VII

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY

 

Section
701.              
The Company to Furnish Trustee Names and Addresses of Holders

 

The Company will furnish or cause to be
furnished to the Trustee

 

(1) semi-annually, not later than each
Interest Payment Date in each year, a list for each series of Securities, in such form as the Trustee may reasonably require, of
the names and addresses of the Holders of Securities of such series as of the preceding Regular Record Date, and

 

(2) at such other times as the Trustee
may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is furnished;

 

provided, however, that if and so
long as the Trustee shall be the Security Registrar for Securities of a series, no such list need be furnished with respect to
such series of Securities.

 

Section
702.              
Preservation of Information; Communications to Holders

 

The Trustee shall comply with the obligations
imposed upon it pursuant to Section 312 of the Trust Indenture Act.

 

The rights of the Holders to communicate
with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and
privileges of the Trustee, shall be as provided by the Trust Indenture Act.

 

Every Holder of Securities, by receiving
and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either
of them shall be held accountable by reason of any disclosure of information as to the names and addresses of Holders made pursuant
to the Trust Indenture Act.

 

Section
703.              
Reports by Trustee

 

As promptly as practicable after each May 15
beginning with the May 15 following the date of this Indenture, and in any event prior to July 15 in each year, the Trustee
shall mail to each Holder a brief report dated as of May 15 that complies with Trust Indenture Act Section 313(a). The
Trustee shall also comply with Trust Indenture Act Section 313(b). Prior to delivery to the Holders, the Trustee shall deliver
to the Company a copy of any report it delivers to Holders pursuant to this Section 703; provided, however,
that no recourse may be taken against the Trustee for its failure to deliver a copy of such report to the Company prior to its
delivery of the report to the Holders.

 

     37

     

    

 

A copy of each such report shall, at the
time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with
the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange.

 

Section
704.              
Reports by the Company

 

The Company shall file with the Trustee
and the Commission, and transmit to Holders, in accordance with rules and regulations prescribed from time to time by the Commission,
such information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture
as may be required from time to time by such rules and regulations.

 

Article
VIII

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 

Section
801.              
The Company May Consolidate, Etc., Only on Certain Terms

 

The Company shall not, in a single transaction
or a series of related transactions, consolidate with or merge into any other Person or sell, convey, transfer, lease or otherwise
dispose of all or substantially all of its properties and assets to, any other Person, unless:

 

(1) the Person formed by such consolidation
or into which the Company is merged or the Person which acquires by sale, conveyance or transfer or other disposition, or which
leases, all or substantially all of the properties and assets of the Company shall be a corporation, partnership or trust, shall
be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia
and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to
the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance
or observance of every other covenant of this Indenture on the part of the Company to be performed or observed;

 

(2) immediately after giving effect to
such transaction and treating any indebtedness which becomes an obligation of the Company or a Subsidiary as a result of such transaction
as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which,
after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing;

 

(3) if, as a result of any such consolidation
or merger or such conveyance, transfer or lease, properties or assets of the Company would become subject to a mortgage, pledge,
lien, security interest or other encumbrance which would not be permitted by this Indenture, the Company or such successor Person,
as the case may be, shall take such steps as shall be necessary effectively to secure the Securities equally and ratably with (or
prior to) all indebtedness secured thereby; and

 

(4) the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or
lease and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to
such transaction have been complied with.

 

Section
802.              
Successor Substituted

 

Upon any consolidation of the Company with,
or merger of the Company into, any other Person or any sale, conveyance, transfer, lease or other disposition of all or substantially
all of the properties and assets of the Company in accordance with Section 801, the successor Person formed by such consolidation
or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person
had been named as the Company herein and thereafter, except in the case of a lease, the predecessor Person shall be relieved of
all obligations and covenants under this Indenture and the Securities and coupons and may liquidate and dissolve.

 

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Article
IX

SUPPLEMENTAL INDENTURES

 

Section
901.              
Supplemental Indentures Without Consent of Holders

 

Without the consent of any Holders of Securities,
the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Trustee, for any of the following purposes:

 

(1) to evidence the succession of another
Person to the Company under this Indenture and the Securities and the assumption by such successor Person of the obligations of
the Company hereunder;

 

(2) to add covenants and Events of Default
for the benefit of the Holders of all or any series of such Securities or to surrender any right or power conferred by this Indenture
upon the Company or to make any change that does not adversely affect the legal rights hereunder of any Holder in any material
respect;

 

(3) to add to, change or eliminate any
of the provisions of this Indenture, provided that any such addition, change or elimination shall become effective only
after there are no such Securities of any series entitled to the benefit of such provision outstanding;

 

(4) to establish the forms or terms of
the Securities of any series issued hereunder;

 

(5) to cure any ambiguity or correct any
defect or inconsistency in this Indenture;

 

(6) to evidence the acceptance of appointment
by a successor Trustee with respect to one or more series of Securities or otherwise;

 

(7) to qualify this Indenture under the
Trust Indenture Act;

 

(8) to provide for uncertificated securities
in addition to certificated securities;

 

(9) to supplement any provisions of this
Indenture necessary to permit or facilitate the defeasance and discharge of any series of Securities, provided that such
action does not adversely affect the interests of the Holders of Securities of such series or any other series; and

 

(10) to comply with the rules or regulations
of any securities exchange or automated quotation system on which any of the Securities may be listed or traded.

 

Section
902.              
Supplemental Indentures with Consent of Holders

 

With the consent of the Holders of not
less than a majority in aggregate principal amount of all Outstanding Securities affected by such supplemental indenture (voting
as one class), the Company and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture, or modifying in any manner
the rights of Holders of Securities of such series under this Indenture; provided that the Company and the Trustee may not,
without the consent of the Holder of each Outstanding Security affected thereby,

 

(1) change the Stated Maturity of the principal
of, or any installment of principal of or interest, if any, on, any Security, or reduce the principal amount thereof or premium,
if any, on or the rate of interest thereon or adversely affect any right to convert or exchange any Security into any other security,
or alter the method of computation of interest;

 

(2) reduce the percentage in principal
amount of Securities required for any such supplemental indenture or for any waiver provided for in this Indenture;

 

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(3) change the Company’s obligation
to maintain an office or agency for payment of Securities and the other matters specified herein;

 

(4) impair the right to institute suit
for the enforcement of any payment of principal of, premium, if any, or interest on, any Security;

 

(5) modify the provisions of this Indenture
with respect to the subordination of any Security in a manner adverse to the Holder thereof; or

 

(6) modify any of the provisions of this
Indenture relating to the execution of supplemental indentures with the consent of Holders of Securities which are discussed in
this Section or modify any provisions relating to the waiver by Holders of Securities of past defaults and covenants, except to
increase any required percentage or to provide that other provisions of this Indenture cannot be modified or waived without the
consent of the Holder of each Outstanding Security affected thereby.

 

A supplemental indenture which changes
or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one
or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect
to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities
of any other series.

 

It shall not be necessary for any Act of
Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such Act shall approve the substance thereof.

 

Section
903.              
Execution of Supplemental Indentures

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon,
an Officers’ Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Trustee shall enter into any supplemental indenture which does not adversely affect the Trustee’s
own rights, duties or immunities under this Indenture or otherwise. The Trustee may, but shall not be obligated to, enter into
any such supplemental indenture which adversely affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise.

 

Section
904.              
Effect of Supplemental Indentures

 

Upon the execution of any supplemental
indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form
a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.

 

Section
905.              
Conformity with Trust Indenture Act

 

Every supplemental indenture executed pursuant
to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 

Section
906.              
Reference in Securities to Supplemental Indentures

 

Securities of any series authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for
Outstanding Securities of such series. Failure to make a notation or issue a new Security shall not affect the validity and effect
of any amendment, supplement or waiver.

 

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Article
X

COVENANTS

 

Section
1001.           
Payment of Principal, Premium and Interest

 

The Company covenants and agrees for the
benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the
Securities of that series in accordance with the terms of the Securities and this Indenture.

 

Section
1002.           
Maintenance of Office or Agency

 

The Company will maintain in each Place
of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for
payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands
to or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt
written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Company hereby appoints the Trustee
as its agent to receive all such presentations, surrenders, notices and demands.

 

The Company may also from time to time
designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for
any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation
or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment
for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency.

 

Except as otherwise specified with respect
to a series of Securities as contemplated by Section 301, the Company hereby initially designates as the Place of Payment
for each series of Securities to be the Corporate Trust Office, and initially appoints the Trustee as Paying Agent at its office
at 100 Wall Street, 6th Floor, New York, New York 10005, as the Company’s office or agency for each such purpose
in such city.

 

With respect to any Global Security, and
except as otherwise may be specified for such Global Security as contemplated by Section 301, the Corporate Trust Office shall
be the Place of Payment where such Global Security may be presented or surrendered for payment or for registration of transfer
or exchange, or where successor Securities may be delivered in exchange therefor; provided, however, that any such payment, presentation,
surrender or delivery effected pursuant to the applicable procedures of the Depositary for such Global Security shall be deemed
to have been effected at the Place of Payment for such Global Security in accordance with the provisions of this Indenture.

 

Section
1003.           
Money for Securities Payments to Be Held in Trust

 

If the Company or any of its Subsidiaries
shall at any time act as Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal
of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid
to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to
act.

 

Whenever the Company shall have one or
more Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of or any premium or interest
on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided
by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action
or failure so to act.

 

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The Company will cause each Paying Agent
for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) hold all sums held
by it for the payment of the principal of (and premium, if any) or interest, if any, on Securities of that series in trust for
the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;
(2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the
making of any payment of principal (and premium, if any) or interest, if any, on the Securities of that series; and (3) during
the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust
by such Paying Agent for payment in respect of the Securities of that series.

 

The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 

Any money deposited with the Trustee or
any Paying Agent in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining
unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company pursuant
to a Company Request and the Trustee or any Paying Agent shall be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the state which escheat laws control for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such payment,
may at the expense of the Company cause to be published once, in an Authorized Newspaper, 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 publication, any unclaimed
balance of such money then remaining will be paid to the state whose escheat laws control.

 

Section
1004.           
Statement by Officers as to Default

 

The Company will deliver to the Trustee,
within 150 days after the end of each Fiscal Year of the Company ending after the date hereof, an Officers’ Certificate,
stating whether or not to the best knowledge of the signer or signers thereof the Company is in default in the performance and
observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement
of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof
of which they may have knowledge.

 

Section
1005.           
Waiver of Certain Covenants

 

The Company may omit in any particular
instance to comply with any term, provision or condition set forth in Sections 1002 through 1004 with respect to the Securities
of any series if before the time for such compliance Holders of at least a majority in aggregate principal amount of the Outstanding
Securities of all affected series (voting as one class) shall, by Act of such Holders, either waive such compliance in such instance
or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision
or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company
and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.

 

A waiver which changes or eliminates any
term, provision or condition of this Indenture which has expressly been included solely for the benefit of one or more particular
series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such term, provision
or condition, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

 

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Article
XI

REDEMPTION OF SECURITIES

 

Section
1101.           
Applicability of Article

 

Securities of any series which are redeemable
before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 301 for Securities of any series) in accordance with this Article.

 

Section
1102.           
Election to Redeem; Notice to Trustee

 

The election of the Company to redeem any
Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of less than all
the Securities of any series, the Company shall, not less than 35 nor more than 60 days prior to the Redemption Date fixed
by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the
principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed.
In the case of any redemption of Securities (1) prior to the expiration of any restriction on such redemption provided in
the terms of such Securities or elsewhere in this Indenture, or (2) pursuant to an election of the Company which is subject
to a condition specified in the terms of such Securities, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with such restriction or condition.

 

Section
1103.           
Selection by Trustee of Securities to be Redeemed

 

If less than all the Securities of any
series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed), the particular
Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, on a pro rata basis or by any other method which the
Trustee deems fair and appropriate and which complies with any securities exchange or other applicable requirements for redemption
of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple in excess thereof)
of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities
of that series.

 

The Trustee shall promptly notify the Company
in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal
amount thereof to be redeemed.

 

For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities
redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.

 

Section
1104.           
Notice of Redemption

 

Notice of redemption shall be given by
first-class mail (if international mail, by air mail), postage prepaid, mailed not less than 30 nor more than 60 days prior
to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register.

 

All notices of redemption shall state:

 

(1) the Redemption Date,

 

(2) the Redemption Price,

 

(3) if less than all the Outstanding Securities
of any series and of a specified tenor are to be redeemed, the identification (and, in the case of partial redemption of any Securities,
the principal amounts) of the particular Securities to be redeemed,

 

(4) that on the Redemption Date the Redemption
Price will become due and payable upon each such Security to be redeemed and that interest thereon will cease to accrue on and
after said date,

 

(5) the place or places where such Securities
are to be surrendered for payment of the Redemption Price, and

 

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(6) that the redemption is for a sinking
fund, if such is the case.

 

Notice of redemption of Securities to be
redeemed shall be given by the Company or, at the Company’s request made at least five Business Days prior to the date on
which notice is to be given, by the Trustee in the name and at the expense of the Company.

 

Section
1105.           
Deposit of Redemption Price

 

On or prior to 10:30 a.m. (New York
City time) on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting
as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the
Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities
which are to be redeemed on that date. The Trustee shall not be required to make any such deposit in the event that the Company
fails to do so. The contemplated redemption shall be conditioned on the deposit by the Company of the required moneys thereby.

 

Section
1106.           
Securities Payable on Redemption Date

 

Notice of redemption having been given
as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein
specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice,
such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided,
however, that, unless otherwise specified as contemplated by Section 301, installments of interest whose Stated Maturity
is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption
Date at the rate prescribed therefor in the Security.

 

Section
1107.           
Securities Redeemed in Part

 

Any Security which is to be redeemed only
in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by,
or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or
his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized
denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of
the principal of the Security so surrendered.

 

Article
XII

SINKING FUNDS

 

Section
1201.           
Applicability of Article

 

The provisions of this Article shall be
applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 301
for Securities of such series.

 

The minimum amount of any sinking fund
payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,”
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to
the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

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Section
1202.           
Satisfaction of Sinking Fund Payments with Securities

 

The Company (1) may deliver Outstanding
Securities of a series (other than any previously called for redemption), and (2) may apply as a credit Securities of a series
which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application
of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any
part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such
Securities as provided for by the terms of such series; provided that such Securities have not been previously so credited.
Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities
for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

Section
1203.           
Redemption of Securities for Sinking Fund

 

Not less than 45 days prior to each
sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company
will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that
series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 1202 and
stating the basis for such credit and that such Securities have not been previously so credited, and will also deliver to the Trustee
any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice
of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 1104.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in
Sections 1106 and 1107.

 

Article
XIII

DEFEASANCE

 

Section
1301.           
Applicability of Article

 

The provisions of this Article shall be
applicable to each series of Securities except as otherwise specified as contemplated by Section 301 for Securities of such
series.

 

Section
1302.           
Legal Defeasance

 

In addition to discharge of the Indenture
pursuant to Section 401, the Company shall be deemed to have paid and discharged the entire indebtedness on all the Securities
of such a series on the 91st day after the date of the deposit referred to in Clause (1) below, and the provisions of
this Indenture with respect to the Securities of such series shall no longer be in effect (except as to (i) rights of registration
of transfer and exchange of Securities of such series and the Company’s right of optional redemption, if any, (ii) substitution
of mutilated, destroyed, lost or stolen Securities, (iii) rights of Holders of Securities to receive payments of principal
thereof and interest thereon, upon the original stated due dates therefor or on the specified redemption dates therefor (but not
upon acceleration), and remaining rights of the holders to receive mandatory sinking fund payments, if any, (iv) the rights,
obligations, duties and immunities of the Trustee hereunder, and the Company’s obligations in connection therewith (including,
but not limited to, Section 607), (v) the rights, if any, to convert or exchange the Securities of such series, (vi) the
rights of Holders of Securities of such series as beneficiaries hereof with respect to the property so deposited with the Trustee
payable to all or any of them, and (vii) the obligations of the Company under Section 1002), and the Trustee, at the
expense of the Company, shall, upon a Company Request, execute proper instruments acknowledging the same, if the conditions set
forth below are satisfied (hereinafter, “defeasance”):

 

(1) The Company has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust, for the purposes of making the following payments, specifically
pledged as security for, and dedicated solely to, the benefit of Holders of the Securities of such series (A) cash in an amount,
or (B) in the case of any series of Securities the payments on which may only be made in legal coin or currency of the United
States, U.S. Government Obligations, maturing as to principal and interest at such times and in such amounts as will insure
the availability of cash, or (C) a combination thereof, certified to be sufficient, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay (i) the
principal and interest and premium, if any, on all Securities of such series on each date that such principal, interest or premium,
if any, is due and payable or on any Redemption Date established pursuant to Clause (3) below, and (ii) any mandatory
sinking fund payments on the dates on which such payments are due and payable in accordance with the terms of the Indenture and
the Securities of such series;

 

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(2) The Company has delivered to the Trustee
an Opinion of Counsel based on the fact that (A) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling, or (B) since the date hereof, there has been a change in the applicable federal income tax law,
in either case to the effect that, and such opinion shall confirm that, Holders of the Securities of such series will not recognize
income, gain or loss for federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject
to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit,
defeasance and discharge had not occurred;

 

(3) If the Securities are to be redeemed
prior to Stated Maturity (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall
have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made;

 

(4) No Event of Default or event which
with notice or lapse of time or both would become an Event of Default shall have occurred and be continuing on the date of such
deposit;

 

(5) Such defeasance shall not cause the
Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within
the meaning of such Act);

 

(6) Such defeasance shall not result in
a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by
which it is bound;

 

(7) Such defeasance shall not result in
the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940,
as amended, unless such trust shall be registered under such Act or exempt from registration thereunder; and

 

(8) The Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the
defeasance contemplated by this provision have been complied with.

 

For this purpose, such defeasance means
that the Company and any other obligor upon the Securities of such series shall be deemed to have paid and discharged the entire
debt represented by the Securities of such series, which shall thereafter be deemed to be “Outstanding” only
for the purposes of Section 1304 and the rights and obligations referred to in Clauses (i) through (vii), inclusive,
of the first paragraph of this Section, and to have satisfied all its other obligations under the Securities of such series and
this Indenture insofar as the Securities of such series are concerned.

 

Section
1303.           
Covenant Defeasance

 

The Company and any other obligor shall
be released on the 91st day after the date of the deposit referred to in Clause (1) below from its obligations under
Sections 704 and 801 with respect to the Securities of any series on and after the date the conditions set forth below are
satisfied (hereinafter, “covenant defeasance”), and the Securities of such series shall thereafter be deemed
to be not “Outstanding” for the purposes of any request, demand, authorization, direction, notice, waiver, consent
or declaration or other action 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, such covenant defeasance means that, with
respect to the Securities of such series, the Company may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such Section, whether directly or indirectly by reason of any reference elsewhere herein
to such Section or by reason of any reference in such Section 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 501, but, except as specified above, the remainder
of this Indenture and the Securities of such series shall be unaffected thereby. The following shall be the conditions to application
of this Section 1303:

 

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(1) The Company has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust for the purpose of making the following payments, specifically
pledged as security for, and dedicated solely to, the benefit of Holders of the Securities of such series, (A) cash in an
amount, or (B) in the case of any series of Securities the payments on which may only be made in legal coin or currency of
the United States, U.S. Government Obligations, maturing as to principal and interest at such times and in such amounts as
will insure the availability of cash, or (C) a combination thereof, sufficient, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay (i) the
principal and interest and premium, if any, on all Securities of such series on each date that such principal, interest or premium,
if any, is due and payable or on any Redemption Date established pursuant to Clause (2) below, and (ii) any mandatory
sinking fund payments on the day on which such payments are due and payable in accordance with the terms of the Indenture and the
Securities of such series, provided, that if such U.S. Government Obligations are callable or redeemable at the option of the issuer
thereof, the amount of such money and U.S. Government Obligations deposited with the Trustee must be sufficient to pay and discharge
the entire indebtedness referred to above if such issuer elects to exercise such call or redemption provisions at any time prior
to the Redemption Date or mandatory sinking fund payment date;

 

(2) If the Securities are to be redeemed
prior to Stated Maturity (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall
have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made;

 

(3) No Event of Default or event which
with notice or lapse of time or both would become an Event of Default shall have occurred and be continuing on the date of such
deposit;

 

(4) The Company has delivered to the Trustee
an Opinion of Counsel which shall confirm that Holders of the Securities of such series will not recognize income, gain or loss
for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal income tax on
the same amount and in the same manner and at the same time as would have been the case if such deposit and covenant defeasance
had not occurred;

 

(5) Such covenant defeasance shall not
cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in
default within the meaning of such Act);

 

(6) Such covenant defeasance shall not
result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is a
party or by which it is bound;

 

(7) Such covenant defeasance shall not
result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act
of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder; and

 

(8) The Company has delivered to the Trustee
an Officers’ Certificate and Opinion of Counsel stating that all conditions precedent provided for relating to the covenant
defeasance contemplated by this provision have been complied with.

 

Section
1304.           
Application by Trustee of Funds Deposited for Payment of Securities

 

Subject to the provisions of the last paragraph
of Section 1003, all moneys or U.S. Government Obligations deposited with the Trustee pursuant to Section 1302 or
1303 (and all funds earned on such moneys or U.S. Government Obligations) shall be held in trust and applied by it to the
payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to Holders of the
particular Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of
all sums due and to become due thereon for principal and interest; but such money need not be segregated from other funds except
to the extent required by law.

 

     47

     

    

 

Section
1305.           
Repayment to the Company

 

The Trustee and any Paying Agent promptly
shall pay or return to the Company upon Company Request any money and U.S. Government Obligations held by them at any time
that are not required for the payment of the principal of and any interest on the Securities of any series for which money or U.S. Government
Obligations have been deposited pursuant to Section 1302 or 1303, which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification delivered to the Trustee, are in excess of the amounts required
to effect the defeasance with respect to the Outstanding Securities in question.

 

The provisions of the last paragraph of
Section 1003 shall apply to any money held by the Trustee or any Paying Agent under this Article that remains unclaimed for
two years after the Maturity of any series of Securities for which money or U.S. Government Obligations have been deposited
pursuant to Section 1302 or 1303.

 

Section
1306.           
Reinstatement

 

If the Trustee or the Paying Agent is unable
to apply any money or U. S. Government Obligations in accordance with this Article 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 obligations of the Company under this Indenture and the Securities of the applicable series shall be revived and reinstated
as though no deposit had occurred pursuant to this Indenture until such time as the Trustee or the Paying Agent is permitted to
apply all such money or U. S. Government Obligations in accordance with this Article; provided, however, that if the Company
has made any payment of principal of or interest on any Securities of such series because of the reinstatement of its obligations,
the Company shall be subrogated to the rights of Holders of such Securities to receive such payment from the money or U.S. Government
Obligations held by the Trustee or the Paying Agent.

 

Article
XIV

SUBORDINATION OF SECURITIES

 

Section
1401.           
Securities Subordinated to Senior Debt

 

The payment by the Company of the principal
of, premium, if any, and interest, if any, on any series of Securities issued hereunder shall be subordinated to the extent set
forth in an indenture supplemental hereto relating to such Securities.

 

     48

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Indenture to be duly executed in multiple counterparts, each of which so executed shall be deemed to be an original,
but all of which shall together constitute but one and the same instrument, all as of the day and year first above written.

 

 

	  	STERLING BANCORP
	 	 	 
	 	 	 
	 	By:	/s/ Jack Kopnisky
	 	Name:	Jack Kopnisky
	 	Title:	President and Chief Executive Officer
	 	 
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	 	 
	 	By:	/s/ Michelle Mena-Rosado
	 	Name:	Michelle Mena-Rosado
	 	Title:	Vice President 

 

[Signature Page to the Indenture]

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