Document:

exv4w3

Exhibit 4.3

EXECUTION
VERSION

CUMULUS MEDIA INC.

$610,000,000

7.75% Senior Notes due 2019

Registration Rights Agreement

     This REGISTRATION RIGHTS AGREEMENT dated May 13, 2011 (this “Agreement”) is entered
into by and among Cumulus Media Inc., a Delaware corporation (the “Company”), the
guarantors listed in Schedule 1 hereto (the “Initial Guarantors”), and J.P. Morgan
Securities LLC (“J.P. Morgan”), on behalf of itself and the other initial purchasers (the
“Initial Purchasers”) named on Schedule 1 to the Purchase Agreement (as defined below).

     The Company, the Guarantors and the Initial Purchasers are parties to the Purchase Agreement,
dated April 29, 2011 (the “Purchase Agreement”), which provides for the sale by the Company
to the Initial Purchasers of $610,000,000 aggregate principal amount of the Company’s 7.75% Senior
Notes due 2019 (the “Securities”), which will be guaranteed on an unsecured senior basis by
each of the Guarantors. As an inducement to the Initial Purchasers to enter into the Purchase
Agreement, the Company and the Guarantors have agreed to provide to the Initial Purchasers and
their direct and indirect transferees the registration rights set forth in this Agreement.

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

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

     “Additional Guarantor” shall mean any subsidiary of the Company that issues a
Guarantee under the Indenture after the date of this Agreement, and prior to the completion of the
Company’s and the Guarantors’ obligations hereunder.

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

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

     “Citadel” shall mean Citadel Broadcasting Corporation and its consolidated
subsidiaries.

     “Citadel Acquisition” shall mean the pending merger of Citadel with and into Cumulus
Media Holdings Inc., with Citadel surviving the merger as an indirect, wholly-owned subsidiary of
the Company.

 

 

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

     “Exchange Act” shall mean the Securities Exchange Act of 1934.

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

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

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

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

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

     “FINRA” shall mean the Financial Industry Regulatory Authority, Inc.

     “Free Writing Prospectus” means each free writing prospectus (as defined in Rule 405
under the Securities Act) prepared by or on behalf of the Company or used or referred to by the
Company in connection with the sale of the Securities or the Exchange Securities.

     “Guarantees” shall mean, as the context may require, the guarantees of the Securities
and guarantees of the Exchange Securities by the Guarantors under the Indenture.

     “Guarantors” shall mean the Initial Guarantors, any Additional Guarantors and any
Guarantor’s successor that Guarantees the Securities.

     “Holders” shall mean the Initial Purchasers, for so long as they own any Registrable
Securities, and each of their successors, assigns and direct and indirect transferees who become
owners of Registrable Securities under the Indenture; provided that, for purposes of
Section 4 and Section 5 hereof, the term “Holders” shall include Participating Broker-Dealers.

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

2

 

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

     “Indenture” shall mean the Indenture relating to the Securities, dated as of May 13,
2011, among the Company, the Initial Guarantors and U.S. Bank National Association, as trustee, and
as the same may be amended and supplemented from time to time in accordance with the terms thereof.

     “Initial Guarantors” shall have the meaning set forth in the preamble.

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

     “Inspector” shall have the meaning set forth in Section 3(a)(xiv) hereof.

     “Issuer Information” shall have the meaning set forth in Section 5(a) hereof.

     “J.P. Morgan” shall have the meaning set forth in the preamble.

     “Majority Holders” shall mean the Holders of a majority of the aggregate principal
amount of the outstanding Registrable Securities; provided that whenever the consent or
approval of Holders of a specified percentage of Registrable Securities is required hereunder, any
Registrable Securities owned directly or indirectly by the Company or any of its affiliates (as
such term is defined in Rule 405 of the Securities Act) shall not be counted in determining whether
such consent or approval was given by the Holders of such required percentage or amount; and
provided, further, that if the Company shall issue any additional Securities under
the Indenture prior to consummation of the Exchange Offer or, if applicable, the effectiveness of
any Shelf Registration Statement, such additional Securities and the Registrable Securities to
which this Agreement relates shall be treated together as one class for purposes of determining
whether the consent or approval of Holders of a specified percentage of Registrable Securities has
been obtained.

     “Notice and Questionnaire” shall mean a notice of registration statement and selling
security holder questionnaire distributed to a Holder by the Company after receipt of a Shelf
Request from such Holder.

     “Participating Broker-Dealers” shall have the meaning set forth in Section 4(a)
hereof.

     “Participating Holder” shall mean any Holder of Registrable Securities that has
returned a properly completed and signed Notice and Questionnaire to the Company in accordance with
Section 2(b) hereof.

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

     “Prospectus” shall mean the prospectus included in, or, pursuant to the rules and
regulations of the Securities Act, deemed a part of, a Registration Statement, including

3

 

any preliminary prospectus, and any such prospectus as amended or supplemented by any
prospectus supplement, including a prospectus supplement with respect to the terms of the
offering of any portion of the Registrable Securities covered by a Shelf Registration Statement,
and by all other amendments and supplements to such prospectus, and in each case including any
document incorporated by reference therein.

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

     “Registrable Securities” shall mean the Securities and the related Guarantees;
provided that the Securities and the related Guarantees shall cease to be Registrable
Securities upon the earliest to occur of (i) when a Registration Statement with respect to such
Securities and related Guarantees has become effective under the Securities Act and such Securities
and related Guarantees have been exchanged, sold or otherwise disposed of pursuant to such
Registration Statement, (ii) when such Securities and related Guarantees are sold pursuant to Rule
144 under the Securities Act (or any similar provision then in force, but not Rule 144A), (iii)
when such Securities and related Guarantees cease to be outstanding or (iv) except in the case of
Securities and related Guarantees that otherwise remain Registrable Securities and that are held by
an Initial Purchaser and that are ineligible to be exchanged in the Exchange Offer, when the
Exchange Offer is consummated.

     “Registration Default” shall mean the occurrence of any of the following: (i) the
Exchange Offer is not completed on or prior to the Target Registration Date, (ii) the Shelf
Registration Statement, if required pursuant to Section 2(b)(i) or Section 2(b)(ii) hereof, has not
become effective on or prior to the Target Registration Date, (iii) if the Company receives a Shelf
Request pursuant to Section 2(b)(iii), the Shelf Registration Statement required to be filed
thereby has not become effective by the later of (a) the Target Registration Date and (b) 90 days
after delivery of such Shelf Request or (iv) the Shelf Registration Statement, if required by this
Agreement, has become effective and thereafter ceases to be effective or the Prospectus contained
therein ceases to be usable, in each case whether or not permitted by this Agreement, at any time
during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for
more than 45 days (whether or not consecutive) in any 12-month period.

     “Registration Expenses” shall mean any and all expenses incident to performance of or
compliance by the Company and the Guarantors with this Agreement, including without limitation: (i)
all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred
in connection with compliance with state securities or blue sky laws (including reasonable fees and
disbursements of one counsel for any Underwriters or Holders in connection with blue sky
qualification of any Exchange Securities or Registrable Securities), (iii) the costs incurred in
preparing or assisting in preparing, word processing, printing and distributing any Registration
Statement, any Prospectus, any Free Writing Prospectus and any amendments or supplements thereto,
any underwriting agreements, securities sales agreements or other similar agreements and any other
documents relating to the performance of and compliance with this Agreement, (iv) all rating agency
fees, (v) all fees and disbursements relating to the qualification of the Indenture under
applicable securities laws, (vi) the fees and disbursements of the

4

 

Trustee and its counsel, (vii)
the fees and disbursements of counsel for the Company and the
Guarantors and, in the case of a Shelf Registration Statement, the fees and disbursements of
one counsel for the Participating Holders (which counsel shall be selected by the Participating
Holders holding a majority of the aggregate principal amount of Registrable Securities held by such
Participating Holders and which counsel may also be counsel for the Initial Purchasers), and (viii)
the fees and disbursements of any public accountants of the Company or of any business acquired by
the Company or any Guarantor for which financial statements and financial data are or are required
to be included in any Registration Statement, including the expenses of any special audits or
“comfort” letters required by or incident to the performance of and compliance with this Agreement,
but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set
forth in clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage
commissions and transfer taxes, if any, relating to the sale or disposition of Registrable
Securities by a Holder.

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

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

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

     “Securities Act” shall mean the Securities Act of 1933.

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

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

     “Shelf Registration Statement” shall mean a “shelf” registration statement of the
Company and the Guarantors that covers all or a portion of the Registrable Securities (but no other
securities unless approved by a majority in aggregate principal amount of the Securities held by
the Participating Holders) on an appropriate form under Rule 415 under the Securities Act, or any
similar rule that may be adopted by the SEC, and all amendments and supplements to such
registration statement, including post-effective amendments, in each case including the Prospectus
contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by
reference therein.

     “Shelf Request” shall have the meaning set forth in Section 2(b) hereof.

     “Staff” shall mean the staff of the SEC.

5

 

     “Target Registration Date” shall mean May 13, 2012 (or if such date is not a Business
Day, the next succeeding Business Day) or, if the Citadel Acquisition is
consummated more than 305 days but within 365 days after the closing of the offering of the
Securities, then the Target Registration Date shall be the date that is 60 days after the
consummation of the Citadel Acquisition.

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

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

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

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

     2. Registration Under the Securities Act. (a) To the extent not prohibited by any
applicable law or applicable interpretations of the Staff, the Company and the Guarantors shall use
their commercially reasonable efforts to (x) cause to be filed an Exchange Offer Registration
Statement covering an offer to the Holders to exchange all the Registrable Securities for Exchange
Securities and (y) have such Registration Statement become and remain effective until 180 days
after the date the Exchange Offer Registration Statement became effective for use by one or more
Participating Broker-Dealers. The Company and the Guarantors shall commence the Exchange Offer
promptly after the Exchange Offer Registration Statement is declared effective by the SEC and use
their commercially reasonable efforts to complete the Exchange Offer not later than 60 days after
such effective date.

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

	(i)	 	that the Exchange Offer is being made pursuant to this Agreement and that all Registrable
Securities validly tendered and not properly withdrawn will be accepted for exchange;

	(ii)	 	the dates of acceptance for exchange (which shall be a period of at least 20 Business Days
from the date such notice is mailed) (the “Exchange Dates”);

	(iii)	 	that any Registrable Security not tendered will remain outstanding and continue to accrue
interest but will not retain any rights under this Agreement, except as otherwise specified
herein;

	(iv)	 	that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange
Offer will be required to (A) surrender such Registrable Security, together with the
appropriate letters of transmittal, to the institution and at the address and in the manner
specified in the notice, or (B) effect such exchange

6

 

	 	 	otherwise in compliance with the
applicable procedures of the depositary for such
Registrable Security, in each case prior to the close of business on the last Exchange Date;
and

	(v)	 	that any Holder will be entitled to withdraw its election, not later than the close of
business on the last Exchange Date, by (A) sending to the institution and at the address
specified in the notice, a telegram, facsimile transmission or letter setting forth the name
of such Holder, the principal amount of Registrable Securities delivered for exchange, such
other information as may be reasonably required to identify the Securities to be withdrawn and
a statement that such Holder is withdrawing its election to have such Securities exchanged or
(B) effecting such withdrawal in compliance with the applicable procedures of the depositary
for the Registrable Securities.

     As a condition to participating in the Exchange Offer, a Holder will be required to represent
to the Company and the Guarantors that (i) any Exchange Securities to be received by it will be
acquired in the ordinary course of its business, (ii) at the time of the commencement of the
Exchange Offer it has no arrangement or understanding with any Person to participate in the
distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of
the provisions of the Securities Act, (iii) it is not an “affiliate” (within the meaning of Rule
405 under the Securities Act) of the Company or any Guarantor and (iv) if such Holder is not a
broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the
Exchange Securities and (v) it is not acting on behalf of any person that could not truthfully make
the representations set forth in clauses (i) to (iv) of this paragraph. Each Holder hereby
acknowledges and agrees that any broker-dealer and any such Holder using the Exchange Offer to
participate in a distribution of the securities to be acquired in the Exchange Offer (i) could not
under SEC policy as in effect on the date of this Agreement rely on the position of the SEC
enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings
Corporation (available May 13, 1988), as interpreted in the SEC’s letter to Shearman & Sterling
dated July 2, 1993, and similar no action letters, and (ii) must comply with the registration and
prospectus delivery requirements of the Securities Act in connection with a secondary resale
transaction and that such a secondary resale transaction should be covered by an effective
registration statement containing the selling security holder information required by Item 507 or
508, as applicable, of Regulation S-K if the resales are of Exchange Securities obtained by such
Holder in exchange for Registrable Securities acquired by such Holder directly from the Company.

     As soon as practicable after the last Exchange Date, the Company and the Guarantors shall:

	(I)	 	accept for exchange Registrable Securities or portions thereof validly tendered and not
properly withdrawn pursuant to the Exchange Offer; and

	(II)	 	deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities
or portions thereof delivered to the Company and so accepted for exchange by the Company and
issue, and cause the Trustee to promptly

7

 

	 	 	authenticate and deliver to each Holder, Exchange
Securities equal in principal
amount to the principal amount of the Registrable Securities tendered by such Holder.

     The Company and the Guarantors shall use their commercially reasonable efforts to complete the
Exchange Offer as provided above and shall comply with the applicable requirements of the
Securities Act, the Exchange Act and other applicable laws and regulations in connection with the
Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the
Exchange Offer does not violate any applicable law or applicable interpretations of the Staff and
customary conditions relating to the delivery of Securities or other actions customarily taken by
Holders participating in the Exchange Offer or the execution and delivery of customary
documentation relating to the Exchange Offer.

     (b) In the event that (i) the Company and the Guarantors determine that the Exchange Offer
Registration provided for in Section 2(a) hereof is not available or the Exchange Offer may not be
completed as soon as practicable after the last Exchange Date because it would violate any
applicable law or applicable interpretations of the Staff, (ii) the Exchange Offer is not for any
other reason completed by the Target Registration Date or (iii) upon receipt of a written request
(a “Shelf Request”) from any Initial Purchaser representing that it holds Registrable
Securities that were ineligible to be exchanged in the Exchange Offer, the Company and the
Guarantors shall use their commercially reasonable efforts to cause to be filed as soon as
practicable after such determination date or Shelf Request, as the case may be, a Shelf
Registration Statement providing for the sale of all the Registrable Securities by the Holders
thereof and to have such Shelf Registration Statement become effective; provided that the
Company and the Guarantors shall not be required to file any such Shelf Registration Statement
prior to the earlier of the filing of an Exchange Offer Registration Statement and the Target
Registration Date; provided further that no Holder will be entitled to have any
Registrable Securities included in any Shelf Registration Statement, or entitled to use the
Prospectus forming a part of such Shelf Registration Statement, until after such Holder shall have
delivered a completed and signed Notice and Questionnaire and provided such other information
regarding such Holder to the Company as is contemplated by Section 3(b) hereof or as otherwise
reasonably required or requested in writing by the Company.

     In the event that the Company and the Guarantors are required to file a Shelf Registration
Statement pursuant to clause (iii) of the preceding paragraph, the Company and the Guarantors shall
use their commercially reasonable efforts to file and have become effective both an Exchange Offer
Registration Statement pursuant to Section 2(a) hereof with respect to all Registrable Securities
and a Shelf Registration Statement (which may be a combined Registration Statement with the
Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities
held by the Initial Purchasers after completion of the Exchange Offer.

     The Company and the Guarantors agree to use their commercially reasonable efforts to keep the
Shelf Registration Statement continuously effective until the Securities cease to be Registrable
Securities (the “Shelf Effectiveness Period”). The Company and

8

 

the Guarantors further agree
to supplement or amend the Shelf Registration Statement, the
related Prospectus and any Free Writing Prospectus if required by the rules, regulations or
instructions applicable to the registration form used by the Company and the Guarantors for such
Shelf Registration Statement or by the Securities Act or by any other rules and regulations
thereunder or if reasonably requested by a Holder of Registrable Securities with respect to
information relating to such Holder, and to use their commercially reasonable efforts to cause any
such amendment to become effective, if required, and such Shelf Registration Statement, Prospectus
or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter practicable.
The Company and the Guarantors agree to furnish to the Participating Holders copies of any such
supplement or amendment promptly after its being used or filed with the SEC.

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

     (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be
deemed to have become effective unless it has been declared effective by the SEC. A Shelf
Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective
unless it has been declared effective by the SEC or is automatically effective upon filing with the
SEC as provided by Rule 462 under the Securities Act.

     If a Registration Default occurs, the interest rate on the Registrable Securities will be
increased by (i) 0.25% per annum for the first 90-day period beginning on the day immediately
following such Registration Default and (ii) an additional 0.25% per annum with respect to each
subsequent 90-day period, in each case until but excluding the date such Registration Default ends,
up to a maximum increase of 1.00% per annum. A Registration Default ends when the Securities cease
to be Registrable Securities or, if earlier, (1) in the case of a Registration Default under clause
(i) of the definition thereof, when the Exchange Offer is completed, (2) in the case of a
Registration Default under clause (ii) or clause (iii) of the definition thereof, when the Shelf
Registration Statement becomes effective or (3) in the case of a Registration Default under clause
(iv) or clause (v) of the definition thereof, when the Shelf Registration Statement again becomes
effective or the Prospectus again becomes usable. If at any time more than one Registration
Default has occurred and is continuing, then, until the next date that there is no Registration
Default, the increase in interest rate provided for by this paragraph shall apply as if there
occurred a single Registration Default that begins on the date that the earliest such Registration
Default occurred and ends on such next date that there is no Registration Default.

     (e) Without limiting the remedies available to the Initial Purchasers and the Holders, the
Company and the Guarantors acknowledge that any failure by the Company or the Guarantors to comply
with their obligations under Section 2(a) and Section 2(b) hereof may result in material
irreparable injury to the Initial Purchasers or the Holders for

9

 

which there is no adequate remedy
at law, that it will not be possible to measure damages for such injuries precisely and that, in
the event of any such failure, the Initial Purchasers or
any Holder may obtain such relief as may be required to specifically enforce the Company’s and
the Guarantors’ obligations under Section 2(a) and Section 2(b) hereof.

     3. Registration Procedures. (a) In connection with their obligations pursuant to
Section 2(a) and Section 2(b) hereof, the Company and the Guarantors shall:

     (i) prepare and file with the SEC a Registration Statement on the appropriate form under the
Securities Act, which form (A) shall be selected by the Company and the Guarantors, (B) shall, in
the case of a Shelf Registration, be available for the sale of the Registrable Securities by the
Holders thereof (or, in the case of a Shelf Registration pursuant to Section 2(b)(iii), by the
Holders whose Securities were ineligible to be exchanged in the Exchange Offer) and (C) shall
comply as to form in all material respects with the requirements of the applicable form and include
(or incorporate by reference) all financial statements required by the SEC to be filed therewith;
and use their commercially reasonable efforts to cause such Registration Statement to become
effective and remain effective for the applicable period in accordance with Section 2 hereof;

     (ii) prepare and file with the SEC such amendments and post-effective amendments to each
Registration Statement as may be necessary to keep such Registration Statement effective for the
applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented
by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424
under the Securities Act; and keep each Prospectus current during the period described in Section
4(3) and Rule 174 under the Securities Act that is applicable to transactions by brokers or dealers
with respect to the Registrable Securities or Exchange Securities;

     (iii) to the extent any Free Writing Prospectus is used, file with the SEC any Free Writing
Prospectus that is required to be filed therewith by the Company or the Guarantors in accordance
with the Securities Act and to retain (in accordance with the requirements of the Securities Act)
any Free Writing Prospectus not required to be filed;

     (iv) in the case of a Shelf Registration, furnish to each Participating Holder, to counsel for
the Initial Purchasers, to counsel for such Participating Holders and to each Underwriter of an
Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each
Prospectus, preliminary prospectus or Free Writing Prospectus, and any amendment or supplement
thereto, as such Participating Holder, counsel or Underwriter may reasonably request in order to
facilitate the sale or other disposition of the Registrable Securities thereunder; and, subject to
Section 3(c) hereof, the Company and the Guarantors consent to the use of such Prospectus,
preliminary prospectus or such Free Writing Prospectus and any amendment or supplement thereto in
accordance with applicable law by each of the Participating Holders and any such Underwriters in
connection with the offering and sale of the Registrable Securities covered by and in the manner
described in such Prospectus, preliminary prospectus or such Free Writing Prospectus or any
amendment or supplement thereto in accordance with applicable law;

10

 

     (v) in the case of an Exchange Offer Registration Statement, use their commercially reasonable
efforts to register and qualify the Registrable Securities under all
applicable state securities or blue sky laws and, in the case of a Shelf Registration
Statement, cooperate with the selling Participating Holders and their counsel to register or
qualify the Registrable Securities under all applicable state securities or blue sky laws of such
jurisdictions as any Participating Holder shall reasonably request in writing by the time the
applicable Registration Statement becomes effective; cooperate with such Participating Holders in
connection with any filings required to be made with FINRA; and do any and all other acts and
things that may be reasonably necessary or advisable to enable each Participating Holder to
complete the disposition in each such jurisdiction of the Registrable Securities owned by such
Participating Holder; provided that neither the Company nor any Guarantor shall be required
to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any such
jurisdiction where it would not otherwise be required to so qualify, (2) file any general consent
to service of process in any such jurisdiction or (3) subject itself to taxation in any such
jurisdiction if it is not so subject;

     (vi) notify counsel for the Initial Purchasers and, in the case of a Shelf Registration,
notify each Participating Holder and counsel for such Participating Holders promptly after becoming
aware and, if requested by any such Participating Holder or counsel, thereafter confirm such advice
in writing (1) when a Registration Statement has become effective, when any post-effective
amendment thereto has been filed and becomes effective, when any Free Writing Prospectus has been
filed or any amendment or supplement to the Prospectus or any Free Writing Prospectus has been
filed, (2) of any request by the SEC or any state securities authority for amendments and
supplements to a Registration Statement, Prospectus or any Free Writing Prospectus or for
additional information, after the Registration Statement has become effective, (3) of the issuance
by the SEC or any state securities authority of any stop order suspending the effectiveness of a
Registration Statement or the initiation of any proceedings for that purpose, including the receipt
by the Company of any notice of objection of the SEC to the use of a Shelf Registration Statement
or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4)
if, between the applicable effective date of a Shelf Registration Statement and the closing of any
sale of Registrable Securities covered thereby, the Company or any Guarantor receives any
notification with respect to the suspension of the qualification of the Registrable Securities for
sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening
of any event during the period a Registration Statement is effective that makes any statement made
in such Registration Statement or the related Prospectus or any Free Writing Prospectus untrue in
any material respect or that requires the making of any changes in such Registration Statement or
Prospectus or any Free Writing Prospectus in order to make the statements therein not misleading
(in the case of the Prospectus, in light of the circumstances under which they were made) and (6)
of any determination by the Company or any Guarantor that a post-effective amendment to a
Registration Statement or any amendment or supplement to the Prospectus or any Free Writing
Prospectus would be required;

11

 

     (vii) use their commercially reasonable efforts to obtain the withdrawal of any order
suspending the effectiveness of a Registration Statement or, in the case of a Shelf Registration,
the resolution of any objection of the SEC pursuant to Rule 401(g)(2) under the Securities Act,
including by filing an amendment to such Registration Statement on the
proper form, as promptly as practicable and provide prompt notice to each Holder or
Participating Holder of the withdrawal of any such order or such resolution;

     (viii) in the case of a Shelf Registration, furnish to each Participating Holder, without
charge, at least one conformed copy of each Registration Statement and any post-effective amendment
thereto (without any documents incorporated therein by reference or exhibits thereto, unless
requested in writing);

     (ix) in the case of a Shelf Registration, cooperate with the Participating Holders to
facilitate the timely preparation and delivery of certificates representing Registrable Securities
to be sold and not bearing any restrictive legends and enable such Registrable Securities to be
issued in such denominations and registered in such names (consistent with the provisions of the
Indenture) as such Participating Holders may reasonably request at least one Business Day prior to
the closing of any sale of Registrable Securities;

     (x) upon the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, use their
commercially reasonable efforts to prepare and file with the SEC a supplement or post-effective
amendment to the applicable Exchange Offer Registration Statement or Shelf Registration Statement
or the related Prospectus or any Free Writing Prospectus or any document incorporated therein by
reference or file any other required document so that, as thereafter delivered (or, to the extent
permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus or
Free Writing Prospectus, as the case may be, will not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and the Company and the Guarantors shall
notify the Participating Holders (in the case of a Shelf Registration Statement) and the Initial
Purchasers and any Participating Broker-Dealers known to the Company (in the case of an Exchange
Offer Registration Statement) to suspend use of the Prospectus or any Free Writing Prospectus as
promptly as practicable after the occurrence of such an event, and such Participating Holders, such
Participating Broker-Dealers and the Initial Purchasers, as applicable, hereby agree to suspend use
of the Prospectus or any Free Writing Prospectus, as the case may be, until the Company and the
Guarantors have amended or supplemented the Prospectus or the Free Writing Prospectus, as the case
may be, to correct such misstatement or omission;

     (xi) a reasonable time prior to the filing of any Registration Statement, any Prospectus, any
Free Writing Prospectus, any amendment to a Registration Statement or amendment or supplement to a
Prospectus or a Free Writing Prospectus other than any document that is to be incorporated by
reference into a Registration Statement, a Prospectus or a Free Writing Prospectus after initial
filing of a Registration Statement, provide copies of such document to the Initial Purchasers and
their counsel (and, in the case of a Shelf Registration Statement, to the Participating Holders and
their counsel) and

12

 

make such of the representatives of the Company and the Guarantors as shall be
reasonably requested by the Initial Purchasers or their counsel (and, in the case of a Shelf
Registration Statement, the Participating Holders or their counsel) available for discussion of
such document; and the Company and the Guarantors shall not, at any time after initial filing of a
Registration Statement, use or file any Prospectus, any Free Writing Prospectus, any
amendment of or supplement to a Registration Statement or a Prospectus or a Free Writing
Prospectus, other than any document that is to be incorporated by reference into a Registration
Statement, a Prospectus or a Free Writing Prospectus, of which the Initial Purchasers and their
counsel (and, in the case of a Shelf Registration Statement, the Participating Holders and their
counsel) shall not have previously been advised and furnished a copy or to which the Initial
Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Participating
Holders or their counsel) shall reasonably object in writing within five business days after the
receipt thereof; and at any time after the initial filing of a Shelf Registration Statement until
the earlier of (a) such Participating Holder no longer holding Registrable Securities and (b) the
expiration of the Shelf Effectiveness Period the Company and the Guarantors shall use commercially
reasonable efforts to provide to the Participating Holders and their counsel any document that is
to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing
Prospectus a reasonable period of time prior to filing such document; provided however,
that any information in such document shall be considered confidential and proprietary subject to
the restrictions and limits thereon pursuant to paragraph (xiv) below until such information
becomes publicly available (other than by a breach of paragraph (xiv) below);

     (xii) use commercially reasonable efforts to obtain a CUSIP number for all Exchange Securities
or Registrable Securities, as the case may be, not later than the initial effective date of a
Registration Statement;

     (xiii) use commercially reasonable efforts to cause the Indenture to be qualified under the
Trust Indenture Act in connection with the registration of the Exchange Securities or Registrable
Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes
to the Indenture as may be required for the Indenture to be so qualified in accordance with the
terms of the Trust Indenture Act; and execute, and use their commercially reasonable efforts to
cause the Trustee to execute, all documents as may be required to effect such changes and all other
forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in
a timely manner;

     (xiv) in the case of a Shelf Registration, make available for inspection by a representative
of the Participating Holders (an “Inspector”), any Underwriter participating in any
disposition pursuant to such Shelf Registration Statement, one firm of attorneys and accountants
(and up to one additional firm of attorneys solely with respect to Federal Communications
Commission (“FCC”) matters) designated by a majority in aggregate principal amount of the
Securities held by the Participating Holders and one firm of attorneys and accountants (and up to
one additional firm of attorneys solely with respect to FCC matters) designated by such
Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other
records, documents and properties of

13

 

the Company and its subsidiaries as such Inspector,
Underwriter, attorney or accountant believes shall be reasonably necessary to enable them to
exercise any applicable due diligence defenses under federal securities laws, and cause the
respective officers, directors and employees of the Company and the Guarantors to supply all
information reasonably requested by any such Inspector, Underwriter, attorney or accountant in
connection with a Shelf Registration Statement; provided that if any such information is
identified by the Company or any Guarantor as being confidential or proprietary, each Person
receiving such information shall take such actions as are reasonably necessary to protect the
confidentiality of such information to the extent such action is otherwise not inconsistent with,
an impairment of or in derogation of the rights and interests of any Inspector, Participating
Holder or Underwriter, provided further that each Person receiving any such information
obtained under Section 3(a)(xiv) which is identified as confidential or proprietary pursuant to the
above proviso may disclose such information to the extent requested pursuant to, or required by,
applicable law, regulation or legal process, provided further that such Person shall, to
the extent legally permissible, use commercially reasonable efforts to provide prior notice to the
Company and the Guarantors of such request or requirement in sufficient time to permit the Company
or any of the Guarantors to seek a protective order at the expense of the Company and the
Guarantors and without the participation of the Person subject to such request or requirement;

     (xv) in the case of a Shelf Registration, use their commercially reasonable efforts to cause
all Registrable Securities to be listed on any securities exchange or any automated quotation
system on which similar securities issued or guaranteed by the Company or any Guarantor are then
listed if requested by the Majority Holders, to the extent such Registrable Securities satisfy
applicable listing requirements;

     (xvi) if reasonably requested by any Participating Holder, promptly include in a Prospectus
supplement or post-effective amendment such information with respect to such Participating Holder
as such Participating Holder reasonably requests to be included therein and make all required
filings of such Prospectus supplement or such post-effective amendment as soon as the Company has
received notification of the matters to be so included in such filing;

     (xvii) in the case of a Shelf Registration, enter into such customary agreements and take all
such other actions necessary or appropriate in connection therewith (including those reasonably
requested by the Holders of a majority in principal amount of the Registrable Securities covered by
the Shelf Registration Statement) in order to expedite or facilitate the disposition of such
Registrable Securities including, but not limited to, an Underwritten Offering and in such
connection, (1) to the extent possible, make such representations and warranties to the
Participating Holders and any Underwriters of such Registrable Securities with respect to the
business of the Company and its subsidiaries and the Registration Statement, Prospectus, any Free
Writing Prospectus and documents incorporated by reference or deemed incorporated by reference, if
any, in each case, in form, substance and scope as are customarily made by issuers to underwriters
in underwritten offerings of debt securities similar to the Securities and confirm the same if and
when requested, (2) use commercially reasonable

14

 

efforts to obtain opinions of counsel to the
Company and the Guarantors (which counsel and opinions, in form, scope and substance, shall be
reasonably satisfactory to the Participating Holders and such Underwriters and their respective
counsel) addressed to each Participating Holder and Underwriter of Registrable Securities, covering
the matters customarily covered in opinions requested in underwritten offerings of debt securities
similar to the Securities, (3) use commercially reasonable efforts to obtain “comfort” letters from
any public accountants of the Company and the Guarantors (and, if necessary, any other public
accountant of any subsidiary of the Company or any Guarantor, or of any business acquired
by the Company or any Guarantor for which financial statements and financial data are or are
required to be included in the Registration Statement) addressed to each Participating Holder (to
the extent permitted by applicable professional standards) and Underwriter of Registrable
Securities, such letters to be in customary form and covering matters of the type customarily
covered in “comfort” letters in connection with underwritten offerings of debt securities similar
to the Securities, including but not limited to financial information contained in any preliminary
prospectus, Prospectus or Free Writing Prospectus and (4) deliver such documents and certificates
as may be reasonably requested by the Holders of a majority in principal amount of the Registrable
Securities being sold or the Underwriters, and which are customarily delivered in underwritten
offerings of debt securities similar to the Securities, to evidence the continued validity of the
representations and warranties of the Company and the Guarantors made pursuant to clause (1) above
and to evidence compliance with any customary conditions contained in an underwriting agreement, it
being agreed that the representations and warranties, opinions of counsel and comfort letters
delivered in connection with the initial offering of the Securities are customary and (5) indemnify
the Underwriters, if any, their respective affiliates and each Person who controls such Persons
(within the meaning of the Securities Act and the Exchange Act) on terms customary in underwriting
agreements under similar circumstances; and

     (xviii) so long as any Registrable Securities remain outstanding, cause each Additional
Guarantor upon becoming a Guarantor, to execute a Joinder Agreement to this Agreement in the form
attached hereto as Annex A and to deliver such Joinder Agreement to the Initial Purchasers no later
than ten Business Days following the execution thereof.

     (b) In the case of a Shelf Registration Statement, the Company and the Guarantors may require
each Holder of Registrable Securities to furnish to the Company and the Guarantors a Notice and
Questionnaire and such other information regarding such Holder and the proposed disposition by such
Holder of such Registrable Securities as the Company and the Guarantors may from time to time
reasonably request in writing; provided that if such Holder fails to provide the requested
information within 20 Business Days, the Company may exclude such Holder’s Registrable Securities
from such Shelf Registration Statement until a period of time after the information is provided as
is reasonably necessary to permit the Company to review such information and, if applicable, amend
or supplement such Shelf Registration Statement.

     (c) In the case of a Shelf Registration Statement, each Participating Holder agrees that, upon
receipt of any notice from the Company and the Guarantors of the

15

 

happening of any event of the kind
described in Section 3(a)(vi)(3) or Section 3(a)(vi)(5) hereof, such Participating Holder will
forthwith discontinue disposition of Registrable Securities pursuant to the Shelf Registration
Statement until such Participating Holder’s receipt of the copies of the supplemented or amended
Prospectus and any Free Writing Prospectus contemplated by Section 3(a)(x) hereof and, if so
directed by the Company and the Guarantors, such Participating Holder will deliver to the Company
and the Guarantors all copies in its possession, other than permanent file copies then in such
Participating Holder’s possession, of the Prospectus and any Free Writing Prospectus covering such
Registrable Securities that is current at the time of receipt of such notice.

     (d) If the Company and the Guarantors shall give any notice to suspend the disposition of
Registrable Securities pursuant to a Registration Statement, the Company and the Guarantors shall
extend the period during which such Registration Statement shall be maintained effective pursuant
to this Agreement by the number of days during the period from and including the date of the giving
of such notice to and including the date when the Holders of such Registrable Securities shall have
received copies of the supplemented or amended Prospectus or any Free Writing Prospectus necessary
to resume such dispositions. The Company and the Guarantors may give any such notice only twice
during any 365-day period and any such suspensions shall not exceed 45 days for each suspension and
there shall not be more than two suspensions in effect during any 365-day period.

     (e) The Participating Holders who desire to do so may sell such Registrable Securities in an
Underwritten Offering. In any such Underwritten Offering, the investment bank or investment banks
and manager or managers (each an “Underwriter”) that will administer the offering will be
selected by the Holders of a majority in principal amount of the Registrable Securities included in
such offering and reasonably acceptable to the Company. However, each Holder agrees that neither
such Holder nor any Underwriter participating in any disposition pursuant to any Registration
Statement on such Holder’s behalf, will make any offer relating to the Registrable Securities that
would constitute an Issuer Free Writing Prospectus (as defined in Rule 433 under the Securities
Act) or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405 under
the Securities Act) required to be filed by the Company with the SEC or retained by the Company
under Rule 433 of the Securities Act, unless it has obtained the prior written consent of the
Company.

     4. Participation of Broker-Dealers in Exchange Offer. (a) The Company has been
advised that the Staff has taken the position that any broker-dealer that receives Exchange
Securities for its own account in the Exchange Offer in exchange for Securities that were acquired
by such broker-dealer as a result of market-making or other trading activities (a
“Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of
the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in
connection with any resale of such Exchange Securities.

     The Company and the Guarantors have been advised that it is the Staff’s position that if the
Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution
containing a statement to the above effect and the means by which

16

 

 Participating Broker-Dealers may
resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying the
amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating
Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their
prospectus delivery obligation under the Securities Act in connection with resales of Exchange
Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of
the Securities Act.

     (b) In light of the above, and notwithstanding the other provisions of this Agreement, the
Company and the Guarantors agree to use their commercially reasonable
efforts to amend or supplement the Prospectus contained in the Exchange Offer Registration
Statement for a period ending on the earlier of (i) 180 days after the Exchange Offer Registration
Statement becomes effective (as such period may be extended pursuant to Section 3(d) hereof) and
(ii) the date on which each Participating Broker-Dealer is no longer required to deliver a
prospectus in connection with market making or other trading activities, in each case to the extent
necessary to ensure that it is available for resales. The Company and the Guarantors further
consent to the delivery of such Prospectus by Participating Broker-Dealers (or, to the extent
permitted by law, agree to make available such Prospectus) during such period in connection with
the resales contemplated by this Section 4.

     (c) The Initial Purchasers shall have no liability to the Company, any Guarantor or any Holder
with respect to any request that they may make pursuant to Section 4(b) hereof.

     5. Indemnification and Contribution. (a) The Company and each Guarantor, jointly and
severally, agree to indemnify and hold harmless each Initial Purchaser and each Holder, their
respective affiliates, directors and officers and each Person, if any, who controls any Initial
Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act, from and against any and all losses, claims, damages and liabilities (including,
without limitation, reasonable legal fees and other expenses incurred in connection with any suit,
action or proceeding or any claim asserted, promptly after such fees and expenses are incurred and
notice thereof has been provided to the Company), joint or several, that arise out of, or are based
upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement or any omission or alleged omission to state therein a material fact
required to be stated therein or necessary in order to make the statements therein not misleading,
or (2) any untrue statement or alleged untrue statement of a material fact contained in any
Prospectus, any Free Writing Prospectus or any “issuer information” (“Issuer Information”)
filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or any omission or
alleged omission to state therein a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, in each case
except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any
untrue statement or omission or alleged untrue statement or omission made in reliance upon and in
conformity with any information relating to any Initial Purchaser, information relating to any
Holder furnished

17

 

 to the Company in writing through J.P. Morgan or any selling Holder expressly for
use therein.

     (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company,
the Guarantors, the Initial Purchasers and the other selling Holders, the directors of the Company
and the Guarantors, each officer of the Company and the Guarantors who signed the Registration
Statement and each Person, if any, who controls the Company, the Guarantors, any Initial Purchaser
and any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only
with respect to any losses, claims, damages or liabilities that arise out of, or are based upon,
any untrue statement or
omission or alleged untrue statement or omission made in reliance upon and in conformity with
any information relating to such Holder furnished to the Company in writing by or on behalf of such
Holder expressly for use in any Registration Statement, any Prospectus or any Free Writing
Prospectus.

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

18

 

counsel) for all Indemnified
Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such
separate firm (x) for any Initial Purchaser, its affiliates, directors and officers and any control
Persons of such Initial Purchaser shall be designated in writing by J.P. Morgan, (y) for any
Holder, its directors and officers and any control Persons of such Holder shall be designated in
writing by the Majority Holders and (z) in all other cases shall be designated in writing by the
Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected
without its written consent, but if settled with such consent or if there be a final judgment for
the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against
any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing
sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person
reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall
be liable for any settlement of any proceeding effected without its written consent if (i) such
settlement is entered into more than 30 days after receipt by the Indemnifying Person of such
request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in
accordance with such request prior to the date of such settlement, unless such failure to reimburse
the Indemnified Person in accordance with such request is based on a dispute with a good faith
basis as to either the obligation of the Indemnifying Person arising under this Section 5 to
indemnify the Indemnified Person or the amount of such obligation and the Indemnifying Person shall
have notified the Indemnified Person of such good faith dispute prior to the date of such
settlement and reimbursed the Indemnified Person for any amounts that are not so disputed with a
good faith basis. No Indemnifying Person shall, without the written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding in respect of which any
Indemnified Person is or could have been a party and indemnification could have been sought
hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release
of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified
Person, from all liability on claims that are the subject matter of such proceeding and (B) does
not include any statement as to or any admission of fault, culpability or a failure to act by or on
behalf of any Indemnified Person.

     (d) If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an
Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities
referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying
such Indemnified Person thereunder, shall contribute to the amount paid or payable by such
Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such
proportion as is appropriate to reflect the relative benefits received by the Company and the
Guarantors from the offering of the Securities and the Exchange Securities, on the one hand, and by
the Holders from receiving Securities or Exchange Securities registered under the Securities Act,
on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in
clause (i) but also the relative fault of the Company and the Guarantors on the one hand
and the
Holders on the other in connection with the statements or omissions that resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable considerations. The
relative fault of the Company and the Guarantors on the one hand

19

 

 and the Holders on the other shall
be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the Company and the Guarantors or by the Holders, as applicable, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

     (e) The Company, the Guarantors and the Holders each agree that it would not be just and
equitable if contribution pursuant to this Section 5 were determined by pro rata
allocation (even if the Holders were treated as one entity for such purpose) or by any other method
of allocation that does not take account of the equitable considerations referred to in paragraph
(d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims,
damages and liabilities referred to in paragraph (d) above shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses
incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding
the provisions of this Section 5, in no event shall a Holder be required to contribute any amount
in excess of the amount by which the total price at which the Securities or Exchange Securities
sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No
Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 5
are several and not joint.

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

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

     6. General.

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

20

 

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

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

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

21

 

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

     (f) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement.

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

     (h) Governing Law. This Agreement, and any claim, controversy or dispute arising under or
related to this Agreement, shall be governed by and construed in accordance with the laws of the
State of New York.

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

22

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above.

	 	 	 	 	 
	 	CUMULUS MEDIA INC.

 	 
	 	By  	/s/  Joseph P. Hannan	 
	 	 	Name:  	Joseph P. Hannan	 
	 	 	Title:  	Senior Vice President, Treasurer and

Chief Financial Officer	 
	 
	 	Each of the Guarantors listed on

Schedule 1 hereto

 	 
	 	By  	/s/  Joseph
P. Hannan	 
	 	 	Name:  	Joseph P. Hannan	 
	 	 	Title:  	Executive Vice President, Chief Financial

Officer and Treasurer
	 
	 

Confirmed and accepted as of the date first above written:

	 	 	 	 	 
	 	J.P. MORGAN SECURITIES LLC

For itself and on behalf of the

several Initial Purchasers

 	 
	 	By  	/s/  Richard P. Gabriel	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

 

	 	 	 	 	 

Schedule 1

Initial Guarantors

	 	 	 

	Subsidiary Guarantor

	 	Jurisdiction of Organization
	 
	 	 
	Cumulus Media Holdings Inc.

	 	Delaware
	Cadet Merger Corporation

	 	Delaware
	Catalyst Media, Inc.

	 	Delaware
	Broadcast Software International Inc.

	 	Nevada
	Cumulus Broadcasting LLC

	 	Nevada

 

 

Annex A

Joinder Agreement to Registration Rights Agreement

     The undersigned hereby absolutely, unconditionally and irrevocably agrees as a Guarantor (as
defined in the Registration Rights Agreement, dated as of May 13, 2011, among Cumulus Media Inc., a
Delaware corporation, the guarantors party thereto and J.P. Morgan Securities LLC, on behalf of
itself and the other Initial Purchasers (as defined in such Registration Rights Agreement)) to be
bound by the terms and provisions of such Registration Rights Agreement.

     IN
WITNESS WHEREOF, the undersigned has executed this counterpart as of
_______________,
201         .

	 	 	 	 	 
	 	[GUARANTOR]

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:exv10w1

Exhibit 10.1

AMENDMENT NO. 5 TO CREDIT AGREEMENT

     Amendment No. 5, dated as of April 29, 2011 (this “Fifth Amendment”), to the Credit
Agreement, dated as of June 7, 2006 (as amended, supplemented or otherwise modified prior to the
date hereof, the “Credit Agreement”), by and among CUMULUS MEDIA INC., a Delaware
corporation (the “Borrower”), the various subsidiaries of Borrower party hereto, the
several banks and other financial institutions parties thereto (the “Lenders”), and GENERAL
ELECTRIC CAPITAL CORPORATION as administrative agent for the Lenders thereunder (in such capacity,
the “Administrative Agent”).

W I T N E S S E T H:

     WHEREAS, the Borrower desires to amend the Credit Agreement to provide for certain changes to
the Credit Agreement, and the parties signatory hereto are willing to agree to the requested
amendments on the terms and conditions contained herein;

     NOW, THEREFORE, in consideration of the premises and further valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

     Defined Terms. Unless otherwise defined herein, capitalized terms that are defined in the
Credit Agreement are used herein as therein defined.

     A. Amendments to Credit Agreement.

     1. Amendments to Section 1.01 of the Credit Agreement.

     (i) The following new definitions shall hereby be added to Section 1.01 of the Credit
Agreement in appropriate alphabetical order:

     “Additional Lender” has the meaning assigned to such term in Section
2.19.

     “Escrow Entity” means a special purpose escrow subsidiary of the
Borrower or a newly formed special purpose corporation (which may not be a
subsidiary of the Borrower) formed for the sole purpose of issuing debt securities,
the proceeds of which will be placed in escrow pursuant to a customary escrow
agreement that contemplates the release of such proceeds upon the earlier of (a) the
closing of the acquisition of Citadel Broadcasting Corporation to fund a portion of
the consideration in respect of such acquisition or (b) June 8, 2012 to fund a
special redemption of such debt securities at a redemption price of 100% of the
principal amount thereof, if redeemed during the first 90 days following the
issuance of such debt securities, or 101% of the principal amount thereof if
redeemed thereafter; provided that such Escrow Entity (a) shall have no Indebtedness
other than Non-Recourse Debt; (b) shall be a Person with respect to which neither
the Borrower nor any of its Subsidiaries has any direct or indirect obligation (x)
to subscribe for additional Equity Interests of such Person or (y) to

 

 

maintain or preserve such Person’s financial condition or to cause such Person
to achieve any specified levels of operating results; and (c) shall not guarantee or
otherwise provide credit support for any Indebtedness of the Borrower or any of its
Subsidiaries.

     “Fifth Amendment” means the Amendment No. 5 to Credit Agreement dated
as of April 29, 2011 by and among the Borrower, the Administrative Agent and the
Lenders party thereto.

     “Fifth Amendment Effective Date” means the date on which each of the
conditions set forth in Section B.1. of the Fifth Amendment have been satisfied or
waived.

     “Non-Recourse Debt” means Indebtedness (a) no default with respect to
which would permit (upon notice, lapse of time or both) any holder of any other
Indebtedness of the Borrower or any of its Subsidiaries to declare a default on such
other Indebtedness or cause the payment thereof to be accelerated or payable prior
to its stated maturity and (b) as to which the lenders or holders thereof will not
have any recourse to the capital stock or assets of the Borrower or any of its
Subsidiaries.

     “Permitted Refinancing” means, with respect to any Person, any
modification, refinancing, refunding, renewal or extension of any Indebtedness of
such Person; provided that (a) the principal amount (or accreted value, if
applicable) thereof does not exceed the principal amount (or accreted value, if
applicable) of the Indebtedness so modified, refinanced, refunded, renewed or
extended except by an amount equal to unpaid accrued interest and premium thereon
plus other reasonable amount paid, and fees and expenses reasonably incurred, in
connection with such modification, refinancing, refunding, renewal or extension and
by an amount equal to any existing commitments unutilized thereunder, (b) such
modification, refinancing, refunding, renewal or extension has a final maturity date
equal to or later than the final maturity date of, and has a weighted average life
to maturity equal to or greater than the weighted average life to maturity of, the
Indebtedness being modified, refinanced, refunded, renewed or extended, (c) if the
Indebtedness being modified, refinanced, refunded, renewed or extended is
subordinated in right of payment to the Obligations, such modification, refinancing,
refunding, renewal or extension is subordinated in right of payment to the
Obligations on terms at least as favorable to the Lenders as those contained in the
documentation governing the Indebtedness being modified, refinanced, refunded,
renewed or extended, taken as a whole, (d) the Administrative Agent has received a
certificate from the Borrower addressed to the Administrative Agent and the Lenders
certifying that the terms and conditions (including, if applicable, as to
collateral) of any such modified, refinanced, refunded, renewed or extended
Indebtedness are not materially less favorable to the Loan Parties or the Lenders
than the terms and conditions of the Indebtedness being modified, refinanced,
refunded, renewed or extended, (e) such modification, refinancing, refunding,
renewal or extension is incurred by the Person or Persons

2

 

who are the obligors on the Indebtedness being modified, refinanced, refunded,
renewed or extended, (f) any guarantor of any such modified, refinanced, refunded,
renewed or extended Indebtedness shall be a Loan Party and (g) at the time thereof,
no Event of Default shall have occurred and be continuing.

     “Secured Leverage Ratio” means, on any date, the ratio of (a) Total
Indebtedness that is secured by Liens as of such date to (b) Adjusted EBITDA for the
period of four consecutive fiscal quarters of the Borrower ended on such date (or,
if such date is not the last day of a fiscal quarter, ended on the last day of the
fiscal quarter of the Borrower most recently ended prior to such date).

     “Senior Notes” means senior notes issued or incurred by the Borrower on
or after the Fifth Amendment Effective Date; provided that, in any event,
such Senior Notes (x) shall have a final maturity date that is not earlier than 95
days after the Term Loan Maturity Date and shall have no scheduled amortization
prior to such date (it being understood that such Senior Notes may have mandatory
prepayment, repurchase or redemption provisions in connection with (i) sales of
assets, (ii) a change in control and (iii) the exercise of remedies in connection
with the occurrence of an event of default), and (y) shall not be secured by Liens
on any assets.

     (ii) Section 1.01 of the Credit Agreement is hereby amended by deleting the following
definition in its entirety: “Total Leverage Trigger Date”.

     (iii) The definition of “Adjusted EBITDA” in Section 1.01 of the Credit
Agreement is hereby amended by adding the phrase “and the Secured Leverage Ratio” immediately
following the phrase “the Total Leverage Ratio” appearing in clause (a)(iii) thereof.

     (iv) The definition of “Consolidated EBITDA” in Section 1.01 of the Credit
Agreement is hereby amended by adding the following new clause (vii) immediately following clause
(vi) thereof:

     “plus (vii) reasonable and customary transaction costs (including
without limitation, all reasonable and customary fees and expenses of attorneys,
accountants and other consultants, all reasonable and customary underwriting or
placement agent fees, and reasonable and customary fees and expenses of any trustee,
registrar or transfer agent) incurred and paid in connection with the Fifth
Amendment and the issuance of any Senior Notes, in each case to the extent incurred
and paid,”

     (v) The definition of “Net Proceeds” in Section 1.01 of the Credit Agreement
is hereby amended by deleting the text of such definition in its entirety and replacing it with the
following:

     “Net Proceeds” means, with respect to any event, (a) the cash proceeds
received in respect of such event including (i) any cash received in respect of any
non-cash proceeds, but only as and when received, (ii) in the case of a casualty,
insurance proceeds (excluding proceeds of business interruption insurance), and

3

 

(iii) in the case of a condemnation or similar event, condemnation awards and
similar payments, net of (b) the sum of (i) all reasonable fees and out-of-pocket
expenses paid by the Borrower and the Subsidiary Loan Parties to third parties
(other than Affiliates) in connection with such event, (ii) in the case of a sale,
transfer or other disposition of an asset (including pursuant to a sale and
leaseback transaction or a casualty or a condemnation or similar proceeding), the
amount of all payments required to be made by the Borrower and the Subsidiary Loan
Parties as a result of such event to repay Indebtedness (other than Loans) secured
by such asset, (iii) in the case of the issuance of the Senior Notes, the excess, if
any, of (x) the aggregate amount of cash proceeds received in respect of such
issuance minus (y) the sum of (1) the aggregate outstanding principal amount of the
Term Loans as of the date such cash proceeds are received and (2) all reasonable
fees and out-of-pocket expenses paid or incurred by the Borrower and the Subsidiary
Loan Parties to third parties (other than Affiliates) in connection with the
issuance of the Senior Notes and (iv) the amount of all taxes paid (or reasonably
estimated to be payable) by the Borrower or any of the Subsidiary Loan Parties, and
the amount of any reserves established by the Borrower and the Subsidiary Loan
Parties to fund contingent liabilities reasonably estimated to be payable, in each
case during the year that such event occurred or the next succeeding year and that
are directly attributable to such event (as determined reasonably and in good faith
by the chief financial officer of the Borrower).

     (vi) The definition of “Prepayment Event” in Section 1.01 of the Credit
Agreement is hereby amended by deleting the phrase “clauses (a)(iii), (iv) and (v)” in its entirety
and replacing it with “clauses (a)(i), (iii), (iv) and (v)”.

     (vii) The definition of “Subsidiary” in Section 1.01 of the Credit Agreement
is hereby amended by deleting the text of such definition in its entirety and replacing it with the
following:

          “Subsidiary” means any subsidiary of the Borrower; provided that, so long as
the Borrower owns no more than 50% of the equity interest in and has no more than 50% of
the ordinary voting power of any CSMS Counterparty, such CSMS Counterparty shall not be
considered a Subsidiary of the Borrower; provided, further that Cumulus Media Partners, CMP
Holdings, Susquehanna Holdings and each of their subsidiaries will not be considered
Subsidiaries of the Borrower regardless of the percentage of equity interests and ordinary
voting power owned by the Borrower; and provided, further that the Escrow Entity shall not
be considered a Subsidiary of the Borrower regardless of the percentage of equity interests
and ordinary voting power owned by the Borrower.

     2. Amendment to Section 2.07 of the Credit Agreement. Section 2.07 of the
Credit Agreement is hereby amended by replacing such Section in its entirety with the following:

     SECTION 2.07 Termination and Reduction of Commitments. (a) Unless
previously terminated, (i) the Term Loan Commitments shall terminate at 5:00 p.m.,
New York City time, on July 10, 2006 and (ii) the Revolving Commitments shall
terminate on the Revolving Maturity Date.

4

 

          (b) The Borrower may at any time terminate, or from time to time reduce, the
Revolving Commitments; provided that (i) each reduction of the Revolving Commitments
shall be in an amount that is an integral multiple of $1,000,000 and not less than
$5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving
Commitments if, after giving effect to any concurrent prepayment of the Revolving
Loans in accordance with Section 2.10, the sum of the Revolving Exposures
would exceed the total Revolving Commitments.

          (c) Each Revolving Lender may, at its option, at any time following the first
date on which any Indebtedness is incurred under any Incremental Facilities pursuant
to Section 2.19, terminate or reduce its Revolving Commitment; provided that
each partial reduction of the Revolving Commitment held by such Revolving Lender
shall be in an amount that is an integral multiple of $1,000,000.

          (d) The Borrower or the Revolving Lender, as applicable, shall notify the
Administrative Agent of any election to terminate or reduce the Revolving
Commitments under paragraphs (b) or (c) of this Section at least three Business Days
prior to the effective date of such termination or reduction, specifying such
election and the effective date thereof. Promptly following receipt of any notice,
the Administrative Agent shall advise the Revolving Lenders (and the Borrower, in
the case of a termination or reduction under paragraph (c) of this Section) of the
contents thereof. Each notice delivered by the Borrower pursuant to this Section
shall be irrevocable; provided that a notice of termination of the Revolving
Commitments delivered by the Borrower may state that such notice is conditioned upon
the effectiveness of other credit facilities, in which case such notice may be
revoked by the Borrower (by notice to the Administrative Agent on or prior to the
specified effective date) if such condition is not satisfied. Any termination or
reduction of the Revolving Commitments shall be permanent. Each reduction of the
Revolving Commitments made pursuant to paragraph (b) of this Section shall be made
ratably among the Revolving Lenders in accordance with their respective Revolving
Commitments.

     3. Amendments to Section 2.10 of the Credit Agreement.

     (a) Section 2.10 of the Credit Agreement is hereby amended by replacing clause (b) of
such Section in its entirety with the following:

     (b) In the event and on each occasion that (i) the sum of the Revolving
Exposures exceeds the total Revolving Commitments, the Borrower shall prepay
Revolving Borrowings (or, if no such Borrowings are outstanding, deposit cash
collateral in an account with the Administrative Agent pursuant to Section
2.04(j)) in an aggregate amount equal to such excess or (ii) the Revolving
Exposure with respect to any Revolving Lender exceeds the Revolving Commitment of
such Revolving Lender, the Borrower shall prepay Revolving Borrowings (or, if no
such Borrowings are outstanding, deposit cash collateral in an account with the

5

 

Administrative Agent pursuant to Section 2.04(j)) in an aggregate amount
sufficient to reduce such Revolving Exposure by an amount equal to such excess.

     (b) Section 2.10 of the Credit Agreement is hereby further amended by adding the
following sentence at the end of clause (d) thereof:

     Notwithstanding the foregoing or anything else herein to the contrary, no
prepayment under this clause (d) shall be required if the outstanding principal
amount of the Term Loans and any term loans issued pursuant to Section 2.19
is $0 as of the relevant date of prepayment.

     4. Amendment to Section 2.19 of the Credit Agreement. Section 2.19 of the
Credit Agreement is hereby amended by replacing such Section in its entirety with the following:

     SECTION 2.19 Incremental Facility. The Borrower may at any time and
from time to time after the Fifth Amendment Effective Date, by notice to the
Administrative Agent (whereupon the Administrative Agent shall promptly deliver a
copy to each of the Lenders), request the addition of (collectively, the
“Incremental Facilities”) a new tranche of term loans (an “Incremental
Term Facility”) or an increase in the Revolving Commitments (“Incremental
Revolving Commitments”) or a combination thereof; provided that (i) at
the time of any such request and upon the effectiveness of the Incremental Facility
Amendment referred to below, no Default or Event of Default shall exist, (ii) the
Borrower shall be in compliance with Sections 6.13, 6.14 and
6.16 determined on a pro forma basis both before and after giving effect to
such Incremental Facility (as if such Incremental Facility had been outstanding on
the last day of the most recent fiscal quarter for testing compliance therewith),
(iii) 100% of the Net Proceeds received in respect of any Incremental Term Facility
shall be used to prepay, repurchase or redeem the Senior Notes and (iv) all fees and
expenses owing to the Administrative Agent and the Lenders in respect of such
Incremental Facility shall have been paid (provided that the Administrative Agent
will consult with the Borrower before agreeing to any commitment or upfront fees
with the banks or other financial institutions providing such Incremental Facility).
The Incremental Facilities shall be in an aggregate principal amount not exceeding
(in the aggregate) $200,000,000, each Incremental Term Facility shall be in an
aggregate principal amount not less than $50,000,000, and each of the Incremental
Revolving Commitments shall be in an aggregate principal amount not less than
$10,000,000. Each Incremental Facility (a) shall rank pari passu in
right of payment and of security with the Revolving Loans and the Term Loans, (b) in
the case of an Incremental Term Facility, shall not mature earlier than the Term
Loan Maturity Date (but may, subject to clause (c) below, have amortization and
commitment reductions prior to such date), (c) in the case of an Incremental Term
Facility, shall have a weighted average life that is not less than that of the Term
Loans, and (d) in the case of an Incremental Term Facility, for purposes of
prepayments, shall be treated substantially the same as (and in any event no more
favorably than) the Term Loans; provided that (x) the terms and conditions
applicable to any Incremental Facility maturing after the Term Loan Maturity

6

 

Date or, if the Term Loans have been paid in full as of the date of the
issuance or incurrence of any such Incremental Facility, maturing after the
Revolving Maturity Date, may provide for material additional or different financial
or other covenants applicable only during periods after the Term Loan Maturity Date
or Revolving Maturity Date, as the case may be, and (y) the Incremental Term
Facility may be priced differently than the Term Loans. Any such notice shall set
forth the requested amount and terms of the relevant Incremental Facility. The
Borrower may arrange for one or more banks or other financial institutions, each of
which shall be reasonably satisfactory to the Administrative Agent and the Borrower
and, with respect only to Incremental Revolving Commitments, the Issuing Bank (any
such bank or other financial institution being called an “Additional
Lender”), to extend commitments under the Incremental Facility, and each
existing Lender shall be afforded an opportunity, but shall not be required, to
provide a portion of any such Incremental Facility. Commitments in respect of
Incremental Facilities shall become Commitments under this Agreement, and each
Additional Lender shall become a Lender under this Agreement, pursuant to an
amendment (an “Incremental Facility Amendment”) to this Agreement and, as
appropriate, the other Loan Documents, executed by the Borrower, each existing
Lender agreeing to provide such Commitment, if any, each Additional Lender, if any,
and the Administrative Agent. An Incremental Facility Amendment may, without the
consent of any other Lenders, effect such amendments to this Agreement and the other
Loan Documents to the extent (but only to the extent) necessary to effect the
provisions of this Section. The effectiveness of any Incremental Facility Amendment
shall be subject to the satisfaction on the date thereof of each of the conditions
set forth in Section 4.02 (it being understood that all references to “the
date of such Borrowing” in such Section 4.02 shall be deemed to refer to the
effective date of such Incremental Facility Amendment). Except as otherwise
expressly set forth above, the proceeds of the Incremental Facilities will be used
for working capital and other general corporate purposes, including consideration
for Permitted Acquisitions.

     Notwithstanding anything contained herein to the contrary, from and after the
Fifth Amendment Effective Date, no Incremental Revolving Commitments may be issued
or funded hereunder and the foregoing provisions of this Section 2.19 as it
relates to the issuance or funding of Incremental Revolving Commitments shall be of
no further force and effect.

     5. Amendment to Section 5.01 of the Credit Agreement. Section 5.01 of the
Credit Agreement is hereby amended by adding the phrase “and the Secured Leverage Ratio”
immediately following the phrase “the Total Leverage Ratio” appearing in clause (c) thereof.

     6. Amendments to Section 6.01 of the Credit Agreement. Section 6.01 of the
Credit Agreement is hereby amended by (a) replacing clause (a)(i) thereof in its entirety with the
new clause (a)(i) set forth below, (b) replacing the “.” appearing at the end of clause (a)(viii)
with “; and”, and (c) adding the new clause (a)(ix) set forth below:

7

 

     (i) Indebtedness created under the Loan Documents (including Indebtedness under
any Incremental Facilities incurred in compliance with Section 2.19);

     (ix) Indebtedness evidenced by the Senior Notes in an aggregate principal
amount not exceeding $650,000,000 at any time outstanding, and any Permitted
Refinancings in respect thereof.

     7. Amendments to Section 6.04 of the Credit Agreement. Section 6.04 of the
Credit Agreement is hereby amended by (i) replacing the “.” appearing at the end of clause (l) with
”;” and (ii) adding the following new clauses (m), (n) and (o):

     (m) Guarantees made by any Subsidiary Loan Party in respect of obligations
under the Senior Notes;

     (n) investments in the Escrow Entity in an aggregate amount not to exceed
$30,000,000 in the aggregate; and

     (o) other investments made on or after the Effective Date in an aggregate
amount not exceeding $100,000 in the aggregate.

     8. Amendment to Section 6.08 of the Credit Agreement. Section 6.08 of the
Credit Agreement is hereby amended by replacing clause (b) in its entirety with the following:

     (b) The Borrower will not, nor will it permit any Subsidiary Loan Party to,
make, directly or indirectly, any payment or other distribution (whether in cash,
securities or other property) of or in respect of principal of or interest on any
Indebtedness, or any payment or other distribution (whether in cash, securities or
other property), including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, acquisition, cancellation or termination of any
Indebtedness, except:

     (i) payment or prepayment of Indebtedness created under the Loan
Documents;

     (ii) payment of regularly scheduled interest and principal payments as
and when due in respect of any Indebtedness permitted by Section 6.01;

     (iii) refinancings of Indebtedness to the extent permitted by Section
6.01;

     (iv) payment of secured Indebtedness that becomes due as a result of
the voluntary sale or transfer of the property or assets securing such
Indebtedness; and

     (v) the repurchase, redemption or other acquisition or retirement for
value of all or any portion of the Senior Notes and the

8

 

payment of any premiums in connection therewith in an aggregate amount
not to exceed $200,000,000 during the term hereof (including, without
limitation, with the proceeds of Incremental Term Loans).

     9. Amendment to Section 6.09 of the Credit Agreement. Section 6.09 of the
Credit Agreement is hereby amended by replacing such Section in its entirety with the following:

     SECTION 6.09. Transactions with Affiliates. The Borrower will not, and
will not permit any of the Subsidiary Loan Parties to, sell, lease or otherwise
transfer any property or assets to, or purchase, lease or otherwise acquire any
property or assets from, or otherwise engage in any other transactions with, any of
its Affiliates, except (a) transactions in the ordinary course of business at prices
and on terms and conditions not less favorable to the Borrower or such Subsidiary
Loan Party than could be obtained on an arm’s-length basis from unrelated third
parties, (b) transactions between or among the Borrower and Subsidiary Loan Parties
not involving any other Affiliate, (c) any Restricted Payment permitted by
Section 6.08(a) and (d) any investment permitted by Section 6.04(n).

     10. Amendment to Section 6.10 of the Credit Agreement. Section 6.10 of the
Credit Agreement is hereby amended by replacing such Section in its entirety with the following:

     SECTION 6.10. Restrictive Agreements. The Borrower will not, and will
not permit any of the Subsidiary Loan Parties to, directly or indirectly, enter
into, incur or permit to exist any agreement or other arrangement that prohibits,
restricts or imposes any condition upon (a) the ability of the Borrower or any
Subsidiary Loan Party to create, incur or permit to exist any Lien upon any of its
property or assets, or (b) the ability of any Subsidiary Loan Party to pay dividends
or other distributions with respect to any of its Equity Interests or to make or
repay loans or advances to the Borrower or any other Subsidiary Loan Party or to
Guarantee Indebtedness of the Borrower or any other Subsidiary Loan Party; provided
that (i) the foregoing shall not apply to restrictions and conditions imposed by law
or by any Loan Document, (ii) the foregoing shall not apply to restrictions and
conditions existing on the Effective Date identified on Schedule 6.10 (but shall
apply to any extension or renewal of, or any amendment or modification expanding the
scope of, any such restriction or condition), (iii) the foregoing shall not apply to
customary restrictions and conditions contained in agreements relating to the sale
of a Subsidiary pending such sale, provided such restrictions and conditions apply
only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iv)
clause (a) of the foregoing shall not apply to restrictions or conditions imposed by
any agreement relating to secured Indebtedness permitted by this Agreement if such
restrictions or conditions apply only to the property or assets securing such
Indebtedness, (v) the foregoing shall not apply to negative pledges and restrictions
on Liens in favor of any holder of Indebtedness permitted under Section 6.01
but only if such negative pledge or restriction expressly permits Liens created
under the Loan Documents or any refinancings thereof on a senior basis and without a
requirement that such holders of such Indebtedness be secured by such Liens equally
and ratably or on a junior

9

 

basis and (vi) clause (a) of the foregoing shall not apply to customary provisions
in leases and other contracts restricting the assignment thereof.

     11. Amendment to Section 6.11 of the Credit Agreement. Section 6.11 of the
Credit Agreement is hereby amended by replacing such Section in its entirety with the following:

     SECTION 6.11. FCC Licenses and License Subsidiaries. The Borrower will
not permit any FCC License to be owned or acquired by any Person other than a
corporation or limited liability company organized under the laws of a jurisdiction
in the United States that (a) is a Subsidiary Loan Party and is wholly owned
directly by a Loan Party, (b) does not engage in any business or activity other than
the ownership of one or more FCC Licenses and activities incidental thereto, (c)
does not own or acquire any assets other than one or more FCC Licenses, cash and
Permitted Investments and (d) does not have or incur any Indebtedness or other
liabilities other than liabilities under the Loan Documents, liabilities imposed by
law, including tax liabilities, and other liabilities incidental to its existence
and permitted business and activities (any corporation or limited liability company
satisfying the foregoing requirements, a “License Subsidiary”).

     12. Amendment to Section 6.14 of the Credit Agreement. Section 6.14 of the
Credit Agreement is hereby amended by replacing such Section in its entirety with the following:

     SECTION 6.14. Secured Leverage Ratio. The Borrower will not permit the
Secured Leverage Ratio, as of the last day of any fiscal quarter ending after the
Fifth Amendment Effective Date, to be greater than 3.00 to 1.00.

     B. Miscellaneous.

     1. Effectiveness; Conditions Precedent.

     (a) Subject in all respects to clause (b) below, this Fifth Amendment shall become
effective and binding upon receipt by the Administrative Agent of counterparts of this Fifth
Amendment duly executed by the Borrower, each Subsidiary of the Borrower, the Required
Lenders and the Required Revolving Lenders.

     (b) Notwithstanding the foregoing, the amendments set forth in Section A. hereof shall
not be operative for any purpose and shall not be effective or binding until the condition
set forth is clause (a) above has been satisfied and, in addition, the following conditions
have been satisfied:

     (i) On or before June 1, 2011, the Borrower shall have received net
cash proceeds from the issuance of the Senior Notes in an amount not less
than the amount necessary to pay in full the aggregate outstanding principal
amount of Term Loans and all accrued but unpaid interest thereon; and

     (ii)
All appropriate parties shall have received the fees and expenses
due and payable in connection with this Fifth Amendment.

10

 

     2. Repayment of Term Loans. The Borrower shall prepay Borrowings in accordance with
Section 2.10 of the Credit Agreement.

     3. Consent of the Subsidiary Loan Parties. Each Subsidiary Loan Party hereby
consents, acknowledges and agrees to the amendments set forth herein and hereby confirms and
ratifies in all respects the Collateral Agreement to which such Subsidiary Loan Party is a party
(including without limitation the continuation of such Subsidiary Loan Party’s payment and
performance obligations thereunder upon and after the effectiveness of this Fifth Amendment) and
the enforceability of such Collateral Agreement against such Subsidiary Loan Party in accordance
with its terms.

     4. Acknowledgment of Perfection of Liens. Each Loan Party hereby acknowledges that,
as of the date hereof, the security interests and liens granted to the Administrative Agent and the
Lenders under the Credit Agreement and the other Loan Documents are in full force and effect, are
properly perfected and are enforceable in accordance with the terms of the Credit Agreement and the
other Loan Documents.

     5. Representations and Warranties. In order to induce the Administrative Agent and
the Lenders to enter into this Fifth Amendment, the Borrower represents and warrants to the
Administrative Agent and the Lenders as follows:

     (i) The representations and warranties made by the Borrower in Article
III of the Credit Agreement are true and correct in all material respects on and
as of the date hereof, both before and after giving effect to the transactions
contemplated by this Fifth Amendment, except to the extent that such representations
and warranties expressly relate to an earlier date;

     (ii) No Default or Event of Default has occurred and is continuing on the date
hereof, both before and after giving effect to the transactions contemplated by this
Fifth Amendment.

     (iii) This Fifth Amendment and the transactions contemplated hereby are within
the power and authority of the Borrower and the Subsidiary Loan Parties and have
been duly authorized by all necessary corporate and, if required, stockholder
action. This Fifth Amendment has been duly executed and delivered by the Borrower
and the Subsidiary Loan Parties and constitutes a legal, valid and binding
obligation of the Borrower or such Subsidiary Loan Party (as the case may be),
enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law.

     (iv) This Fifth Amendment and the consummation of the transactions contemplated
hereby (a) do not require any consent or approval of, registration or filing with,
or any other action by, any Governmental Authority (including the FCC) or any other
Person, except such as have been obtained or made and are in full force and effect,
(b) will not violate any applicable law or regulation or the

11

 

charter, by-laws or other organizational documents of the Borrower or any of
the Subsidiary Loan Parties or any order of any Governmental Authority (including
the FCC), (c) will not violate or result in a default under any indenture, agreement
or other material instrument binding upon the Borrower or any of its Subsidiaries or
any of their respective assets, or give rise to a right thereunder to require any
payment to be made by the Borrower or any of its Subsidiaries, and (d) will not
result in the creation or imposition of any Lien on any asset of the Borrower or any
of the Subsidiary Loan Parties, except Liens created under the Loan Documents.

     6. Modifications to this Amendment. None of the terms or conditions of this Fifth
Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and
in accordance with Section 9.02 of the Credit Agreement.

     7. Full Force and Effect of Agreement. Except as hereby specifically amended,
modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed
and ratified in all respects and shall be and remain in full force and effect according to their
respective terms. Except as expressly set forth herein, this Fifth Amendment (a) shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and
remedies of the Lenders, the Administrative Agent or the Loan Parties under the Credit Agreement or
any other Loan Document and (b) shall not alter, modify, amend or in any way affect any of the
terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any
other Loan Document, all of which are ratified and affirmed in all respects and shall continue in
full force and effect. Nothing herein shall be deemed to entitle the Borrower to a consent to, or
a waiver, amendment, modification or other change of, any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or
different circumstances. This Fifth Amendment shall be deemed a Loan Document, and the Borrower
reaffirms its obligations under Section 9.03(b) of the Credit Agreement with respect to this Fifth
Amendment and the transactions contemplated hereby.

     8. No Novation. This Fifth Amendment is not intended by the parties hereto to be, and
shall not be construed to be, a novation of the Credit Agreement and the other Loan Documents or an
accord or satisfaction in regard thereto.

     9. Counterparts. This Fifth Amendment may be executed in any number of counterparts,
each of which shall be deemed an original as against any party whose signature appears thereon, and
all of which shall together constitute one and the same instrument. Delivery of an executed
counterpart of a signature page of this Fifth Amendment by telecopy or electronic delivery
(including by pdf) shall be effective as delivery of a manually executed counterpart of this Fifth
Amendment.

     10. Severability. Any provision of this Fifth Amendment which is invalid, prohibited
or unenforceable for any reason shall be ineffective to the extent of such invalidity, prohibition
or unenforceability without invalidating the remaining provisions hereof or affecting the validity
or enforceability of such remaining provisions.

12

 

     11. Governing Law. This Fifth Amendment shall be construed in accordance with and
governed by the law of the State of New York.

     12. References. All references in any of the Loan Documents to the “Credit Agreement”
shall mean the Credit Agreement, as amended hereby and as further amended, supplemented or
otherwise modified from time to time.

     13. Successors and Assigns. This Fifth Amendment shall be binding upon and inure to
the benefit of the Borrower, the Administrative Agent, each of the Subsidiary Loan Parties and
Lenders, and their respective successors, legal representatives, and assignees to the extent such
assignees are permitted assignees as provided in Section 9.04 of the Credit Agreement.

[Signature pages follow]

13

 

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

	 	 	 	 	 
	 	

BORROWER:

CUMULUS MEDIA INC., as Borrower

 	 
	 	By:  	/s/  Richard S. Denning	 
	 	 	Name: 	Richard S. Denning 	 
	 	 	Title: 	Senior
Vice President and General Counsel 	 
	 
	 	

SUBSIDIARY LOAN PARTIES:

CUMULUS BROADCASTING LLC

 	 
	 	By:  	/s/  Richard S. Denning	 
	 	 	Name: 	Richard S. Denning	 
	 	 	Title: 	Vice President	 
	 
	 
	 	CUMULUS LICENSING LLC

 	 
	 	By:  	/s/  Richard S. Denning	 
	 	 	Name: 	Richard S. Denning	 
	 	 	Title: 	Vice President	 
	 
	 
	 	BROADCAST SOFTWARE INTERNATIONAL

 	 
	 	By:  	/s/  Richard S. Denning	 
	 	 	Name: 	Richard S. Denning	 
	 	 	Title: 	Vice President	 
	 
	 
	 	CUMULUS MEDIA HOLDINGS INC.

 	 
	 	By:  	/s/  Richard S. Denning 	 
	 	 	Name: 	Richard S. Denning	 
	 	 	Title: 	Vice President	 
	 
	 	

CADET MERGER CORPORATION

 	 
	 	By:  	/s/  Richard S. Denning	 
	 	 	Name: 	Richard S. Denning	 
	 	 	Title: 	Vice President	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS and ADMINISTRATIVE AGENT:

GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender and Administrative
Agent

 	 
	 	By:  	/s/  Marshall T. Mangum	 
	 	 	Name: 	Marshall T. Mangum	 
	 	 	Title: 	Authorized
Signatory	 

 

 

[Form
of signature page for Lenders to Amendment No. 5

to Credit Agreement for Cumulus Media Inc.]

   

	 	 	 	 	 

	 	 	 	 	 
	 	[LENDER]

 	 
	 	By:  	/s/  	 
	 	 	Name:  	 	 
	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]