Document:

EX-10.1

Table of Contents

 Exhibit 10.1 

 
  

 
 CREDIT
AGREEMENT 
 Among 
 LONGTRAIN LEASING I, LLC, a Delaware limited liability company, as Borrower, 
 AMERICAN RAILCAR INDUSTRIES, INC., as Seller, 
 VARIOUS LENDERS 
 FROM
TIME TO TIME PARTY HERETO, 
 FIFTH
THIRD BANK, an Ohio banking corporation, 
 as Administrative Agent 

and 

FIFTH THIRD BANK AND KEY EQUIPMENT
FINANCE INC., as Co-Syndication Agents 
 DATED AS OF
DECEMBER 20, 2012 
  
  

FIFTH THIRD BANK AND KEY EQUIPMENT
FINANCE INC., as Co-Arrangers 
  
  

 

Table of Contents

 TABLE OF CONTENTS

  

							
	 SECTION
	 	HEADING	  	 	PAGE	  
			
	 SECTION 1.
	 	DEFINITIONS; INTERPRETATION	  	 	1	  
			
	 Section 1.1.
	 	Definitions	  	 	1	  
	 Section 1.2.
	 	Interpretation	  	 	30	  
	 Section 1.3.
	 	Change in Accounting Principles	  	 	30	  
	 Section 1.4.
	 	Rounding	  	 	30	  
			
	 SECTION 2.
	 	THE TERM CREDIT FACILITY	  	 	31	  
			
	 Section 2.1.
	 	Term Loan Commitments	  	 	31	  
	 Section 2.2.
	 	Applicable Interest Rates	  	 	31	  
	 Section 2.3.
	 	Manner of Borrowing Loans	  	 	34	  
	 Section 2.4.
	 	Minimum Borrowing Amount	  	 	34	  
	 Section 2.5.
	 	Maturity of Loans	  	 	34	  
	 Section 2.6.
	 	Prepayments	  	 	34	  
	 Section 2.7.
	 	Place and Application of Payments	  	 	35	  
	 Section 2.8.
	 	Evidence of Indebtedness	  	 	38	  
	 Section 2.9.
	 	Fees	  	 	38	  
			
	 SECTION 3.
	 	CONDITIONS PRECEDENT	  	 	39	  
			
	 Section 3.1.
	 	Initial Funding	  	 	39	  
	 Section 3.2.
	 	Delayed Draw Funding	  	 	41	  
			
	 SECTION 4.
	 	THE COLLATERAL	  	 	42	  
			
	 Section 4.1.
	 	Collateral	  	 	42	  
	 Section 4.2.
	 	Further Assurances	  	 	42	  
			
	 SECTION 5.
	 	REPRESENTATIONS AND WARRANTIES	  	 	43	  
			
	 Section 5.1.
	 	Organization and Qualification	  	 	43	  
	 Section 5.2.
	 	Authority and Enforceability	  	 	43	  
	 Section 5.3.
	 	Financial Reports	  	 	43	  
	 Section 5.4.
	 	No Material Adverse Change	  	 	43	  
	 Section 5.5.
	 	Litigation and Other Controversies	  	 	43	  
	 Section 5.6.
	 	True and Complete Disclosure	  	 	44	  
	 Section 5.7.
	 	Use of Proceeds; Margin Stock	  	 	45	  
	 Section 5.8.
	 	Taxes	  	 	45	  
	 Section 5.9.
	 	ERISA	  	 	45	  
	 Section 5.10.
	 	Subsidiaries; Other Business	  	 	45	  
	 Section 5.11.
	 	Compliance with Laws	  	 	46	  
	 Section 5.12.
	 	Environmental Matters	  	 	46	  
	 Section 5.13.
	 	Investment Company	  	 	46	  
	 Section 5.14.
	 	Intellectual Property	  	 	46	  

  
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Table of Contents

							
	 Section 5.15.
	 	Good Title	  	 	46	  
	 Section 5.16.
	 	Security Interest	  	 	46	  
	 Section 5.17.
	 	Governmental Authority and Licensing	  	 	47	  
	 Section 5.18.
	 	Approvals	  	 	47	  
	 Section 5.19.
	 	Labor Relations	  	 	47	  
	 Section 5.20.
	 	Solvency	  	 	47	  
	 Section 5.21.
	 	No Servicer Default	  	 	47	  
	 Section 5.22.
	 	No Early Amortization Event	  	 	47	  
	 Section 5.23.
	 	OFAC	  	 	47	  
	 Section 5.24
	 	Collections	  	 	48	  
			
	 SECTION 6.
	 	COVENANTS	  	 	48	  
			
	 Section 6.1.
	 	Information Covenants	  	 	48	  
	 Section 6.2.
	 	Appraisals	  	 	51	  
	 Section 6.3.
	 	Maintenance of Property, Insurance, Environmental Matters, etc	  	 	52	  
	 Section 6.4.
	 	Compliance with Laws	  	 	52	  
	 Section 6.5.
	 	ERISA	  	 	52	  
	 Section 6.6.
	 	Payment of Taxes	  	 	53	  
	 Section 6.7.
	 	Preservation of Existence	  	 	53	  
	 Section 6.8.
	 	Agreements with Affiliates	  	 	53	  
	 Section 6.9.
	 	Restrictions on Changes and Amendments	  	 	53	  
	 Section 6.10.
	 	Change in the Nature of Business	  	 	54	  
	 Section 6.11.
	 	Indebtedness	  	 	54	  
	 Section 6.12.
	 	Liens	  	 	54	  
	 Section 6.13.
	 	Consolidation, Merger, Sale of Assets, etc	  	 	55	  
	 Section 6.14.
	 	Advances, Investments and Loans	  	 	57	  
	 Section 6.15.
	 	Redemption Payments	  	 	57	  
	 Section 6.16.
	 	Collections	  	 	57	  
	 Section 6.17.
	 	Change in Payment Instructions to Lessees	  	 	58	  
	 Section 6.18.
	 	Limitation on the Creation of Subsidiaries	  	 	58	  
	 Section 6.19.
	 	Lenders’ Reliance; Separate Identity	  	 	58	  
	 Section 6.20.
	 	Financial Covenants	  	 	59	  
	 Section 6.21.
	 	Compliance with OFAC Sanctions Programs	  	 	60	  
	 Section 6.22.
	 	Subordinated Debt	  	 	60	  
	 Section 6.23.
	 	Servicer Default Event	  	 	61	  
	 Section 6.24.
	 	Compliance with Lease Agreements and Servicing Standard	  	 	61	  
	 Section 6.25.
	 	Investment Company Act	  	 	61	  
	 Section 6.26.
	 	Securities Laws	  	 	61	  
			
	 SECTION 7.
	 	EVENTS OF DEFAULT AND REMEDIES	  	 	61	  
			
	 Section 7.1.
	 	Events of Default	  	 	61	  
	 Section 7.2.
	 	Non-Bankruptcy Defaults	  	 	64	  
	 Section 7.3.
	 	Bankruptcy Defaults	  	 	64	  
	 Section 7.4.
	 	Notice of Default	  	 	64	  
	 Section 7.5.
	 	Remedies	  	 	64	  

  
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Table of Contents

							
			
	 SECTION 8.
	 	CHANGE IN CIRCUMSTANCES AND CONTINGENCIES	  	 	64	  
			
	 Section 8.1.
	 	Funding Indemnity	  	 	64	  
	 Section 8.2.
	 	Illegality	  	 	65	  
	 Section 8.3.
	 	Unavailability of Deposits or Inability to Ascertain, or Inadequacy of, LIBOR	  	 	65	  
	 Section 8.4.
	 	Increased Costs	  	 	66	  
	 Section 8.5.
	 	Discretion of Lender as to Manner of Funding	  	 	67	  
			
	 SECTION 9.
	 	THE ADMINISTRATIVE AGENT	  	 	67	  
			
	 Section 9.1.
	 	Appointment and Authorization of Administrative Agent	  	 	67	  
	 Section 9.2.
	 	Administrative Agent and Its Affiliates	  	 	67	  
	 Section 9.3.
	 	Exculpatory Provisions	  	 	68	  
	 Section 9.4.
	 	Reliance by Administrative Agent	  	 	69	  
	 Section 9.5.
	 	Delegation of Duties	  	 	69	  
	 Section 9.6.
	 	Non-Reliance on Administrative Agent and Other Lenders	  	 	70	  
	 Section 9.7.
	 	Resignation of Administrative Agent and Successor Administrative Agent	  	 	70	  
	 Section 9.8.
	 	No Other Duties; Designation of Additional Agents	  	 	71	  
	 Section 9.9.
	 	Authorization to Enter into, and Enforcement of, the Collateral Documents	  	 	71	  
	 Section 9.10.
	 	Administrative Agent May File Proofs of Claim	  	 	71	  
	 Section 9.11.
	 	Collateral Matters	  	 	72	  
			
	 SECTION 10.
	 	MISCELLANEOUS	  	 	73	  
			
	 Section 10.1.
	 	Taxes	  	 	73	  
	 Section 10.2.
	 	Mitigation Obligations; Replacement of Lenders	  	 	76	  
	 Section 10.3.
	 	No Waiver, Cumulative Remedies	  	 	77	  
	 Section 10.4.
	 	Non-Business Days	  	 	77	  
	 Section 10.5.
	 	Survival of Representations and Covenants	  	 	78	  
	 Section 10.6.
	 	Survival of Indemnities	  	 	78	  
	 Section 10.7.
	 	Sharing of Payments by Lenders	  	 	78	  
	 Section 10.8.
	 	Notices; Effectiveness; Electronic Communication	  	 	79	  
	 Section 10.9.
	 	Successors and Assigns; Assignments and Participations	  	 	81	  
	 Section 10.10.
	 	Amendments	  	 	85	  
	 Section 10.11.
	 	Heading	  	 	86	  
	 Section 10.12.
	 	Expenses; Indemnity; Damage Waiver	  	 	86	  
	 Section 10.13.
	 	Set-off	  	 	88	  
	 Section 10.14.
	 	Governing Law; Jurisdiction; Etc	  	 	88	  
	 Section 10.15.
	 	Severability of Provisions	  	 	89	  
	 Section 10.16.
	 	Excess Interest	  	 	89	  
	 Section 10.17.
	 	Construction	  	 	90	  
	 Section 10.18.
	 	Lender’s Obligations Several	  	 	90	  
	 Section 10.19.
	 	USA Patriot Act	  	 	90	  
	 Section 10.20.
	 	Waiver of Jury Trial	  	 	90	  
	 Section 10.21.
	 	Treatment of Certain Information; Confidentiality	  	 	91	  
	 Section 10.22.
	 	Counterparts; Integration, Effectiveness	  	 	91	  

  
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Table of Contents

							
			
	 SECTION 11.
	 	THE SELLER PERFORMANCE AGREEMENT	  	 	92	  
			
	 Section 11.1.
	 	The Seller Performance Agreement	  	 	92	  
	 Section 11.2.
	 	Performance Undertaking Unconditional	  	 	92	  
	 Section 11.3.
	 	Discharge Only upon Payment in Full; Reinstatement in Certain Circumstance	  	 	93	  
	 Section 11.4.
	 	Subrogation	  	 	94	  
	 Section 11.5.
	 	Subordination	  	 	94	  
	 Section 11.6.
	 	Waivers	  	 	94	  
	 Section 11.7.
	 	Limit on Recovery	  	 	94	  
	 Section 11.9.
	 	Benefit to the Seller	  	 	94	  
	 Section 11.10.
	 	No Bankruptcy Petition	  	 	94	  

  

									
	 Signature Pages
	 		  		  	 	S-1	  
				
	 EXHIBIT A
	 	—  	  	Form of Servicer Report	  			
	 Exhibit B
	 	—  	  	Notice of Borrowing	  			
	 EXHIBIT C
	 	—  	  	Standard Lease Agreement Terms	  			
	 EXHIBIT D
	 	—  	  	Term Note	  			
	 EXHIBIT E
	 	—  	  	Compliance Certificate	  			
	 Exhibit F
	 	—  	  	Assignment and Assumption	  			
	 SCHEDULE 1
	 	—  	  	Commitments	  			
	 SCHEDULE 5.9
	 	—  	  	ERISA	  			

  
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Table of Contents

 CREDIT AGREEMENT 

This Credit Agreement is entered into as of December 20, 2012, by and among LONGTRAIN LEASING I, LLC,
a Delaware limited liability company (the “Borrower”), AMERICAN RAILCAR INDUSTRIES, INC., a corporation organized in the State of North Dakota (the
“Seller”), the various institutions from time to time party to this Agreement, as Lenders, and FIFTH THIRD BANK, an Ohio banking corporation, as Administrative Agent. 

The Borrower has requested, and the Lenders have agreed to extend, certain credit facilities on the terms and conditions of this
Agreement. In consideration of the mutual agreements set forth in this Agreement, the parties to this Agreement agree as follows: 

SECTION 1. DEFINITIONS; INTERPRETATION. 

Section 1.1. Definitions. The following terms when used herein shall have the following meanings: 

“AAR” means the Association of American Railroads. 

“Account Bank” means Fifth Third Bank and its successors and assigns or such other bank that maintains the Cash
Collateral Account and the Interest Reserve Account and which is reasonably acceptable to the Administrative Agent. 

“Account Control Agreement” means, if required pursuant to the Security Agreement, an Account Control Agreement, by and
among the Borrower, the Administrative Agent, as secured party, and the Account Bank, as deposit bank giving the Administrative Agent control (as defined in the UCC) over the Cash Collateral Account and the Interest Reserve Account. 

“Adjusted Appraised Value” means, with respect to a Unit of Equipment and as of any date of determination, (i) the
Appraised Value of such Unit as set forth in the most recent Appraisal Report minus (ii)an amount equal to the product of (a) Appraised Value of such Unit as set forth in the most recent Appraisal Report with respect to such Unit,
(b) the Depreciation Factor, (c) the actual number of days between the date of such Appraisal Report and the date of such determination, and (d) 1/365. 
 “Adjusted LIBOR” means, for any Borrowing of Eurodollar Loans, a rate per annum equal to the quotient of (i) LIBOR, and (ii) one minus the Reserve Percentage. 

“Administrative Agent” means Fifth Third Bank, an Ohio banking corporation, as contractual representative for itself and
the other Lenders and any successor pursuant to Section 9.7. 
 “Advance Rate” means, prior to the
occurrence of an Event of Default, seventy-five percent (75%), and following the occurrence and during the continuation of an Event of Default, zero percent (0%). 

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 “Affiliate” means any Person directly or indirectly Controlling or
Controlled by, or under direct or indirect common Control with, another Person; provided, however, that beneficial ownership of less than fifteen percent (15%) of the Voting Stock of a Person and the absence of the right, whether through the
ownership of voting securities, by contract or otherwise, to elect, appoint, or designate fifteen percent (15%) or more of the then authorized number of directorships of such Person’s board of directors (or equivalent governing body), from
time to time, shall be deemed to not constitute Control for purposes of determining whether one Person is an Affiliate of another Person. 
 “Aggregate Adjusted Equipment Value” means, as of any date of determination, an amount equal to the aggregate Adjusted Appraised Value of each Eligible Unit owned by the Borrower as of
such date of determination. 
 “Aggregate Borrowing Amount” is defined in Section 2.1. 

“Aggregate Excess Concentration Amount” means the sum of (a) the Lessee Concentration Excess, (b) Geographic
Concentration Excess and (c) the Commodity Concentration Excess. 
 “Aggregate Interim Draw Borrowing
Amount” is defined in Section 2.1 
 “Aggregate Term Loan Commitment” means the total of all of
the Lenders’ Term Loan Commitments which, as of the Closing Date, is $ $199,841,250. 
 “Agreement” means
this Credit Agreement. 
 “Alternative Rate” means for any day the greatest of: (a) the per annum rate of
interest announced by the Administrative Agent from time to time as its “prime rate” as in effect on such day, with any change in the Alternative Rate resulting from a change in said prime rate to be effective as of the date of the
relevant change in said prime rate (it being acknowledged that such rate may not be the Administrative Agent’s best or lowest rate), (b) the sum of (i) the Federal Funds Rate, plus (ii) 1/2 of 1% per annum and
(c) the sum of (i) Adjusted LIBOR for an Interest Period of one (1) month and (ii) 1% per annum. Each Loan made or maintained by a Lender bearing interest at the Alternative Rate shall bear interest (computed on the basis of
a year of 365 or 366 days, as the case may be, and the actual days elapsed) on the unpaid principal amount thereof from the date such Loan is created by conversion from a Eurodollar Loan until, but excluding, the date of repayment thereof,
payable in arrears on each Payment Date and at maturity (whether by acceleration or otherwise). 
 “Applicable
Margin” means two and one-half percent (2.5%) per annum. 
 “Appraisal” means an appraisal
conducted by an Eligible Appraiser to determine the Appraised Value of the Equipment owned by the Borrower. Except as otherwise required by this Agreement, any appraisal may be a “desk top” appraisal (i.e., an appraisal based upon
information obtained from reliable sources, without a physical inspection of the Equipment). 

  
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 “Appraisal Report” means, a written appraisal by an Eligible Appraiser,
which shall set forth the Appraised Value of all Equipment owned by the Borrower and shall relate to the physical condition of the Equipment, taking into account, but not limited to, such considerations as type of Equipment, original year of
manufacture and any refurbishment of such Equipment. 
 “Appraised Value” means an amount, determined by
Appraisal(s), equal to the value that would be obtained in an arm’s-length transaction between willing, able and knowledgeable parties, acting prudently, with an absence of duress and with a reasonable period of time available for marketing.

 “Approved Fund” means any Person (other than a natural person) that is (or will be) engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers or manages a Lender. 
 “AR Leasing” means American
Railcar Leasing LLC, a Delaware limited liability company. 
 “ARL Fee Letter” means that certain letter
agreement by and among AR Leasing, Seller and Borrower, dated as of December 20, 2012, setting forth certain fee allocations regarding fees payable to AR Leasing by Seller, on the one hand, and Borrower, on the other hand. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with
the consent of any party whose consent is required by Section 10.9(b)(iii)), and accepted by the Administrative Agent, in substantially the form of Exhibit F or any other form approved by the Administrative Agent. 

“Authorized Representative” means those persons shown on the list of officers provided by the Borrower pursuant to
Section 3.1 or on any update of any such list provided by the Borrower to the Administrative Agent, or any further or different officers of the Borrower, Servicer, or Seller so named by any Authorized Representative of the Borrower, Servicer,
or Seller, as the case may be, in a written notice to the Administrative Agent. 
 “Bill of Sale” means each Bill of
Sale executed in accordance with the Contribution Agreement. 
 “Borrower” is defined in the introductory
paragraph of this Agreement. 
 “Borrowing” means the total principal amount of Term Loans advanced by the
Lenders to the Borrower on a single date. 
 “Borrowing Base” means, as of any date of determination, an amount
equal to the product of (a) the Advance Rate and (b) the Net Aggregate Equipment Value. 

  
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 “Borrowing Base Deficit” means, on any date of determination, the aggregate
principal amount of Loans outstanding exceeds the Borrowing Base. 
 “Business Day” means any day other than
(x) a Saturday, a Sunday or (y) a day on which banking institutions are authorized or required by law, executive order or governmental decree to close in any one or more of: Cincinnati, Ohio, New York, New York and Frankfurt am Main; and,
if the applicable Business Day relates to the advance or continuation of, or conversion into, or payment of a Eurodollar Loan, such day is a day on which banks are dealing in U.S. Dollar deposits in the interbank eurodollar market in London,
England. 
 “Cash Collateral Account” means an account of the Borrower, in the name of the Secured Party (as
defined in the Security Agreement), established and maintained by the Account Bank and, if required pursuant to the terms of the Security Agreement, subject to an Account Control Agreement. 

“Cash Equivalents” means, as to any Person: (a) investments in direct obligations of the United States of America
or of any agency or instrumentality thereof whose obligations constitute full faith and credit obligations of the United States of America, provided that any such obligations shall mature within one year of the date of issuance thereof;
(b) investments in commercial paper rated at least P-2 by Moody’s and at least A-2 by S&P (or, if at any time neither Moody’s or S&P shall be rating such obligations, an equivalent rating from another nationally recognized
rating service) maturing within one year of the date of issuance thereof; (c) demand and time deposits in, certificates of deposit of, bankers’ acceptances issued by, or federal funds sold by any commercial bank, depository institution or
trust company (including Fifth Third Bank, acting in its commercial capacity) incorporated under the laws of the United States or any state thereof, provided, that such commercial bank, depository institution or trust company shall have a combined
capital and surplus of at least $500,000,000 and be subject to supervision and examination by federal and/or state banking authorities and at the time of such investment or contractual commitment providing for such investment such commercial bank,
depository institution or trust company has a short-term unsecured debt rating of at least A-2 by S&P or P-2 by Moody’s (or, in the case of a company, such holding company has a short-term credit rating of at least A-2 by S&P or P-2 by
Moody’s); (d) investments in repurchase obligations with a term of not more than seven days for underlying securities of the types described in clause (a) above entered into with any bank meeting the qualifications specified in
clause (c) above, provided all such agreements require physical delivery of the securities securing such repurchase agreement, except those delivered through the Federal Reserve Book Entry System; (e) marketable short-term money market or
similar securities having a rating of at least P-2 by Moody’s or A-2 by S&P (or, if at any time neither Moody’s or S&P shall be rating such obligations, an equivalent rating from another nationally recognized rating service); and
(f) investments in any money market mutual funds that (i) invest solely, and which are restricted by their respective charters to invest solely, in investments of the type described in the immediately preceding clauses (a), (b), (c),
and (d) above, and (ii) have net assets of not less than $1,000,000,000; 

  
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 “Change in Law” means the occurrence, after the date of this Agreement, of
any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any
Governmental Authority, or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, however, that notwithstanding anything herein to
the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case
be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 
 “Change of
Control” shall mean and be deemed to have occurred if (a) the Seller shall at any time not beneficially own, in the aggregate, directly or indirectly, 100% of the voting power of the outstanding Voting Stock of the Borrower;
(b) the Permitted Holders shall at any time not beneficially own, in the aggregate, directly or indirectly, at least 35% of the voting power of the outstanding Voting Stock of the Seller; (c) any person, entity or “group” (within
the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended), other than the Permitted Holders, shall at any time have acquired direct or indirect beneficial ownership of a percentage of the voting power of the
outstanding Voting Stock of the Seller that exceeds 50% thereof; (d) Continuing Directors shall not constitute at least a majority of the board of directors of the Seller; or (e) at any time, a “change of control” (or similar
term) under any indenture, instrument or agreement pursuant to which any Indebtedness of the Seller is outstanding in an aggregate principal amount exceeding $10,000,000 shall have occurred; unless, in the case of either clause (c) or
(d) above, the Permitted Holders have, at such time, the right or the ability by voting power, contract or otherwise to elect or designate for election at least a majority of the board of directors of the Seller; further provided that clauses
(b), (c) or (d) shall not constitute a Change of Control while the Seller (or any successor of the Seller) is a Reporting Company. 
 “Chattel Paper Legend” shall mean the applicable following statement (or a similar statement having the same effect): THE RIGHTS AND
INTERESTS OF THE LESSOR UNDER THIS LEASE AND ALL AMENDMENTS AND
RIDERS HERETO RELATING TO CERTAIN RAILCARS LISTED HEREIN, AND IN SUCH
RAILCARS, HAVE BEEN ASSIGNED TO ONE OR MORE FINANCIAL INSTITUTIONS OR
BANKS LISTED ON THE PAGE OR PAGES ATTACHED AT THE END OF
THIS LEASE AND ARE SUBJECT TO A FIRST PRIORITY PERFECTED SECURITY
INTEREST IN FAVOR OF SUCH FINANCIAL INSTITUTIONS OR BANKS. TO THE
EXTENT THAT THIS LEASE CONSTITUTES CHATTEL PAPER, NO SECURITY INTEREST IN
THIS LEASE MAY BE CREATED OR PERFECTED THROUGH THE TRANSFER OR
POSSESSION OF THIS COUNTERPART. 
 “Closing Date”
means the date of this Agreement or such later Business Day upon which each condition described in Section 3.1 shall be satisfied or waived in a manner acceptable to the Administrative Agent in its discretion. 

“Closing Date Borrowing Amount” is defined in Section 2.1. 

“Co-Agents” means, Fifth Third Bank and Key Equipment Finance Inc. 

  
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 “Code” means the Internal Revenue Code of 1986, or any successor statute
thereto. 
 “Collateral” is defined in Section 4.1. 

“Collateral Agency Agreement” means the Collateral Agency Agreement, dated as of July 20, 2004, among the
Collateral Agent (as assignee of HSH Nordbank AG, New York Branch), each Manager party thereto and each Pledgor party thereto. 

“Collateral Agency Agreement Joinder” means the Notice of Additional Party and Selective Party Amendment to Collateral
Agency Agreement, dated as of December 20, 2012, among the Collateral Agent, the Borrower, the Servicer and the Administrative Agent. 
 “Collateral Agent” means U.S. Bank National Association. 

“Collateral Documents” means the Security Agreement, the Collateral Agency Agreement, the Collateral Agency Agreement
Joinder, the Account Control Agreement (if any) and all other, security agreements, pledge agreements, account control agreements, assignments, financing statements and other documents pursuant to which Liens are granted to the Administrative Agent
by the Borrower, and as shall from time to time secure or relate to the Obligations or any part thereof. 
 “Collection
Account” means each concentration account, depositary account, lock-box account or similar account in which any Collections are collected or deposited, in each case, in the exclusive control of the related Collection Bank. Initially, the
sole Collection Account shall be the account numbered maintained at U.S. Bank National Association and subject to the terms of the Lease Administration Agreement. 
 “Collection Bank” means, at any time, any of the banks holding one or more Collection Accounts. Initially, the sole Collection Bank is U.S. Bank National Association. 

“Collection Bank Fee Letter” means that certain Collection Bank Fee, dated as of December 20, 2012, setting forth
fees payable to U.S. Bank National Association by the Borrower, in its capacity as a Tranche II Owner, pursuant to the terms of the Lease Administration Agreement. 
 “Collections” means, with respect to any Lease Agreement, all cash collections and other cash proceeds in respect of such Lease Agreement, including, without limitation, all Lease
Payments, Equipment Insurance Proceeds, payments by the related Lessee representing the Settlement Value of the related Equipment, any security deposits, all railroad mileage credit payments allocable to the related Units actually received by the
Borrower, the proceeds from the sale or other disposition of the related Unit and interest earned on accounts established pursuant to this agreement. 
 “Commitments” means the Term Loan Commitments. 

  
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 “Commodity Concentration Excess” means the sum of (a) the aggregate
amount by which the Adjusted Appraised Value of all Eligible Units that are carrying Commodity Type 1 exceeds the Commodity Type 1 Concentration Limit and (b) aggregate amount by which the Adjusted Appraised Value of all Eligible Units carrying
any one particular commodity exceeds the Commodity Type 2 Concentration Limit. 
 “Commodity Type 1” means any
commodity selected from time to time in the sole discretion of the Borrower; provided that until the Borrower shall otherwise notify the Administrative Agent in writing, Commodity Type 1 shall be Frac Sand. 

“Commodity Type 1 Limit” means thirty-five percent (35%). 

“Commodity Type 1 Concentration Limit” means, an amount equal to the product of (a) the Commodity Type 1 Limit and
(b) the Aggregate Adjusted Equipment Value. 
 “Commodity Type 2 Limit” means twenty percent (20%).

 “Commodity Type 2 Concentration Limit” means, an amount equal to the product of (a) the Commodity Type
2 Limit and (b) the Aggregate Adjusted Equipment Value. 
 “Communications” is defined in
Section 10.8(d)(ii). 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or
measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Contingent
Obligation” means as to any Person, any contractual obligation of such Person guaranteeing or intended to guarantee any Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in
any manner, whether directly or indirectly, including, any obligation of such Person, whether or not contingent, (a) to purchase any such primary obligation or any Property constituting direct or indirect security therefor, (b) to advance
or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (d) otherwise to
contractually assure or hold harmless the holder of such primary obligation against loss in respect thereof; provided, however, that the term Contingent Obligation shall not include endorsements of instruments for deposit or collection in the
ordinary course of business or entered into in the ordinary course of business in connection with any contractual arrangement, including any acquisition, capital expenditure, investment or disposition of assets permitted under this Agreement (other
than such obligations with respect to Indebtedness). The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made
or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. 

  
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 “Continuing Director” shall mean, at any date, an individual (a) who
is a member of the board of directors of the Seller on the Closing Date, (b) who, as of the date of determination, has been a member of such board of directors for at least the twelve preceding months, or (c) who has been nominated to be a
member of such board of directors by a majority of the other Continuing Directors then in office or by a Permitted Holder. 

“Contribution Agreement” means that Contribution and Sale Agreement dated as of December 20, 2012, by and
among the Borrower and the Seller. 
 “Control” shall mean the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have meanings
correlative thereto. 
 “Controlled Group” means all members of a controlled group of corporations, limited
liability companies, partnerships and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower or the Seller, are treated as a single employer under Section 414 of the Code. 

“Damages” means all damages, including punitive damages, liabilities, costs, expenses, losses, judgments, diminutions in
value, fines, penalties, demands, claims, cost recovery actions, lawsuits, administrative proceedings, orders, response action, reasonable removal and remedial costs, reasonable compliance costs, reasonable investigation expenses, reasonable
consultant fees, reasonable attorneys’ and paralegals’ fees and reasonable litigation expenses. 
 “Debt
Service Coverage Ratio” is defined in Section 6.20(a). 
 “Debtor Relief Laws” means the United
States Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other
applicable jurisdictions from time to time in effect. 
 “Default” means any event or condition the occurrence
of which would, with the passage of time or the giving of notice, or both, constitute an Event of Default. 
 “Default
Interest Rate” is defined in Section 2.2(c). 
 “Defaulted Lease” means a Lease Agreement as to
which any of the following is true: (a) the Borrower has reasonably determined in accordance with their internal accounting policies and procedures, that the remaining Lease Payments with respect to such Lease Agreement are fully or partially
uncollectible, and has charged-off such amounts, or (b) any Lease Payment (or portion thereof) payable under such Lease Agreement is more than one-hundred and twenty (120) days outstanding from the original due date. 

“Delayed Draw Borrowing Date” means either the First Delayed Draw Borrowing Date or the Second Delayed Draw Borrowing
Date, as applicable. 

  
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 “Delinquent Lease” means a Lease Agreement as to which any Lease Payment
(or portion thereof) payable under such Lease Agreement is more than ninety (90) days outstanding from the original due date. 
 “Depreciation Factor” means three and one-third percent (3.33%) per annum. 
 “Direct Operating Expenses” means those expenses incurred in connection with the Borrower’s operation of its business, including, without limitation, taxes, maintenance expenses,
service expenses, insurance premiums, compensation for officers of the Borrower and members of its board of directors, rent, and utilities. 
 “Disposition” means the sale, conveyance or other disposition of Equipment expressly permitted under Sections 6.13. 

“Disproportionate Advance” is defined in Section 2.3(d). 

“Dollars” and “$” each means the lawful currency of the United States of America. 

“DSCR Cure Amount” means a repayment amount (subject to the minimum amount set forth in Section 2.6(a)), when added
to the Net Revenue of the Borrower for a period for which the Debt Service Coverage Ratio was less than 1.05:1.00, will result in the Debt Service Coverage Ratio for such period to be at least 1.05:1.00. 

“Early Amortization Event” shall mean the occurrence of any one or more of the following events: 

 

	 	(a)	the continuous existence of a Borrowing Base Deficit for a period of not less than five (5) consecutive days; 

 

	 	(b)	on and after September 30, 2013, the Debt Service Coverage Ratio is less than 1.20:1.00 (calculated on a rolling three (3) quarter basis) (it being understood
that an Early Amortization Event pursuant to this clause (b) shall cease to exist at such time as the Debt Service Coverage Ratio is increased to at least 1.20:1.00 in accordance with the terms of this Agreement); 

 

	 	(c)	a Manager Termination Event under the Railcar Management Agreement shall have occurred and be continuing; and 

 

	 	(d)	any Event of Default (however described) under any Loan Documents shall have occurred and be continuing beyond any periods of grace, notice or cure applicable thereto.

 “Eligible Appraiser” means the following appraisers: any independent appraiser selected by the
Borrower or the Servicer and reasonably approved by the Co-Agents. 

  
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 “Eligible Assignee” means any Person that meets the requirements to be an
assignee under Section 10.9(b)(iii), 10.9(b)(v) and 10.9(b)(vi) (subject to such consents, if any, as may be required under Section 10.9(b)(iii)). 
 “Eligible Lease Agreement” shall mean any Lease Agreement which meets each of the following conditions (unless otherwise agreed to in writing by the Administrative Agent): 

 

	 	(a)	such Lease Agreement provides for the denomination and payment of all amounts payable thereunder by the lessee in Dollars; 

 

	 	(b)	such Lease Agreement contains terms substantially the same as the terms set forth as Exhibit C hereto and which does not contain any other terms or provisions which are
materially contrary to or materially inconsistent with the obligations of the Borrower hereunder or under any other Loan Document or the obligations of the Servicer under the Railcar Management Agreement; 

 

	 	(c)	as to which all payments by the applicable Lessee are made to a Lock-Box that clears to a Collection Account, 

 

	 	(d)	such Lease Agreement is not a Delinquent Lease or a Defaulted Lease; 

  

	 	(e)	such Lease Agreement contains a Chattel Paper Legend or a legend substantially similar thereto which is also effective; 

 

	 	(f)	as to which the Collateral Agent is in possession of the original counterparty of such Lease Agreement, 

 

	 	(g)	such Lease Agreement represents the legal, valid, and binding obligation of the Lessee thereunder, enforceable by the Borrower in accordance with its terms and the
Lessee, with respect to such Lease (and any guarantor of the Lessee’s obligations thereunder), had full legal capacity to execute and deliver such Lease Agreement and any other documents related thereto; 

 

	 	(h)	such Lease Agreement, at the time of origination or purchase by the Borrower and at all times thereafter, conformed to all requirements of the Servicing Standard
applicable to such Lease Agreement; 

  

	 	(i)	except for Lease Agreements in effect as of the Closing Date, such Lease Agreement expressly prohibits any subleasing of such Units without the Servicer’s prior
consent unless the Lessees thereunder remain liable for all of their respective obligations under such Lease Agreement (including with respect to such subleased Units); 

 

	 	(j)	such Lease Agreement is a Full Service Lease; 

  
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	 	(k)	such Lease Agreement is payable by a Lessee which (i) was not, on the date such Lease Agreement was originated or during the three-year period immediately
preceding such date of origination, or on the date such Lease Agreement was acquired by the Borrower, subject to any bankruptcy, insolvency, reorganization or similar proceeding and (ii) has not had any equipment owned or leased to such Lessee
repossessed or foreclosed upon or subject to repossession or foreclosure by the Servicer or any Affiliate thereof; 

  

	 	(l)	the Lessee thereof is a Person organized under the laws of the United States (or any state thereof or the District of Columbia) or Canada (or any province thereof),
unless otherwise approved in writing by the Administrative Agent acting at the direction of the Required Lenders; 

  

	 	(m)	in the case of any Lease Agreement with a Person organized under the laws of Canada (or any province thereof), if, in the reasonable determination of the Administrative
Agent, any Lease Payment thereunder may be subject to a withholding tax, such Lease Agreement contains withholding tax indemnification or gross up provisions acceptable to the Administrative Agent; and 

 

	 	(n)	the Administrative Agent, for the benefit of the Lenders, has a legal, valid and enforceable first-priority perfected security interest (other than Permitted Liens) in
such Lease Agreement. 

 “Eligible Unit” shall mean any Unit which meets each of the following
conditions (unless otherwise agreed to in writing by the Administrative Agent): 
  

	 	(a)	such Unit was manufactured by the Seller on or after January 1, 2011 and initially placed into service on or after January 1, 2011; 

 

	 	(b)	such Unit and the component parts thereof (A) are in good order and repair, ordinary wear and tear excepted, (B) have been maintained in compliance with all
the AAR’s mechanical regulation and industry commercial standards for revenue interchange loading, (C) are in material compliance with the requirements of any Equipment Insurance Policy required pursuant to Section 6.3, and
(D) are in material compliance with manufacturer’s maintenance recommendations and eligible under manufacturer’s warranties (to the extent such warranties are then available other than due to the passage of time);

  

	 	(c)	such Unit is not subject to an Event of Loss; provided, that this clause (c) shall not apply to any ten (10) Units selected by Borrower that, at any
time or from time to time, are subject to an Event of Loss; further, provided that any Unit that is subject to an Event of Loss may only be an Eligible Unit for 90 days after such Unit has been deemed to have suffered an Event of Loss
pursuant to Section 10.1(a) of the Railcar Management Agreement. Borrower shall ensure that any such Units that are subject to an Event of Loss but are included as an Eligible Unit be clearly identified on each Servicer Report delivered
hereunder; 

  
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	 	(d)	such Unit is the subject of an Appraisal Report dated no earlier than the most recent Test Date (or in the case of Units purchased by the Borrower on the Closing Date
or a Delayed Draw Borrowing Date, such Unit is subject to an Appraisal Report meeting the requirements set forth in Section 3.1(g) and 3.2(d), respectively); 

 

	 	(e)	such Unit is either (i) the subject of an Eligible Lease Agreement (or Replacement Lease Agreement if such Unit is a Replacement Unit) or (ii) a Unit that the
Servicer intends to re-lease in accordance with its Servicing Standards and such Unit has not been “off-lease” for more than 120 days; and 

  

	 	(f)	the Administrative Agent, for the benefit of the Lenders, has a legal, valid and enforceable first-priority perfected security interest (other than Permitted Liens) in
such Unit (other than with respect to a Unit located in Mexico). 

 “Engagement Letter” means
that certain Engagement Letter, dated as of November 15, 2012, among the Seller and the Co-Agents, setting forth, inter alia, the Seller’s obligation to reimburse the Co-Agents for fees and expenses incurred in the preparation,
negotiation, execution and delivery of this Agreement. 
 “Environmental Claim” means any investigation, notice
of violation, demand, allegation, action, suit, injunction, judgment, order, consent decree, penalty, fine, lien, proceeding or claim (whether administrative, judicial or private in nature) arising (a) pursuant to, or in connection with an
actual or alleged violation of, any Environmental Law, (b) in connection with any Hazardous Material, (c) from any actual or threatened abatement, removal, remedial, or response action in connection with the Release of Hazardous Material,
Environmental Law or order of a Governmental Authority under Environmental Law or (d) from any actual or alleged damage, injury, threat or harm to human health, or safety as it relates to exposure to Hazardous Materials. 

“Environmental Law” means any current or future Legal Requirement pertaining to (a) the protection of the
environment, or health and safety as it relates to exposure to Hazardous Materials, (b) the protection of natural resources and wildlife, (c) the protection of surface water or groundwater quality, (d) the management, manufacture,
possession, presence, use, generation, transportation, treatment, storage, disposal, Release, threatened Release, abatement, removal, remediation or handling of, or exposure to, any Hazardous Material or (e) any Release of Hazardous Materials
to air, land, surface water or groundwater, and any amendment, rule, regulation, order or directive issued thereunder. 

“Equipment” shall mean collectively those units of railroad rolling stock (individually, a “Unit” and,
collectively, the “Equipment” or the “Units”) described in Schedule 1 to the Security Agreement, together with any and all accessions, additions, improvements and other equipment or components of any nature from time to time
incorporated or installed therein which are the property of the Borrower and replacements thereof and substitutions therefor, including any Replacement Units subjected to the Lien of the Security Agreement in substitution of Units in accordance with
Section 6.13(e). 

  
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 “Equipment Documents” means each Lease Agreement, the Contribution
Agreement, and each Bill of Sale. 
 “Equipment Insurance Policy” means, with respect to any Unit or Units of
Equipment, an insurance policy covering physical damage to the related Equipment or covering any liabilities arising from the related Equipment or use thereof. 
 “Equipment Insurance Proceeds” means, proceeds paid by any Equipment insurer pursuant to any Equipment Insurance Policy covering an item of Equipment or the related Lease Agreement, net
of the reasonable costs of collecting such proceeds which are not otherwise reimbursed. 
 “ERISA” means the
Employee Retirement Income Security Act of 1974. 
 “Eurodollar Loan” means a Loan bearing interest based on
LIBOR. 
 “Event of Bankruptcy” means, as to any Person, the filing of a voluntary or involuntary petition for
relief as to such Person as debtor or bankrupt under the Bankruptcy Reform Act of 1978, as amended, or other similar provision of law of any jurisdiction (except, in the case of an involuntary petition, if such petition is contested by such Person
and has been dismissed within 90 days); insolvency of such Person as finally determined by a court proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such
Person or a substantial part of its assets; commencement of any proceedings relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in
existence or hereinafter enacted, if such Person indicates its approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. 

“Event of Default” means any event or condition identified as such in Section 7.1. 

“Event of Loss” means, with respect to any Unit, any of the following events with respect to such Unit:
(i) permanent loss of the relevant Unit or the use of such Unit due to destruction, damage beyond repair, or rendition of such Unit permanently unfit for normal use for any reason whatsoever; (ii) any damage to such Unit which results in
the receipt of Equipment Insurance Proceeds with respect to such Unit and which makes repair or continued operation of such Unit uneconomic or renders such Unit unfit for commercial use; (iii) the theft or disappearance of such Unit which
results in the loss of possession of such Unit for a period in excess of 60 days; (iv) title to such Unit shall be confiscated, requisitioned or otherwise taken by a Governmental Authority under the power of eminent domain or otherwise; or
(v) during the term of any Lease, such other events with respect to that Unit that would give rise to Lessee’s obligation thereunder to make a Settlement Value payment (or equivalent payment) with respect to such Unit as specified in such
Lease Agreement. 

  
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 “Event of Loss Proceeds” means, with respect to any Unit which is the
subject of an Event of Loss, the aggregate amount of any Settlement Value, indemnity and other payments made by the Lessee under the related Lease Agreement, Equipment Insurance Proceeds with respect to such Unit and any other payments paid to the
Borrower, in each case, which relates to such Event of Loss. 
 “Excess Interest” is defined in
Section 10.16. 
 “Exchange Act” means the Securities and Exchange Act of 1934, as amended 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld
or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the
laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the
case of any Recipient, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment (or otherwise pursuant to any Loan Document) pursuant to a law in
effect on the date on which (i) such Recipient acquires such interest in the Loan or Commitment or becomes a party to this Agreement (other than pursuant to an assignment request by the Borrower under Section 10.2(b) or (ii) such
Recipient changes its lending office, except in each case to the extent that, pursuant to Section 10.1, amounts with respect to such Taxes were payable either to such Recipient’s assignor immediately before such Recipient became a party
hereto or to such Recipient immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 10.1(f) and (d) any U.S. federal withholding Taxes imposed under FATCA.

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or
successor version of such sections that are substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof, and any agreements entered into pursuant to
Section 1471(b)(1) of the Code. 
 “Fee Letter” means that certain Fee Letter, dated as of
December 13, 2012, among the Borrower, the Seller and the Co-Agents, setting forth fees payable to the Co-Agents and the Lenders. 
 “Federal Funds Rate” means for any day the rate determined by the Administrative Agent to be the average (rounded upward, if necessary, to the next higher 1/100 of 1%) of the rates per
annum quoted to the Administrative Agent at approximately 10:00 a.m. (Cincinnati time) (or as soon thereafter as is practicable) on such day (or, if such day is not a Business Day, on the immediately preceding Business Day) by two or more
Federal funds brokers selected by the Administrative Agent for sale to the Administrative Agent at face value of Federal funds in the secondary market in an amount equal or comparable to the principal amount owed to the Administrative Agent for
which such rate is being determined. 
 “First Delayed Draw Borrowing Amount” is defined in Section 2.1.

  
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 “First Delayed Draw Borrowing Date” means any Business Day after the
Closing Date and on or prior to the First Delayed Draw Cut-Off Date on which each Lender, subject to the terms of this Agreement, advances its Percentage of the amount requested by the Borrower on the related Notice of Borrowing in an amount not in
excess of its Percentage of the Term Loan Commitments that was not otherwise advanced on the Closing Date. 
 “First
Delayed Draw Cut-Off Date” means February 28, 2013. 
 “Fixed Charges” means, with reference to
any period, the sum of (a) all scheduled payments made or required to be made by the Borrower pursuant to Sections 2.7(c)(iv) and (v), (b) all scheduled payments made or required to be made by the Borrower pursuant to Sections 2.7(d)(v)
and (vii), and (c) the cash portion of any payments of interest made or to be made during such period with respect to any other Indebtedness of the Borrower (including, without limitation, any Permitted Subordinated Debt) during such period.

 “Foreign Lender” means a Lender that is not a U.S. Person. 

“FRA” means the Federal Railroad Administration of the United States Department of Transportation or the Federal
Railroad Administrator, as the context shall require. 
 “Full Service Lease” means a lease, where, as between
the lessor and the lessee, the lessor is responsible for all maintenance, repair and certain other costs and expenses associated with the operation and use of the related Equipment. 

“Funding” means the advancing of any Loan. 
 “GAAP” means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the U.S. accounting profession), which are applicable to the
circumstances as of the date of determination. 
 “Geographic Concentration Excess” means the aggregate amount
by which the Adjusted Appraised Value of all Eligible Units located in a Geographic Concentration Limited Country exceeds the Geographic Concentration Limit. 
 “Geographic Concentration Limit” means, an amount equal the product of (a) the Geographic Concentration Percentage Limit and (b) the Aggregate Adjusted Equipment Value.

 “Geographic Concentration Limited Country” means Mexico. 

“Geographic Concentration Percentage Limit” means five percent (5%). 

  
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 “Governmental Authority” means the government of the United States of
America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government (including the United States Department of Transportation, the FRA and the STB). 
 “Hazardous Material” means any (a) asbestos, polychlorinated biphenyls and petroleum (including crude oil or any fraction thereof) and (b) any substance, waste or material
classified or regulated as “hazardous”, “toxic”, “contaminant” or “pollutant” or words of like import pursuant to an applicable Environmental Law. 

“Hedge Agreement” means any (a) agreement with respect to any swap, forward, future or derivative transaction or
option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or
value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or
consultants of the Borrower shall be a Hedge Agreement or (b) any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other similar master
agreement. 
 “Icahn Group” shall mean, from time to time, (1) Carl Icahn and his siblings, his and their
respective spouses and descendants (including stepchildren and adopted children) and the spouses of such descendants (including stepchildren and adopted children) (collectively, the “Family Group”); (2) any trust, estate, partnership,
corporation, company, limited liability company or unincorporated association or organization (each an “Entity” and collectively “Entities”) Controlled by one or more members of the Family Group; (3) any Entity over which
one or more members of the Family Group, directly or indirectly, have rights that, either legally or in practical effect, enable them to make or veto significant management decisions with respect to such Entity, whether pursuant to the constituent
documents of such Entity, by contract, through representation on a board of directors or other governing body of such Entity, through a management position with such Entity or in any other manner (such rights hereinafter referred to as “Veto
Power”); (4) the estate of any member of the Family Group; (5) any trust created (in whole or in part) by any one or more members of the Family Group; (6) any individual or Entity who receives an interest in any estate or trust
listed in clauses (4) or (5), to the extent of such interest; (7) any trust or estate, substantially all the beneficiaries of which (other than charitable organizations or foundations) consist of one or more members of the Family Group;
(8) any organization described in Section 501(c) of the Code, over which any one or more members of the Family Group and the trusts and estates listed in clauses (4), (5) and (7) have direct or indirect Veto Power, or to which
they are substantial contributors (as such term is defined in Section 507 of the Code); (9) any organization described in Section 501(c) of the Code of which a member of the Family Group is an officer, director or trustee; or
(10) any Entity, directly or indirectly (a) owned or Controlled by or (b) a majority of the economic interests in which are owned by, or are for or accrue to the benefit of, in either case, any Person or Persons identified in clauses
(1) through (9) above. 

  
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 “Indebtedness” means for any Person (without duplication) (a) all
indebtedness of such Person for borrowed money, whether current or funded, or secured or unsecured, (b) all indebtedness of such Person for the deferred purchase price of Property or services, (c) all indebtedness created or arising under
any conditional sale or other title retention agreement with respect to Property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of a default are limited to repossession or sale
of such Property), (d) all indebtedness of such Person secured by a purchase money mortgage or other Lien to secure all or part of the purchase price of Property subject to such mortgage or Lien, (e) any existing reimbursement, payment or
similar obligations of such Person in respect of banker’s acceptances, letters of credit and other similar extensions of credit whether or not representing obligations for borrowed money, (f) all net obligations of such Person under any
Hedge Agreement, (g) any indebtedness, whether or not assumed, secured by Liens on Property acquired by such Person at the time of acquisition thereof, (h) all obligations of such Person under any so-called “synthetic lease”
transaction entered into by such Person, (i) all obligations of such Person under any so-called “asset securitization” transaction entered into by such Person, and (j) all Contingent Obligations of such Person, it being
understood that the term “Indebtedness” shall not include trade payables arising in the ordinary course of business. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by
or on account of any obligations of the Borrower or the Seller under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 
 “Indemnitee” is defined in Section 10.12(b). 

“Independent Director” An individual who (i) is not at the time of initial appointment, or at any time while
serving as Independent Director of the Borrower, and has not been at any time during the preceding five (5) years: (a) a stockholder, director (with the exception of serving as the Independent Director of the Borrower), officer, employee,
partner, attorney or counsel of Seller or any of its Affiliates; (b) a customer, supplier or other Person who derives any of its purchases or revenues from its activities with Seller or any of its Affiliates (with the exception of monies
received in connection with serving as (x) the Independent Director of the Borrower or (y) as independent director or independent manager of a “special purpose entity” Affiliated with the Seller or the Servicer, as described in
the following paragraph); (c) a Person or other entity controlling or under common control with any such stockholder, partner, customer, supplier or other Person; or (d) a member of the immediate family of any such stockholder, director,
officer, employee, partner, customer, supplier or other Person referenced in clause (a), (b) or (c) above; and (ii) has prior experience as an independent director or manager for a corporation or limited liability company whose
charter documents required the unanimous consent of all independent directors or independent managers thereof before such corporation or limited liability company could consent to any Event of Bankruptcy. (As used herein, the term
“control” means the possession, directly or indirectly, of the power to direct or cause the direction of management, policies or activities of a Person or entity, whether through ownership of voting securities, by contract or otherwise.)

  
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 An individual who otherwise satisfies the foregoing shall not be disqualified from serving
as an Independent Director of the Borrower if such individual is at the time of initial appointment, or at any time while serving as an Independent Director of the Borrower, an independent director or independent manager of a “special purpose
entity” Affiliated with Seller or the Servicer. For purposes of this paragraph, a “special purpose entity” is an entity whose organizational documents contain restrictions on its activities and impose requirements intended to preserve
its separateness that are substantially similar to those of the Borrower and provide, inter alia, that it: (a) is organized for the limited purpose of being a “special purpose entity”; (b) has restrictions on its ability to incur
indebtedness, dissolve, liquidate, consolidate, merge and/or sell assets; (c) may not consent to the institution of bankruptcy or insolvency proceedings against it or file a petition seeking relief under any applicable federal or state law
relating to bankruptcy without the consent of all independent directors or independent managers thereof ; and (d) shall conduct itself in accordance with certain “separateness covenants”, including, but not limited to, the maintenance
of its books, records, bank accounts and assets separate from those of any other Person. 
 “Interchange Rules” means
the Interchange Rules or supplements thereto of the Mechanical Division of the AAR as the same may be in effect from time to time. 
 “Interest Expense” means, with reference to any Interest Period, the product of (a) the daily weighted average of the principal amount of Loans outstanding during such Interest
Period, (b) the Interest Rate applicable to such Interest Period, (c) the actual number of days in such Interest Period, and (d) 1/360. 
 “Interest Period” means, with respect to a Payment Date, the period from and including the immediately preceding Payment Date (or, in the case of the Initial Payment Date, from and
including the Closing Date) to and including the day immediately preceding such Payment Date; provided however that the initial Interest Period for any Loan issued on the First Delayed Draw Borrowing Date shall be the period from and
including such First Delayed Draw Borrowing Date to and including the day immediately preceding the next succeeding Payment Date. 
 “Interest Rate” means, prior to the occurrence of an Event of Default, Adjusted LIBOR (or, if applicable pursuant to Sections 8.2 or 8.3, the Alternative Rate) plus the Applicable
Margin; otherwise, the Default Interest Rate; provided that the Interest Rate for the Interest Period related to the first Payment Date shall be 2.7530%. 
 “Interest Reserve Account” means an account of the Borrower, in the name of the Secured Party (as defined in the Security Agreement), established and maintained by the Account Bank and
subject to the Account Control Agreement. 
 “Interest Reserve Amount” means, on any date of determination, an
amount equal to the product of (a) the sum of (i) Adjusted LIBOR and (ii) the Applicable Margin, (b) the principal amount of Loans outstanding on such date and (c) 9/12. 

“Lease Administration Agreement” means, that certain Amended and Restated Lease Administration Agreement, dated as of
October 2, 2006, by and among AR Leasing, ARL Lease Administrators LLC, U.S. Bank National Association and the Tranche II Owners party thereto. 

  
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 “Lease Administration Agreement Joinder” means, that certain Joinder to the
Lease Administration Agreement, dated as of December 20, 2012, by and among AR Leasing, the Borrower, as a Tranche II Owner, ARL Lease Administrators LLC and U.S. Bank National Association. 

“Lease Administration Fees” means, fees payable to the Lease Administrator by the Borrower, in its capacity as a Tranche
II Owner, pursuant to the terms of the Lease Administration Agreement. 
 “Lease Administrator” means ARL Lease
Administrators LLC. 
 “Lease Agreement” means any agreement to lease specific Units (as contrasted to a Master
Lease Agreement) or a schedule to a Master Lease Agreement together with such Master Lease Agreement. 
 “Lease
Assignment and Assumption” means each Assignment and Assumption Agreement executed in accordance with the Contribution Agreement. 
 “Lease Payment” means, with respect to any Lease Agreement, the minimum monthly or other periodic contractual payment payable by the related Lessee for the use of the related Equipment in
accordance with the terms of such Lease Agreement. 
 “Legal Requirement” means any treaty, convention,
statute, law, regulation, ordinance, license, permit, governmental approval, injunction, judgment, order, consent decree or other requirement of any Governmental Authority with jurisdiction over the applicable Person or property. 

“Lenders” means and includes the banks, financial institutions and other lenders from time to time party to this
Agreement, as a “Lender” hereunder, including each assignee Lender pursuant to Section 10.9. 

“Lessee” means each of the lessees named in a Lease Agreement. 

“Lessee Concentration Excess” means the aggregate amount by which the Adjusted Appraised Value of all Eligible Units
subject to an Eligible Lease Agreement of each Lessee and its Affiliates (if any) exceeds the Lessee Concentration Limit applicable to such Lessee. 

  
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 “Lessee Concentration Limit” means, at any time, in relation to the
Adjusted Appraised Value of all Eligible Units subject to an Eligible Lease Agreement with any single Lessee (or, in the case of any Eligible Lease Agreement that permits sub-leasing, any single sub-lessee) and its Affiliates (if any), the
applicable concentration limit determined according to the following table for Lessees who have long term unsecured debt ratings currently assigned to them by S&P and Moody’s: 

 

					
	S&P LONG-TERM RATING	  	 MOODY’S LONG-TERM

RATING
	  	 ALLOWABLE % OF

AGGREGATE ADJUSTED
 EQUIPMENT VALUE

	 BBB- or higher
	  	Baa3 or higher	  	20%
	 BB+ or lower
	  	Ba1 or lower	  	15%

 provided, however, that (a) if any Lessee (or sub-lessee) has a split rating, the applicable
rating will be the lower of the two, (b) if any Lessee (or sub-lessee) is not rated by both S&P and Moody’s, the applicable Lessee Concentration Limit shall be the one corresponding to the rating by S&P or Moody’s, as
applicable and (c) if any Lessee (or sub-lessee) is not rated by either S&P or Moody’s, the applicable Lessee Concentration Limit shall be the one set forth in the last line of the table above. 

“LIBOR” means, for an Interest Period for a Borrowing of Eurodollar Loans, (a) the LIBOR Index Rate for such
Interest Period, if such rate is available, and (b) if the LIBOR Index Rate cannot be determined, the arithmetic average of the rates of interest per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) at which deposits in Dollars
in immediately available funds are offered to the Administrative Agent at 11:00 a.m. (London, England time) 2 Business Days before the beginning of such Interest Period by 3 or more major banks in the interbank eurodollar market
selected by the Administrative Agent for delivery on the first day of and for a period equal to such Interest Period and in an amount equal or comparable to the principal amount of the Eurodollar Loan scheduled to be made or continued by the Lenders
as part of such Borrowing. 
 “LIBOR Index Rate” means, for an Interest Period for any Borrowing of Eurodollar
Loans, the rate per annum (rounded upwards, if necessary, to the next higher one hundred-thousandth of a percentage point) for deposits in Dollars for a period equal to such Interest Period, which appears on the Reuters Screen LIBOR01 Page (or any
other page that may replace such page from time to time for the purpose of displaying offered rates of leading banks for London interbank deposits for such Interest Period in United States dollars) as of 11:00 a.m. (London, England time) on the day
two Business Days before the commencement of such Interest Period. 
 “Lien” means any lien, mortgage, deed of
trust, pledge, assignment as collateral security, security interest, charge or encumbrance in the nature of security in respect of any Property, including the interests of a vendor or lessor under any conditional sale, or other title retention
arrangement, and any option, trust, UCC financing statement or other preferential arrangement having the practical effect of any of the foregoing. 
 “Loan” means any Term Loan, whether outstanding as a Eurodollar Loan or otherwise as permitted hereunder, each of which is a “type” of Loan hereunder. 

  
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 “Loan Documents” means this Agreement, the Notes, the Collateral Documents,
the Contribution Agreement, each Bill of Sale, each Lease Assignment and Assumption Agreement, the Railcar Management Agreement, the ARL Fee Letter, the Lease Administration Agreement, the Lease Administration Agreement Joinder and each other
agreement, instrument or document to be delivered hereunder or thereunder or otherwise in connection therewith. 

“Lock-Box” means each locked postal box with respect to which a bank has been granted exclusive access for the purpose
of retrieving and processing payments made on the Lease Agreements. Initially, the sole Lock-Box shall be the “Post Office Box” (as defined in the Lease Administration Agreement) at U.S. Bank National Association and subject to the terms
of the Lease Administration Agreement. 
 “Management Fees” has the meaning set forth in the Railcar Management
Agreement. 
 “Mandatory Payment Amount” means a repayment amount (subject to the minimum amount set forth in
Section 2.6(a)) sufficient to cure a Borrowing Base Deficit. 
 “Master Lease Agreement” shall mean an
agreement between a proposed lessor of railroad rolling stock and a proposed lessee of railroad rolling stock setting forth the general terms and provisions governing any such lease, but which agreement does not itself constitute a lease of specific
Units. 
 “Material Adverse Effect” means (a) a material adverse change in, or material adverse effect
upon, the business, condition (financial or otherwise) operations, performance, or Properties of the Borrower, (b) a material impairment of the ability of the Borrower, the Servicer or the Seller to perform its material obligations under any
Loan Document or (c) a material adverse effect upon (i) the legality, validity, binding effect or enforceability against the Borrower, the Servicer, the Seller or any Subsidiary of any Loan Document or the rights and remedies of the
Administrative Agent and the Lenders thereunder or (ii) the perfection or priority of any Lien granted under any Collateral Document, other than as such priority is impacted by a Permitted Lien. 

“Material Agreement” means: 
  

	 	(a)	any agreement (or group of related agreements) under which Borrower has created, incurred, assumed, or guaranteed any Indebtedness (other than Indebtedness permitted by
the terms of the Loan Documents) in excess of $50,000, or under which a Person has imposed a Lien (other than a Permitted Lien) on any of the Borrower’s Property in excess of $50,000; 

 

	 	(b)	any agreement under which the consequences of a default or termination would have a Material Adverse Effect; and 

 

	 	(c)	any other agreement (or group of related agreements) entered into by the Borrower, the performance of which involves consideration in excess of, in the case of the
Borrower $50,000 (other than any agreement (or group of related agreements) entered into by the Borrower pursuant to the Loan Documents). 

  
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 “Maximum Rate” is defined in Section 10.16. 

“Mileage Credits” has the meaning set forth in the Lease Administration Agreement. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Net Aggregate Equipment Value” means, as of any date of determination, the Aggregate Adjusted Equipment Value
minus the Aggregate Excess Concentration Amount. 
 “Net Cash Proceeds” means, as applicable,
(a) with respect to any Disposition by the Borrower, cash and Cash Equivalent proceeds received by or for the Borrower’s account, net of (i) reasonable direct costs relating to such Disposition and (ii) sale, use or other
transactional taxes paid or payable by the Borrower as a direct result of such Disposition, (b) with respect to any Event of Loss, the related Event of Loss Proceeds, and (c) with respect to any offering of equity securities of the
Borrower or the issuance of any Indebtedness by the Borrower, cash and Cash Equivalent proceeds received by or for the Borrower’s account, net of reasonable legal, underwriting, and other reasonable fees and expenses incurred as a direct result
thereof. 
 “Net Revenue” means, with reference to the applicable period, the difference of (a) the sum of
(i) the aggregate Lease Payments and (ii) the aggregate Mileage Credits, in each case, actually received by the Borrower during such period and (b) the sum of all amounts paid or required to be paid by the Borrower pursuant to
Sections 2.7(c)(i), (ii), (iii), (vi) and Sections 2.7(d)(i), (ii), (iii), (iv) and (vi) during such period; provided that solely for the purposes of determining compliance with the Debt Service Coverage Ratio, Net Revenue
shall include the DSCR Cure Amount paid in respect of the period for which the Debt Service Coverage Ratio is being determined to the extent such amount is used to prepay the Obligations (it being understood that the DSCR Cure Amount shall be paid
on or after the end of the period for which the Debt Service Coverage Ratio is being determined). 
 “Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all affected Lenders or all Lenders, in each instance in accordance with the terms of Section 10.10 and
(ii) has been approved by the Required Lenders. 
 “Note” and “Notes” means the Term
Notes. 
 “Notice of Borrowing” means is defined in Section 2.3. 

“Obligations” means all obligations of the Borrower to pay principal and interest on the Loans (including any interest
that accrues after the commencement of an insolvency proceeding regardless of whether allowed or allowable in whole or in part as a claim in such insolvency proceeding), all fees and charges payable hereunder, and all other payment obligations of
the Borrower or the Seller arising under or in relation to any Loan Document, in each case whether now existing or hereafter arising, due or to become due, direct or indirect, absolute or contingent, and howsoever evidenced, held or acquired.

  
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 “OFAC” means the United States Department of Treasury Office of Foreign
Assets Control. 
 “OFAC Event” means the event specified in Section 6.21(c). 

“OFAC Sanctions Programs” means all laws, regulations, and Executive Orders administered by OFAC, including the Bank
Secrecy Act, anti-money laundering laws (including the Patriot Act)), and all economic and trade sanction programs administered by OFAC, any and all similar United States federal laws, regulations or Executive Orders, and any similar laws,
regulations or orders adopted by any State within the United States. 
 “OFAC SDN List” means the list of the
Specially Designated Nationals and Blocked Persons maintained by OFAC. 
 “Organization Documents” means,
(a) for any corporation, the certificate or articles of incorporation, the bylaws, or code of regulations, or other similar document and any certificate of designations or instrument relating to the rights of shareholders of such corporation,
(b) for any partnership, the partnership agreement or other similar agreement and, if applicable, certificate of limited partnership, (c) for any limited liability company, the operating agreement, limited liability company agreement, or
other similar agreement, and articles or certificate of formation of such limited liability company, and (d) with respect to any joint venture, trust or other form of business entity, the joint venture or other applicable agreement of formation
or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity. 
 “Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a Lien (other than a Permitted Lien) under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned
an interest in any Loan or Loan Document). 
 “Other Taxes” means all present or future stamp, court or
documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise
with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 10.2(b)). 

“Ownership Interest” means all shares, interests, participations, rights to purchase, options, warrants, general or
limited partnership interests, limited liability company interests or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity, whether voting or nonvoting, including common
stock, preferred stock or any other “equity security” (as such term is defined in Rule 3a11-1 of the Rules and Regulations promulgated by the Securities and Exchange Commission (17 C.F.R. § 240.3a11-1) under the Exchange Act).

  
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 “Participant” is defined in Section 10.9(d). 

“Participant Register” is defined in Section 10.9(d). 

“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Pub. L. 107-56. 
 “Payment Date” means the 15th day of each calendar month or
if such day is not a Business Day, the next succeeding Business Day; provided that the Payment Date with respect to the Interest Period commencing on the Closing Date shall be February 15, 2013. 

“PBGC” means the Pension Benefit Guaranty Corporation or any Person succeeding to any or all of its functions under
ERISA. 
 “Percentage” means, on any date of determination, the ratio by which, for each Lender, its Term Loan
Commitment bears to the Aggregate Term Loan Commitment. 
 “Permitted Holders” shall mean the Icahn Group and
any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934 or any successor provision) of which any of the foregoing are members from time to time. 

“Permitted Lien” is defined in Section 6.12. 

“Permitted Subordinated Debt” means Indebtedness incurred by the Borrower that is subordinated in right of payment to
the prior payment of the Obligations and which Indebtedness (i) shall mature no earlier than (1) one year after the Scheduled Maturity Date, (ii) shall provide that no principal or interest payments on such Indebtedness be permitted
after the occurrence of any Early Amortization Event until such Early Amortization Event is cured, (iii) the aggregate principal amount of such Indebtedness plus the then-outstanding principal amount of the Term Loan will not exceed, at the
time of issuance of such Indebtedness, 85% of the Appraised Value of the Equipment owned by the Borrower at the time of such issuance, and (iv) the other material terms of such Indebtedness are acceptable in form and substance to the
Administrative Agent as evidenced by written consent of the Administrative Agent to the Borrower, which consent will not be unreasonably withheld, delayed, or conditioned, and in any event will be provided or denied in writing within 15 days after
Borrower’s request of the Administrative Agent with respect thereto. 
 “Person” means any natural person,
partnership, corporation, limited liability company, association, trust, unincorporated organization or any other entity or organization, including a Governmental Authority. 

  
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 “Plan” means any employee pension benefit plan covered by Title IV of
ERISA or subject to the minimum funding standards under Section 412 of the Code that either (a) is maintained by a member of the Controlled Group (including the Borrower) for their respective current or former employees of a member of the
Controlled Group (including the Borrower) and to which a member of the Controlled Group (including the Borrower) is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions or under
which a member of the Controlled Group (including the Borrower) is reasonably expected to incur liability or (b) is maintained pursuant to a collective bargaining agreement or any other arrangement under which more than one employer makes
contributions and to which a member of the Controlled Group (including the Borrower) is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions or under which a member of the
Controlled Group (including the Borrower) is reasonably expected to incur liability. 
 “Platform” is defined
in Section 10.8(d). 
 “Prime Rate” means the rate of interest announced by the Administrative Agent from
time to time as its “prime rate” as in effect on such day, with any change in the Alternative Rate resulting from a change in said prime rate to be effective as of the date of the relevant change in said prime rate (it being acknowledged
that such rate may not be the Administrative Agent’s best or lowest rate). 
 “Property” means, as to any
Person, all types of real, personal, tangible, intangible or mixed property owned by such Person whether or not included in the most recent balance sheet of such Person and its Subsidiaries under GAAP. 

“Railcar Management Agreement” means the Railcar Management Agreement, dated as of December 20, 2012, between the
Servicer and the Borrower. 
 “RCRA” means the Solid Waste Disposal Act, as amended by the Resource
Conservation and Recovery Act of 1976 and Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §§6901 et seq., and any future amendments. 
 “Recipient” means the Administrative Agent and each Lender as applicable. 
 “Register” is defined in Section 10.9(c). 

“Reimbursable Services” has the meaning set forth in the Railcar Management Agreement. 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors,
officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 
 “Release” means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing or migration into the environment. 

  
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 “Replacement Lease Agreement” means a Lease Agreement entered into by the
Borrower in compliance with the Servicing Standard in an arms-length transaction and is otherwise an Eligible Lease Agreement. 

“Replacement Unit” means a replacement Unit that, (i) together with the group of all other Replacement Units
becoming Replacement Units at such time or substantially contemporaneously therewith, has an aggregate Adjusted Appraised Value at least equal to the Adjusted Appraised Value of the group of Units of Equipment such group is intended to replace
(prior to giving effect to any Event of Loss), and (ii) is otherwise an Eligible Unit. 
 “Reporting
Company” means any Person that has a class of securities registered under Section 12 or subject to Section 15(d) of the Exchange Act. 
 “Required Lenders” means, as of the date of determination thereof, Lenders whose outstanding Loans constitute 51% or more of the sum of the total then outstanding Loans. For the purposes
of this definition, any Lender and its Affiliates shall constitute a single Lender. 
 “Reserve Percentage”
means, for any Borrowing of Eurodollar Loans, the daily average for the applicable Interest Period of the maximum rate, expressed as a decimal, at which reserves (including any supplemental, marginal, and emergency reserves) are imposed during such
Interest Period by the Board of Governors of the Federal Reserve System (or any successor) on “eurocurrency liabilities”, as defined in such Board’s Regulation D (or in respect of any other category of liabilities that
includes deposits by reference to which the interest rate on Eurodollar Loans is determined or any category of extensions of credit or other assets that include loans by non-United States offices of any Lender to United States residents), subject to
any amendments of such reserve requirement by such Board or its successor, taking into account any transitional adjustments thereto. For purposes of this definition, the Eurodollar Loans shall be deemed to be “eurocurrency
liabilities” as defined in Regulation D without benefit or credit for any prorations, exemptions or offsets under Regulation D. 
 “Resignation Effective Date” is defined in Section 9.7(a). 

“Redemption Payments” means any purchase, redemption or other acquisition or retirement of Ownership Interests, but
shall not include any dividends on or any other distributions in respect of any class or series of Ownership Interests. 

“Reuters Screen LIBOR01 Page” means the display designated as the “LIBOR01 Page” on the Reuters Service
(or such other page as may replace the LIBOR01 Page on that service or such other service as may be nominated by the British Bankers’ Association as the information vendor for the purpose of displaying British Bankers’ Association Interest
Settlement Rates for U.S. Dollar deposits (“BBA LIBOR”) or such other commercially available source providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time). 

“RGC” shall mean the Office of the Registrar General of Canada or any successor agency thereto. 

  
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 “Rolling Stock” means standard gauge railroad rolling stock, other than
passenger equipment or work equipment, used or intended for use in connection with interstate commerce, excluding, however, railroad rolling stock scrapped or intended to be scrapped. 

“S&P” means Standard & Poor’s Ratings Services Group, a division of The McGraw-Hill Companies, Inc.

 “Scheduled Maturity Date” means the earlier of (a) the five year anniversary of the First Delayed Draw
Borrowing Date, and (b) February 28, 2018. 
 “Scheduled Principal Payment Amount” means,
(A) with respect to each Payment Date in February 2013 (if applicable pursuant to Section 2.5), March 2013, April 2013 and May 2013, an amount equal to the product of (i) the Aggregate Interim Draw Borrowing Amount,
(ii) the Depreciation Factor, (iii) the actual number of days in the related Interest Period, and (iv) 1/365; and (B) with respect to each Payment Date on or after the Payment Date in June 2013, an amount equal to the product of
(i) the Aggregate Borrowing Amount, (ii) the Depreciation Factor, (iii) the actual number of days in the related Interest Period, and (iv) 1/365. 
 “Second Delayed Draw Borrowing Amount” is defined in Section 2.1 
 “Second Delayed Draw Borrowing Date” means any Payment Date after the First Delayed Draw Cut-Off Date and on or prior to the Second Delayed Draw Cut-Off Date on which each Lender, subject
to the terms of this Agreement, advances its Percentage of the Term Loan Commitments that was not otherwise advanced on the Closing Date or the First Delayed Draw Borrowing Date (if any). 

“Second Delayed Draw Cut-Off Date” means the Payment Date in May 2013. 

“Security Agreement” means that certain Security Agreement dated as of the date hereof among the Borrower and the
Administrative Agent, as the secured party. 
 “Security Agreement Supplement” means any supplement to the
Security Agreement which amends, supplements or restates the list of Units owned by the Borrower and subject to the Lien of the Security Agreement. 
 “Seller” is defined in the introductory paragraph of this Agreement. 
 “Servicer” means AR Leasing in its capacity as manager pursuant to the Railcar Management Agreement. 
 “Servicer Replacement Event” means the occurrence of a “Manager Termination Event” under the Railcar Management Agreement. 

“Servicer Report” means a report, substantially in the form of Exhibit A hereto, including, among other things detail of
all Collections of the most recently completed Interest Period and the applications thereof. Cash applications shall include Administrative Agent fees, Servicer fees, permitted Servicer expenses, the Interest Expense, the Scheduled Principal Payment
Amount and all other payments in respect of the Obligations. 

  
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 “Servicing Standard” means the servicing policies and practices relating to
Lease Agreements administered by the Servicer consistent with generally accepted industry standards, as modified from time to time in accordance with the Loan Documents, in each case, at least equal to the policies and practices of servicers of
similar Equipment portfolios and at all times, in compliance with Section 2.3 (Conflicts of Interest) of the Railcar Management Agreement. 
 “Settlement Value” means, with respect to any Unit, the settlement value of such Unit railcar as determined in accordance with Rule 107 – Damaged and/or Destroyed Cars (or any
successor rule) of the AAR as published in the most recent edition of the Field Manual of the Interchange Rules (or a successor publication). 
 “Solvent” or “Solvency” means, when used with respect to any Person, that, as at any date of determination, (a) the amount of the “present fair saleable
value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise” as of such date, as such quoted terms are determined in accordance with applicable federal and
state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such Person on
its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person will be able to pay its debts as they
mature. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or
matured liability. 
 “STB” shall mean the United States Surface Transportation Board or any successor agency
thereto. 
 “Subordinated Management Fees” shall have the meaning given such term in the Railcar Management
Agreement. 
 “Subsidiary” means, as to any particular parent corporation or organization, any other
corporation or organization more than 50% of the outstanding Voting Stock of which is at the time directly or indirectly owned by such parent corporation or organization or by any one or more other entities which are themselves subsidiaries of such
parent corporation or organization. Unless otherwise expressly noted herein, the term “Subsidiary” means a Subsidiary of the Borrower or of any of its direct or indirect Subsidiaries. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax, liabilities or penalties applicable thereto. 
 “Term Credit” means the credit facility for the Term Loans described in Section 2.1. 

  
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 “Term Loan” is defined in Section 2.1. 

“Term Loan Commitment” means, as to any Lender, the obligation of such Lender to make its Term Loan pursuant to
Section 2.1 and in the principal amount not to exceed the amount set forth opposite such Lender’s name on Schedule 1 attached hereto and made a part hereof. 
 “Term Loan Percentage” means, for each Lender, (i) prior to the Delayed Draw Date, the percentage of the Aggregate Term Loan Commitments represented by such Lender’s Term Loan
Commitment and (ii) otherwise, the percentage of the aggregate outstanding principal amount of Loans represented by the Loans held by such Lender. 
 “Term Note” is defined in Section 2.8(d). 
 “Test
Date” means each date selected by the Borrower on which an Appraisal of the Equipment owned by the Borrower is conducted pursuant to Section 6.2. 
 “Test Period” means, for each annual period starting on the Closing Date, the period commencing on the thirtieth (30th) day prior to the next succeeding anniversary of the Closing
Date and ending on (but excluding) each such anniversary date. 
 “UCC” is defined in Section 1.2.

 “Unfunded Vested Liabilities” means, for any Plan at any time, the amount (if any) by which the present
value of all vested nonforfeitable accrued benefits under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plan, but only to the extent that such
excess represents a potential liability of a member of the Controlled Group to the PBGC or the Plan under Title IV of ERISA. 
 “Unit” shall have the meaning set forth in the definition of “Equipment”. 
 “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code. 

“U.S. Tax Compliance Certificate” is defined in Section 10.1(f)(ii). 

“Voting Stock” of any Person means Ownership Interests of any class or classes (however designated) having ordinary
power for the election of directors or other similar governing body of such Person (including general partners of a partnership), other than Ownership Interests having such power only by reason of the happening of a contingency. 

“Welfare Plan” means a “welfare plan” as defined in Section 3(1) of ERISA. 

“Withholding Agent” means the Borrower, the Servicer, the Seller, and the Administrative Agent. 

  
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 Section 1.2. Interpretation. The definitions of terms herein shall apply equally
to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and permitted assigns, (c) the words “herein,”
“hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections, Exhibits and Schedules
shall be construed to refer to Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time, and any successor of such law or regulation and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights. All references to time of day herein are references to Cincinnati, Ohio, time unless otherwise specifically provided. Where the character or amount of any asset or liability or
item of income or expense is required to be determined or any consolidation or other accounting computation is required to be made for the purposes of this Agreement, it shall be done in accordance with GAAP except where such principles are
inconsistent with the specific provisions of this Agreement. All terms that are used in this Agreement which are defined in the Uniform Commercial Code of the State of New York as in effect from time to time (“UCC”) shall have the
same meanings herein as such terms are defined in the UCC, unless this Agreement shall otherwise specifically provide. 

Section 1.3. Change in Accounting Principles. If, after the date of this Agreement, there shall occur any change in GAAP from
those used in the preparation of the financial statements referred to in Section 5.3 and such change shall result in a change in the method of calculation of any financial covenant, standard or term found in this Agreement, either the Borrower
or the Required Lenders may by notice to the Lenders and the Borrower, respectively, require that the Lenders and the Borrower negotiate in good faith to amend such covenants, standards, and term so as equitably to reflect such change in accounting
principles, with the desired result being that the criteria for evaluating the financial condition of the Borrower and its Subsidiaries or such covenant, standard or term shall be the same as if such change had not been made. No delay by the
Borrower or the Required Lenders in requiring such negotiation shall limit their right to so require such a negotiation at any time after such a change in accounting principles. Until any such covenant, standard, or term is amended in accordance
with this Section 1.3, financial covenants (and all related defined terms) and applicable covenants, terms and standards shall be computed and determined in accordance with GAAP in effect prior to such change in accounting principles.

 Section 1.4. Rounding. Any financial ratios required to be maintained pursuant to this Agreement (or required to
be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio
is expressed herein and rounding the result up or down to the nearest number (with a rounding up if there is no nearest number). 

  
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 SECTION 2. THE TERM CREDIT
FACILITY. 
 Section 2.1. Term Loan Commitments. Each Lender severally and not jointly agrees,
subject to the terms and conditions hereof, to make a loan on the Closing Date (each individually a “Term Loan” and, collectively, the “Term Loans”) in Dollars to the Borrower, as specified in a Notice of Borrowing
delivered pursuant to Section 2.3, up to an amount equal to the lesser of (a) such Lender’s Percentage of the Borrowing Base as of the Closing Date and (b) such Lender’s Term Loan Commitment. The aggregate amount of such
Borrowing on the Closing Date is referred to herein as the “Closing Date Borrowing Amount”. To the extent that the Closing Date Borrowing Amount is less than the Aggregate Term Loan Commitment, each Lender severally and not jointly
agrees, subject to the terms and conditions hereof, to make an additional Term Loan in Dollars to the Borrower, on any one Business Day (unless otherwise agreed to in writing by all Lenders party hereto) on or prior to the First Delayed Draw Cut-Off
Date, in an amount not to exceed the positive difference (if any) of (a) the lesser of (i) such Lender’s Percentage of the Borrowing Base as of the First Delayed Draw Borrowing Date and (ii) such Lender’s Term Loan
Commitment and (b) such Lender’s Percentage of the Closing Date Borrowing Amount. The aggregate amount of such Borrowing on the First Delayed Draw Borrowing Date is referred to herein as the “First Delayed Draw Borrowing
Amount” and together with the Closing Date Borrowing Amount, the “Aggregate Interim Draw Borrowing Amount”. To the extent that the Aggregate Interim Draw Borrowing Amount is less than the Aggregate Term Loan Commitment,
each Lender severally and not jointly agrees, subject to the terms and conditions hereof, to make an additional Term Loan in Dollars to the Borrower, on any Payment Date on or prior to the Second Delayed Draw Cut-Off Date, in an amount not to exceed
the positive difference (if any) of (a) the lesser of (i) such Lender’s Percentage of the Borrowing Base as of the Second Delayed Draw Borrowing Date and (ii) such Lender’s Term Loan Commitment and (b) such
Lender’s Percentage of the Aggregate Interim Draw Borrowing Amount. The aggregate amount of such Borrowing on the Second Delayed Draw Borrowing Date is referred to herein as the “Second Delayed Draw Borrowing Amount” and
together with the Aggregate Interim Draw Borrowing Amount, the “Aggregate Borrowing Amount”. 
 As provided in
Section 2.3(a), and subject to the terms hereof, all Term Loans shall initially be Eurodollar Loans with an Interest Period (other than the initial Interest Period) of one (1) month. No amount of any Term Loan may be reborrowed once it is
repaid. 
 Section 2.2. Applicable Interest Rates. (a) Eurodollar Loans. Each Eurodollar Loan made or
maintained by a Lender shall bear interest during each Interest Period it is outstanding (computed on the basis of a year of 360 days and actual days elapsed) on the unpaid principal amount thereof from the date such Loan is advanced until, but
excluding, the date of repayment thereof at a rate per annum equal to the Interest Rate applicable for such Interest Period, payable in arrears on each Payment Date and at maturity (whether by acceleration or otherwise). 

  
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 (b) Interest Reserve Amount. On the Business Day prior to each Payment Date, the
Administrative Agent shall notify the Borrower of the Interest Reserve Amount required to be on deposit in the Interest Reserve Account as of such Payment Date. The amount (if any) by which the Interest Reserve Amount exceeds the amount then on
deposit in the Interest Reserve Account shall be payable by the Borrower on such Payment Date. The excess (if any) by which the amount then on deposit in the Interest Reserve Account exceeds the Interest Reserve Amount shall be transferred from the
Interest Reserve Account to the Cash Collateral Account on such Payment Date and such excess shall be distributed in accordance with the terms of this Agreement. Following the occurrence of an Early Amortization Event, at the direction of the
Required Lenders, the Administrative Agent shall transfer all amounts on deposit in the Interest Reserve Account to the Cash Collateral Account on the Payment Date occurring after receipt by the Administrative Agent of such direction and all such
amounts shall be distributed in accordance with the terms of this Agreement. 
 (c) Default Interest Rate. While any
Event of Default exists or after acceleration, the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans owing by it at a rate per annum equal to the sum
of 2.0% per annum plus the rate of interest in effect thereon at the time of such Event of Default (the “Default Interest Rate”); 
 provided, however, that in the absence of acceleration, any increase in interest rates pursuant to this Section 2.2(c) shall be made at the election of the Administrative Agent, acting at the
request or with the consent of the Required Lenders, with written notice to the Borrower. While any Event of Default exists or after acceleration, accrued interest shall be paid on demand of the Administrative Agent at the request or with the
consent of the Required Lenders. 
 (d) Rate Determinations. The Administrative Agent shall determine each interest rate
applicable to the Loans hereunder and the Interest Reserve Amount, and its determination thereof shall be conclusive and binding except in the case of manifest error. 
 Section 2.3. Manner of Borrowing Loans. (a) Notice to the Administrative Agent. The Borrower shall give notice to the Administrative Agent by no later than 10:00 a.m. (Cincinnati
time): (i) on the Closing Date and (ii) at least 3 Business Days before a requested Delayed Draw Borrowing Date. The Borrower shall give all such notices requesting the advance to the Administrative Agent by email (with a pdf copy of the
applicable fully-executed notice), telephone, or telecopy (which notice shall be irrevocable once given and, if by telephone, shall be promptly confirmed in writing in a manner acceptable to the Administrative Agent), substantially in the form
attached hereto as Exhibit B (a “Notice of Borrowing”) or in such other form acceptable to the Administrative Agent. All notices concerning the advance shall specify the date of the requested advance (which shall be a Business
Day) and the amount of the requested Borrowing to be advanced. The Borrower agrees that the Administrative Agent may rely on any such email, telephonic or telecopy notice given by any person the Administrative Agent in good faith believes is an
Authorized Representative without the necessity of independent investigation (and the Borrower hereby indemnifies the Administrative Agent from any liability or loss ensuing from such reliance) and, in the event any such notice by telephone
conflicts with any written confirmation, such telephonic notice shall govern if the Administrative Agent has acted in reliance thereon. 

  
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 (b) Notice to the Lenders. The Administrative Agent shall give prompt telephonic or
telecopy notice to each Lender of any notice from the Borrower received pursuant to Section 2.3(a) above. 
 (c)
Disbursement of Loans. Not later than 1:00 p.m. (Cincinnati time) on the Closing Date and each Delayed Draw Borrowing Date, subject in each case to the satisfaction of the conditions precedent set forth in Section 3, each Lender
shall make available its Term Loan comprising part of such Borrowing in funds immediately available at the principal office of the Administrative Agent in Cincinnati, Ohio. The Administrative Agent shall make the proceeds of each new Borrowing
available to the Borrower at the Administrative Agent’s principal office in Cincinnati, Ohio. 
 (d) Administrative
Agent Reliance on Lender Funding. Unless the Administrative Agent shall have received notice from a Lender prior to the date on which such Lender is scheduled to make available to the Administrative Agent of its Percentage share of a Borrowing
(which notice shall be effective upon receipt) that such Lender does not intend to make such share available, the Administrative Agent may assume that such Lender has made such share available in accordance with Section 2.3(c) when due and the
Administrative Agent, in reliance upon such assumption, may (but shall not be required to) make available to the Borrower a corresponding amount (each such advance, a “Disproportionate Advance”) and, if any Lender has not in fact
made its share of the applicable Borrowing available to the Administrative Agent, such Lender shall, on demand, make available to the Administrative Agent the Disproportionate Advance attributable to such Lender together with interest thereon in
respect of each day during the period commencing on the date such Disproportionate Advance was made available to the Borrower and ending on (but excluding) the date such Lender makes available such Disproportionate Advance to the Administrative
Agent at a rate per annum equal to: (i) from the date the Disproportionate Advance was made by the Administrative Agent to the date 2 Business Days after payment by such Lender is due hereunder, the greater of, for each such day,
(x) the Federal Funds Rate and (y) an overnight rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any standard administrative or processing fees charged by the
Administrative Agent in connection with such Lender’s non-payment and (ii) from the date 2 Business Days after the date such share of the applicable Borrowing is due from such Lender to the date such payment is made by such Lender,
the Prime Rate in effect for each such day. If such amount is not received from such Lender by the Administrative Agent immediately upon demand, the Borrower will, promptly following written demand from the Administrative Agent, repay to the
Administrative Agent the proceeds of the Loan attributable to such Disproportionate Advance with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Loan, but without such payment being considered a payment or
prepayment of a Loan under Section 8.1 so that the Borrower will have no liability under such Section with respect to such payment. If the Borrower and such Lender shall pay interest to the Administrative Agent for the same or an overlapping
period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid
shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower under this Section shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the
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 Section 2.4. Minimum Borrowing Amount. Each Borrowing advanced under the Term
Credit shall be in an amount not less than $1,000,000. 
 Section 2.5. Maturity of Loans. Scheduled Payments of Term
Loans. The Borrower shall make principal payments on the Term Loans on each Payment Date commencing on the earlier of (a) the Payment Date following the First Delayed Draw Borrowing Date and (b) the Payment Date in March 2013,
with the amount of each such principal installment equal to the Scheduled Principal Payment Amount; it being further agreed that a final payment comprised of all principal and interest not previously paid on the Term Loans, shall be due and payable
on the Scheduled Maturity Date. Each principal payment on the Term Loans shall be applied to the Lenders holding the Term Loans pro rata based upon their Term Loan Percentages. 

Section 2.6. Prepayments. (a) Voluntary. The Borrower may prepay without premium or penalty (except as set forth
in Section 8.1 below) and in whole or in part any Borrowing of Term Loans at any time upon three (3) Business Days prior notice by the Borrower to the Administrative Agent (or such shorter time period then agreed to by the Administrative
Agent), such prepayment to be made by the payment of the principal amount to be prepaid and accrued interest thereon to the date fixed for prepayment plus any amounts due the Lenders under Section 8.1; provided, however, the Borrower may
not partially repay a Borrowing in a principal amount less than $1,000,000 or an integral multiple of $100,000 in excess thereof unless either (i) repaying the entire remaining amount of such Borrowing; or (ii) otherwise consented to by
the Administrative Agent. 
 (b) Mandatory. 
 (i) No later than 15 days after any other date on which the Borrower or the Seller becomes aware or is informed by the Administrative Agent that a Borrowing Base Deficit exists on such date, the
Borrower shall prepay the Obligations in an amount equal to the Mandatory Payment Amount or take such other corrective actions as may be necessary to cure the Borrowing Base Deficit. 

(ii) If after the Closing Date the Borrower shall (x) issue any new equity securities or (y) incur or assume any Permitted
Subordinated Debt at a time when an Early Amortization Event is continuing, the Borrower shall promptly notify the Administrative Agent of the estimated Net Cash Proceeds of such issuance, incurrence or assumption to be received by or for the
account of the Borrower. Promptly upon receipt by the Borrower of Net Cash Proceeds of such issuance, incurrence or assumption (other than the Net Cash Proceeds from the incurrence of Permitted Subordinated Debt while an Early Amortization Event is
not occurring, the proceeds of which the Borrower may put to any purpose, including, without limitation the payment of distributions, dividends, or payments to the Seller or any other Person) the Borrower shall prepay the Obligations in the amount
of such Net Cash Proceeds. 

  
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 (iii) Each prepayment of Loans under this Section 2.6(b) shall be made by the payment
of the principal amount to be prepaid (which shall be applied to the outstanding Term Loans until paid in full) and accrued interest thereon to the date of prepayment together with any amounts due the Lenders under Section 8.1. 

(c) The Administrative Agent will promptly advise each Lender of any notice of prepayment it receives from the Borrower, and in the case
of any partial prepayment (unless otherwise agreed to by the Required Lenders in writing with notice to the Administrative Agent), such prepayment shall be applied to the Lenders holding the Term Loans pro rata based upon their Term Loan
Percentages. 
 Section 2.7. Place and Application of Payments. (a) General Payments. All payments of
principal of and interest on the Loans and of all other Obligations payable by the Borrower under this Agreement and the other Loan Documents, shall be made by the Borrower to the Administrative Agent by no later than 12:00 Noon (Cincinnati
time) on the due date thereof at the office of the Administrative Agent in Cincinnati, Ohio (or such other location as the Administrative Agent may designate to the Borrower in writing) for the benefit of the Lender or Lenders entitled thereto. Any
payments received after such time shall be deemed to have been received by the Administrative Agent on the next Business Day. All such payments shall be made in Dollars, in immediately available funds at the place of payment, in each case without
set-off or counterclaim. The Administrative Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal or interest on Loans ratably to the Lenders and like funds relating to the payment of any other amount
payable to any Lender to such Lender, in each case to be applied in accordance with the terms of this Agreement. 
 (b)
Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders
hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount
due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, with interest thereon, for each day
from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of, for each day (i) the Federal Funds Rate and (ii) an overnight rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation. 

  
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 (c) Application of Collateral Proceeds Before an Early Amortization Event. Prior to
the occurrence of an Early Amortization Event all payments and collections received in respect of the Obligations and all proceeds of Collateral (including all Collections) shall (subject to the other terms of this Agreement including, without
limitation, Section 6.13(d)) be applied by the Administrative Agent on each Payment Date from amounts on deposit in the Cash Collateral Account against the outstanding Obligations as follows: 

(i) first, to any outstanding fees (including Management Fees and Lease Administration Fees), charges, and expenses
then due to the Servicer and the Lease Administrator pursuant to the terms of the Railcar Management Agreement and the Lease Administration Agreement (including costs incurred for Reimbursable Services) other than Subordinated Management Fees;

 (ii) second, on a pro rata basis, to any outstanding fees, charges, and expenses then due to the
Administrative Agent and the Lenders pursuant to the terms of the Fee Letter; 
 (iii) third, for payment
of Direct Operating Expenses of the Borrower, as directed by Borrower; provided that payments of Direct Operating Expenses pursuant to this clause (iii) shall not exceed $25,000 in any calendar year; 

(iv) fourth, to accrued and unpaid Interest Expense then due in respect of the Obligations to be allocated pro rata
in accordance with the aggregate unpaid amounts owing to each Lender; provided that to the extent amounts on deposit in the Cash Collateral Account are insufficient to pay such Interest Expense, the Administrative Agent shall pay such Interest
Expense from the Interest Reserve Account; 
 (v) fifth, to the outstanding principal balance due in
respect of the Term Loans in an amount equal to the Scheduled Principal Payment Amount plus any other amount in respect of principal previously due and unpaid to be allocated pro rata in accordance with the aggregate unpaid amounts owing to each
Lender; 
 (vi) sixth, the amount (if any) required to be deposited in the Interest Reserve Account as
determined pursuant to Section 2.2(b); 
 (vii) seventh, to any indemnification payments and other
amounts then due and payable by the Borrower pursuant to this Agreement or any other Loan Document; 
 (viii)
eighth, to the payment of Subordinated Management Fees; and 
 (ix) ninth, to be made available to
the Borrower or whoever else may be lawfully entitled thereto; provided that, if as of such Payment Date, a Borrowing Base Deficit exists but such Borrowing Base Deficit has not resulted in an Early Amortization Event, no funds will be made
available to the Borrower until the earlier of (A) the Business Day such Borrowing Base Deficit has been cured in accordance with the terms of this Agreement (as evidenced by a certificate of an officer of the Borrower reasonably acceptable to
the Administrative Agent) and (B) the next succeeding Payment Date (in which case, such payment will be made solely in accordance with this Section 2.7). 

  
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 (d) Application of Collateral Proceeds after an Early Amortization Event. Anything
contained herein to the contrary notwithstanding, pursuant to the exercise of remedies under Sections 7.2 and 7.3 or after the occurrence and during the continuation of an Early Amortization Event, all payments and collections received in
respect of the Obligations and all proceeds of the Collateral received, in each instance, by the Administrative Agent or any of the Lenders shall (subject to the other terms of this Agreement including, without limitation, Section 6.13(d)) be
remitted to the Administrative Agent and distributed as follows: 
 (i) first, to the payment of any
reasonable outstanding costs and expenses then due which have been incurred by the Administrative Agent in monitoring, verifying, protecting, preserving or enforcing the Liens on the Collateral, in protecting, preserving or enforcing rights under
the Loan Documents, which the Borrower has agreed to pay the Administrative Agent under Section 10.12 (such funds to be retained by the Administrative Agent for its own account unless it has previously been reimbursed for such costs and
expenses by the Lenders, in which event such amounts shall be remitted to the Lenders to reimburse them for payments theretofore made to the Administrative Agent); 

(ii) second, as long as a Manager Termination Event under the Railcar Management Agreement or an Event of Default
under the Lease Administration Agreement with respect to the Servicer shall not have occurred, any outstanding fees, charges (including Management Fees and Lease Administration Fees), and expenses then due to the Servicer and the Lease Administrator
pursuant to the terms of the Railcar Management Agreement and the Lease Administration Agreement (including costs incurred for Reimbursable Services) other than Subordinated Management Fees; 

(iii) third, on a pro rata basis, to any outstanding fees, charges, and expenses then due to the
Administrative Agent and the Lenders pursuant to the terms of the Fee Letter; 
 (iv) fourth, for payment
of Direct Operating Expenses of the Borrower, as directed by Borrower; provided that payments of Direct Operating Expenses pursuant to this clause (iv) shall not exceed $25,000 in any calendar year; 

(v) fifth, to the payment of any outstanding Interest Expense and fees due under the Loan Documents to be allocated
pro rata in accordance with the aggregate unpaid amounts owing to each Lender; provided that to the extent amounts on deposit in the Cash Collateral Account are insufficient to pay any Interest Expense, the Administrative Agent shall pay such
Interest Expense from the Interest Reserve Account; 
 (vi) sixth, the amount (if any) required to be
deposited in the Interest Reserve Account as determined pursuant to Section 2.2(b); 
 (vii) seventh,
to the payment of principal on the Loans to the Lenders to be allocated pro rata in accordance with the aggregate unpaid amounts owing to each Lender until repaid in full; 

  
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 (viii) eighth, to the payment of all other unpaid Obligations and all
other indebtedness, obligations, and liabilities of the Borrower secured by the Collateral Documents to be allocated pro rata in accordance with the aggregate unpaid amounts owing to each Lender; 

(ix) ninth, to any indemnification payments and other amounts then due and payable by the Borrower pursuant to this
Agreement or any other Loan Document; 
 (x) tenth, to the payment of Subordinated Management Fees; and

 (xi) eleventh, to the Borrower or whoever else may be lawfully entitled thereto. 

Section 2.8. Evidence of Indebtedness. (a) Each Lender shall maintain in accordance with its usual practice an account
or accounts evidencing the Indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

 (b) The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each Loan made
hereunder and the type thereof, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent
hereunder from the Borrower and each Lender’s share thereof. 
 (c) The entries maintained in the accounts maintained
pursuant to Sections 2.8(a) and (b) above shall be prima facie evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative Agent or any Lender to
maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Obligations in accordance with their terms. 
 (d) Any Lender may request that its Loans be evidenced by a promissory note or notes in the forms of Exhibit D (in the case of its Term Loan and referred to herein as a “Term Note”). In
such event, the Borrower shall prepare, execute and deliver to such Lender a Note payable to the order of such Lender in the amount of the Term Loan. Thereafter, the Loans evidenced by such Note or Notes and interest thereon shall at all times
(including after any assignment pursuant to Section 10.9) be represented by one or more Notes payable to the order of the payee named therein or any assignee pursuant to Section 10.9, except to the extent that any such Lender or assignee
subsequently returns any such Note for cancellation and requests that such Loans once again be evidenced as described in subsections (a) and (b) above. 
 Section 2.9. Fees. The Administrative Agent shall receive, for itself and the other parties entitled thereto, the fees agreed to between the Co-Agents and the Borrower in the Fee Letter.

  
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 SECTION 3. CONDITIONS PRECEDENT. 

The obligation of each Lender to advance any Loan shall be subject to satisfaction (or waiver) of the following conditions precedent;
provided that once a Loan is advanced, then (i) with respect to any such conditions precedent requiring that a matter be satisfactory or acceptable to the Administrative Agent or any Lender, the advancement of such Loan shall be deemed to mean
that each such requisite Lender and the Administrative Agent were satisfied therewith; and (ii) with respect to any such conditions precedent that were not satisfied, they shall be deemed to have been waived: 

Section 3.1. Initial Funding. Before or concurrently with the initial Funding: 

 

	 	(a)	each of the representations and warranties set forth herein and in the other Loan Documents shall be and remain true and correct (or, in the case of any representation
or warranty not qualified as to materiality, true and correct in all material respects) as of said time, except to the extent the same expressly relate to an earlier date (and in such case shall be true and correct (or, in the case of any
representation or warranty not qualified as to materiality, true and correct in all material respects) as of such earlier date); 

  

	 	(b)	the Administrative Agent shall have determined that no event has occurred which could reasonably be expected to have a Material Adverse Effect;

  

	 	(c)	the Administrative Agent shall have received duly executed copies of all Loan Documents in form and substance satisfactory to the Administrative Agent;

  

	 	(d)	no Early Amortization Event or Servicer Replacement Event shall have occurred and be continuing or would occur as a result of such Funding; 

 

	 	(e)	no Borrowing Base Deficit shall exist before or after giving effect to such Funding; 

 

	 	(f)	the Administrative Agent shall have received the Notice of Borrowing required by Section 2.3; 

 

	 	(g)	the Administrative Agent shall have received an Appraisal Report prepared for the Administrative Agent by an Eligible Appraiser, which Appraisal Report describes the
Appraised Value of the Eligible Units owned by the Borrower as of the Closing Date dated no earlier than December 1, 2012; 

  

	 	(h)	such Funding shall not violate any Legal Requirement applicable to the Administrative Agent or any Lender (including Regulation U of the Board of Governors of the
Federal Reserve System) as then in effect; provided that, any such Legal Requirement shall not entitle any Lender that is not affected thereby to not honor its obligation hereunder to advance, continue or convert any Loan;

  
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	 	(i)	the Collateral Agent shall have received the original Lease Agreements related to each of the Units owned by the Borrower; 

 

	 	(j)	the Administrative Agent shall have received for each Lender requesting a Note, such Lender’s duly executed Note of the Borrower, dated the date hereof and
otherwise in compliance with the provisions of Section 2.8(d); 

  

	 	(k)	the Administrative Agent shall have received evidence of the Equipment Insurance Policies required to be maintained under the Loan Documents, covering the Borrower and
the Collateral and naming the Administrative Agent as additional insured, mortgagee and/or lenders loss payee, as applicable; 

  

	 	(l)	the Administrative Agent shall have received copies of the Borrower’s, the Servicer’s and the Seller’s Organization Documents, certified in each instance
by its Secretary, Assistant Secretary, Chief Financial Officer or other officer acceptable to the Administrative Agent and, with respect to Organization Documents filed with a Governmental Authority, by the applicable Governmental Authority;

  

	 	(m)	the Administrative Agent shall have received copies of resolutions of the Borrower’s, the Servicer’s and the Seller’s board of directors (or similar
governing body) authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby, together with specimen signatures of
the persons authorized to execute such documents on the Borrower’s and Seller’s behalf, all certified in each instance by its Secretary, Assistant Secretary, Chief Financial Officer or other officer acceptable to the Administrative Agent;

  

	 	(n)	the Administrative Agent shall have received copies of the certificates of good standing, or nearest equivalent in the relevant jurisdiction, for the Borrower, the
Servicer and the Seller (dated no earlier than 30 days prior to the date hereof) from the office of the secretary of state or other appropriate governmental department or agency of the state of its formation, incorporation or organization, as
applicable; 

  

	 	(o)	the Administrative Agent shall have received a list of the Borrower’s, the Servicer’s and the Seller’s Authorized Representatives;

  

	 	(p)	the Administrative Agent shall have received for the Co-Agents and for the Lenders the fees required by Section 2.9 to be paid on the Closing Date;

  

	 	(q)	the Administrative Agent shall have received certification from the Borrower’s Chief Financial Officer or other officer of the Borrower acceptable to the
Administrative Agent certifying (i) that all Units listed on Schedule 1 of the Security Agreement are Eligible Units, (ii) the original copy of all Lease Agreements related to the such Units have been delivered to Collateral Agent and such
Lease Agreements are Eligible Lease Agreements, (iii) since December 31, 2011, there has been no event which could reasonably be expected to have a Material Adverse Effect and (iv) as to the Solvency of the Borrower and the Seller, in
each instance after giving effect to the initial Funding; 

  
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	 	(r)	the Administrative Agent shall have received financing statement and, as appropriate, tax and judgment lien search results against the Equipment owned by the Borrower
and the Seller evidencing the absence of Liens on the Property included as part of the Collateral except for Permitted Liens; 

  

	 	(s)	the Administrative Agent shall have received the audited consolidated financial statements of the Seller and the Servicer as at December 31, 2011, and the
unaudited interim consolidated financial statements of the Seller and the Servicer as at March 31, 2012, June 30, 2012 and September 30, 2012 for the three (3) months then ended; 

 

	 	(t)	the Administrative Agent shall have received the favorable written opinions of counsel to the Borrower, the Servicer and the Seller, in form and substance satisfactory
to the Administrative Agent; 

  

	 	(u)	each Lender’s due diligence with respect to the Borrower, the Servicer, the Seller and its Subsidiaries, if any, shall be completed in a manner reasonably
acceptable to each such Lender; 

  

	 	(v)	each of the Lenders shall have received, sufficiently in advance of the Closing Date, all documentation and other information requested by any such Lender required by
bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act; and the Administrative Agent shall have received a fully executed Internal Revenue Service Form
W-9 (or its equivalent) for the Borrower, the Servicer and Seller; and 

  

	 	(w)	the Administrative Agent shall have received such other agreements, instruments, documents, certificates, and opinions as the Administrative Agent may reasonably
request. 

 Section 3.2. Delayed Draw Funding. At the time of any Delayed Draw Funding hereunder: 

 

	 	(a)	satisfaction to the Administrative Agent of the conditions set forth in Section 3.1(a), (c), (d), (e), (h) and (i); 

 

	 	(b)	the Administrative Agent shall have determined that no event has occurred which could reasonably be expected to have a Material Adverse Effect;

  

	 	(c)	the Administrative Agent shall have received the notice required by Section 2.3; 

 

	 	(d)	the Administrative Agent shall have received an Appraisal Report prepared for the Administrative Agent by an Eligible Appraiser, which Appraisal Report describes the
Appraised Value of the Eligible Units owned by the Borrower as of the Delayed Draw Borrowing Date with such Appraisal Report dated no earlier than ninety (90) days prior to the Delayed Draw Borrowing Date; provided that no additional
Appraisal Report is required with respect to any Eligible Unit owned by the Borrower as of the Delayed Draw Borrowing Date if such Unit is included in the Appraisal Report delivered pursuant to Section 3.1(g); 

  
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	 	(e)	the Administrative Agent shall have received certification from the Borrower’s Chief Financial Officer or other officer of the Borrower acceptable to the
Administrative Agent certifying (i) that all Units listed on the Supplemental Schedule to the Security Agreement are Eligible Units except as specified thereon, (ii) the original copy of all Lease Agreements related to the such Units have
been delivered to Collateral Agent and such Lease Agreements are Eligible Lease Agreements, (iii) since the Closing Date, there has been no event which could reasonably be expected to have a Material Adverse Effect and (iv) as to the
Solvency of the Borrower and the Seller, in each instance after giving effect to the Delayed Draw Funding; 

  

	 	(f)	the Administrative Agent shall have received copies of resolutions of the Borrower’s and the Seller’s board of directors (or similar governing body)
authorizing the Borrowing; provided that no such resolutions shall be required to be delivered pursuant to this clause (f) if the resolutions provided pursuant to Section 3.1(m) provide for the additional Borrowing on such Delayed Draw
Borrowing Date and such resolutions have not been rescinded or otherwise invalidated; 

  

	 	(g)	the Administrative Agent shall have received for the Co-Agents and for the Lenders the fees required by Section 2.9 to be paid on such Delayed Draw Borrowing Date;

  

	 	(h)	the Administrative Agent shall have received for each Lender requesting a Note, such Lender’s duly executed Note of the Borrower, dated as of such Delayed Draw
Borrowing Date and otherwise in compliance with the provisions of Section 2.8(d); and 

  

	 	(i)	the Administrative Agent shall have received such other agreements, instruments, documents, certificates, and opinions as the Administrative Agent may reasonably
request, provided that none of such agreements, instruments, documents, certificates or opinions shall be of a materially different nature from those required pursuant to Section 3.1(w) hereof. 

SECTION 4. THE COLLATERAL. 
 Section 4.1. Collateral. The Obligations shall be secured by valid, perfected, and enforceable Liens of the Administrative Agent, for the benefit of the Lenders, on all right, title, and
interest in and to the Collateral, as defined in the Security Agreement. 
 Section 4.2. Further Assurances. The
Borrower agrees that it shall from time to time at the request of the Administrative Agent or the Required Lenders, execute and deliver such documents and do such acts and things as the Administrative Agent or the Required Lenders may reasonably
request in order to provide for or perfect or protect such Liens on the Collateral as required by this Section 4 (including causing a financing statement or other requisite document to be filed with the STB and with the RGC). 

  
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 SECTION 5. REPRESENTATIONS AND WARRANTIES.

 The Borrower and the Seller each represent and warrant as to itself (i.e., (i) none of the following is a representation
or warranty of the Seller except to the extent the term “Seller” is expressly identified below and (ii) for each such representation and warranty of Seller, the representation and warranty shall be as to the Seller only and not as to
the Borrower or any other Person) to each Lender and the Administrative Agent as follows: 
 Section 5.1. Organization
and Qualification. The Borrower and the Seller (a) are duly organized and validly existing under the laws of the jurisdiction of its organization, (b) are in good standing under the laws of the jurisdiction of its organization,
(c) have the power and authority to own its property and to transact the business in which it is engaged and proposes to engage and (d) are duly qualified and in good standing in each jurisdiction where the ownership, leasing or operation
of property or the conduct of its business requires such qualification, except, in each case of clauses (a), (b) (other than with respect to the Borrower where failure to maintain such good standing is not curable or results in the dissolution
of the Borrower), (c) and (d), where the same could not be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect. Seller beneficially owns, in the aggregate, directly or indirectly, 100% of the voting
power of the outstanding Voting Stock of the Borrower. 
 Section 5.2. Authority and Enforceability. The Borrower
has the power and authority to enter into this Agreement and the other Loan Documents executed by it, to make the borrowings herein provided for, to issue its Notes, to grant to the Administrative Agent the Liens described in the Collateral
Documents executed by the Borrower, and to perform all of its obligations hereunder and under the other Loan Documents executed by it. The Seller has the power and authority to enter into the Loan Documents executed by it and to perform all of its
obligations under the Loan Documents executed by it. The Loan Documents delivered by the Borrower and by the Seller have been duly authorized by proper corporate and/or other organizational proceedings, executed, and delivered by such Person and
constitute valid and binding obligations of such Person enforceable against it in accordance with their terms, except as enforceability may be limited by Debtor Relief Laws and general principles of equity (regardless of whether the application of
such principles is considered in a proceeding in equity or at law); and this Agreement and the other Loan Documents do not, nor does the performance or observance by the Borrower or the Seller of any of the matters and things herein or therein
provided for, (a) contravene or constitute a material default under any applicable material Legal Requirement binding upon the Borrower or the Seller or any provision of the Organization Documents of the Borrower or the Seller,
(b) contravene or constitute a material default under any material covenant, indenture or agreement of or affecting the Borrower or the Seller or any of its Property, in each case where such violation, contravention or default, individually or
in the aggregate, could reasonably be expected to have a Material Adverse Effect or (c) result in the creation or imposition of any Lien on any Property of the Borrower or the Seller other than the Liens granted in favor of the Administrative
Agent pursuant to the Collateral Documents (other than Permitted Liens). 

  
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 Section 5.3. Financial Reports. The audited consolidated financial statements of
the Seller as at December 31, 2011, and the unaudited interim consolidated financial statements of the Seller as at March 31, 2012, June 30, 2012 and September 30, 2012 for the fiscal year-to-date periods then ended,
heretofore furnished to the Administrative Agent, fairly and adequately present the consolidated financial condition of the Seller as at said dates and the consolidated results of their operations and cash flows for the periods then ended in
conformity with GAAP applied on a consistent basis. 
 Section 5.4. No Material Adverse Change. Since
September 30, 2012, there has been no change in the business condition (financial or otherwise), operations, performance, Properties of the Seller except those occurring in the ordinary course of business, none of which individually or in the
aggregate could reasonably be expected to have a Material Adverse Effect. Since the date of its organization, there has been no change in the business condition (financial or otherwise), operations, performance, or Properties of the Borrower except
those occurring in the ordinary course of business, none of which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect. 
 Section 5.5. Litigation and Other Controversies. There is no litigation, arbitration or governmental proceeding pending or, to the knowledge of the Borrower and the Seller, threatened against
the Borrower or the Seller that could reasonably be expected to have a Material Adverse Effect. 
 Section 5.6. True and
Complete Disclosure. No information furnished by or on behalf of the Borrower or the Seller in writing to the Administrative Agent or any Lender for purposes of or in connection with this Agreement, or any transaction contemplated herein
contained as of the date of such statement any material misstatement of fact or omitted to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading when taken as a
whole; provided that to the extent any such information was based upon or constitutes a forecast or projection, each of the Borrower and the Seller only represents and warrants that it acted in good faith and utilized reasonable assumptions in the
preparation of such information (it being recognized that any such forecast or projection is subject to the assumptions and plans reflected therein as of the date thereof, which could differ materially from the actual plans and results, and are
necessarily subjective and based on estimates, and that actual results are subject to uncertainties and contingencies which may be beyond the Borrower’s and Seller’s control). 

  
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 Section 5.7. Use of Proceeds; Margin Stock. All proceeds of the Term Loans shall
be used by the Borrower to (i) finance the manufacturing of new Equipment for placement into the dedicated leasing fleet of the Borrower, (ii) finance existing Equipment that are operating in the current leasing fleet of the Borrower
(including by acquiring Equipment from the Seller pursuant to the Contribution Agreement), and (iii) pay for associated fees and expenses incurred in connection with this Agreement and the other Loan Documents, the Equipment Documents, and the
Lease Agreements. No part of the proceeds of any Loan or other extension of credit hereunder will be used by the Borrower or any Subsidiary thereof to purchase or carry any margin stock (within the meaning of Regulation U of the Board of
Governors of the Federal Reserve System (“Margin Stock”)) or to extend credit to others for the purpose of purchasing or carrying any margin stock. Neither the making of any Loan or other extension of credit hereunder nor the use of
the proceeds thereof will violate or be inconsistent with the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System and any successor to all or any portion of such regulations. Margin Stock (as defined above)
constitutes less than 25% of the value of those assets of the Borrower and its Subsidiaries that are subject to any limitation on sale, pledge or other restriction hereunder. 
 Section 5.8. Taxes. The Borrower and the Seller have timely filed or caused to be timely filed all tax returns required to be filed by the Borrower and the Seller, except where failure to so
file could not be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect. The Borrower and the Seller have paid all Taxes payable by them other than Taxes which are not delinquent, except in the case of the
Seller, where failure to so pay such Taxes could not be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect, or except those that are being contested in good faith and by proper legal proceedings and as to
which appropriate reserves have been provided for in accordance with GAAP and no Lien resulting therefrom attaches to any of its Property (other than any Permitted Liens). 
 Section 5.9. ERISA. The Seller and each other member of its Controlled Group have fulfilled their respective obligations under the minimum funding standards of, and is in compliance in all
material respects with, ERISA and the Code to the extent applicable to it and, other than a liability for premiums under Section 4007 of ERISA, has not incurred any liability to the PBGC or a Plan under Title IV of ERISA. Neither the
Seller nor any member of its Controlled Group has any contingent liabilities with respect to any post-retirement benefits under any of their Welfare Plans, other than liability for continuation coverage described in article 6 of Title 1 of
ERISA, other than as set forth on Schedule 5.9. 
 Section 5.10. Subsidiaries; Other Business. The Borrower does not
have any Subsidiaries. The Borrower does not own, beneficially or of record, any capital stock, evidence of Indebtedness or other securities of, has not made any loans or advances to, and does not have any investments or interest in, any Person,
other than Permitted Investments. Except as may be set forth in the Contribution Agreement, there are no outstanding commitments or other obligations of the Borrower to issue, and no options, warrants or other rights of any Person to acquire, any
shares of any class of Ownership Interests of the Borrower. The Borrower has not engaged in any business or transactions, obtained any assets, entered into any contracts or other agreements or incurred any Indebtedness or other liabilities, whether
contingent or otherwise, other than (1) the purchase of the Units and the assumption of the related Lease Agreements pursuant to the Contribution Agreement, (2) the obligations evidenced by, and the transactions contemplated by, the Loan
Documents and the Equipment Documents and (3) solely through the Servicer acting on its behalf in accordance with the Railcar Management Agreement, leasing, marketing and maintaining the Equipment owned by the Borrower (and the related Lease
Agreements) in the ordinary course of business. 

  
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 Section 5.11. Compliance with Laws. The Borrower and the Seller each is in
material compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all Governmental Authorities in respect of the conduct of their businesses and the ownership of their property, except such
noncompliances as could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 

Section 5.12. Environmental Matters. The Borrower and the Seller each is in compliance with all applicable Environmental Laws
and the requirements of any permits issued under such Environmental Laws, except to the extent that the aggregate effect of all noncompliances could not reasonably be expected to have a Material Adverse Effect. 

Section 5.13. Investment Company. The Borrower is not an “investment company” or a company “controlled”
by an “investment company” within the meaning of the Investment Company Act of 1940. 
 Section 5.14.
Intellectual Property. The Borrower and the Seller each owns or has obtained licenses or other rights of whatever nature to all the patents, trademarks, service marks, trade names, copyrights, trade secrets, know-how or other intellectual
property rights necessary for the present conduct of its businesses, in each case without any known conflict with the rights of others, except for any failure to own or obtain such licenses and other rights, as the case may be, that could not
reasonably be expected to result in a Material Adverse Effect. 
 Section 5.15. Good Title. The Borrower has good
and marketable title, or valid leasehold interests, to the Collateral, free and clear of any Liens, other than Permitted Liens, subject and subordinate always to the rights of the Administrative Agent for the benefit of the Lenders, and the rights
of the Lessees to the Equipment pursuant to the related Lease Agreement. 
 Section 5.16. Security Interest. The
Security Agreement creates in favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Collateral, subject to any exceptions set forth herein or in any Collateral Document. The
security interest in the Collateral granted to the Administrative Agent pursuant to the Security Agreement (a) constitutes a first priority perfected security interest with respect to the Collateral under Applicable Law and (b) will be
entitled to all of the rights, benefits and priorities provided to a holder of a first priority security interest under Applicable Law (except, in each case, with respect to Units located in Mexico), in each case subject to any exceptions set forth
herein or in any Collateral Document. On the Closing Date, each Delayed Draw Borrowing Date (if applicable) and on any date, all filings, deposits, registrations and other recordations (including, without limitation, any filings required to be
deposited with the STB or the RGC) shall have been accomplished with respect to the Security Agreement in the United States and Canada as may be required by Applicable Law to establish and perfect the Administrative Agent’s rights in and to the
Collateral therein, and any giving of notice or any other action to such end required by Applicable Law has been given or taken. 

  
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 Section 5.17. Governmental Authority and Licensing. The Borrower and the Seller
each has received all material licenses, permits, and approvals of each Governmental Authority necessary to conduct their businesses, in each case where the failure to obtain or maintain the same could reasonably be expected to have a Material
Adverse Effect. No investigation or proceeding that, if adversely determined, could reasonably be expected to result in revocation or denial of any license, permit or approval is pending or, to the knowledge of the Borrower or the Seller,
threatened, except where such revocation or denial could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 Section 5.18. Approvals. No authorization, consent, license or exemption from, or filing or registration with, any Governmental Authority, nor any approval or consent of any other Person, is
or will be necessary to the valid execution, delivery or performance by the Borrower, or the Seller of any Loan Document, except for (a) such approvals, authorizations, consents, licenses or exemptions from, or filings or registrations which
have been obtained prior to the date of this Agreement and remain in full force and effect and (b) filings, authorizations, consents, licenses, exemptions or registrations which are necessary to perfect the security interests created under the
Collateral Documents. 
 Section 5.19. Labor Relations. Neither the Borrower, the Seller nor any of its Subsidiaries
is engaged in any unfair labor practice that could reasonably be expected to have a Material Adverse Effect. There is (a) no strike, labor dispute, slowdown or stoppage pending against the Borrower, the Seller or any of its Subsidiaries or, to
the best knowledge of the Borrower or the Seller, threatened against the Borrower, the Seller or any of its Subsidiaries and (b) to the best knowledge of the Borrower and the Seller, no union representation proceeding is pending with respect to
the employees of the Borrower, the Seller or any of its Subsidiaries and no union organizing activities are taking place, except (with respect to any matter specified in clause (a) or (b) above, either individually or in the aggregate)
such as could not reasonably be expected to have a Material Adverse Effect. 
 Section 5.20. Solvency. Each Borrower
and the Seller is Solvent. 
 Section 5.21. No Servicer Default. No Servicer Replacement Event has occurred and is
continuing. 
 Section 5.22. No Early Amortization Event. No Early Amortization or Servicer Replacement Event has
occurred and is continuing. 
 Section 5.23. OFAC. The Borrower and the Seller is in compliance with the
requirements of all OFAC Sanctions Programs applicable to it. Each Subsidiary of the Seller is in compliance with the requirements of all OFAC Sanctions Programs applicable to such Subsidiary. The Borrower and the Seller has provided to the
Administrative Agent and the Lenders all information regarding the Borrower, the Seller and its Affiliates and Subsidiaries requested by Administrative Agent and Lenders as being necessary for the Administrative Agent and the Lenders to comply with
all applicable OFAC Sanctions Programs. To the best of the Borrower’s and the Seller’s knowledge, neither the Borrower, nor any of its Affiliates or Subsidiaries is, as of the date hereof, named on the current OFAC SDN List. No part of the
proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in
order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977. 

  
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 Section 5.24 Collections. The conditions and requirements set forth in Section 6.16 have at
all times since the date of this Agreement been satisfied and duly performed. Other than the Collection Account and Lock-Box maintained by U.S. Bank National Association pursuant to the terms of the Lease Administration Agreement, the Borrower has
not established any Collection Account or Lock-Box. Except as set forth in the Lease Administration Agreement and the Collateral Agency Agreement, Borrower has not granted any Person, other than the Administrative Agent as contemplated by and
subject to this Agreement, dominion and control of any Lock-Box or Collection Account, or the right to take dominion and control of any such Lock-Box or Collection Account at a future time or upon the occurrence of a future event; provided,
however, that nothing herein shall be deemed to preclude Borrower from granting Servicer access to the Lock-Boxes and Collection Accounts for purposes consistent with the terms of the Railcar Management Agreement and this Agreement prior to the
appointment of a successor Servicer pursuant to Section 6.23. 
 SECTION 6. COVENANTS. 

The Borrower covenants and agrees that, so long as this Agreement is in effect, provided that Seller shall not be subject to this
Section 6 except where, and to the extent that, Seller expressly provides its own covenant within this Section 6: 

Section 6.1. Information Covenants . The Borrower will furnish to the Administrative Agent, with, if requested by
Administrative Agent, sufficient copies for each Lender: 
  

	 	(a)	Quarterly Statements. Within 60 days after the close of each of the first three (3) fiscal quarters of each fiscal year of the Borrower, a copy of the
Borrower’s, the Servicer’s, and the Seller’s respective consolidated balance sheet balance sheet as at the end of such fiscal quarter and the related consolidated statements of income and retained earnings and of cash flows for such
fiscal quarter and for the elapsed portion of the fiscal year-to-date period then ended, each in reasonable detail, prepared in each case, in accordance with GAAP, setting forth comparative figures for the corresponding fiscal quarter in the prior
fiscal year (with adjustments made to account for the mid-year formation of the Borrower), all of which shall be certified by the chief financial officer or other financial or accounting officer of the Borrower, Servicer, or Seller as applicable,
acceptable to the Administrative Agent that they fairly present in all material respects the financial condition of the Borrower, Servicer, or Seller, as applicable and their respective Subsidiaries as of the dates indicated and the results of their
operations and changes in their cash flows for the periods indicated, subject to year-end audit adjustments and the absence of footnotes, provided that the Borrower shall not be required to deliver any material or certificates related to the Seller
required by this Section 6.1(a) so long as its filing on Form 10-Q or 10-K with respect to such fiscal quarter is available for review by the Administrative Agent and the Lenders. 

  
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	 	(b)	Annual Statements. Within 120 days after the close of each fiscal year of the Borrower, a copy of the Borrower’s, Servicer’s, and Seller’s
respective consolidated balance sheet as of the last day of the fiscal year then ended and the related consolidated statements of income, retained earnings, and cash flows for the fiscal year then ended, and accompanying notes thereto, each in
reasonable detail showing in comparative form the figures for the previous fiscal year (with adjustments made to account for the mid-year formation of the Borrower), accompanied by an unqualified opinion of Grant Thornton LLP (or another firm of
independent public accountants selected by the Borrower and reasonably acceptable to the Administrative Agent), to the effect that such consolidated financial statements have been prepared in accordance with GAAP and present fairly in accordance
with GAAP the consolidated financial condition of the Borrower, the Servicer, the Seller, and its Subsidiaries as of the close of such fiscal year and the results of their operations and cash flows for the fiscal year then ended and that an
examination of such accounts in connection with such financial statements has been made in accordance with GAAP, provided that the Borrower shall not be required to deliver any material, certificates, or opinions related to the Seller required by
this Section 6.1(b) so long as is filing on Form 10-K with respect to such fiscal year is available for review by the Administrative Agent and the Lender. 

 

	 	(c)	Monthly Reports. No later than three (3) Business Days prior to each Payment Date, commencing with the Payment Date in February 2013, the Servicer Report.

  

	 	(d)	Annual Appraisal Report. As soon as available, but in any event no later than the end of each Test Period and such other times as may be required pursuant to
Section 6.2(b), an Appraisal Report (including, without limitation, the Appraised Value of Eligible Units owned by the Borrower as of the related Test Date). 

 

	 	(e)	Officer’s Certificates. At the time of the delivery of the financial statements provided for in Sections 6.1(a) and (b), the Servicer Report as
provided for in Section 6.1(c) and the Appraisal Report provided for the Sections 6.1(d) and 6.2(b), a certificate of the chief financial officer or other financial or accounting officer of the Borrower acceptable to Administrative Agent
in the form of Exhibit E (A) stating no Early Amortization Event has occurred during the period covered by such statements or, if an Early Amortization Event exists, a detailed description of the Early Amortization Event and all actions
the Borrower is taking with respect to such Early Amortization Event, (B) confirming that the representations and warranties stated in Section 5 remain true and correct (or, in the case of any representation or warranty not qualified as to
materiality, true and correct in all material respects) as of said time, except to the extent such representations and warranties relate to an earlier date (and in such case, confirming they are true and correct (or, in the case of any
representation or warranty not qualified as to materiality, true and correct in all material respects) as of such earlier date), (C) stating that nothing has come to the attention of such officer that would materially decrease the Appraised
Value of any Unit owned by the Borrower as set forth in the Appraisal Report last delivered with respect to such Unit, (D) at the time of the delivery of the financial statements as provided for in Sections 6.1(a) and (b) only,
showing the Borrower’s compliance with the covenants set forth in 6.20(a), and (E) at the time of delivery of the Servicer Report as provided for in Section 6.1(c), stating that no Borrowing Base Deficit exists and no Borrowing Base
Deficit will result after giving effect to the payments of the Borrower set forth in such Servicer Report assuming such payments are made as of the date such Servicer Report is delivered, or if a Borrowing Base Deficit exists or would result from
such payments, a detailed description of all actions the Borrower is taking with respect to such Borrowing Base Deficit or projected Borrowing Base Deficit. 

  
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	 	(f)	Notice of Default or Litigation, Labor Materials and Lease Agreements. Promptly, and in any event within three (3) Business Days after any officer of the
Borrower obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes an Early Amortization Event or any other event which could reasonably be expected to have a Material Adverse Effect, which notice shall specify the
nature thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto, (ii) the commencement of, or any significant development in, any litigation, arbitration or governmental proceeding pending
against the Borrower or the Seller, if adversely determined, could reasonably be expected to have a Material Adverse Effect, (iii) any Material Agreements entered into by the Borrower after the Closing Date to the extent reasonably requested by
the Administrative Agent, (iv) any material amendment or modification to a Lease Agreement or (v) a default under any Indebtedness or Hedge Agreement (after giving effect to applicable grace or cure periods) of the Seller aggregating in
excess of $10,000,000 (or with respect to a Hedge Agreement, the termination value determined in accordance therewith would be in excess of $10,000,000 and payable by the Seller) along with a detailed description of such default and all actions the
Seller is taking with respect to such default. 

  

	 	(g)	Event of Loss. Promptly, and in any event within two (2) Business Days following the occurrence of an Event of Loss (other than an Event of Loss impacting
ten (10) or fewer Units at any time) that the Borrower has received notice of, with respect to any Unit, the Borrower shall, give the Administrative Agent written notice of such Event of Loss setting forth the date of such Event of Loss and a
description of the related Unit (including its Adjusted Appraised Value). 

  

	 	(h)	Appointment and Removal of Independent Director. The appointment of a new director of the Borrower as the “Independent Director” for purposes of this
Agreement, such notice to be issued not less than ten (10) days prior to the effective date of such appointment and to certify that the designated Person satisfies the criteria set forth in the definition herein of “Independent
Director”. The Borrower shall not appoint any Person as the Independent Director without first confirming such proposed new Independent Director is acceptable to the Administrative Agent as evidenced in a writing executed by the Administrative
Agent, which consent shall not be unreasonably withheld or delayed. 

  
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	 	(i)	Other Information. From time to time, such other information or documents (financial or otherwise) as the Administrative Agent or any Lender may reasonably
request (including, without limitation, information regarding the Lease Agreements and the related Lessees, to the extent not prohibited by any confidentiality obligation of the Borrower, Seller, or Servicer). 

Section 6.2. Appraisals. 
  

	 	(a)	Annual Appraisal Report. During each Test Period, the Borrower shall cause an Eligible Appraiser to prepare and deliver to the Administrative Agent an Appraisal
Report with respect to each Eligible Unit owned by the Borrower as of the related Test Date. 

  

	 	(b)	Additional Appraisal Reports. The Borrower shall cause an Eligible Appraiser to prepare and deliver to the Administrative Agent an Appraisal Report with respect
to each Eligible Unit owned by the Borrower as of the related Test Date, such Test Date being: 

  

	 	(i)	no later than 30 days after the Disposition of Eligible Units with a total Adjusted Appraised Value in excess of $25,000,000 during any calendar year;

  

	 	(ii)	no later than 30 days after the occurrence of an Early Amortization Event and thereafter but only so long as such Early Amortization Event is continuing, on or prior to
the date each quarterly financial statement is delivered to the Administrative Agent pursuant to Section 6.1(a); and 

  

	 	(iii)	no later than 30 days after the Servicer reasonably determines that any change in law or regulation or non-compliance by the Borrower with any such change in law or
regulation could have a Material Adverse Effect on the Appraised Value of the Borrower’s Equipment. 

  

	 	(c)	The Borrower shall be responsible for the reasonable costs and expenses associated with each Appraisal and shall deliver to the Eligible Appraiser all information
requested by the Eligible Appraiser for the production of each Appraisal Report. Any Appraisal required pursuant to Section 6.2(b) shall be either a “desk top” appraisal or a “physical appraisal”, as requested by the
Administrative Agent. 

  
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 Section 6.3. Maintenance of Property, Insurance, Environmental Matters, etc.
(a) The Borrower will (i) keep its Property and Equipment in good repair, working order and condition, normal wear and tear (other than Property and Equipment being repaired, renewed, replaced, bettered or improved in accordance with this
clause (i)), casualty and condemnation excepted, in compliance with AAR mechanical regulations and industrial commercial acceptance standards, and shall from time to time make or be making all needful and proper repairs, renewals, replacements,
extensions, additions, betterments and improvements thereto so that at all times such Property and Equipment are reasonably preserved and maintained, or in the process of being reasonably preserved and maintained, in compliance with AAR mechanical
regulations and industrial commercial acceptance standards, and (ii) maintain in full force and effect with financially sound and reputable insurance companies Equipment Insurance Policies which provides substantially the same (or greater)
coverage and against at least such risks as is customarily maintained by companies involved in leasing of railcars, and shall furnish to the Administrative Agent upon request full information as to the Equipment Insurance Policies so carried.

 (b) Without limiting the generality of Section 6.3(a), the Borrower and the Seller: (i) shall comply with, and
maintain all Property in compliance with, any applicable Environmental Laws, except to the extent that the aggregate effect of all noncompliance could not reasonably be expected to have a Material Adverse Effect; (ii) shall obtain and maintain
in full force and effect all governmental approvals required for its operations at or on its properties by any applicable Environmental Laws; (iii) shall cure as soon as reasonably practicable any violation of applicable Environmental Laws with
respect to any of its Properties or its Equipment; (iv) shall not, and shall not permit any other Person to, own or operate on any of its properties any landfill or dump or hazardous waste treatment, storage or disposal facility as defined
pursuant to the RCRA, or any comparable state law; and (v) shall not use, generate, treat, store, release or dispose of Hazardous Materials at or on any of the real property except in the ordinary course of its business and in compliance with
all Environmental Laws. With respect to any Release of Hazardous Materials, the Borrower and the Seller shall conduct any necessary or required investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other
response action necessary to remove, cleanup or abate any material quantity of Hazardous Materials released at or on any of its properties as required by any applicable Environmental Law. 

Section 6.4. Compliance with Laws. The Borrower and the Seller shall each materially comply in all respects with the
requirements of all Legal Requirements, where any such non-compliance, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or result in a Lien upon any of the Borrower’s Property (other than
Permitted Liens). 
 Section 6.5. ERISA. The Borrower, the Seller and each member of their Controlled Group shall
promptly pay and discharge all obligations and liabilities arising under ERISA of a character which if unpaid or unperformed could reasonably be expected to have a Material Adverse Effect or result in a Lien upon any of its Property. The Borrower
and Seller shall promptly notify the Administrative Agent and each Lender of: (a) the occurrence of any reportable event (as defined in ERISA) with respect to a Plan that could reasonably be expected to have a Material Adverse Effect,
(b) receipt of any notice from the PBGC of its intention to seek termination of any Plan or appointment of a trustee therefor, (c) its intention to terminate or withdraw from any Plan having aggregate Unfunded Vested Liabilities in excess
of $10,000,000, and (d) the occurrence of any event with respect to any Plan which would result in the incurrence by the Borrower or any Subsidiary of any material liability, fine or penalty, or any material increase in the contingent liability
of the Borrower or any Subsidiary with respect to any post-retirement Welfare Plan benefit. 

  
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 Section 6.6. Payment of Taxes. The Borrower and the Seller pay and discharge,
all Taxes imposed upon it or any of its Property, before becoming delinquent and before any penalties accrue thereon, except, in the case of the Seller, where failure to so pay such Taxes could not be reasonably expected to have, either individually
or in the aggregate, a Material Adverse Effect, or unless and to the extent that the same are being contested in good faith and by proper proceedings and as to which appropriate reserves have been provided for in accordance with GAAP. 

Section 6.7. Preservation of Existence. The Borrower will do or cause to be done, all things necessary to preserve and keep
in full force and effect its existence and, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, its franchises, authority to do business, licenses, patents, trademarks, copyrights and other
proprietary rights; provided, however, that nothing in this Section 6.7 shall prevent, to the extent permitted by Section 6.13, sales of assets by the Borrower. The Seller will keep in full force and effect its existence and, except
where the failure to do so would not reasonably be expected to have a Material Adverse Effect, its franchises, authority to do business, licenses, patents, trademarks, copyrights and other proprietary rights; provided, however, that nothing
in this Section 6.7 shall require it to maintain the existence, franchise, authority, licenses, patents, trademarks, copyrights and other proprietary rights of any Subsidiary other than Borrower. 

Section 6.8. Agreements with Affiliates. Except for the Loan Documents or as contemplated therein, the Borrower shall not
enter into any contract, agreement or business arrangement with any of its Affiliates on terms and conditions which are less favorable (as a whole) to the Borrower than would be customarily available to the Borrower in similar contracts, agreements
or business arrangements between Persons not affiliated with each other. 
 Section 6.9. Restrictions on Changes and
Amendments. The Borrower shall not change its fiscal year or fiscal quarters from its present basis or amend or change, or allow to be amended or changed: (a) (i) the Railcar Management Agreement, Lease Administration Agreement or
Collateral Agency Agreement as they relate to the Borrower or the Borrower’s Equipment portfolio, in any way that could reasonably be expected to have a Material Adverse Effect, or (ii) any other Loan Document (including the Servicing
Standard) to which it is a Party without the prior written consent of the Administrative Agent, (b) the Organization Documents, in any way that could reasonably be expected to have a Material Adverse Effect, or (c) any Material Agreement
in a manner that could reasonably be expected to have a Material Adverse Effect. 

  
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 Section 6.10. Change in the Nature of Business. Except as contemplated
herein, the Borrower shall not engage in any business or activity if as a result the general nature of the business of the Borrower would be changed in any material respect from the general nature of the business engaged in by it as of the Closing
Date. 
 Section 6.11. Indebtedness. The Borrower will not contract, create, incur, assume or suffer to exist any
Indebtedness, except: 
  

	 	(a)	the Obligations of the Borrower owing to the Administrative Agent and the Lenders (and their Affiliates); 

 

	 	(b)	any other Indebtedness of the Borrower under the Loan Documents, including, without limitation, any Indebtedness owed to the Servicer, the Collateral Agent or any
Collection Bank solely to the extent permitted by the terms of the Loan Documents; 

  

	 	(c)	Permitted Subordinated Debt. 

Section 6.12. Liens. The Borrower will not create, incur or suffer to exist any Lien on any Collateral; provided that the
foregoing shall not prevent the following (the Liens described below, the “Permitted Liens”): 
  

	 	(a)	inchoate Liens for the payment of Taxes which are not yet due and payable or the payment of which is not required by Section 6.6; 

 

	 	(b)	Liens created by and pursuant to this Agreement, the other Loan Documents, the Lease Agreements or any Replacement Lease Agreements; 

 

	 	(c)	with respect to any Unit of Equipment, mechanics’, materialmen’s, suppliers’, warehousemen’s, workmen’s, repairmen’s, employees’, or
other like Liens arising by operation of law in the ordinary course of business for amounts which are either not yet due or are not yet overdue for more than fifteen (15) days or are being contested in good faith by appropriate proceedings (and
for which adequate reserves have been made in the Borrower’s and Servicer’s books in accordance with GAAP consistently applied or when required in order to pursue such proceedings, an adequate bond has been obtained) so long as such
proceedings, in the reasonable judgment of the Administrative Agent, do not involve any material danger of sale, forfeiture or loss of such Unit of Equipment; and 

 

	 	(d)	the Liens arising out of judgments or awards against the Borrower, the Servicer or the Seller which are being contested in good faith by appropriate proceedings (and
for the payment of which an adequate bond has been obtained) and with respect to which there shall have been secured a stay of execution pending such appeal or proceedings for review, so long as such proceedings, in the reasonable judgment of the
Administrative Agent, do not involve any danger of sale, forfeiture or loss of such Unit of Equipment. 

  
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 Section 6.13. Consolidation, Merger, Sale of Assets, etc. 

 

	 	(a)	The Borrower will not wind up, liquidate or dissolve its affairs or merge or consolidate, or convey, sell, lease or otherwise dispose of all or any part of the
Collateral, including any disposition as part of any sale-leaseback transactions except that this Section shall not prevent: 

  

	 	(i)	the sale and lease of inventory in the ordinary course of business; 

  

	 	(ii)	the Disposition of any Unit which has been replaced by a Replacement Unit or the Disposition of a Unit in accordance with this Section 6.13;

  

	 	(iii)	the sale, transfer or other disposition of any tangible personal property that, in the reasonable judgment of the Borrower, has become obsolete, or worn out, or is no
longer used or useful in the business of the Borrower; 

  

	 	(iv)	the disposition or sale of Cash Equivalents on consideration for cash or other Cash Equivalents; and 

 

	 	(v)	dividends or distributions of cash or Property to the Seller not prohibited by the terms of the Contribution Agreement. 

 

	 	(b)	Subject to the terms of this Agreement, the Borrower may sell or otherwise voluntarily dispose of (or enter into any agreement to sell or voluntarily dispose of or
grant any option to purchase) any Unit if: 

  

	 	(i)	such Unit is not an Eligible Unit or the Lease Agreement related to such Unit is not an Eligible Lease Agreement; 

 

	 	(ii)	in the Borrower’s opinion, a sale or purchase option is advisable; or 

 

	 	(iii)	such Unit is the subject of an Event of Loss. 

  

	 	(c)	In no event shall the sale or disposition of any Unit result in a Borrowing Base Deficit. 

 

	 	(d)	Any Net Cash Proceeds from the sale or other voluntary Disposition of any Unit and any Event of Loss Proceeds from an Event of Loss shall be deposited into the Cash
Collateral Account and (A) may, within 365 days of receipt thereof (or within 30 days during the occurrence of an Early Amortization Event), at the Borrower’s discretion, be applied against the purchase price of a Replacement Unit in
accordance with Section 6.13(e) (and until such time as a Replacement Unit is purchased, such Net Cash Proceeds or Event of Loss Proceeds shall be retained in the Cash Collateral Account) or (B) otherwise applied in accordance with
Section 2.7(a). To the extent no such Replacement Unit is purchased during such 365 or 30 day period, as applicable, or any excess proceeds remain so unused, all such proceeds shall, immediately after such 365 or 30 day period, as applicable,
be applied in accordance with Section 2.7. Upon the consummation of the sale or other disposition of a Unit in compliance with this Agreement (including receipt by the Administrative Agent of the cash sales price complying with subsection
(c) above), such Unit shall be released from the Lien of the Security Agreement as provided in the Security Agreement. Notwithstanding anything to the contrary contained in the foregoing, no such sale or voluntary disposition shall release the
Borrower from any of its obligations under the Security Agreement or any other Loan Document. 

  
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	 	(e)	Requirements for Replacement Units or Additional Eligible Units. In the event that the Borrower shall elect to purchase a Replacement Unit pursuant to
Section 6.13(d) or the Seller shall elect to repurchase or replace a Unit pursuant to Section 11.1(c) or elect to contribute additional Eligible Units pursuant to 6.20(b), the Borrower shall, at its own expense: 

 

	 	(i)	cause a Security Agreement Supplement to be duly executed by the Borrower and delivered to the Agent, and cause a financing statement and/or other requisite documents
of a similar nature (including precautionary filings) to be filed in such place or places as necessary in order to perfect the security interests therein created by or pursuant to the Security Agreement in such Units (including any filings required
to be deposited with the STB or the RGC); 

  

	 	(ii)	deliver to the Collateral Agent the original Lease Agreements related to such Unit; 

 

	 	(iii)	deliver to the Administrative Agent an Appraisal Report listing the Appraised Value of such Units dated no earlier than ninety (90) days prior to the date on which
the Borrower purchases or accepts such Units; 

  

	 	(iv)	deliver to the Administrative Agent with such evidence of compliance with the insurance provisions of Section 6.3 with respect to such Units as the Administrative
Agent may reasonably request, and 

  

	 	(v)	deliver to the Administrative Agent (a) a certificate of the chief financial officer or other financial or accounting officer of the Borrower acceptable to
Administrative Agent, to the effect that such Units are Eligible Units and are free and clear of all Liens except Permitted Liens and (b) an opinion of counsel that such Units are duly subjected to the Lien of the Security Agreement and that
the Administrative Agent has a perfected first priority Lien with respect to the Borrower’s right, title and interest in and to such Units subject only to Permitted Liens (provided that such opinion may be substantially in the form of the same
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 Section 6.14. Advances, Investments and Loans. The Borrower will not directly or
indirectly, make loans or advances to, guarantee any obligations of, or make, retain or have outstanding any investments (whether through purchase of equity interests or obligations or otherwise) in, any Person or enter into any partnerships or
joint ventures, or purchase or own a futures contract or otherwise become liable for the purchase or sale of currency or other commodities at a future date in the nature of a futures contract, except that this Section shall not prevent: 

 

	 	(a)	receivables created in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; 

 

	 	(b)	investments in Cash Equivalents; and 

  

	 	(c)	investments (including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent
obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business. 

Section 6.15. Redemption Payments. The Borrower shall not directly or indirectly, declare or make any Redemption Payments.

 Section 6.16. Collections. The Borrower and the Seller shall cause, either directly or by causing the Servicer or
another Person to cause: (1) subject to the terms of the Lease Administration Agreement, all proceeds from all Lock-Boxes to be directly deposited by a Collection Bank into a Collection Account and (2) each Lock-Box and Collection Account
to be subject at all times, to the Lease Administration Agreement. If any Lock-Boxes or Collection Accounts are established or changed after the date of this Agreement, the Borrower will provide to the Administrative Agent, substantially
contemporaneously with the proposed effective date therefor, (i) written notice of such addition or change, and (ii) a joinder or amendment to the Lease Administration Agreement with respect to any new Lock-Box or Collection Account. In
the event any payments relating to the Collateral are remitted directly to the Borrower or any Affiliate of the Borrower, such Person will remit (or will cause all such payments to be remitted) directly to a Collection Bank for deposit into a
Collection Account within two (2) Business Days following receipt thereof, and, at all times prior to such remittance, such Person will itself hold or, if applicable, will cause such payments to be held in trust for the exclusive benefit of the
Administrative Agent and the Lenders. The related Collection Bank will maintain exclusive dominion and control (subject to the terms of this Agreement and the Lease Administration Agreement) of each Lock-Box and Collection Account and shall not
grant the right to take dominion and control of any Lock-Box or Collection Account at a future time or upon the occurrence of a future event to any Person, except, subject to the terms of the Lease Administration Agreement, to the Administrative
Agent as contemplated by this Agreement and the Security Agreement; provided, however, that nothing herein shall be deemed to preclude the Borrower from granting the Servicer access to the Lock-Boxes and Collection Accounts, or the ability to direct
disposition of the funds held therein, for purposes consistent with the terms of the Railcar Management Agreement and this Agreement prior to occurrence of an Early Amortization Event or a Servicer Replacement Event. Borrower shall take all
necessary action to ensure any payments deposited into a Collection Account in respect of the Collateral are transferred to the Cash Collateral Account in accordance with the terms of the Lease Administration Agreement. 

  
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 Section 6.17. Change in Payment Instructions to Lessees. Neither the Borrower
nor the Seller shall terminate any bank as a Collection Bank for the Lease Agreements, or make any change in the instructions to Lessees regarding payments to be made to any Lock-Box or Collection Account; provided, however, that the Servicer
may make changes in instructions to Lessee regarding payments if such new instructions require such Lessee to make payments to another existing Collection Account that complies with the requirements of this Agreement. 

Section 6.18. Limitation on the Creation of Subsidiaries. Notwithstanding anything to the contrary contained in this
Agreement, the Borrower will not establish, create or acquire after the Closing Date any Subsidiary. 
 Section 6.19.
Lenders’ Reliance; Separate Identity. The Borrower acknowledges that the Administrative Agent and the Lenders are relying upon Borrower’s identity as a legal entity that is separate from each of the Seller and its other Affiliates and
agrees to take all reasonable steps to maintain Borrower’s identity as a separate legal entity and to make it manifest to third parties that Borrower is an entity with assets and liabilities distinct from those of the Seller and its other
Affiliates (other than Borrower) and not just a division thereof. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, from and after the date of execution and delivery of this Agreement, the
Borrower shall: 
  

	 	(a)	conduct its affairs strictly in accordance with its Organization Documents as in effect on the date hereof and as thereafter amended, including, when and as required,
with the consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed); 

  

	 	(b)	hold itself out to the public and conduct its own business in its own name and through its own Authorized Representatives; 

 

	 	(c)	compensate all employees, consultants and agents and pay its operating expenses directly from the Borrower’s own funds, for services provided to the Borrower;
provided that to the extent any employee, consultant or agent of the Borrower is also an employee, consultant or agent of the Seller or any Affiliate thereof, allocate the compensation of such employee, consultant or agent between the Borrower and
the Seller or such Affiliate, as applicable fairly and reasonably, on the basis of actual use to the extent practicable and, to the extent such allocation is not practicable, on a basis reasonably related to actual use; 

 

	 	(d)	conduct all transactions with the Seller and the Servicer (including, without limitation, any delegation of its obligations hereunder to the Servicer) strictly on an
arm’s-length basis, allocate fairly and reasonably all overhead expenses for items shared between the Borrower and the Seller or the Servicer on the basis of actual use to the extent practicable and, to the extent such allocation is not
practicable, on a basis reasonably related to actual use; 

  
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	 	(e)	at all times have a board of directors consisting of at least one member that is an Independent Director; 

 

	 	(f)	observe all organizational formalities as a distinct entity, and ensure that all entity actions relating to (A) the selection, maintenance or replacement of the
Independent Director, (B) the dissolution or liquidation of the Borrower or (C) the initiation of, participation in, acquiescence in or consent to any Event of Bankruptcy are duly authorized by unanimous vote of its board of directors
(including the Independent Director); 

  

	 	(g)	except as herein specifically otherwise provided, or as permitted under the Lease Administration Agreement or the Collateral Agency Agreement, maintain the funds and
other assets of the Borrower separate from, and not commingled with, those of the Seller or any Affiliate thereof and not maintain bank accounts or other depository accounts to which the Seller or any of its other Affiliates is an account party,
into which the Seller or any of its other Affiliates makes deposits and from which the Seller or any of its other Affiliates has the power to make withdrawals; 

 

	 	(h)	prepare its financial statements separately from those of the Servicer and the Seller and insure that any consolidated financial statements of the Seller that include
the Borrower have notes clearly stating that the Borrower is a separate legal entity and that its assets will be available only to satisfy the claims of the creditors of the Borrower; 

 

	 	(i)	operate its business and activities such that it (A) does not hold itself out as having agreed to guarantee or be obligated for the debts of the Seller or any
Affiliate thereof, (B) does not hold out its credit as being available to satisfy the obligations of the Seller or any Affiliate thereof and (C) does not pledge its assets for the benefit of the Seller or any Affiliate thereof.

 Section 6.20. Financial Covenants. (a) Debt Service Coverage Ratio. As of the last day
of each fiscal quarter of the Borrower starting the fiscal quarter ending September 30, 2013, the Borrower shall maintain a ratio of (i) Net Revenue for the three fiscal quarters of the Borrower then ended to (ii) Fixed Charges for
the same three fiscal quarters then ended (such ratio, the “Debt Service Coverage Ratio”) of not less than: 1.05:1.00 or if the Debt Service Coverage Ratio is less than 1.05:1.00, the Borrower may, within 15 days after the earlier
of (i) 60 days after the close of each fiscal quarter (or 120 days after the close of each fiscal year) and (ii) the date on which the Borrower delivers to the Administrative Agent a copy of financial statements required pursuant to
Section 6.1(a) or (b), issue additional equity or incur additional Permitted Subordinated Debt in an amount such that the related Net Cash Proceeds is no less than the DSCR Cure Amount, and there shall be no Event of Default occasioned by the
failure to comply with this Section 6.20(a) until such 15-day period has passed without such cure being effected. The Net Cash Proceeds of any offering of additional equity or the issuance of any additional Permitted Subordinated Debt pursuant
to this Section 6.20(a) shall be applied to the repayment of the Obligations in accordance with Section 2.6(b)(ii). 

  
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 (b) As of each Test Date, the Borrower shall ensure that no Borrowing Base Deficit exists or
if a Borrowing Base Deficit exists, the Borrower shall cure such Borrowing Base Deficit within 15 days of such Test Date (such actions may include, but are not limited to, a repayment of the Obligations pursuant to Section 2.6(b)(i) or a
contribution by the Seller of additional Eligible Units pursuant to Section 6.13(e)). 
 Section 6.21. Compliance
with OFAC Sanctions Programs. (a) The Borrower and Seller shall at all times comply with the requirements of all OFAC Sanctions Programs applicable to the Borrower or Seller and shall cause each of its Subsidiaries to comply with the
requirements of all OFAC Sanctions Programs applicable to such Subsidiary. 
 (b) The Borrower and Seller shall provide the
Administrative Agent and the Lenders any information regarding the Borrower, the Seller, its Affiliates, and its Subsidiaries necessary for the Administrative Agent and the Lenders to comply with all applicable OFAC Sanctions Programs; subject
however, in the case of Affiliates, to the Borrower’s or the Seller’s ability to provide information applicable to them. 
 (c) If the Borrower or the Seller obtains actual knowledge or receives any written notice that the Borrower, any Affiliate, the Seller or any Subsidiary is named on the then current OFAC SDN List (such
occurrence, an “OFAC Event”), the Borrower or the Seller shall promptly (i) give written notice to the Administrative Agent and the Lenders of such OFAC Event, and (ii) comply with all applicable laws with respect to such
OFAC Event (regardless of whether the party included on the OFAC SDN List is located within the jurisdiction of the United States of America), including the OFAC Sanctions Programs, and the Borrower hereby authorizes and consents to the
Administrative Agent and the Lenders taking any and all steps the Administrative Agent or the Lenders deem necessary, in their sole but reasonable discretion, to avoid violation of all applicable laws with respect to any such OFAC Event, including
the requirements of the OFAC Sanctions Programs (including the freezing and/or blocking of assets and reporting such action to OFAC). 
 Section 6.22. Subordinated Debt. The Borrower shall not (a) amend or modify any of the terms or conditions relating to Permitted Subordinated Debt if any such amendment or modification is
materially more restrictive on the Borrower or has a Material Adverse Effect, (b) make any voluntary prepayment of Permitted Subordinated Debt or effect any voluntary redemption thereof, or (c) make any payment on account of Permitted
Subordinated Debt which is prohibited under the terms of any instrument or agreement subordinating the same to the Obligations. Notwithstanding the foregoing, the Borrower may agree to a decrease in the interest rate applicable thereto or to a
deferral of repayment of any of the principal of or interest on the Permitted Subordinated Debt beyond the current due dates therefor. 

  
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 Section 6.23. Servicer Default Event. After the occurrence of a Servicer
Replacement Event, at the written request of the Administrative Agent, the Borrower shall appoint a replacement Servicer acceptable to the Required Lenders, whose acceptance shall not be unreasonably withheld or delayed, within 60 days of such
request. 
 Section 6.24. Compliance with Lease Agreements and Servicing Standard. The Borrower will materially
comply with the Servicing Standard in regard to each Lease Agreement. 
 Section 6.25. Investment Company Act. The
Borrower will conduct its operations, and the Seller will cause the Borrower’s operations to be conducted, in a manner which will not subject the Borrower to registration as an “investment company” under the Investment Company Act of
1940, as amended. 
 Section 6.26. Securities Laws. The Borrower will not offer any interest in the Collateral, or
other securities or beneficial interests in the Equipment to, or solicit any offer to buy any thereof from, any Person or approach or negotiate with any other Person in respect thereof, as to bring the transactions contemplated by the Agreement
within the provisions of Section 5 of the Securities Act of 1933, as amended. 
 SECTION 7. EVENTS
OF DEFAULT AND REMEDIES. 
 Section 7.1. Events of
Default. Any one or more of the following shall constitute an “Event of Default” hereunder: 
  

	 	(a)	default in the payment when due (whether at the stated maturity thereof or at any other time provided for in this Agreement) of all or any part of the principal of or
interest on any Loan or any other Obligation payable hereunder or under any other Loan Document; 

  

	 	(b)	default in the observance or performance of any covenant set forth in Sections 6.1, 6.2, 6.3(a), 6.10, 6.11, 6.16, 6.17, 6.18 or 6.20(a) or (b);

  

	 	(c)	default in the observance or performance of any other provision hereof or of any other Loan Document which is not remedied within 30 days after the earlier of
(i) the date on which such default shall first become known to any officer of the Borrower or (ii) written notice of such default is given to the Borrower by the Administrative Agent; 

 

	 	(d)	any representation or warranty made herein or in any other Loan Document or in any certificate delivered to the Administrative Agent or the Lenders pursuant hereto or
thereto or in connection with any transaction contemplated hereby or thereby proves untrue in any material respect as of the date of the issuance or making or deemed making thereof; 

  
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	 	(e)	(i) any event occurs or condition exists (other than those described in subsections (a) through (d) above) which is specified as an event of default
under any of the other Loan Documents, or (ii) any of the Loan Documents shall for any reason not be or shall cease to be in full force and effect or is declared to be null and void (other than as a result of the gross negligence or willful
misconduct of the Administrative Agent as determined by a court of competent jurisdiction by final and nonappealable judgment), or (iii) any of the Collateral Documents shall for any reason fail to create a valid and perfected first priority
Lien in favor of the Administrative Agent in any Collateral purported to be covered thereby except as expressly permitted by the terms thereof or the terms of this Agreement, or (iv) the Borrower or the Seller takes any action for the purpose
of terminating, repudiating or rescinding any Loan Document executed by it or any of its obligations thereunder; 

  

	 	(f)	default shall occur under (i) any Indebtedness of the Borrower or (ii) any Indebtedness of the Seller aggregating in excess of $10,000,000, and such
Indebtedness shall have been declared due and payable in accordance with the terms of the agreement giving rise to such Indebtedness prior to the date on which such Indebtedness would otherwise have become due and payable or such Indebtedness shall
have matured by its terms, or (ii) any Hedge Agreement of the Borrower or the Seller with any Lender or any Affiliate of a Lender, and with respect to the Seller, an ‘early termination date’ has been declared with respect to such
Hedge Agreement; 

  

	 	(g)	(g) (i) any final judgment or judgments, writ or writs or warrant or warrants of attachment, or any similar process or processes, shall be entered or filed against the
Borrower or the Seller, or against any of its Property, in an aggregate amount in excess of, in the case of the Borrower, $50,000, and in the case of the Seller, $10,000,000 (except to the extent fully and unconditionally covered by insurance
pursuant to which the insurer has accepted liability therefor in writing and except to the extent fully and unconditionally covered by an appeal bond, for which the Borrower or the Seller has established in accordance with GAAP a cash or Cash
Equivalent reserve in the amount of such judgment, writ or warrant), and which remains undischarged, unvacated, unbonded or unstayed for a period of 30 days, or any action shall be legally taken by a judgment creditor to enforce any such judgment,
or (ii) the Borrower or the Seller shall fail within 30 days to discharge one or more non-monetary judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgments or
orders, in any such case, are not stayed on appeal or otherwise being appropriately contested in good faith by proper proceedings diligently pursued; 

  

	 	(h)	any of the following occur and either individually or together could reasonably be expected to have a Material Adverse Effect: (i) the Seller, or any member of its
Controlled Group, shall fail to pay when due an amount which it shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA; or (ii) notice of intent to terminate a Plan or Plans pursuant to distress termination
procedures set forth in Section 4041(c) of ERISA, having Unfunded Vested Liabilities, shall be filed under Title IV of ERISA by the Seller, or any other member of its Controlled Group, any plan administrator or any combination of the
foregoing; or (iii) the PBGC shall institute proceedings under Title IV of ERISA to terminate or to cause a trustee to be appointed to administer any Plan or a proceeding shall be instituted by a fiduciary of any Plan against the Seller,
or any member of its Controlled Group, to enforce Section 515 or 4219(c)(5) of ERISA and such proceeding shall not have been dismissed within 30 days thereafter; or (iv) a condition shall exist by reason of which the PBGC would be entitled
to obtain a decree adjudicating that any Plan must be terminated; or (v) the Seller, or any member of its Controlled Group, shall incur liability with respect to the withdrawal or partial withdrawal from any Plan that could reasonably be
expected to have a Material Adverse Effect; or (vi) the Seller, or any member of its Controlled Group, shall receive any notice, or any Plan shall receive from the Seller, or any member of its Controlled Group, any notice, concerning the
imposition of withdrawal liability or a determination that a Plan is in endangered or critical status, within in the meaning of Section 305 of ERISA; 

  
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	 	(i)	any Change of Control shall occur; 

  

	 	(j)	the Borrower, the Servicer or the Seller shall (i) have entered involuntarily against it an order for relief under the United States Bankruptcy Code, as amended,
(ii) not pay, or admit in writing its inability to pay, its debts generally as they become due, (iii) make an assignment for the benefit of creditors, (iv) apply for, seek, consent to or acquiesce in, the appointment of a receiver,
custodian, trustee, examiner, liquidator or similar official for it or any substantial part of its Property, (v) institute any proceeding seeking to have entered against it an order for relief under the United States Bankruptcy Code to
adjudicate it insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any Debtor Relief Law or fail to file an answer or other pleading denying the material
allegations of any such proceeding filed against it, (vi) take any action in furtherance of any matter described in parts (i) through (v) above, or (vii) fail to contest in good faith any appointment or proceeding described in
Section 7.1(k); 

  

	 	(k)	a custodian, receiver, trustee, examiner, liquidator or similar official shall be appointed for the Borrower, the Servicer or the Seller, or any substantial part of any
of its Property, or a proceeding described in Section 7.1(j)(v) shall be instituted against the Borrower, the Servicer or the Seller, and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period
of 60 days; 

  

	 	(l)	the Disposition of any Equipment owned by the Borrower other than in compliance with Section 6.13; 

 

	 	(m)	the Borrower removes or otherwise replaces the Servicer (or appoints a new Servicer) without the prior written consent or direction of the Administrative Agent; or

  

	 	(n)	failure of the Borrower to appoint a replacement Servicer acceptable to the Required Lenders within 60 days of a Servicer Replacement Event. 

  
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 Section 7.2. Non-Bankruptcy Defaults. When any Event of Default exists other
than those described in subsection (j) or (k) of Section 7.1, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other
obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due
and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment,
protest or notice of any kind. The Administrative Agent, after giving notice to the Borrower pursuant to Section 7.1(c) or this Section 7.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so
shall not impair or annul the effect of such notice. 
 Section 7.3. Bankruptcy Defaults. When any Event of Default
described in subsections (j) or (k) of Section 7.1 exists, then all outstanding Obligations shall immediately and automatically become due and payable together with all other amounts payable under the Loan Documents without
presentment, demand, protest or notice of any kind (each of which is hereby waived by the Borrower), the Commitments and all other obligations of the Lenders to extend further credit pursuant to any of the terms hereof shall immediately and
automatically terminate. 
 Section 7.4. Notice of Default. The Administrative Agent shall give notice to the
Borrower under Section 7.1(c) promptly upon being requested to do so by any Lender and shall thereupon notify all the Lenders thereof. 
 Section 7.5. Remedies. The aforementioned rights and remedies shall be without limitation, and shall be in addition to all other rights and remedies of the Administrative Agent and the Lenders
otherwise available under any other provision of this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly preserved, including, without limitation, all rights and remedies provided under the UCC, all of which
rights shall be cumulative. 
 SECTION 8. CHANGE IN CIRCUMSTANCES
AND CONTINGENCIES. 
 Section 8.1. Funding Indemnity. If any Lender shall incur any
loss, cost or expense (including any loss of profit, and any loss, cost or expense incurred by reason of the liquidation or re-employment of deposits or other funds acquired by such Lender to fund or maintain any Eurodollar Loan or the relending or
reinvesting of such deposits or amounts paid or prepaid to such Lender or by reason of breakage of interest rate swap agreements or the liquidation of other Hedge Agreements or incurred by reason of an assignment required by Section 10.2(b)) as
a result of: 
 (a) any payment or prepayment of a Loan on a date other than on a Payment Date, 

(b) any failure by the Borrower to make any payment of principal on any Loan when due (whether by acceleration or
otherwise), or 

  
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 (c) any payment made prior to its due date as a consequence of acceleration
of the maturity of a Loan as a result of the occurrence of any Event of Default hereunder, 
 then, upon the written demand of such Lender, the
Borrower shall pay to such Lender such amount as will reimburse such Lender for such loss, cost or expense. If any Lender makes such a claim for compensation, it shall provide to the Borrower, with a copy to the Administrative Agent, a certificate
setting forth the amount of such loss, cost or expense in reasonable detail (including an explanation of the basis for and the computation of such loss, cost or expense) and the amounts shown on such certificate shall be conclusive absent manifest
error. 
 Section 8.2. Illegality. Notwithstanding any other provisions of this Agreement or any other Loan
Document, if at any time any Change in Law makes it unlawful for any Lender to make or continue to maintain any Eurodollar Loans or to perform its obligations as contemplated hereby, such Lender shall promptly give notice thereof to the Borrower and
the Administrative Agent and such Lender’s obligations to make or maintain Eurodollar Loans under this Agreement shall be suspended until it is no longer unlawful for such Lender to make or maintain Eurodollar Loans and the affected Eurodollar
Loans from such Lender shall accrue interest at the Alternative Rate from such Lender on the Payment Date immediately following the delivery of such notice. 
 Section 8.3. Unavailability of Deposits or Inability to Ascertain, or Inadequacy of, LIBOR. If on or prior to the first day of any Interest Period for any Borrowing of Eurodollar Loans:

 (a) the Administrative Agent determines that deposits in Dollars (in the applicable amounts) are not being
offered to it in the interbank eurodollar market for such Interest Period, or that by reason of circumstances affecting the interbank eurodollar market adequate and reasonable means do not exist for ascertaining the applicable LIBOR, or 

(b) the Required Lenders advise the Administrative Agent that (i) LIBOR as determined by the Administrative Agent
will not adequately and fairly reflect the cost to such Lenders of funding their Eurodollar Loans for such Interest Period or (ii) that the making or funding of Eurodollar Loans become impracticable, 

then the Administrative Agent shall forthwith give written notice thereof to the Borrower and the Lenders, whereupon until the Administrative Agent
notifies the Borrower that the circumstances giving rise to such suspension no longer exist, the principal amount of all Eurodollar Loans shall accrue interest at the Alternative Rate on the Payment Date immediately following the delivery of such
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 Section 8.4. Increased Costs . (a) Increased Costs Generally. If any
Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except with respect to the applicable Reserve Percentage with respect to any Eurodollar Loans);

 (ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in
clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto; or 
 (iii) impose on any Lender or the London interbank market any other condition, cost
or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or participation therein; 
 and the result of any of the
foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, or such other
Recipient of participating in, issuing or maintaining, or to reduce the amount of any sum received or receivable by such Lender, (whether of principal, interest or any other amount) then, upon request of such Lender or other Recipient, the Borrower
will pay to such Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any lending office of such
Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if
any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such
Lender or such Lender’s holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A
certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in Section 8.4(a) or (b) above and delivered to the Borrower, shall be conclusive
absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof. 

  
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 (d) Delay in Requests. Failure or delay on the part of any Lender to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased
reasonable costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender provides written notice to the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such
Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of
retroactive effect thereof). 
 Section 8.5. Discretion of Lender as to Manner of Funding. Notwithstanding any other
provision of this Agreement, each Lender shall be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder
with respect to Eurodollar Loans shall be made as if each Lender had actually funded and maintained each Eurodollar Loan through the purchase of deposits in the interbank eurodollar market having a maturity corresponding to such Loan’s Interest
Period, and bearing an interest rate equal to LIBOR for such Interest Period. 
 SECTION 9. THE
ADMINISTRATIVE AGENT. 
 Section 9.1. Appointment and Authorization of Administrative
Agent. Each Lender hereby appoints Fifth Third Bank, an Ohio banking corporation, to act on its behalf as the Administrative Agent under the Loan Documents and authorizes the Administrative Agent to take such action as Administrative Agent on
its behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Section 9 are
solely for the benefit of the Administrative Agent and the Lenders (except that Section 9.7 shall also be for the benefit of the Borrower), and neither the Borrower nor the Seller shall have rights as a third-party beneficiary of any of such
provisions (except with respect to Section 9.7). It is understood and agreed that the use of the term “agent” in this Agreement or in any other Loan Document (or any other similar term) with reference to the Administrative Agent is
not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative
relationship between contracting parties. 
 Section 9.2. Administrative Agent and Its Affiliates. The
Administrative Agent shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise or refrain from exercising such rights and powers as though it were not the Administrative Agent, and the Administrative
Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in any kind of banking, trust, financial advisory or other business with
the Borrower or any Affiliate of the Borrower as if it were not the Administrative Agent under the Loan Documents and without any duty to account therefor to the Lenders. The terms “Lender” and “Lenders”, unless
otherwise expressly indicated or unless the context otherwise clearly requires, includes the Administrative Agent in its individual capacity as a Lender. 

  
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 Section 9.3. Exculpatory Provisions. (a) The Administrative Agent shall not
have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent:

 (i) shall not be subject to any fiduciary or other implied duties, regardless of whether an Early Amortization
Event or Servicer Replacement Event has occurred and is continuing; 
 (ii) shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or any Legal Requirement, including for the avoidance of doubt any action that may be in violation of the automatic stay
under any Debtor Relief Law and the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder or under any other Loan Document unless it first receives any further assurances of its indemnification from the
Lenders that it may require, including prepayment of any related expenses and any other protection it requires against any and all reasonable costs, expense, and liability which may be incurred by it by reason of taking or continuing to take any
such action; and 
 (iii) shall not, except as expressly set forth herein and in the other Loan Documents, have
any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its
Affiliates in any capacity. 
 (b) Any instructions of the Required Lenders (or such other number or percentage of the Lenders
as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 10.10) shall be binding upon all the Lenders. The Administrative Agent shall not be liable for
any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Section 10.10), or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. In all cases
in which the Loan Documents do not require the Administrative Agent to take specific action, the Administrative Agent shall be fully justified in using its discretion in failing to take or in taking any action thereunder. The Administrative Agent
shall be entitled to assume that no Early Amortization Event exists, and shall be deemed not to have knowledge of any Early Amortization Event unless and until notice describing such Early Amortization Event is given to the Administrative Agent in
writing by the Borrower or a Lender. If the Administrative Agent receives from the Borrower a written notice of an Early Amortization Event pursuant to Section 6.1, the Administrative Agent shall promptly give each of the Lenders written notice
thereof. 

  
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 (c) The Administrative Agent shall not be responsible for or have any duty to ascertain or
inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, or any Funding, (ii) the contents of any certificate, report or other document delivered under the
Agreement or any other Loan Documents or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Amortization
Event, (iv) the validity, enforceability, effectiveness, genuineness, value, worth or collectability of this Agreement, any other Loan Document or any other agreement, instrument, document or writing furnished in connection with any Loan
Document or any Collateral, or (v) the satisfaction of any condition set forth in Section 3 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent; and the Administrative
Agent makes no representation of any kind or character with respect to any such matter mentioned in this sentence. 

Section 9.4. Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur
any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine
and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur
any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is
satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower),
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. The Administrative Agent may treat the payee of any
Note or any Loan as the holder thereof until written notice of transfer shall have been filed with the Administrative Agent signed by such payee in form satisfactory to the Administrative Agent. 

Section 9.5. Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and
powers by or through their respective Related Parties. The exculpatory provisions of this Section 9 shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the Facilities as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that
a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment
in the selection of such sub-agents. 

  
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 Section 9.6. Non-Reliance on Administrative Agent and Other Lenders. Each Lender
acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 Section 9.7. Resignation of Administrative Agent and Successor Administrative Agent. (a) The Administrative
Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which may be
any Lender hereunder or any commercial bank organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $200,000,000 and, so long as no Event of Default shall have occurred
and be continuing, such appointment shall be subject to the Borrower’s consent (which shall not be unreasonably withheld). If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within
30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may
(but shall not be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with
such notice on the Resignation Effective Date. 
 (b) With effect from the Resignation Effective Date (1) the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) except for any indemnity payments owed to the retiring Administrative Agent, all payments, communications and
determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the
acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Administrative Agent (other than any rights to
indemnity payments owed to the retiring Administrative Agent), and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Borrower to a
successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan
Documents, the provisions of this Section 9 and Section 10.12 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to
be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

  
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 Section 9.8. No Other Duties; Designation of Additional Agents. Anything herein
to the contrary notwithstanding, none of the Co-Arrangers or Co-Syndication Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as
applicable, as the Administrative Agent or a Lender. The Administrative Agent shall have the continuing right, for purposes hereof, at any time and from time to time to designate one or more of the Lenders (and/or its or their Affiliates) as
“syndication agents,” “documentation agents,” “arrangers” or other designations for purposes hereto, but such designation shall have no substantive effect, and such Lenders and their Affiliates shall have no additional
powers, duties or responsibilities as a result thereof. 
 Section 9.9. Authorization to Enter into, and Enforcement of,
the Collateral Documents. The Lenders irrevocably authorize the Administrative Agent to execute and deliver the Collateral Documents on their behalf and on behalf of each of their Affiliates and to take such action and exercise such powers under
the Collateral Documents as the Administrative Agent considers appropriate, provided the Administrative Agent shall not amend the Collateral Documents unless such amendment is agreed to in writing by the Required Lenders. Each Lender
acknowledges and agrees that it will be bound by the terms and conditions of the Collateral Documents upon the execution and delivery thereof by the Administrative Agent. Except as otherwise specifically provided for herein, no Lender (or its
Affiliates) other than the Administrative Agent shall have the right to institute any suit, action or proceeding in equity or at law for the foreclosure or other realization upon any Collateral or any or for the execution of any trust or power in
respect of the Collateral or for the appointment of a receiver or for the enforcement of any other remedy under the Collateral Documents; it being understood and intended that no one or more of the Lenders (or their Affiliates) shall have any right
in any manner whatsoever to affect, disturb or prejudice the Lien of the Administrative Agent (or any security trustee therefor) under the Collateral Documents by its or their action or to enforce any right thereunder, and that all proceedings at
law or in equity shall be instituted, had, and maintained by the Administrative Agent (or its security trustee) in the manner provided for in the relevant Collateral Documents for the benefit of the Lenders and their Affiliates. 

Section 9.10. Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor
Relief Law, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand
on the Borrower) shall be entitled and empowered (but not obligated), by intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other
documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent
and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.9 and 10.12(a)) allowed in such judicial proceeding; and 

  
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 (b) to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the
Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under
Sections 2.9 and 10.12(a). 
 Section 9.11. Collateral Matters. (a) The Lenders irrevocably authorize the
Administrative Agent, at its option and in its discretion, 
 (i) to release any Lien on any property granted to
or held by the Administrative Agent under any Loan Document (A) upon termination of the Commitments and payment in full of all Obligations (other than contingent indemnification obligations), (B) that is sold or to be sold as part of or in
connection with any sale permitted under the Loan Documents, or (C) subject to Section 10.10, if approved, authorized or ratified in writing by the Required Lenders; and 

(ii) to subordinate any Lien on any Property granted to or held by the Administrative Agent under any Loan Document to the
holder of any Lien on such property that is permitted by Section 6.12. 
 Upon request by the Administrative Agent at any time, the
Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of property pursuant to this Section 9.13. 

(b) The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty
regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared by the Borrower or the Seller in connection therewith, nor shall
the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

  
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 SECTION 10. MISCELLANEOUS. 

Section 10.1. Taxes. 
 (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower and the Seller under any Loan Document shall be made without deduction or withholding for any
Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then
the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an
Indemnified Tax, then the sum payable by the Borrower or the Seller, as applicable, shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums
payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 
 (b) Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent
timely reimburse it for the payment of, any Other Taxes. 
 (c) Indemnification by the Borrower. The Borrower shall
indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by
such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender,
shall be conclusive absent manifest error. 
 (d) Indemnification by the Lenders. Each Lender shall severally indemnify
the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes
and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.9(d) relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this Section 10.1(d). 
 (e) Evidence of Payments. As soon
as practicable after any payment of Taxes by the Borrower or the Seller to a Governmental Authority pursuant to this Section 10.1, the Borrower or the Seller shall deliver to the Administrative Agent the original or a certified copy of a
receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

  
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 (f) Status of Lenders. (i) Any Lender that is entitled to an exemption from or
reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly
completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested
by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than
such documentation set forth in Section 10.1(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the
generality of the foregoing, 
  

	 	(A)	any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

  

	 	(B)	any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be
requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the
following is applicable: 

 (i) in the case of a Foreign Lender claiming the benefits of an income tax treaty to
which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“business profits” or “other income” article of such tax treaty; 

  
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 (ii) executed originals of IRS Form W-8ECI; 

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (x) a certificate in form reasonably acceptable to the Administrative Agent representing that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder”
of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and
(y) executed originals of IRS Form W-8BEN; or 
 (iv) to the extent a Foreign Lender is not the beneficial owner, executed
originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate in form reasonably acceptable to the Administrative Agent, IRS Form W-9, and/or other certification documents from each beneficial
owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate in form reasonably acceptable to the Administrative Agent on behalf of each such direct and indirect partner; 
  

	 	(C)	any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be
requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of
any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the
Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

  

	 	(D)	if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the
applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and
at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s
obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

  
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	 	(E)	Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or
certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

 (g) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to
this Section 10.1 (including by the payment of additional amounts pursuant to this Section 10.1), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section
with respect to the Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to
such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 10.1(g) (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 10.1(g), in no event will the indemnified party
be required to pay any amount to an indemnifying party pursuant to this Section 10.1(g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the
indemnification payments or additional amounts giving rise to such refund had never been paid. This Section 10.1(g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to
its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (h) Survival. Each party’s
obligations under this Section 10.1 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all obligations under any Loan Document. 
 Section 10.2. Mitigation Obligations; Replacement of
Lenders. (a) Designation of a Different Lending Office. If any Lender requests compensation under Section 8.4, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 10.1, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its
rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 8.4
or Section 10.1, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable
costs and expenses incurred by any Lender in connection with any such designation or assignment. 

  
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 (b) Replacement of Lenders. If any Lender requests compensation under
Section 8.4, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 10.1 and, in each case, such Lender has declined
or is unable to designate a different lending office in accordance with Section 10.2(a), or if any Lender is a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.9(b)), all of its interests, rights (other than its existing rights to
payments pursuant to Section 8.4 or Section 10.1) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment); provided that: 
 (i) the Borrower shall have paid to the Administrative Agent the
assignment fee (if any) specified in Section 10.9(b)(iv); 
 (ii) such Lender shall have received payment of
an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 8.1) from the assignee (to
the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 
 (iii) in the case of any such assignment resulting from a claim for compensation under Section 8.4 or payments required to be made pursuant to Section 10.1 such assignment will result in a
reduction in such compensation or payments thereafter; 
 (iv) such assignment does not conflict with applicable
law; and 
 (v) in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the
applicable assignee shall have consented to the applicable amendment, waiver or consent. 
 Section 10.3. No Waiver,
Cumulative Remedies. No delay or failure on the part of the Administrative Agent or any Lender or on the part of the holder or holders of any of the Obligations in the exercise of any power or right under any Loan Document shall operate as a
waiver thereof or as an acquiescence in any default, nor shall any single or partial exercise of any power or right preclude any other or further exercise thereof or the exercise of any other power or right. The rights and remedies hereunder of the
Administrative Agent, the Lenders and of the holder or holders of any of the Obligations are cumulative to, and not exclusive of, any rights or remedies which any of them would otherwise have. 

Section 10.4. Non-Business Days. If the payment of any obligation or the performance of any covenant, duty or obligation
hereunder becomes due and payable on a day which is not a Business Day, the due date of such payment shall be extended to the next succeeding Business Day on which date such payment shall be due and payable. In the case of any payment of principal
falling due on a day which is not a Business Day, interest on such principal amount shall continue to accrue during such extension at the rate per annum then in effect, which accrued amount shall be due and payable on the next scheduled date for the
payment of interest. 

  
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 Section 10.5. Survival of Representations and Covenants. All representations and
warranties and covenants made herein or in any other Loan Document or in certificates given pursuant hereto or thereto shall survive the execution and delivery of this Agreement and the other Loan Documents, and shall continue in full force and
effect with respect to the date as of which they were made as long as any Lender has any Commitment hereunder or any Obligations (other than contingent obligations not due and owing) remain unpaid hereunder. 

Section 10.6. Survival of Indemnities. All indemnities and other provisions relative to reimbursement to the Lenders of
amounts sufficient to protect the yield of the Lenders with respect to the Loans, including, but not limited to, Sections 8.1, 8.4, 10.1, 10.5 and 10.12, shall survive the termination of this Agreement and the other Loan Documents and the payment of
the Obligations (other than contingent obligations not due and owing). 
 Section 10.7. Sharing of Payments by
Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other Obligations hereunder resulting in such Lender receiving payment
of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such Obligations greater than its Percentage share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the
Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such
payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them; provided that: 

(i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 
 (ii) the provisions of this clause (ii) shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement, or
(y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or the Seller (as to which the provisions of this clause
(ii) shall apply). 
 The Borrower and the Seller consents to the foregoing and agrees, to the extent it may effectively do so under
applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor
of the Borrower in the amount of such participation. 

  
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 Section 10.8. Notices; Effectiveness; Electronic Communication.
(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in Section 10.8(b) below), all notices and other communications provided for herein
shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or electronic mail as follows: 
 (i) if to the Borrower or the Seller, then to both of them at the following addresses: 
 Longtrain Leasing I, LLC 
 100 Clark Street Suite 200 

St. Charles, MO 63301 
 Attention: Michael Obertop 
 Telephone: (636) 940-6000 

Facsimile: (636) 940-6044 
 and 
 American Railcar Industries, Inc. 

100 Clark Street Suite 200 
 St. Charles, MO 63301 
 Attention: Diana Gould 

Telephone: (636) 940-6000 
 Facsimile: (636) 940-6044 
 (ii) if to the Administrative Agent: 

Fifth Third Bank 
 Fifth Third Center 
 38 Fountain Square Plaza 

Cincinnati, OH 45263 
 Attention: Loan Syndications/Judy Huls 
 Telephone: (513) 579-4224

 Facsimile: (513) 534-0875 

Email: judy.huls@53.com 
 (iii) if to a Lender, to it at its address (or facsimile number) set forth on its signature page hereto. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given
when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications, to
the extent provided in Section 10.8(b) below, shall be effective as provided in said Section 10.8(b). 

  
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 (b) Electronic Communications. Notices and other communications to the Lenders
hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to
any Lender pursuant to Section 2.1 or Section 2.3 if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such respective Section by electronic communication. The Administrative Agent or the
Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular
notices or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of
notification that such notice or communication is available and identifying the website address therefore, provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the
normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

(c) Change of Address, Etc. Any party hereto may change its address or telecopier number for notices and other communications
hereunder by written notice to the other parties hereto. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name,
telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. 
 (d) Platform. 
 (i) The Borrower and Seller agrees that the
Administrative Agent may make the Communications (as defined below) available to the Lenders by posting the Communications on Debtdomain, Intralinks, Syndtrak or a substantially similar electronic transmission system (the
“Platform”). 
 (ii) The Platform is provided “as is” and “as available.”
The Administrative Agent and its Related Parties do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including any
warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by the Administrative Agent or any of its Related Parties in connection with the
Communications or the Platform. In no event shall the Administrative Agent or any of its Related Parties have any liability to the Borrower, the Seller or any of their Subsidiaries, any Lender or any other Person or entity for damages of any kind,
including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, the Seller’s or the Administrative Agent’s transmission of
Communications through the Platform, other than as determined by a court of competent jurisdiction by a final and nonappealable judgment that such damages result from the Administrative Agent or any of its Related Parties’ gross negligence or
willful misconduct. “Communications” means, collectively, any notice, demand, communication, information, document or other material that the Borrower or the Seller provides to the Administrative Agent pursuant to any Loan Document
or the transactions contemplated therein which is distributed to the Administrative Agent and Lender by means of electronic communications pursuant to this Section, including through the Platform. 

  
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 Section 10.9. Successors and Assigns; Assignments and
Participations. (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except
that the Borrower may not assign or otherwise transfer any of its rights or obligations under any Loan Document without the prior written consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of Section 10.9(b) below, (ii) by way of participation in accordance with the provisions of Section 10.9(d) below or
(iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 10.9(e) below (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 10.9(d) below and, to the extent
expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitment(s) and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 
 (A) In the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment(s) and/or the Loans at the time owing to it or contemporaneous assignments to related Approved
Funds that equal at least the amount specified in Section 10.9(b)(i)(B) below in the aggregate or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) In any case of an assignment not described in Section 10.9(b)(i)(A) above, the aggregate amount of the
Commitment(s) (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than
$5,000,000, in the case of any assignment in respect of the Term Credit, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consent (each such consent not to be
unreasonably withheld or delayed). 

  
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 (ii) Proportionate Amounts. Each partial assignment shall be made as
an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by
Section 10.9(b)(i)(B) above and, in addition: 
 (A) the consent of the Borrower (such consent not to be
unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment, or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;
provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof; 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld, delayed, or conditioned) shall
be required for assignments in respect of any Term Loans to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund; 
 (iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of
$3,500; provided that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. 
 (v) No Assignment to Certain Persons. Notwithstanding anything else to the contrary herein or in any Loan Document, no Lender shall be or become, or assign any of its rights or obligations
hereunder to any Person (other than an Affiliate or Related Person of the Borrower) that itself is, or whose Affiliates or Related Persons are (i) primarily engaged in the manufacturing or leasing of railcars, (ii) an operating lessor of
rolling stock, and/or (iii) a competitor of the Servicer or the Borrower. 
 (vi) No Assignment to
Natural Persons. No such assignment shall be made to a natural person. 

  
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 Subject to acceptance and recording thereof by the Administrative Agent pursuant to this
Section 10.9(b), from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption,
have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 8.4, 10.1
and 10.12 with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be
treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 10.9(d) below, except that any assignment not in compliance with Section 10.9(b)(v) shall be null
and void at its inception. 
 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of the
Borrower, shall maintain a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment(s) of, and principal amounts (and stated interest) of the Loans owing
to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time
to time upon reasonable prior notice. 
 (d) Participations. Any Lender may at any time, without the consent of, or
notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a
portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment(s) and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 10.12(c) with respect to any payments made
by such Lender to its Participant(s). Notwithstanding anything else to the contrary herein or in any Loan Document, no Lender shall sell any Participation hereunder to any Person (other than an Affiliate or Related Person of the Borrower) that
itself is, or whose Affiliates or Related Persons are (i) primarily engaged in the manufacturing or leasing of railcars, (ii) an operating lessor of rolling stock, and/or (iii) a competitor of the Servicer or the Borrower. 

  
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 Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender
will not, without the consent of the Participant, agree to any amendment, modification or waiver described in Section 10.10(i) and (ii) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the
benefits of Sections 8.1, 8.4, 10.1 and 10.12 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.9(b) above; provided that such Participant (A) agrees to be subject to
the provisions of Section 10.2 as if it were an assignee under Section 10.2(b) above; and (B) shall not be entitled to receive any greater payment under Sections 8.4, 10.1 or 10.12, with respect to any participation, than its
participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells
a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 10.2(b) with respect to any Participant. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 10.13 as though it were a Lender; provided that such Participant agrees to be subject to Section 10.7 as though it were a Lender. Each Lender that sells a participation
shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or
other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant
or any information relating to a Participant’s interest in any Commitments, Loans, or its other Obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan or
other Obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register. 
 (e) Certain Pledges. Any Lender may at any time
pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such
pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. Notwithstanding anything else to the contrary herein or in any Loan Document, no
Lender shall pledge or assign a security interest in all or any portion of its rights under this Agreement to any Person (other than an Affiliate or Related Person of the Borrower) that itself is, or whose Affiliates or Related Persons are
(i) primarily engaged in the manufacturing or leasing of railcars, (ii) an operating lessor of rolling stock, and/or (iii) a competitor of the Servicer or the Borrower. 

(f) Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of
like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, the Ohio Uniform Electronic Transactions Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

  
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 Section 10.10. Amendments. Any provision of this Agreement or the other Loan
Documents may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by (a) the Borrower, (b) the Required Lenders (or the Administrative Agent with the consent of the Required Lenders), and (c) if
the rights or duties of the Administrative Agent are affected thereby, the Administrative Agent; provided that: 
 (i) no amendment or waiver pursuant to this Section 10.10 shall (A) increase or extend any Commitment of any Lender without the consent of such Lender, or (B) reduce or waive the amount of
or postpone the date for any scheduled payment (but not including any mandatory prepayment) of any principal of or interest on any Loan (except in connection with the waiver of acceptability of any post-default increase in interest rates (which
waiver shall be effective with the consent of the Required Lenders)) or of any fee payable hereunder without the consent of the Lender to which such payment is owing or which has committed to make such Loan (or participate therein) hereunder or
(C) change the application of payments set forth in Section 2.7 without the consent of any Lender adversely affected thereby. 
 (ii) no amendment or waiver pursuant to this Section 10.10 shall, unless signed by each Lender, increase the aggregate Commitments of the Lenders, change the definitions of Required Lenders or
Borrowing Base (or any defined terms used in the determination of Borrowing Base), change the provisions of this Section 10.10, contractually subordinate any of the Administrative Agent’s Liens in the Collateral (other than to Permitted
Liens), release all or substantially all of the Collateral (except as otherwise provided for in the Loan Documents), affect the number of Lenders required to take any action hereunder or under any other Loan Document, or change or waive any
provision of any Loan Document that provides for the pro rata nature of disbursements or payments to Lenders. 
 Notwithstanding anything
to the contrary herein, (i) any provision of this Agreement may be amended by an agreement in writing entered into by Borrower, the Required Lenders and the Administrative Agent if (A) by the terms of such agreement the Commitment of each
Lender not consenting to the amendment provided for therein shall terminate upon the effectiveness of such amendment and (B) at the time such amendment becomes effective, each Lender not consenting thereto receives payment (including pursuant
to an assignment to a replacement Lender in accordance with the terms herein) in full of the principal of and interest accrued on each Loan made by it and all other Obligations owing to it or accrued for its account under this Agreement,
(ii) the Collateral Documents and related documents executed by Borrower and Seller in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may be amended, modified, supplemented and waived with
the consent of the Administrative Agent and the Borrower without the need to obtain the consent of any other Person if such amendment, modification, supplement or waiver is delivered in order (A) to comply with local Legal Requirements
(including any foreign law or regulatory requirement) or advice of local counsel, (B) to cure ambiguities, inconsistency, omissions, mistakes or defects or (C) to cause such Collateral Document or other document to be consistent with this
Agreement and the other Loan Documents and (iii) if following the Closing Date, the Administrative Agent and the Borrower shall have jointly identified an ambiguity, inconsistency, obvious error, or mistake or any error, mistake or omission of
a technical or immaterial nature, in each case, in any provision of the Loan Documents (other than the Collateral Documents), then the Administrative Agent and the Borrower shall be permitted to amend such provision and such amendment shall become
effective without any further action or consent of any other party to any Loan Documents if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof. 

  
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 Section 10.11. Heading. Section headings used in this Agreement are for
reference only and shall not affect the construction of this Agreement. 
 Section 10.12. Expenses; Indemnity; Damage
Waiver. (a) Costs and Expenses. The Borrower shall pay (i) subject to the terms of the Engagement Letter, all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable
fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the Term Credit, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents,
(ii) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection with any amendments,
modifications or waivers of the provisions hereof or thereof and (iii) all reasonable out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the reasonable fees, charges and disbursements of any counsel for the
Administrative Agent and for a single counsel for all Lenders), in connection with any Early Amortization Event hereunder or with the enforcement or protection of its rights (including all such reasonable expenses incurred in connection with any
proceeding under the United States Bankruptcy Code involving any Borrower or any of its Affiliates as a debtor thereunder) (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or
(B) in connection with the Loans made hereunder, including all such reasonable out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each
Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all Damages (including the reasonable fees, charges and
disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower, the Servicer and the Seller other than such Indemnitee and its Related Parties) arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations
hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or Release of Hazardous Materials on
or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Claim related in any way to the Borrower, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any
of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower, the Servicer or the Seller, and regardless of whether any Indemnitee is a party thereto, provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the
gross negligence or willful misconduct of such Indemnitee as determined by a court of competent jurisdiction by final and nonappealable judgment, or (y) result from a claim brought by the Borrower or the Seller against an Indemnitee for breach
in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or Seller has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.
This Section 10.12(b) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any claim not related to any such Taxes. 

  
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 (c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required under Sections 10.12(a) or (b) to be paid by it to the Administrative Agent (or any sub-agent thereof), or any Related Party of any of the foregoing, each Lender severally agrees to pay to the
Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s Term Loan Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount
(including any such unpaid amount in respect of a claim asserted by such Lender), provided, that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent (or any such sub-agent) or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this
Section 10.12(c) are several and not joint. The Administrative Agent shall be entitled to offset amount received for the account of a Lender under this Agreement against unpaid amounts due from such Lender to the Administrative Agent hereunder
(whether as fundings of participations, indemnities or otherwise), but shall not be entitled to offset against amounts owed to the Administrative Agent by any Lender arising outside of this Agreement and the other Loan Documents. 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, neither the Borrower nor the Seller
shall assert, and each of the Borrower and the Seller hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan, or the use of the proceeds thereof. No Indemnitee shall be
liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the
other Loan Documents or the transactions contemplated hereby or thereby. 

  
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 (e) Payments. All amounts due under this Section shall be payable after demand
therefor. 
 (f) Survival. The obligations of the Borrower under this Section shall survive the termination of this
Agreement and the payment of Obligations hereunder. 
 Section 10.13. Set-off. If an Event of Default shall have
occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final, in whatever currency) at any time held, and other obligations (in whatever currency) at any time owing, by such Lender or any such Affiliate, to or for the credit or the account of the Borrower against any and
all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or their respective Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any demand under
this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit or
obligated on such Indebtedness. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have.
Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. As provided in
Section 10.9(d), each Participant and their respective Affiliates shall have the same rights as a Lender under this Section 10.13. 
 SECTION 10.14. GOVERNING LAW; JURISDICTION; ETC. (A) GOVERNING LAW.
THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY,
DISPUTE, OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR
OTHERWISE) BASED ON, ARISING OUT OF, OR RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS
EXPRESSLY SET FORTH THEREIN) SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO
CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW). 
 (B)
JURISDICTION. THE BORROWER AND SELLER IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY
KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR
IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, OR
ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO
OR THERETO, IN EACH CASE IN ANY FORUM OTHER THAN THE COURTS
OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND
OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW
YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF
ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED
IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS
BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY
LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL
AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY
OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR THE
SELLER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

  
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 (C) WAIVER OF
VENUE. THE BORROWER AND SELLER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT
MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN
SECTION 10.14(B) ABOVE. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN
ANY SUCH COURT. 
 (D) SERVICE OF
PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS
IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.8. NOTHING IN THIS
AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS
IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 
 Section 10.15. Severability of Provisions. Any provision of any Loan Document which is unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. All rights, remedies and powers provided in this Agreement and the other Loan Documents
may be exercised only to the extent that the exercise thereof does not violate any applicable mandatory provisions of law, and all the provisions of this Agreement and other Loan Documents are intended to be subject to all applicable mandatory
provisions of law which may be controlling and to be limited to the extent necessary so that they will not render this Agreement or the other Loan Documents invalid or unenforceable. 

Section 10.16. Excess Interest. Notwithstanding any provision to the contrary contained herein or in any other Loan Document,
no such provision shall require the payment or permit the collection of any amount of interest in excess of the maximum amount of interest permitted by applicable law to be charged for the use or detention, or the forbearance in the collection, of
all or any portion of the Loans or other obligations outstanding under this Agreement or any other Loan Document (“Excess Interest”). If any Excess Interest is provided for, or is adjudicated to be provided for, herein or in any
other Loan Document, then in such event (a) the provisions of this Section shall govern and control, (b) neither the Borrower nor any endorser shall be obligated to pay any Excess Interest, (c) any Excess Interest that the
Administrative Agent or any Lender may have received hereunder shall, at the option of the Administrative Agent, be (i) applied as a credit against the then outstanding principal amount of Obligations hereunder and accrued and unpaid interest
thereon (not to exceed the maximum amount permitted by applicable law), (ii) refunded to the Borrower, or (iii) any combination of the foregoing, (d) the interest rate payable hereunder or under any other Loan Document shall be
automatically subject to reduction to the maximum lawful contract rate allowed under applicable usury laws (the “Maximum Rate”), and this Agreement and the other Loan Documents shall be deemed to have been, and shall be, reformed
and modified to reflect such reduction in the relevant interest rate, and (e) neither the Borrower nor any endorser shall have any action against the Administrative Agent or any Lender for any Damages whatsoever arising out of the payment or
collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any of Borrower’s Obligations is calculated at the Maximum Rate rather than the applicable rate under this Agreement, and thereafter such
applicable rate becomes less than the Maximum Rate, the rate of interest payable on the Borrower’s Obligations shall remain at the Maximum Rate until the Lenders have received the amount of interest which such Lenders would have received during
such period on the Borrower’s Obligations had the rate of interest not been limited to the Maximum Rate during such period. 

  
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 Section 10.17. Construction. The parties acknowledge and agree that the Loan
Documents shall not be construed more favorably in favor of any party hereto based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially to the negotiation of the Loan Documents. Nothing contained
herein shall be deemed or construed to permit any act or omission which is prohibited by the terms of any Collateral Document, the covenants and agreements contained herein being in addition to and not in substitution for the covenants and
agreements contained in the Collateral Documents. 
 Section 10.18. Lender’s Obligations Several. The
obligations of the Lenders hereunder are several and not joint. Nothing contained in this Agreement and no action taken by the Lenders pursuant hereto shall be deemed to constitute the Lenders a partnership, association, joint venture or other
entity. 
 Section 10.19. USA Patriot Act. Each Lender hereby notifies the Borrower that pursuant to the
requirements of the Patriot Act it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the
Borrower in accordance with the Patriot Act. 
 Section 10.20. Waiver of Jury Trial. EACH
OF THE BORROWER, THE SELLER AND THE ADMINISTRATIVE AGENT AND THE
LENDERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  
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 Section 10.21. Treatment of Certain Information; Confidentiality. Each of the
Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that the Persons
to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have
jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or
similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the
enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in,
any of its rights and obligations under this Agreement or (ii) any actual or prospective party (or its Related Parties) to any Hedge Agreement under which payments are to be made by reference to the Borrower and its obligations, this Agreement
or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the Borrower or the Seller or the Term Credit or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance
and monitoring of CUSIP numbers with respect to the Term Credit, (h) with the consent of the Borrower, or (i) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section or
(B) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower. 
 For purposes of this Section, “Information” means all information received from the Borrower or the Seller relating to the Borrower or the Seller or any of their respective businesses,
other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or the Seller, provided that, in the case of information received from the Borrower or
the Seller after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

Section 10.22. Counterparts; Integration, Effectiveness. This Agreement may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any separate letter agreements with
respect to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject
matter hereof. Except as provided in Sections 3.1 and 3.2, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when
taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e. “pdf” or “tif”) format shall be
effective as delivery of a manually executed counterpart of this Agreement. 

  
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 SECTION 11. THE SELLER PERFORMANCE
AGREEMENT. 
 Section 11.1. The Seller Performance Agreement. To induce the Lenders to provide the
credits described herein and in consideration of benefits expected to accrue to the Borrower by reason of the Commitments and the Loans and for other good and valuable consideration, receipt of which is hereby acknowledged, the Seller hereby
unconditionally and irrevocably covenants to the Administrative Agent and the Lenders that: 
 (a) the Equipment and the related
Lease Agreements contributed to the Borrower pursuant to the Contribution Agreement and listed on Schedule A to the Security Agreement or on any Security Agreement Supplement have been selected by the Seller in good faith and without any adverse
selection among the equipment and related lease agreements owned by the Seller; 
 (b) the Seller shall cause the Servicer to
maintain, lease and re-lease the Equipment owned by the Borrower no less favorably than similar portfolios of Equipment serviced by the Servicer; 
 (c) if as of any Test Date, any Unit reported as of such Test Date as an Eligible Unit and included in the determination of the Borrowing Base was not an Eligible Unit as of such Test Date, the Seller
will either repurchase such Unit and the related Lease Agreement in accordance with the provisions set forth in Section 6.13(d) or replace such Unit with a Replacement Unit as set forth in Section 6.13(e), in each case, no later than 15
days after the applicable Test Date. 
 For the avoidance of doubt, the Seller shall be liable to the Borrower, the
Administrative Agent or any Lender for all representations, warranties, covenants and indemnities made by the Seller pursuant to the terms of this Agreement or any instrument or certificate delivered pursuant to the terms thereof, all of which
obligations are limited solely and exclusively so as not to constitute credit recourse to the Seller for losses arising from the financial inability of any Lessee to make its rental and other payments owed under the related Lease Agreements and/or
the failure of the Borrower or the Administrative Agent to realize any particular amount upon a sale or other disposition of Equipment, including in any foreclosure or similar liquidation. 

Section 11.2. Performance Undertaking Unconditional. The obligations of Seller under this Section 11 shall be
unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged, or otherwise affected by: 
  

	 	(a)	any extension, renewal, settlement, compromise, waiver, or release in respect of any obligation of the Borrower or other obligor or of any other guarantor under this
Agreement or any other Loan Document or by operation of law or otherwise; 

  
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	 	(b)	any modification or amendment of or supplement to this Agreement or any other Loan Document; 

 

	 	(c)	any change in the corporate existence, structure, or ownership of, or any proceeding under any Debtor Relief Law affecting, the Borrower or other obligor, any other
guarantor, or any of their respective assets, or any resulting release or discharge of any obligation of the Borrower or other obligor or of any other guarantor contained in any Loan Document; 

 

	 	(d)	the existence of any claim, set-off, or other rights which the Borrower or other obligor or any other guarantor may have at any time against the Administrative Agent,
any Lender or any other Person, whether or not arising in connection herewith; 

  

	 	(e)	any failure to assert, or any assertion of, any claim or demand or any exercise of, or failure to exercise, any rights or remedies against the Borrower or other
obligor, any other guarantor, or any other Person or Property; 

  

	 	(f)	any application of any sums by rights of set-off, counterclaim or similar rights to any obligation of the Borrower or other obligor, regardless of what obligations of
the Borrower or other obligor remain unpaid, including the Obligations; 

  

	 	(g)	any invalidity or unenforceability relating to or against the Borrower or other obligor or any other guarantor for any reason of this Agreement or of any other Loan
Document or any provision of applicable law or regulation purporting to prohibit the payment by the Borrower or other obligor or any other guarantor of the principal of or interest on any Loan or any other amount payable under the Loan Documents; or

  

	 	(h)	any other act or omission to act or delay of any kind by the Administrative Agent, any Lender or any other Person or any other circumstance whatsoever that might, but
for the provisions of this clause (h), constitute a legal or equitable discharge of the obligations of the Seller under this Section 11. 

 Section 11.3. Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances. Seller’s obligations under this Section 11 shall remain in full force and effect until the
Commitments are terminated and the principal of and interest on the Loans and all other Obligations payable by the Borrower under this Agreement and all other Loan Documents (other than any contingent or indemnification obligations not then due)
shall have been paid in full or collateralized in a manner reasonably acceptable to the Lender to whom such obligations are owed. If at any time any payment of the principal of or interest on any Loan or any other amount payable by the Borrower or
other obligor or the Seller under the Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or other obligor or of the Seller, or otherwise, Seller’s obligations
under this Section 11 shall be reinstated at such time as though such payment had become due but had not been made at such time. 

  
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 Section 11.4. Subrogation. Seller agrees it will not exercise any rights which
it may acquire by way of subrogation by any payment made hereunder, or otherwise, until all the Obligations (other than any contingent or indemnification obligations not then due) shall have been paid in full or collateralized in a manner reasonably
acceptable to the Lender to whom such obligations are owed subsequent to the termination of all the Commitments. If any amount shall be paid to the Seller on account of such subrogation rights at any time prior to the later of (a) the payment
in full of the Obligations and all other amounts payable by the Borrower hereunder and the other Loan Documents (other than any contingent or indemnification obligations not then due) (b) the termination of the Commitments, such amount shall be
held in trust for the benefit of the Administrative Agent, the Lenders and their Affiliates and shall forthwith be paid to the Administrative Agent for the benefit of the Lenders and their Affiliates or be credited and applied upon the Obligations
whether matured or unmatured, in accordance with the terms of this Agreement. 
 Section 11.5. Subordination. Seller
hereby subordinates the payment of all indebtedness, obligations, and liabilities of the Borrower owing to the Seller, whether now existing or hereafter arising, to the indefeasible payment in full in cash of all Obligations (other than any
contingent obligations not due and owing). During the existence of any Event of Default, subject to Section 11.4 above, any such indebtedness, obligation, or liability of the Borrower owing to the Seller shall be enforced and performance
received by the Seller as trustee for the benefit of the holders of the Obligations and the proceeds thereof shall be paid over to the Administrative Agent for application to the Obligations (whether or not then due), but without reducing or
affecting in any manner the liability of the Seller under this Section 11 (it being understood that while an Event of Default is not occurring, Seller shall not be required to remit to the Administrative Agent any payments received from the
Borrower). 
 Section 11.6. Waivers. Seller irrevocably waives acceptance hereof, presentment, demand, protest, and
any notice not provided for herein, as well as any requirement that at any time any action be taken by the Administrative Agent, any Lender or any other Person against the Borrower or other obligor, another guarantor, or any other Person.

 Section 11.7. Limit on Recovery. Notwithstanding any other provision hereof, the right of recovery against Seller
under this Section 11 shall not exceed $1.00 less than the lowest amount which would render Seller’s obligations under this Section 11 void or avoidable under applicable law, including fraudulent conveyance law. 

Section 11.9. Benefit to the Seller. The Borrower and the Seller are engaged in related businesses and integrated to such an
extent that the financial strength and flexibility of the Borrower has a direct impact on the success of Seller. Seller will derive substantial direct and indirect benefit from the extensions of credit hereunder. 

Section 11.10. No Bankruptcy Petition. The Seller will not, prior to the date that is one year and one day after the
payment in full of all Obligations and other amounts owing pursuant to this Agreement and the other Loan Documents, institute against the Borrower or join any other Person in instituting against the Borrower, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceedings under any Debtor Relief Law. This Section 11.20 shall survive the termination of this Agreement. 

[SIGNATURE PAGES TO FOLLOW] 

  
 -94-

Table of Contents

 This Agreement is entered into between us for the uses and purposes hereinabove set forth as
of the date first above written. 
  

			
	“BORROWER”
	
	LONGTRAIN LEASING I, LLC
		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 
	
	“Seller”
	
	AMERICAN RAILCAR INDUSTRIES, INC.
		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 

  
 Signature
Page to Credit Agreement 

Table of Contents

 
			
	“Lenders”
	
	 FIFTH THIRD BANK, as a Lender and as Administrative
Agent

		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 
	
	KEY EQUIPMENT FINANCE INC., as a Lender
		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 
	
	Notice Information:
	
	 1000 S. McCaslin Boulevard
 Superior, CO 80027
 Attention: Richard Anderson

Telephone: (720) 304-1247
 Telecopy:
(216) 370-9166
 Email: richard.s.anderson@key.com

  
 Signature
Page to Credit Agreement 

Table of Contents

 
			
	 WELLS FARGO BANK,
NATIONAL ASSOCIATION, as a Lender

		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 
	
	 Notice Information:

	
	 14241 Dallas Parkway

Suite 1300
 Dallas, TX 75254

Attention: Jason Farr
 Telephone:
(972) 851-9238
 Telecopy: (866) 618-6448
 Email: jason.k.farr@wellsfargo.com

  
 Signature
Page to Credit Agreement 

Table of Contents

 
			
	CRÉDIT INDUSTRIEL ET COMMERCIAL, as a Lender
		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 
		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 
	
	Notice Information:
	
	 520 Madison Avenue

New York, NY 10022
 Attention: Laura
Carosi
 Telephone: (212) 715-4541

Telecopy: (212) 715-4477
 Email:
lcarosi@cicny.com

  
 Signature
Page to Credit Agreement 

Table of Contents

 
			
	COMERICA LEASING CORPORATION, as a Lender
		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 
	
	Notice Information:
	
	 39200 West Six Mile Road
 4th Floor/MC 7577
 Livonia, MI 48152
 Attention: Maureen Patterson
 Telephone: (734) 632-7156

Telecopy: (734) 632-5016
 Email:
mmpatterson@comerica.com

  
 Signature
Page to Credit Agreement 

Table of Contents

 
			
	DVB BANK SE, as a Lender
		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 
		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 
	
	Notice Information:
	
	 Platz der Republik 6

60325 Frankfurt am Main/Germany
 Attention: Herta
Jung
 Telephone: +49 69 9750 4505

Telecopy: +49 69 9750 4526
 Email:
herta.jung@dvbbank.com

  
 Signature
Page to Credit Agreement 

Table of Contents

 
			
	 REGIONS COMMERCIAL EQUIPMENT FINANCE, LLC, as a
Lender

		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 
		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 
	
	Notice Information:
	
	 8182 Maryland Avenue

Suite 1100
 St. Louis, MO 63105

Attention: Anne Silvestri
 Telephone:
(314) 615-2372
 Telecopy: (314) 615-2355
 Email: anne.silvestri@regions.com

  
 Signature
Page to Credit Agreement 

Table of Contents

 
			
	FIRST BANK, as a Lender
		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 
		
	By	 	  

		 	Name                             
                                        

		 	Title                             
                                         
 
	
	Notice Information:
	
	 600 James S. McDonnell Boulevard
 Hazelwood, MO 63042
 Attention: Sandy Randle

Telephone: (314) 592-2771
 Telecopy:
(314) 592-2760
 Email: sandy.randle@fbol.com

  
 Signature
Page to Credit AgreementConsent Agreement and Second Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1 
 CONSENT AGREEMENT AND SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 This CONSENT AGREEMENT AND SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of December 21, 2012, among LBI MEDIA, INC., a California
corporation (the “Borrower”), THE GUARANTORS PARTY HERETO, THE LENDERS PARTY HERETO and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent (in such capacity, the “Administrative Agent”), and as
Collateral Trustee (in such capacity, the “Collateral Trustee”). 
 WHEREAS, the Borrower, the
Guarantors, the Administrative Agent, the Collateral Trustee and the lenders from time to time party hereto are party to the 2011 Credit Agreement referred to below; 
 WHEREAS, in connection with the 2012 Exchange Offers, the Borrower has requested the consents more particularly set forth herein; 

WHEREAS, in connection with the closing of the 2012 Exchange Transactions, the Borrower has requested certain amendments to the
2011 Credit Agreement as more particularly set forth herein; 
 WHEREAS, on the terms and subject to the conditions set
forth herein, the Lenders party hereto, the Administrative Agent and the Collateral Trustee are willing to grant the consents set forth herein and, upon the satisfaction of additional conditions set forth herein, to so amend the 2011 Credit
Agreement; 
 NOW, THEREFORE, in consideration of the foregoing and the agreements contained herein, the parties hereto
hereby agree as follows: 
  

	 	1.	REFERENCE TO CREDIT AGREEMENT; DEFINITIONS. 

 (a) Reference is made to the Amended and Restated Credit Agreement dated as of March 18, 2011, as amended by that certain Consent Agreement and First Amendment to Amended and Restated Credit
Agreement (the “First Amendment”) dated as of November 19, 2012 (as may have been amended from time to time prior to the date hereof, the “2011 Credit Agreement”), among the Borrower, the Guarantors, the
lenders from time to time party thereto, the Administrative Agent and the Collateral Trustee. 
 (b) Certain capitalized terms
used herein shall have the meanings given to such terms on Schedule 1 attached hereto or Schedule 1 attached to the First Amendment and made a part hereof. 
 (c) Capitalized terms used herein which are defined in the 2011 Credit Agreement have the same meanings herein as therein, except to the extent that such meanings are amended hereby. 

  
 1 

 (d) The following definitions as set forth in Schedule 1 to the First Amendment are hereby
amended and restated in their entirety to read as follows: 
 “2012 Exchange Documents” means,
collectively, (A) that certain Indenture to be entered into in connection with the Second Priority Secured Subordinated Notes, (B) that certain Indenture to be entered into in connection with the New Media Holdings Senior Notes,
(C) that certain Supplemental Indenture to be entered into with respect to the Senior Notes and (D) that certain Supplemental Indenture to be entered into with respect to the Senior Subordinated Notes, each of which shall be subject to the
requirements of Section 5.2(g)(ii) of this Amendment. 
 “2012 Exchange Offer Documents”
mean, collectively (i) that certain Confidential Offering Memorandum and Consent Solicitation Statement dated July 17, 2012 made by the Borrower and Media Holdings with respect to the Senior Subordinated Notes and Media Holdings Discount
Notes, as supplemented by the Supplement to the Offering Memorandum and Consent Solicitation Statement dated July 24, 2012, as further supplemented by the press releases issued by Borrower on August 14, 2012, August 30,
2012, September 21, 2012, October 5, 2012, October 12, 2012, October 26, 2012, November 2, 2012, November 13, 2012, November 19, 2012, December 4,
2012, December 10, 2012 and December 11, 2012, the Second Supplement to the Offering Memorandum and Consent Solicitation Statement dated October 12, 2012, the Third Supplement to the Confidential Offering Memorandum and Consent
Solicitation Statement dated October 18, 2012, the Fourth Supplement to the Confidential Offering Memorandum and Consent Solicitation Statement dated October 26, 2012, the Fifth Supplement to the Confidential Offering Memorandum and
Consent Solicitation Statement dated November 2, 2012, the Sixth Supplement to the Confidential Offering Memorandum and Consent Solicitation Statement dated November 19, 2012, and the Seventh Supplement to the Confidential Offering
Memorandum and Consent Solicitation Statement dated December 11, 2012, and (ii) that certain Consent Solicitation Statement dated July 17, 2012 made by the Borrower with respect to the Senior Notes, as supplemented by the press
releases issued by Borrower on August 14, 2012, August 30, 2012 September 21, 2012, October 5, 2012, October 12, 2012, October 26, 2012, November 2, 2012, November 13,
2012, November 19, 2012, December 4, 2012, December 10, 2012 and December 11, 2012, and as further supplemented by the Supplement to the Consent Solicitation Statement dated October 12, 2012, the Second
Supplement to Consent Solicitation Statement dated October 18, 2012, the Third Supplement to Consent Solicitation Statement dated November 2, 2012, the Fourth Supplement to Consent Solicitation Statement dated November 19, 2012 and
the Fifth Supplement to Consent Solicitation Statement dated December 11, 2012, in each case as may be further amended, supplemented or modified in a manner reasonably satisfactory to the Required Lenders and as delivered to the Administrative
Agent and Required Lenders prior to the Amendment Effective Date; provided that the amount of Second Priority Secured Subordinated Notes offered in exchange for Media Holdings Discount Notes may be increased to an amount that does not exceed
$10.0 million in aggregate principal amount without the consent of Required Lenders. 
 “2012 Exchange
Offers” means (A) the offer to exchange (i) Second Priority Secured Subordinated Notes and (ii) 2012 Exchange Offer Warrants for any and all outstanding Senior Subordinated Notes and (B) the offer to exchange either
(i) Second Priority Secured Subordinated Notes for any and all outstanding Media Holdings 

  
 2 

 
Discount Notes or (ii) New Media Holdings Senior Notes for any and all outstanding Media Holdings Discount Notes, each in accordance with the 2012 Exchange Offer Documents. 

“Priority Lien Intercreditor Agreement” means that certain intercreditor agreement to be entered into by
and among the Borrower, the guarantors from time to time party thereto, the Collateral Trustee, the trustee under the Second Priority Secured Subordinated Notes Indenture, as trustee and collateral agent, and the other first priority lien debt
representatives and subordinated lien debt representatives from time to time party thereto, in substantially the form attached as Exhibit B to this Amendment. 
 2. CONSENTS. Effective upon the satisfaction of the conditions set forth in Section 5.1 below, notwithstanding anything in any of the Loan Documents to the contrary, the Administrative Agent
and the Lenders party hereto hereby consent to the closing of the 2012 Exchange Transactions in accordance with the 2012 Exchange Offer Documents and upon the terms and conditions contained in this Amendment (collectively, the
“Consents”). 
 3. AMENDMENTS. Effective upon the satisfaction of the conditions set forth in
Section 5.2 below, the 2011 Credit Agreement (including all Exhibits and Schedules thereto) shall automatically be amended in its entirety to read as set forth in Exhibit A hereto, except as may be revised on such date to complete or
finalize any bracketed items contained therein (as so amended and completed, the “2012 Credit Agreement”). 

4. REPRESENTATIONS AND WARRANTIES. The Credit Parties hereby represent and warrant that, as of the Consent Effective Date (defined
below): 
 (a) Authorization; Enforceability. 

(i) This Amendment has been duly authorized, executed and delivered by each Credit Party or Empire Burbank that is a party
hereto, and constitutes the legal, valid and binding obligations of such Credit Party or Empire Burbank, as applicable, enforceable in accordance with their respective 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. 

(ii) The 2012 Exchange Offers have been duly authorized by each applicable Credit Party. 

(b) Governmental Approvals; No Conflicts. The execution of this Amendment and the launch of the 2012 Exchange Offer (a) do
not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to Collateral Trustee for
filing and/or recordation, and except that certain actions taken in furtherance of the rights under Article 8 of the 2011 Credit Agreement may require prior consent of the FCC under the Communications Act, (b) will not violate any
applicable law, policy or regulation or the organizational documents of any Credit Party or Empire Burbank that is a party to this Amendment or the other Loan Documents or any order of any Governmental Authority where

  
 3 

 
any violation would have a Material Adverse Effect, (c) will not violate or result in a default under any material indenture, agreement or other instrument binding upon any Credit Party or
Empire Burbank, or any assets, or give rise to a right thereunder to require any payment to be made by any Credit Party or Empire Burbank, where any such violation or default or right to payment would have a Material Adverse Effect, and
(d) except for the Liens created by the Collateral Agreements, will not result in the creation or imposition of any material Lien on any asset of any Credit Party or Empire Burbank. 

(c) Financial Condition; No Material Adverse Change. 

(i) The Borrower has heretofore delivered or shall deliver to the Lenders the following financial statements on or prior
to the Amendment Effective Date: 
 (A) the audited consolidated balance sheet, statements of earnings,
statements of stockholders’ equity, statements of cash flows and notes to consolidated financial statements of Holdings and the applicable Credit Parties and Empire Burbank as of and for the fiscal year ended December 31, 2011, accompanied
by an opinion of Deloitte & Touche independent public accountants; 
 (B) the pro forma unaudited
consolidated balance sheet as of the Amendment Effective Date prepared by the Borrower under the assumption that the 2012 Exchange Transactions have been consummated; and 

(C) projected statements of cash flow for the Credit Parties and Empire Burbank for fiscal years 2012 through 2016, which,
for fiscal years 2012 and 2013, were prepared on a quarterly basis. 
 Such financial statements (except for any portion thereof
which represents a projection or assumption as to future events of the date of such statement, including any financial projections and pro formas) in the Borrower’s opinion present fairly, in all material respects, the respective actual
consolidated financial position and results of operations and cash flows of the respective entities as of such respective dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the
case of such unaudited statements. Such pro forma statements were prepared by the Credit Parties in good faith and incorporate adjustments that were reasonable when made. Such projections were prepared by the Credit Parties in good faith and were
based on assumptions that the Credit Parties believed were reasonable when made. 
 (ii) Since December 31,
2011, there has been no change in the business, assets, operations or condition, financial or otherwise, of the Credit Parties and Empire Burbank taken as a whole from that set forth in the December 31, 2011 audited consolidated financial
statements referred to in clause (A) of paragraph (c)(i) above that has a Material Adverse Effect. 
 (iii)
None of the Credit Parties or Empire Burbank has on the date hereof any contingent liabilities, liabilities for taxes, long term leases or unusual forward or long-

  
 4 

 
term commitments in each case that are material in relation to the Credit Parties and Empire Burbank taken as a whole, except as referred to or reflected or provided for in the balance sheet as
at the end of the fiscal year ended in 2011 (or notes thereto), referred to above, as provided for in Schedule 4.1(c) to this Amendment, or as otherwise expressly provided in this Agreement, or as referred to or reflected or provided for
in the financial statements described in this Section 4.1(c). 
 (d) No Defaults. At the time
of and immediately after giving effect to this Amendment and the 2012 Exchange Offers, no Default or Event of Default shall have occurred and be continuing. 
 (e) Other Representations and Warranties. The representations and warranties of each Credit Party set forth in the 2011 Credit Agreement and the other Loan Documents in effect on the date hereof
are true and correct in all material respects, both before and after giving effect to this Amendment and the 2012 Exchange Offers (or, if any such representation or warranty is expressly stated to have been made as of an earlier date, such
representation or warranty shall have been true and correct in all material respects as of such earlier date). 
 5.
CONDITIONS PRECEDENT.  
 5.1. Conditions Precedent to Consent. The Consent shall become effective upon the
satisfaction of the each of the following conditions (such date, the “Consent Effective Date”): 
 (a)
Execution of Amendment. The Administrative Agent shall have received from the Borrower, each Guarantor party hereto, the Administrative Agent, the Collateral Trustee and the Required Lenders a counterpart of this Amendment signed on behalf of
such party. 
 (b) Good Standing Certificates. The Administrative Agent shall have received such documents and
certificates as the Administrative Agent or Special Counsel may reasonably request relating to the existence and good standing of Empire Burbank, each Credit Party and each Holding Company. 

(c) 2012 Exchange Offer Documents. The Administrative Agent and Required Lenders shall have received true and correct copies of
the 2012 Exchange Offer Documents. The 2012 Exchange Offer Documents contain an accurate and complete description of the 2012 Exchange Offer and there are no material disclosure documents, or material agreements pertaining to the 2012 Exchange Offer
except as set forth in the definition of “2012 Exchange Offer Documents.” 
 (d) Representations and
Warranties. The representations and warranties contained in Section 4 of this Amendment shall be true and correct in all material respects. 
 5.2. Conditions Precedent to Amendment. The 2012 Credit Agreement shall automatically become effective upon the satisfaction of each of the following conditions (such date, the “Amendment
Effective Date”): 
 (a) Execution of Priority Lien Intercreditor Agreement. The Administrative Agent shall have
received from the Borrower, each Guarantor party thereto, the Administrative Agent, 

  
 5 

 
the Collateral Trustee, the trustee under the Second Priority Secured Subordinated Notes Indenture, as trustee and collateral agent, and the other first priority lien debt representatives and
subordinated lien debt representatives from time to time party thereto, a counterpart of the Priority Lien Intercreditor Agreement in the form attached as Exhibit B hereto signed on behalf of such party. 

(b) Certificate Regarding Permitted Incurrence of Loans. The Administrative Agent shall have received from a Financial Officer of
the Borrower a certificate, in form and substance satisfactory to the Administrative Agent, to the effect that (A) the Loans under the 2012 Credit Agreement (assuming $50,000,000 of such Loans were incurred on the Amendment Effective Date) (the
“Original Revolving Credit Loans”), are permitted to be incurred under, clause (i) of the second paragraph of Section 4.09 of each of the New Media Holdings Senior Notes Indenture and the Second Priority Secured
Subordinated Notes Indenture, (B) the Original Revolving Credit Loans are permitted to be secured by the assets of the Credit Parties under Section 4.12 of, and clause (1) of the definition of “Permitted Liens” in
Section 1.01 of, each of the New Media Holdings Senior Notes Indenture and the Second Priority Secured Subordinated Notes Indenture and (C) the 2012 Credit Agreement, as in effect on the Amendment Effective Date, constitutes a “Credit
Agreement” as defined in each such indenture. 
 (c) Solvency Certificate. 

(i) The Administrative Agent shall have received a certificate in form and substance reasonably acceptable to Borrower
and the Administrative Agent, from a Financial Officer of the Borrower to the effect that, as of the Amendment Effective Date and after giving effect to the 2012 Exchange Transactions: (a) the aggregate value of all properties of the Credit
Parties at their present fair saleable value on a going concern basis (i.e., the amount that may be realized within a reasonable time, considered to be six months to one year, either through collection or sale at the regular market value,
conceiving the latter as the amount that could be obtained for such properties within such period by a capable and diligent businessman from an interested buyer who is willing to purchase under ordinary selling conditions), exceed the amount of all
the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of the Credit Parties; (b) the Credit Parties will not, on a consolidated basis, have unreasonably small capital with which to conduct their
business operations as heretofore conducted; and (c) the Credit Parties will have, on a consolidated basis, sufficient cash flow to enable them to pay their debts as they mature. 

(ii) Such certificate shall include a statement to the effect that the financial projections and underlying assumptions
contained in such analysis are, fair and reasonable in the opinion of such Financial Officer at the time when made. 
 (d)
Corporate Matters. The Administrative Agent shall have received from the Borrower, each Holding Company and each Guarantor, a secretary’s certificate (a) as to the incumbency of officers of such Person, (b) as to the
authorizing resolutions of such Person to execute and deliver the Priority Lien Intercreditor Agreement and the documents relating to the 2012 Exchange Transactions to which such Person is a party and (c) certifying that there have been no
changes to such Person’s organizational documents since the Consent Effective Date. 

  
 6 

 (e) Necessary Governmental Authorizations and Consents; Expiration of Waiting Periods,
Etc. Except as set forth on Schedule 5.2(e) to this Amendment, the Credit Parties have obtained all permits, licenses, authorizations or consents from all Governmental Authorities (including the FCC) and all consents of other Persons with
respect to Material Indebtedness, in each case that are necessary in connection with the 2012 Exchange Transactions, and the continued operation of the Broadcast Stations operated and business conducted, and proposed to be conducted, by the Credit
Parties, in substantially the same manner as conducted by the Credit Parties prior to the Amendment Effective Date, and each of the foregoing shall be in full force and effect, in each case other than those the failure to obtain or maintain which,
either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. No action, request for stay, petition for review or rehearing, reconsideration or appeal with respect to any of the foregoing shall be
pending, and the time for any applicable Governmental Authority to take action to set aside its consent on its own motion shall have expired. 
 (f) Representations and Warranties. The Credit Parties hereby represent and warrant that, as of the Amendment Effective Date (defined below), the representations and warranties of each Credit Party
set forth in the 2012 Credit Agreement and the other Loan Documents in effect on the Amendment Effective Date are true and correct in all material respects, both before and after giving effect to the 2012 Exchange Transactions (or, if any such
representation or warranty is expressly stated to have been made as of an earlier date, such representation or warranty shall have been true and correct in all material respects as of such earlier date). 

(g) 2012 Exchange Transaction. 
 (i) The 2012 Exchange Transactions shall have been consummated in accordance with the terms of the 2012 Exchange Offer Documents with no amendment, waivers or other modifications thereto, unless the same
have been consented to in writing by the Required Lenders; provided that the amount of Second Priority Secured Subordinated Notes offered to holders of Media Holdings Discount Notes may be increased to an amount that does not exceed $10.0
million in aggregate principal amount. 
 (ii) The Administrative Agent shall have received true, correct,
complete, fully-executed copies of the 2012 Exchange Documents which shall (A) be satisfactory to the Required Lenders in their reasonable discretion (it being understood that the Required Lenders shall be deemed to be so satisfied to the
extent (1) the 2012 Exchange Documents contain the same terms and conditions as the 2012 Exchange Offer Documents, (2) contain terms and conditions which have been consented to in writing by the Required Lenders or (3) contain
administrative or mechanical terms that are the same as those in the Media Holdings Discount Notes Indenture); and (B) shall contain the same terms and conditions as the 2012 Exchange Offer Documents except to the extent any changes thereto
have been consented to in writing by the Required Lenders. 
 (iii) At least fifty percent (50%) of the
outstanding principal amount of the Media Holdings Discount Notes not held by Media Holdings shall have been validly tendered and accepted (and not revoked) and exchanged for Second Priority Secured Subordinated Notes and New Media Holdings Senior
Notes. 

  
 7 

 (iv) The Senior Subordinated Noteholder Consent shall have been obtained.

 (h) Opinions. The Administrative Agent shall have received favorable written opinions (addressed to the Administrative
Agent and the Lenders and dated the Amendment Effective Date) of (i) O’Melveny & Myers LLP, special counsel to the Credit Parties and (ii) Wiley Rein LLP, special FCC counsel to the Credit Parties (and each Credit Party
hereby requests each such counsel to deliver such opinions), each in form and substance reasonably acceptable to the Administrative Agent. 
 (i) Lien Searches and UCC Termination Statements. Delivery to the Administrative Agent of the results of recent searches, by one or more Persons satisfactory to the Administrative Agent, with
respect to UCC financing statements and judgment and tax lien filings which may have been made with respect to any personal or mixed property of the Credit Parties, together with copies of all such filings disclosed by such search, and UCC
termination statements for filing in all applicable jurisdictions as may be necessary to terminate any effective UCC financing statements or fixture filings encumbering the assets of the Credit Parties (other than any such financing statements or
fixture filings in respect of Liens permitted to remain outstanding pursuant to the terms of the Credit Agreement). 
 (j)
Financial Statements. The Administrative Agent shall have received from the Credit Parties the certified financial statements, operating projections and budgets described in Section 4.1(c) of this Amendment. 

(k) Fees and Expenses. The Administrative Agent shall have received all reasonable fees and other amounts due and payable to such
Persons and Special Counsel at or prior to the Amendment Effective Time, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 

(l) Outside Date. The Amendment Effective Date shall have occurred not later than December 31, 2012. 

The closing of the 2012 Exchange Transactions shall be deemed to constitute a representation and warranty by the Credit Parties that the
conditions precedent set forth in clauses (e), (f) and (g) above have been satisfied. 
 6. MISCELLANEOUS.

 6.1. Except to the extent specifically amended, consented or waived hereby, the Credit Agreement, the Loan Documents and all
related documents shall remain in full force and effect. Whenever the terms or sections amended hereby shall be referred to in the Credit Agreement, Loan Documents or such other documents (whether directly or by incorporation into other defined
terms), such terms or sections shall be deemed to refer to those terms or sections as amended by this Amendment. The amendments effected hereby shall not effect a restatement of, or cause a novation of any obligations under, any of the Loan
Documents. 
 6.2. This Amendment may be executed in any number of counterparts, each of which, when executed and delivered,
shall be an original, but all counterparts shall together constitute one instrument. 

  
 8 

 6.3. This Amendment and all issues arising with respect hereto, including the validity or
enforceability of any agreement contained herein and the issue of usury with respect to the transactions contemplated hereby, shall be construed in all respects in accordance with and governed by the law of the State of New York. 

6.4. The Credit Parties agree to pay all reasonable expenses, including reasonable legal fees and disbursements incurred by the
Administrative Agent in connection with this Amendment and the transactions contemplated hereby. 
 6.5. Each of the Required
Lenders party hereto authorizes and directs the Administrative Agent to enter into such documents and agreements as may be reasonably necessary in order to effect this Amendment and the 2012 Exchange Transactions. 

6.6. Upon the completion or finalization of any information contained in the 2012 Credit Agreement attached hereto as Exhibit A
prior to the Amendment Effective Date, such Exhibit A shall be replaced with the fully completed and finalized version of the 2012 Credit Agreement, which shall be acceptable to the Borrower, the Administrative Agent and the Required Lenders.
Immediately upon the Amendment Effective Date, all references in the Loan Documents to the “Credit Agreement” shall be deemed to refer to the 2012 Credit Agreement as so completed and finalized. 

(Signatures begin on the next page.) 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment which shall be
deemed to be a sealed instrument as of the date first above written. 
  

							
	BORROWER

 
							
	
	LBI MEDIA, INC., a California corporation

 
					
		
	By:	 	 /s/ Blima Tuller

		 	Print Name:	 	 Blima Tuller

		 	Title:	 	 Chief Financial Officer

 

							
	GUARANTORS	 	
		
	LIBERMAN TELEVISION OF HOUSTON LLC	 	
	KZJL LICENSE LLC	 	
	LIBERMAN TELEVISION LLC	 	
	KRCA TELEVISION LLC	 	
	KRCA LICENSE LLC	 	
	LIBERMAN BROADCASTING OF CALIFORNIA LLC	 	
	LBI RADIO LICENSE LLC	 	
	LIBERMAN BROADCASTING OF HOUSTON LICENSE LLC	 	
	LIBERMAN BROADCASTING OF HOUSTON LLC	 	
	LIBERMAN BROADCASTING OF DALLAS LLC	 	
	LIBERMAN BROADCASTING OF DALLAS LICENSE LLC	 	
	LIBERMAN TELEVISION OF DALLAS LLC	 	
	LIBERMAN TELEVISION OF DALLAS LICENSE LLC	 	
	EMPIRE BURBANK STUDIOS LLC	 	

  

					
		
	By:	 	 /s/ Blima Tuller

		 	Print Name:	 	 Blima Tuller

		 	Title:	 	 Chief Financial Officer

 
					
	HOLDING COMPANIES
	
	Solely with respect to provisions of Section 7.15 of the Credit Agreement:
	
	LIBERMAN BROADCASTING, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Blima Tuller

		 	Print Name:	 	 Blima Tuller

		 	Title:	 	 Chief Financial Officer

	
	 LBI MEDIA HOLDINGS, INC.,

a Delaware corporation

		
	By:	 	 /s/ Blima Tuller

		 	Print Name:	 	 Blima Tuller

		 	Title:	 	 Chief Financial Officer

 
					
	ADMINISTRATIVE AGENT
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent and Lender
		
	By:	 	 /s/ Bill O’Daly

		 	Name:	 	    Bill O’Daly
		 	Title:	 	    Director

  

					
	By:	 	 /s/ Michael D’Onofrio

		 	Name:	 	    Michael D’Onofrio
		 	Title:	 	    Associate

  

					
	COLLATERAL AGENT
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Collateral Agent
		
	By:	 	 /s/ Bill O’Daly

		 	Name:	 	    Bill O’Daly
		 	Title:	 	    Director

  

					
	By:	 	 /s/ Michael D’Onofrio

		 	Name:	 	    Michael D’Onofrio
		 	Title:	 	    Associate

 
					
	LENDER
	
	MIHI LLC
		
	By:	 	 /s/  Michael Silverton

		 	 Name:
	 	Michael Silverton
		 	 Title:
	 	Authorized Signatory
		
	By:	 	 /s/  Thomas G. Fitzgerald

		 	 Name:
	 	Thomas G. Fitzgerald
		 	 Title:
	 	Authorized Signatory

 Schedule 1 

Defined Terms 
 “Second Priority Secured Subordinated Notes” means the 11 1/2/13 1/2% PIK Toggle Second Priority Secured Subordinated Notes due 2020 to be issued by the
Borrower and the related subsidiary guarantees issued under a Second Priority Secured Subordinated Notes Indenture which shall be on the terms and conditions set forth in the 2012 Exchange Documents in an original aggregate principal amount not to
exceed the aggregate principal amount of Second Priority Secured Subordinated Notes issued in connection with the 2012 Exchange Offers (which will equal the sum of (a) 60% of the aggregate principal amount of Senior Subordinated Notes exchanged
for Second Priority Secured Subordinated Notes plus (b) 40% of the aggregate principal amount of Media Holdings Discount Notes exchanged for Second Priority Secured Subordinated Notes) (excluding any interest paid in kind thereon) plus the
principal amount of any additional Second Priority Secured Subordinated Notes constituting Permitted New Second Priority Debt (as defined in the 2012 Credit Agreement) (excluding any interest paid in kind thereon), and any additional notes issued
evidencing any interest paid in kind thereon, as amended, supplemented or otherwise modified from time to time as permitted hereunder. 
 “Senior Subordinated Noteholder Consent” means the consent of the holders of at least a majority of the aggregate principal amount of the Senior Subordinated Notes entitled to vote and
consent to the proposed amendments to the Senior Subordinated Note Indenture in the 2012 Exchange Offers, to certain amendments to the Senior Subordinated Note Indenture as described in the 2012 Exchange Offer Documents. 

 Schedule 4.1(c) 

Liabilities 
 None.

 Schedule 5.2(e) 

Consents 
  

	1.	The approval of the FCC for any transfer of the FCC licenses or the pledged stock, exercise of the 2012 Exchange Offer Warrants, or for the exercise by the Collateral
Trustee, Administrative Agent or any other beneficiary of the Secured Facilities Documents of voting or control rights or foreclosure remedies under the Loan Documents after the Closing Date. 

 

	2.	The 2012 Exchange Transactions will result in filing obligations under 47 C.F.R. § 73.3615 on or after the Amendment Effective Date. 

 Exhibit A 

2012 Credit Agreement 
 (See Attached) 

 Exhibit A 

 
  

 
 SECOND AMENDED AND RESTATED

 CREDIT AGREEMENT 
 effective as of 
 December [31], 2012 

among 
 LBI
MEDIA, INC., 
 THE GUARANTORS PARTY HERETO, 
 THE LENDERS PARTY HERETO, 
 CREDIT SUISSE SECURITIES (USA) LLC, 

as Lead Arranger 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 
 as Collateral Trustee, 
 and 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 
 as Administrative Agent 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE 1 DEFINITIONS	  	 	2	  
			
	        1.1	  	Defined Terms	  	 	2	  
			
	        1.2	  	Classification of Loans and Borrowings	  	 	42	  
			
	        1.3	  	Terms Generally	  	 	42	  
			
	        1.4	  	Accounting Terms; GAAP	  	 	43	  
		
	ARTICLE 2 THE CREDITS	  	 	43	  
			
	        2.1	  	Revolving Credit Commitments and Revolving Credit Loans	  	 	43	  
			
	        2.2	  	Loans and Borrowings	  	 	43	  
			
	        2.3	  	Requests for Borrowings	  	 	44	  
			
	        2.4	  	Letters of Credit	  	 	46	  
			
	        2.5	  	Funding of Borrowings	  	 	50	  
			
	        2.6	  	Interest Elections	  	 	51	  
			
	        2.7	  	Termination and Reduction of Commitments	  	 	52	  
			
	        2.8	  	Swing Loan Facility	  	 	53	  
			
	        2.9	  	Mitigation Obligations; Replacement of Lenders; Defaulting Lenders	  	 	56	  
			
	        2.10	  	Repayment of Loans; Evidence of Debt	  	 	59	  
			
	        2.11	  	Prepayment of Loans	  	 	60	  
			
	        2.12	  	Fees	  	 	64	  
			
	        2.13	  	Interest	  	 	65	  
			
	        2.14	  	Alternate Rate of Interest	  	 	66	  
			
	        2.15	  	Increased Costs	  	 	66	  
			
	        2.16	  	Break Funding Payments	  	 	67	  
			
	        2.17	  	Taxes	  	 	68	  
			
	        2.18	  	Payments Generally: Pro Rata Treatment; Sharing of Set-Offs	  	 	70	  
		
	ARTICLE 3 GUARANTEE BY GUARANTORS	  	 	73	  
			
	        3.1	  	The Guarantee	  	 	73	  
			
	        3.2	  	Obligations Unconditional	  	 	73	  
			
	        3.3	  	Reinstatement	  	 	74	  
			
	        3.4	  	Subrogation	  	 	74	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	        3.5	  	Remedies	  	 	74	  
			
	        3.6	  	Continuing Guarantee	  	 	75	  
			
	        3.7	  	Rights of Contribution	  	 	75	  
			
	        3.8	  	General Limitation on Guarantee Obligations	  	 	75	  
			
	        3.9	  	Waivers	  	 	76	  
		
	ARTICLE 4 REPRESENTATIONS AND WARRANTIES	  	 	76	  
			
	        4.1	  	Organization; Powers	  	 	76	  
			
	        4.2	  	Authorization; Enforceability	  	 	76	  
			
	        4.3	  	Governmental Approvals; No Conflicts	  	 	77	  
			
	        4.4	  	No Material Adverse Change	  	 	78	  
			
	        4.5	  	Properties	  	 	78	  
			
	        4.6	  	Litigation and Environmental Matters	  	 	79	  
			
	        4.7	  	Compliance with Laws and Agreements	  	 	80	  
			
	        4.8	  	Investment and Holding Company Status	  	 	80	  
			
	        4.9	  	Taxes	  	 	80	  
			
	        4.10	  	ERISA	  	 	80	  
			
	        4.11	  	Disclosure	  	 	80	  
			
	        4.12	  	Ownership and Capitalization	  	 	80	  
			
	        4.13	  	Subsidiaries	  	 	81	  
			
	        4.14	  	Indebtedness, Liens and Agreements	  	 	81	  
			
	        4.15	  	Permits and Licenses	  	 	82	  
			
	        4.16	  	Federal Reserve Regulations	  	 	83	  
			
	        4.17	  	Labor and Employment Matters	  	 	83	  
			
	        4.18	  	Senior Indebtedness	  	 	84	  
			
	        4.19	  	Patriot Act	  	 	84	  
		
	ARTICLE 5 CONDITIONS	  	 	84	  
			
	        5.1	  	Effective Time	  	 	84	  
			
	        5.2	  	Each Extension of Credit	  	 	88	  
		
	ARTICLE 6 AFFIRMATIVE COVENANTS	  	 	89	  

  
 -ii-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	        6.1	  	Financial Statements and Other Information	  	 	89	  
			
	        6.2	  	Notices of Material Events	  	 	91	  
			
	        6.3	  	Existence; Conduct of Business	  	 	92	  
			
	        6.4	  	Payment of Obligations	  	 	92	  
			
	        6.5	  	Maintenance of Properties; Insurance	  	 	92	  
			
	        6.6	  	Books and Records; Inspection Rights	  	 	93	  
			
	        6.7	  	Fiscal Year	  	 	93	  
			
	        6.8	  	Compliance with Laws, Maintenance of FCC Licenses	  	 	93	  
			
	        6.9	  	Use of Proceeds	  	 	94	  
			
	        6.10	  	Certain Obligations Respecting Guarantors and Collateral Security	  	 	94	  
			
	        6.11	  	ERISA	  	 	95	  
			
	        6.12	  	Environmental Matters; Reporting	  	 	96	  
			
	        6.13	  	Real Estate Assets	  	 	96	  
			
	        6.14	  	Qualifying IPO Funding Transactions	  	 	97	  
			
	        6.15	  	Proceeds of Sawyer Sale	  	 	98	  
			
	        6.16	  	Media Holdings Discount Notes Forbearance Agreement	  	 	98	  
		
	ARTICLE 7 NEGATIVE COVENANTS	  	 	98	  
			
	        7.1	  	Indebtedness	  	 	99	  
			
	        7.2	  	Liens	  	 	101	  
			
	        7.3	  	[Reserved]	  	 	103	  
			
	        7.4	  	Fundamental Changes; Asset Sales	  	 	103	  
			
	        7.5	  	Investments; Hedging Agreements	  	 	107	  
			
	        7.6	  	Restricted Junior Payments	  	 	110	  
			
	        7.7	  	Transactions with Affiliates	  	 	115	  
			
	        7.8	  	Restrictive Agreements	  	 	115	  
			
	        7.9	  	Sale-Leaseback Transactions	  	 	116	  
			
	        7.10	  	Revolving Facility Leverage Ratio	  	 	116	  
			
	        7.11	  	Lines of Business; Restrictions on the Borrower	  	 	116	  
			
	        7.12	  	[Reserved]	  	 	116	  

  
 -iii-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	        7.13	  	Modifications of Certain Documents	  	 	117	  
			
	        7.14	  	Empire Burbank	  	 	117	  
			
	        7.15	  	Holding Company Restrictions	  	 	118	  
			
	        7.16	  	License Subsidiaries	  	 	120	  
		
	ARTICLE 8 EVENTS OF DEFAULT	  	 	121	  
			
	        8.1	  	Events of Default	  	 	121	  
		
	ARTICLE 9 THE ADMINISTRATIVE AGENT AND THE COLLATERAL TRUSTEE	  	 	125	  
			
	        9.1	  	Appointment and Authorization	  	 	125	  
			
	        9.2	  	Administrative Agent’s and Collateral Trustee’s Rights as Lender	  	 	126	  
			
	        9.3	  	Duties As Expressly Stated	  	 	126	  
			
	        9.4	  	Reliance By Administrative Agent and the Collateral Trustee	  	 	127	  
			
	        9.5	  	Action Through Sub-Agents	  	 	128	  
			
	        9.6	  	Resignation of Administrative Agent and Collateral Trustee and Appointment of Successor Administrative Agent and Collateral Trustee	  	 	128	  
			
	        9.7	  	Lenders’ Independent Decisions	  	 	129	  
			
	        9.8	  	Indemnification	  	 	129	  
			
	        9.9	  	Consents Under Other Loan Documents	  	 	130	  
		
	ARTICLE 10 SPECIAL PROVISIONS GOVERNING COLLATERAL	  	 	130	  
			
	        10.1	  	Pari Passu	  	 	130	  
			
	        10.2	  	Turnover of Collateral	  	 	130	  
			
	        10.3	  	Right to Enforce Agreement	  	 	130	  
		
	ARTICLE 11 MISCELLANEOUS	  	 	131	  
			
	        11.1	  	Notices	  	 	131	  
			
	        11.2	  	Waivers; Amendments	  	 	132	  
			
	        11.3	  	Expenses; Indemnity; Damage Waiver	  	 	134	  
			
	        11.4	  	Successors and Assigns	  	 	135	  
			
	        11.5	  	Survival	  	 	139	  
			
	        11.6	  	Counterparts; Integration; References to Agreement; Effectiveness	  	 	139	  
			
	        11.7	  	Severability	  	 	139	  

  
 -iv-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	11.8	  	Right of Setoff	  	 	140	  
			
	11.9	  	Governing Law; Jurisdiction; Consent to Service of Process	  	 	140	  
			
	11.10	  	WAIVER OF JURY TRIAL; JUDICIAL REFERENCE	  	 	140	  
			
	11.11	  	Headings	  	 	142	  
			
	11.12	  	Release of Collateral and Guarantees	  	 	142	  
			
	11.13	  	Confidentiality	  	 	142	  
			
	11.14	  	Continued Effectiveness; No Novation	  	 	142	  
			
	11.15	  	USA Patriot Act	  	 	143	  
			
	11.16	  	Commitments	  	 	143	  

  
 -v-

			
	SCHEDULES & EXHIBITS
		
	Schedule 2.1	  	List of Lenders and Revolving Credit Commitments
	Schedule 2.4(b)	  	Existing Letters of Credit
	Schedule 4.3	  	Governmental Approvals
	Schedule 4.5	  	Properties
	Schedule 4.6	  	Litigation and Environmental Matters
	Schedule 4.7	  	Compliance with Laws and Agreements
	Schedule 4.9	  	Taxes
	Schedule 4.12	  	Organization; Capitalization; Subsidiaries
	Schedule 4.14	  	Material Indebtedness, Liens and Agreements
	Schedule 4.15	  	FCC Licenses
	Schedule 5.1(e)(ii)	  	Lien Searches
	Schedule 5.1(e)(iii)	  	Accounts Subject to Control Agreements
	Schedule 6.13(d)	  	Second Amendment Mortgaged Properties
	Schedule 6.13(f)	  	Leasehold Property Mortgages
	Schedule 7.2(b)	  	Permitted Liens
	Schedule 7.5	  	Investments
	Schedule 7.7	  	Transactions with Affiliates
	Schedule 7.8	  	Restrictive Agreements
		
	Exhibit A	  	Form of Revolving Credit Note
	Exhibit B	  	Form of Swing Loan Note
	Exhibit C-1	  	Form of Borrowing Request
	Exhibit C-2	  	Form of Interest Election Request
	Exhibit D	  	Form of Solvency Certificate
	Exhibit E	  	Form of Landlord Waiver and Consent
	Exhibit F	  	Form of Opinion of O’Melveny & Myers LLP
	Exhibit G	  	Form of Opinion of FCC Counsel
	Exhibit H	  	Form of Assignment and Acceptance
	Exhibit I	  	Form of Compliance Certificate
	Exhibit J	  	Form of Media Holdings Discount Notes Forbearance Agreement

  
 -vi-

 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

This SECOND AMENDED AND RESTATED CREDIT AGREEMENT effective as of December [31], 2012 (this “Agreement”), is
among LBI MEDIA, INC., THE GUARANTORS PARTY HERETO, THE LENDERS PARTY HERETO, CREDIT SUISSE SECURITIES (USA) LLC, as Lead Arranger, CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as
Collateral Trustee. 
 This Agreement amends, restates and supersedes, in its entirety, (a) that certain Amended and
Restated Credit Agreement dated as of March 18, 2011, among the Borrower, the guarantors party thereto, the lenders party thereto, Credit Suisse Securities (USA) LLC, as lead arranger, Credit Suisse AG, Cayman Islands Branch, as administrative
agent and collateral trustee, as amended by the First Amendment (as amended from time to time, the “Existing Credit Agreement”), which collectively amended and restated (b) that certain Amended and Restated Credit Agreement
dated as of May 8, 2006, among the Borrower, the guarantors party thereto, the lenders party thereto, Credit Suisse Securities (USA) LLC and Wachovia Capital Markets, LLC, as joint lead arrangers, Wachovia Bank, N.A. and Harris Nesbitt, as
co-syndication agents, Union Bank of California, N.A., as Documentation Agent and Credit Suisse, Cayman Islands Branch, as administrative agent and collateral agent, as amended by a First Amendment and Consent to Amended and Restated Credit
Agreement dated as of March 16, 2007 and a Second Amendment to Amended and Restated Credit Agreement (as so amended, the “2006 Credit Agreement”), which collectively amended and restated (c) that certain Amended and
Restated Credit Agreement dated as of June 11, 2004, among the Borrower, the guarantors party thereto, the lenders party thereto, and Credit Suisse First Boston as administrative agent and lead arranger as amended by the First Amendment to
Amended and Restated Credit Agreement dated as of December 15, 2004 and Second Amendment to Amended and Restated Credit Agreement dated as of January 28, 2005 and as further amended prior to May 8, 2006 (as so amended, the
“2004 Credit Agreement”), which collectively amended and restated (d) that certain Amended and Restated Credit Agreement dated as of July 9, 2002, among the Borrower, the guarantors party thereto, the lenders party
thereto, the agents party thereto, Fleet National Bank, as administrative agent, as amended by that certain First Amendment to Amended and Restated Credit Agreement dated April 15, 2003, that certain Second Amendment to Amended and Restated
Credit Agreement dated October 10, 2003, and as further amended prior to June 11, 2004 (as so amended the “2002 Credit Agreement”), which collectively amended and restated (e) that certain Credit Agreement dated as of
March 20, 2001 among the Borrower, the guarantors party thereto, the lenders party thereto, the agents party thereto, Fleet National Bank, as administrative agent (as amended prior to July 9, 2002, the “Original Credit
Agreement” and together with the Existing Credit Agreement, the 2006 Credit Agreement, the 2004 Credit Agreement and the 2002 Credit Agreement, the “Prior Credit Agreements”). 

RECITALS 

WHEREAS, each of the parties to the Existing Credit Agreement desires to amend and restate the Existing Credit Agreement; 

 NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained, the
parties hereto covenant and agree as follows: 
 ARTICLE 1 

Definitions 
 1.1 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “2012 Exchange Documents” has the meaning given to such term in the Second Amendment. 
 “2012 Exchange Offer Documents” has the meaning given to such term in the Second Amendment. 
 “2012 Exchange Offer Warrants” has the meaning given to such term in the First Amendment. 
 “2012 Exchange Offers” has the meaning given to such term in the Second Amendment. 
 “2012 Exchange Transactions” has the meaning given to such term in the First Amendment. 
 “Acquisition” means any transaction, or any series of related transactions, consummated prior to or after the date hereof, by which (i) any Credit Party acquires the business of, or
all or substantially all of the assets of, any firm or corporation which is not a Credit Party, or any division or station of such firm or corporation, located in a specific geographic area or areas, whether through purchase of assets, purchase of
stock, merger or otherwise or (ii) any Person that was not theretofore a Subsidiary of a Credit Party becomes a Subsidiary of a Credit Party. Notwithstanding anything herein to the contrary, no Relocation shall be deemed to be an Acquisition.

 “Actionable Default” has the meaning set forth in the Intercreditor Agreement. 

“Adjusted Base Rate” means, for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on
such day, and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Adjusted Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the
effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 
 “Adjusted LIBO
Rate” means, with respect to any LIBOR Borrowing for any Interest Period, an interest rate per annum equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means Credit Suisse, in its capacity as administrative agent for the Lenders hereunder and any
successors appointed pursuant to Section 9.6. 

  
 - 2 -

 “Administrative Questionnaire” means an Administrative Questionnaire in a
form supplied by the Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another
Person that Controls or is Controlled by or is under common Control with the Person specified. Notwithstanding the foregoing, (a) no individual shall be an Affiliate solely by reason of his or her being a director, officer or employee of any
Credit Party and (b) none of the Credit Parties shall be Affiliates of each other. 
 “Agents” means the
Administrative Agent and the Collateral Trustee. 
 “Amendment Effective Date” shall have the meaning given to
such term in the Second Amendment. 
 “Applicable Margin” means, for any Type of Loans: 

Applicable Margin (% per annum) 
  

									
	 Loans
	  	Base Rate Loans	 	 	LIBOR Loans	 
	 Revolving Credit Loans
	  	 	3.750	% 	 	 	4.750	% 

 “Applicable Percentage” means (a) with respect to any Revolving Credit Lender for
purposes of the definition of LC Exposure and of Section 2.4 or 2.8, the percentage of the total Revolving Credit Commitments represented by such Lender’s Revolving Credit Commitment, and (b) with respect to any Lender in respect of
any indemnity claim under Section 11.3 arising out of an action or omission of the Administrative Agent under this Agreement, the percentage of the total Commitments or, in the event the Commitments are terminated, Loans hereunder represented
by the aggregate amount of such Lender’s Commitment or, in the event the Commitments are terminated, Loans hereunder. 

“Applicable Recipient” has the meaning set forth in Section 2.18(d). 

“Approved Fund” means, with respect to any Lender that is a fund that invests in commercial loans, any other fund that
invests in commercial loans and is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
 “Asset Sale Prepayment Date” means, with respect to any Asset Swap or Disposition that was not permitted under Section 7.4 hereof which results in any Remaining Net Cash Payments,
the thirtieth day after the date of such Asset Swap or Disposition. 
 “Asset Swap” means any transfer of
assets of the Borrower or any Credit Party to any Person other than to the Borrower or any other Credit Party in exchange for assets of such Person. 
 “Assignment and Acceptance” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 11.4(b)),
and accepted by the Administrative Agent, in the form of Exhibit H. 

  
 - 3 -

 “Availability Period” means the period from and including the Effective
Time to but excluding the earlier of (a) the Maturity Date and (b) the date of termination of the Revolving Credit Commitments. 
 “Available Amount” means an amount equal to (i) the amount of the Revolving Credit Commitments minus (ii) the Outstanding Amount. 

“Base Rate” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted Base Rate. 
 “Board” means
the Board of Governors of the Federal Reserve System of the United States of America. 
 “Borrower” means LBI
Media, Inc., a California corporation. 
 “Borrower’s knowledge” or any “Credit Party’s
knowledge” or any similar phrase or words when used in connection with a statement, representation or warranty means to the actual knowledge of Jose or Lenard Liberman, the Chief Financial Officer of the Borrower or such Credit Party, as
applicable, or any responsible executive officer (as defined in Rule 3b-7 promulgated under the Exchange Act), of the Borrower or such Credit Party, as applicable, after reasonable good faith inquiry made to ascertain the accuracy of the statement,
representation or warranty. 
 “Borrowing” means Loans of the same Type, made, converted or continued on the
same date and, in the case of LIBOR Loans, as to which a single Interest Period is in effect. 
 “Borrowing
Request” means a request for a Borrowing satisfying the requirements of Section 2.3 and substantially in the form of Exhibit C-1 annexed hereto. 
 “Broadcast Stations” has the meaning assigned to such term in Section 4.15(b). 
 “Burbank Office Property” means that certain real property located at 1845 West Empire Avenue, Burbank, California 91504. 

“Burbank Studio Property” means that certain real property owned in fee by the Credit Parties located on Hollywood Way
in Burbank, California. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in Los Angeles, California or New York City are authorized or required by law to remain closed; provided that, when used in connection with a LIBOR Loan, the term “Business Day” shall also exclude any day on
which banks are not open for dealings in U.S. dollar deposits in the London interbank market. 
 “California Taxable
Income” shall mean the taxable income of Holdings for any taxable year computed pursuant to Section 23802 (or any successor provisions) of the California Revenue and Tax Code but calculated as if the taxable year of Holdings ended on
the date with respect to which such taxable income calculation is made, reduced, but not below zero, by the 

  
 - 4 -

 
amount of any Suspended Losses which are treated as incurred by Holdings in, and allowed as deductions on the tax returns of Holdings’ stockholders for, such taxable year. 

“Capital Expenditures” means, for any period, the sum for the Credit Parties (determined on a consolidated basis without
duplication in accordance with GAAP) of the aggregate amount of expenditures (including the aggregate amount of Capital Lease Obligations incurred during such period) made to acquire or construct fixed assets, plant and equipment (including
renewals, improvements and replacements, but excluding expenditures for repairs that do not extend the useful life of the asset) during such period computed in accordance with GAAP; provided that such term shall not include (i) any such
expenditures in connection with any replacement or repair of Property affected by a Casualty Event, (ii) any such expenditures in connection with a Relocation with the exception of cash expenditures not subject to the reimbursement obligations
of a Person other than a Credit Party, (iii) for each broadcast station received in any Voluntary Relocation, up to $4,000,000 in such expenditures but only to the extent paid from the cash proceeds received in such Voluntary Relocation which
are used to upgrade or improve such broadcast station, (iv) for each broadcast station received in any Involuntary Relocation, any such expenditures paid from the cash proceeds received in such Involuntary Relocation which are used to upgrade
or improve such broadcast station or (v) the purchase price, any broker’s fees payable and any transaction costs incurred in connection with any Acquisition permitted hereunder or under any Prior Credit Agreement. 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any
lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. Notwithstanding anything herein to the contrary, any obligations under the Empire Burbank Lease shall not be Capital Lease Obligations.

 “Cash Equivalents” means, as at any date of determination, (i) marketable securities (a) issued or
directly and unconditionally guaranteed as to interest and principal by the United States Government, (b) issued by any agency of the United States the obligations of which are backed by the full faith and credit of the United States, in each
case maturing within one year after such date; (ii) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof, in each case maturing
within one year after such date and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (iii) commercial paper maturing no more than one year from the date of creation thereof
and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (iv) certificates of deposit or bankers’ acceptances maturing within one year after such date and issued or
accepted by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia that (1) is at least “adequately capitalized” (as defined in the regulations of
its primary Federal banking regulator) and (2) has Tier 1 capital (as defined in such regulations) of not less than $100,000,000; and (v) shares of any money market mutual fund that (1) has substantially all of its assets invested
continuously in the types of investments referred to in clauses (i) and (ii) above, (2) has net assets of not less than $500,000,000, and (3) has the highest rating obtainable from either S&P or Moody’s, or
(c) other 

  
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cash equivalent investments agreed to from time to time between the Borrower and the Administrative Agent. 
 “Casualty Event” means, with respect to any Property of any Person, any loss of or damage to, or any condemnation or other taking of, such Property for which such Person or any of its
Subsidiaries receives insurance proceeds, or proceeds of a condemnation award or other compensation; provided that an Involuntary Relocation shall not be a Casualty Event. 

“Change in Law” means (a) the adoption of any law, rule or regulation after the Closing Date, (b) any change
in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender or the Issuing Lender (or, for purposes of Section 2.15(b), by any lending
office of such Lender or by such Lender’s or the Issuing Lender’s holding company, if any) with any request, guideline, order, decree or directive (whether or not having the force of law) of any Governmental Authority or the National
Association of Insurance Commissioners made or issued after the Closing Date. 
 “Change of Control” means

 (a) Media Holdings shall cease to own, directly or indirectly, 100% of the Borrower’s outstanding capital stock and
Total Voting Power, 
 (b) Holdings shall cease to own, directly or indirectly, 100% of Media Holdings’ outstanding capital
stock and Total Voting Power, 
 (c) on or prior to the Qualifying IPO Closing Date, Jose and Lenard Liberman (together with
their spouses, lineal descendants or heirs and devisees and any trusts controlled by them) (together, the “Principal Investors”) and/or any other Class B Permitted Transferees (as defined in subsection (d) below) shall cease to
collectively own, directly or indirectly, more than 50% of the economic interests in the outstanding equity securities of Holdings (excluding the 2012 Exchange Offer Warrants and any equity securities issuable upon exercise of the 2012 Exchange
Offer Warrants) or more than 50% of the Total Voting Power of Holdings, 
 (d) after the Qualifying IPO Closing Date, any Person
or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act) other than the Principal Investors and all other Class B Permitted Transferees (as defined in the Restated Certificate of Incorporation of Holdings as in
effect on the date hereof) but excluding Holdings shall have acquired beneficial ownership of the greater of (i) 35% on a fully diluted basis of the Total Voting Power of Holdings and (ii) a percentage of the aggregate Total Voting Power
of Holdings on a fully diluted basis that is greater than the percentage of the aggregate Total Voting Power of Holdings then held by the Principal Investors and all other Class B Permitted Transferees (as defined in the Restated Certificate of
Incorporation of Holdings as in effect on the date hereof) but excluding Holdings, taken together, or 
 (e) prior to the
Qualifying IPO Closing Date, a majority of the seats (other than vacant seats) on the board of directors of Holdings shall be occupied by Persons who were not (i) nominated by the board of directors of Holdings or by one or more of the
stockholders described in clause (c) above nor (ii) appointed or elected by a majority of the members of the board of 

  
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directors of Holdings who are described in any of subclauses (i), (ii) or (iii) of this clause (e) nor (iii) appointed or elected by a vote of the stockholders of Holdings in
which Jose or Lenard Liberman or either of their respective spouses (or any trust controlled by any of them) and/or any other Class B Permitted Transferees (as defined in clause (d) above) voted to approve the appointment or election of such
Person or in which a majority of the Total Voting Power of the stockholders described in clause (c) above voted in favor of the appointment or election of such Person. 
 “Class A Common Stock” means the Class A common stock, par value $0.001 per share, of Holdings. 
 “Class B Common Stock” means the Class B common stock, par value $0.001 per share, of Holdings. 
 “Closing Date” means March 18, 2011. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral” means, collectively, all of the Property (including capital stock and other equity interests) in which
Liens are purported to be granted pursuant to the Collateral Agreements as security for all obligations of the Credit Parties hereunder, provided that the Collateral shall not include any Real Property Assets other than the Mortgaged
Property. 
 “Collateral Agreements” means the Security Agreement, the Pledge Agreement, the Control
Agreements, the Mortgages and all other agreements, instruments or documents delivered by any Credit Party or any shareholder of a Credit Party pursuant to this Agreement or any of the other Loan Documents in order to grant to the Collateral
Trustee, on behalf of the Lenders, a Lien on any real, personal or mixed property of that Credit Party or shareholder as security for any of the obligations of the Credit Parties hereunder. 

“Collateral Trustee” means Credit Suisse as collateral trustee for the Secured Obligations and any successors appointed
pursuant to Section 9.6 and the Intercreditor Agreement. 
 “Commitment Utilization Percentage” means, for
any day, the ratio of (a) the sum of (i) the principal amount of the Loans outstanding on such day plus (ii) the face amount of Letters of Credit outstanding on such day to (b) the aggregate amount of Revolving Credit
Commitments for such day, expressed as a percentage. 
 “Commitments” means, without duplication, the Revolving
Credit Commitments and the Swing Loan Commitments (a subcommitment of the Revolving Credit Commitment). 

“Communications Act” means the Communications Act of 1934, as amended. 

“Compliance Certificate” means a certificate duly executed by a Financial Officer of the Borrower (required to be
delivered pursuant to Section 6.1(c), 7.1(l), 7.4(d)(iii), 7.5(p), 7.6(c) and 7.6(n)), in substantially the form of Exhibit I hereto. 

  
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 “Confirmation of Pledge Agreement” means the Confirmation of Pledge
Agreement dated as of July 9, 2002 among the Administrative Agent and the Credit Parties. 
 “Conforming Leasehold
Interest” means any leasehold interest as to which the lessor has agreed in writing for the benefit of the Collateral Trustee (which writing has been delivered to the Collateral Trustee), whether under terms of the applicable lease or under
the terms of a Landlord Waiver and Consent, to the matters described in the “Landlord Waiver and Consent” attached hereto as Exhibit E, which interest, if a subleasehold interest or sub-subleasehold interest, is not subject to
any contrary restrictions contained in a superior lease or sublease. 
 “Control” means the possession,
directly or indirectly, through one or more intermediaries, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.
“Controlling” and “Controlled” have meanings correlative thereto. 
 “Control
Agreement” means, with respect to any bank account of any Credit Party except a bank account maintained with the Administrative Agent, a Control Agreement in form and substance satisfactory to the Administrative Agent in its reasonable
discretion, executed and delivered by such Credit Party, the depository institution at which such account is maintained and the Collateral Trustee (as successor to the Administrative Agent) at the Original Closing Date or from time to time
thereafter, as any such agreement may be amended, supplemented or otherwise modified from time to time. 
 “Credit
Parties” means the Borrower and the Guarantors (except that Empire Burbank will be a Guarantor but will not be deemed a Credit Party hereunder until such time as the Empire Burbank Loan is repaid in full). 

“Credit Suisse” means Credit Suisse AG, a bank organized under the laws of Switzerland acting through its Cayman Islands
Branch. 
 “Dallas Studio Property” means that certain real property owned in fee by the Credit Parties located
on Gateway in Dallas, Texas. 
 “Default” means any event or condition which constitutes an Event of Default or
which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Default
Excess” means, with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender’s Applicable Percentage of the aggregate outstanding principal amount of Loans of all Lenders (calculated as if all Defaulting Lenders
(including such Defaulting Lender) had funded all of their respective Defaulted Loans) over the aggregate outstanding principal amount of all Loans of such Defaulting Lender. 
 “Default Period” means, with respect to any Defaulting Lender, the period commencing on the date of the applicable Lender Default and ending on the earliest of the following dates:
(i) the date on which all Commitments are cancelled or terminated and/or all obligations hereunder and under the other Loan Documents are declared or become immediately due and payable, (ii) the date on which (a) the Default Excess
with respect to such Defaulting Lender shall have been reduced to zero (whether by the funding by such Defaulting Lender of any Defaulted Loans of 

  
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such Defaulting Lender or by the non-pro rata application of any voluntary or mandatory prepayments of the Loans in accordance with the terms of Section 2.11) and (b) such Defaulting
Lender shall have delivered to the Borrower and Administrative Agent a written reaffirmation of its intention to honor its obligations hereunder with respect to its Commitments, and (iii) the date on which the Borrower, Administrative Agent and
Required Lenders waive all Lender Defaults of such Defaulting Lender in writing. 
 “Defaulted Loan” has the
meaning assigned to such term in the definition of “Defaulting Lender” in this Agreement. 
 “Defaulting
Lender” shall mean any Lender, as determined by the Administrative Agent, that has (a) failed to fund any portion of its Loans or participations in Swing Loans or Letters of Credit (each, a “Defaulted Loan”) within
three Business Days of the date required to be funded by it hereunder (unless Lenders representing a majority in interest of the Revolving Credit Commitments shall not have advised the Administrative Agent in writing of their determination that such
condition has been satisfied), (b) notified Holdings or the Borrower, the Administrative Agent, the Issuing Bank or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a
public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or its funding obligations generally under other agreements in which it commits to extend credit, (c) failed, within three
Business Days after request by the Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans and participations in then outstanding Letters of Credit,
(d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three Business Days of the date when due, unless the subject of a good-faith dispute or (e) become
the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has consented to, approved of or acquiesced in any such proceeding or appointment or has a parent company that has
become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has consented to, approved of or acquiesced in any such proceeding or appointment; provided that
(i) if a Lender would be a “Defaulting Lender” solely by reason of events relating to a parent company of such Lender as described in clause (e) above, the Administrative Agent may, in its discretion, determine that such Lender
is not a “Defaulting Lender” if and for so long as the Administrative Agent is satisfied that such Lender will continue to perform its funding obligations hereunder and (ii) the Administrative Agent may, by notice to the Borrower and
the Lenders, declare that a Defaulting Lender is no longer a “Defaulting Lender” if the Administrative Agent determines, in its reasonable discretion, that the circumstances that resulted in such Lender becoming a “Defaulting
Lender” no longer apply. 
 “Disclosed Matters” means the actions, suits and proceedings and the
environmental matters disclosed in Schedule 4.6. 
 “Disposition” means any sale, sale-leaseback,
assignment, conveyance, exchange, long-term lease accorded sales treatment under GAAP, transfer or other disposition (including by means of a merger, consolidation, amalgamation, joint venture or other substantive combination, but excluding any
Asset Swap) of any assets, business or property (whether now owned or hereafter acquired) by any Credit Party to any Person other than a Credit Party, including any 

  
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Relocation but excluding (a) the granting of Liens permitted hereunder and (b) any sale, assignment, transfer or other disposition of (i) any property sold, leased or disposed of
in the ordinary course of business, (ii) any property that is obsolete or no longer used or useful in the business of the Credit Parties (excluding any such disposition of operations or division discontinued or to be discontinued) and
(iii) any Collateral under and as defined in the Collateral Agreements pursuant to an exercise of remedies by the Collateral Trustee thereunder, (c) leasing or licensing of any property in the ordinary course of business, (d) the sale
of marketable securities, including “margin stock” within the meaning of Regulation U, liquid investments and other financial instruments in connection with the ordinary course cash management of the Credit Parties, (e) forgiveness or
cancellation by any Credit Party of any loan by such Credit Party to any of its Affiliates, (f) the surrender or waiver of contractual rights of the settlement, release or surrender of contracts or tort claims in the ordinary course of
business, (g) the non-exclusive licensing of patents, trademarks and other intellectual property rights granted by any Credit Party in the ordinary course of business, (h) leases of interests in real property entered into in the ordinary
course of business, (i) disposition of cash and Cash Equivalents, and (j) other sale, assignment, transfer or other disposition in the ordinary course of business; provided that no such sale, sale-leaseback, assignment, conveyance,
exchange, long-term lease, transfer or other disposition shall be deemed to be a “Disposition” unless such transaction shall be consummated outside the ordinary course of business and the aggregate consideration for such transaction or
series of related transactions shall equal or exceed $5,000,000 in any fiscal year. 
 “Disposition Investment”
means, with respect to any Disposition, any promissory notes or other evidences of Indebtedness or Investments received by any Credit Party in connection with such Disposition. 

“Dividend Limitation” shall mean, with respect to Holdings, the sum of: (i) the product of the Maximum Effective
California Rate times Holdings’ California Taxable Income except that the product in this clause (i) shall be zero (0) in the event Holdings does not qualify (or subsequently elects not) to be treated as an S Corporation for
California income tax purposes, or Media Holdings or the Borrower does not qualify (or subsequently elects not) to be treated as a qualified subchapter S subsidiary; plus, (ii) the product of the Maximum Federal Rate and Holdings’
Federal Taxable Income. 
 “Domestic Subsidiary” means any Subsidiary that is organized and existing under the
laws of the United States of America or any state or commonwealth thereof or under the laws of the District of Columbia. 

“EBITDA” means, for any period of four consecutive fiscal quarters, Net Income of the Credit Parties during such period,
plus (to the extent deducted in computing Net Income) (a) the sum of (i) Interest Expense during such period (including in connection with the LBI Media Intercompany Note) and any interest expense accrued during such period
pursuant to the Media Holdings Discount Notes Indenture, the Media Holdings Discount Notes and any other Holding Company Debt incurred in accordance with Section 7.15(a)(i), (ii) or (v), (ii) depreciation and amortization expense
during such period (including without limitation charges under SFAS 142 for broadcast licenses, goodwill or other indefinite lived intangible assets), (iii) the aggregate amount paid, required to be paid or accrued (without duplication) in
respect of income, franchise, real estate and other like taxes during such period, (iv) extraordinary losses during such period, 

  
 - 10 -

 
(v) other non-cash charges during such period, (vi) (x) Relocation costs, expenses and other amounts set forth in clauses (ii)(A) and (B), and subclauses (i), (v), (vi) and
(vii) of clause (ii)(C) of the definition of Net Cash Payments and (y) Transaction Costs, in each case, incurred or paid during such period, (vii) Extraordinary Expenses for such period, (viii) Permitted Shareholder Tax
Distributions and Permitted Holdings Tax Distributions during such period, (ix) any non-compete payments made in cash during such period to sellers in connection with any Permitted Acquisition in an aggregate amount not to exceed 20% of the
aggregate consideration paid or payable by the Credit Parties in connection with such Permitted Acquisition, (x) forgiveness or cancellation of the loan to Lenard Liberman described in Item 4 of Schedule 7.5 annexed hereto plus
accrued interest thereon and (xi) forgiveness or cancellation of the loans to Jose and Lenard Liberman described in Schedule 7.5 annexed hereto (excluding Item 4) in an aggregate amount not in excess of $500,000 plus accrued
interest thereon minus (b) the sum of (i) to the extent included in Net Income, extraordinary gains during such period, (ii) to the extent not otherwise deducted in calculating Net Income, cash Program Obligations Payments
actually made during such period (or, with respect to Program Obligations Payments for which the proviso in the definition thereof is applicable, Program Obligations Payments amortized during such period), (iii) to the extent not otherwise
deducted in calculating Net Income, any cash interest paid during such period in respect of the Liberman Subordinated Debt and (iv) to the extent not otherwise deducted in calculating Net Income, the aggregate amount of any Restricted Payments
made in cash during such period with respect to any incentive bonus made pursuant to the employment agreements of Winter Horton dated December 28, 2009 and Eduardo Leon dated January 1, 2010, in each case as amended from time to time, and
the aggregate amount or any other Management Incentive Contracts (including, in each case, the aggregate amount of any payments made in cash during such period with respect to any notes issued with respect thereto); provided that (1) for
purposes of determining EBITDA for any period during which a Disposition (other than any Relocation) is consummated, EBITDA shall be adjusted in a manner reasonably satisfactory to the Administrative Agent to give effect to the consummation of the
Disposition (other than any Relocation) on a pro-forma basis, as if the Disposition (other than any Relocation) occurred on the first day of such period and (2) for any period for which EBITDA is determined and in which period an Acquisition
permitted to be made hereunder is consummated, EBITDA shall be adjusted in a manner reasonably satisfactory to the Administrative Agent (a) to give effect to the consummation of such Acquisition on a pro-forma basis, as if such Acquisition
occurred on the first day of such period and (b) to reflect certain expense deductions in connection with such Acquisition reasonably acceptable to the Administrative Agent. 

“Effective Time” means the time when the conditions specified in Section 5.1 are satisfied (or waived in accordance
with Section 11.2). 
 “Eligible Assignee” means (a) any Lender, any Affiliate of any Lender and any
Approved Fund with respect to any Lender; and (b) (i) any commercial bank organized under the laws of the United States or any state thereof; (ii) any savings and loan association or savings bank organized under the laws of the United
States or any state thereof; (iii) any commercial bank organized under the laws of any other country or a political subdivision thereof; provided that (1) such bank is acting through a branch or agency located in the United States
or (2) such bank is organized under the laws of a country that is a member of the Organization for Economic Cooperation and Development or a political subdivision of such country; and (iv) any other entity that is an “accredited
investor” (as defined in Regulation D under the Securities Act of 

  
 - 11 -

 
1933, as amended) that extends credit or buys loans as one of its businesses including insurance companies, mutual funds, financing companies and lease financing companies; provided that
no Credit Party or any Affiliate of any Credit Party shall be an Eligible Assignee. 
 “Empire Burbank” means
Empire Burbank Studios LLC, a California limited liability company (successor in interest to Empire Burbank Studios, Inc., a California corporation) and a Wholly-Owned Subsidiary of the Borrower. 

“Empire Burbank Lease” means that certain Lease dated as of July 15, 1999 between Empire Burbank, as lessor, and
LBCI, as lessee, relating to occupancy of the Burbank Office Property (or a replacement lease in substantially the same form except that the Borrower is the lessee and the term thereof is extended (which replacement lease shall be deemed to be
permitted under Section 7.14)), as modified by that certain First Amendment to Lease and Assignment and Assumption Agreement dated as of June 28, 2004 by and among Empire Burbank, LBCI and the Borrower and in each case as such lease may be
further amended or modified in accordance with Section 7.14. 
 “Empire Burbank Loan” means a loan in the
original principal amount of $2,617,034.17 (as reduced to
$[—]1 on
the Amendment Effective Date) made by Jefferson Pilot Financial Insurance Company to Empire Burbank pursuant to the Empire Burbank Loan Documents and any Permitted Empire Burbank Refinancing. 

“Empire Burbank Loan Documents” means the Empire Burbank Mortgage and the other documents evidencing the Empire Burbank
Loan and described on Schedule 4.14, or any replacement documents evidencing a Permitted Empire Burbank Refinancing, as such documents or replacement documents may be amended or modified in accordance with Section 7.14. 

“Empire Burbank Mortgage” means that certain deed of trust encumbering the Burbank Office Property, executed by Empire
Burbank in favor of Jefferson Pilot Financial Insurance Company securing the Empire Burbank Loan, or any replacement deed of trust evidencing a Permitted Empire Burbank Refinancing, as such deed of trust or replacement deed of trust may be amended
or modified in accordance with Section 7.14. 
 “Empire Burbank Sublease” means that certain Sublease
Agreement between LBCI, as sublessor, and Empire Burbank, as sublessee, (or a replacement sublease in substantially the same form except that the Borrower is the sublessor and the term thereof is extended (which replacement sublease shall be deemed
to be permitted under Section 7.14)), in each case relating to occupancy of certain portions of the Burbank Office Property by Empire Burbank, as modified by that certain First Amendment to Sublease Agreement and Assignment and Assumption dated
as of June 28, 2004 by and among Empire Burbank, LBCI, and the Borrower and as such sublease may be further amended or modified from time to time. 

 

	1 	Outstanding principal amount of the Empire Burbank Loan on the Amendment Effective Date. 

  
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 “Environmental Laws” means all applicable laws, rules, regulations, codes,
ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the
management, release or threatened release of any Hazardous Material or to health and safety matters. 
 “Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of any Credit Party directly or indirectly resulting from or based upon
(a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release
of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Rights” means, with respect to any Person, any subscriptions, options, warrants, commitments, preemptive rights
or agreements of any kind (including any stockholders’ or voting trust agreements) for the issuance or sale of, or securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of
any type in, such Person. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together
with the Borrower, is treated as a single employer within the meaning of Section 414(b), (c), (m) or (o) of the Code. Notwithstanding the foregoing, for purposes of any liability related to a Multiemployer Plan under Title IV of
ERISA, the term “ERISA Affiliate” means any trade or business that together with the Borrower is treated as a single employer within the meaning of Section 4001(b) of ERISA. 

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the
regulations issued thereunder with respect to any Pension Plan, (b) the existence with respect to any Pension Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA),
whether or not waived, (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan, (d) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Pension Plan, (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice
relating to an intention to terminate any Pension Plan or Pension Plans or to appoint a trustee to administer any Pension Plan or (f) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan
from the Borrower or any ERISA Affiliate of any notice of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

“Event of Default” has the meaning assigned to such term in Section 8.1. 

  
 - 13 -

 “Exchange Act” means the United States Securities Exchange Act of 1934, as
amended. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the Issuing Lender or
any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income, net worth or franchise taxes imposed on (or measured by) its net income or net worth by the United States of America, or by
a jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located or in which it is taxable solely on account of some
connection other than the execution, delivery or performance of this Agreement or the receipt of income hereunder, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in
which the Borrower is located or in which it is taxable solely on account of some connection other than the execution, delivery or performance of this Agreement or the receipt of income hereunder, (c) in the case of a Lender (other than an
assignee pursuant to a request by the Borrower under Section 2.9(b)), any withholding tax that is imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement or is attributable to such Lender’s
failure or inability to comply with Section 2.17(e) or (f), except to the extent that such Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Borrower pursuant to
Section 2.17(a), and (d) any taxes imposed as a result of a Lender’s failure to comply with FATCA. 

“Existing Credit Agreement” has the meaning assigned to such term in the preamble hereof. 

“Existing Debt” means Indebtedness described in (a) Schedule 4.14 and denoted “to be repaid on the
Closing Date” and (b) Schedule 4.14 and denoted “to remain outstanding after the Closing Date”. 

“Extraordinary Expenses” means those certain non-recurring, extraordinary fees and expenses incurred by Holdings, Media
Holdings, the Borrower or any of its Subsidiaries in connection with proposed radio or television acquisitions not to exceed $250,000, individually, or $750,000 in the aggregate from the Closing Date through the termination of this Agreement.

 “Fair Market Value” means the value determined by the senior management of the Borrower in a certificate of
a Financial Officer delivered to the Administrative Agent; provided that with respect to assets which are purchased as part of a larger transaction and are sold concurrently or within one year of such acquisition, the senior management of the
Borrower may, in determining Fair Market Value, take into account the sale price of such assets, as well as the consideration in the overall transaction. 
 “FATCA” means Section 1471 through 1474 of the Code and any regulations or official interpretations thereof. 
 “FCC” means the Federal Communications Commission or any governmental authority succeeding to any of its functions. 

  
 - 14 -

 “FCC Licenses” means all radio, broadcast or other licenses, permits,
certificates of compliance, franchises, approvals or authorizations granted or issued by the FCC to any Credit Party that are necessary for the broadcast or other operations of the Borrower or any Subsidiary. 

“FCC Regulations” means the Communications Act, and all regulations and written policies promulgated from time to time
by the FCC under or in connection with or pertaining to the Communications Act. 
 “Federal Funds Effective
Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations
for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Federal Taxable Income” shall mean the taxable income of Holdings for any taxable year computed pursuant to Section 1363(b) (or any successor provision) of the Code but calculated
as if the taxable year of Holdings ended on the date with respect to which such taxable income calculation is made, reduced, but not below zero, by the amount of any Suspended Losses treated as incurred by Holdings in, and allowed as deductions on
the tax returns of Holdings’ stockholders for, such taxable year. 
 “Financial Officer” means the chief
executive officer, the president, the executive vice president, chief financial officer, principal accounting officer, treasurer or controller of the Borrower. 
 “First Amendment” means that certain Consent Agreement and First Amendment to Amended and Restated Credit Agreement dated as of November 19, 2012 among the Borrower, the Guarantors
party thereto, the Lenders party thereto and Credit Suisse AG, Cayman Islands Branch, as Administrative Agent and Collateral Trustee. 
 “First Priority” means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Agreement, that such Lien is the most senior Lien (other than Liens
permitted pursuant to Section 7.2) to which such Collateral is subject. 
 “Foreign Lender” means any
Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute
a single jurisdiction. 
 “Foreign Subsidiary” means any Subsidiary of a Credit Party that is not a Domestic
Subsidiary. 
 “GAAP” means generally accepted accounting principles in the United States of America.

  
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 “Governmental Authority” means the government of the United States of
America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government and the National Association of Insurance Commissioners. 

“Guarantee” means a guarantee, an endorsement, a contingent agreement to purchase or to furnish funds for the payment or
maintenance of, or otherwise to be or become contingently liable under or with respect to, the Indebtedness, other obligations, net worth, working capital or earnings of any Person, or a guarantee of the payment of dividends or other distributions
upon the stock or equity interests of any Person, or an agreement to purchase, sell or lease (as lessee or lessor) property, products, materials, supplies or services primarily for the purpose of enabling a debtor to make payment of such
debtor’s obligations or an agreement to assure a creditor against loss, and including causing a bank or other financial institution to issue a letter of credit or other similar instrument for the benefit of another Person, but excluding
endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made
or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder). The terms “Guarantee” and “Guaranteed” used as a verb
shall have a correlative meaning. 
 “Guaranteed Obligations” has the meaning assigned to such term in
Section 3.1. 
 “Guarantors” means all Subsidiaries of the Borrower (other than Foreign Subsidiaries which
are not required to be Guarantors hereunder pursuant to Section 6.10(a) hereof). 
 “Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature in each case regulated or subject to regulation pursuant to any Environmental Law. 
 “Hazardous Materials Activity” means any past, current, proposed or threatened activity, event or occurrence involving any Hazardous Materials, including the use, manufacture, possession,
storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous
Materials, and any corrective action or response action with respect to any of the foregoing. 
 “Hedging
Agreement” means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 

“Holding Company” means each of (i) Holdings, (ii) Media Holdings and (iii) any other holding company
formed after the Closing Date, which directly or indirectly owns all the equity interest of the Borrower and all of whose equity interests is directly or indirectly owned by Holdings. 

  
 - 16 -

 “Holding Company Debt” means (i) any Indebtedness of Media Holdings in
respect of the Media Holdings Discount Notes Indenture and the New Media Holdings Senior Notes, (ii) Parent Entity Allowable Indebtedness and (iii) in each case, Permitted Holding Company Refinancing Indebtedness thereof. 

“Holdings” means Liberman Broadcasting, Inc., a Delaware corporation, and the sole shareholder of Media Holdings.

 “Houston Studio Property” means that certain real property owned in fee by the Credit Parties located at
3000 Bering Drive, Houston, Texas. 
 “Indebtedness” means, for any Person, without duplication:
(a) obligations created, issued or incurred by such Person for borrowed money; (b) obligations of such Person to pay the deferred purchase or acquisition price of Property or services, which purchase price is (i) due more than six
months from the date of incurrence of the obligation in respect thereof or (ii) evidenced by a note or similar written instrument, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the
ordinary course of business so long as such trade accounts are payable within 180 days after the date of the respective goods are delivered or the respective services are rendered or otherwise are payable in accordance with customary practices;
(c) Capital Lease Obligations of such Person; (d) obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for the account of such Person;
(e) Indebtedness of others secured by a Lien on the Property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person; (f) the net obligations of such Person in respect of any exchange traded or
over the counter derivative transaction, including, any Hedging Agreement, and (g) Indebtedness of others of the kinds referred to in clauses (a) through (f) above Guaranteed by such Person; provided in no event shall
obligations under any Hedging Agreement be deemed “Indebtedness” for any purpose of Section 7.10. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a
general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable
therefor. Notwithstanding anything herein to the contrary, (x) any obligations under the Empire Burbank Lease shall not be Indebtedness and (y) any obligations with respect to non-compete payments in connection with any Permitted
Acquisition shall not constitute Indebtedness so long as (i) the aggregate amount of all non-compete payments with respect to such Permitted Acquisition do not exceed 20% of the aggregate consideration paid or payable in connection with such
Permitted Acquisition and (ii) such non-compete payments do not have an interest or similar component. 

“Indemnified Taxes” means all Taxes other than (a) Excluded Taxes and Other Taxes and (b) amounts constituting
penalties or interest imposed with respect to Excluded Taxes or Other Taxes. 
 “Initial Breakage Expenses”
means all expenses in respect of LIBOR breakage costs incurred in connection with the amendment and restatement of the Existing Credit Agreement. 

  
 - 17 -

 “Intercreditor Agreement” means the Collateral Trust and Intercreditor
Agreement dated as of March 18, 2011 among Collateral Trustee, Administrative Agent, Indenture Trustee, Borrower and Guarantors, amended from time to time. 
 “Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.6 substantially in the form of Exhibit C-2 annexed
hereto. 
 “Interest Expense” means, for any period, the sum, for the Credit Parties (determined on a
consolidated basis without duplication in accordance with GAAP), of the following: (a) interest in respect of Total Debt accrued during such period (whether or not actually paid during such period) plus (b) the net amounts payable
(or minus the net amounts receivable) under Hedging Agreements accrued during such period (whether or not actually paid or received during such period), with fees and costs attributable to such period being calculated assuming such fees and
costs are amortized equally over the term of such Hedging Agreement, but excluding (i) reimbursement of legal fees and other similar transaction costs of the Transactions and (ii) any non-cash amortization of fees and expenses of the
Transactions plus (c) all letter of credit fees and expenses incurred after the Effective Time plus (d) any payments in respect of liquidated damages paid in cash during such period pursuant to any registration rights
agreement entered into in connection with any Indebtedness; provided that (i) interest in respect of Indebtedness which is not paid in cash but which is instead “paid-in-kind” through the issuance of additional notes or other
instruments, (ii) any premium paid in connection with the redemption, repurchase, refinancing, repayment or retirement of any Indebtedness, including the redemptions, repurchases, refinancings, repayments or retirements described in clauses
(a), (c) and (e) of the definition of Qualifying IPO Funding Transactions, and (iii) any Initial Breakage Expenses, in each case, shall not be included in “Interest Expense.” 

“Interest Payment Date” means (a) with respect to any Base Rate Loan, each Quarterly Date and (b) with respect
to any LIBOR Loan, the last Business Day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a LIBOR Borrowing with an Interest Period of more than three months’ duration, each Business Day prior
to the last day of such Interest Period that would have been the last day of the Interest Period for such LIBOR Loan had successive three month Interest Periods been applicable to such LIBOR Loan. 

“Interest Period” means with respect to any LIBOR Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, two, three or six months (or, with the consent of all Lenders and provided such periods are available from all Lenders, nine or twelve months) thereafter, as the Borrower
may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next
calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such
Borrowing is made and thereafter shall be 

  
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the effective date of the most recent conversion or continuation of such Borrowing. Notwithstanding the foregoing, 

(x) if any Interest Period for any Revolving Credit Borrowing would otherwise end after the Maturity Date, such Interest
Period shall end on the Maturity Date, and 
 (y) notwithstanding the foregoing clause (x), no Interest Period
shall have a duration of less than one month and, if the Interest Period for any LIBOR Loan would otherwise be a shorter period, such Loan shall not be available hereunder as a LIBOR Loan for such period. 

“Investment” means, for any Person: (a) the acquisition (whether for cash, Property, services or securities or
otherwise) of capital stock, bonds, notes, debentures, partnership or other ownership interests or other securities of any other Person or any agreement to make any such acquisition (including any “short sale” or any sale of any securities
at a time when such securities are not owned by the Person entering into such short sale) or (b) the making of any deposit with, or advance, loan or other extension of credit to, any other Person (including the purchase of Property from another
Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person, but excluding any such advance, loan or extension of credit having a term not exceeding 180 days representing the purchase price of
goods or services sold by such Person in the ordinary course of business or otherwise are payable in accordance with customary practices). Notwithstanding the foregoing, Capital Expenditures, Acquisitions and Relocations (other than promissory notes
or debt or equity securities acquired in connection with any Relocation) shall not be deemed “Investments” for purposes hereof. The amount of any Investment shall be the original cost of such Investment plus the cost of all
additions thereto minus the amount of any return of capital with respect to such Investment, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment. 

“Investment Agreement” means the Investment Agreement, dated as of March 30, 2007, among Liberman Broadcasting,
Inc., a Delaware corporation, the investors named therein and the stockholders named therein. 
 “Investor Rights
Agreement” means the Investor Rights Agreement, dated as of March 30, 2007, and executed in connection with, the Private Equity Issuance, as amended by the Amendment No. 1 to Investor Rights Agreement and Waiver, dated as of
July 10, 2007, and as it may be further amended from time to time to the extent not prohibited by this Agreement. 

“Involuntary Relocation” means with respect to any television Broadcast Station, any Relocation described in clause
(2) of the definition of the term Relocation. 
 “IP Collateral” means, collectively, any Collateral which
is intellectual property of a Credit Party. 
 “IPO” means the initial public offering of the Class A
Common Stock pursuant to the Registration Statement. 

  
 - 19 -

 “Issuing Lender” means Credit Suisse, in its capacity as an issuer of
Letters of Credit hereunder. 
 “Landlord Waiver and Consent” means, with respect to any Leasehold Property, a
letter, certificate or other instrument in writing from the lessor under the related lease, in substantially the form of Exhibit E or in such other form reasonably approved by the Administrative Agent. 

“LBCI” means Liberman Broadcasting of California LLC, a California limited liability company (successor in interest to
Liberman Broadcasting, Inc., a California corporation). 
 “LBI Media Intercompany Note” means, to the extent
that the Borrower may elect to complete the redemption or repurchase described in clause (a) or (c) of the definition of Qualifying IPO Funding Transactions, that certain Promissory Note that may be issued on or after the Qualifying IPO
Closing Date by the Borrower to the order of Media Holdings or any other Holding Company in an aggregate principal amount equal to the amount necessary to complete the redemption or repurchase described in clause (a) or (c) of the
definition of Qualifying IPO Funding Transactions, substantially in the form delivered to the Administrative Agent, as such promissory note may be amended, supplemented or otherwise modified from time to time in accordance with Section 7.13.

 “LC Disbursement” means a payment made by the Issuing Lender pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit
at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Revolving Credit Lender at any time shall be its Applicable
Percentage of the total LC Exposure at such time. 
 “Lead Arranger” means Credit Suisse Securities (USA) LLC
in its capacity as lead arranger hereunder. 
 “Leasehold Property” means any leasehold interest of any Credit
Party as lessee under any lease of real property. 
 “Lender Default” has the meaning assigned to such term in
Section 2.9(d). 
 “Lenders” means the Persons listed on Part II of Schedule 2.1 (including
the Issuing Lender and the Swing Loan Lender) and any other Person that shall have become a party hereto pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance.

 “Letter of Credit” means any letter of credit issued (i) on a standby basis or (ii) to the extent
available from the Issuing Lender, in support of trade obligations of any Credit Party, in each case pursuant to this Agreement. 
 “Liberman Subordinated Debt” means the Indebtedness incurred pursuant to Section 7.1(f). 

  
 - 20 -

 “Liberman Subordination Agreements” means the subordination agreements, if
any, entered into pursuant to Section 7.1(f), as such agreements may be amended or modified in accordance with the terms hereof; and which agreements shall in form and substance reasonably satisfactory to the Administrative Agent;
provided that any such agreements that are substantially the same as those certain Liberman Subordination Agreements dated as of the Original Closing Date among the Borrower, Fleet National Bank (as predecessor to Credit Suisse) and each of
Jose and Lenard Liberman shall be deemed to be satisfactory to the Administrative Agent. 
 “LIBO Rate” means,
with respect to any LIBOR Borrowing for any Interest Period, the rate per annum determined by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the beginning of the relevant Interest
Period by reference to the British Bankers’ Association Interest Settlement Rates for deposits in Dollars (as set forth by the Bloomberg Information Service or any successor thereto or any other service selected by the Administrative Agent
which has been nominated by the British Bankers’ Association as an authorized information vendor for the purpose of displaying such rates) for a period equal to such Interest Period; provided that, to the extent that an interest rate is
not ascertainable pursuant to the foregoing provisions of this definition, the “LIBOR” shall be the interest rate per annum determined by the Administrative Agent to be the average of the rates per annum at which deposits in Dollars are
offered for such relevant Interest Period to major banks in the London interbank market in London, England by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the beginning of such
Interest Period. 
 “LIBOR” when used in reference to any Loan or Borrowing, refers to whether such Loan, or
the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 

“License Subsidiary” means any Wholly-Owned Subsidiary of the Borrower (or of a Subsidiary of the Borrower) formed
solely for the purpose of holding FCC Licenses. 
 “Lien” means, with respect to any asset, (a) any
mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement
(other than an operating lease) (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party
with respect to such securities. 
 “Loan Documents” means this Agreement, the Intercreditor Agreement, any
promissory notes evidencing Revolving Credit Loans and the Swing Loans hereunder, the Collateral Agreements and any other instruments or documents delivered or to be delivered from time to time pursuant to this Agreement, as the same may be
supplemented and amended from time to time in accordance with their respective terms. 
 “Loans” means the
Revolving Credit Loans and the Swing Loans. 

  
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 “Management Incentive Contracts” means employment agreements between
Holdings and employees providing for payments in the event that the net value of Holdings exceeds certain thresholds. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or financial
condition of the Credit Parties taken as a whole, (b) the ability of any Credit Party to perform any of its respective material obligations under this Agreement or (c) the material rights of or material benefits available to the Lenders
under this Agreement and the other Loan Documents. 
 “Material Contract” means any contract or other
arrangement to which any Credit Party is a party (other than the Senior Facilities Documents) for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect. 

“Material FCC Licenses” shall mean an FCC License the loss of which could reasonably be expected to have a Material
Adverse Effect. 
 “Material Indebtedness” means (a) the Senior Subordinated Notes and the Senior Notes
and (b)(i) Indebtedness (other than the Loans or Letters of Credit or the Empire Burbank Loan), or (ii) obligations in respect of one or more Hedging Agreements, of any one or more of the Credit Parties in each case of clause (i) and
clause (ii) in an aggregate principal amount exceeding $10,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of any Person in respect of any Hedging Agreement at any time shall be
the maximum aggregate amount (giving effect to any netting agreements) that such Person would be required to pay if such Hedging Agreement were terminated at such time. 
 “Material Leasehold Property” means a Leasehold Property reasonably determined by the Administrative Agent in good faith consultation with the Borrower to be of material importance to the
operations of the Credit Parties, taken as a whole. 
 “Maturity Date” means March 18, 2016. 

“Maximum Effective California Rate” shall mean the product of: (i) the maximum California personal income tax rate
imposed on individuals pursuant to Section 17041(a) and (c) (or any successor provisions) of the California Revenue and Tax Code; times (ii) the difference between one (1) and the Maximum Federal Rate expressed as a
decimal. 
 “Maximum Federal Rate” shall mean the maximum Federal income tax rate imposed on individuals
pursuant to Section 1(a)-(d) (or any successor provisions) of the Code, as adjusted pursuant to Section 15 (or any successor provision) of the Code, if applicable. 

“Media Holdings” means LBI Media Holdings, Inc., a Delaware corporation, which is the sole shareholder of the Borrower
and a Wholly-Owned Subsidiary of Holdings. 
 “Media Holdings Discount Notes” means Media Holdings’
unsecured 11% Senior Discount Notes due 2013, including any Additional Notes and Exchange Notes (as each such term is defined in the Media Holdings Discount Notes Indenture), in each case, as amended, supplemented or otherwise modified pursuant to
the 2012 Exchange Documents or otherwise in 

  
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accordance with the restrictions of Section 7.15, and as issued pursuant to the Media Holdings Discount Notes Indenture with aggregate gross cash proceeds not in excess of the sum of
(a) $[—]2 (excluding the amounts referred to in clauses (b) and (c) of this definition) plus (b) the principal amount of such notes held by Holdings and its Affiliates (which shall not be
greater than the principal amount of such notes held by Holdings and its Affiliates on the Amendment Effective Date) plus (c) the amount of any increase in the outstanding principal amount of such notes as a consequence of such notes
having been issued at a discount (i.e. accreted value). 
 “Media Holdings Discount Notes Forbearance
Agreement” means a forbearance agreement, substantially in the form of Exhibit J attached hereto between Holdings and certain holders of the Media Holdings Discount Notes with respect to the Media Holdings Discount Notes. 

“Media Holdings Discount Notes Indenture” means the Indenture dated as of October 10, 2003 between Media Holdings
and U.S. Bank National Association, as trustee, pursuant to which the Media Holdings Discount Notes were issued, as amended by that certain Supplemental Indenture dated as of the Amendment Effective Date, as amended, supplemented or otherwise
modified in accordance with the restrictions of Section 7.15. 
 “Moody’s” means Moody’s
Investors Service, Inc. and any successor thereto. 
 “Mortgaged Property” means, (a) with respect to the
Real Property Assets of the Credit Parties (i) as of the Closing Date, the Burbank Studio Property, the Dallas Studio Property and the Houston Studio Property, (ii) as of the Amendment Effective Date, each Real Property Asset which is
mortgaged pursuant to Section 6.13(d) or (e) hereof, and (iii) following the Amendment Effective Date, any other fee ownership interest in a Real Property Asset acquired by the Credit Parties which is required to be mortgaged pursuant
to Section 6.13(c) hereof; and (b) with respect to the Leasehold Properties of the Credit Parties as of the Amendment Effective Date, each Leasehold Property which is mortgaged pursuant to Section 6.13(f) hereof. 

“Mortgages” mean, collectively, any fee or leasehold mortgage, deed of trust, security deed or similar agreement
encumbering any Mortgaged Property that is reasonably satisfactory to the Administrative Agent, as may be amended from time to time. 
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “Net Cash Payments” means, 
 (i) with respect to
any Casualty Event, the aggregate amount of cash proceeds of insurance, cash condemnation awards and other cash compensation received by the Credit Parties in respect of such Casualty Event net of (A) legal, title, transfer and 

 

	2 	Aggregate principal amount of Media Holdings Discount Notes held by non-Affiliates after giving effect to the consummation of the 2012 Exchange Offers.

  
 - 23 -

 
recording tax expenses, commissions, and fees and expenses directly related to such casualty event (including legal, accounting, brokerage, outside consultant and advisor, advertising and closing
costs) incurred by the Credit Parties in connection therewith and (B) contractually required repayments of Indebtedness to the extent secured by a Lien on such property, (C) any Federal, state and local income, transfer or other taxes paid
or estimated to be payable by Holdings, Media Holdings or any of the Credit Parties in respect of such Casualty Event and (D) any Permitted Shareholder Tax Distributions and Permitted Holdings Tax Distributions relating to taxes paid or
estimated to be payable as a result of such Casualty Event; 
 (ii) with respect to any Disposition or Asset
Swap, the aggregate amount of all cash payments received by any of the Credit Parties in connection with such Disposition or Asset Swap directly or indirectly, whether at the time of such Disposition or Asset Swap or after such Disposition or Asset
Swap under deferred payment arrangements or Investments entered into or received in connection with such Disposition or Asset Swap (including Disposition Investments); provided that 

(A) Net Cash Payments shall be net of (I) the amount of any legal, title, transfer and recording tax expenses,
commissions and other fees and expenses (including legal, accounting, brokerage, outside consultant and advisor, advertising and closing costs) paid or payable by Holdings, Media Holdings or any of the Credit Parties in connection with such
Disposition or Asset Swap, (II) any Federal, state and local income, transfer or other taxes paid or reasonably estimated to be payable by any of the Credit Parties as a result of such Disposition or Asset Swap, (III) to the extent not included in
the foregoing, any Permitted Holdings Tax Distributions and Permitted Shareholder Tax Distributions related to taxes paid or estimated to be payable as a result of such Disposition or Asset Swap and (IV) a reasonable reserve for any indemnification
payments (fixed or contingent) attributable to seller’s indemnities and representations and warranties to purchaser in respect of such Disposition or Asset Swap undertaken by any Credit Party in connection with such Disposition or Asset Swap;

 (B) Net Cash Payments shall be net of any repayments by any of the Credit Parties of Indebtedness to the
extent that (I) such Indebtedness is secured by a Lien on the property that is the subject of such Disposition or Asset Swap and (II) the transferee of (or holder of a Lien on) such property requires that such Indebtedness be repaid as a
condition to the purchase of such property; and 
 (C) In addition to but without duplicating any amounts
required to be deducted from Net Cash Payments under clauses (A) and (B) above, Net Cash Payments in connection with any Disposition or Asset Swap involving a Relocation shall be net of all reasonable costs (as determined by Borrower (or
its successor or assign) in its reasonable discretion) directly related to such Relocation including, without limitation, (i) transaction expenses (including professional advisor’s or broker’s fees and costs and financing and related
fees, commissions and expenses, including lender waiver fees), (ii) engineering, construction, equipment and moving costs, (iii) marketing costs, (iv) the estimated 

  
 - 24 -

 
aggregate amount of all obligations of any Credit Party (or its successor or its assign) after such Relocation under leases with respect to which it is the lessee immediately prior to such
Relocation, (v) any penalties or liabilities incurred (or estimated to be incurred) by any Credit Party (or its success or assign) under contracts which cannot be terminated by such Credit Party (or its successor or assign) prior to such
Relocation but which cannot be performed or are no longer necessary (in the sole but reasonable discretion of the Borrower (or its successor or assign)) by any Credit Party (or its successor or assign) following such Relocation, (vi) costs
incurred in seeking governmental consents and permits required as part of such Relocation and (vii) costs incurred in seeking FCC consent to move such replaced station’s digital operations to the site of such replacement station’s
analog operations (including all expenses of a type set forth in other clauses of this definition). Any estimated amounts under this clause (C) shall be based on good faith estimates of the Borrower on the date of the consummation of any
Relocation which were reasonable when made but such estimates shall be subject to adjustment within 90 days thereafter; and 
 (iii) with respect to any incurrence of Indebtedness (other than Indebtedness permitted by Section 7.1), the aggregate amount of all cash proceeds received by any Credit Party therefrom less all
legal, underwriting and similar fees and expenses incurred in connection therewith. 
 “Net Income” means net
income of the Credit Parties on a consolidated basis determined in accordance with GAAP. 
 “New Media Holdings Senior
Notes” means the 11% senior notes due 2017 issued by Media Holdings under the New Media Holdings Senior Notes Indenture pursuant to the 2012 Exchange Offers on or before the Amendment Effective Date or as Parent Entity Allowable
Indebtedness after the Amendment Effective Date in an aggregate principal amount not to exceed $[—]3 (excluding any interest paid in kind thereon) and any additional notes issued evidencing any interest paid in kind
thereon, as amended, supplemented or otherwise modified from time to time as permitted hereunder. 
 “New Media Holdings
Senior Notes Indenture” means that certain Indenture dated as of the Amendment Effective Date, among Media Holdings and U.S. Bank National Association, as trustee, as amended, supplemented or otherwise modified from time to time as
permitted hereunder. 
 “Non-Defaulting Lender” means a Lender which is not a Defaulting Lender. 

 

	3 	Aggregate principal amount of New Media Holdings Senior Notes issued in connection with the 2012 Exchange Offers (which will equal 100% of the aggregate principal
amount of Media Holdings Discount Notes exchanged for New Media Holdings Senior Notes) plus $5,000,000. 

  
 - 25 -

 “Obligations” means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable (including post-petition interest) under the documentation governing any Indebtedness. 
 “Omnibus Confirmation Agreement” means the Omnibus Confirmation Agreement dated as of June 11, 2004 among the Administrative Agent and the Credit Parties amending and confirming the
Credit Parties’ obligations under the Pledge Agreement, the Security Agreement and any related agreements. 

“Original Closing Date” means March 20, 2001. 

“Original Credit Agreement” has the meaning assigned to such term in the preamble hereof. 

“Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes,
charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement and the other Loan Documents, provided that there shall be excluded from
“Other Taxes” all Excluded Taxes. 
 “Outstanding Amount”, as of any date, means, an amount equal to
the aggregate Revolving Credit Exposure of all Revolving Credit Lenders (which, for the avoidance of doubt, shall include any Defaulting Lenders) on such date. 
 “Parent Entity Allowable Indebtedness” means Indebtedness (other than the Media Holdings Discount Notes and the New Media Holdings Senior Notes issued on or before the Amendment Effective
Date as part of the 2012 Exchange Transactions) of Media Holdings; provided that (i) the aggregate principal amount of such Indebtedness (excluding any paid-in-kind interest on such Indebtedness permitted by this Agreement) does not exceed at
any time $5,000,000, (ii) such Indebtedness has a final maturity date no earlier than the final maturity date of the New Media Holdings Senior Notes, (iii) such Indebtedness does not have the benefit of covenants or events of default that
are more restrictive than those contained in the New Media Holdings Senior Notes Indenture, (iv) such Indebtedness does not have the benefit of any guarantees by the Borrower or any of its Subsidiaries on the date of incurrence, (v) the
rate of any interest payable in cash on such Indebtedness does not exceed the rate of interest payable in cash on the New Media Holdings Senior Notes and any interest payable in cash on such Indebtedness is due no earlier than the first date on
which interest is payable in cash on the New Media Holding Senior Notes, (vi) the percentage of principal amount on such Indebtedness that may be subject to amortization payments prior to final maturity of such Indebtedness does not exceed the
percentage of principal amount of the New Media Holdings Senior Notes that may be subject to amortization payments prior to final maturity of New Media Holdings Senior Notes and any amortization payments on such Indebtedness are due no earlier than
the first date on which amortization payments are due on the New Media Holdings Senior Notes, and (vii) such Indebtedness is used in exchange for, or issued to otherwise repurchase, refinance, retire or otherwise acquire for value the Media
Holdings Discount Notes not held by Media Holdings or its Affiliates after the Amendment Effective Date. 

  
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 “Participant” has the meaning assigned to such term in
Section 11.4(f). 
 “Pension Plan” means any Plan that is a defined benefit pension plan subject to the
provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be)
an “employer” as defined in Section 3(5) of ERISA. 
 “Permitted Acquisition” has the meaning
set forth in Section 7.4(d). 
 “Permitted Credit Party Refinancing Indebtedness” means any Indebtedness
of Borrower or any other Credit Party issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of Borrower or any other Credit Party (other than intercompany
Indebtedness); provided that: 
 (1) the principal amount (or accreted value, if applicable) of such Permitted Credit Party
Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the amount of all
expenses and premiums incurred in connection therewith) and, to the extent and in the proportion that interest on the Indebtedness extended, refinanced, renewed, replaced, defeased or refunded is paid-in-kind, interest on such Permitted Credit Party
Refinancing Indebtedness shall be paid-in-kind; 
 (2) such Permitted Credit Party Refinancing Indebtedness has a final maturity
date 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 extended, refinanced, renewed, replaced, defeased or refunded;

 (3) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is Subordinated Indebtedness,
such Permitted Credit Party Refinancing Indebtedness has a final maturity date later than the final maturity date of, and shall constitute Subordinated Indebtedness at least to the same extent as and on terms (including, without limitation, with
respect to claim and Lien subordination) at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and 

(4) such Permitted Credit Party Refinancing Indebtedness shall not have the benefit of covenants or events of default more restrictive
than those contained in the Second Priority Secured Subordinated Notes Indenture. 
 If at any time Empire Burbank becomes a Credit Party, a
Permitted Empire Burbank Refinancing shall be deemed to constitute Permitted Credit Party Refinancing Indebtedness. 

“Permitted Dividend Amount” shall mean, for any taxable period, the amount by which the Dividend Limitation for the
taxable year exceeds the aggregate Permitted Shareholder Tax Distributions paid by the Borrower for such year pursuant to Section 7.5(m)(i) or 7.6(a) hereof, including distributions paid or loans made by the Borrower within 105 days after the
end of the taxable year for which a distribution is paid or loan is made; provided, that: 

  
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 (a) if, at the end of any taxable year of the Borrower, the Dividend Limitation for such
year exceeds the aggregate Permitted Shareholder Tax Distributions paid by the Borrower for such year pursuant to Section 7.5(m)(i) or 7.6(a) hereof, such excess shall be ignored for purposes of computing the Permitted Dividend Amount for any
subsequent period; 
 (b) if, at the end of any taxable year of the Borrower, the aggregate Permitted Shareholder Tax
Distributions paid by the Borrower for such year pursuant to Section 7.5(m)(i) or Section 7.6(a) hereof exceed the Dividend Limitation, the Permitted Dividend Amount shall be zero (0) and such excess shall be included in the
calculation of the aggregate Permitted Shareholder Tax Distributions paid by the Borrower for the following taxable year(s); and 
 (c) if Holdings’ S Corporation election made pursuant to Code Section 1362 (or any successor provision) shall be determined to be invalid, or is revoked or terminated, or the QSSS Election shall
cease to be in effect for the Borrower, the Permitted Dividend Amount for the Borrower shall be zero (0) from and after the date of such invalidity, revocation, or termination. 

“Permitted Empire Burbank Refinancing” means a refinancing of the Empire Burbank Loan (other than with the Loans);
provided that (i) the terms of the Empire Burbank Loan Documents evidencing such refinancing shall be substantially similar to the terms of the Empire Burbank Loan Documents existing on the Closing Date, with such changes as do not
materially adversely affect the Administrative Agent or the Lenders (it being understood that (a) no change to those provisions of the Empire Burbank Loan Documents referred to in Section 7.14(a)(i) shall be permitted without the prior
written consent of the Administrative Agent and (b) replacement of the lessee under the Empire Burbank Lease of LBCI with the Borrower, replacement of the sublessor under the Empire Burbank Sublease of LBCI with the Borrower and lengthening the
term of either shall not be considered to materially adversely affect the Administrative Agent or any Lender) or with such other terms as shall be approved by the prior written consent of the Administrative Agent; provided that the aggregate
principal amount of the Empire Burbank Loan shall not exceed
$[—]4,
(ii) no additional property shall be encumbered by the Empire Burbank Mortgage executed in connection with such refinancing and (iii) prior to consummation of such refinancing, the Borrower shall deliver to the Administrative Agent copies
of all loan documents relating thereto, certified by the Borrower to be true and correct copies thereof and to be all loan documents executed in connection with such refinancing. 

“Permitted Holding Company Refinancing Indebtedness” means any Indebtedness incurred under Section 7.15(a)(i),
(ii) or (v) that is an extension, renewal, refinancing, refunding, defeasance or replacement of other Indebtedness permitted under such Section 7.15(a)(i), (ii) or (v) and that (i) is in an aggregate principal amount
(or has an accreted value, if applicable) that does not exceed the principal amount (or accreted value, if applicable) of the Holding Company Debt being extended, renewed, refinanced, refunded, defeased or replaced (plus all accrued interest on the
Indebtedness and the amount of all expenses and premiums incurred in connection therewith), (ii) has covenants, events of default and mandatory prepayment requirements 

 

	4 	Aggregate principal amount of the Empire Burbank Loan outstanding on the Amendment Effective Date. 

  
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(whether by sinking fund payments, mandatory redemptions or repurchases or otherwise) that are not more restrictive in any material respect on the Borrower and its Subsidiaries than the
covenants, events of default and mandatory prepayment requirements in the New Media Holdings Senior Notes Indenture, (iii) has a scheduled maturity date occurring no earlier than the Holding Company Debt being extended, renewed, refunded or
replaced, (iv) has a weighted average life to maturity greater than the Holding Company Debt being extended, renewed, refunded or replaced, (v) requires principal and interest payments not in excess of the principal and interest payments
required under the Holding Company Debt being replaced and (vi) interest on such Indebtedness is paid-in-kind. 

“Permitted Holdings Tax Distributions” means cash distributions and/or loans (to be computed by the Tax Accountant) from
the Borrower to Media Holdings or Holdings and/or from Media Holdings to Holdings, in respect of any taxable year to permit Holdings to pay its estimated and final federal, state and local income tax liabilities which are attributable to the taxable
income of Holdings, Media Holdings and/or the Borrower for such taxable year calculated as though Holdings, Media Holdings and the Borrower were members of an affiliated group filing a consolidated U.S. federal income tax return. If in any year
Holdings or Media Holdings is required to pay additional taxes with respect to a prior year’s tax return which are attributable to the taxable income of Media Holdings and/or the Borrower calculated as though Holdings, Media Holdings and the
Borrower were members of an affiliated group filing a consolidated U.S. federal income tax return (whether because of an audit by a taxing authority, an amended return the filing of which is required in the reasonable judgment of Holdings, Media
Holdings or otherwise), the amount of Permitted Holdings Tax Distributions which may be paid or loaned in such year shall be increased by the amount of such additional taxes. 
 “Permitted Investments” means: 
 (a) direct obligations of, or
obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in
each case maturing within one year from the date of acquisition thereof; 
 (b) investments in commercial paper maturing within
270 days from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from Standard and Poor’s Ratings Service or from Moody’s Investors Service, Inc.; 

(c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of
acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof which has a
combined capital and surplus and undivided profits of not less than $250,000,000; 
 (d) fully collateralized repurchase
agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; 

  
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 (e) investments in money market mutual funds that are rated AAA by Standard &
Poor’s Rating Service; and 
 (f) Cash Equivalents. 

“Permitted Liens” has the meaning set forth in Section 7.2. 

“Permitted Lines of Business” means the television and radio broadcast business, television and radio program
production, rental of television, radio and related facilities and properties, outdoor advertising, the leasing or licensing of property or tower space, and general business services related to any of the foregoing and any business incident thereto.

 “Permitted New Second Priority Debt” means Indebtedness of the Borrower incurred to redeem, repurchase,
retire, defease or otherwise refinance Senior Subordinated Notes or Media Holdings Discount Notes; provided that (i) the principal amount of such Indebtedness does not exceed at any time an amount equal to $5.0 million, (ii) such
Indebtedness has a final maturity date no earlier than the final maturity date of the Second Priority Secured Subordinated Notes, (iii) such Indebtedness does not have the benefit of covenants or events of default that are more restrictive than
those contained in the Second Priority Secured Subordinated Notes Indenture, (iv) the rate of any interest payable in cash on such Indebtedness does not exceed the amount of interest that is permitted to be paid in cash on the Second Priority
Secured Subordinated Notes in accordance with the terms of the Second Priority Secured Subordinated Notes and (v) such Indebtedness is subordinate in right of payment to the Obligations and any Liens securing such Indebtedness are subordinate
to the Liens securing the Obligations upon the same terms as the Second Priority Secured Subordinated Notes. 

“Permitted Shareholder Tax Distributions” means cash distributions and/or loans made by the Borrower to Media Holdings,
Holdings or the shareholders of Holdings and/or by Media Holdings to Holdings or such shareholders to permit the shareholders of Holdings to pay their estimated and final federal and state income tax liabilities attributable to the income of Media
Holdings and/or the Borrower calculated as though Media Holdings and/or the Borrower were an S Corporation. Permitted Shareholder Tax Distributions may be made not more frequently than quarterly with respect to each period for which an installment
of estimated tax would be required to be paid by the shareholders of Holdings, provided, however, that the amount of such distributions or loans shall not exceed the Permitted Dividend Amount. For purposes of computing the amount of aggregate
Permitted Shareholder Tax Distributions for any taxable year, amounts paid in such taxable year by Media Holdings and/or the Borrower to the State of California on behalf of nonresident shareholders as estimated taxes or as withholding taxes
pursuant to the California Revenue and Taxation Code shall be treated as Permitted Shareholder Tax Distributions. If nonresident shareholders recontribute to Media Holdings and/or the Borrower any such amounts paid on their behalf, however, the
amounts contributed shall be subtracted from the amount of aggregate Permitted Shareholder Tax Distributions for the taxable year in which the contributions are made. If in any year Holdings’ shareholders are required to pay additional taxes
with respect to a prior year’s tax return which are attributable to the taxable income of Media Holdings and/or the Borrower calculated as though Media Holdings and/or the Borrower were S Corporations (whether because of an audit by a taxing
authority, an amended return the filing of which is required in the reasonable judgment of Holdings, or otherwise), the 

  
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amount of Permitted Shareholder Tax Distributions which may be paid in such year shall be increased by the amount of such additional taxes as determined by a Tax Accountant. Notwithstanding any
other provision in this Agreement to the contrary, in the event that in any future tax period Holdings fails to qualify as an S Corporation for California and/or other state tax purposes or otherwise fails to receive the benefits of S Corporation
tax treatments, but continues to maintain its S Corporation status for federal income tax purposes, the amount that can be distributed or loaned under this paragraph or any other provisions of this Agreement shall include and shall be increased by
the amount of California and/or other state taxes imposed on such distributions and loans (including the additional distributions and loans under this sentence). For the avoidance of doubt, in determining the amounts that can be distributed to pay
the tax liabilities of the shareholders of Holdings or any of its Subsidiaries under this definition and other provisions of this Agreement, if there are multiple distributions and/or loans (e.g., an amount from the Borrower to Media Holdings and
the same amount from Media Holdings to Holdings), such a series of distributions and/or loans shall be only counted once. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee benefit plan within the
meaning of Section 3(3) of ERISA in which the Borrower or any ERISA Affiliate is an “employer” as defined in Section 3(5) of ERISA including but not limited to any Pension Plan or Multiemployer Plan. 

“Pledge Agreement” means the Amended and Restated Pledge Agreement dated as of the Closing Date, by and among the Credit
Parties and Collateral Trustee, which amends and restates that certain Pledge Agreement dated as of the Original Closing Date between the Credit Parties and Fleet National Bank, as predecessor administrative agent, as confirmed and amended by the
Confirmation of Pledge Agreement, the Omnibus Confirmation Agreement and the Second Omnibus Confirmation Agreement, as such agreement may be further amended, supplemented or otherwise modified from time to time, including the addition of new Credit
Parties in accordance with Section 6.10. 
 “Post-Default Rate” means, for Base Rate Loans, a rate per
annum equal to the Adjusted Base Rate plus the Applicable Margin plus 2%, and, for LIBOR Loans, a rate per annum equal to the Adjusted LIBO Rate plus the Applicable Margin plus 2%. 

“Prime Rate” shall mean the rate of interest per annum announced from time to time by Credit Suisse (or
any successor to Credit Suisse in its capacity as Administrative Agent) as its prime commercial lending rate in effect at its principal office in New York City. The Prime Rate is a reference rate and does not necessarily represent the lowest or best
rate actually charged to any customer. 
 “Principal Investors” has the meaning assigned to such term in the
definition of “Change of Control” in this Agreement. 
 “Prior Credit Agreements” has the meaning
assigned to such term in the preamble hereof. 
 “Priority Lien Intercreditor Agreement” means that certain
Intercreditor Agreement dated as of the Amendment Effective Date by and among the Borrower, the guarantors from time to 

  
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time party thereto, the Collateral Trustee, the trustee under the Second Priority Secured Subordinated Notes Indenture, as trustee and collateral agent, and the other first priority lien debt
representatives and subordinated lien debt representatives from time to time party thereto, as amended, restated, supplemented or otherwise modified in accordance with the terms hereof. 

“Private Equity Issuance” means the issuance by Holdings of certain shares of Class A Common Stock pursuant to the
Private Equity Issuance Documents. 
 “Private Equity Issuance Documents” means the Investment Agreement, the
Investor Rights Agreement and ancillary documents entered into pursuant thereto. 
 “Program Obligations” means
all obligations, whether fixed or contingent, of the Credit Parties in respect of the purchase, use, license or acquisition of programs, programming materials, films and similar assets used in connection with the television broadcast business and
operations of the Credit Parties. 
 “Program Obligations Payments” means, for any period, the sum (determined
on a consolidated basis and without duplication) of all payments by the Credit Parties made or scheduled to be made during such period in respect of Program Obligations; provided that, with respect to any contract for Program Obligations
which requires that the consideration therefor be paid by a Credit Party in one lump-sum payment, or in unequal payments over the term of such contract, such payment (or payments) shall be amortized over the period during which such programming is
available under such contract. 
 “Property” means any interest of any kind in property or assets, whether
real, personal or mixed, and whether tangible or intangible. 
 “Proprietary Rights” has the meaning assigned
to such term in Section 4.5(b). 
 “PTO” means the United States Patent and Trademark Office or any
successor or substitute office in which filings are necessary or, in the reasonable opinion of the Administrative Agent, desirable in order to create or perfect Liens on any IP Collateral. 

“QSSS Election” means the election to treat any Person as a qualified Subchapter S subsidiary pursuant to Code
Section 1361(b)(3) (or any successor provision). 
 “Qualifying IPO” means the consummation by Holdings of
an initial public offering of common stock with gross proceeds to Holdings (without deduction of commissions) of $50,000,000 or more. 
 “Qualifying IPO Closing Date” means the date on which a Qualifying IPO has been consummated. 
 “Qualifying IPO Funding Transactions” means the following payments made from the net proceeds of a Qualifying IPO: 

(a) (i) Holdings may make dividends and distributions to its stockholders and (ii) so long as no Event of Default has occurred and
is continuing or would result therefrom, 

  
 - 32 -

 
Holdings (or any other Holding Company that is the parent of Media Holdings) may redeem, repurchase, prepay or otherwise acquire (whether pursuant to the optional redemption provisions, in open
market transactions or otherwise), not later than fifteen months after the consummation of such Qualifying IPO, all or any portion of the outstanding principal amount of any Parent Entity Allowable Indebtedness, Media Holdings Discount Notes and New
Media Holdings Senior Notes and pay premiums (including call premiums, early tender premiums or consent premiums) and interest thereon, which may consist of accrued interest, plus, if applicable, an amount of interest calculated on the basis of the
next succeeding contractual redemption or maturity date, and any other amounts owing with respect thereto; 
 (b) Holdings shall
contribute substantially all of the net proceeds of such Qualifying IPO (other than the amount described in clause (a) above) to Media Holdings within 10 Business Days of such Qualifying IPO; 

(c) so long as no Event of Default has occurred and is continuing or would result therefrom, Media Holdings (or any other Holding Company
that is a Wholly Owned Subsidiary of Media Holdings and the direct or indirect parent of the Borrower) may redeem, repurchase, prepay or otherwise acquire (whether pursuant to the optional redemption provisions, in open market transactions or
otherwise), not later than fifteen months after the consummation of such Qualifying IPO, all or any portion of the outstanding principal amount of Parent Entity Allowable Indebtedness, Media Holdings Discount Notes and New Media Holdings Senior
Notes and pay premiums (including call premiums, early tender premiums or consent premiums) and interest thereon, which may consist of accrued interest, plus, if applicable, an amount of interest calculated on the basis of the next succeeding
contractual redemption or maturity date, and any other amounts owing with respect thereto; 
 (d) Media Holdings shall
contribute substantially all of the net proceeds of such Qualifying IPO (other than the amounts described in clauses (a) and (c) above) to the Borrower within 10 Business Days of such Qualifying IPO; and 

(e) so long as (i) no Event of Default has occurred and is continuing and (ii) the Outstanding Amount does not exceed
$5,000,000, the Borrower may redeem, repurchase, prepay or otherwise acquire (whether pursuant to the optional redemption provisions, in open market transactions or otherwise), not later than fifteen months after the consummation of such Qualifying
IPO, all or any portion of the outstanding principal amount of Subordinated Indebtedness (other than any Liberman Subordinated Debt) and pay premiums (including call premiums, early tender premiums or consent premiums) and interest thereon, which
may consist of accrued interest, plus, if applicable, an amount of interest calculated on the basis of the next succeeding contractual redemption or maturity date, and any other amounts owing with respect thereto; 

it being understood and agreed that so long as the sum of the amounts in clauses (a), (c) and (e) above does not exceed the net proceeds of a
Qualifying IPO, such amounts shall be deemed to be from the net proceeds of a Qualifying IPO no matter the source of such amounts. In no event shall the amount of distributions and dividends to the stockholders of Holdings described in clause (a)(i)
above exceed the lesser of (x) $5,000,000 and (y) the excess of the gross proceeds of 

  
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such Qualifying IPO (without deduction for any commissions or underwriter’s discount) over $50,000,000. 
 “Quarterly Dates” means the last day of each fiscal quarter of the Credit Parties, the first of which shall be March 31, 2011. 

“Real Property Asset” means, at any time of determination, any fee ownership or leasehold interest then owned by any
Credit Party in any real property. 
 “Refunded Swing Loans” has the meaning assigned to such term in
Section 2.8(d). 
 “Register” has the meaning assigned to such term in Section 11.4(d). 

“Registered Rights” has the meaning assigned to such term in Section 4.5(b). 

“Registration Statement” means the Registration Statement on Form S-1 filed by Holdings for the registration of the
initial public offering of the Class A Common Stock with the Securities and Exchange Commission, as may be amended from time to time, or any subsequent registration statements. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System. 

“Reimbursement Obligation” has the meaning assigned to such term in Section 2.4(e). 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective
directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

“Release” means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal,
discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material),
including the movement of any Hazardous Material through the air, soil, surface water or groundwater. 

“Relocation” means with respect to any television Broadcast Station, (1) any transaction in which a 700 MHz Holder
(or any other Person) offers consideration (which consideration consists of a different frequency or frequencies and/or other cash or non-cash consideration) to any Credit Party for the cessation of broadcasting on any of the existing analogue
and/or digital frequencies of such Broadcast Station in order to accommodate the spectrum needs of such 700 MHz Holder, including the prevention of interference with such 700 MHz Holder’s operations, and such Credit Party is not ordered or
directly or indirectly required by the FCC or any other Governmental Authority to enter into such transaction, or (2) any transaction in which FCC or any other Governmental Authority orders or otherwise directly or indirectly requires any
Credit Party to cease broadcasting on any of its existing analogue and/or digital frequencies in order to accommodate the spectrum needs of any 700 MHz Holder, including the prevention of 

  
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interference with such 700 MHz Holder’s operations, with or without any consideration. As used herein, “700 MHz Holder” means a holder of a 700 MHz license or construction
permit. 
 “Remaining Net Cash Payments” means, with respect to any Net Cash Payments in respect of any Asset
Swap or Disposition, as of any date, the amount of such Net Cash Payments received by the Borrower and its Subsidiaries from such Asset Swap or Disposition since the date of such Asset Swap or Disposition, less 100% of any transaction expenses
associated with such Disposition or Asset Swap not previously deducted in the determination of Net Cash Payments plus (or minus, as the case may be) 100% of any other adjustment received or paid by the Borrower or any Subsidiary pursuant to the
respective agreements giving rise to such Disposition or Asset Swap and not previously taken into account in the determination of the Net Cash Payments. 
 “Required Lenders” means Lenders having Loans, LC Exposure and unused Commitments representing in excess of 50% of the sum of the total Loans, LC Exposure and unused Commitments.

 “Restricted Junior Payment” means (i) any dividend or other distribution, direct or indirect, on
account of any shares of any class of stock of, or other equity interests in, any Credit Party now or hereafter outstanding, except a dividend payable solely in shares of stock or interests of the same class, (ii) any redemption, retirement,
sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of stock of, or other equity interests in, any Credit Party now or hereafter outstanding, (iii) any payment made to retire,
or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of stock of, or other equity interests in, any Credit Party now or hereafter outstanding, (iv) any payment or prepayment of
principal of, premium, if any, or interest on, or redemption purchase, retirement, defeasance (including economic or legal defeasance), sinking fund or similar payment or liquidated damages with respect to any Subordinated Indebtedness, Holding
Company Debt or other Indebtedness of any Holding Company (other than any intercompany loans from any of the Credit Parties), (v) any payment made to any Affiliates of any Credit Party in respect of management, consulting or other similar
services provided to any Credit Party, (vi) any portion of an incentive bonus which may become payable pursuant to any Management Incentive Contract, and (vii) any prepayment of principal of, premium, if any, or voluntary redemption,
purchase, retirement or defeasance (including economic or legal defeasance), sinking fund or similar voluntary payment with respect to the Senior Notes, the Second Priority Secured Subordinated Notes or Permitted New Second Priority Debt.
Notwithstanding the foregoing, the following shall not be deemed to be Restricted Junior Payments: (a) any payment to any director, officer or employee of any Credit Party consisting of salary, other compensation (except to the extent described
in clause (vi) above) or reimbursement of expenses and (b) any payments made in respect of the transactions permitted pursuant to Section 7.7. The cancellation or forgiveness of any loan made by any Credit Party with no cash payment
by a Credit Party at the time of such forgiveness or cancellation to any of its Affiliates shall not be deemed to be a Restricted Junior Payment. For the avoidance of doubt, any payments of interest on Subordinated Indebtedness or any Indebtedness
of any Holding Company which are paid in kind shall not be deemed to be Restricted Junior Payments. 

  
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 “Revolving Credit Commitment” means, with respect to each Lender, the
commitment of such Lender to make Revolving Credit Loans and to acquire participations in Letters of Credit hereunder, as such commitment may be (a) reduced from time to time pursuant to Sections 2.7 and 2.11 or (b) reduced or increased
from time to time pursuant to assignments by or to such Lender pursuant to Section 11.4. The initial maximum amount of each Lender’s Revolving Credit Commitment is set forth on Part II of Schedule 2.1, or in the Assignment and
Acceptance pursuant to which such Lender shall have assumed its Revolving Credit Commitment, as applicable. The aggregate original amount of the Revolving Credit Commitments is equal to $50,000,000. 

“Revolving Credit Exposure” means, with respect to any Revolving Credit Lender at any time, the sum of the outstanding
principal amount of such Lender’s Revolving Credit Loans and its LC Exposure at such time and in the case of the Swing Loan Lender, the aggregate outstanding principal amount of all Swing Loans which have not been refunded pursuant to
Section 2.8(d) (the “Swing Loan Exposure”). 
 “Revolving Credit Lender” means
(a) initially, a Lender that has a Revolving Credit Commitment set forth opposite its name on Schedule 2.1 and (b) thereafter, the Lenders from time to time holding Revolving Credit Loans and Revolving Credit Commitments, after
giving effect to any assignments thereof permitted by Section 11.4. 
 “Revolving Credit Loan” means a
Loan made pursuant to Section 2.1 that utilizes the Revolving Credit Commitment. 
 “Revolving Credit
Notes” means any promissory notes, substantially in the form of Exhibit A, issued by the Borrower in favor of the Revolving Credit Lenders. 
 “Revolving Facility Debt” means, the sum of the outstanding principal amount of all Revolving Credit Loans, the aggregate amount of all LC Disbursements that have not yet been reimbursed
by or on behalf of the Borrower, and the outstanding amount of all Swing Loans which have not been refunded pursuant to Section 2.8(d). 
 “Revolving Facility Leverage Ratio” means, as of any date of determination thereof, the ratio of (a) the Revolving Facility Debt to (b) EBITDA for the period of four consecutive
fiscal quarters ending on or most recently ended prior to such date. 
 “S Corporation” means a small business
corporation within the meaning of Code Section 1361 (or any successor provision) for which an election is in effect under Code Section 1362(a) (or any successor provision). 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any
successor thereto. 
 “Sawyer Property” means that certain real property owned in fee by the Credit Parties
located at 5930 Sawyer Street, Los Angeles, California. 
 “Sawyer Property Sale” means a sale of the Sawyer
Property upon terms and conditions reasonably acceptable to Administrative Agent. 

  
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 “Second Amendment” means that certain Consent Agreement and Second
Amendment to Amended and Restated Credit Agreement dated as of December 21, 2012 among the Borrower, the Guarantors party thereto, the Lenders party thereto and Credit Suisse AG, Cayman Islands Branch, as Administrative Agent and Collateral
Trustee. 
 “Second Amendment Mortgaged Property” has the meaning ascribed to such term in Section 6.13(d)
hereof. 
 “Second Omnibus Confirmation Agreement” means the Second Omnibus Confirmation Agreement dated as of
May 8, 2006 among Credit Suisse, as collateral agent, the Administrative Agent, Credit Suisse, as term loan agent and the Credit Parties, amending and confirming the Credit Parties’ obligations under the Pledge Agreement, the Security
Agreement and any related agreements, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Second Priority Secured Subordinated Notes” means the 11 1/2/13 1/2% PIK Toggle Second Priority Secured Subordinated Notes due 2020 issued by the
Borrower and the related subsidiary guarantees issued under the Second Priority Secured Subordinated Notes Indenture in an original aggregate principal amount not to exceed (x) $[—]5 (excluding any interest paid in kind thereon) plus (y) the
principal amount of any additional Second Priority Secured Subordinated Notes issued after the Amendment Effective Date constituting Permitted New Second Priority Debt (excluding any interest paid in kind thereon) plus (z) any additional notes
issued evidencing any interest paid in kind thereon, as amended, supplemented or otherwise modified from time to time as permitted hereunder. 
 “Second Priority Secured Subordinated Notes Indenture” means that certain Indenture dated as of the Amendment Effective Date, among the Borrower, the subsidiary guarantors from time to
time party thereto, and U.S. Bank National Association, as trustee, as amended, supplemented or otherwise modified from time to time as permitted hereunder. 
 “Secured Obligations” has the meaning set forth in the Security Agreement and the Pledge Agreement. 
 “Secured Parties” as defined in the Intercreditor Agreement. 

“Security Agreement” means the Amended and Restated Security Agreement dated as of the Closing Date by and among the
Credit Parties and Collateral Trustee, for its own benefit and the benefit of the Secured Parties, as amended by that certain First Amendment to Amended and Restated Security Agreement dated as of the Amendment Effective Date, which amends and
restates that certain Amended and Restated Security Agreement dated as of July 9, 2002 between 
  

	5 	Aggregate principal amount of Second Priority Secured Subordinated Notes issued in connection with the 2012 Exchange Offers (which will equal the sum of (a) 60% of
the aggregate principal amount of Senior Subordinated Notes exchanged for Second Priority Secured Subordinated Notes plus (b) 40% of the aggregate principal amount of Media Holdings Discount Notes exchanged for Second Priority Secured
Subordinated Notes). 

  
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the Administrative Agent and the Credit Parties, as confirmed and amended by the Omnibus Confirmation Agreement and the Second Omnibus Confirmation Agreement and thereafter in accordance with
Section 6.10, as such agreement may be further amended, supplemented or otherwise modified from time to time. 

“Senior Facilities Documents” means the Loan Documents and the Senior Note Documents. 

“Senior Note Documents” means the Senior Notes, the Senior Note Indenture, the Intercreditor Agreement, any Collateral
Agreements securing the Senior Notes and any other instruments or documents delivered or to be delivered from time to time pursuant to the Senior Note Indenture, as the same may be supplemented and amended, amended and restated or refinanced from
time to time in accordance with their respective terms. 
 “Senior Note Indenture” means the Indenture dated as
of the Closing Date between Borrower and U.S. Bank National Association, as indenture trustee, pursuant to which the Senior Notes were issued, as amended by that certain Supplemental Indenture dated as of the Amendment Effective Date, as further
amended, supplemented or otherwise modified in accordance with the restrictions in the Collateral Trust Agreement and Section 7.13. 
 “Senior Notes” means the 10% Senior Secured Notes due 2019 of the Borrower in the aggregate original maximum principal amount of $220,000,000. 

“Senior Subordinated Note Indenture” means the Indenture dated as of July 23, 2007, among the Borrower, the
Guarantors and U.S. Bank National Association, as trustee, pursuant to which the Senior Subordinated Notes were issued, as amended by that Supplemental Indenture dated as of the Amendment Effective Date, as further amended, supplemented or otherwise
modified in accordance with the restrictions of Section 7.13. 
 “Senior Subordinated Notes” means the
Borrower’s 8 1/2% Senior Subordinated Notes due 2017, including any Additional Notes and Exchange Notes (as each such term is defined in the Senior Subordinated Note Indenture), in each case as issued pursuant to the Senior Subordinated Note
Indenture in an aggregate principal amount on or after the Amendment Effective Date not in excess of $[—]6 plus the principal amount of any additional notes issued evidencing any interest paid in kind thereon, as amended,
supplemented or otherwise modified in accordance with the restrictions of Section 7.13. 
 “Special
Counsel” means Edwards Wildman Palmer LLP, in its capacity as special counsel to Credit Suisse, as Administrative Agent, Collateral Trustee and Lender and Credit Suisse Securities (USA) LLC, as Lead Arranger. 

 

	6 	Aggregate principal amount of Senior Subordinated Notes outstanding after giving effect to the consummation of the 2012 Exchange Offers. 

  
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 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve
percentages shall include those imposed pursuant to such Regulation D. LIBOR Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets
that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 “Stockholder Voting Agreement” means the Voting Agreement by and between Lenard Liberman and Jose Liberman
(if any) to be executed in connection with the IPO, substantially in the form delivered to the Administrative Agent from time to time, as such agreement may be amended, supplemented or otherwise modified from time to time. 

“Subordinated Indebtedness” means (a) the Senior Subordinated Notes, (b) any Liberman Subordinated Debt,
(c) the Second Priority Secured Subordinated Notes and any Permitted Credit Party Refinancing Indebtedness in connection therewith, (d) Permitted New Second Priority Debt and any Permitted Credit Party Refinancing Indebtedness in
connection therewith and (e) any Indebtedness of any Credit Party, incurred after the Effective Time which is subordinated to the payment of the Secured Obligations as set forth in Section 7.1(l). 

“Subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the ordinary voting power or, in the
case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the
parent and one or more subsidiaries of the parent. References herein to “Subsidiaries” shall, unless the context requires otherwise, be deemed to be references to Subsidiaries of the Borrower. 

“Suspended Losses” means the aggregate amount of losses and deductions of Holdings which have been taken into account by
the shareholders of Holdings and disallowed under Code section 1366(d) (or successor provisions) in a prior taxable year. 

“Swing Loan” has the meaning specified in Section 2.8(a). 

“Swing Loan Commitment” means the commitment of the Swing Loan Lender to make Swing Loans in an aggregate principal
amount not to exceed $7,500,000, as such commitment may be (a) reduced from time to time pursuant to Sections 2.7 and 2.11 and (b) reduced or 

  
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increased from time to time pursuant to assignments by the Swing Loan Lender pursuant to Section 11.4. 
 “Swing Loan Exposure” has the meaning specified in the definition of “Revolving Credit Exposure” in this Agreement. 

“Swing Loan Lender” means Credit Suisse, in its capacity as the Swing Loan Lender. 

“Swing Loan Note” means any promissory note, substantially in the form of Exhibit B, issued by the Borrower in
favor of the Swing Loan Lender to evidence the Swing Loans. 
 “Swing Loan Request” has the meaning assigned to
such term in Section 2.8(b). 
 “Tax Accountant” means any one of the four largest nationally recognized
independent accounting firms, or any other independent accounting firm jointly approved by the Administrative Agent and the Borrower. 
 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority. 

“Total Debt” means, as of any date of determination thereof, the Indebtedness of the Credit Parties (determined on a
consolidated basis without duplication in accordance with GAAP) excluding (i) intercompany loans among the Credit Parties, (ii) Indebtedness under the Media Holdings Discount Notes Indenture and documents related thereto and other Holding
Company Debt incurred in accordance with Section 7.15(a)(i), (ii) or (v), in each case, if and to the extent no Credit Party is obligated with respect to such Indebtedness, (iii) the Liberman Subordinated Debt, (iv) the Empire
Burbank Loan and (v) so long as the LBI Media Intercompany Note matures after the Maturity Date or, if sooner, if substantially all of the amount repaid prior to the Maturity Date is used for the purposes described in clauses (a) or
(c) of the definition of Qualifying IPO Funding Transactions, the LBI Media Intercompany Note. 
 “Total Leverage
Ratio” means, as of any date of determination thereof, the ratio of (a) Total Debt to (b) EBITDA for the period of four consecutive fiscal quarters ending on or most recently ended prior to such date. 

“Total Voting Power” means, with respect to any Person, the total number of votes which holders of securities or other
ownership interests having the ordinary power to vote, in the absence of contingencies but after giving effect to the exercise and/or conversion of all outstanding options, warrants, and other securities which by their terms are convertible into
voting securities, are entitled to cast in the election of directors, general partners or managers of such Person. 

“Transaction Costs” means, for any period, nonrecurring out-of-pocket costs, fees and expenses (including
attorneys’ fees) which are incurred by Holdings and its Subsidiaries in connection with (a) the negotiation, preparation and consummation of the Transactions (but excluding any amount paid to any Affiliate of the Borrower), and obtaining
all regulatory approvals, consents, filings or other matters required in connection with the Transactions, including, any filing, registration or recording fees and charges and including costs, fees and

  
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expenses incurred in connection with the Closing Date or the Transactions so long as such amounts are not incurred more than twelve (12) months after the Closing Date, (b) financing
agreements and proposed financing agreements related to this Agreement and Senior Facilities Documents (including without limitation all fees and expenses paid to the agents thereunder and their respective counsel), and (c) the negotiation,
preparation and consummation of the transactions contemplated and/or in connection with a Qualifying IPO, the Private Equity Issuance or any issuance of any Subordinated Indebtedness (other than Liberman Subordinated Debt), the Second Priority
Secured Subordinated Notes or Permitted New Second Priority Debt or any Holding Company Debt or any redemption, repurchase, refinancing, repayment or retirement of any Subordinated Indebtedness (other than Liberman Subordinated Debt), the Second
Priority Secured Subordinated Notes or Permitted New Second Priority Debt or Holding Company Debt (including the fees, costs, expenses and premiums paid in connection with such redemption, repurchase, refinancing, repayment or retirement of any such
Subordinated Indebtedness, the Second Priority Secured Subordinated Notes, Permitted New Second Priority Debt or Holding Company Debt), including, without limitation, whether or not a Qualifying IPO, the Private Equity Issuance or any other such
issuance of, or any such redemption, repurchase, refinancing, repayment or retirement of, such Indebtedness occurs, the nonrecurring out-of-pocket costs, fees and expenses (including attorney’s fees) incurred by Holdings and its Subsidiaries in
connection with (i) the negotiation, preparation and/or consummation of a Qualifying IPO (including the payment of the underwriting discounts in connection therewith but excluding any periodic reports required by the Exchange Act, and the
Qualifying IPO Funding Transactions (including the fees, costs, expenses and premiums paid in connection with the permitted redemptions, repayments and repurchases of Subordinated Indebtedness (other than Liberman Subordinated Debt) ), the Second
Priority Secured Subordinated Notes or Permitted New Second Priority Debt and the Media Holdings Discount Notes or other Holding Company Debt. The term “Transaction Costs” shall include the initial and the routine periodic rating agency
fees related to the issuance of the Senior Subordinated Notes, the Media Holdings Discount Notes, the Second Priority Secured Subordinated Notes or Permitted New Second Priority Debt, any Subordinated Indebtedness and Holding Company Debt and the
maintenance of the rating(s) thereon, but excluding any rating agency fees related to subsequent transactions unrelated to the Senior Subordinated Notes, the Media Holdings Discount Notes, the Second Priority Secured Subordinated Notes, the
Permitted New Second Priority Debt and any Subordinated Indebtedness or other Holding Company Debt, and excluding any rating agency fees payable in connection with an Acquisition. 

“Transactions” means with respect to each Credit Party and Holding Company, (i) the execution, delivery and
performance by the Borrower or such other Credit Party of the Senior Facilities Documents, and the documents related thereto, the borrowing of Loans and the use of the proceeds thereof, the issuance of Letters of Credit hereunder, (ii) the
issuance of the Senior Notes; and (iii) all transactions contemplated by or relating to the foregoing, including any contemplated amendment to the Senior Subordinated Note Indenture or repayment of the Media Holdings Discount Notes. 

“Type” when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the
Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Adjusted Base Rate. 

  
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 “UCC” means the Uniform Commercial Code (or any similar or equivalent
legislation) as in effect in any applicable jurisdiction. 
 “U.S. Dollars” or “$” refers to
lawful money of the United States of America. 
 “Voluntary Relocation” means with respect to any television
Broadcast Station, any Relocation described in clause (1) of the definition of the term Relocation. 
 “Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 
 (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at
final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 

(2) the then outstanding principal amount of such Indebtedness. 
 “Wholly Owned Subsidiary” means, with respect to any Person at any date, any corporation, limited liability company, partnership, association or other entity of which securities or other
ownership interests representing 100% of the equity or ordinary voting power (other than directors’ qualifying shares) or, in the case of a partnership, 100% of the general partnership interests are, as of such date, directly or indirectly
owned, controlled or held by such Person or one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned Subsidiaries of such Person. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA. 
 1.2 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may
be classified and referred to by Type (e.g., a “Base Rate Loan” or a “LIBOR Loan”). In similar fashion, Borrowings may be classified and referred to by Type. 

1.3 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be

  
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construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same
meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. References in Articles 6 and 7 in respect of the affirmative and negative covenants to
be performed by the Credit Parties shall be interpreted to mean, with respect to Article 6, that the Borrower will, and will cause each of the other Credit Parties to, comply with such covenant, and, with respect to Article 7, that the
Borrower will not, and will not permit any of the other Credit Parties to, violate such covenant. 
 1.4 Accounting Terms;
GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative
Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent
notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), the Administrative Agent and the Borrower shall negotiate in good faith to amend any such provision to preserve the original intent
thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided, further, however, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such
provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 

ARTICLE 2 

The Credits 
 2.1 Revolving Credit Commitments and Revolving Credit Loans. Subject to the terms and conditions set forth herein, each Revolving Credit Lender agrees to make Revolving Credit Loans to the Borrower
from time to time during the Availability Period in an aggregate principal amount that will not result in such Lender’s Revolving Credit Loans exceeding such Lender’s Revolving Credit Commitment; provided that the total Revolving
Credit Exposure (after giving effect to any requested Revolving Credit Borrowing and any repayment of Swing Loans effected by any requested Revolving Credit Borrowing) shall not at any time exceed the total Revolving Credit Commitments. Within the
foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Credit Loans. The amount of each Lender’s Revolving Credit Commitment in effect on the Amendment Effective Date is
set forth opposite its name on Schedule 2.1 and the aggregate amount of the Revolving Credit Commitments in effect on the Amendment Effective Date is $50,000,000. 
 2.2 Loans and Borrowings. 
 (a) Each Loan shall be made as part of a
Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its

  
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obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

 (b) Subject to Section 2.14 and except with respect to Swing Loans (which will be Base Rate Loans), each Borrowing shall
be comprised entirely of Base Rate Loans or LIBOR Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any LIBOR Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan;
provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 
 (c) At the commencement of each Interest Period for a LIBOR Borrowing, such Borrowing shall be in an aggregate amount at least equal to $500,000 or any greater multiple of $100,000. At the time that each
Base Rate Borrowing (other than a Swing Loan) is made, such Borrowing shall be in an aggregate amount that is at least equal to $100,000 or any greater multiple of $100,000; provided that (i) a Base Rate Borrowing of Revolving Credit
Loans may be in an aggregate amount that is equal to the entire unused balance of the total Revolving Credit Commitments, and (ii) a Base Rate Borrowing of Revolving Credit Loans may be in an amount that is required to finance the reimbursement
of an LC Disbursement as contemplated by Section 2.4(e). Borrowings of more than one Type may be outstanding at the same time; provided that there shall not at any time be more than a total of ten LIBOR Borrowings outstanding.

 2.3 Requests for Borrowings. 
 (a) To request a Borrowing (except requests for Swing Loan Borrowings which are subject to Section 2.8(b)), the Borrower shall notify the Administrative Agent of such request by telephone (i) in
the case of a LIBOR Borrowing, not later than 1:00 p.m., New York time, three Business Days before the date of the proposed Borrowing or (ii) in the case of a Base Rate Borrowing not later than 1:00 p.m., New York time, one Business Day before
the date of the proposed Borrowing; provided that any such notice of a Base Rate Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.4(e) may be given not later than 1:00 p.m., New York time, on the
date of the proposed Borrowing; provided further that the Borrower shall use Swing Loan Borrowings to finance the reimbursement of an LC Disbursement except to the extent that such Borrowings would cause the aggregate principal balance of all
Swing Loans outstanding to exceed the Swing Loan Commitment, in which case the Borrower may use Base Rate Revolving Credit Borrowings to finance such reimbursement, but only to the extent of such excess. Each such telephonic Borrowing Request shall
be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in the form of Exhibit C-1 attached hereto and signed by the Borrower. 

(b) Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.2:

 (i) the aggregate amount of such Borrowing; 

  
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 (ii) the effective date of such Borrowing, which shall be a Business Day;

 (iii) whether such Borrowing is to be a Base Rate Borrowing or a LIBOR Borrowing; 

(iv) in the case of a LIBOR Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; 
 (v) the location and number of the
Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.5; 
 (vi) a calculation of the Revolving Facility Leverage Ratio after giving effect to the requested Borrowing; 
 (vii) a certification that, after giving effect to the requested Borrowing and the use of such proceeds, the Credit Parties shall not have cash on hand, Cash Equivalents or readily marketable corporate
bonds or equities in an aggregate amount exceeding $5,000,000; and 
 (viii) at any time when the aggregate of
the principal amount of all outstanding Loans and Senior Notes exceed the sum of (A) $260,000,000 minus the aggregate amount of all “Net Proceeds” of “Asset Sales” and “Relocations” applied by the Borrower or any
of its “Restricted Subsidiaries” after the Closing Date to repay any term “Indebtedness” under any “Credit Facility” or to repay any revolving credit “Indebtedness” under any “Credit Facility” and
effect a corresponding commitment reduction under a “Credit Facility” pursuant to Section 4.10 of the Senior Subordinated Note Indenture, Section 4.10 of the Media Holdings Discount Notes Indenture and Section 4.10 of the
Senior Note Indenture plus (B) $10,000,000 minus the greatest aggregate amount of additional “Indebtedness” incurred and outstanding pursuant to Section 4.09(xv) of the Senior Subordinated Note Indenture,
Section 4.09(xv) of the Media Holdings Discount Notes Indenture and Section 4.09(xv) of the Senior Note Indenture, as the case may be (other than, in each case, Indebtedness incurred under the Second Priority Secured Subordinated Notes
Indenture) (all of the foregoing terms in quotation marks are used as defined in the Senior Subordinated Note Indenture, the Senior Note Indenture and the Media Holdings Discount Notes Indenture), (x) a certification that the Loans being
incurred on such date, after giving effect to such Borrowing Request, are not incurred in violation of the Senior Subordinated Note Indenture, the Senior Note Indenture, the Media Holdings Discount Notes Indenture, the New Media Holdings Senior
Notes Indenture or the Second Priority Secured Subordinated Notes Indenture including, to the extent relevant to such certification, a detailed calculation of the Leverage Ratio (as defined in the applicable indenture) demonstrating that such
Leverage Ratio does not exceed 7.0 to 1 after giving effect to the Borrowing Request and (y) the Borrowing Request therefor must be in writing (and no telephonic Borrowing Requests shall be permitted). 

  
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 (c) If no election as to the Type of Borrowing is specified, then the requested Borrowing
shall be a Base Rate Borrowing. If no Interest Period is specified with respect to any requested LIBOR Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a
Borrowing Request in accordance with this Section 2.3, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

2.4 Letters of Credit. 
 (a) General. Subject to the terms and conditions set forth herein, in addition to the Revolving Credit Loans provided for in Section 2.1 and the Swing Loans provided for in
Section 2.8(a), the Borrower may request the issuance of Letters of Credit for its own account or for the account of any of its Subsidiaries which is a Guarantor by an Issuing Lender, in a form reasonably acceptable to such Issuing Lender, at
any time and from time to time during the Availability Period. In addition to such form, at the time of such request, the Borrower shall also deliver to the Administrative Agent the information (if any) required to be delivered pursuant to, if
applicable, Section 2.3(b)(viii) (assuming, for the calculation of the “Leverage Ratio,” the issuance of the requested Letter of Credit). Letters of Credit issued hereunder shall constitute utilization of the Revolving Credit
Commitments in amount equal to the face amount thereof. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the
Borrower to, or entered into by the Borrower with, an Issuing Lender relating to any Letter of Credit, the terms and conditions of this Agreement shall control. For the avoidance of doubt, all “Letters of Credit” issued by an Issuing
Lender hereunder and outstanding immediately prior to the Effective Time (which Letters of Credit are described on Schedule 2.4(b) hereof) shall continue to be maintained as Letters of Credit under and governed by this Agreement.

 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of
Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or send by telephonic facsimile (fax) (or transmit by electronic communication, if arrangements for doing so have been approved by
such Issuing Lender) to an Issuing Lender and the Administrative Agent (two Business Days before the date of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the
Letter of Credit to be amended, renewed or extended, the date of issuance, amendment, renewal or extension, the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section 2.4), the amount of
such Letter of Credit, the name and address of the beneficiary thereof, whether such Letter of Credit is (i) if available from the Issuing Lender, a documentary or trade Letter of Credit or (ii) a standby Letter of Credit, and such other
information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by such Issuing Lender, the Borrower also shall submit a letter of credit application on such Issuing Lender’s standard form in connection
with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant
that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure of the Issuing Lender (determined for these purposes without giving effect to the participations therein

  
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of the Revolving Credit Lenders pursuant to paragraph (d) of this Section 2.4) shall not exceed $5,000,000 and (ii) the total Revolving Credit Exposure shall not exceed the total
Revolving Credit Commitments. If the Issuing Lender is not the Administrative Agent, the Issuing Lender shall notify the Administrative Agent promptly in writing of the issuance, amendment, renewal or extension of any Letter of Credit, with a
summary of the pertinent terms thereof and shall provide the Administrative Agent with a copy of such Letter of Credit and related application and any other documentation related thereto. The Administrative Agent shall forward to each Lender a copy
of each notice delivered by the Borrower under this Section 2.4(b). Notwithstanding anything to the contrary contained in this Section 2.4 or elsewhere in this Agreement, in the event that a Lender is a Defaulting Lender, the Issuing
Lender shall not be required to issue any Letter of Credit unless the Issuing Lender has entered into arrangements satisfactory to it and the Borrower to eliminate the Issuing Lender’s risk with respect to the participation in Letters of Credit
by all such Defaulting Lenders (to the extent any such risk remains after the reallocation of such Defaulting Lender’s LC Exposure among Non-Defaulting Lenders in accordance with Section 2.9(e)), which arrangements may include by cash
collateralizing each such Defaulting Lender’s pro rata percentage of each Letter of Credit issued while such Defaulting Lender remains a Defaulting Lender. The Borrower hereby acknowledges that Credit Suisse or its Affiliates, in its role as an
Issuing Lender, cannot issue documentary or trade letters of credit. 
 (c) Expiration Date. Each Letter of Credit shall
expire (without giving effect to any extension thereof by reason of an interruption of business) at or prior to the close of business on the earlier of (i) the date 365 days, in the case of standby Letters of Credit, or 180 days, in the case of
documentary or trade Letters of Credit (if available), after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, 365 days or 180 days, as applicable, after such renewal or extension)
provided that any such Letter of Credit may provide for automatic extensions thereof to a date not later than 365 days, in the case of standby Letters of Credit, or 180 days, in the case of documentary or trade Letters of Credit (if
available), beyond its current expiration date, and (ii) the Maturity Date. Each Letter of Credit shall expire before, and no Letter of Credit may be extended beyond, the date that is five Business Days prior to the Maturity Date. 

(d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) by
an Issuing Lender, and without any further action on the part of such Issuing Lender, such Issuing Lender hereby grants to each Revolving Credit Lender, and each Revolving Lender hereby acquires from such Issuing Lender, a participation in such
Letter of Credit equal to such Revolving Credit Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Credit Lender hereby
absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of such Issuing Lender, such Revolving Credit Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Lender and not reimbursed by the
Borrower on the date due as provided in paragraph (e) of this Section 2.4, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Revolving Credit Lender acknowledges and agrees that its obligation to
acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the

  
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occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment to the Administrative Agent, for the account of such Issuing Lender shall be
made without any offset, abatement, withholding or reduction whatsoever. 
 (e) Reimbursement. If an Issuing Lender shall
make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse (each a “Reimbursement Obligation”) such Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal
to such LC Disbursement not later than 1:00 p.m., New York time, on the Business Day immediately following the day that the Borrower receives notice of such LC Disbursement, provided that the Borrower may, subject to the conditions to
borrowing set forth herein, request in accordance with Section 2.3 that such payment be financed with a Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such
payment shall be discharged and replaced by the resulting Revolving Credit Base Rate Borrowing. 
 If the Borrower fails to make
such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender’s Applicable Percentage
thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.5 with
respect to Revolving Credit Loans made by such Lender (and Section 2.5 shall apply to the payment obligations of the Revolving Credit Lenders, treating each such payment as a Loan for this purpose), and the Administrative Agent shall promptly
pay to the applicable Issuing Lender the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall
distribute such payment to the applicable Issuing Lender or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse such Issuing Lender, then to such Lenders and such Issuing Lender as their
interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse an Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such
LC Disbursement. 
 (f) Obligations Absolute. 

(i) The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this
Section 2.4 shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (A) any lack of validity or
enforceability of any Letter of Credit, or any term or provision therein, (B) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or
inaccurate in any respect, (C) payment by the Issuing Lender under a Letter of Credit against presentation of a draft or other document that does not comply strictly with the terms of such Letter of Credit and (D) any other event or
circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.4, constitute a legal or equitable discharge of the Borrower’s obligations hereunder. 

  
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 (ii) Neither the Administrative Agent, any Lender nor Issuing Lender, nor
any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit by the Issuing Lender or any payment or failure to make any payment thereunder (irrespective
of any of the circumstances referred to in clause (f)(i) above), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any
document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Lender; provided that nothing in this Section 2.4 shall be construed
to excuse the Issuing Lender from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by
the Borrower that are caused by the Issuing Lender’s gross negligence or willful misconduct when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. Subject in all respects to the
foregoing, the parties hereto expressly agree that: 
 (A) the Issuing Lender may accept documents that appear
on their face to be in substantial compliance with the terms of a Letter of Credit without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that
appear on their face to be in substantial compliance with the terms of such Letter of Credit; 
 (B) the Issuing
Lender shall have the right, in its sole discretion, to decline to accept such documents and to decline to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit; and 

(C) this clause (f)(ii) shall establish the standard of care to be exercised by the Issuing Lender when determining
whether drafts and other documents presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable law, any standard of care inconsistent with the foregoing). 

(g) Disbursement Procedures. The Issuing Lender shall, promptly following its receipt thereof, examine all documents purporting to
represent a demand for payment under any Letter of Credit. The Issuing Lender shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Lender has made or
will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Lender and the Revolving Credit Lenders with respect to any
such LC Disbursement. 
 (h) Interim Interest. If the Issuing Lender shall make any LC Disbursement in respect of any
Letter of Credit, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made
to but excluding the 

  
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date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Revolving Credit Base Rate Loans; provided that, if the Borrower fails to reimburse such LC
Disbursement when due pursuant to paragraph (e) of this Section 2.4, then interest calculated in accordance with Section 2.13(c) shall accrue on the unpaid amount thereof. Interest accrued pursuant to this paragraph shall be for the
account of the Issuing Lender, except that interest accrued on and after the date of payment by any Revolving Credit Lender pursuant to paragraph (e) of this Section 2.4 to reimburse the Issuing Lender shall be for the account of such
Lender to the extent of such payment. 
 (i) Cash Collateralization. If either (i) an Event of Default shall occur
and be continuing and the Borrower receives notice from the Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this paragraph, or (ii) the Borrower shall be required to provide cover for LC
Exposure pursuant to Section 2.10(a) or 2.11(b), the Borrower shall immediately deposit with the Collateral Trustee an amount in cash equal to, in the case of an Event of Default, the LC Exposure as of such date plus any accrued and unpaid
interest thereon and, in the case of cover pursuant to Section 2.10(a) or 2.11(b), the amount required under Section 2.10(a) or 2.11(b), as the case may be; provided that the obligation to deposit such cash collateral shall become
effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default described in clause (g) or (h) of Section 8.1. Such deposit
shall be held by the Collateral Trustee as collateral for application in accordance with the Intercreditor Agreement, if applicable, and, after such application, in the first instance for the LC Exposure under this Agreement and thereafter for the
payment of any other obligations of the Credit Parties hereunder in accordance with Section 2.18. 
 2.5 Funding of
Borrowings. 
 (a) Each Lender shall make each Loan (other than a Swing Loan) to be made by it hereunder on the proposed
date thereof by wire transfer of immediately available funds by 1:00 p.m., New York time to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such
Loans (other than Swing Loans) available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request; provided that
(i) Revolving Credit Base Rate Loans made to finance the reimbursement of an LC Disbursement under any Letter of Credit as provided in Section 2.4(e) shall be remitted by the Administrative Agent to the Issuing Lender and
(ii) Revolving Credit Base Rate Loans made to finance the refunding of Swing Loans as provided in Section 2.8(d)(i) shall be remitted by the Administrative Agent to the Swing Loan Lender. 

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (other than a
Swing Loan Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with
paragraph (a) of this Section 2.5 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the applicable Lender (and if the applicable Lender fails to pay 

  
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immediately upon demand, the Borrower) agrees to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such
amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective Rate. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such
Lender’s Loan included in such Borrowing. Nothing in this Section 2.5 shall be deemed to relieve any Lender from its obligation to fulfill its Commitments to the extent required by this Agreement or to prejudice any rights that the
Borrower may have against any Lender as a result of any default by such Lender hereunder. 
 2.6 Interest Elections.

 (a) Each Borrowing (other than a Swing Loan Borrowing) initially shall be of the Type specified in the applicable Borrowing
Request and, in the case of a LIBOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the
case of a LIBOR Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.6; provided however, that notwithstanding any other provision of this Section 2.6, no Swing Loan shall be converted from a Base Rate
Borrowing to a LIBOR Borrowing. The Borrower may elect different options for continuations and conversions with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders
holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 
 (b) To make an election pursuant to this Section 2.6, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under
Section 2.3(a) if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed
promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in the form of Exhibit C-2 attached hereto and signed by the Borrower. 

(c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.2:

 (i) the Borrowing to which such Interest Election Request applies and, if different options for continuations
or conversions are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be
specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such
Interest Election Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be a
Base Rate Borrowing or a LIBOR Borrowing; and 

  
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 (iv) if the resulting Borrowing is a LIBOR Borrowing, the Interest Period to
be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request requests a LIBOR Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. 
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each affected
Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails to
deliver a timely Interest Election Request with respect to a LIBOR Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing
shall be converted to a Base Rate Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then,
so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a LIBOR Borrowing and (ii) unless repaid, each LIBOR Borrowing shall be converted to a Base Rate Borrowing at the end of the
Interest Period applicable thereto. 
 (f) The Borrower shall not be obligated to deliver a Borrowing Request in connection with
any election to convert any Borrowing to a different Type or to continue any Borrowing or, in the case of a LIBOR Borrowing, any election of an Interest Period therefor pursuant this Section 2.6. 

2.7 Termination and Reduction of Commitments. 
 (a) Unless previously terminated in accordance with the terms hereof, the Revolving Credit Commitments shall terminate at the close of business on the Maturity Date. 

(b) The Borrower may at any time or from time to time reduce the Revolving Credit Commitments or the Swing Loan Commitment;
provided that (i) each reduction of the Revolving Credit Commitments or the Swing Loan Commitment shall be in an amount that is at least equal to $500,000 or any greater multiple of $100,000, and (ii) the Borrower shall not
terminate or reduce (A) the Revolving Credit Commitments if, after giving effect to any concurrent repayment in accordance with Section 2.10 or prepayment in accordance with Section 2.11 of the Loans, the total Revolving Credit
Exposure would exceed the total Revolving Credit Commitments or (B) the Swing Loan Commitment if, after giving effect to any concurrent repayment of the Swing Loans in accordance with Section 2.10 or prepayment of the Loans in accordance
with Section 2.11, the aggregate principal amount of outstanding Swing Loans would exceed the Swing Loan Commitment, after giving effect to such termination or reduction. 
 (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Credit Commitments or the Swing Loan Commitment under paragraph (b) of this
Section 2.7 at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly 

  
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following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.7 shall be
irrevocable; provided that a notice of termination of any 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, provided that the Borrower shall reimburse the Administrative Agent and the Lenders for any fees, costs or expenses
(including any breakage costs) incurred as a result of Borrower’s intention to terminate the Commitments. Any termination or reduction of Revolving Credit Commitments and/or Swing Loan Commitment shall be permanent. Each reduction of Revolving
Credit Commitments shall be made ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Commitments. 
 2.8 Swing Loan Facility. 
 (a) The Swing Loan. Subject to the terms
and conditions hereinafter set forth, upon notice by the Borrower made to the Swing Loan Lender in accordance with Section 2.8(b)(i), the Swing Loan Lender hereby agrees to make loans (each a “Swing Loan”) to the Borrower from
time to time on any Business Day during the period between the Closing Date and the Business Day immediately prior to the expiration of the Availability Period in an aggregate principal amount outstanding not to exceed the Swing Loan Commitment. The
Swing Loans shall be payable with interest accrued thereon on the Business Day immediately prior to the expiration of the Availability Period. Amounts borrowed by the Borrower under this Section 2.8 may be repaid and reborrowed, subject to the
conditions hereof. At the time that each Swing Loan Borrowing is made, such Borrowing shall be in an aggregate amount that is at least equal to $100,000 or any greater multiple of $100,000. Notwithstanding any other provisions of this Agreement and
in addition to the Swing Loan Commitment limitation set forth above at no time shall the sum of (i) the aggregate principal amount of all outstanding Swing Loans (after giving effect to all amounts requested and the application of the proceeds
thereof) plus (ii) the aggregate principal amount of all outstanding Revolving Credit Loans (after giving effect to all amounts requested and the application of the proceeds thereof), plus (iii) the aggregate LC Exposure, exceed the
aggregate amount of the Revolving Credit Commitments of all the Lenders; provided, however, that subject to the limitations set forth in this Section 2.8(a) from time to time the ratio of (x) the sum of the aggregate Revolving
Credit Exposure of the Swing Loan Lender (both in its capacity as the Swing Loan Lender and in its capacity as a Revolving Credit Lender) to (y) the sum of the aggregate Revolving Credit Exposure of all Lenders (including the Swing Loan Lender
both in its capacity as the Swing Loan Lender and in its capacity as a Revolving Credit Lender) may exceed its Applicable Percentage. 
 (b) Requests for Swing Loans. 
 (i) When the Borrower
desires the Swing Loan Lender to make a Swing Loan, it shall send to the Administrative Agent and the Swing Loan Lender a written request (or telephonic notice, if thereafter promptly confirmed in writing) (a “Swing Loan Request”),
which request shall set forth (x) the principal amount of the proposed Swing Loan, and (y) the proposed date of Borrowing of such Swing Loan (which date shall be a Business Day). Each such Swing Loan Request must be received

  
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by the Swing Loan Lender not later than 1:00 p.m. (New York time) on the proposed date of Borrowing of the Swing Loan being requested. Each Swing Loan Request shall be irrevocable and binding on
the Borrower and shall obligate the Borrower to borrow the Swing Loan from the Swing Loan Lender on the proposed date of Borrowing. 
 (ii) Upon satisfaction of the applicable conditions set forth in this Agreement, at or before the close of business on the proposed date of Borrowing, the Swing Loan Lender shall make the Swing Loan
available to the Borrower by crediting the amount of the Swing Loan to an account designated by the Borrower to the Swing Loan Lender; provided that Swing Loans made to finance the reimbursement of an LC Disbursement under any Letter of
Credit as provided in Section 2.4(e) shall be remitted by the Administrative Agent to the Issuing Lender. 

(iii) Notwithstanding the foregoing, the Swing Loan Lender shall not advance any Swing Loans after it has received notice
from any Lender or any Credit Party that a Default has occurred and is continuing and stating that no new Swing Loans are to be made until such Default has been cured or waived in accordance with the provisions of this Agreement. 

(iv) Notwithstanding anything to the contrary contained in this Section 2.8 or elsewhere in this Agreement, in the
event that a Lender is a Defaulting Lender, the Swing Loan Lender shall not be required to make any Swing Loan unless the Swing Loan Lender has entered into arrangements satisfactory to it and the Borrower to eliminate the Swing Loan Lender’s
risk with respect to the participation in Swing Loans by all such Defaulting Lenders (to the extent any such risk remains after the reallocation of such Defaulting Lender’s portion of such Swing Loans among Non-Defaulting Lenders in accordance
with Section 2.9(e)), which arrangements may include by cash collateralizing each such Defaulting Lender’s pro rata percentage of each Swing Loan made while such Defaulting Lender remains a Defaulting Lender. 

(c) Interest on Swing Loans. Each Swing Loan shall be a Base Rate Loan and shall bear interest for the account of the Swing Loan
Lender thereof until repaid in full at the rate per annum equal to the Base Rate plus the Applicable Margin for Base Rate Loans. The Borrower promises to pay interest on the Swing Loans in arrears on each Interest Payment Date with respect
thereto. All such interest payable with respect to the Swing Loans shall be payable for the account of the Swing Loan Lender. 

(d) Refundings of Swing Loans; Participations in Swing Loans. 

(i) The Swing Loan Lender, at any time in its sole and absolute discretion, may, on behalf of the Borrower (which hereby
irrevocably directs the Swing Loan Lender to act on its behalf) request each Revolving Credit Lender, including the Swing Loan Lender, in its capacity as a Revolving Credit Lender, to make a Revolving Credit Loan in an amount equal to such Revolving
Credit Lender’s Applicable Percentage of the amount of the Swing Loans (the “Refunded Swing Loans”) outstanding on the date such notice is given. Upon such request, unless any of the Events of Default described in
Section 8.1(g) or (h) shall have occurred (in which event the procedures of 

  
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Section 2.8(d)(ii) shall apply), each Revolving Credit Lender shall make the proceeds of its Revolving Credit Loan available to the Administrative Agent, for the account of the Swing Loan
Lender, at the Administrative Agent’s office prior to 11:00 a.m. New York time in funds immediately available on the Business Day next succeeding the date such notice is given. The proceeds of such Revolving Credit Loans shall be immediately
applied to repay the Refunded Swing Loans. 
 (ii) If, prior to the making of a Revolving Credit Loan pursuant to
Section 2.8(d)(i), an Event of Default described in Section 8.1(g) or (h) shall have occurred, each Revolving Credit Lender will, on the date such Revolving Credit Loan was to have been made, purchase an undivided participation
interest in the Refunded Swing Loan in an amount equal to its Applicable Percentage of such Refunded Swing Loan. Each Revolving Credit Lender will immediately transfer to the Swing Loan Lender, in immediately available funds, the amount of its
participation in such Refunded Swing Loan. 
 (iii) Whenever, at any time after the Swing Loan Lender has
received from any Revolving Credit Lender such Revolving Credit Lender’s participation interest in a Refunded Swing Loan pursuant to Section 2.8(d)(ii) above, the Swing Loan Lender receives any payment on account thereof, the Swing Loan
Lender will distribute to such Revolving Credit Lender its participation interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Credit Lender’s participation
interest was outstanding and funded); provided, however, that in the event that such payment received by the Swing Loan Lender is required to be returned, such Revolving Credit Lender will return to the Swing Loan Lender any portion
thereof previously distributed by the Swing Loan Lender to it as such payment is required to be returned by the Swing Loan Lender. 
 (iv) If any Revolving Credit Lender does not make available to the Swing Loan Lender any amounts for the purpose of refunding a Swing Loan pursuant to Section 2.8(d)(i) above or to purchase a
participation interest in a Swing Loan pursuant to Section 2.8(d)(ii) above (any such amounts payable by any Revolving Credit Lender being referred to herein as “Refunding or Participation Amounts”) on the applicable due date
with respect thereto, then the applicable Revolving Credit Lender shall pay to the Swing Loan Lender forthwith on demand such Refunding or Participation Amounts with interest thereon for each day from and including the date such amount is made
available to the Swing Loan Lender but excluding the date of payment to the Swing Loan Lender, at the Federal Funds Effective Rate. If such Lender pays such amount to the Swing Loan Lender, then such amount shall constitute such Revolving Credit
Lender’s Loan included in such refunding Borrowing or the consideration for the purchase of such participation interest, as the case may be. 
 (v) The failure or refusal of any Revolving Credit Lender to make available to the Swing Loan Lender at the aforesaid time and place the amount of its Refunding or Participation Amounts (x) shall not
relieve any other Revolving Credit Lender from its several obligations hereunder to make available to the Swing Loan Lender the amount of such other Revolving Credit Lender’s Refunding or Participation

  
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Amounts and (y) shall not impose upon such other Revolving Credit Lender any liability with respect to such failure or refusal or otherwise increase the Revolving Credit Commitment of such
other Revolving Credit Lender. 
 (vi) Each Revolving Credit Lender severally agrees that its obligation to make
available to the Swing Loan Lender its Refunding or Participation Amount as described above shall (except to the extent expressly set forth in Section 2.8(d)(iv)) be absolute and unconditional and shall not be affected by any circumstance,
including (A) any set-off, counterclaim, recoupment, defense or other right which such Revolving Credit Lender may have against the Swing Loan Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or
continuance of any Default, the termination of the Revolving Credit Commitments or any other condition precedent whatsoever, (C) any adverse change in the condition (financial or otherwise) of any Credit Party or any other Person, (D) any
breach of any of the Loan Documents by any of the Credit Parties or any other Lender, or (E) any other circumstance, happening or event, whether or not similar to any of the foregoing; provided, however, that the obligation of each
Revolving Credit Lender to make available to the Swing Loan Lender its Refunding or Participation Amount in respect of any Swing Loan is subject to the condition that the Swing Loan Lender believes in good faith that all conditions under
Section 5.2 were satisfied at the time such Swing Loan was made; provided further that the Swing Loan Lender shall have been deemed to have believed in good faith that such conditions were satisfied unless, prior to the making of such
Swing Loan, either (1) the Swing Loan Lender shall have received notice from any other Lender or any Credit Party that a Default existed as such time, or (2) the most recent Compliance Certificate received from the Borrower indicating that
a Default has occurred and is continuing and, in either case, such Default had not been cured or waived at the time of the making of such Swing Loan. 
 2.9 Mitigation Obligations; Replacement of Lenders; Defaulting Lenders. 

(a) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans or Letters of Credit hereunder,
or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15
or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and
expenses incurred by any Lender in connection with any such designation or assignment. 
 (b) If any Lender requests
compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender defaults in its obligation to
fund Loans hereunder, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions
contained in Section 11.4), all its 

  
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interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment in its sole
discretion); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and, if a Revolving Credit Commitment is being assigned, the Issuing Lender), which consents shall not unreasonably be
withheld or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans (and participations in LC Disbursements), accrued interest thereon, accrued fees and all other amounts payable to it
hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation
under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 (c) If a Lender (any such Lender, a “Subject Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to Section 11.2, requires consent of
100% of the Lenders, so long as (i) no Event of Default shall have occurred and be continuing and the Borrower has obtained a written commitment from another Lender or an Eligible Assignee to purchase at par (plus accrued interest, fees and
other amounts payable to the Subject Lender hereunder) the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with
respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements satisfactory to such Issuing Lender (such as a “back-to-back” letter of credit) are made), (iii) the Required Lenders have
so consented and (iv) if applicable, the Subject Lender is unwilling to withdraw its refusal to consent within 2 Business Days after receipt by the Subject Lender and Administrative Agent of a written request to do so from the Borrower, the
Borrower may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of Section 11.4, provided that, prior to or concurrently
with such replacement, (1) the Borrower has paid or caused to be paid to the Subject Lender all amounts required to be paid to such Lender under this Agreement through the effective date of the assignment, (2) the processing fee required
to be paid by Section 11.4(b)(iii) shall have been paid by the Borrower or the Assignee to Administrative Agent, (3) all of the requirements for such assignment contained in Section 11.4, including the consent of Administrative Agent
(if required) and the receipt by Administrative Agent of an executed Assignment and Acceptance Agreement (which each Subject Lender shall be obligated to provide with respect to its interest in the Loans in connection with the Borrower’s
exercise of its rights under this subsection) and other supporting documents, have been fulfilled and (4) each assignee shall consent, at the time of such assignment, to each matter in respect of which such Subject Lender refused to consent.
Notwithstanding the foregoing no Subject Lender shall be obligated to assign its Loans unless such Subject Lender receives payment of the purchase price and all other amounts described in clause (i) above. 

(d) Anything contained herein to the contrary notwithstanding, in the event that any Lender is a Defaulting Lender (each such default, a
“Lender Default”), (other than at the direction or request of any regulatory agency or authority), then (i) during any Default Period 

  
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with respect to such Defaulting Lender, such Defaulting Lender shall be deemed not to be a “Lender” for purposes of voting on any matters (including the granting of any consents or
waivers) with respect to any of the Loan Documents; (ii) to the extent permitted by applicable law, until such time as the Default Excess with respect to such Defaulting Lender shall have been reduced to zero, (A) any voluntary prepayment
of the Loans shall, if the Borrower so directs at the time of making such voluntary prepayment, be applied to the Loans of other Lenders as if such Defaulting Lender had no Loans outstanding and the Revolving Credit Exposure of such Defaulting
Lender were zero, and (B) any mandatory prepayment of the Loans shall, if the Borrower so directs at the time of making such mandatory prepayment, be applied to the Loans of other Lenders (but not to the Revolving Loans of such Defaulting
Lender) as if such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender, it being understood and agreed that the Borrower shall be entitled to retain any portion of any mandatory prepayment of the Loans that is not paid to such
Defaulting Lender solely as a result of the operation of the provisions of this clause (ii); (iii) such Defaulting Lender’s Revolving Credit Commitment and outstanding Loans and such Defaulting Lender’s Applicable Percentage of the LC
Exposure shall be excluded for purposes of calculating the Revolving Credit Commitment fee payable to Lenders in respect of any day during any Default Period with respect to such Defaulting Lender, and such Defaulting Lender shall not be entitled to
receive any Revolving Credit Commitment fee with respect to such Defaulting Lender’s Revolving Credit Commitment in respect of any Default Period with respect to such Defaulting Lender; and (iv) the Commitment Utilization Percentage as at
any date of determination shall be calculated as if such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender. Except as expressly provided herein, no Revolving Credit Commitment of any Lender shall be increased or otherwise
affected, and, except as otherwise expressly provided in this Section 2.9(d), performance by the Credit Parties of their obligations hereunder and the other Loan Documents shall not be excused or otherwise modified as a result of any Lender
Default or the operation of this Section 2.9(d). The rights and remedies against a Defaulting Lender under this Section 2.9(d) are in addition to other rights and remedies which the Credit Parties may have against such Defaulting Lender
with respect to any Lender Default and which the Administrative Agent or any Lender may have against such Defaulting Lender with respect to any Lender Default. 
 (e) During the continuance of a Lender Default, the LC Exposure and the Swing Loan Exposure of such Defaulting Lender will automatically be reallocated (effective on the day such Lender becomes a
Defaulting Lender) among the Non-Defaulting Lenders pro rata in accordance with their respective Commitments to the extent that the Revolving Credit Exposure of such Non-Defaulting Lender does not exceed its Revolving Credit Commitment. If the
reallocation described in the first sentence of this clause (e) cannot, or can only partially, be effected, Borrower shall within three (3) Business Days following notice by the Administrative Agent (x) first, prepay such Defaulting
Lender’s pro rata share of the Swing Loan and (y) second, cash collateralize such Defaulting Lender’s pro rata share of the LC Exposure (after giving effect in the case of clauses (x) and (y) to any partial reallocation
pursuant to the first sentence of this clause (e) in accordance with Section 2.4(i) for so long as the LC Exposure are outstanding. 
 (f) In furtherance of the foregoing, if any Lender becomes, and during the period it remains, a Defaulting Lender and the Borrower fails to take the actions specified under subsection (e) above, each
of the Issuing Lender and the Swing Loan Lender is hereby 

  
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authorized by the Borrower (which authorization is irrevocable and coupled with an interest) to give, in its discretion, through the Administrative Agent, notices of Borrowing pursuant to and
subject to the requirements of Sections 2.3 and 5.2 in such amounts and in such times as may be required to (i) reimburse any outstanding LC Disbursements, (ii) repay any outstanding Swing Loans, and/or (iii) cash collateralize the
obligations of the Borrower in respect of outstanding Letters of Credit in an amount at least equal to the aggregate amount of the obligations (contingent or otherwise) of such Defaulting Lender in respect of such Letter of Credit. 

(g) If the Borrower, the Administrative Agent, the Issuing Lender and the Swing Loan Lender agree in writing in their discretion that a
Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which
may include arrangements with respect to any amounts then held in the segregated account referred to in clause (e) above), such Lender will, to the extent applicable, purchase such portion of outstanding Loans of the other Lenders and/or make
such other adjustments as the Administrative Agent may determine to be necessary to cause the Revolving Credit Exposure of the Lenders to be on a pro rata basis in accordance with their respective Commitments, whereupon such Lender will cease to be
a Defaulting Lender and will be a Non-Defaulting Lender (and such Revolving Credit Exposure of each Lender will automatically be adjusted on a prospective basis to reflect the foregoing); provided that no adjustments will be made
retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender. 

2.10 Repayment of Loans; Evidence of Debt. 
 (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Revolving Credit Lender the then unpaid principal amount of such Lender’s Revolving Credit
Loans on the Maturity Date. In addition, if following any reduction in the Revolving Credit Commitments or at any other time the aggregate principal amount of the Revolving Credit Exposure shall exceed the aggregate Revolving Credit Commitment, the
Borrower shall first, repay the Swing Loans, second, repay the Revolving Credit Loans, and third, provide cover for LC Exposure as specified in Section 2.4(i), in an aggregate amount equal to such excess Revolving Credit
Exposure or shortfall in the Available Amount. If at any time the aggregate principal amount of Swing Loans outstanding exceeds the Swing Loan Commitment, then the Borrower shall forthwith repay Swing Loans then outstanding in an amount equal to
such excess, together with accrued interest. 
 (b) Each Lender shall maintain in accordance with its usual practice an account
or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) The Administrative Agent (or in the case of the Swing Loans, the Swing Loan Lender) shall maintain accounts in which it shall record
(i) the amount of each Loan made 

  
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hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each
Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section 2.10 shall be prima facie evidence of the existence and amounts of the obligations recorded
therein absent manifest error; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance
with the terms of this Agreement. 
 (e) If so requested by any Lender by written notice to the Borrower, the Borrower shall
prepare, execute and deliver to such Lender, a Revolving Credit Note in the principal amount of such Lender’s Revolving Credit Commitment. If so requested by the Swing Loan Lender by written notice to the Borrower, the Borrower shall prepare,
execute and deliver to the Swing Loan Lender the Swing Loan Note in the principal amount of the Swing Loan Commitment. 
 2.11
Prepayment of Loans. 
 (a) Optional Prepayments. The Borrower shall have the right at any time and from time to
time to prepay any Borrowing (including any Swing Loan Borrowing) in whole or in part, without premium or penalty (other than LIBOR Loan breakage costs as provided in Section 2.16), subject to prior notice in accordance with paragraph
(d) of this Section 2.11 and provided that each such prepayment shall be in an amount that is at least equal to $500,000 or any greater multiple of $100,000 or any lesser amount remaining outstanding. Each prepayment of Loans shall be
applied in accordance with paragraph (c) of this Section 2.11. 
 (b) Mandatory Prepayments. The Borrower shall
make prepayments of the Revolving Credit Loans hereunder as follows: 
 (i) Sale of Assets. Without
limiting the obligation of the Borrower to obtain the consent of the Required Lenders to any Disposition or Asset Swap not otherwise permitted hereunder: 
 (A) Notice. On the date of the consummation by any Credit Party of any Disposition or series of Dispositions or any Asset Swap or series of Asset Swaps other than Dispositions and Asset Swaps
permitted under Section 7.4 (but without limiting the provisions of Section 7.4), the Borrower shall deliver to the Administrative Agent a statement certified by a Financial Officer of the Borrower, in form and detail reasonably
satisfactory to the Administrative Agent setting forth the estimated amount of the Remaining Net Cash Payments of such Disposition or Asset Swap which was not permitted under Section 7.4 on the date of such Disposition or Asset Swap were
received by any Credit Party in cash. 
 (B) Prepayment. On each Asset Sale Prepayment Date, the Borrower
will prepay the Loans (and provide cover for LC Exposure) in an 

  
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amount equal to the lesser of (1) the Remaining Net Cash Payments with respect thereto as of such date and (2) the Outstanding Amount as of such date; such prepayment to be effected in
each case in the manner and to the extent specified in Section 2.11(c). 
 Notwithstanding anything herein to the contrary,
the Revolving Credit Commitments hereunder shall only be automatically reduced in the amount of any prepayment of the Loans under this clause (b)(i) to the extent expressly required under clause (c)(iii) hereof. 

(ii) Proceeds of Casualty Events. To the extent any Credit Party shall receive excess Net Cash
Payments in respect of insurance, condemnation awards or other compensation in respect of any Casualty Event affecting any property of any Credit Party in excess of $1,000,000 in any fiscal year, then the Borrower may apply such excess Net Cash
Payments, within 365 days after such receipt (or if any Credit Party has entered into a binding commitment within such 365 day period to repair, replace or restore such property or otherwise apply such Net Cash Proceeds in a manner permitted by this
sentence, with the good faith expectation that such Net Cash Proceeds will be applied to satisfy such commitments within such 365 day period, such period shall be extended to the date that is the 180th day after the date of such binding commitment), to the repair or
replacement of such property or to Investments (excluding Permitted Investments), reinvestment in similar assets to those subject to the Casualty Event or in other assets used in a Permitted Line of Business or Capital Expenditures permitted
hereunder, provided, however, that if the Credit Parties have determined not to repair, replace or restore such property or otherwise apply such Net Cash Proceeds in a manner permitted by this sentence, then such period above shall be reduced to the
date that is 30 days following the date of such determination. Upon the expiration of such 365 day period (or upon any such earlier date or later date as described in the preceding sentence), the Borrower shall apply the lesser of (1) the
Outstanding Amount as of such date and (2) such excess Net Cash Payments (to the extent not so reinvested or intended to be reinvested) to prepay the Loans (and provide cover for LC Exposure as specified in Section 2.4(i)), such prepayment
to be effected in each case in the manner and to the extent specified in paragraph (c) of this Section 2.11. 
 (iii) Proceeds Otherwise Required to Pay Indenture Debt. Notwithstanding anything herein to the contrary, in the event that any of the Credit Parties shall have consummated (A) any “Asset
Sale” (as defined in the Senior Subordinated Note Indenture, the Media Holdings Discount Notes Indenture, the New Media Holdings Senior Notes Indenture, the Second Priority Secured Subordinated Notes Indenture or the Senior Note Indenture),
(B) any Disposition or similar term as defined in the documents governing any Holding Company Debt incurred in accordance with Section 7.15(a)(i), (ii) or (v) or (C) any Disposition or similar term defined in the documents
governing any other Subordinated Indebtedness that, in any such case, results in Net Cash Payments that would otherwise be required to be applied to any prepayment or redemption of the Senior Subordinated Notes pursuant to the Senior Subordinated
Note Indenture, the Senior Notes pursuant to the Senior Note Indenture, the Second Priority Secured Subordinated Notes pursuant to the Second Priority Secured Subordinated Notes Indenture or any Holding Company Debt issued by any Holding

  
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Company pursuant to the Media Holdings Discount Notes Indenture or the documents governing such other Holding Company Debt or other Subordinated Indebtedness, respectively, the Borrower shall be
required, no later than one Business Day prior to the date on which the Borrower would otherwise be required to prepay or redeem any such Indebtedness or warrants, to prepay, the Loans in an amount equal to the lesser of (1) 100% of the amount
that the Senior Subordinated Note Indenture, the Senior Note Indenture, the Second Priority Secured Subordinated Notes Indenture, the Media Holdings Discount Notes Indenture, the New Media Holdings Senior Notes Indenture or the documents governing
such other Holding Company Debt or Subordinated Indebtedness would otherwise require to be applied to any prepayment or redemption of the applicable Obligations or warrants and (2) the Outstanding Amount on the date of prepayment. Any such
prepayment under this Agreement (other than the amount provided to cover LC Exposure) shall be shared and applied ratably among the Revolving Credit Lenders in proportion to their respective Revolving Credit Commitments. 

(iv) Proceeds of Indebtedness. On the date of the incurrence by any Credit Party of any Subordinated Indebtedness
other than Subordinated Indebtedness permitted to be incurred under Section 7.1 (but without limiting the provisions of Section 7.1 or the requirement that the Required Lenders (or, if applicable, the Lenders) to consent to any
Indebtedness not permitted by Section 7.1), the Borrower shall deliver to the Administrative Agent a statement certified by a Financial Officer, in form and detail reasonably satisfactory to the Administrative Agent, of the estimated amount of
the Net Cash Payments from such incurrence of such Subordinated Indebtedness that will (on the date of such incurrence of Subordinated Indebtedness) be received by any Credit Party and such Credit Party will, at its option prepay the Loans hereunder
(and provide cover for LC Exposure as specified in Section 2.4(i)), with no reduction of the Commitments hereunder, on the date of such incurrence of Subordinated Indebtedness, in an aggregate amount equal to the lesser of (A) 100% of the
Net Cash Payments from such incurrence of Indebtedness received by such Credit Party and (B) the Outstanding Amount then in effect. Any such prepayment under this Agreement (other than the amount provided to cover LC Exposure) shall be shared
and applied ratably among the Revolving Credit Lenders in proportion to their respective Revolving Credit Commitments (with no reduction to the Commitments). 
 (c) Application. The Borrower shall have the right at any time to cause voluntary prepayments pursuant to subsection (a) of this Section to be applied to prepay the Loans, and such prepayment
shall be applied ratably among the Lenders in clauses (i) through (iii) below in proportion to their respective Commitments. All voluntary prepayments and mandatory prepayments made pursuant to clause (b)(iv) of this Section 2.11
shall not reduce the Commitments. All mandatory prepayments pursuant to clauses (b)(i), (b)(ii) and (b)(iii) of this Section 2.11 shall reduce the Commitments to the extent of the amount of the prepayment and cover for L/C Exposure, which such
Commitment reductions to be applied ratably among the Revolving Lenders in proportion to their respective Revolving Credit Commitments. In the event of any optional prepayment of Borrowings pursuant to subsection (a) of this Section, or any
mandatory prepayment of Loans pursuant to subsection (b) of this Section, the proceeds shall be applied as follows: 

  
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 (i) first, to the extent that a repayment of Swing Loans shall at
such time be required pursuant to the last sentence of Section 2.10(a), to the repayment of Swing Loans, but only to such extent (with no reduction in the Commitments); 

(ii) second, to the extent that Revolving Credit Exposure shall at such time exceed the total Revolving Credit
Commitments, such prepayment shall be applied to the repayment of Revolving Credit Loans to be shared and applied ratably among the Revolving Credit Lenders in proportion to their respective Revolving Credit Commitments (with no reduction to the
Commitments); and 
 (iii) third, (A) the amount of any optional prepayment shall be applied
first, to the repayment of Swing Loans and, second, to the repayment of Revolving Credit Loans, and (B) the amount of any mandatory prepayment shall be applied first, to the repayment of Swing Loans and, second, to
the repayment of Revolving Credit Loans and, third, to provide cover for LC Exposure, and, in the case of mandatory prepayment pursuant to subsection (b)(i), (ii) and (iii) of this Section 2.11, to the simultaneous permanent
reduction of the Revolving Credit Commitments (but only to the extent of the amount of prepayment and cover for LC Exposure), in each case to be shared and applied ratably among the Revolving Credit Lenders in proportion to their respective
Revolving Credit Commitments. 
 (d) Notification of Prepayments. The Borrower shall notify the Administrative Agent by
telephone (confirmed by telecopy) of any prepayment under Sections 2.11(a) or 2.11(b) not later than 1:00 p.m., New York time, three Business Days before the date of prepayment, except that prepayments of Base Rate Loans pursuant to
Section 2.11(a) may be made upon one Business Day’s notice. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment of Swing Loans under Sections 2.11(a) or 2.11(b) not later than 1:00
p.m., New York time, on the date of such prepayment, which date shall be a Business Day. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid;
provided that, if a notice of prepayment is given in connection with a conditional notice of termination of Revolving Credit Commitments as contemplated by Section 2.7(c), then such notice of prepayment may be revoked if such notice of
termination is revoked in accordance with Section 2.7. Promptly following receipt of any such notice relating to a Borrowing (other than a Swing Loan Borrowing), the Administrative Agent shall advise the Lenders of the contents thereof. Each
partial prepayment of any Borrowing under paragraph (a) of this Section 2.11 (other than a Swing Loan Borrowing) shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in
Section 2.2. 
 (e) Prepayments Accompanied by Interest. Prepayments shall be accompanied by accrued interest to the
extent required by Sections 2.8(c) or 2.13. 
 (f) Limitation. The Borrower will not be required to apply Remaining
Net Cash Payments in respect of any Disposition or Asset Swap on any Asset Sale Prepayment Date in accordance with Section 2.11(b)(i) to the extent that the amount of such Remaining Net Cash Payments required to be applied as of such date
exceeds the sum, as of such date, of the aggregate Revolving Credit Exposure. 

  
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 2.12 Fees. 
 (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at a rate per annum equal to 0.750% (the “Commitment Fee
Rate”) of the daily unused amount of the respective Revolving Credit Commitment of such Lender (excluding with respect to the Swing Loan Lender the amount of any Swing Loans) during the period from and including the date on which the
Effective Time shall occur to but excluding the date on which such Revolving Credit Commitment terminates. 
 (b) Accrued
commitment fees shall be payable in arrears on each Quarterly Date and on the date such Commitments terminate, commencing on the first such date to occur after the Closing Date. All commitment fees shall be computed on the basis of a year of 365
days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (c) The
Borrower agrees to pay with respect to Letters of Credit outstanding hereunder the following fees: 
 (i) to the
Administrative Agent for the account of each Revolving Credit Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at a rate per annum equal to the Applicable Margin then used in determining interest
on Revolving Credit LIBOR Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Closing Date to but excluding the
later of the date on which such Lender’s Revolving Credit Commitment terminates and the date on which there shall no longer be any Letters of Credit outstanding hereunder, and 

(ii) to the Issuing Lender (x) a fronting fee for its own account, equal to 0.25% per annum on the face amount
of each Letter of Credit, payable in arrears on each Quarterly Date, and (y) the Issuing Lender’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder.

 Accrued participation fees shall be payable in arrears on each Quarterly Date and on the date the Revolving Credit Commitments terminate,
commencing on the first such date to occur after the date hereof, provided that any such fees accruing after the date on which the Revolving Credit Commitments terminate shall be payable on demand. All participation fees and fronting fees
shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (d) The Borrower agrees to pay to the Agents, for their own accounts, fees payable in the amounts and at the times separately agreed in writing between the Borrower and each Agent. 

(e) All fees payable hereunder shall be paid on the dates due, in immediately available funds. Fees paid shall not be refundable under
any circumstances, absent manifest error in the determination thereof. 

  
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 2.13 Interest. 

(a) The Loans comprising each Base Rate Borrowing shall bear interest at a rate per annum equal to the Adjusted Base Rate plus the
Applicable Margin. 
 (b) The Loans comprising each LIBOR Borrowing shall bear interest at a rate per annum equal to the
Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin. 
 (c)
Notwithstanding the foregoing, all amounts which are not paid when due shall bear interest until paid in full at the Post-Default Rate. 
 (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued at the Post-Default Rate shall be payable on
demand, (ii) in the event of any repayment or prepayment of any LIBOR Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, (iii) in the event of any conversion of
any LIBOR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion and (iv) all accrued interest on all Loans shall be payable upon expiration of the
Revolving Credit Commitments. 
 (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that
interest computed by reference to the Adjusted Base Rate at times when the Adjusted Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the
actual number of days elapsed (including the first day but excluding the last day). The applicable Adjusted Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent
manifest error. 
 (f) Notwithstanding anything to the contrary set forth herein, the aggregate interest, fees and other amounts
required to be paid by the Borrower to the Lenders or any Lender hereunder are hereby expressly limited so that in no contingency or event whatsoever whether by reason of acceleration of maturity of the Indebtedness evidenced hereby or otherwise,
shall the amount paid or agreed to be paid to the Lenders or any Lender for the use or the forbearance of the Indebtedness evidenced hereby exceed the maximum permissible under applicable law. If under or from any circumstances whatsoever,
fulfillment of any provision hereof or of any of the other Loan Documents at the time of performance of such provision shall be due, shall involve transcending the limit of such validity prescribed by applicable law then the obligation to be
fulfilled shall automatically be reduced to the limits of such validity and if under or from circumstances whatsoever the Lenders or any Lender should ever receive as interest any amount which would exceed the highest lawful rate, the amount of such
interest that is excessive shall be applied to the reduction of the principal balance of the Indebtedness evidenced hereby and not to the payment of interest. This provision shall control every other provision of this Agreement and all provisions of
every other Loan Document. 

  
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 2.14 Alternate Rate of Interest. If prior to the commencement of any Interest Period
for a LIBOR Borrowing: 
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest
error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to
such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall
give notice thereof to the Borrower and the affected Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and such Lenders that the circumstances giving rise to such notice
no longer exist, (i) any Interest Election Request that requests the conversion of any such Borrowing to, or continuation of any such Borrowing as, a LIBOR Borrowing shall be ineffective and (ii) if any Borrowing Request requests a LIBOR
Borrowing, such Borrowing shall be made as a Base Rate Borrowing. 
 2.15 Increased Costs. 

(a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve
requirement reflected in the Adjusted LIBO Rate); or 
 (ii) impose on any Lender or the London interbank market
any other condition affecting this Agreement or LIBOR Loans made by such Lender or any Letter of Credit or participation therein; 
 and the
result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any LIBOR Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender of participating in, issuing or
maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will
compensate such Lender for such additional costs incurred or reduction suffered. 
 (b) If any Lender reasonably determines that
any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the
Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued the Issuing Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in
Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with 

  
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respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender, or such Lender’s holding company,
for any such reduction suffered; provided, that notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in
connection therewith shall be deemed to be a Change in Law or compliance requirement enacted after the Closing Date regardless of the date actually enacted, adopted or issued. 
 (c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this
Section 2.15 shall be delivered to the Borrower and shall be conclusive so long as it reflects a reasonable basis for the calculation of the amounts set forth therein and does not contain any manifest error. The Borrower shall pay such Lender
the amount shown as due on any such certificate within 10 days after receipt thereof. 
 (d) Failure or delay on the part of any
Lender to demand compensation pursuant to this Section 2.15 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this
Section 2.15 for any increased costs or reductions incurred more than six months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention
to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is (i) retroactive and (ii) occurred within such six-month period, then the six-month period referred to
above may be extended to include the period of retroactive effect thereof, but in no event any period prior to the Closing Date. 
 2.16 Break Funding Payments. 
 (a) In the event of (i) the payment of
any principal of any LIBOR Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (ii) the conversion of any LIBOR Loan other than on the last day of the Interest Period
applicable thereto, (iii) the failure to borrow, convert, continue or prepay any LIBOR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable and is revoked in
accordance herewith) or (iv) the assignment of any LIBOR Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.9, then, in any such event, the Borrower
shall compensate each Lender for the loss, cost and expense attributable to such event; provided that if the occurrence of any event described in clause (iii) above shall occur solely as a result of any Lender’s failure to make
available such Lender’s share of any LIBOR Borrowing, such Lender shall not be entitled to compensation under this Section 2.16(a) with respect to such event. Nothing in this Section 2.16 shall be deemed to relieve any Lender from its
obligation to fulfill its Commitments to the extent required by this Agreement or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder. 

(b) In the case of a LIBOR Loan, the loss to any Lender attributable to any such event shall be deemed to include an amount determined by
such Lender to be equal to the excess, if any, of 

  
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 (i) the amount of interest that such Lender would pay for a deposit equal to
the principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest Period for such Loan (or, in the case of a failure to borrow, convert or continue, the
duration of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted LIBO Rate for such Interest Period (or if such Lender does not accept
deposits, then the Adjusted LIBO Rate for such Interest Period), 
 over 

(ii) the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to
invest such principal amount for such period at the interest rate that would be bid by such Lender (or an Affiliate of such Lender) for U.S. dollar deposits from other banks in the LIBOR market at the commencement of such period. 

(c) A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this
Section 2.16 shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

2.17 Taxes. 
 (a) Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and without deduction for any Taxes; provided that if the Borrower shall be
required to deduct any Taxes from such payments, then (i) if such Taxes are Indemnified Taxes or Other Taxes, the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section 2.17) the Administrative Agent or any Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such
deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law (to the extent not payable pursuant to Section 2.17(a)). 

(c) Except to the extent already covered by Section 2.17(a), the Borrower shall indemnify the Administrative Agent, each Lender and
the Issuing Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section 2.17) paid by the Administrative Agent or such Lender, as the case may be (and any penalties, interest and reasonable expenses arising therefrom or with respect thereto during the period prior to the Borrower making the payment demanded
under this paragraph (c)), whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of

  
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such payment or liability delivered to the Borrower by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. If the
Administrative Agent or a Lender (as the case may be) shall become aware that it is entitled to claim a refund from a Governmental Authority in respect of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrower, or
with respect to which the Borrower has paid increased amounts pursuant to this Section 2.17, such Lender shall notify the Borrower of the availability of such refund claim and shall exercise reasonable efforts (at no cost to such Lender) to
make the appropriate claim to such Governmental Authority for such a refund. In the event any such Indemnified Taxes or Other Taxes paid by the Borrower to the Administrative Agent or a Lender are refunded to such Administrative Agent, Lender or
Issuing Lender, the Lender receiving such refund shall forthwith pay over such amount to the Administrative Agent and each such refunded amount shall be (i) applied to prepay interest payable on the Revolving Credit Loans, or to pay any other
obligations of the Credit Parties then due hereunder, or (ii) in the event all obligations hereunder and under all of the Loan Documents have been indefeasibly paid in full, refunded to the Borrower. 

(d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the
Borrower shall deliver to the Administrative Agent the original or a certified copy of any receipt issued by such Governmental Authority to the Borrower evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent. 
 (e) Any Lender that is a United States person (within the
meaning of Section 7701(a)(30) of the Code) shall deliver to the Borrower (with a copy to the Administrative Agent), on or before such Lender becomes a party to this Agreement, at the time or times prescribed by applicable law and as reasonably
requested by the Borrower, two executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the law of a jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), on or
before such Foreign Lender becomes a party to this Agreement, at the time or times prescribed by applicable law and as reasonably requested by the Borrower, such properly completed and executed documentation prescribed by applicable law as will
permit such payments to be made without withholding or at a reduced rate. 
 (f) If a payment to a Lender under any Loan
Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender fails to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable),
such Lender shall deliver to the Borrower and the Administrative Agent such documentation reasonably requested by the Borrower (or the Administrative Agent) sufficient for the Borrower and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Lender has complied with such applicable reporting requirements. 

  
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 2.18 Payments Generally: Pro Rata Treatment; Sharing of Set-Offs. 

(a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC
Disbursements, or under Sections 2.15, 2.16 or 2.17, or otherwise) prior to 1:00 p.m., New York time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may,
in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at such of its offices in
New York as shall be notified to the relevant parties from time to time, except payments to be made directly to the Issuing Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 11.3 shall be made
directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof, and the Borrower shall have no
liability in the event timely or correct distribution of such payments is not so made. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the
case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in U.S. dollars. 
 (b) If at any time funds are received by and available to the Administrative Agent (in its capacity as such) for application to the Obligations hereunder: 

(i) except for funds that are subject to distribution by the Collateral Trustee pursuant to Section 3.4(a) of the
Intercreditor Agreement after the occurrence and during the continuation of an Actionable Default (as such term is defined in the Intercreditor Agreement), as further provided therein such funds (other than funds specifically earmarked for payments
made pursuant to Section 2.11 (which shall be applied as set forth in Section 2.11)) shall be distributed by the Administrative Agent in the following order: 

(A) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of interest and fees then due to such parties, 
 (B) second, to pay principal on the Revolving Credit
Loans and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties, and 

(C) third, to other Obligations due to the Lenders and their Affiliates under the Loan Documents, ratably among the
parties entitled thereto in accordance with the amounts due to such parties. 
 (ii) with respect to funds that
are subject to distribution by the Collateral Trustee pursuant to Section 3.4(a) of the Intercreditor Agreement after the occurrence and during the continuation of any Actionable Default (at which time the

  
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funds available to the Administrative Agent (in its capacity as such) shall be determined in accordance with the Intercreditor Agreement): 

(A) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of interest and fees then due to such parties, 
 (B) second, (x) to pay principal on the Revolving
Credit Loans and unreimbursed LC Disbursements then due hereunder and (y) to cash collateralize any undrawn amounts under Letters of Credit in accordance with Section 2.4(i), ratably among the parties entitled thereto in accordance with
the amounts of principal, unreimbursed LC Disbursements, undrawn amounts under Letters of Credit then due to such parties, 
 (C) third, to other Obligations due to the Lenders and their Affiliates under the Loan Documents, ratably among the parties entitled thereto in accordance with the amounts due to such parties, 

(D) fourth, upon satisfaction in full of all Obligations hereunder, to the Collateral Trustee for application in
accordance with the Intercreditor Agreement. 
 Notwithstanding anything herein to the contrary, funds specifically earmarked for
payments pursuant to Section 2.11 and applied as set forth in Section 2.11 shall reduce Commitments only to the extent specifically provided in Section 2.11(c) and in the manner provided therein. 

(c) If any Revolving Credit Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of set-off or
otherwise) on account of the Revolving Credit Loans made by it (other than pursuant to Sections 2.4, 2.8, 2.15 or 2.17), then, if there is any Reimbursement Obligation outstanding in respect of which the Issuing Lender has not received payment
in full from such Revolving Credit Lender pursuant to Section 2.4(e) (the amount of such Reimbursement Obligation being such Revolving Credit Lender’s “LC Deficiency Amount”) or if there is any Swing Loan outstanding in
respect of which, pursuant to Section 2.8(d)(i) or (ii), the Swing Loan Lender has not received payment in full from such Revolving Credit Lender pursuant to Section 2.8(d)(i) or (ii) (the amount of such Swing Loan being such
Revolving Credit Lender’s “SL Deficiency Amount”), such Revolving Credit Lender shall both (a) purchase a participation in such Reimbursement Obligation in an amount equal to the amount obtained by multiplying the amount
of such payment obtained by such Revolving Credit Lender (the “Payment Amount”) by a fraction, the numerator of which is such LC Deficiency Amount and the denominator of which is the sum of such LC Deficiency Amount plus such
SL Deficiency Amount (such sum being the “Aggregate Deficiency” with respect to such Payment Amount), and (b) purchase a participation in such Swing Loan in an amount equal to the amount obtained by multiplying such Payment
Amount by a fraction, the numerator of which is such SL Deficiency and the denominator of which is such Aggregate Deficiency. If, after giving effect to the foregoing, any Lender shall, by exercising any right of set-off or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of its 

  
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Loans (or participations in LC Disbursements) (other than pursuant to Sections 2.4, 2.8, 2.15 or 2.17), resulting in such Lender receiving payment of a greater proportion of the aggregate
principal amount of its Loans (and participations in LC Disbursements) and accrued interest thereon than the proportion of such amounts received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face
value) participations in the Loans (and LC Disbursements) of the other Lenders to the extent necessary so that the benefit of such payments shall be shared by all the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans (and participations in LC Disbursements); provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans (or participations in LC Disbursements) to any assignee or participant, other than to any Credit Party or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph
shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights
of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
 (d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders entitled thereto
(the “Applicable Recipient”) hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such
assumption, distribute to the Applicable Recipient the amount due. In such event, if the Borrower has not in fact made such payment, then each Applicable Recipient severally agrees to repay to the Administrative Agent forthwith on demand the amount
so distributed to such Applicable Recipient with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective Rate.

 (e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.4(d), 2.4(e), 2.5(b),
2.8(d)(i) or (ii) or 2.18(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such
Lender’s obligations under such Section until all such unsatisfied obligations are fully paid. 
 (f) Except to the
extent otherwise provided herein: (i) each Borrowing of Revolving Credit Loans from the Lenders under Section 2.1 shall be made from the Lenders, each payment of commitment fees under Section 2.12 in respect of Commitments shall be
made for the account of the Lenders, and each termination or reduction of the amount of the Commitments under Section 2.7 shall be applied to the Commitments of the Lenders, pro rata according to the amounts of their respective Commitments;
(ii) LIBOR Loans having the same Interest Period shall be allocated pro rata among the Lenders according to the amounts of their Commitments (in the case of the making of Loans) or their Loans (in the case of conversions and

  
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continuations of Loans); (iii) each payment or prepayment by the Borrower of principal of Loans shall be made for the account of the Lenders pro rata in accordance with the respective unpaid
principal amounts of the Loans held by such Lenders, except as otherwise set forth in Section 2.11; (iv) each payment by the Borrower of interest on Loans shall be made for the account of the Lenders pro rata in accordance with the amounts
of interest on such Loans then due and payable to the Lenders; and (v) each payment by the Borrower of participation fees in respect of Letters of Credit shall be made for the account of the Revolving Credit Lenders pro rata in accordance with
the amount of participation fees then due and payable to the Revolving Credit Lenders, except as otherwise set forth in Section 2.11. 
 ARTICLE 3 
 Guarantee by Guarantors 

3.1 The Guarantee. Each Guarantor hereby jointly and severally guarantees to each Lender, the Issuing Lender and the
Administrative Agent and their respective successors and assigns the prompt payment and performance in full when due (whether at stated maturity, by acceleration or otherwise) of the principal of and interest on the Loans made by the Lenders to the
Borrower, all LC Disbursements and all other amounts from time to time owing to the Lenders, the Issuing Lender or the Administrative Agent by the Borrower hereunder or under any other Loan Document, and all other obligations of the Borrower to any
Lender or Related Party hereunder or to any Lender or the affiliate of any Lender under any Hedging Agreement, in each case strictly in accordance with the terms thereof (such obligations being herein collectively called the “Guaranteed
Obligations”). Each Guarantor hereby further agrees that if the Borrower shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, each Guarantor will promptly pay the
same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration
or otherwise) in accordance with the terms of such extension or renewal. 
 3.2 Obligations Unconditional. The
obligations of each Guarantor under Section 3.1 are absolute and unconditional irrespective of the value, genuineness, validity, regularity or enforceability of this Agreement, the other Loan Documents or any other agreement or instrument
referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance
whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 3.2 that the obligations of the Guarantors hereunder shall be absolute and unconditional under
any and all circumstances. Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute and
unconditional as described above: 
 (i) at any time or from time to time, without notice to such Guarantors, the
time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; 

  
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 (ii) any of the acts mentioned in any of the provisions hereof or of the
other Loan Documents or any other agreement or instrument referred to herein or therein shall be done or omitted; 
 (iii) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be modified, supplemented or amended in any respect, or any right hereunder or
under the other Loan Documents or any other agreement or instrument referred to herein or therein shall be waived or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part
or otherwise dealt with; or 
 (iv) any lien or security interest granted to, or in favor of, the Administrative
Agent, the Issuing Lender or any Lender or Lenders as security for any of the Guaranteed Obligations shall fail to be perfected or any Collateral is released or otherwise compromised or liquidated for less than fair value. 

The Guarantors hereby expressly waive diligence, presentment, demand of payment, notice of acceleration, notice of intent to accelerate, protest and all
notices whatsoever (except as expressly required hereby) and any requirement that the Administrative Agent, the Issuing Lender or any Lender exhaust any right, power or remedy or proceed against the Borrower hereunder or under the other Loan
Documents or any other agreement or instrument referred to herein or therein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations. 

3.3 Reinstatement. The obligations of each Guarantor under this Article 3 shall be automatically reinstated if and to the
extent that for any reason any payment by or on behalf of the Borrower in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in
bankruptcy or reorganization or otherwise, and each of the Guarantors agrees that it will indemnify the Administrative Agent, the Issuing Lender and each Lender on demand for all reasonable costs and expenses (including reasonable fees and expenses
of counsel) incurred by the Administrative Agent or any Lender in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference,
fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law. 
 3.4 Subrogation. Until such
time as the Guaranteed Obligations shall have been indefeasibly paid in full, each Guarantor hereby waives all rights of subrogation or contribution, whether arising by contract or operation of law (including any such right arising under the Federal
Bankruptcy Code of 1978, as amended) or otherwise by reason of any payment by it pursuant to the provisions of this Article 3. 
 3.5 Remedies. Each Guarantor agrees that, as between such Guarantor and the Lenders, the obligations of the Borrower hereunder may be declared to be forthwith due and payable as provided in
Section 8.1 or Section 2.4(i), as applicable (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 8.1 or Section 2.4(i), as applicable) for purposes of Section 3.1
notwithstanding any stay, injunction or 

  
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other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrower and that, in the event of such declaration (or such
obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable by such Guarantor for purposes of Section 3.1. 

3.6 Continuing Guarantee. The guarantee in this Article 3 is a continuing irrevocable guarantee of payment and performance,
and shall apply to all Guaranteed Obligations prior to the indefeasible payment in full of Borrower’s obligations hereunder. 
 3.7 Rights of Contribution. The Guarantors hereby agree, as between themselves, that if any Guarantor shall become an Excess Funding Guarantor (as defined below) by reason of the payment by such
Guarantor of any Guaranteed Obligations, each other Guarantor shall, on demand of such Excess Funding Guarantor (but subject to the next sentence), pay to such Excess Funding Guarantor an amount equal to such Guarantor’s Pro Rata Share (as
defined below and determined, for this purpose, without reference to the properties, debts and liabilities of such Excess Funding Guarantor) of the Excess Payment (as defined below) in respect of such Guaranteed Obligations. The payment obligation
of a Guarantor to any Excess Funding Guarantor under this Section 3.7 shall be subordinate and subject in right of payment to the prior payment in full of the obligations of such Guarantor under the other provisions of this Article 3 and
such Excess Funding Guarantor shall not exercise any right or remedy with respect to such excess until payment and satisfaction in full of all of such obligations. 
 For purposes of this Section 3.7, (i) “Excess Funding Guarantor” means, in respect of any Guaranteed Obligations, a Guarantor that has paid an amount in excess of its Pro Rata
Share of such Guaranteed Obligations, (ii) “Excess Payment” means, in respect of any Guaranteed Obligations, the amount paid by an Excess Funding Guarantor in excess of its Pro Rata Share of such Guaranteed Obligations and
(iii) “Pro Rata Share” means, for any Guarantor, the ratio (expressed as a percentage) of (x) the amount by which the aggregate present fair saleable value of all properties of such Guarantor (excluding any shares of stock
of, or ownership interest in, any other Guarantor) exceeds the amount of all the debts and liabilities of such Guarantor (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of such Guarantor
hereunder and any obligations of any other Guarantor that have been Guaranteed by such Guarantor) to (y) the amount by which the aggregate fair saleable value of all properties of all of the Credit Parties exceeds the amount of all the debts
and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of the Borrower and the Guarantors hereunder and under the other Loan Documents) of all of the Credit Parties, determined
(A) with respect to any Guarantor that is a party hereto at the Effective Time, as of the Effective Time, and (B) with respect to any other Guarantor, as of the date such Guarantor becomes a Guarantor hereunder. 

3.8 General Limitation on Guarantee Obligations. In any action or proceeding involving any state or non-U.S. corporate law, or any
state or Federal or non-U.S. bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 3.1 would otherwise, taking into account the provisions of
Section 3.7, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under 

  
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Section 3.1, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Guarantor, any Lender, Agent or other
Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 

3.9 Waivers. As used in this paragraph, any reference to “the principal” includes the Borrower, and any reference to
“the creditor” includes the Administrative Agent and each of the Lenders. In accordance with Section 2856 of the California Civil Code (a) each Guarantor waives any and all rights and defenses available to such Guarantor by
reason of Sections 2787 to 2855, inclusive, 2899 and 3433 of the California Civil Code, including without limitation any and all rights or defenses any Guarantor may have by reason of protection afforded to the principal with respect to any of the
Guaranteed Obligations, or to any other guarantor of any of the Guaranteed Obligations with respect to any of such guarantor’s obligations under its guaranty, in either case pursuant to the antideficiency or other laws of the State of
California limiting or discharging the principal’s indebtedness or such guarantor’s obligations, including without limitation Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure; and (b) each Guarantor
waives all rights and defenses arising out of an election of remedies by the creditor, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a Guaranteed Obligation, has destroyed Guarantor’s
rights of subrogation and reimbursement against the principal by the operation of Section 580d of the Code of Civil Procedure or otherwise; and even though that election of remedies by the creditor, such as nonjudicial foreclosure with respect
to security for an obligation of any other guarantor of any of the Guaranteed Obligations, has destroyed Guarantor’s rights of contribution against such other guarantor. No other provision of this Guaranty shall be construed as limiting the
generality of any of the covenants and waivers set forth in this paragraph. As provided below, this Agreement shall be governed by, and shall be construed and enforced in accordance with, the laws of the State of New York. The foregoing waivers are
included solely out of an abundance of caution, and do not affect or limit in any way the parties’ choice of New York law to govern this Agreement and the Guaranteed Obligations. 

ARTICLE 4 

Representations and Warranties 
 Each of the Credit Parties and Empire Burbank represents and warrants to the Lenders, the Issuing Lender and each Agent, as to itself and each other Credit Party and Empire Burbank that: 

4.1 Organization; Powers. Each Credit Party and Empire Burbank has been duly formed or organized and is validly existing under the
laws of its jurisdiction of organization. Each Credit Party and Empire Burbank has all requisite organizational power and authority to carry on its business as now conducted and is qualified to do business in, and is in good standing in, every
jurisdiction where such qualification is required, except where the failure to have such power or authority or to be so qualified or in good standing, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse
Effect. 
 4.2 Authorization; Enforceability. 

  
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 (a) The Transactions are within the organizational power and authority of each Credit Party
and Empire Burbank to the extent such Credit Party or Empire Burbank, as applicable, is a party to the Loan Documents and have been duly authorized by all necessary organizational action on the part of such Credit Party or Empire Burbank, as
applicable, to the extent such Credit Party or Empire Burbank, as applicable, is a party thereto. This Agreement, the Collateral Agreements and all other Loan Documents have been duly authorized, executed and delivered by each Credit Party or Empire
Burbank, that is a party thereto and constitute legal, valid and binding obligations of such Credit Party or Empire Burbank, as applicable, enforceable in accordance with their respective 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. 

(b) The 2012 Exchange Transactions are within the organizational power and authority of each Credit Party and Empire Burbank to the
extent such Credit Party or Empire Burbank, as applicable, is a party to the 2012 Exchange Documents and have been duly authorized by all necessary organizational action on the part of such Credit Party or Empire Burbank, as applicable, to the
extent such Credit Party or Empire Burbank, as applicable, is a party thereto. 
 (c) As of the Amendment Effective Date, this
Agreement (as amended on such date) has been duly authorized, executed and delivered by each Credit Party or Empire Burbank, that is a party thereto and constitute legal, valid and binding obligations of such Credit Party or Empire Burbank, as
applicable, enforceable in accordance with their respective 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. 
 (d) The Priority Lien Intercreditor Agreement has been
duly authorized, executed and delivered by each Credit Party or Empire Burbank, that is a party thereto and constitute legal, valid and binding obligations of such Credit Party or Empire Burbank, as applicable, enforceable in accordance with their
respective 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. 
 4.3 Governmental Approvals; No Conflicts. Except as set forth on Schedule 4.3, as of the
Closing Date, the Transactions, and as of the Amendment Effective Date, the 2012 Exchange Transactions and the effectiveness of the 2012 Credit Agreement (as defined in the Second Amendment) (a) do not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority, except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to Collateral Trustee for filing and/or recordation, and except that
certain actions taken in furtherance of the rights under Article 8 may require prior consent of the FCC under the Communications Act, (b) will not violate any applicable law, policy or regulation or the organizational documents of any
Credit Party or Empire Burbank that is a party to the Loan Documents or any order of any Governmental Authority where any violation would have a Material Adverse Effect, (c) will not violate or

  
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result in a default under any material indenture, agreement or other instrument binding upon any Credit Party or Empire Burbank, or any assets, or give rise to a right thereunder to require any
payment to be made by any Credit Party or Empire Burbank, where any such violation or default or right to payment would have a Material Adverse Effect, and (d) except for the Liens created by the Collateral Agreements, will not result in the
creation or imposition of any material Lien on any asset of any Credit Party or Empire Burbank. Except as set forth therein, all consents, approvals, registrations, filings and other actions required as set forth in such Schedule 4.3
have been obtained on or before the Amendment Effective Date. 
 4.4 No Material Adverse Change. Since December 31,
2011, there has been no change in the business, assets, operations or condition, financial or otherwise, of the Credit Parties and Empire Burbank taken as a whole from that set forth in the December 31, 2011 audited consolidated financial
statements referred to in clause (i) of paragraph (a) above that has a Material Adverse Effect. 
 4.5
Properties. 
 (a) Each of the Credit Parties has good, sufficient and legal title to, or valid, subsisting and
enforceable leasehold interests in, all its Property material to its business, which shall include all Mortgaged Property, except where the failure to have such good and marketable title or leasehold or license interests could not reasonably be
expected to have a Material Adverse Effect. 
 (b) As of the Closing Date, except as disclosed on Schedule 4.5(b), each
of the Credit Parties owns, or is licensed to use, all trademarks, service marks, trade names, copyrights, patents and other intellectual property material to its business (including the call letters with respect to each Broadcast Station)
(excluding rights related to software programs and copyrights with respect to the content of news and other programming broadcast or disseminated as part of the Permitted Lines of Business) as currently conducted except for those failure to own or
license which would not reasonably be expected to have a Material Adverse Effect (the “Proprietary Rights”), and, to the Borrower’s knowledge, the use thereof by the Credit Parties does not infringe upon the rights of any other
Person, except for any such infringements that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. As of the Closing Date, all such trademark applications and registrations, trademarks,
registered copyrights, patents and patent applications, together with the domain names, web sites, and web site registrations which are owned by or licensed to any Credit Party are listed on Schedule 4.5(b) (collectively “Registered
Rights”). As of the Closing Date, except as set forth on Schedule 4.5, all of the Registered Rights have been duly registered in, filed in or issued by the PTO, the United States Register of Copyrights, a domain name registrar or
other corresponding offices of other jurisdictions as identified on such schedule, and have been properly maintained and renewed in accordance with all applicable provisions of law and administrative regulations in the United States or in each such
other jurisdiction, as applicable, except where the failure to so register, file, maintain or renew would not reasonably be expected to result in a Material Adverse Effect. 
 (c) As of the Amendment Effective Date, Schedule 4.5(c) contains a true, accurate and complete list of (i) all owned Real Property Assets and (ii) all material leases,

  
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subleases or assignments of leases (together with all material amendments, modifications, supplements, renewals or extensions of any thereof) affecting each Real Property Asset of any Credit
Party, regardless of whether such Credit Party is the landlord or tenant (whether directly or as an assignee or successor in interest) under such lease, sublease or assignment. As of the Amendment Effective Date, to the Borrower’s knowledge
except as specified in clause (ii) of Schedule 4.5(c), each agreement listed in clause (ii) of the immediately preceding sentence is in full force and effect and, to the Borrower’s knowledge, no material default has
occurred and is continuing thereunder, and each such agreement constitutes the legal, valid and binding obligation of each applicable Credit Party, enforceable against such Credit Party in accordance with its terms, except as enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles. 
 4.6 Litigation and Environmental Matters. 
 (a) There are no actions, suits
or proceedings by or before any arbitrator or Governmental Authority which have been filed against or, to the Borrower’s knowledge, threatened against or affecting the Credit Parties or Empire Burbank (i) that could reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve any of the Loan Documents. 
 (b) Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, none of
the Credit Parties or Empire Burbank (i) has failed to comply with any applicable laws (including Environmental Law) or (ii) is subject to or in default with respect to any final judgments, writs, decrees, rules or regulations of any court
or any Governmental Authority. 
 (c) No Credit Party, any Subsidiary of a Credit Party nor any of their facilities or
operations are subject to any outstanding written order, consent decree or settlement agreement with any Person relating to any Environmental Law, any Environmental Liability, or any Hazardous Materials Activity that, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. No Credit Party nor any of its Subsidiaries has received any letter or request for information under Section 104 of the Comprehensive Environmental Response,
Compensation, and Liability Act (42 U.S.C. §9604) or any comparable state law the receipt of which could reasonably be expected to result in a Material Adverse Effect. There are and, to each of the Credit Parties’ and their
Subsidiaries’ knowledge, have been, no conditions, occurrences, or Hazardous Materials Activities which could reasonably be expected to form the basis of an Environmental Claim against any Credit Party or any of its Subsidiaries that,
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries nor, to any Credit Party’s knowledge, any predecessor of the Borrower or any of its Subsidiaries
has filed any notice under any Environmental Law indicating past or present treatment of Hazardous Materials at any facility, and none of the Borrower’s or any of its Subsidiaries’ operations involves the generation, transportation,
treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Parts 260-270 or any state equivalent, except as carried out in compliance with Environmental Law or except as could not reasonably be expected to result in a Material

  
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Adverse Effect. Compliance with all current or reasonably foreseeable future requirements pursuant to or under Environmental Laws could not be reasonably expected to have, individually or in the
aggregate, a Material Adverse Effect. No event or condition has occurred or is occurring with respect to the Borrower or any of its Subsidiaries relating to any Environmental Law, any Release of Hazardous Materials, or any Hazardous Materials
Activity which individually or in the aggregate has had, or could reasonably be expected to have, a Material Adverse Effect. 

4.7 Compliance with Laws and Agreements. Except as set forth on Schedule 4.7, each of the Credit Parties is in compliance
with all laws, regulations, policies and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 4.8 Investment and Holding
Company Status. No Credit Party nor Empire Burbank is (a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended or (b) a “bank holding company” as
defined in, or subject to regulation under, the Bank Holding Company Act of 1956, as amended. 
 4.9 Taxes. Except as set
forth on Schedule 4.9, each of the Credit Parties has timely filed or caused to be filed all Tax returns and reports required to have been filed by it and has paid or caused to be paid all Taxes required to have been paid by it, except
(a) Taxes that are being contested in good faith by appropriate proceedings and for which such Credit Party has set aside on its books adequate reserves with respect thereto in accordance with GAAP or (b) to the extent that the failure to
do so could not reasonably be expected to result in a Material Adverse Effect. 
 4.10 ERISA. No ERISA Event has occurred
or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. 

4.11 Disclosure. The information, reports, financial statements, exhibits and schedules (other than projections) furnished in
writing by or on behalf of the Credit Parties, Empire Burbank (to the extent required to be furnished) or the Holding Companies to the Administrative Agent or any Lender, both in connection with the negotiation, preparation or delivery of this
Agreement and the other Loan Documents or included herein or therein or delivered pursuant hereto or thereto, prepared by the Administrative Agent in reliance on such information, when taken as a whole do not contain any untrue statement of material
fact or omit to state any material fact (known to the Credit Parties, Empire Burbank (if applicable) or the Holding Companies, in the case of any document not furnished by the Credit Parties, Empire Burbank (if applicable) or the Holding Companies)
necessary to make the statements herein or therein, in light of the circumstances under which they were made, not misleading in any material respect at the time made or delivered. 

4.12 Ownership and Capitalization. As of the Amendment Effective Date, the capital structure and ownership of the Credit Parties
and the Holding Companies is correctly described in Part I of Schedule 4.12. As of Amendment Effective Date after giving effect to the 

  
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2012 Exchange Transactions, the authorized, issued and outstanding capital stock of, and other equity interests in, each of the Credit Parties and the Holding Companies consists of the stock and
interests described on Part I of Schedule 4.12, in each case all of which is (or will be, in the case of the equity interests issuable upon exercise of the 2012 Exchange Offer Warrants) duly and validly issued and outstanding, fully paid and
nonassessable. As of Amendment Effective Date after giving effect to the 2012 Exchange Transactions, except as set forth in Part I of Schedule 4.12, (x) there are no outstanding Equity Rights with respect to any Credit Party and
(y) there are no outstanding obligations of any Credit Party to repurchase, redeem, or otherwise acquire any shares of capital stock of or other interests in any Credit Party nor are there any outstanding obligations of any Credit Party to make
payments to any Person, such as “phantom stock” payments, where the amount thereof is calculated with reference to the Fair Market Value or equity value of any Credit Party. 

4.13 Subsidiaries. Except as disclosed in Part II of Schedule 4.12 (as updated by the Borrower from time to time in
accordance with the terms hereof), (a) each Credit Party and its respective Subsidiaries owns, free and clear of Liens (other than Liens created pursuant to the Senior Facilities Documents, and the Liens securing the Second Priority Secured
Subordinated Notes and the Permitted New Second Priority Debt and, in each case, Permitted Credit Party Refinancing Indebtedness thereof, in each case, as permitted hereunder), and has the unencumbered right to vote, all outstanding ownership
interests in each Person shown to be held by it in Part II of Schedule 4.12 (as so updated), and (b) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and
nonassessable. 
 4.14 Indebtedness, Liens and Agreements. 

(a) As of the Amendment Effective Date, Schedule 4.14(a) is a complete and correct list of all Material Indebtedness (other
than intercompany loans between or among the Credit Parties and/or to or from Empire Burbank) to, or guarantee of any Material Indebtedness by, any Credit Party, Empire Burbank or Holding Company, and, to the extent specified therein, the aggregate
principal or face amount outstanding or that may become outstanding with respect thereto is correctly described in Schedule 4.14(a). 
 (b) As of the Amendment Effective Date, Schedule 4.14(b) is a complete and correct list of each Lien securing Material Indebtedness of any Credit Party and covering any property of the Credit
Parties, and the aggregate Material Indebtedness secured (or which may be secured) by such Liens in the aggregate and the Property covered by each such Lien is correctly described in the appropriate part of Schedule 4.14(b). 

(c) As of the Amendment Effective Date, Schedule 4.14(c) is a complete and correct list of all Material Contracts.

 True and complete copies of each agreement listed on the appropriate part of Schedule 4.14 have been delivered to the
Administrative Agent or Special Counsel, together with all amendments, waivers and other modifications thereto. As of the Amendment Effective Date, all such agreements are valid, subsisting, in full force and effect, are currently binding and after
the Transactions occurring on or prior to such date will continue to be binding upon Empire Burbank 

  
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(as applicable) each Credit Party that is a party thereto, except where the failure to be so valid, subsisting, in full force and effect or binding would not reasonably be expected to have a
Material Adverse Effect. As of the Amendment Effective Date, the Credit Parties and Empire Burbank (as applicable) are not in default under any such agreements, except where such default would not reasonably be expected to have a Material Adverse
Effect. As of the Amendment Effective Date, the licenses and other agreements to which any Credit Party is a party collectively entitle the Credit Parties to use all Proprietary Rights material to the conduct of the business of the Credit Parties as
presently conducted and as proposed to be conducted after the 2012 Exchange Transactions, except where the failure to be so entitled would not reasonably be expected to have a Material Adverse Effect. 

4.15 Permits and Licenses. 
 (a) Each of the Credit Parties has, and is in all respects in compliance with respect to, all licenses, permits, approvals and authorizations of Governmental Authorities necessary to conduct its business
as presently conducted and to own or lease and operate its properties excluding FCC Licenses, except to the extent that could not reasonably be expected to result in a Material Adverse Effect. 

(b) As of the Amendment Effective Date, Schedule 4.15 is a complete and correct list of each Material FCC License granted or
assigned to any Credit Party, including those under which the Credit Parties have the right to operate their respective television and radio broadcast stations covered thereby (“Broadcast Stations”) (and includes, with respect to
each such FCC License, the city of license and the call letters, frequency and expiration date thereof). As of the Amendment Effective Date, the FCC Licenses listed on Schedule 4.15 with respect to any Broadcast Station owned or operated by
the Credit Parties include all material authorizations, licenses and permits issued by the FCC (other than auxiliary services licenses) that are required by the Communications Act or necessary for the operation of such Broadcast Station and conduct
of the business of the Credit Parties with respect to such Broadcast Station, as now conducted or proposed to be conducted. Except as disclosed in Schedule 4.15(b) or as could not reasonably be expected to result in a Material Adverse Effect,
the operation and ownership of each Broadcast Station by the Credit Parties complies with the Communications Act. Except as disclosed in Schedule 4.15(b), as of the Amendment Effective Date, the FCC Licenses listed on Schedule 4.15 are
validly issued and in full force and effect. Except as disclosed in Schedule 4.15(b), as of the Amendment Effective Date, the Credit Parties have fulfilled all of their obligations with respect thereto (including the filing of all
registrations, applications, reports, and other documents as required by the FCC or other Governmental Authority), and have paid all fees and other amounts required to be paid by them under all applicable FCC Regulations, in each case, except where
the failure to do so would not result in termination, suspension or material diminution in scope of a Material FCC License. Except as disclosed in Schedule 4.15(b), to the Borrower’s knowledge, no rights of any Credit Party under any
Material FCC License conflict with the valid rights of any other Person in any material respect. Except as disclosed in Schedule 4.15(b), to the Borrower’s knowledge, as of the Amendment Effective Date no event has occurred that
would be reasonably likely to result in the revocation, termination or material adverse modification of any Material FCC License, or any FCC enforcement proceeding against the Borrower, any Subsidiary or any FCC License including any notice of
violation, any notice of apparent liability for forfeiture or any forfeiture 

  
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that could reasonably be expected to have a Material Adverse Effect, and none of the Credit Parties has any reason to believe that any Material FCC License will not be renewed in the ordinary
course of business other than because of FCC policies affecting the industry generally. 
 (c) Except as described on
Schedule 4.15(c), as of the Amendment Effective Date, no Credit Party knows of any application currently pending before, or to be filed with, the FCC, the grant of which application would result in the authorization of a new or modified
station whose authorized transmissions would materially and impermissibly interfere with any of the operations, signals, transmission or receptions of any Credit Party (as such impermissible interference is described in the FCC’s rules,
regulations and policies, including, without limitation, the FCC’s rules relating to Receiver Induced Third Order Intermodulation Effect, Blanketing, Antenna Separation, Desired-to-Undesired Signal Ratios, and Prohibited Contour Overlap) so as
to cause a Material Adverse Effect. 
 (d) The Credit Parties have obtained and hold all authorizations required by the FCC for
delivery of programming to foreign broadcast stations pursuant to Section 325(c) of the Communications Act to the extent required by their respective businesses and operations. All of such authorizations are in effect, and, to the
Borrower’s knowledge, there is no reason to believe that any such authorization would not be renewed in the ordinary course. 
 (e) The Credit Parties are in compliance with the provisions of Section 310(b) of the Communications Act relating to the interests of non-U.S. persons in broadcast licensees. 

4.16 Federal Reserve Regulations. No Credit Party nor Empire Burbank is engaged principally or as one of its important activities
in the business of extending credit for the purpose of purchasing or carrying margin stock (as defined in Regulation U of the Board). The making of the Loans hereunder, the use of the proceeds thereof or of any Letter of Credit as contemplated
hereby and the security arrangements contemplated by the Loan Documents will not violate or be inconsistent with any of the provisions of Regulation U, T or X of the Board of Governors of the Federal Reserve System. 

4.17 Labor and Employment Matters. Neither the Borrower nor any of its Subsidiaries is engaged in any unfair labor practice that
could reasonably be expected to have a Material Adverse Effect. There is (a) no unfair labor practice complaint pending against the Borrower or any of its Subsidiaries, or to the best knowledge of the Borrower, threatened against any of them
before the National Labor Relations Board and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement that is so pending against the Borrower or any of its Subsidiaries or to the best knowledge of the
Borrower, threatened against any of them, (b) no strike or work stoppage in existence or threatened involving the Borrower or any of its Subsidiaries, and (c) to the best knowledge of the Borrower, no union representation question existing
with respect to the employees of the Borrower or any of its Subsidiaries and, to the best knowledge of the Borrower, no union organization activity that is taking place, except (with respect to any matter specified in clause (a), (b) or
(c) above, either individually or in the aggregate) such as is not reasonably likely to have a Material Adverse Effect. 

  
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 4.18 Senior Indebtedness. The obligations of the Credit Parties hereunder and under
the other Loan Documents constitute “Senior Debt” and “Designated Senior Debt” under and as defined in the Senior Subordinated Note Indenture and the Second Priority Secured Subordinated Notes Indenture. The provisions of Article
10 of the Senior Subordinated Note Indenture and the corresponding provisions of the Second Priority Secured Subordinated Notes Indenture are enforceable by each Lender and each other holder of any obligations of the Credit Parties under the Loan
Documents in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable
principles. 
 4.19 Patriot Act. Each Credit Party and Empire Burbank is in compliance, in all material respects, with
the (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order
relating thereto, and (ii) the Uniting And Strengthening America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism (USA Patriot Act of 2001, Title III of Pub. L. 107-56 (signed into law October 26, 2001), the
“Patriot Act”). No part of the proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or
anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

ARTICLE 5 

Conditions 
 5.1 Effective Time. The obligations of the Lenders to make Revolving Credit Loans, of the Swing Loan Lender to make Swing Loans and of the Issuing Lender to issue Letters of Credit, hereunder shall
not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 11.2): 
 (a) Counterparts of Agreement. The Administrative Agent shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or
(ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 

(b) Notes. The Administrative Agent shall have received a duly completed and executed Revolving Credit Note or Swing Loan Note for
each Lender (or the Swing Loan Lender, if applicable) that has requested a note in accordance with Section 2.10(e), unless waived by the Lender which would otherwise receive any such note. 

(c) Organizational Structure. The organizational structure, capitalization and ownership of the Credit Parties, after giving
effect to the Transactions occurring on or prior to the Closing Date, shall be as set forth on Schedule 4.12. The Administrative Agent shall have had the opportunity to review, and shall be reasonably satisfied with, the Credit Parties’
state and 

  
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federal tax assumptions and the capital, organization and structure of the Credit Parties, after giving effect to the Transactions occurring on or prior to the Closing Date. 

(d) Existence and Good Standing. The Administrative Agent shall have received such documents and certificates as the
Administrative Agent or Special Counsel may reasonably request relating to the organization, existence and good standing of Empire Burbank, each Credit Party and Holding Company, the authorization of the Transactions occurring on the Closing Date
and any other legal matters relating to Empire Burbank (to the extent contemplated by this Agreement) the Credit Parties or Holding Companies, this Agreement, the other Loan Documents or the Transactions occurring on the Closing Date, all in form
and substance reasonably satisfactory to the Administrative Agent and Special Counsel. 
 (e) Security Interests. The
Administrative Agent and Collateral Trustee (as applicable) shall have received evidence satisfactory to it that the Credit Parties shall have taken or caused to be taken all such actions, executed and delivered or caused to be executed and
delivered all such agreements, documents and instruments, and made or caused to be made all such filings and recordings that may be necessary or, in the opinion of the Administrative Agent, desirable in order to create in favor of the Collateral
Trustee, for the benefit of the Secured Parties, a valid and perfected First Priority security interest in the entire personal and mixed property Collateral (other than such actions which any of the Loan Documents expressly provide may be
accomplished following the Effective Time); provided, however, that to the extent that the Administrative Agent in its reasonable discretion after good faith consultation with the Borrower shall determine that the costs of obtaining a
security interest in any item of Collateral is excessive in relation to the value of the security to be afforded thereby, the Administrative Agent may waive such requirement with respect to such item, so long as the Credit Parties covenant that such
item shall not become subject to any Liens other than Permitted Liens. Such actions shall include the following: 

(i) Collateral Agreements. Delivery to the Collateral Trustee of the Pledge Agreement, the Security Agreement and
all other Collateral Agreements required by this Agreement, duly executed by the parties thereto, together with accurate and complete schedules to all such Collateral Agreements; 

(ii) Lien Searches and UCC Termination Statements. Delivery to the Administrative Agent of (A) the results of
recent searches, by one or more Persons satisfactory to the Administrative Agent, as set forth in Schedule 5.1(e)(ii) with respect to UCC financing statements and judgment and tax lien filings which may have been made with respect to any
personal or mixed property of the Credit Parties, together with copies of all such filings disclosed by such search, and UCC termination statements for filing in all applicable jurisdictions as may be necessary to terminate any effective UCC
financing statements or fixture filings encumbering the assets of the Credit Parties (other than any such financing statements or fixture filings in respect of Liens permitted to remain outstanding pursuant to the terms of this Agreement); and

 (iii) Control Agreements. Delivery to the Administrative Agent of a Control Agreement, in form and
substance reasonably satisfactory to the Administrative Agent, for the deposit accounts and securities accounts listed on Schedule 5.1(e)(iii) other 

  
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than those accounts noted on such schedule as not being subject to a Control Agreement; provided that if any such Control Agreement or reasonably requested amendment to an existing Control
Agreement has not previously been delivered to the Administrative Agent in connection with the Original Closing or otherwise, the Credit Parties shall deliver such new Control Agreement within 60 days of the Effective Time. 

(f) Intercreditor Agreement. The Administrative Agent shall have received from each party to the Intercreditor Agreement either an
original or photocopied counterpart of the Intercreditor Agreement signed on behalf of such party. 
 (g) Repayment of
Indebtedness. At or prior to the Effective Time, the Borrower shall have repaid in full the obligations under that certain Term Loan Agreement by and among the Credit Parties and Administrative Agent (in its role as term loan agent) and shall
have delivered evidence to Administrative Agent that all liens securing such obligations have been or will be terminated simultaneously with such repayment on the Closing Date (other than such liens which will remain outstanding to secure the
Obligations and the other Senior Debt Obligations (as such term is defined in the Intercreditor Agreement)). 
 (h) Evidence
of Insurance. The Administrative Agent shall have received a certificate from the Credit Parties’ insurance broker or other evidence satisfactory to them that all insurance required to be maintained pursuant to Section 6.5 is in full
force and effect and that the Administrative Agent and Collateral Trustee on behalf of the Lenders and Secured Parties has been named as additional insured, mortgagee and loss payee thereunder to the extent required under Section 6.5.

 (i) Material Contracts. The Administrative Agent shall have received copies of (i) any and all agreements among
any of the holders of capital stock of or other equity interests in the Credit Parties or the Holding Companies, (ii) any stock option plans, phantom stock incentive programs and similar arrangements provided by the Credit Parties to any
Person, in each case as such will be in effect from and after the Closing Date and (iii) the employment agreements with Eduardo Leon, dated January 1, 2010, Mike Reid, dated December 30, 2009, John Heffron dated November 29,
2010, Jose Garza, dated January 16, 2011, Wisdom Lu, dated February 27, 2008, and Winter Horton, dated December 28, 2009, and the stock option agreement with Wisdom Lu, dated December 12, 2008 (which constitute all material
employment agreements with senior executives of the Credit Parties on the Closing Date). 
 (j) Necessary Governmental
Authorizations and Consents; Expiration of Waiting Periods, Etc. The Credit Parties have obtained all permits, licenses, authorizations or consents from all Governmental Authorities (including the FCC) and all consents of other Persons with
respect to Material Indebtedness, Liens and agreements listed on Schedule 4.14 (and so identified thereon), in each case that are necessary in connection with the Transactions contemplated by the Loan Documents and occurring on the
Closing Date, and the continued operation of the Broadcast Stations operated and business conducted, and proposed to be conducted, by the Credit Parties, in substantially the same manner as conducted by the Credit Parties prior to the Closing Date,
and each of the foregoing shall be in full force and effect, in each case other than those the failure to obtain or maintain which, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. No
action, 

  
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request for stay, petition for review or rehearing, reconsideration or appeal with respect to any of the foregoing shall be pending, and the time for any applicable Governmental Authority to take
action to set aside its consent on its own motion shall have expired. 
 (k) Financial Statements. The Administrative
Agent shall have received from the Credit Parties the certified financial statements, operating projections and budgets referred to in Section 4.4 hereof, and the same shall be reasonably satisfactory to the Administrative Agent and the Lenders
and shall not be materially inconsistent with the information previously provided to the Administrative Agent. 
 (l)
Solvency Assurances. The Administrative Agent shall have received a certificate, substantially in the form of Exhibit G, from a Financial Officer of the Borrower to the effect that, as of the Effective Time and after giving effect to
the initial Loans hereunder (if any) and to the other Transactions occurring on the Closing Date: 
 (i) the
aggregate value of all properties of the Credit Parties at their present fair saleable value on a going concern basis (i.e., the amount that may be realized within a reasonable time, considered to be six months to one year, either through
collection or sale at the regular market value, conceiving the latter as the amount that could be obtained for such properties within such period by a capable and diligent businessman from an interested buyer who is willing to purchase under
ordinary selling conditions), exceed the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of the Credit Parties; 

(ii) the Credit Parties will not, on a consolidated basis, have unreasonably small capital with which to conduct their
business operations as heretofore conducted; and 
 (iii) the Credit Parties will have, on a consolidated basis,
sufficient cash flow to enable them to pay their debts as they mature. 
 Such certificate shall include a statement to the
effect that the financial projections and underlying assumptions contained in such analysis are, fair and reasonable in the opinion of such Financial Officer at the time when made. 

(m) Senior Note Documents. At the Effective Time, (A) the Borrower concurrently herewith or immediately following the
Effective Time on the Closing Date shall issue the Senior Notes in an aggregate maximum principal amount of $220,000,000, (B) the Administrative Agent shall have received copies of the Senior Note Documents and the same shall be satisfactory to
the Administrative Agent and Special Counsel, and (C) the Administrative Agent shall have received a certificate from a Financial Officer of the Borrower in form reasonably satisfactory to the Administrative Agent confirming the events set
forth in clause (A) above. 
 (n) Permitted Incurrence of Loans. The Administrative Agent shall have received from a
Financial Officer of the Borrower a certificate, in form and substance satisfactory to the Administrative Agent, to the effect that (A) the Loans under this Agreement as in effect on the Closing Date (assuming $50,000,000 of such Loans were
incurred on the date 

  
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hereof) (the “Original Revolving Credit Loans”), are permitted to be incurred under, clause (i) of the second paragraph of Section 4.09 of each of the Senior Note
Indenture, the Senior Subordinated Note Indenture and the Media Holdings Discount Notes Indenture, (B) the Original Revolving Credit Loans are permitted to be secured by the assets of the Credit Parties under Section 4.12 of, and clause
(1) of the definition of “Permitted Liens” in Section 1.01 of, each of the Senior Note Indenture, the Senior Subordinated Note Indenture and the Media Holdings Discount Notes Indenture, (C) the Original Revolving Credit
Loans constitute “Designated Senior Debt” and “Senior Debt” subject to the benefits of Article 10 of the Senior Subordinated Note Indenture and (D) this Agreement, as in effect on the Closing Date, constitutes a “Credit
Agreement” as defined in each such indenture. 
 (o) No Material Adverse Effect. Since December 31, 2010, there
shall have occurred no Material Adverse Effect (in the reasonable judgment of the Administrative Agent) with respect to the Credit Parties taken as a whole. 
 (p) Opinions. The Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent and the Lenders and dated the Closing Date) of
(i) O’Melveny & Myers LLP, special counsel to the Credit Parties, substantially in the form of Exhibit J and (ii) Wiley Rein LLP, special FCC counsel to the Credit Parties substantially in the form of
Exhibit K (and each Credit Party hereby requests each such counsel to deliver such opinions). 
 (q) Fees and
Expenses. The Administrative Agent and the Issuing Lender shall have received all reasonable fees and other amounts due and payable to such Persons and Special Counsel at or prior to the Effective Time, including, to the extent invoiced,
reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 
 (r)
Other Documents. The Administrative Agent shall have received such other documents as the Administrative Agent or any Lender or Special Counsel shall have reasonably requested and the same shall be satisfactory to each of them and Special
Counsel. 
 5.2 Each Extension of Credit. The obligation of each Lender to make a Loan on the occasion of any Borrowing,
and of the Issuing Lender to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 
 (a) Representations and Warranties. The representations and warranties of each Credit Party set forth in this Agreement and the other Loan Documents shall be true and correct in all material
respects on and as of the date of such Borrowing, or (as applicable) the date of issuance, amendment, renewal or extension of such Letter of Credit, both before and after giving effect thereto and to the use of the proceeds thereof (or, if any such
representation or warranty is expressly stated to have been made as of an earlier date, such representation or warranty shall have been true and correct in all material respects as of such earlier date, and to the extent any representation or
warranty makes reference to one or more of the Schedules to this Agreement, the Credit Parties and, if applicable, Empire Burbank, shall make revisions to the Schedules, reasonably acceptable to the Administrative Agent, to take into account the

  
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consummation of any Acquisitions permitted hereunder and other transactions permitted hereunder). 
 (b) No Defaults. At the time of and immediately after giving effect to such Borrowing, or (as applicable) the date of issuance, amendment, renewal or extension of such Letter of Credit, no Default
shall have occurred and be continuing. 
 ARTICLE 6 

Affirmative Covenants 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have
expired or terminated and all LC Disbursements shall have been reimbursed, each of the Credit Parties covenants and agrees with the Lenders that: 
 6.1 Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent for distribution to each Lender: 

(a) commencing with the fiscal year ending December 31, 2011, as soon as available and in any event no later than the earlier of
(x) 95 days after the end of each fiscal year of the Credit Parties and (y) five days after the date the financial statements for the Borrower and its Subsidiaries referred to in clause (i) below are required to be filed pursuant to
Section 13 or 15(d) of the Exchange Act with the Securities and Exchange Commission (after giving effect to any extensions): 
 (i) consolidated statements of income and consolidated statements of retained earnings and cash flows of the Credit Parties and Empire Burbank for such fiscal year and the related consolidated balance
sheet of the Credit Parties and Empire Burbank as at the end of such fiscal year, setting forth in each case in comparative form the corresponding consolidated figures for the preceding fiscal year (provided that, if the report of the
Borrower filed with the Securities and Exchange Commission on Form 10-K fulfills the foregoing requirements for the furnishing of annual financial statements, the Borrower may fulfill such requirement by delivering to the Administrative Agent such
report of the Borrower on Form 10-K for the applicable fiscal year), and 
 (ii) an opinion of independent
certified public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit (except to the extent that the Borrower can
provide evidence reasonably satisfactory to the Administrative Agent that such qualification or exception is solely a result of the maturity of the Media Holdings Discount Notes in the fiscal year immediately following the fiscal year to which such
opinion relates)) stating that said consolidated financial statements referred to in the preceding clause (i) fairly present in all material respects the consolidated financial condition and results of operations of the Credit Parties as at the
end of, and for, such fiscal year in accordance with GAAP, and a statement of such accountants that, in connection with their audit, nothing came to their attention that 

  
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caused them to believe that the Credit Parties failed to comply with the terms, covenants, provisions or conditions of Section 7.10, insofar as they relate to accounting matters, 

(b) as soon as available and in any event within no later than the earlier of (x) 50 days after the end of each quarterly fiscal
period (including the fourth fiscal period) of each fiscal year of the Credit Parties and (y) five days after the date the financial statements for the Borrower and its Subsidiaries referred to in clause (i) below are required to be filed
with the Securities and Exchange Commission (after giving effect to any extensions): 
 (i) consolidated
statements of income of the Credit Parties and Empire Burbank for such period and for the period from the beginning of the respective fiscal year to the end of such period, and the related consolidated balance sheet of the Credit Parties and Empire
Burbank as at the end of such period, together with a comparison against amounts set forth in the budget delivered pursuant to clause (e) of this Section 6.1 (on a segment by segment basis) for statements of income for such period
(provided that, if the report of the Borrower filed with the Securities and Exchange Commission on Form 10-Q fulfills the foregoing requirements for the furnishing of quarterly financial statements, the Borrower may fulfill such requirement
by delivering to the Administrative Agent such report of the Borrower on Form 10-Q for the applicable fiscal quarter), and 
 (ii) a certificate of a Financial Officer of the Credit Parties and Empire Burbank, which certificate shall state that said consolidated financial statements referred to in the preceding clause
(i) fairly present, in all material respects, the consolidated financial condition and results of operations of the Credit Parties and Empire Burbank in accordance with generally accepted accounting principles, consistently applied, as at the
end of, and for, such period (subject to normal year-end audit adjustments and the omission of footnotes); 
 (c) commencing
with the financial statements delivered under clause (b) above for the fiscal quarter ending March 31, 2011, concurrently with any delivery of financial statements under clauses (a) and (b) above, a Compliance Certificate;

 (d) promptly upon the mailing thereof to the holders of any Indebtedness with an outstanding principal amount of not less
than $2,500,000 of the Credit Parties or any Holding Company generally, copies of all financial statements, regular reports and other statements so mailed; 
 (e) commencing with the fiscal year beginning on January 1, 2012, as soon as available and in any event no later than 60 days after the commencement of each fiscal year, a budget for the Credit
Parties for such fiscal year broken down between the following three segments (i) radio; (ii) television and (iii) the Estrella TV networks, together with associated data showing the budget from a cash flow perspective, each
substantially in the form and substance as the budget delivered to the Administrative Agent on September 18, 2012; 
 (f)
promptly after the same become publicly available, copies of all regular and periodic reports and all registration statements and prospectuses filed by any Holding Company or any Credit Party with the Securities and Exchange Commission or any

  
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Governmental Authority succeeding to any or all of the functions of said Commission or with any national securities exchange or market quotation system and copies of all press releases made
available generally by the Holding Company or any Credit Party to the public concerning material developments in the business of the Holding Company or any Credit Party, including, to the extent not included in the foregoing, any regular periodic
and other reports and statements provided by any Holding Company or any Credit Party to the holders of Subordinated Indebtedness (other than Liberman Subordinated Debt) or the holders of the Media Holdings Discount Notes or other Holding Company
Debt; provided, however, that, except for any information required to be delivered pursuant to subsection 6.1(a) or (b) above, so long as the Borrower files any such material with the Securities and Exchange Commission pursuant to the
requirements of the Exchange Act, the requirements of this paragraph shall be deemed satisfied by such filings; and 
 (g)
promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of any Credit Party, or compliance with the terms of this Agreement, as the Administrative Agent or the Required
Lenders may reasonably request. 
 6.2 Notices of Material Events. The Credit Parties, promptly upon obtaining knowledge
thereof, will furnish to the Administrative Agent for distribution to each Lender written notice of the following: 
 (a) the
occurrence of any Default; 
 (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or
Governmental Authority against or affecting any Credit Party or other Affiliate thereof for which there is a reasonable possibility of a determination that would have a Material Adverse Effect; 

(c) a final judgment or judgments for the payment of money in excess of $2,500,000 in the aggregate (regardless of insurance coverage),
shall be rendered by one or more courts, administrative tribunals or other bodies having jurisdiction against any Credit Party; 

(d) the occurrence of any ERISA Event related to the Plan of any Credit Party or knowledge after due inquiry of any ERISA Event related
to a Plan of any other ERISA Affiliate that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Credit Parties in an aggregate amount exceeding $2,500,000; 

(e) the receipt by any Credit Party from the FCC or any other Governmental Authority of (i) any order or notice of the FCC or any
other Governmental Authority or any court of competent jurisdiction which designates any Material FCC License or any other material license, permit or authorization of the Credit Parties, or any application therefore, for a hearing, or which refuses
renewal or extension of, or revokes, materially modifies, terminates or suspends any Material FCC License or other material license, permit or authorization now or hereafter held by any Credit Party, or (ii) any notice of any competing
application filed with respect to any Material FCC License or other material license, permit or authorization now or hereafter held by 

  
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any Credit Party, or any material citation, material notice of violation or material order to show cause issued by the FCC or any other Governmental Authority with respect to any Credit Party;

 (f) copies of its federal income tax returns, California income tax returns, and summaries of all financial information used
to calculate the Permitted Shareholder Tax Distributions and Permitted Holdings Tax Distributions; and 
 (g) on the date of the
occurrence thereof, notice that (i) any Event of Default has occurred under the Senior Note Documents, (ii) any or all of the obligations under the Senior Subordinated Note Indenture, the Media Holdings Discount Notes Indenture, the Second
Priority Secured Subordinated Notes Indenture, the New Media Holdings Senior Notes Indenture or any or all of the obligations under any other Subordinated Indebtedness or Holding Company Debt have been accelerated, or (iii) that trustee or
required holders of the Senior Subordinated Notes, the Media Holdings Discount Notes, the Second Priority Secured Subordinated Notes Indenture, the New Media Holdings Senior Notes Indenture or any other Subordinated Indebtedness or Holding Company
Debt has been given notice that any or all such obligations are to be accelerated. 
 Each notice delivered under this Section 6.2 shall be
accompanied by a statement of a Financial Officer or other executive officer of the Credit Parties setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 6.3 Existence; Conduct of Business. Each of the Credit Parties will do or cause to be done all things necessary in the
exercise of its reasonable business judgment to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits and franchises material to the conduct of the business of the Credit Parties taken as a whole;
provided that (i) the foregoing shall not prohibit any merger, consolidation, liquidation, dissolution or any discontinuance or sale of such business permitted under Section 7.4 and (ii) no Credit Party shall be required to
preserve any such existence, right, franchise, license or permit if the preservation thereof is no longer desirable in the conduct of the business of such Person, and that the loss thereof is not disadvantageous in any material respect to such
Person or to Lenders. 
 6.4 Payment of Obligations. Each of the Credit Parties will pay its obligations, including Tax
liabilities, that, if not paid, could reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by
appropriate proceedings, (b) such Credit Party has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in
a Material Adverse Effect. 
 6.5 Maintenance of Properties; Insurance. Each of the Credit Parties will (a) keep and
maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted (other than obsolete, worn out or surplus equipment), and (b) maintain insurance, with financially sound and
reputable insurance companies, as may be required by law, and such other insurance in such amounts and against such risks as are customarily maintained by companies of established reputation engaged in the same or similar

  
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businesses operating in the same or similar locations, including business interruption insurance and media perils insurance, in each case, in such amounts (after giving effect to self-insurance)
with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such companies. Without limiting the generality of the foregoing, the Credit Parties will maintain or cause to be maintained (or provide
evidence reasonably acceptable to the Administrative Agent that such insurance is not available at a reasonable cost) (i) replacement value property insurance on the Collateral under such policies of insurance and (ii) the earthquake
coverage which exists as of the Effective Date for so long as such coverage is generally available at commercially reasonable rates. Such policies of insurance with respect to the Credit Parties shall (x) name the Collateral Trustee and
Administrative Agent as additional insureds thereunder as their interests may appear and (y) in the case of each business interruption and property insurance policy, contain a loss payable clause or endorsement, satisfactory in form and
substance to the Administrative Agent that names the Collateral Trustee for the benefit of the Secured Parties as the loss payee thereunder (except with respect to losses of less than $3,000,000 per occurrence, which may be paid directly to Borrower
provided no Default is continuing) and provides for at least 30 days’ prior written notice to the Administrative Agent and Collateral Trustee of any modifications or cancellation of such policy except that only 10 days’ prior written
notice shall be required for cancellation for non-payment of premium. Administrative Agent may, upon the failure of the Credit Parties to do so in accordance with the Loan Documents, purchase insurance on any Collateral and pay for the repair,
maintenance or preservation thereof, and each Credit Party agrees to reimburse the Administrative Agent within ten (10) Business Days after written demand for any payments or expenses incurred by the Administrative Agent, the Collateral Trustee
or the other Lenders pursuant to the foregoing authorization and any unreimbursed amounts shall constitute Obligations for all purposes hereof. 
 6.6 Books and Records; Inspection Rights. Each of the Credit Parties will keep proper books of record and account in which entries are made of all material dealings and transactions in relation to
its business and activities which fairly record such transactions in all material respects and activities consistent with past practice. Each of the Credit Parties will permit any representatives designated by the Administrative Agent, the
Collateral Trustee or any Lender upon reasonable notice and at reasonable times during normal business hours to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and
condition with Jose Liberman, Lenard Liberman or the Borrower’s chief financial officer and Borrower’s independent accountants; provided the Borrower may choose to be present at or participate in any of such discussions. The Credit
Parties, in consultation with the Administrative Agent, if requested by the Administrative Agent, will arrange for a meeting to be held at least once every year with the Lenders and the Administrative Agent hereunder at which the business and
operations of the Credit Parties are discussed. 
 6.7 Fiscal Year. None of the Credit Parties will change its fiscal
year or the method of determining the last day of the first three fiscal quarters in each of its fiscal years without the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld but which may be
conditioned on amendments to Section 7.10. 
 6.8 Compliance with Laws, Maintenance of FCC Licenses. Each of the
Credit Parties and (to the extent required by this Agreement) Empire Burbank will comply with (i) all laws, rules, regulations and orders of any Governmental Authority (excluding all Environmental

  
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Laws which are addressed in Section 6.12) and (ii) the terms of all FCC Licenses, except, in the case of clause (i) or clause (ii), where the failure to do so individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Each Credit Party shall file or cause to be filed all necessary applications for renewal of, and shall preserve in full force and effect all, Material FCC
Licenses; provided, however, that any failure to preserve any Material FCC License in full force and effect which results either from (x) a Relocation or (y) any asset sale, Asset Swap or other Disposition permitted hereunder shall
not constitute a breach of this Section 6.8. 
 6.9 Use of Proceeds. The proceeds of the Loans and the Letters of
Credit will be used only for (a) Transaction Costs, (b) Permitted Acquisitions pursuant to Section 7.4, (c) Capital Expenditures permitted hereunder, (d) closing costs for the Transactions, (e) the Qualifying IPO
Funding Transactions, to the extent permitted hereunder, and (f) general corporate (or company) and working capital purposes of the Credit Parties. No part of the proceeds of any Loan or the Letters of Credit will be used, whether directly or
indirectly, to purchase or carry any margin stock or for any purpose that entails a violation of any of the Regulations of the Board, including Regulations U, T and X. 
 6.10 Certain Obligations Respecting Guarantors and Collateral Security. 

(a) Additional Subsidiaries. In the event that any Credit Party shall form or acquire any new Subsidiary after the date hereof,
such Credit Party will cause such new Subsidiary, within ten Business Days after such formation or acquisition: 

(i) to execute and deliver to the Administrative Agent the following documents: (1) a counterpart to this Agreement
(and thereby to become a party to this Agreement, as a “Guarantor” hereunder) and (2) a counterpart to the Pledge Agreement and a counterpart to the Security Agreement (and thereby to become a party to each such agreement);

 (ii) to take such action (including delivering such shares of stock and executing and delivering such UCC
financing statements) as shall be necessary to create and perfect valid and enforceable First Priority Liens on all assets and property of such Subsidiary, subject only to Permitted Liens, consistent with the provisions of the applicable Collateral
Agreements; provided that no Credit Party shall be required to create or perfect any Liens on any Real Property Assets except for a Mortgaged Property in accordance with Section 6.13; and 

(iii) to deliver such proof of organizational action, incumbency of officers and other documents as is consistent with
those delivered by each Credit Party pursuant to Section 5.1 at the Effective Time or as the Administrative Agent shall have reasonably requested. 
 Notwithstanding the provisions of this Section 6.10(a), (i) no Foreign Subsidiary shall be required to execute and deliver a counterpart to this Agreement, the Pledge Agreement or the Security
Agreement or any other Collateral Agreement, and (ii) no capital stock of a Foreign Subsidiary shall be required to be pledged pursuant to the provisions of the Pledge Agreement, 

  
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except to the extent such Foreign Subsidiary is a disregarded entity for United States Tax purposes, provided that nothing in this paragraph shall limit the requirement of the Credit Parties to
provide a pledge of 65% of the voting stock and 100% of the non-voting stock of any Foreign Subsidiary. 
 (b) Ownership of
Subsidiaries. Subject to Section 7.4, no Credit Party shall sell, transfer or otherwise dispose of any shares of stock or other equity interests in any Subsidiary owned by it, nor issue or permit any Subsidiary, to issue, any shares of
stock of any class or other equity interests whatsoever to any Person, except that (i) the Borrower may issue stock or equity to any Holding Company and (ii) any Credit Party may issue stock or equity to another Credit Party provided such
stock or equity is pledged to the Administrative Agent as set forth below. Subject to Section 7.4, each of the Credit Parties will cause each of its Subsidiaries to take such action from time to time as shall be necessary to ensure that the
percentage of the equity capital of any class or character owned by such Credit Party in any Subsidiary on the date hereof (or, in the case of any newly formed or newly acquired Subsidiary, on the date of formation or acquisition) is not at any time
decreased, other than by reason of transfers to another Credit Party. In the event that any additional shares of stock or other equity interests shall be issued by any Credit Party (other than issuance by the Borrower of its capital stock to any
Holding Company), the respective holder of such shares of stock or other equity interests shall forthwith deliver to the Administrative Agent pursuant to the Pledge Agreement the certificates evidencing such shares of stock, accompanied by undated
stock powers executed in blank, and shall take such other action as the Administrative Agent shall request to perfect the security interest created therein pursuant to such pledge agreement 

(c) Empire Burbank. Within thirty (30) days after the repayment in full of the Empire Burbank Loan, the Borrower shall take
or cause Empire Burbank to take such actions and deliver such documents as are required for a new Subsidiary pursuant to Section 6.10(a) to the extent not previously taken or delivered. 

(d) Control Agreements. Within forty-five (45) days of the Amendment Effective Date, Borrower shall use commercially
reasonable efforts to deliver to the Administrative Agent a Control Agreement for any bank accounts not subject to a Control Agreement as of the Amendment Effective Date, each such Control Agreement to be in form and substance satisfactory to the
Administrative Agent. 
 6.11 ERISA. Except where a failure to comply with any of the following, individually or in the
aggregate, would not or could not reasonably be expected to result in a Material Adverse Effect, (i) to the extent applicable, the Credit Parties will maintain, and cause each ERISA Affiliate to maintain, each Plan of any Credit Party or any
ERISA Affiliate in compliance with all applicable requirements of ERISA and of the Code and with all applicable rulings and regulations issued under the provisions of ERISA and of the Code and (ii) the Credit Parties will not and, to the extent
they have the authority to do so, will not permit any of the ERISA Affiliates to (a) engage in any transaction with respect to any Plan which would subject any Credit Party to either a civil penalty assessed pursuant to Section 502(i) of
ERISA or a tax imposed by Section 4975 of the Code, (b) fail to make full payment when due of all amounts which, under the provisions of any Plan, any of the Credit Parties or any ERISA Affiliate is required to pay as contributions
thereto, or permit to exist any accumulated funding deficiency 

  
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(as such term is defined in Section 302 of ERISA and Section 412 of the Code), whether or not waived, with respect to any Pension Plan or (c) fail to make any payments to any
Multiemployer Plan that any of the Credit Parties or any of the ERISA Affiliates may be required to make under any agreement relating to such Multiemployer Plan or any law pertaining thereto. 

6.12 Environmental Matters; Reporting. The Credit Parties will observe and comply with, and cause each Affiliate to observe and
comply with all Environmental Laws and other laws, rules, regulations and orders of any government or government agency relating to health, safety, pollution, hazardous materials or other environmental matters to the extent non-compliance could,
individually or in the aggregate, have a Material Adverse Effect. The Credit Parties will give the Administrative Agent prompt written notice of any violation as to any environmental matter by any Credit Party or Affiliate and of the commencement of
any judicial or administrative proceeding relating to health, safety or environmental matters (a) in which an adverse result would have a material adverse effect on any operating permits, air emission permits, water discharge permits, hazardous
waste permits or other permits held by any Credit Party or Affiliate which are material to the operations of such Credit Party or Affiliate, or (b) which will, or is likely to, have a Material Adverse Effect on such Credit Party or Affiliate to
any Person or which will require a material expenditure by such Credit Party or Affiliate to cure any alleged problem or violation. 
 6.13 Real Estate Assets. 
 (a) Within sixty (60) days of the Closing
Date (which may be extended in the reasonable discretion of Administrative Agent), Borrower shall deliver to the Administrative Agent (i) Mortgages for each of the Burbank Studio Property, Dallas Studio Property and Houston Studio Property (the
“Closing Date Mortgaged Properties”), (ii) a mortgagee’s title insurance policy reasonably acceptable to the Administrative Agent (it being understood that such title policy shall not be required to include a survey
endorsement) insuring a First Priority lien with respect to each Closing Date Mortgaged Property, (iii) to the extent reasonably available to the Credit Parties as of the Closing Date, (A) surveys, (B) phase one environmental reports,
(C) appraisals; and (D) other material due diligence reasonably requested by the Administrative Agent, in each case related to the Closing Date Mortgaged Properties, and (iv) a customary opinion of local counsel relating to the
enforceability of the Mortgages. 
 (b) If after the Closing Date (i) any Credit Party acquires, or (ii) at the time
any Person becomes a Subsidiary after the Closing Date (other than a Subsidiary that is not required to become a Guarantor), such Person holds, any Material Leasehold Property, the Credit Party or such Person shall use commercially reasonable
efforts (which shall not include the payment of money) to cause such Material Leasehold Property to be a Conforming Leasehold Interest but excluding any Material Leasehold Property where, in Collateral Trustee’s reasonable discretion, the costs
of causing such property to become a Conforming Leasehold Interest is excessive in relation to the value of the benefit to be afforded to the Lenders thereby or where such property is not material to the business and operations of such Credit Party
or such Person. 
 (c) If after the Closing Date (i) any Credit Party acquires, or (ii) at the time any Person becomes
a Subsidiary after the Closing Date (other than a Subsidiary that is not required to become a Guarantor), such Person holds, a fee ownership interest in any Real 

  
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Property Asset with a Fair Market Value as of the date of such acquisition or the date such Person becomes a Subsidiary in excess of $2,500,000, the Credit Party or such Person shall execute and
deliver to Collateral Trustee as soon as practicable thereafter a Mortgage with respect thereto, together with a title insurance policy described in Section 6.13(a)(ii) with respect to such Mortgaged Property, the documents listed in
Section 6.13(a), (iii) that are reasonably available to the Credit Parties as of the date of such acquisition or the date such Person becomes a Subsidiary, as applicable, and a customary local counsel legal opinion with respect to the
Mortgage for such Mortgaged Property listed in Section 6.13(a)(iv). 
 (d) Within thirty (30) days (or, in the case of
the Sawyer Property, fifteen (15) days) of the Amendment Effective Date (which thirty (30) day period may be extended in the reasonable discretion of Collateral Trustee), Borrower shall deliver to Collateral Trustee (i) Mortgages for
each Real Property Asset in which a Credit Party holds a fee ownership interest listed on Schedule 6.13(d) hereof (the “Second Amendment Mortgaged Properties”), (ii) other than with respect to the Saywer Property, a
mortgagee’s title insurance policy reasonably acceptable to Collateral Trustee (it being understood that such title policy shall not be required to include a survey endorsement) insuring a First Priority lien with respect to each Second
Amendment Mortgaged Property, (iii) to the extent within the possession or control of the Credit Parties as of the Amendment Effective Date, (A) surveys, (B) phase one environmental reports, (C) appraisals; and (D) other
material due diligence reasonably requested by Collateral Trustee, in each case related to the Second Amendment Mortgaged Properties, and (iv) a customary opinion of local counsel relating to the enforceability of the Mortgages. 

(e) Within (i) thirty (30) days of the repayment in full of the Empire Burbank Loan, Borrower shall deliver to Collateral
Trustee (A) a Mortgage for the Burbank Office Property to the extent a Credit Party is the fee owner thereof, (B) to the extent within the possession or control of the Credit Parties as of the Amendment Effective Date, (1) surveys,
(2) phase one environmental reports, (3) appraisals; and (4) other material due diligence reasonably requested by Collateral Trustee related to the Burbank Office Property, and (C) a customary opinion of local counsel relating to
the enforceability of the Mortgage; and (ii) within forty-five (45) days after repayment in full of the Empire Burbank Loan (which may be extended in the reasonable discretion of Collateral Trustee) a mortgagee’s title insurance
policy reasonably acceptable to Collateral Trustee (it being understood that such title policy shall not be required to include a survey endorsement) insuring a First Priority lien with respect to the Burbank Office Property. 

(f) Within sixty (60) days of the Amendment Effective Date, Borrower shall use commercially reasonable efforts to deliver to
Collateral Trustee leasehold Mortgages with respect to each Leasehold Property listed on Schedule 6.13(f) hereto. 
 (g)
Notwithstanding anything contained herein to the contrary, to the extent that Collateral Trustee reasonably requests that any Credit Party enter into any non-disturbance or similar agreement in connection with any of the Mortgaged Property, such
Credit Party shall only be required to use commercially reasonable efforts to do so. 
 6.14 Qualifying IPO Funding
Transactions. The Borrower shall: 

  
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 (a) cause the applicable Holding Company to apply the applicable portions of the net
proceeds of any Qualifying IPO in accordance with clauses (b) and (d) of the definition of Qualifying IPO Funding Transactions (it being understood that amounts which any Holding Company intends to use within 15 months of the consummation
of such Qualifying IPO for purposes described in clause (a) or (c) of such definition may be held (subject to clauses (b) and (c) below) by such Holding Company); 

(b) cause the applicable Holding Company to apply substantially all of the net proceeds of any Qualifying IPO not applied pursuant to
clause (a) or (b) of the definition of Qualifying IPO Funding Transactions as of the date fifteen months after the consummation of such Qualifying IPO to a contribution to Media Holdings on such date; and 

(c) cause Media Holdings and any other applicable Holding Company to contribute substantially all of the net proceeds of any Qualifying
IPO not applied pursuant to clause (a), (b), (c) or (d) of the definition of Qualifying IPO Funding Transactions as of the date fifteen months after the consummation of such Qualifying IPO to a contribution to the Borrower on such date.

 6.15 Proceeds of Sawyer Sale. All proceeds of the Sawyer Sale received by the Credit Parties shall be deposited
directly into and held in a bank account which is subject to a Control Agreement. 
 6.16 Media Holdings Discount Notes
Forbearance Agreement. Media Holdings shall (and Borrower shall cause Media Holdings to): 
 (a) execute the Media Holdings
Discount Notes Forbearance Agreement on or before September 15, 2013 and deliver a copy thereof to Collateral Trustee within five (5) Business Days after the execution thereof; 

(b) take all actions necessary to maintain the Media Holdings Discount Notes Forbearance Agreement in full force and effect and comply
with all terms and conditions of the Media Holdings Discount Notes Forbearance Agreement from the date of its execution through the indefeasible payment in full of the Obligations; and 

(c) obtain the prior written consent of the Required Lenders prior to any amendment, restatement, modification or supplement to the Media
Holdings Discount Notes Forbearance Agreement. 
 ARTICLE 7 

Negative Covenants 
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit shall have expired or
terminated and all LC Disbursements shall have been reimbursed, the Credit Parties covenant and agree with the Administrative Agent and the Lenders that: 

  
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 7.1 Indebtedness. The Credit Parties and their Subsidiaries shall not create, incur,
assume or permit to exist any Indebtedness, except: 
 (a) Indebtedness created under the Loan Documents; 

(b) Indebtedness existing on the date hereof which is set forth in Schedule 4.14 and has been designated on such schedule as
Indebtedness that will remain outstanding following the funding of the initial Loans, and any extension, renewal, refunding or replacement of any such Indebtedness that does not increase the principal amount thereof; 

(c) Unsecured Indebtedness of any Credit Party to any other Credit Party; 

(d) Indebtedness of Empire Burbank under the Empire Burbank Loan Documents; provided that the outstanding principal amount of
Indebtedness under the Empire Burbank Loan does not exceed
$[—]7;

 (e) On or after the Qualifying IPO Closing Date, unsecured Indebtedness of the Borrower to any Holding Company pursuant to
the LBI Media Intercompany Note so long as the LBI Media Intercompany Note matures after the Maturity Date or, if sooner, if substantially all of the amount repaid prior to the Maturity Date is used for the purposes described in clause (a) or
(c) of the definition of Qualifying IPO Funding Transactions; 
 (f) Indebtedness of the Credit Parties to Jose and/or
Lenard Liberman (or their spouses, lineal descendants, or heirs and devises or any trusts controlled by them) but only to the extent such indebtedness is subordinated to the Loans (or any Credit Party’s obligations to the Lenders and the
Administrative Agent) pursuant to subordination agreements substantially identical to the Liberman Subordination Agreements; provided that the aggregate Indebtedness of the Credit Parties under this Section 7.1(f) shall not exceed
$5,000,000 at any one time outstanding; 
 (g) Indebtedness of the Credit Parties (determined on a consolidated basis without
duplication in accordance with GAAP) consisting of Capital Lease Obligations or Indebtedness, as applicable, secured by Liens permitted under Sections 7.2(i) or 7.2(q) and/or in connection with the acquisition of real property (other than any
real property received or acquired in any Acquisition or Relocation) in an aggregate principal amount not exceeding (i) prior to the Qualifying IPO Closing Date, $10,000,000 at any one time outstanding or (ii) thereafter, $25,000,000 at
any one time outstanding; 
 (h) Indebtedness of the Credit Parties (i) under any Hedging Agreement or (ii) for bank
overdrafts in the ordinary course of business that are promptly repaid; 
 (i) Indebtedness of the Credit Parties arising from
guaranties of Indebtedness of any Credit Party or any of their Subsidiaries permitted hereunder or other agreements of any 
  

	7 	 Aggregate principal amount of the Empire Burbank Loan outstanding on the Amendment Effective Date.

  
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Credit Party or any of their Subsidiaries providing for indemnification, adjustment of purchase price or similar customary obligations, in each case incurred or assumed in connection with the
acquisition or disposition of any business or assets of any Credit Party or any of their Subsidiaries permitted by this Agreement; 
 (j) Indebtedness in respect of the Senior Notes in an aggregate principal amount not exceeding $220,000,000; 
 (k) Unsecured Indebtedness in respect of the Senior Subordinated Notes in an aggregate principal amount not to exceed $[—]8 minus the principal amount of any Senior Subordinated Notes
redeemed, exchanged or terminated after the Amendment Effective Date to the extent permitted by this Agreement; 
 (l) In
addition to the Indebtedness permitted under clauses (f), (k), (o) and (p), Subordinated Indebtedness of the Credit Parties (other than Second Priority Secured Subordinated Notes and Permitted New Second Priority Debt); provided that
(i) such Subordinated Indebtedness is unsecured, (ii) no such Subordinated Indebtedness shall have scheduled maturity or scheduled amortization of principal earlier than twelve months after the Maturity Date, (iii) no agreement or
instrument executed with respect to such Subordinated Indebtedness shall have any financial covenants, cross defaults or terms which conflict with, or covenants which are more restrictive in any material respect than the terms of the Loan Documents
(it being understood that if such provisions relating to mandatory prepayment requirements are not more restrictive in any material respect than the Senior Note Indenture, such provisions shall be acceptable under this clause (iii)), and the
Borrower shall have delivered to the Administrative Agent copies of all such agreements and instruments prior to the execution thereof, (iv) the terms of subordination of such Subordinated Indebtedness shall (A) in the case of Subordinated
Indebtedness in an aggregate principal amount together with clause (k) of up to $[—]9, be substantially consistent with the subordination terms governing the Senior Subordinated Notes and (B) in the
case of any Subordinated Indebtedness of such amount, be reasonably satisfactory to the Administrative Agent, (v) no Default shall have occurred or be continuing or would result from the incurrence of such Subordinated Indebtedness, and the
Borrower shall have delivered a pro forma Compliance Certificate to the Administrative Agent demonstrating such compliance and (vi) either (A) such Subordinated Indebtedness shall be Permitted Credit Party Refinancing Indebtedness or
(B) after giving effect to the incurrence of such Subordinated Indebtedness on a pro forma basis, the Total Leverage Ratio shall not exceed 5.0:1 and the Administrative Agent shall have received a Compliance Certificate to such effect;

 (m) Indebtedness required to be incurred in connection with any incentive bonus which may become payable pursuant to any
Management Incentive Contract; 
  

	8 	Aggregate principal amount of unexchanged Senior Subordinated Notes on the Amendment Effective Date after giving effect to the consummation of the 2012 Exchange Offers.

	9 	Aggregate principal amount of unexchanged Senior Subordinated Notes on the Amendment Effective Date after giving effect to the consummation of the 2012 Exchange Offers.

  
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 (n) Guarantees (including Guarantees of Subordinated Indebtedness by Subsidiaries of the
Borrower that have Guaranteed the Obligations) of Indebtedness or Guarantees, in each case permitted under this Section 7.1 except that no Credit Party will Guarantee the Empire Burbank Loan; 

(o) Indebtedness under (i) the Second Priority Secured Subordinated Notes issued in exchange for the Senior Subordinated Notes and
the Media Holdings Discount Notes pursuant to the 2012 Exchange Offers, and any Second Priority Secured Subordinated Notes issued from time to time to pay interest in kind in accordance with the terms of the Second Priority Secured Subordinated
Notes Indenture and, in each case, the related subsidiary guarantees, and (ii) Permitted Credit Party Refinancing Indebtedness of the Indebtedness described in clause (i) hereof; 

(p) Permitted New Second Priority Debt and Permitted Credit Party Refinancing Indebtedness thereof; 

(q) In addition to the foregoing, unsecured Indebtedness in an aggregate principal amount not exceeding (i) prior to the Qualifying
IPO Closing Date, $10,000,000 at any time outstanding or (ii) thereafter, $25,000,000 at any time outstanding; provided that no Indebtedness to any holder of Indebtedness of Holdings shall be permitted to be incurred under this
subsection (q) unless such Indebtedness is subject to a subordination agreement satisfactory in form and substance to the Administrative Agent; and 
 (r) Unsecured Indebtedness of Empire Burbank entered into in the ordinary course of business. 
 7.2 Liens. No Credit Party or Subsidiary will create, incur, assume or permit to exist any Lien in favor of any other Person on any Property or asset now owned or hereafter acquired by it, or
assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except (the following being called “Permitted Liens”): 

(a) Liens in favor of the Collateral Trustee created under the Senior Facilities Documents; 

(b) any Lien on any property or asset of any Credit Party or Subsidiary existing on the date hereof and set forth in
Schedule 7.2(b); provided that (i) such Lien shall not apply to any other property or asset of any Credit Party and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions,
renewals and replacements thereof that do not increase the outstanding principal amount thereof; 
 (c) Liens for Taxes if the
conditions set forth in Section 6.4 are satisfied or the obligations with respect to such Taxes are not delinquent or remain payable without penalty; 
 (d) landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens, and vendors’ Liens imposed by statute or common law not securing
the repayment of Indebtedness, arising in the ordinary course of business which are not overdue for a period of more than 60 days or which are being contested in good faith and by appropriate proceedings and Liens securing judgments (including
pre-judgment attachments) but 

  
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only to the extent of such judgment, for an amount and for a period not resulting in an Event of Default under Section 8.1(j) hereof; 

(e) pledges or deposits under worker’s compensation, unemployment insurance and other social security legislation and deposits
securing liability to insurance carriers under insurance or self-insurance agreements; 
 (f) pledges and deposits to secure the
performance of bids, tenders, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(g) easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business and encumbrances
consisting of zoning restrictions, easements, licenses, restrictions on the use of Property or minor imperfections in title thereto which, in the aggregate, are not material in amount, and which do not and will not materially interfere with the
ordinary conduct of the business of any Credit Party; 
 (h) Liens consisting of bankers’ liens and rights of setoff, in
each case, arising by operation of law, and Liens on documents presented in letter of credit drawings; 
 (i) Liens on tangible
property, including real or personal property (other than Mortgaged Property), acquired, constructed or improved by any Credit Party, provided that (A) such Liens secure Indebtedness (including Capital Lease Obligations) permitted by
Section 7.1(g), (B) such Liens and the Indebtedness secured thereby are incurred prior to or within 120 days after such acquisition or the completion of such construction or improvement, (C) the Indebtedness secured thereby does not
exceed the cost of acquiring, constructing or improving such fixed or capital assets, and (D) such security interests shall not apply to any other property or assets of any Credit Party or Subsidiary; 

(j) Liens created by (i) the Empire Burbank Mortgage until such time as the Empire Burbank Loan is repaid in full; provided
that such Liens shall apply only to the Burbank Office Property and any other property of Empire Burbank referred to in such Empire Burbank Mortgage on the date the Empire Burbank Loan was funded and (ii) the Empire Burbank Lease; 

(k) Uniform Commercial Code financing statement filings with respect to Property leased by the Credit Parties; 

(l) Assignments of uncollectible accounts receivable to collection agencies in the ordinary course of business; 

(m) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real
property 
 (n) any interest or title of a lessor or sublessor under any lease of real estate permitted hereunder; 

  
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 (o) Liens solely on any cash earnest money deposits made by the Borrower or any of its
Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder; 
 (p) licenses of patents,
trademarks and other intellectual property rights granted by the Borrower or any of its Subsidiaries in the ordinary course of business and not interfering in any respect with the ordinary conduct of the business of the Borrower or such Subsidiary;

 (q) Liens existing on any Property at the time of its acquisition (or on the property of any Person at the time of
acquisition of such Person) and not created in anticipation of such acquisition so long as such Liens do not extend to any other assets; 
 (r) Liens securing any Hedging Agreement with any Lender or the affiliate of any Lender; 
 (s) customary Liens for the fees, costs and expenses of trustees and escrow agents pursuant to the indenture, escrow agreements and similar arrangements; 

(t) Liens in favor of customs and revenue authorities arising as a matter of law and in the ordinary course of business to secure payment
of customs duties in connection with the importation of goods; 
 (u) Liens securing the Second Priority Secured Subordinated
Notes and Permitted New Second Priority Debt (and Permitted Credit Party Refinancing Indebtedness thereof) which are junior to the Liens in favor of the Collateral Trustee securing the Senior Facilities Documents as set forth in the Priority Lien
Intercreditor Agreement or are otherwise subject to intercreditor arrangements reasonably satisfactory to the Administrative Agent, provided that any Liens securing such Permitted Credit Party Refinancing Indebtedness shall be limited to all or part
of the same property and assets that secured the original Indebtedness (plus improvements and accessions to such property or proceeds or distributions thereof); and 
 (v) other Liens securing obligations in an aggregate amount not to exceed $1,000,000 at any time outstanding. 
 If any Credit Party or any of its Subsidiaries shall create or assume any Lien upon any of its properties or assets, whether now owned or hereafter acquired, other than Permitted Liens, it shall make or
cause to be made effective provisions whereby the obligations under the Senior Facilities Documents will be secured by such Lien equally and ratably with any and all other Indebtedness secured thereby as long as any such Indebtedness shall be so
secured; provided, notwithstanding the foregoing, this covenant shall not be construed as a consent by Required Lenders to the creation or assumption of any such Lien not otherwise permitted hereby. 

7.3 [Reserved]. 
 7.4 Fundamental Changes; Asset Sales. No Credit Party will enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation
or dissolution). No Credit Party will effect any Disposition or 

  
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Relocation or acquire any business or property from, or capital stock of, or other equity interests in, or be a party to any acquisition (including any Acquisition) of, any Person except for
purchases by any Credit Party of property to be used in the ordinary course of business, Investments permitted hereunder, Capital Expenditures permitted hereunder, and Acquisitions permitted hereunder. No Credit Party will convey, sell, lease,
transfer or otherwise dispose (including any Disposition) of, in one transaction or a series of transactions, any part of its business or property, whether now owned or hereafter acquired (including receivables and leasehold interests);
provided that a Credit Party may (1) lease or sublease real property to the extent such lease or sublease would not materially interfere with the operation of the businesses of the Credit Parties and (2) enter into any sale, lease,
transfer or other disposition described clauses (a) through (j) of the definition of Disposition. The Lenders and the Administrative Agent (as the case may be) at the Borrower’s expense hereby agree to complete, execute and deliver to
the Borrower, upon reasonable prior written notice to the Administrative Agent and upon provision by the Borrower of a draft of such instrument, any release or termination of security interest required to permit the applicable Credit Party
conveying, selling, leasing, transferring or otherwise disposing of any part of its property pursuant to and in accordance with this Agreement to convey, sell, lease, transfer or otherwise dispose of such property free and clear of any Lien under
the Collateral Agreements. 
 Notwithstanding the foregoing provisions of this Section 7.4: 

(a) any Credit Party (other than the Borrower or any License Subsidiary) may be merged or consolidated with or into the Borrower or any
other Credit Party, and any Subsidiary that is not a Credit Party may be merged into any Credit Party (with the Credit Party as the surviving entity); provided that if any such transaction shall be between a Subsidiary and the Borrower or a
Wholly Owned Subsidiary, the Borrower or such Wholly Owned Subsidiary, as applicable, shall be the continuing or surviving entity; 
 (b) any Credit Party (other than the Borrower or any License Subsidiary) may sell, lease, transfer or otherwise dispose of any or all of its property (upon voluntary liquidation or otherwise) to any other
Credit Party; 
 (c) the capital stock of, or other equity interests in, any Credit Party may be sold, transferred or otherwise
disposed of to the Borrower or any other Credit Party; 
 (d) any Credit Party may enter into Acquisitions to acquire all or
substantially all of the assets or any division, business or broadcast station or capital stock of, or other equity interests in (including acquisitions by purchase of assets, purchase of stock, merger or otherwise or by an Asset Swap), any Person
(collectively, “Permitted Acquisitions”), subject to satisfaction of the following conditions: 

(i) immediately prior to such Acquisition and after giving effect thereto, no Default or Event of Default shall have
occurred and be continuing; 
 (ii) to the extent that the Permitted Acquisition is structured as an Acquisition
of capital stock, such capital stock shall be held by a Credit Party and the Subsidiary so acquired shall comply with the provisions of Section 6.10; 

  
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 (iii) immediately following the proposed Acquisition after giving effect to
such Acquisition on a pro forma basis incorporating such pro forma assumptions as are satisfactory to the Administrative Agent in its reasonable discretion, the Credit Parties shall be in compliance with the Revolving Facility Leverage Ratio set
forth in Section 7.10 and, in the case of Acquisitions in connection with which the aggregate consideration paid or exchanged by the Borrower and its Subsidiaries exceeds $10,000,000 during the term of this Agreement from and after the
Amendment Effective Date, shall have a Total Leverage Ratio of not greater than 5.0:1, and the Administrative Agent shall have received a pro forma Compliance Certificate to such effect; 

(iv) the aggregate consideration paid or exchanged by the Borrower and its Subsidiaries in connection with any such
individual Acquisition shall not exceed (A) prior to the Qualifying IPO Closing Date, $50,000,000 or (B) thereafter, $125,000,000, in each case, without the consent of Required Lenders, such consent not to be unreasonably withheld;

 (v) the business so acquired shall be located in (A) prior to the Qualifying IPO Closing Date, the United
States or (B) thereafter, the United States or any state or territory thereof or Mexico; provided that the aggregate consideration paid or exchanged by the Borrower and its Subsidiaries after the date hereof in connection with all
acquisitions of businesses located in Mexico shall not exceed $50,000,000; 
 (vi) the Credit Parties have
delivered such financial information with respect to the business to be acquired as the Administrative Agent shall have reasonably requested; and 
 (vii) any individual Permitted Acquisition of properties or assets located in the United States for aggregate consideration of $25,000,000 or greater shall be also conditioned on delivery to the
Administrative Agent or the Collateral Trustee of (1) all material documents reasonably requested by the Administrative Agent or the Collateral Trustee to insure that the Secured Parties have a First Priority Lien in, and assignment of, all
personal property assets and interests acquired, including consents of third parties if reasonably requested and (2) if such Permitted Acquisition is of a television or radio property and the aggregate consideration therefor is $40,000,000 or
greater, an opinion of FCC counsel to the Borrower in form and substance reasonably satisfactory to the Administrative Agent. 

(e) The Credit Parties shall be permitted to sell, lease or assign: 

(i) obsolete or worn-out property (including leasehold interests), tools or equipment no longer used or useful in its
business, 
 (ii) any inventory or other property sold or disposed of in the ordinary course of business and on
ordinary business terms, 
 (iii) interests in real property by lease entered into in the ordinary course of
business, 

  
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 (iv) the surrender of waiver of contractual rights or the settlement,
release or surrender of contracts or tort claims in the ordinary course of business, 
 (v) Dispositions;
provided (1) the consideration received for such assets shall be in an amount at least equal to the Fair Market Value thereof (determined in good faith by the senior management of the Borrower), and (2) no less than 75% thereof shall
be paid in cash or Cash Equivalents (it being understood that cash received by a Credit Party as consideration for such Disposition within 180 days of the date of such Disposition shall be deemed to have been paid in cash or Cash Equivalents);
provided further that the aggregate amount of Dispositions in any fiscal year pursuant to this clause (v) shall not exceed $22,500,000; 
 (vi) Asset Swaps, so long as (A) such Asset Swap is made on an arm’s-length basis and the Borrower or such Credit Party, as the case may be, receives consideration at the time of the Asset Swap
at least equal to the Fair Market Value of the assets or capital stock issued or sold or otherwise disposed of, (B) the Borrower or such Subsidiary complies with Sections 6.10 and 6.13 with respect to any assets acquired and (C) any Asset
Swap of any Broadcast Station shall only be in exchange for another television and/or radio broadcast station(s) and like assets, and assets related to the operation of such stations, cash and Indebtedness, or Investments in respect of Indebtedness,
evidenced by notes; 
 (vii) Dispositions in connection with operations or divisions discontinued or to be
discontinued; 
 (viii) Investments made in accordance with Section 7.5; 

(ix) the Sawyer Property Sale; and 

(x) sales or other dispositions of assets that do not constitute a Disposition. 

(f) The Credit Parties shall be permitted to effect any Relocation, provided that the following conditions have been satisfied:

 (i) Such Voluntary Relocation shall not, as determined on the date of the consummation of such Voluntary
Relocation, have a material adverse effect on the business, assets, operations or financial condition of the Credit Parties, taken as a whole; 
 (ii) The Credit Parties shall give 30 days’ prior written notice to the Administrative Agent of the proposed Relocation, which notice shall include a description of all material aspects of the
Relocation including the consideration to be received by any Credit Party in connection therewith; 
 (iii) To
the extent any representation or warranty herein makes reference to one or more of the Schedules to this Agreement, the Credit Parties shall make revisions to such Schedules, in each case as of the date of the consummation of any Relocation and
notwithstanding that such representation or warranty may expressly state 

  
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that it is made as of an earlier date, reasonably acceptable to the Administrative Agent, solely to take into account the consummation of such Relocation; and 

(iv) In connection with any Involuntary Relocation the Credit Parties shall use their best efforts to receive only cash
consideration therefor. 
 (g) Upon 30 days’ prior written notice to the Administrative Agent and with the prior written
consent of the Administrative Agent (such consent not to be unreasonably withheld), the Borrower may merge with an Affiliate incorporated solely for the purpose of reincorporating the Borrower in another jurisdiction to realize tax or other
benefits. The Administrative Agent shall give prompt notice thereof to the Lenders; and 
 (h) Upon 10 days’ prior written
notice to the Administrative Agent, Media Holdings, the Borrower or any of its Subsidiaries may convert from a corporation to a limited liability company for the sole purpose of realizing tax or other benefits, provided that prior to such
conversion, the Borrower shall provide such documents, agreements, certificates and opinions as the Administrative Agent may reasonably request to cause such successor entity to (and to evidence that such successor entity shall) continue to be
subject to the Loan Documents to the same extent as the predecessor entity. 
 7.5 Investments; Hedging Agreements. No
Credit Party will make or permit to remain outstanding any Investment, except in the case of any Credit Party: 
 (a)
Investments by the Credit Parties in capital stock of, and other equity interests in, their Subsidiaries to the extent outstanding at the Effective Time and as set forth on Schedule 4.12 or 4.14(a) hereto, Investments consisting
of deferred payment obligations in connection with permitted sales of assets, advances by any Credit Party to any other Credit Party (which advances, whether existing on the Closing Date or made thereafter, may be cancelled or forgiven by such
Credit Party) and capital contributions by any Credit Party to any other Credit Party; 
 (b) advances, loans and extensions of
credit to any director, officer or employee of a Credit Party or any other Person, Investments by the Credit Parties in connection with the satisfaction of accounts receivable or other Indebtedness due from a customer of a Credit Party or claims due
and owing to the Credit Parties or otherwise for the benefit of the business of the Credit Parties; provided that the maximum aggregate principal amount of any Investments permitted under this subsection (b) shall not exceed $5,000,000
at any time outstanding, and, so long as no Default shall have occurred and be continuing and no Default shall be caused thereby, the Credit Parties may forgive or cancel any such advance, loan or extension of credit; 

(c) Permitted Investments; 
 (d) Investments (i) in any deferred payment obligations or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors or in satisfaction of
judgments and (ii) resulting from deposits, prepayments and other credits to suppliers, or otherwise made in connection with workers compensation, utility, leases and similar deposits, in any case, made in the ordinary course of business;

  
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 (e) extensions of trade credit in the ordinary course of business; 

(f) Investments constituting non-cash consideration received by the Borrower or any Subsidiary in connection with any Disposition (or
other disposition not constituting a Disposition) otherwise permitted hereunder; 
 (g) Investments arising in connection with
Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which any Credit Party is exposed in the conduct of its business or the management of its liabilities and not for speculation; 

(h) Checking and deposit accounts used in the ordinary course of business maintained with the Administrative Agent or other depository
institutions who have executed Control Agreements or with depository institutions with whom the Borrower is using commercially reasonable efforts to deliver Control Agreements to the Collateral Trustee within forty-five (45) days of the
Amendment Effective Date in accordance with Section 6.10(d); 
 (i) escrow deposits made pursuant to Acquisitions permitted
hereunder; 
 (j) the Borrower and its Subsidiaries may continue to own the Investments owned by them and described in
Schedule 7.5 annexed hereto and the Borrower may own intercompany loans made to Holdings prior to the Closing Date and the Borrower may forgive or cancel such loans; 

(k) the Borrower may acquire and hold obligations of one or more officers or other employees of the Credit Parties in connection with
such officers’ or employees’ acquisition of shares of Holdings’ common stock, so long as no cash is actually advanced by any Credit Party to such officers or employees or any Holding Company in connection with the acquisition of any
such obligations and, so long as no Default shall have occurred and be continuing and no Default shall be caused thereby, the Credit Parties may forgive or cancel any such advance, loan or extension of credit; 

(l) the Credit Parties may accept promissory notes, debt or equity securities or other Investments as consideration in any Relocation,
the aggregate amount of which received after the Closing Date shall not exceed $10,000,000; provided, that the Credit Parties may accept promissory notes, debt or equity securities or other Investments as consideration in an Involuntary
Relocation in excess of such amount so long as the receipt of such excess Investments would not result in a Material Adverse Effect; and 
 (m) The following Investments: 
 (i) with respect to any period
during which Holdings is an S Corporation or a substantially similar pass-through entity for federal income tax purposes and a QSSS Election is in effect for the Borrower, the Borrower may make loans to Media Holdings, Holdings or the shareholders
of Holdings in an amount (together with dividend payments made pursuant to Section 7.6(a)) not in excess of the Permitted Holdings Tax Distributions and the Permitted Shareholder Tax Distributions, 

  
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 (ii) the Borrower and its Subsidiaries may make loans to Media Holdings or
Holdings in lieu of Restricted Junior Payments permitted by Sections 7.6(e), (f), (g) and (p), provided that all such loans shall be subject to the respective restrictions and limitations set forth in such Sections, 

(iii) so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby, the
Borrower may make loans to any Holding Company (A) to pay administrative expenses and other costs and expenses, provided, that the amount of cash loans made pursuant to this clause (iv) (together with the amount of cash
distributions made pursuant to Section 7.6(i)(i)) shall not exceed (1) prior to the Qualifying IPO Closing Date, $3,000,000 and (2) thereafter, $5,000,000, in each case, in any fiscal year and (B) to pay indemnity claims arising
under, or amounts required to be paid to third parties pursuant to, the Private Equity Issuance Documents in an aggregate amount not to exceed during the term of this Agreement (together with the amount of cash distributions made pursuant to
Section 7.6(i)(ii)) the amount of proceeds of the Private Equity Issuance actually contributed to the Borrower pursuant to Section 6.15(c) of the Existing Credit Agreement, 

(iv) so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby, any
Credit Party may make loans to Holdings to enable Holdings to make the payments with respect to any portion of any incentive bonus which may become payable pursuant to (A) the employment agreement of Winter Horton dated December 28, 2009,
as amended from time to time, respectively, and (B) any other Management Incentive Contracts or, in each case, with respect to any notes issued with respect thereto; provided that the aggregate amount of such loans (together with the
aggregate amount of dividends made pursuant to Section 7.6(l)) shall not exceed (x) the amount of such bonuses required to be paid under such employment agreements, in the case of clause (A) above, or (y) $12,500,000, in the case
of clause (B) above (including, in each case, any amounts required to be paid under any such notes), 
 (v)
the Borrower may make loans to any Holding Company to permit such Holding Company to make the Qualifying IPO Funding Transaction payments; provided that the aggregate amount of such loans together with all payments made pursuant to
Section 7.6(b) shall not exceed the aggregate amount of permitted Qualifying IPO Funding Transaction payments; 
 (vi) the Borrower may forgive or cancel any of the loans made pursuant to clauses (i) through (v) above; 
 (n) Investments in the ordinary course of business consisting of endorsements for collection or deposit; 
 (o) to the extent constituting an Investment, the transactions permitted under Sections 7.6 (o), (q), (r) and (s); and 
 (p) additional Investments not referred to in any other clause of this Section 7.5, provided that (i) the aggregate amount of such Investments at any time outstanding made on

  
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or after the Closing Date (net of any returns of capital with respect thereto) shall not exceed (A) prior to the Qualifying IPO Closing Date, $10,000,000 or (B) thereafter, $20,000,000
and (ii) at the time of making any such Investment, no Default shall have occurred or be continuing or would result therefrom and the Administrative Agent shall have received a pro forma Compliance Certificate to such effect. 

Notwithstanding anything in the foregoing to the contrary, no Credit Party shall make Investments in Subsidiaries of the Borrower that
are not Guarantors. 
 7.6 Restricted Junior Payments. No Credit Party will declare or make any Restricted Junior Payment
at any time; provided, however, that 
 (a) with respect to any period during which Holdings is an S Corporation or a
substantially similar pass-through entity for federal income tax purposes and a QSSS Election is in effect for the Borrower, the Borrower may declare and make dividend payments to Media Holdings in an amount (together with loans made pursuant to
Section 7.5(m)(i)) not in excess of the Permitted Holdings Tax Distributions and the Permitted Shareholder Tax Distributions; 
 (b) the Borrower may make the Qualifying IPO Funding Transaction payments or make dividends to Holding Companies (including through any other Holding Company) in amounts to permit Holding Companies to
make Qualifying IPO Funding Transaction payments (provided that the aggregate amount of such payments together with payments made pursuant to Section 7.5(m)(v) shall not exceed the aggregate amount of permitted Qualifying IPO Funding
Transaction payments); 
 (c) the Borrower may make Restricted Junior Payments (i) in an amount equal to the scheduled
payments of interest on the Senior Subordinated Notes to the extent required to be paid in cash pursuant to the Senior Subordinated Note Indenture, and subject to the applicable subordination terms thereof, provided that, in any fiscal year,
the aggregate amount paid pursuant to this clause (c)(i) during such fiscal year, shall not exceed the aggregate amount of scheduled payments of interest on the Senior Subordinated Notes pursuant to the Senior Subordinated Note Indenture during such
fiscal year, (ii) beginning on May 15, 2013, in an amount equal to the scheduled payments of interest on any Permitted New Second Priority Debt to the extent required to be paid in cash (at a rate not to exceed 8.75% per annum)
pursuant to the terms of the indenture or other agreement governing such Permitted New Second Priority Debt, and subject to the applicable subordination terms thereof, (iii) in an amount equal to the scheduled payments of interest on any Second
Priority Secured Subordinated Notes to the extent required to be paid in cash (at a rate not to exceed 8.75% per annum) pursuant to the terms of the indenture or other agreement governing such Second Priority Secured Subordinated Notes, and
subject to the applicable subordination terms thereof, and (iv) in an amount equal to scheduled payments of interest on other Subordinated Indebtedness permitted to be incurred under Section 7.1(l) to the extent required by the indenture
or other agreement pursuant to which such Subordinated Indebtedness was issued, and subject to the applicable subordination terms thereof; 
 (d) the Borrower may use cash on hand and the proceeds of a Qualifying IPO (but not the Loans) to redeem, repurchase or otherwise acquire the Senior Notes and to pay any premium, fees, costs, expenses and
other amounts owing thereunder; provided that in the case of 

  
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any Restricted Junior Payment made under this clause (d), (x) no Default or Event of Default shall have occurred and be continuing or be caused thereby, after giving effect to any such
Restricted Junior Payment and (y) the Revolving Facility Debt shall not exceed $5,000,000 at the time or as a result of such Restricted Junior Payment; 
 (e) [Reserved]; 
 (f) the Borrower and its Subsidiaries may declare and
make Restricted Junior Payments to Media Holdings in order for Media Holdings to, and in each case only to the extent such Restricted Junior Payments are actually used to, (i) make scheduled cash interest payments on the Media Holdings Discount
Notes provided that, in the case of any Media Holdings Discount Notes held by Media Holdings, the amount of such payments, if any, that exceed an amount equal to the amount of amortization payments due on the New Media Holdings Senior Notes
and Parent Entity Allowable Indebtedness (x) within five Business Days after the 2012 Exchange Offers have been consummated (or, in the case of Parent Entity Allowable Indebtedness, within five (5) Business Days after such Parent Entity
Allowable Indebtedness has been issued) and (y) in April 2013 shall be contributed to the Borrower by Media Holdings within five (5) Business Days after each such amortization payment is made (provided that Media Holdings shall be
permitted to retain cash of up to $174,500 until Parent Entity Allowable Indebtedness of $5,000,000 principal amount has been issued) and (ii) redeem, repurchase, satisfy and discharge, defease, retire for value or otherwise acquire
(1) any Media Holdings Discount Notes held by Media Holdings, but only in an amount equal to the amount of interest payments due on the New Media Holdings Senior Notes or Parent Entity Allowable Indebtedness in April 2016, October 2016 and
April 2017 and (2) so long as no Event of Default has occurred and is continuing or would result therefrom, no more than 10% of the outstanding principal amount of the Media Holdings Discount Notes outstanding immediately prior to the closing
of the 2012 Exchange Transactions (excluding Media Holdings Discount Notes held by Media Holdings or its Affiliates or any directors, officers, stockholders and other Affiliates of the Borrower or Media Holdings) and pay any related interest,
premium, fees, costs, expenses and other amounts owing thereunder with respect thereto, and in the case of each of (i) and (ii)(1) above (other than the payment made within five (5) Business Days after the 2012 Exchange Offers or the
$174,500 permitted to be retained by Media Holdings) such payment to be made to Media Holdings not more than twelve (12) Business Days prior to the date each such payment is due and provided further that (A) following each
Restricted Junior Payment permitted by subclauses (i) and (ii)(1) of this clause (f), the Media Holdings Discount Notes held by Media Holdings shall be cancelled to the extent required by the Media Holdings Discount Notes Forbearance Agreement
and (B) all proceeds of the Restricted Junior Payments permitted by subclauses (i) and (ii)(1) of this clause (f) shall be paid to the holders of the New Media Holdings Senior Notes as required by the New Media Holdings Senior Note
Indenture; 
 (g) the Borrower may declare and make dividends using cash on hand and the proceeds of a Qualifying IPO (but not
proceeds of the Loans) in order for Holdings or Media Holdings to (A) redeem, repurchase or otherwise acquire Holdings’ capital stock in open market transactions or otherwise (including redemptions) or (B) pay dividends or other
distributions to any holders of the capital stock of Holdings; provided that in the case of each Restricted Junior Payment under this clause (g): (x) no Default or Event of Default shall have occurred and be continuing or be caused
thereby, after giving effect to any such Restricted Junior Payment, (y) 

  
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the Total Leverage Ratio is less than 5.50 to 1 (on a pro forma basis after giving effect to such Restricted Junior Payment and the application of proceeds thereof) for the fiscal quarter most
recently completed at such time as set forth in a Compliance Certificate of a Financial Officer certifying as to and providing a reasonably detailed calculation of the same after giving effect to such Restricted Junior Payment and payment together
with the financial statements required to be delivered by Section 6.1(b); and (z) the Revolving Facility Debt shall not exceed $5,000,000 at the time or as a result of such Restricted Junior Payment; 

(h) [Reserved]; 
 (i) so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby the Borrower may declare and make Restricted Junior Payments to any Holding Company
(i) to pay administrative expenses and other costs and expenses; provided that the amount of cash distributions made pursuant to this clause (i) (together with the amount of loans made pursuant to Section 7.5(m)(iii)(A)) shall
not exceed (A) prior to the Qualifying IPO Closing Date, $3,000,000 and (B) thereafter, $5,000,000, in each case, in any fiscal year and (ii) to pay indemnity claims arising under, or amounts required to be paid to third parties
pursuant to the Private Equity Issuance Documents in an aggregate amount not to exceed during the term of this Agreement (together with the amount of loans made pursuant to Section 7.5(m)(iii)(B)) the amount of proceeds of the Private Equity
Issuance actually contributed to the Borrower pursuant to Section 6.15(c) of the Existing Credit Agreement; 
 (j) the
Credit Parties may pay their obligations to Empire Burbank to the extent required to be paid under the Empire Burbank Lease; 

(k) so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby, LBCI, or any successor
entity thereto, may make the payments described in clause (vi) of the definition of Restricted Junior Payment or make the payments with respect to any notes issued under the employment agreement described in such clause (vi); 

(l) so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby, any Credit Party may make
dividend payments to Holdings (through another Holding Company, if applicable), to enable Holdings to make the payments with respect to any portion of any incentive bonus which may become payable pursuant to (A) the employment agreement of
Winter Horton dated December 28, 2009, as amended from time to time, respectively, and (B) any other Management Incentive Contracts or, in each case, with respect to any notes issued with respect thereto; provided that the aggregate
amount of such dividends (together with the aggregate amount of loans made pursuant to Section 7.5(m)(iv)) shall not exceed (x) the amount of such bonuses required to be paid under such employment agreements, in the case of clause
(A) above, or (y) in the case of clause (B) above, $12,500,000 (including, in each case, any amounts required to be paid under any such notes); 
 (m) so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby, the Borrower may make payments of interest on the

  
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Liberman Subordinated Debt to the extent such payments of interest are permitted to be made under the Liberman Subordination Agreements; 

(n) the Borrower may make Restricted Junior Payments to redeem, repurchase or otherwise acquire (but not in any open market
transaction) Subordinated Indebtedness (other than Liberman Subordinated Debt) and to pay any interest, premium, fees, costs, expenses and other amounts owing thereunder if (A) such payment is made at the stated maturity of such
Subordinated Indebtedness, (B) such payment is a payment into a trust within one year of such stated maturity and such payment effects a defeasance or discharge of such Subordinated Indebtedness; or (C) such payment is a payment of
interest or principal in anticipation of satisfying a sinking fund obligation, mandatory redemption or final maturity, in each case within one year of the due date thereof; provided that in the case of each payment under this clause (n): (i) no
Default or Event of Default shall have occurred and be continuing or be caused thereby (including under Section 7.10, on a pro forma basis after giving effect to such payment, the application of the proceeds thereof and the incurrence of any
Indebtedness in connection therewith), as set forth in a certificate of a Financial Officer certifying as to and providing a reasonably detailed calculation of the same, together with the financial statements required to be delivered by
Section 6.1(b) and, (ii) if such Restricted Junior Payment is made other than with proceeds of the issuance of Subordinated Indebtedness incurred under Section 7.1(l) or (q) or Holding Company Debt, the Total Leverage Ratio on a
pro forma basis after giving effect to the payment of any such Restricted Junior Payment, the application of the proceeds thereof and the incurrence of any Indebtedness in connection therewith is not greater than 5.50 to 1 (and the Borrower shall
have delivered to the Administrative Agent a Compliance Certificate of a Financial Officer certifying as to and providing a reasonably detailed calculation of such Total Leverage Ratio after giving effect to the payment of such Restricted Junior
Payment); 
 (o) the Borrower may redeem, repurchase, retire, defease or otherwise acquire (x) the Senior Subordinated
Notes in exchange for, or out of the net cash proceeds of the substantially concurrent sale of, Second Priority Secured Subordinated Notes and 2012 Exchange Offer Warrants in the 2012 Exchange Offers and (y) the Media Holdings Discount Notes in
exchange for, or out of the net cash proceeds of the substantially concurrent sale of, Second Priority Secured Subordinated Notes and, in each case, pay any related interest, premium, fees, costs, expenses and other amounts owing thereunder with
respect thereto to the extent provided by the 2012 Exchange Offer Documents; 
 (p) so long as no Event of Default shall have
occurred and be continuing or be caused thereby, any Credit Party may make Restricted Junior Payments to Holdings (including through Media Holdings) to be used for, and in an amount necessary to repurchase any equity interests of Holdings from, the
Principal Investors, any Class B Permitted Transferees, or any present or former employees, officers, managers or directors of Holdings upon the death, disability or termination of employment of such employee, officer, manager or director, provided
that the aggregate amount of all such Restricted Junior Payments (together with the aggregate amount of loans made with respect to such payments pursuant to the reference to Section 7.6(p) in Section 7.5(m)(ii)) shall not exceed $1,000,000
in any calendar year; 
 (q) the Borrower may redeem, repurchase, retire, defease or otherwise acquire Senior Subordinated Notes
or Media Holdings Discount Notes in exchange for, or out of the net 

  
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cash proceeds of the substantially concurrent sale of, Permitted New Second Priority Debt plus the payment of any related interest, premium, fees, costs, expenses and other amounts owing
thereunder with respect thereto; 
 (r) the Borrower may redeem, repurchase, retire, defease or otherwise acquire any
Subordinated Indebtedness of any Credit Party in exchange for, or out of the net cash proceeds of the substantially concurrent sale (other than to Subsidiary that is not a Credit Party) of, Equity Interests of the Borrower (other than Disqualified
Stock, as such term is defined in the Senior Notes Indenture) or from any contribution to the Borrower’s common equity stock; and 
 (s) the Borrower may redeem, repurchase, retire, defease or otherwise acquire the Senior Subordinated Notes, Second Priority Secured Subordinated Notes or Permitted New Second Priority Debt or Permitted
Credit Party Refinancing Indebtedness thereof, in each case, in exchange for, or with the net cash proceeds from, an incurrence of Permitted Credit Party Refinancing Indebtedness. 

Nothing herein shall be deemed to prohibit the making of any dividend or distribution, or other payment constituting a Restricted Junior
Payment under clauses (ii) or (iii) of the definition thereof by any Subsidiary to any Credit Party. Notwithstanding anything herein to the contrary, if part or all of a Permitted Holdings Tax Distribution or a Permitted Shareholder Tax
Distribution is made in the form of a loan (rather than a dividend or other form of distribution), then (i) the terms of such loan shall be determined in the sole discretion of the Borrower, and (ii) the subsequent cancellation or
forgiveness of such loan shall not be treated as a Restricted Junior Payment and shall not reduce the amount of subsequent Permitted Holdings Tax Distributions or Permitted Shareholder Tax Distributions. 

Notwithstanding anything in this Agreement or any of the other Loan Documents to the contrary, each Agent and each Lender hereby consents
to the Stockholder Voting Agreement, the Qualifying IPO, and the Qualifying IPO Funding Transactions, and nothing herein or therein shall be deemed to prohibit any payments described in clauses (a), (c) or, subject to the subordination
provisions of the Senior Subordinated Note Indenture or of the indenture relating to other Subordinated Indebtedness (other than Liberman Subordinated Debt), as applicable, (e) of the definition of Qualifying IPO Funding Transactions made
within fifteen months after the consummation of the Qualifying IPO. 
 Notwithstanding anything in this Agreement or any of the
other Loan Documents to the contrary, with respect to any period during which Holdings is not an S Corporation or a substantially similar pass-through entity for federal income tax purposes, any Credit Party will be permitted to make payments to any
other Credit Party or any Holding Company (whether in the form of loans, dividends, distributions, contributions or otherwise) to permit such other Credit Party or such Holding Company to pay any federal, state, foreign or local tax liability of any
Credit Party or any federal, state, foreign or local tax liability of any Holding Company attributable to the Credit Parties (including tax liabilities determined under Section 1552 of the Code and the consolidated return regulations
promulgated under the Code); provided that any amount, not used to pay such tax liability, and refunds which are received by any Holding Company which are attributable to any Credit Party or otherwise attributable to the amounts so
distributed shall be returned promptly by such Holding Company to the Credit Parties. Neither 

  
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Section 7.5 nor this Section 7.6 shall prohibit any loan or dividend to Media Holdings or any other Holding Company promptly applied in the manner contemplated thereby. 

7.7 Transactions with Affiliates. Except as expressly permitted by this Agreement (including pursuant to any of the Sections of
Articles 6 or 7), no Credit Party will directly or indirectly (a) make any Investment in an Affiliate; (b) transfer, sell, lease, assign or otherwise dispose of any property to an Affiliate; (c) merge into or consolidate with an
Affiliate, or purchase or acquire property from an Affiliate; or (d) enter into any other transaction directly or indirectly with or for the benefit of an Affiliate (including guarantees and assumptions of obligations of an Affiliate), in each
case for clauses (a) through (d), other than on fair and reasonable terms substantially as favorable to such Credit Party as those that might reasonably be obtained at the time from a Person who is not such an Affiliate; provided that
the foregoing restriction shall not apply to the following: 
 (i) any Affiliate who is an individual may serve
as a director, officer, employee or consultant of any Credit Party, receive compensation for his or her services in such capacity and benefit from Investments to the extent specified in Section 7.5(b); 

(ii) the Credit Parties may engage in and continue the transactions with or for the benefit of Affiliates which are
described in Schedule 7.7, and in other similar transactions or transactions entered in the ordinary course of business, provided that the terms of such similar transactions or such ordinary course transactions are not less favorable
to the Credit Parties than the terms of a commercially reasonable, arms’ length transaction between non-affiliated parties; provided, further that with respect to any such transaction involving the payment by a Credit Party of
consideration in excess of $5,000,000, the Credit Parties shall provide adequate documentary and other evidence reasonably satisfactory to the Administrative Agent that the terms of such transaction satisfy the immediately preceding proviso; and

 (iii) the Credit Parties may make the payments permitted by Sections 6.9(f) and (g); and 

(iv) the Borrower may issue the LBI Media Intercompany Note to Media Holdings or any other Holding Company, borrow funds
thereunder and repay such note, in each case, subject to the restrictions and conditions set forth herein. 
 7.8 Restrictive
Agreements. No Credit Party will, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement (other than this Agreement, the Senior Note Indenture, the Senior Note Documents, the Senior Subordinated Note
Indenture and the documents related thereto, the Media Holdings Discount Notes Indenture and the documents related thereto, the Second Priority Secured Subordinated Notes Indenture and the documents related thereto, the New Media Holdings Senior
Notes Indenture and the documents related thereto, any documents governing any Holding Company Debt incurred in accordance with Section 7.15(a)(i), (ii) or (v) and any other Indebtedness permitted to be incurred hereunder) that
prohibits, restricts or imposes any condition upon (a) the ability of any Credit Party to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other
distributions with respect to any shares of its capital stock or 

  
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other equity interests or to make or repay loans or advances to any other Credit Party; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law,
this Agreement, the Senior Note Documents, the Senior Note Indenture, the Senior Subordinated Note Indenture and the documents related thereto, the Media Holdings Discount Notes Indenture and the documents related thereto, the Second Priority
Secured Subordinated Notes Indenture and the documents related thereto, the New Media Holdings Senior Notes Indenture and the documents related thereto or any documents governing any Holding Company Debt permitted to be incurred pursuant to
Section 7.15(a)(i), (ii) or (v) or any Indebtedness permitted hereunder, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 7.8 (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, its assets or other Dispositions or Asset Swaps pending such sale or Disposition or Asset Swap; provided such restrictions and conditions apply only to the Subsidiary or assets that are to be sold or Disposed of, as the case may
be, and such sale or Disposition or Asset Swap 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,
(v) the foregoing shall not apply to restrictions in agreements evidencing Indebtedness permitted by Section 7.1(g) that impose restrictions on the property so acquired, (vi) the foregoing shall not apply to customary provisions in
joint venture agreements and other similar agreements relating solely to the securities, assets and revenues of such joint venture, and (vii) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts
restricting the assignment thereof. 
 7.9 Sale-Leaseback Transactions. No Credit Party will, directly or indirectly,
enter into any arrangements with any Person (other than another Credit Party; provided the Administrative Agent receives prior written notice of such transaction, copies of all documents and an opportunity to comment thereon) whereby such
Credit Party shall sell or transfer (or request another Person to purchase) any property, real, personal or mixed, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property from any Person.

 7.10 Revolving Facility Leverage Ratio. The Credit Parties will not permit the Revolving Facility Leverage Ratio at
the end of any fiscal quarter to exceed 3.00 to 1.00. The Revolving Facility Leverage Ratio shall be measured at the end of each fiscal quarter of the Credit Parties, based on the four immediately preceding fiscal quarters of the Credit Parties.

 7.11 Lines of Business; Restrictions on the Borrower. No Credit Party shall engage to any substantial extent in any
line or lines of business activity other than (i) the Permitted Lines of Business, and (ii) such other lines of business as may be consented to by the Required Lenders and the Administrative Agent. The Borrower shall not acquire any assets
in connection with any Acquisitions except for equity interests of Subsidiaries, cash and cash equivalents, and Investments permitted hereunder and other assets acquired through Subsidiaries. 

7.12 [Reserved]. 

  
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 7.13 Modifications of Certain Documents. Except for amendments to the Senior Notes
Indenture and Senior Subordinated Notes Indenture in connection with the 2012 Exchange Offers, no Credit Party will consent to any modification, supplement or waiver of any of the provisions of any agreements, instruments or documents in
respect of the Senior Note Documents or any Subordinated Indebtedness, the effect of which is to (i) increase principal, interest, fees, reimbursements or other amounts payable with respect thereto or create any additional payment obligations
thereunder, (ii) accelerate any scheduled or otherwise required payments of principal, interest, fees, reimbursements or other amounts, (iii) cause any covenants or other agreements to be more restrictive upon, or burdensome to the Credit
Parties, (iv) alter any event of default provisions contained in any Senior Note Documents or Subordinated Indebtedness in a manner adverse to the Credit Parties, (v) modify any of the subordination provisions thereof, (vi) designate
any Indebtedness (other than the Loans, the Senior Notes, the Second Priority Secured Subordinated Notes and Permitted New Second Priority Debt and the other obligations of the Credit Parties under the Senior Facilities Documents) as
“Designated Senior Debt” for purposes of the Senior Subordinated Note Indenture, or (vii) make any other change which could reasonably be expected to have a Material Adverse Effect, in each case, without the prior consent of the
Required Lenders or the Administrative Agent on their behalf. Without limiting the generality of the foregoing except as expressly permitted by this Agreement, no Credit Party will Guarantee any Subordinated Indebtedness (other than the Second
Priority Secured Subordinated Notes or Permitted New Second Priority Debt (in each case, to the extent constituting Subordinated Indebtedness)) or any Holding Company Debt or any other Indebtedness of any Holding Company without the prior consent of
the Required Lenders and the Administrative Agent. 
 7.14 Empire Burbank. 

(a) Empire Burbank shall not (i) amend, modify or change, or consent or agree to any amendment, modification or change to, the
Empire Burbank Loan Documents in a manner which materially adversely affects the Administrative Agent or the Lenders or (ii) amend, modify or change, or consent or agree to any amendment, modification or change to, the Empire Burbank Lease in a
manner which materially adversely affects the Administrative Agent or the Lenders (it being understood that no amendment or modification to the last sentence of Section 5.2 of the Empire Burbank Lease (regarding the rights of creditors to enter
the premises to exercise rights and remedies regarding personal property of LBCI) shall be permitted without the prior written consent of the Administrative Agent) without the prior written consent of the Administrative Agent, which consent shall
not be unreasonably withheld or delayed. Notwithstanding anything to the contrary in this Agreement or any of the other Loan Documents, so long as no Default shall have occurred and be continuing and no Default shall be caused thereby, Empire
Burbank may at any time pay or prepay in full or in part the obligations owing under the Empire Burbank Loan Documents (whether or not such payment or prepayment is made with the proceeds of a Permitted Empire Burbank Refinancing). 

(b) The Borrower agrees to deliver to the Administrative Agent prompt written notice of any written declaration of default made by the
lender under the Empire Burbank Loan Documents. 

  
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 (c) Empire Burbank shall not own any assets other than the Burbank Office Property and any
additions to such Property, its interests under the Empire Burbank Lease and the Empire Burbank Sublease and certain production and related equipment for use by third parties in connection with the subleasing of such sound stages and studios and
additional assets necessary or advisable for the conduct of its business in the ordinary course. 
 7.15 Holding Company
Restrictions. 
 (a) The Holding Companies shall not create, incur, assume or permit to exist any Indebtedness which
requires the payment in cash of any principal or interest in respect thereof prior to the date that is six months after the Maturity Date, without the written consent of the Required Lenders, except for (i) the Indebtedness incurred or to be
incurred by Media Holdings pursuant to the Media Holdings Discount Notes Indenture and Permitted Holding Company Refinancing Indebtedness of Indebtedness incurred under this clause (i), (ii) the Indebtedness incurred or to be incurred by Media
Holdings pursuant to the New Media Holdings Senior Notes Indenture and Permitted Holding Company Refinancing Indebtedness of Indebtedness incurred under this clause (ii), (iii) intercompany Indebtedness incurred by any Holding Company and owing
to the Borrower or any other Credit Party or any other Holding Company, (iv) the Indebtedness which may be required to be incurred by Holdings under the employment agreements described in Section 5.1(i) and any other Management Incentive
Contracts to the extent that payments under the phantom stock incentive provisions of such agreements are not permitted by this Agreement or any other document to be made in cash and (v) in addition to any of the foregoing clauses (i), (ii),
(iii) and (iv), Parent Entity Allowable Indebtedness. 
 (b) Except for (w) the 2012 Exchange Offers, (x) the
Qualifying IPO Funding Transactions, (y) the execution, delivery and performance of agreements in connection therewith and (z) transactions permitted by Sections 7.1, 7.5, 7.6, 7.7 and 7.15(a) (including the application of proceeds
contemplated by such transactions) and any purchase, redemption, retirement, refinancing or other acquisition for value or payment or prepayment of the principal of, or interest on, or any other amount owing in respect thereof with the proceeds of
the New Media Holdings Senior Notes or Parent Entity Allowable Indebtedness, no Holding Company will purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund for the purchase,
redemption, retirement or other acquisition of, or make any payment or prepayment of the principal of, or interest on, or any other amount owing in respect of, the Media Holdings Discount Notes, except (A) to the extent required by the Media
Holdings Discount Notes Indenture or (B) if no Default shall have occurred and be continuing, permitted by the Media Holdings Discount Notes Indenture. 
 (c) Except for (x) the Qualifying IPO Funding Transactions, (y) the execution, delivery and performance of agreements in connection therewith and (z) transactions permitted by Sections 7.1,
7.5, 7.6, 7.7 and 7.15(a) (including the application of proceeds contemplated by such transactions) and in connection with any purchase, redemption, retirement, refinancing or other acquisition for value or payment or prepayment of the principal of,
or interest on, or any other amount owing in respect thereof with the proceeds of Holding Company Debt, no Holding Company will consent to any modification, supplement or waiver of any of the provisions of the Media Holdings Discount Notes
Indenture, the New Media Holdings Senior Notes Indenture or any document relating to any other Parent Entity Allowable Indebtedness, the effect of which is 

  
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to (i) increase principal, interest, fees, reimbursements or other amounts payable with respect thereto or create any additional payment obligations thereunder (except for the early payment
of accrued interest to the holders of the Media Holdings Discount Notes in connection with their consent to the 2012 Exchange Offers), (ii) accelerate any scheduled or otherwise required payments of principal, interest, fees, reimbursements or
other amounts, (iii) cause any amount of interest payable “in kind” to be payable in cash, (iv) cause any covenants or other agreements to be more restrictive upon, or burdensome to, such Holding Company, in any respect
materially adverse to the Credit Parties, (v) alter any event of default provisions contained in the Media Holdings Discount Notes Indenture in any material respect (except for the removal of certain events of default in connection with the
2012 Exchange Offers), or (vi) make any other change which could reasonably be expected to have a Material Adverse Effect, in each case, without the prior written consent of the Required Lenders or the Administrative Agent on their behalf.

 (d) Media Holdings shall not conduct any business or own any assets other than holding all of the equity interests issued by
the Borrower or any other Holding Company, holding cash and cash equivalents or Holding Company Debt, making any loans to or from any other Holding Company or any Credit Party, or any loans to any shareholder of Holdings, forgiving or canceling any
such loans or any other loans to its Affiliates, making distributions or loans to its shareholders, performing managerial functions relating to the businesses of the Credit Parties, entering into and performing its obligations under the Media
Holdings Discount Notes Indenture, the LBI Media Intercompany Note, the New Media Holdings Senior Notes Indenture and any documents relating to any Permitted Holding Company Refinancing Indebtedness or Parent Entity Allowable Indebtedness, the
Senior Facilities Documents to which it is a party, the Qualifying IPO Funding Transactions and any transactions permitted by Sections 7.1, 7.5, 7.6, 7.7 and 7.15(a) (including the application of proceeds contemplated by such transactions) and any
purchase, redemption, retirement, refinancing or other acquisition for value or payment or prepayment of the principal of, or interest on, or any other amount owing in respect thereof with the proceeds of New Media Holdings Senior Notes or Parent
Entity Allowable Indebtedness, and any activities reasonably incident to any the foregoing of this subsection (d). 
 (e)
Holdings shall not conduct any business or own any assets other than holding all of the equity interests issued by Media Holdings (or, if a new Holding Company is created after the Closing Date, all of the equity interests of such Holding Company to
the extent applicable), holding cash and cash equivalents, making any loans to or from any other Holding Company or any Credit Party or any loans to any shareholder of Holdings, forgiving or canceling any such loans or any other loans to its
Affiliates, making distributions or loans to its shareholders, performing managerial functions relating to the businesses of the Credit Parties and the other Holding Companies, performing all activities in connection with (and entering into and
performing any agreements in respect of) the LBI Media Intercompany Note, the New Media Holdings Senior Notes, any Parent Entity Allowable Indebtedness and any other permitted Indebtedness of any Holding Company, the key employee agreements to which
it is or will be a party (and service agreements with any Credit Party relating to such employment agreements), any stock incentive plans or other employee benefit plans for the issuance of equity or any interests in its equity, any transactions
relating to Holdings’ equity or any interests in its equity, including the issuance of the 2012 Exchange Offer Warrants and any clawback pursuant thereto and any transactions pursuant to which Holdings issues its equity or any interests in its
equity as consideration for acquisitions and other transactions (but excluding any such transaction that 

  
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results in Holdings owning, directly or indirectly, any operating asset, other than those owned by the Borrower and its Subsidiaries), a Qualifying IPO, the Qualifying IPO Funding Transactions
and transactions permitted by Sections 7.1, 7.5, 7.6, 7.7 and 7.15(a) (including the application of proceeds contemplated by such transactions) and any purchase, redemption, retirement, refinancing or other acquisition for value or payment or
prepayment of the principal of, or interest on, or any other amount owing in respect thereof with the proceeds of New Media Holdings Senior Notes or any Parent Entity Allowable Indebtedness, and engaging in all activities entered into (and entering
into and performing any agreements related thereto) in order to perform its roles and functions as may be necessary or desirable as a publicly traded holding company, and performing such roles and functions as may be necessary or desirable as a
publicly traded holding company and any activities reasonably incident to any the foregoing of this subsection (e). 
 (f) Media
Holdings shall not pledge, encumber or hypothecate any of the capital stock of the Borrower. Holdings shall not pledge, encumber or hypothecate any of the capital stock of Media Holdings. 

7.16 License Subsidiaries. 
 (a) Other than ancillary FCC Licenses owned by Empire Burbank (none of which are Material FCC Licenses), the Credit Parties will cause each FCC License which is owned or acquired by any Credit Party to be
held in a License Subsidiary at all times. 
 (b) The Credit Parties shall not allow any License Subsidiary to (i) own any
right, franchise or other asset except for FCC Licenses transferred to it by a Credit Party and FCC Licenses acquired by it directly or (ii) engage in any business or make any Investment other than holding such FCC Licenses and activities
incidental thereto; provided that nothing herein shall prohibit any License Subsidiary from (x) entering into and performing under management agreements in form reasonably acceptable to the Administrative Agent with one or more Credit
Parties pursuant to which such License Subsidiary licenses to such Credit Parties for royalty payments the FCC Licenses owned by such License Subsidiary and pursuant to which such Credit Parties agree to operate their stations in accordance with
policies established by such License Subsidiary and in accordance with FCC Regulations and (y) engaging in business incidental thereto. The rights of each License Subsidiary and each operating Subsidiary under each such management agreement
shall constitute Collateral and at the request of the Administrative Agent upon the occurrence and during the continuation of an Event of Default and upon the occurrence and during the continuance of any event allowing the License Subsidiary the
authority to terminate such agreement, the License Subsidiary shall cause such termination to occur. 
 (c) Notwithstanding the
foregoing, no License Subsidiary shall be permitted, under any circumstances, to create, incur, assume or suffer to exist: 
 (i) any Indebtedness, other than Indebtedness to the Credit Parties or under the Loan Documents and the Indebtedness as a guarantor under the Senior Note Indenture and the Senior Subordinated Note
Indenture or any other obligations and Indebtedness permitted hereunder; 

  
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 (ii) any Lien, other than Liens created under the Loan Documents or Liens
permitted pursuant to clauses (a), (b), (c), (d), (h), (p), (q), (r) (s), (u), and (v) of Section 7.2; and 
 (iii) any Guarantee, other than the Guarantee of the Loans, the Guarantee of the Senior Note Indenture and the Senior Notes, the Guarantee of the Senior Subordinated Note Indenture and the Senior
Subordinated Notes or other obligations and Indebtedness permitted hereunder (including any Subordinated Indebtedness). 

ARTICLE 8 

Events of Default 
 8.1 Events of Default. 
 If any of the following events (“Events of
Default”) shall occur: 
 (a) the Credit Parties or Empire Burbank (in its capacity as a Guarantor) shall fail to pay
to the Administrative Agent, the Collateral Trustee or the Lenders (i) any principal of any Loan or any Reimbursement Obligation in respect of any LC Disbursement, on the due date thereof, (ii) any interest on any Loan, within three
Business Days after the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise, or (iii) any other amount payable by a Credit Party under this Agreement or the Intercreditor
Agreement or any fee payable by a Credit Party under this Agreement, the Intercreditor Agreement or any other agreement, within five Business Days after the same shall become due and payable, whether at the due date thereof or at a date fixed for
prepayment thereof, by acceleration of such due or prepayment date, or otherwise; 
 (b) any representation or warranty made or
deemed made by or on behalf of any Credit Party or Empire Burbank in or in connection with this Agreement or any amendment or modification hereof or of any Loan Document, or in any report, certificate, financial statement or other document furnished
pursuant to or in connection with this Agreement or any amendment or modification hereof or of any Loan Document, shall prove to have been incorrect when made or deemed made in any material respect; 

(c) (i) any Credit Party or Empire Burbank (to the extent applicable) shall fail to observe or perform any covenant, condition or
agreement contained in Sections 6.2(a), 6.3, 6.15 or 6.16 or in Article 7, (ii) any Holding Company shall fail to observe or perform any covenant, condition or agreement contained in Sections 6.15, 6.16 or 7.15, or (iii) any
Credit Party or Empire Burbank (to the extent applicable) shall fail to observe or perform any other covenant, condition or agreement contained in Article 6 and such failure described in this clause (iii) shall continue unremedied for a period
of 30 days after the earlier of (x) actual knowledge by a Financial Officer of any Credit Party or (y) notice thereof from the Administrative Agent (given at the request of any Lender) to the Borrower; 

(d) (i) any Credit Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than
those specified in clauses (a), (b) or (c) of this Section) or any other Loan Document or (ii) Empire Burbank shall fail to observe or 

  
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perform any covenant, condition or agreement contained in Section 7.14, and such failure described in clause (i) or (ii) shall continue unremedied for a period of 30 days after
notice thereof from the Administrative Agent (given at the request of any Lender) to the Borrower; 
 (e) (i) any Credit Party
or any of their respective Subsidiaries shall default in any payment of principal or interest, regardless of the amount, due in respect of any Material Indebtedness (other than the Obligations under the Loan Documents) beyond the period of grace, if
any, provided in the instrument or agreement under which such Indebtedness was created, and whether or not such default has been waived by the holders of such Indebtedness; or (ii) breach or default by any Credit Party with respect to any other
material term of (x) one or more items of such Indebtedness or (y) any loan agreement, mortgage, indenture or other agreement relating to such items(s) of Indebtedness, in each case beyond the grace period, if any, provided therefor, if
the effect of such breach or default is to cause, or to permit the holder or holders of such Indebtedness (or a trustee on behalf of such holder or holders), to cause, such Indebtedness to become or be declared due and payable (or redeemable) prior
to its stated maturity or the stated maturity of any underlying obligation, as the case may be; 
 (f) [Reserved];

 (g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of any Credit Party or Holding Company or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect
or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Credit Party or Holding Company or for a substantial part of its assets, and, in any such case, such proceeding or petition shall
continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (h) any
Credit Party or Holding Company shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now
or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (g) of this Section, (iii) apply for or consent to the appointment of a
receiver, trustee, custodian, sequestrator, conservator or similar official for any Credit Party or Holding Company or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it
in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
 (i) any Credit Party or Holding Company shall become unable, admit in writing or fail generally to pay its debts as they become due; 

(j) a final judgment or judgments for the payment of money in excess of $10,000,000 in the aggregate (exclusive of judgment amounts fully
covered by insurance where the insurer has acknowledged coverage in respect of such judgment (it being understood that an insurer may assert a reservation of rights under applicable policies)) shall be rendered by one or more courts, administrative
tribunals or other bodies having jurisdiction against any Credit Party 

  
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and the same shall not be vacated or discharged (or provision shall not be made for such discharge), or a stay of execution thereof shall not be procured, within 60 days from the date of entry
thereof and the relevant Credit Party shall not, within said period of 60 days, or such longer period during which execution of the same shall have been stayed, appeal therefrom and cause the execution thereof to be stayed during such appeal;

 (k) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA
Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 
 (l) any Change of Control as
defined in this Agreement shall have occurred or a “Change of Control” (as defined in the Senior Note Indenture, the Senior Subordinated Note Indenture or the Media Holdings Discount Note Indenture); 

(m) any of the following shall occur: (i) the Liens created by the Collateral Agreements shall at any time (other than by reason of
the Administrative Agent relinquishing such Lien) cease in any material respect to constitute valid and perfected Liens on the Collateral intended to be covered thereby; (ii) except for expiration in accordance with its respective terms, any
Collateral Agreement shall for whatever reason be terminated, or shall cease to be in full force and effect; or (iii) the enforceability of any Collateral Agreement shall be contested in writing by any Credit Party; 

(n) any Credit Party or Empire Burbank shall assert in writing that its obligations hereunder or under the Collateral Agreements shall be
invalid or unenforceable; 
 (o) (i) any Holding Company shall default in any payment of principal or interest, regardless of
the amount, due in respect of any Holding Company Debt aggregating $10,000,000 or greater beyond the period of grace, if any, provided in the instrument or agreement under which such Holding Company Debt was created, and whether or not such default
has been waived by the holders of such Holding Company Debt; or (ii) breach or default by any Holding Company with respect to any other material term of (x) one or more items of such Holding Company Debt, or (y) any loan agreement,
mortgage, indenture or other agreement relating to such item(s) of Holding Company Debt, in each case beyond the grace period, if any, provided therefor, if the effect of such breach or default is to cause, or to permit the holder or holders of such
Holding Company Debt (or a trustee on behalf of such holder or holders), to cause such Holding Company Debt to become or be declared due and payable (or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as
the case may be; 
 (p) other than as a result of a sale or other Disposition permitted hereunder or from the conversion of any
Broadcast Station to digital television or in connection with any Relocation, except any such conversion or Relocation which causes a Material Adverse Effect, any Credit Party shall (i) lose, fail to keep in force, suffer the termination,
suspension or revocation of, or terminate or forfeit, any Material FCC License(s), or (ii) suffer any adverse amendment to any FCC License(s) if, in the case of this clause (ii), the same could reasonably be expected to result in a Material
Adverse Effect; or 

  
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 (q) any Credit Party shall permit its on-the-air broadcast operations to be interrupted at
any time for more than seven days, whether or not consecutive, during any period of ten consecutive days, if such interruption is likely to have a Material Adverse Effect (after giving effect to any applicable business interruption insurance) unless
(and only so long as), substantially all damages, liabilities and other effects of such interruption of service (including any adverse effect on the Credit Parties’ ability to perform its obligations under this Agreement) are fully covered by
business interruption insurance; 
 then, and in every such event (other than an event described in clause (g) or (h) of this
Section 8.1), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Credit Parties, take either or both of the following actions, at the
same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so
declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Credit
Parties accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Credit Parties. Upon the occurrence of any such event, the Administrative
Agent may, and at the request of the Required Lenders shall, direct the Collateral Trustee to exercise all of the rights hereunder or under the Collateral Agreements or applicable law, including the rights as secured party and mortgagee under the
Collateral Agreements; and in case of any event described in clause (g) or (h) of this Section 8.1, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon
and all fees and other obligations of the Credit Parties accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Credit Parties, and the
Administrative Agent and the Collateral Trustee shall be permitted to exercise (or the Administrative Agent shall direct the Collateral Trustee to exercise) such rights hereunder or under the Collateral Agreements or applicable law, including the
rights as secured party and mortgagee under the Collateral Agreements to the extent permitted by applicable law. 

Notwithstanding anything to the contrary contained in this Agreement, in the event of any Event of Default under Section 7.10, any
equity contribution (in the form of common equity or other equity having terms reasonably acceptable to the Administrative Agent) made directly or indirectly to the Borrower after the first day of any fiscal quarter and on or prior to the day that
is 10 Business Days after the day on which financial statements are required to be delivered for that fiscal quarter will, at the request of the Borrower, be included in the calculation of EBITDA solely for the purposes of determining compliance
with Section 7.10 at the end of such fiscal quarter and any subsequent period that includes such fiscal quarter (any such equity contribution, a “Specified Equity Contribution”); provided that (a) the Borrower shall not be
permitted to so request that a Specified Equity Contribution be included in the calculation of EBITDA with respect to any fiscal quarter unless, after giving effect to such requested Specified Equity Contribution, there will be at least two fiscal
quarters in the Relevant Four Fiscal Quarter period in which no Specified Equity Contribution has been made, (b) the amount of any Specified Equity Contribution will be no greater than the amount required to cause Borrower to be in compliance
with the financial covenants, (c) all Specified Equity Contributions will be 

  
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disregarded for all other purposes under the Loan Documents (including calculating EBITDA for purposes of determining basket levels and other items governed by reference to EBITDA) and
(d) there shall be no more than four Specified Equity Contributions made in the aggregate after the Closing Date. For purposes of this paragraph, the term “Relevant Four Fiscal Quarter Period” shall mean, with respect to any requested
Specified Equity Contribution, the four fiscal quarter period ending on (and including) the fiscal quarter in which EBITDA will be increased as a result of such Specified Equity Contribution. 

ARTICLE 9 

The Administrative Agent and the Collateral Trustee 
 9.1 Appointment and Authorization. 
 (a) Each of the Lenders and the
Issuing Lender hereby irrevocably appoints (i) the Administrative Agent as its administrative agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative
Agent by the terms of this Agreement and the other Loan Documents, together with such actions and powers as are reasonably incidental thereto, and (ii) the Collateral Trustee as its Collateral Trustee and authorizes the Collateral Trustee to
take such actions on its behalf and to exercise such powers as are delegated to the Collateral Trustee by the terms of this Agreement and the other Senior Facilities Documents, together with such actions and powers as are reasonably incidental
thereto. The Collateral Trustee hereby agrees to act as representative and bailee with respect to the Collateral for the benefit of the Administrative Agent and the Secured Parties upon the terms of this Agreement and the other Loan Documents.

 (b) Each Lender authorizes and directs the Collateral Trustee to enter into the Collateral Agreements. Any action taken by
the Collateral Trustee in accordance with the terms of this Agreement or the other Senior Facilities Documents relating to the Collateral, and the exercise by the Collateral Trustee of its powers set forth herein or therein, together with such other
powers that are reasonably incidental thereto, shall be binding upon all of the Secured Parties. 
 (c) Each Lender authorizes
and directs the Collateral Trustee to enter into the Priority Lien Intercreditor Agreement and to enter into any amendments to the Intercreditor Agreement, the Priority Lien Intercreditor Agreement or any other Collateral Document necessary or
appropriate to reflect (x) the lien priority set forth in the Priority Lien Intercreditor Agreement and (y) the addition of Permitted New Second Priority Debt as obligations secured on a junior basis to the Senior Notes. 

(d) Each Lender authorizes and directs the Administrative Agent and/or the Collateral Trustee, as applicable, to enter into any
amendments to the Intercreditor Agreement or any other Collateral Document or any new Collateral Document necessary or appropriate to reflect the addition of certain Property to the Collateral on or after the Amendment Effective Date as required by
the Senior Note Indenture (as amended on the Amendment Effective Date). 

  
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 9.2 Administrative Agent’s and Collateral Trustee’s Rights as Lender. The
bank or other financial institution serving as the Administrative Agent, Collateral Trustee or the Issuing Lender hereunder shall have the same rights and powers in its capacity as a Lender hereunder as any other Lender and may exercise the same as
though it were not the Administrative Agent, the Collateral Trustee or the Issuing Lender, and such institution and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with any Credit Party or any
Subsidiary or other Affiliate of any thereof as if it were not the Administrative Agent, the Collateral Trustee or the Issuing Lender hereunder. 
 9.3 Duties As Expressly Stated. Neither the Administrative Agent, the Collateral Trustee nor the Issuing Lender shall have any duties or obligations except those expressly set forth in this
Agreement and the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent, the Collateral Trustee and the Issuing Lender shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing, (b) the Administrative Agent, the Collateral Trustee and the Issuing Lender shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated by this Agreement and the other Loan Documents that the Administrative Agent, the Collateral Trustee or the Issuing Lender, as the case may be, is required to exercise pursuant to a written direction from the
Required Lenders or, in the case of the Collateral Trustee, the Administrative Agent, as applicable (or such other number or percentage of the Secured Parties as required by the Intercreditor Agreement), (c) except as expressly set forth herein
and in the other Loan Documents, the Administrative Agent, the Collateral Trustee and the Issuing Lender shall not have any duty to disclose, or shall be liable for the failure to disclose, any information relating to any Credit Party or any of
their respective Subsidiaries that is communicated to or obtained by the financial institution serving as the Administrative Agent, the Collateral Trustee or the Issuing Lender or any of its Affiliates or Approved Funds in any capacity, and
(d) the Collateral Trustee shall have no obligation whatsoever to the Administrative Agent or any Lender or any other Person to investigate, confirm or assure that the Collateral exists or is owned by the Credit Parties or is cared for,
protected or insured or has been encumbered, or that the Liens granted to the Collateral Trustee under the Collateral Agreements or otherwise have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to
any particular priority, or to exercise at all or in any particular manner, or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to the Collateral Trustee in
this Agreement or in any of the other Loan Documents, it being understood and agreed that in respect of the Collateral, or any act, omission or event related thereto, the Collateral Trustee may act in any manner it may deem appropriate, in its
discretion, exercised in good faith, and that the Collateral Trustee shall have no duty or liability whatsoever to the Administrative Agent or any Lender, except for any liability to the Administrative Agent or a Lender as a result of any action or
inaction by the Collateral Trustee that is determined to constitute gross negligence or willful misconduct pursuant to a final, non-appealable order of a court of competent jurisdiction. The Administrative Agent, the Collateral Trustee and the
Issuing Lender shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders, or, in the case of the Collateral Trustee, the Administrative Agent, as applicable (or such other number or
percentage of the Secured Parties as required by the Intercreditor Agreement), or all of the Lenders if expressly required, or in the absence of its own gross negligence or willful misconduct. The Administrative Agent, the Collateral Trustee and the
Issuing Lender shall not 

  
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be deemed to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent, the Collateral Trustee or the Issuing Lender by the Borrower or a Lender,
and each of the Administrative Agent and the Collateral Trustee shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in, or in connection with, this Agreement or the other
Loan Documents, (ii) the contents of any certificate, report or other document delivered hereunder or under any of the other Loan Documents or in connection herewith of therewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein or in any other Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, the other Loan Documents or any other agreement, instrument or
document, or (v) the satisfaction of any condition set forth in Article 5 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent, the Collateral Trustee or the Issuing
Lender or, in the case of the Collateral Trustee, to inspect the properties, books or records of any Credit Party. The Administrative Agent, the Collateral Trustee and the Issuing Lender shall not, except to the extent the Collateral Trustee is
expressly instructed pursuant to the Intercreditor Agreement with respect to collateral security under the Senior Facilities Documents, be required to initiate or conduct any litigation or collection proceedings hereunder or under any other Loan
Document; provided, however, that neither Agent shall be required to take any action which exposes such Agent to personal liability or which is contrary to the Loan Documents or applicable law. 

9.4 Reliance By Administrative Agent and the Collateral Trustee. The Administrative Agent, the Collateral Trustee and the Issuing
Lender shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by
the proper Person. The Administrative Agent, the Collateral Trustee and the Issuing Lender also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for
relying thereon. The Administrative Agent, the Collateral Trustee and the Issuing Lender may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. The Administrative Agent, the Collateral Trustee and the Issuing Lender shall be fully justified in failing or refusing to take any action
under this Agreement or any other Loan Document unless it shall first receive written advice or concurrence of the Required Lenders, in the case of the Collateral Trustee, the Administrative Agent, as applicable (or such other number or percentage
of the Secured Parties as required by the Intercreditor Agreement), as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking
or continuing to take any such action (it being understood that this provision shall not release the Administrative Agent or the Collateral Trustee from performing any action with respect to the Borrower expressly required to be performed by it
pursuant to the terms hereof) under this Agreement. The Administrative Agent, the Collateral Trustee and the Issuing Lender shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan
Documents in accordance with a request of the Required Lenders, or, in the case of the Collateral Trustee, the Administrative Agent, as applicable (or such other number or percentage of the Secured Parties as required by the Intercreditor
Agreement), and 

  
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such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 

9.5 Action Through Sub-Agents. Each of the Administrative Agent, the Collateral Trustee and the Issuing Lender may perform any and
all of its duties, and exercise its rights and powers, by or through any one or more sub-agents appointed by the Administrative Agent, the Collateral Trustee or the Issuing Lender. The Administrative Agent, the Collateral Trustee and the Issuing
Lender and any such sub-agent may perform any and all its duties and exercise its rights and powers through its Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of
the Administrative Agent, the Collateral Trustee and the Issuing Lender and any such sub-agent, and shall apply to its activities in connection with the syndication of the credit facilities provided for herein as well as activities of the
Administrative Agent, the Collateral Trustee or the Issuing Lender. 
 9.6 Resignation of Administrative Agent and Collateral
Trustee and Appointment of Successor Administrative Agent and Collateral Trustee. The Administrative Agent or Collateral Trustee may at any time give notice of its resignation to the Lenders, the Issuing Lender and the Borrower. Upon receipt of
any such notice of resignation, (i) in the case of a resignation of the Administrative Agent, the Required Lenders shall have the right, with the prior written consent of the Borrower (which shall not be unreasonably withheld or delayed and
shall not be required during the continuance of an Event of Default), to appoint a successor Administrative Agent, which shall be a bank with an office in Los Angeles, California or New York, New York, or an Affiliate of any such bank with an office
in Los Angeles, California or New York, New York, and (ii) in the case of a resignation of the Collateral Trustee, to appoint a successor Collateral Trustee in accordance with the Intercreditor Agreement. If no such successor Administrative
Agent or Collateral Trustee shall have been so appointed by the Required Lenders, with the consent of the Borrower and shall have accepted such appointment within 30 days after the retiring Administrative Agent or retiring Collateral Trustee, as the
case may be, gives notice of its resignation, then the retiring Administrative Agent or retiring Collateral Trustee, as the case may be, may, on behalf of the Lenders and the Issuing Lender, appoint a successor Administrative Agent or successor
Collateral Trustee, as applicable, meeting the qualifications set forth above; provided that, in the case of the retiring Administrative Agent, if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person
has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other
Loan Documents, and (2) all payments, communications and determinations provided hereunder to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the Issuing Lender directly, until such time as the
Required Lenders with the consent of the Borrower appoint a successor Administrative Agent as provided for above in this paragraph. Upon the acceptance of a successor’s appointment as Administrative Agent or Collateral Trustee hereunder, such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent or Collateral Trustee, as the case may be, and the retiring Administrative Agent or Collateral
Trustee, as the case may be, shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this paragraph and except that the resigning Collateral
Trustee shall, at the expense of the Credit Parties, without representation, warranty or recourse, 

  
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execute and deliver such documents, instruments and agreements as are reasonably necessary to effect an assignment of the rights and obligations of the retiring Collateral Trustee to the
successor Collateral Trustee and deliver all Collateral then in its possession to the successor Collateral Trustee). Any resignation of the Collateral Trustee shall not affect in any way the validity or perfection of the Liens under the Loan
Documents. The fees payable by the Borrower to a successor Administrative Agent or a successor Collateral Trustee shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the
retiring Administrative Agent’s or retiring Collateral Trustee’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 11.3 shall continue in effect for the benefit of such retiring
Administrative Agent or Collateral Trustee, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent or while
the retiring Collateral Trustee was acting as Collateral Trustee. 
 9.7 Lenders’ Independent Decisions. Each Lender
acknowledges that it has, independently and without reliance upon the Administrative Agent, the Collateral Trustee, the Issuing Lender or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Collateral Trustee, the Issuing Lender or any other Lender and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement and the other Loan Documents, any related agreement or any document
furnished hereunder or thereunder. Except as explicitly provided herein, the Administrative Agent, the Collateral Trustee and the Issuing Lender do not have any duty or responsibility, either initially or on a continuing basis, to provide any Lender
with any credit or other information with respect to such operations, business, property, condition or creditworthiness, whether such information comes into its possession on or before the first Event of Default or at any time thereafter. Neither
the Administrative Agent, the Collateral Trustee nor the Issuing Lender shall be deemed a trustee or other fiduciary on behalf of any party. The Collateral Trustee shall not be required to keep itself informed as to the performance or observance by
the Borrower or any other Credit Party of any term or provision of this Agreement or any other Loan Document or to inspect the properties or books of the Borrower or any other Credit Party. 

9.8 Indemnification. Each Lender agrees to indemnify and hold harmless the Agents, the Lead Arranger and the Issuing Lender (to
the extent not reimbursed under Section 11.3, but without limiting the obligations of the Borrower under Section 11.3), ratably in accordance with the aggregate principal amount of the respective Commitments of and/or Loans and LC Exposure
held by the Lenders (or, if all of the Commitments shall have been terminated or expired, ratably in accordance with the aggregate outstanding amount of the Loans and LC Exposure held by the Lenders), for any and all liabilities (including pursuant
to any Environmental Law), obligations, losses, damages, penalties, actions, judgments, deficiencies, suits, costs, expenses (including reasonable attorney’s fees) or disbursements of any kind and nature whatsoever that may be imposed on,
incurred by or asserted against the Agents, the Lead Arranger or the Issuing Lender (including by any Lender) arising out of or by reason of any investigation in or in any way relating to or arising out of any Loan Document or any other documents
contemplated by or referred to therein for any action taken or omitted to be taken by 

  
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the Administrative Agent, the Collateral Trustee, the Lead Arranger or the Issuing Lender under or in respect of any of the Loan Documents or other such documents or the transactions contemplated
thereby (including the costs and expenses that the Borrower is obligated to pay under Section 11.3, but excluding, unless a Default has occurred and is continuing, normal administrative costs and expenses incident to the performance of its
agency duties hereunder) or the enforcement of any of the terms hereof or thereof or of any such other documents; provided, however, that no Lender shall be liable for any of the foregoing to the extent they are determined by a court of
competent jurisdiction in a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of the party to be indemnified. The agreements set forth in this Section 9.8 shall survive the payment of all Loans
and other obligations hereunder and shall be in addition to and not in lieu of any other indemnification agreements contained in any other Loan Document. 
 9.9 Consents Under Other Loan Documents. Except as otherwise provided in this Agreement and the other Loan Documents, the Administrative Agent may, with the prior consent of the Required Lenders
(but not otherwise), consent to any modification, supplement or waiver under any of the other Loan Documents. 
 ARTICLE 10

 Special Provisions Governing Collateral 
 10.1 Pari Passu. Each of the Collateral Trustee, the Administrative Agent and each Lender acknowledges that the Collateral is being granted by the Credit Parties to the Collateral Trustee for the
benefit of the Secured Parties on a pari passu basis in all respects and at all times as set forth in the Intercreditor Agreement without any priority of one Secured Party over any other with respect to such Collateral, except as specifically set
forth in the Intercreditor Agreement. 
 10.2 Turnover of Collateral. If any Lender acquires custody, control or
possession of any assets of the Credit Parties or proceeds therefrom, whether by set-off, counterclaim or otherwise (other than deposit accounts of the Credit Parties and amounts on deposit therein), other than pursuant to the terms of this
Agreement or the other Loan Documents, such Lender shall promptly cause such assets or proceeds to be delivered to or put in the custody, possession or control of the Collateral Trustee or, if the Collateral Trustee shall so designate, an agent of
the Collateral Trustee (which agent may be a branch or affiliate of the Collateral Trustee or any Lender) in the same form of payment received, with appropriate endorsements for distribution in accordance with the Intercreditor Agreement. Until such
time as the provisions of the immediately preceding sentence have been complied with, such Lender shall be deemed to hold such Collateral and proceeds in trust for the Collateral Trustee. 

10.3 Right to Enforce Agreement. 
 (a) The Collateral Trustee shall have the exclusive right to manage, perform and enforce the terms of the Collateral Agreements with respect to the Collateral, to exercise and enforce all privileges and
rights thereunder in respect of the Collateral according to its discretion exercised in good faith (notwithstanding any Default under the Senior Facilities Documents), 

  
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including, without limitation, the exclusive right to administer, take or retake control or possession of any Collateral, to hold, prepare for sale, process, sell, lease, dispose of, or liquidate
any Collateral, to foreclose or forbear from foreclosure in respect of any Collateral, seeking or not seeking relief from any stay against foreclosure or other remedies in any insolvency proceeding in respect of any Collateral and the acceptance of
any Collateral in full or partial satisfaction of any indebtedness. Subject to Section 11.12, only the Collateral Trustee, acting as directed by an Act of Instructing Debtholders (as defined in the Intercreditor Agreement) and in accordance
with the Senior Facilities Documents, shall have the right to restrict or permit, or approve or disapprove, the sale, transfer or other disposition of Collateral, in each case in connection with enforcement of foreclosure remedies under the Loan
Documents. Any costs and expenses or other amounts paid or to be paid by the Collateral Trustee may be paid by the Lenders and shall constitute part of the Secured Obligations secured by the Collateral. 

(b) Promptly upon the request of the Collateral Trustee, the Administrative Agent will, at the expense of Credit Parties, join in
enforcement, collection, execution, levy or foreclosure proceedings with respect to the Collateral and otherwise cooperate fully in the maintenance of such proceedings by the Collateral Trustee, including, without limitation, by executing and
delivering all such directions, consents, pleadings, releases and other documents and instruments as the Collateral Trustee may reasonably request in connection therewith, it being understood that the conduct of such proceedings shall at all times
be under the exclusive control of the Collateral Trustee. 
 ARTICLE 11 

Miscellaneous 
 11.1 Notices. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and
shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telephonic facsimile (fax), as follows: 
 (a) if to any Credit Party, to LBI Media, Inc., 1845 West Empire Avenue, Burbank, CA 91504, Attention: Chief Financial Officer (fax no. (818) 558-4244), with copies to: O’Melveny &
Myers LLP, 400 South Hope Street, Los Angeles, CA 90071, Attention: Joseph K. Kim (fax no. (213) 430-6407); 
 (b) if
to the Administrative Agent or the Collateral Trustee, to Credit Suisse AG, Attn: Sean Portrait—Agency Manager, One Madison Avenue, New York, NY 10010, Fax: 212-322-2291, with a copy to Edwards Wildman Palmer LLP, 111 Huntington Avenue, Boston,
Massachusetts 02199, Attention: George Ticknor (fax no. (617) 227-4420); 
 (c) if to Credit Suisse in its role as Issuing
Lender: Credit Suisse AG, One Madison Ave., 2nd Floor, New York, NY 10010, Phone: 212-538-1370, Fax: 212-325-8315; and 
 (d) if
to any Lender, to it at its address (or fax number) set forth in its Administrative Questionnaire. 

  
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 Any party hereto may change its address or fax number for notices and other communications hereunder by
notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

11.2 Waivers; Amendments. 
 (a) No failure or delay by the Administrative Agent, the Issuing Lender or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative
Agent, the Issuing Lender and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Credit Party or
Subsidiary therefrom shall in any event be effective unless the same shall be permitted by Section 11.2(b), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting
the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Lender may have had notice or
knowledge of such Default at the time. 
 (b) Neither this Agreement nor any other Loan Document nor any provision hereof or
thereof may be waived, amended or modified except to the extent this Agreement or any other Loan Document provides for revisions to the schedules hereto or thereto with the approval of the Administrative Agent or except pursuant to an agreement or
agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the written consent of the Required Lenders and the Administrative Agent; provided that no such agreement shall:

 (i) increase the Commitment of any Lender without the written consent of such Lender (it being understood that
a waiver of any condition precedent set forth in Section 5.2 or the waiver of any Default or Event of Default, mandatory prepayment or mandatory reduction of Commitments shall not constitute an increase of any Commitment of any Lender);

 (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or
reduce any fees payable hereunder, without the written consent of each Lender affected thereby; 
 (iii) postpone
the scheduled date of payment of the principal amount of any Loan or LC Disbursement other than mandatory prepayments of the Loans required under Section 2.11(b), or any interest thereon, or any fees payable hereunder, or reduce the amount of,
waive or excuse any such payment, change the maturity date of any Loan, or postpone the scheduled date of expiration of any Commitment, or postpone the ultimate expiration date of any Letter of Credit beyond the Maturity Date, without the written
consent of each Lender affected thereby (it being understood that a waiver of any 

  
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condition precedent set forth in Section 5.2 or the waiver of any Default or Event of Default, mandatory prepayment or mandatory reduction of Commitments shall not constitute a change in the
scheduled date of payment of any Letter of Credit or Commitment of any Lender); 
 (iv) change
Section 2.11(c) in a manner that would alter the application of prepayments thereunder, or change Section 2.18(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without in each case the written
consent of each Lender; 
 (v) change any of the provisions of this Section 11.2 or the definition of
“Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or under any other Loan Document or make any determination or grant any consent
hereunder or thereunder, without the written consent of each Lender; 
 (vi) release all or substantially all of
the Guarantors from their obligations in respect of its Guarantee under Article 3 or release all or substantially all of the Collateral (or terminate any Lien with respect thereto), except as expressly permitted in the Loan Documents, without
the written consent of each Lender; or 
 (vii) waive any of the conditions precedent specified in
Section 5.1 without the consent of each Lender and the Administrative Agent; 
 provided further that no such agreement shall amend,
modify or otherwise affect the rights or duties of the Administrative Agent, the Swing Loan Lender or the Issuing Lender hereunder without the prior written consent of such Agent, the Swing Loan Lender or the Issuing Lender, as the case may be.

 (c) Waivers, amendments and modifications of Loan Documents are subject to the requirements specified in Section 11.2(b)
and, unless and until the Intercreditor Agreement shall terminate in accordance with its terms, Section 3 of the Intercreditor Agreement. 
 (d) Notwithstanding anything in this Agreement or any other Loan Document to the contrary, no Lender consent is required to effect any amendment or supplement to the Intercreditor Agreement (i) that
is for the purpose of adding the holders of Permitted Credit Party Refinancing Indebtedness (or a senior representative with respect thereto) as parties thereto, as expressly contemplated by the terms of such Intercreditor Agreement (it being
understood that any such amendment or supplement may make such other changes to the Intercreditor Agreement as, in the good faith determination of the Administrative Agent, are required to effectuate the foregoing and provided, that such other
changes are not adverse, in any material respect, to the interests of the Lenders) or (ii) that is expressly contemplated by the Intercreditor Agreement; provided further that no such agreement shall directly and adversely amend, modify or
otherwise affect the rights or duties of the Administrative Agent hereunder or under any other Loan Document without the prior written consent of the Administrative Agent. 
 (e) Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, guarantees, collateral security documents and related documents

  
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executed by Credit Parties in connection with this Agreement may be in a form reasonably determined by the Administrative Agent (and, if applicable, the Collateral Trustee) and may be, together
with this Agreement, amended and waived with the consent of the Administrative Agent (and, if applicable, the Collateral Trustee) at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment or waiver
is delivered in order (i) to comply with local requirements of law or advice of local counsel, (ii) to cure ambiguities or defects or (iii) to cause such guarantee, collateral security document or other document to be consistent with
this Agreement or any other Loan Documents. 
 11.3 Expenses; Indemnity; Damage Waiver. 

(a) The Credit Parties jointly and severally agree to pay, or reimburse the Administrative Agent, the Collateral Trustee, the Lead
Arranger or the Lenders, as applicable, for paying, (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Collateral Trustee, the Lead Arranger and their Affiliates, including the reasonable fees, charges and
disbursements of Special Counsel, any FCC counsel or local counsel, in connection with the syndication of the credit facilities provided for herein, the preparation of this Agreement and the other Loan Documents or any amendments, modifications or
waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Collateral Trustee which the Collateral Trustee may
incur in connection with (x) the administration of this Agreement and the Collateral Agreements, or (y) the custody or preservation of, the sale of , collection from, or other realization upon, any of the Collateral, (iii) all
reasonable out-of-pocket expenses incurred by the Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iv) all reasonable out-of-pocket expenses incurred
by the Administrative Agent, the Collateral Trustee, the Issuing Lender, the Lead Arranger or any Lender, including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent, Collateral Trustee, the Issuing Lender,
the Lead Arranger or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section 11.3, or in connection with the Loans made
or Letters of Credit issued hereunder, including in connection with any insolvency proceeding, workout, restructuring or negotiations in respect thereof, and (v) all Other Taxes levied by any Governmental Authority in respect of this Agreement
or any of the other Loan Documents or any other document referred to herein or therein and all costs, expenses, taxes, assessments and other charges incurred in connection with any filing, registration, recording or perfection of any security
interest contemplated by any Collateral Agreement or any other document referred to therein. 
 (b) The Credit Parties jointly
and severally agree to indemnify the Agents, the Lead Arranger, the Issuing Lender and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee and settlement costs, incurred by or asserted against any Indemnitee
arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, the other Loan Documents or any agreement or instrument contemplated hereby (excluding fees, charges and disbursements of counsel to the
Lenders in connection with the execution and delivery by such Indemnitee of the 

  
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Loan Documents), the performance or failure to perform by the parties hereto and thereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any
other transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the documents
presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Credit Party or
any of their Subsidiaries, or any Environmental Liability related in any way to any Credit Party or any of their Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing
(including in connection with any insolvency proceeding), whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses (as determined by a court of competent jurisdiction by final and nonappealable judgment to have) resulted from the gross negligence or willful misconduct of
such Indemnitee. 
 (c) To the extent that the Credit Parties fail to pay any amount required to be paid by them to the
Administrative Agent, the Collateral Trustee, the Lead Arranger or the Issuing Lender under paragraph (a) or (b) of this Section 11.3, each Lender severally agrees to pay to the Administrative Agent, the Collateral Trustee, the Lead
Arranger or the Issuing Lender, as applicable, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Collateral Trustee, the Lead Arranger or the Issuing Lender, as applicable, in its
capacity as such. 
 (d) To the extent permitted by applicable law, none of the Credit Parties shall assert, and each Credit
Party hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement, the other Loan Documents or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

(e) All amounts due under this Section 11.3 shall be payable promptly after written demand therefor. 

11.4 Successors and Assigns. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that no Credit Party may
assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender and the Administrative Agent (and any attempted assignment or transfer by any Credit Party without such consent shall be null
and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the
Related Parties of the Administrative 

  
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Agent, the Issuing Lender and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or
a portion of its Commitment and the Loans at the time owing to it) and may assign Revolving Credit Commitment and Revolving Credit Loans; provided that: 
 (i) the Administrative Agent, the Swing Loan Lender and the Issuing Lender and, except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender,
the Borrower, each must give its prior written consent to such assignment (which consent shall not be unreasonably withheld, delayed or conditioned), provided that Borrower’s consent to an assignment shall be deemed to be given if the
Administrative Agent has not received a written objection to such assignment within fifteen (15) Business Days of Borrower’s receipt of such request for consent; 

(ii) except in the case of an assignment to a Lender or an Affiliate of a Lender or Approved Fund with respect to a Lender
or an assignment of the entire remaining amount of the assigning Lender’s Loans or Commitment, the amount of the Loans or Commitment of the assigning Lender subject to each such assignment (determined as of the date the Assignment and
Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than the lesser of $5,000,000, unless the Borrower and the Administrative Agent otherwise consent; provided that for such purposes, the
amount of outstanding Loans and unused Commitments shall be determined without regard to any Swing Loans then outstanding and provided further that simultaneous assignments to two or more Approved Funds which are Affiliates shall be deemed to
be a single assignment for purposes of this clause (ii); 
 (iii) the parties to each assignment (other than an
assignment to a Lender, an Affiliate of a Lender or Approved Fund with respect to a Lender) shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500 (which may be
waived by Administrative Agent in its sole discretion), provided that in the case of contemporaneous assignments by a Lender to more than one Approved Fund with respect to a Lender managed by the same investment adviser (which funds are not
then Lenders), only a single such $3,500 fee shall be payable for all such contemporaneous assignments, and 

(iv) the assignee shall be an Eligible Assignee and shall deliver to the Administrative Agent an Administrative
Questionnaire; 
 provided further that any consent of the Borrower otherwise required under this paragraph shall not be required
(i) if an Event of Default has occurred and is continuing, or (ii) in the event of an assignment to an existing Lender. 

  
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 Notwithstanding the foregoing, the restrictions of Section 11.4(b)(ii) shall not apply until the date
on which the primary syndication of the Commitments has been completed. 
 (c) Upon acceptance and recording pursuant to
paragraph (e) of this Section 11.4, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and
Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections
2.15, 2.16, 2.17 and 11.3 with respect to matters described therein occurring or accruing prior to the effective date of any such Assignment and Acceptance). Notwithstanding anything therein to the contrary, no Approved Fund shall be entitled to
receive any greater amount pursuant to Sections 2.15, 2.16 and 2.17 than the transferor Lender would have been entitled to receive in respect of the assignment effected by such transferor Lender had no assignment occurred. Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with paragraph (b) of this Section 11.4 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with paragraph (f) of this Section. 
 (d) The Administrative Agent, acting for this purpose
as an agent of the Borrower, shall maintain at one of its offices in New York, New York or Los Angeles, California a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders,
the identity of the Swing Loan Lender and the amount of the Swing Loan Commitment and the Commitment of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive (absent manifest error), and the Borrower, the Administrative Agent, the Issuing Lender and the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary (absent manifest error). The Register shall be available for inspection by the Borrower, the Issuing Lender and any Lender
or the Administrative Agent, at any reasonable time and from time to time upon reasonable prior notice. 
 (e) Upon its receipt
of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee
referred to in paragraph (b) of this Section 11.4 and any written consent to such assignment required by paragraph (b) of this Section 11.4, the Administrative Agent shall accept such Assignment and Acceptance and record the
information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(f) Any Lender may, without the consent of or notice to the Borrower, the Administrative Agent or the Issuing Lender, sell participations
to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this 

  
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Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Issuing Lender and the other Lenders shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, modification or waiver described in the first proviso to Section 11.2(b), or Section 11.2(c), that affects such Participant. Subject to paragraph (g) of this Section 11.4, the Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 11.4. 

(g) A Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.17 than the applicable Lender would
have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant shall not be entitled to the
benefits of Section 2.17 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.17(e) as though it were a Lender. 

(h) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any
such assignee for such Lender as a party hereto. 
 (i) Anything in this Section 11.4 to the contrary notwithstanding, no
Lender may assign or participate any interest in any Loan held by it hereunder to any Credit Party or any of its Affiliates or Subsidiaries without the prior consent of each Lender and the Administrative Agent. 

(j) A Lender may furnish any information concerning any Credit Party, Holding Company or Subsidiary in the possession of such Lender from
time to time to assignees and participants (including prospective assignees and participants) subject, however, to and so long as the recipient agrees in writing to be bound by, the provisions of Section 11.13. In addition, the Administrative
Agent may furnish any information concerning any Credit Party or any of its Subsidiaries or Affiliates in the Administrative Agent’s possession to any Affiliate of the Administrative Agent, subject, however, to the provisions of
Section 11.13. The Credit Parties shall assist any Lender in effectuating any assignment or participation pursuant to this Section 11.4 (including during syndication) in whatever manner such Lender reasonably deems necessary, including
participation in meetings with prospective transferees. 
 (k) Each Lender listed on the signature pages hereof hereby agrees
that it is an Eligible Assignee described in the definition thereof. Each Lender that becomes a party hereto 

  
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pursuant to an Assignment and Acceptance shall be deemed to agree that the agreements of such Lender contained in Section 3 of such Assignment and Acceptance are incorporated herein by this
reference. 
 11.5 Survival. All covenants, agreements, representations and warranties made by the Credit Parties and
Subsidiaries herein and in the other Loan Documents, and in the certificates or other instruments delivered in connection with or pursuant to this Agreement and the other Loan Documents, shall be considered to have been relied upon by the other
parties hereto and shall survive the execution and delivery of this Agreement and the other Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its
behalf and notwithstanding that the Administrative Agent, the Issuing Lender or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in
full force and effect so long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement or the other Loan Documents is outstanding and unpaid or any Letter of Credit is outstanding and so
long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 11.3 and Article 9 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby,
the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. 

11.6 Counterparts; Integration; References to Agreement; Effectiveness. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable
to the Administrative Agent or its counsel and to certain other lenders constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. Whenever there is a reference in any Collateral Agreement or UCC Financing Statement to the “Credit Agreement” to which the Administrative Agent, the Lenders and the Credit Parties are parties, such
reference shall be deemed to be made to this Agreement among the parties hereto. Except as provided in Section 5.1, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative
Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 

11.7 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

  
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 11.8 Right of Setoff. Subject to Section 2.18, if an Event of Default shall have
occurred and be continuing, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time
held and other indebtedness at any time owing by such Lender to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective
of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section 11.8 are in addition to any other rights and remedies (including other
rights of setoff) that such Lender may have. 
 11.9 Governing Law; Jurisdiction; Consent to Service of Process.

 (a) This Agreement and all issues arising with respect hereto, including the validity or enforceability of any agreement
contained herein and the issue of usury with respect to the transactions contemplated hereby, shall be construed in all respects in accordance with and governed by the law of the State of New York. 

(b) Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of
the courts of State of New York and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan
Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York court
(or, to the extent permitted by law, in such Federal court). Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, the Issuing Lender or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against any Credit Party
or Subsidiary or its properties in the courts of any jurisdiction. 
 (c) Each party hereto hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other
Loan Documents in any court referred to in paragraph (b) of this Section 11.9. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the
manner provided for notices in Section 11.1. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

11.10 WAIVER OF JURY TRIAL; JUDICIAL REFERENCE. 

  
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 (a) JURY TRIAL WAIVER. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.10. 

(b) JUDICIAL REFERENCE. The jury trial waiver set forth in clause (a) above and in the other Loan Documents shall continue to
apply to the fullest extent now or hereafter permitted by applicable law. THE CREDIT PARTIES, ADMINISTRATIVE AGENT AND LENDERS PREFER THAT ANY DISPUTE BETWEEN THEM BE RESOLVED IN LITIGATION SUBJECT TO A JURY TRIAL WAIVER AS SET FORTH IN CLAUSE
(A) ABOVE. IF, HOWEVER, UNDER THEN APPLICABLE LAW, A PRE-DISPUTE JURY TRIAL WAIVER OF THE TYPE PROVIDED FOR IN THE LOAN DOCUMENTS IS UNENFORCEABLE IN LITIGATION IF SUCH LITIGATION OCCURS IN CALIFORNIA (ALTHOUGH THE PARTIES DO NOT INTEND HEREBY
TO WAIVE THEIR CONSENT TO JURISDICTION AND VENUE IN THE STATE OF NEW YORK), TO RESOLVE ANY DISPUTE, CLAIM, CAUSE OF ACTION OR CONTROVERSY UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EACH, A “CLAIM”), THEN, UPON THE WRITTEN
REQUEST OF ANY PARTY TO SUCH LITIGATION, SUCH CLAIM, INCLUDING ANY AND ALL QUESTIONS OF LAW OR FACT RELATING THERETO, SHALL BE DETERMINED EXCLUSIVELY BY A JUDICIAL REFERENCE PROCEEDING. EXCEPT AS OTHERWISE PROVIDED IN THE PREVIOUS PARAGRAPH, VENUE
FOR ANY SUCH REFERENCE PROCEEDING SHALL BE IN THE STATE OR FEDERAL COURT IN THE COUNTY OR DISTRICT WHERE VENUE IS APPROPRIATE UNDER APPLICABLE LAW (THE “COURT”). THE PARTIES SHALL SELECT A SINGLE NEUTRAL REFEREE, WHO SHALL BE A
RETIRED STATE OR FEDERAL JUDGE. IF THE PARTIES CANNOT AGREE UPON A REFEREE, THE COURT SHALL APPOINT THE REFEREE. THE REFEREE SHALL REPORT A STATEMENT OF DECISION TO THE COURT. NOTHING IN THIS PARAGRAPH, HOWEVER, SHALL LIMIT THE RIGHT OF ANY PARTY AT
ANY TIME TO EXERCISE SELF-HELP REMEDIES, FORECLOSE AGAINST COLLATERAL OR OBTAIN PROVISIONAL REMEDIES (INCLUDING, WITHOUT LIMITATION, REPLEVIN, INJUNCTIVE RELIEF, ATTACHMENT OR THE APPOINTMENT OF A RECEIVER). THE PARTIES SHALL BEAR THE FEES AND
EXPENSES OF THE REFEREE EQUALLY UNLESS THE REFEREE ORDERS OTHERWISE. THE REFEREE ALSO SHALL DETERMINE ALL ISSUES RELATING TO THE APPLICABILITY, INTERPRETATION, AND ENFORCEABILITY OF THIS PARAGRAPH. THE PARTIES ACKNOWLEDGE THAT ANY CLAIM DETERMINED
BY REFERENCE PURSUANT TO THIS PARAGRAPH SHALL NOT BE ADJUDICATED BY A JURY. 

  
 - 141 -

 11.11 Headings. Article and Section headings and the Table of Contents used herein
are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 11.12 Release of Collateral and Guarantees. The Administrative Agent, the Collateral Trustee and the Lenders (as the case may be) agree that if all of the capital stock of or other equity interests
in, or any assets of, any Subsidiary that is owned by the Credit Parties is sold to any Person as permitted by the terms of this Agreement and the Collateral Agreements, or if any Subsidiary is merged or consolidated with or into any other Person as
permitted by the terms of this Agreement and such Subsidiary is not the continuing or surviving corporation, the Administrative Agent and the Collateral Trustee shall, upon request of the Borrower (and upon the receipt by the Administrative Agent of
such evidence as the Administrative Agent or any Lender may reasonably request to establish that such sale, designation, merger or consolidation is permitted by the terms of this Agreement), terminate the Guarantee of such Subsidiary under
Article 3 and authorize the Collateral Trustee to release the Lien created by the Collateral Agreements on any capital stock of or other equity interests in such Subsidiary and on any assets of such Subsidiary. 

11.13 Confidentiality. Each Lender agrees to keep confidential information obtained by it pursuant hereto and the other Loan
Documents confidential in accordance with such Lender’s customary practices and agrees that it will only use such information in connection with the transactions contemplated by this Agreement and not disclose any of such information other than
(a) to such Lender’s employees, representatives, directors, officers, accountants, attorneys, auditors (including any external auditors), agents, professional advisors, trustees or Affiliates who are advised of the confidential nature of
such information or to any direct or indirect contractual counter party in swap agreements or such contractual counter party’s professional advisor (so long as such auditors, contractual counterparty or professional advisor to such contractual
counter party agrees to be bound by the provisions of this Section 11.13), (b) to the extent such information presently is or hereafter becomes available to such Lender on a non-confidential basis from any source of such information that
is in the public domain at the time of disclosure (so long as such information does not become publicly available as a result of a breach of this Section 11.13), (c) to the extent disclosure is required by law (including applicable
securities law), regulation, subpoena or judicial order or process (provided that notice of such requirement or order shall be promptly furnished to the Borrower unless such notice is legally prohibited) or requested or required by bank,
securities, insurance or investment company regulators or auditors or any administrative body or commission (including the Securities Valuation Office of the National Association of Insurance Commissioners) to whose jurisdiction such Lender or its
Affiliates may be subject, (d) to any rating agency to the extent required in connection with any rating to be assigned to such Lender, (e) to assignees or participants or prospective assignees or participants who agree to be bound by the
provisions of this Section 11.13, (f) to the extent required in connection with any litigation between any Credit Party and any Lender with respect to the Loans or this Agreement and the other Loan Documents or (g) with the
Borrower’s prior written consent. 
 11.14 Continued Effectiveness; No Novation. Notwithstanding anything contained
herein, the terms of this Agreement are not intended to and do not serve to effect a novation of the obligations, liabilities or indebtedness of the Credit Parties under the Existing Credit 

  
 - 142 -

 
Agreement. Instead, it is the express intention of the parties hereto to reaffirm, amend and restate the obligations, liabilities and indebtedness created under or otherwise evidenced by the
Existing Credit Agreement that is evidenced by the Loan Documents and the notes provided for therein and secured by the collateral contemplated thereby and hereby (it being understood that it was the intention of the parties to the Existing Credit
Agreement to reaffirm, amend and restate the obligations, liabilities and indebtedness created under or otherwise evidenced by the Prior Credit Agreements that is evidenced by the notes provided for therein and secured by the collateral contemplated
thereby). The Credit Parties acknowledge and confirm that the liens and security interests granted pursuant to the Loan Documents secure the obligations, liabilities and indebtedness of the Credit Parties to the Lenders under the Existing Credit
Agreement, as amended and restated hereby, and that the term “Secured Obligations” used in certain of the Loan Documents (or any other term used herein to describe or refer to the obligations, liabilities and indebtedness of the Credit
Parties) describes and refers to the Credit Parties’ obligations, liabilities and indebtedness hereunder and under the Existing Credit Agreement, as amended and restated hereby, as the same had been amended, modified, supplemented or restated
prior to the date hereof and as the same may be further amended, modified, supplemented or restated from time to time. The Loan Documents and all agreements, documents and instruments executed and delivered in connection with any of the foregoing
shall each be deemed to be amended to the extent necessary to give effect to the provisions of this Agreement. Cross-references in the Loan Documents to particular section or subsection numbers in any Prior Credit Agreement shall be deemed to be
cross-references to the corresponding sections or subsections, as applicable, of this Agreement. 
 11.15 USA Patriot
Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act, and the Borrower agrees to provide such information from time to time to any Lender upon reasonable request. 

11.16 Commitments. Upon the effectiveness hereof, the Administrative Agent shall reallocate the commitments and Loans of the
Lenders hereunder and shall notify the Lenders of any payments required to be made so that the commitments and Loans of the Lenders are in accordance with Schedule 2.1. Upon receipt of such notice, each Lender shall make the payments specified
therein. 
 (The next page is the signature page.) 

  
 - 143 -

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

			
	 BORROWER

	
	 LBI MEDIA, INC., a California corporation

		
	 By:
	 	  

		 	     Name:

		 	     Title:

  

			
	GUARANTORS
	
	 LIBERMAN TELEVISION OF HOUSTON LLC
 KZJL LICENSE LLC
 LIBERMAN TELEVISION LLC

KRCA TELEVISION LLC
 KRCA LICENSE
LLC
 LIBERMAN BROADCASTING OF CALIFORNIA LLC
 LBI RADIO LICENSE LLC
 LIBERMAN BROADCASTING OF HOUSTON LICENSE LLC

LIBERMAN BROADCASTING OF HOUSTON LLC

LIBERMAN BROADCASTING OF DALLAS LLC

LIBERMAN BROADCASTING OF DALLAS LICENSE LLC

LIBERMAN TELEVISION OF DALLAS LLC

LIBERMAN TELEVISION OF DALLAS LICENSE LLC

EMPIRE BURBANK STUDIOS LLC

		
	By:	 	  

		 	Name:
		 	Title:

 
			
	HOLDING COMPANIES
	
	Solely with respect to provisions of Section 7.15:
	
	 LIBERMAN BROADCASTING, INC.,
 a Delaware corporation

		
	By:	 	  

		 	        Name:
		 	        Title:
	
	 LBI MEDIA HOLDINGS, INC.,
 a Delaware corporation

		
	By:	 	  

		 	        Name:
		 	        Title:

 
			
	ADMINISTRATIVE AGENT
	
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
 as Administrative Agent and Lender

		
	By:	 	  

		 	        Name: William O’Daly
		 	        Title: Director
		
	By:	 	  

		 	        Name: Doreen B. Welch
		 	        Title: Associate
	
	COLLATERAL TRUSTEE
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
	 as Collateral Trustee

		
	By:	 	  

		 	        Name: William O’Daly
		 	        Title: Director
		
	By:	 	  

		 	        Name: Doreen B. Welch
		 	        Title: Associate

 
			
	 LENDER

	
	 [            ]

		
	By:	 	  

		 	        Name:
		 	        Title:
		
	By:	 	  

		 	        Name:
		 	        Title:

 The following have become parties to this Credit Agreement as of the date set forth next to their respective
signatures: 
  

							
		 		 	ADDITIONAL GUARANTORS
			
		 		 	[NAME OF GUARANTOR]
				
	Dated:	 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 SCHEDULE 2.1 
 Commitments 
 Part I Existing Credit Agreement Commitments 

 

			
	 LENDER
	 	 REVOLVING CREDIT COMMITMENT

		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	

 Part II Closing Date Revolving Credit Commitments 

 

			
	 LENDER
	 	 REVOLVING CREDIT COMMITMENT

		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	

 Exhibit B 

Priority Lien Intercreditor Agreement 
 (See Attached) 

  
 1 

 INTERCREDITOR AGREEMENT 

INTERCREDITOR AGREEMENT dated as of December 31, 2012, among CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH (“CS”), as
First Priority Lien Collateral Trustee (as hereinafter defined), U.S. BANK NATIONAL ASSOCIATION, as trustee under that certain Second Priority Secured Subordinated Notes Indenture referred to below and as collateral agent under the Second Priority
Secured Subordinated Notes Security Documents (in such capacity, together with its successor and assigns in such capacity, the “Second Priority Secured Subordinated Notes Trustee”), the other First Priority Lien Debt Representatives
and Subordinated Lien Debt Representatives from time to time party hereto, LBI MEDIA, INC., a California corporation (the “Company”) and the guarantors from time to time party hereto. 

A. The Company is party to that certain Amended and Restated Credit Agreement dated as of March 18, 2011 (as
amended, restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”), by and among the Company, the guarantors party thereto, the lenders party thereto, CS, as administrative agent, the First
Priority Lien Collateral Trustee and the other parties thereto. The Credit Agreement is included in the definition of “Credit Agreement” set forth in the Second Priority Secured Subordinated Notes Indenture (as defined below), and any and
all Obligations of the Company and the Company’s Subsidiaries which are “Guarantors” (as defined in the Credit Agreement) under the Credit Agreement and the First Priority Lien Debt Documents constitute First Priority Bank Debt, First
Priority Lien Debt and First Priority Claims hereunder. 
 B. The Company is party to the Indenture dated as of
March 18, 2011 (in effect on the date hereof and as amended, supplemented or otherwise modified from time to time to the extent permitted by the First Lien Intercreditor Agreement, the “First Priority Senior Secured Notes
Indenture”), among the Company, the subsidiary guarantors from time to time party thereto, and U.S. Bank National Association, as trustee. The Obligations of the Company and the Company’s Subsidiaries which are “Guarantors”
(as defined in the First Priority Senior Secured Notes Indenture) under the First Priority Senior Secured Notes Indenture, the First Priority Senior Secured Notes and the First Priority Lien Debt Documents constitute First Priority Lien Debt and
First Priority Claims hereunder. 
 C. The Company is party to that certain Collateral Trust and Intercreditor
Agreement dated as of March 18, 2011, among the Company, the guarantors from time to time party thereto, the First Priority Lien Collateral Trustee, the trustee in respect of the First Priority Senior Secured Notes, CS, as administrative agent
and the other First Priority Lien Debt Representatives from time to time party thereto (as amended, modified or otherwise supplemented, the “First Lien Intercreditor Agreement”). 

D. The Company is party to the Indenture dated as of December 31, 2012 (as amended, supplemented or otherwise
modified from time to time to the extent permitted hereunder, the “Second Priority Secured Subordinated Notes Indenture”), among the Company, the subsidiary guarantors from time to time party thereto, and U.S. Bank National
Association, as trustee. The Obligations of the Company, and the Company’s Subsidiaries which are “Guarantors” (as defined in the Second Priority Secured Subordinated Notes Indenture) under the Second Priority Secured Subordinated
Notes Indenture, the Second Priority Secured Subordinated Notes, and the other Second Priority Secured Subordinated Notes Documents constitute Subordinated Lien Debt, Parity Lien Debt and Subordinated Lien Claims hereunder. 

  
 2 

 Accordingly, in consideration of the foregoing, the mutual covenants and obligations herein
set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

Section 1. Definitions. 
 1.1 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “Agreement” shall mean this Agreement, as amended, renewed, extended, supplemented or otherwise modified from time to time in accordance with the terms hereof. 

“Bankruptcy Code” shall mean Title 11 of the United States Code, as amended, replaced or restated from time to time.

 “Bankruptcy Law” shall mean the Bankruptcy Code and any other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief process of any Federal, state or foreign law or common law for the relief of debtors. 

“Business Day” shall mean any day other than a Saturday, a Sunday or a day that is a legal holiday under the laws of the
State of New York or on which banking institutions in the State of New York are required or authorized by law or other governmental action to close. 
 “Cash Management Obligations” shall mean, with respect to any Person, all obligations, whether now owing or hereafter arising, of such Person in respect of overdrafts and related
liabilities owed to any other Person that arise from treasury, depositary or cash management services, including any automated clearing house transfers of funds or any similar transactions. 

“Common Collateral” shall mean all of the assets of any Grantor, whether real, personal or mixed, constituting or deemed
under Section 2.3 of this Agreement to be both First Priority Lien Collateral and Subordinated Lien Collateral. 

“Company” shall have the meaning set forth in the preamble hereto. 

“Comparable Subordinated Lien Security Document” shall mean, in relation to any Common Collateral subject to any Lien
created under any First Priority Lien Security Document, those Subordinated Lien Security Documents that create a Lien on the same Common Collateral, granted by the same Grantor. 

“Credit Agreement” shall have the meaning set forth in the recitals hereto. 

“Deposit Account” shall have the meaning set forth in the Uniform Commercial Code. 

  
 3 

 “Deposit Account Collateral” shall mean that part of the Common Collateral
comprised of or contained in Deposit Accounts or Securities Accounts. 
 “DIP Financing” shall have the meaning
set forth in Section 6.1. 
 “Discharge of First Priority Claims” shall mean (a) the indefeasible
payment in full in cash and discharge of all outstanding First Priority Lien Debt and all other First Priority Claims that are due and payable or otherwise outstanding at or prior to the time the First Priority Lien Debt is paid in full and
discharged; and (b) termination or expiration of all commitments to extend credit under all First Priority Lien Debt Documents and the cancellation or termination or cash collateralization of all outstanding letters of credit pursuant to
Section 2.4(h) of the Credit Agreement and bankers’ acceptances issued pursuant to any First Priority Lien Debt Documents. 
 “Distribution” means, with respect to any indebtedness or obligation, (a) any payment or distribution by any Person (other than interest paid-in-kind by adding the amount thereof to
the principal balance of such indebtedness or obligation) of cash, securities or any other property, by setoff or otherwise, on account of such indebtedness or obligation, (b) any redemption, purchase or other acquisition of such indebtedness
or obligation by any Person or (c) the granting of any lien or security interest to or for the benefit of the holders of such indebtedness or obligation in or upon any property of any Person. 

“Empire Burbank” means Empire Burbank, LLC, a California limited liability company. 

“Empire Burbank Lien” means the Lien on certain property of Empire Burbank in favor of Jefferson Pilot Financial
Insurance Company. 
 “Exchange Offers” shall mean “Exchange Offers” as defined in the Second
Priority Secured Subordinated Notes Indenture. 
 “Exchange Rights Agreement” shall mean Exchange Rights
Agreement as defined in the Second Priority Secured Subordinated Notes Indenture as in effect on the date hereof and as amended to the extent permitted by this Agreement. 
 “First Lien Intercreditor Agreement” shall have the meaning set forth in the recitals hereto. 
 “First Priority Bank Debt” means any Indebtedness incurred under the Credit Agreement, including the subsidiary guarantees issued under the Credit Agreement, provided that the aggregate
amount of First Priority Bank Debt shall not exceed the sum of the following (i) $50,000,000; and (ii) all interest, fees, costs and expenses due and payable with respect to the foregoing. For the avoidance of doubt, the principal amount
of any Indebtedness incurred under the Credit Agreement that is not First Priority Bank Debt is First Priority Lien Debt. 

“First Priority Bank Debt Documents” means the Credit Agreement, any guarantees of First Priority Bank Debt Obligations,
each first priority debt sharing confirmation, the First Priority Lien Security Documents and all other agreements governing, evidencing, securing or documenting any First Priority Bank Debt Obligations. 

  
 4 

 “First Priority Bank Debt Obligations” means the First Priority Bank Debt
and all other Obligations in respect thereof. 
 “First Priority Claims” shall mean (a) all First Priority
Lien Obligations outstanding; (b) any claims for attorneys’ fees, costs or expenses arising under Section 8.21 of this Agreement; and (c) all other Obligations (not constituting Indebtedness) with respect to First Priority Lien Debt.
First Priority Claims shall include all interest, fees and expenses accrued or accruing (or that would, absent the commencement of an Insolvency or Liquidation Proceeding, accrue) after the commencement of an Insolvency or Liquidation Proceeding in
accordance with, at the time contemplated by and at the rate, if any, specified in the relevant First Priority Lien Debt Document, whether or not the claim for such interest, fees or expenses is allowed, allowable, recognized or provable as a claim
in such Insolvency or Liquidation Proceeding, and whether or not any underlying First Priority Lien Obligations are modified in any fashion with respect to any Grantors during such Insolvency or Liquidation Proceeding (including, without limitation,
pursuant to Section 1129(b) of the Bankruptcy Code). 
 “First Priority Lien” means a Lien granted or
purported to be granted to the First Priority Lien Collateral Trustee, for the benefit of the First Priority Lien Secured Parties, upon any property of the Company or any other Grantor to secure First Priority Lien Obligations or other First
Priority Claim. 
 “First Priority Lien Collateral” shall mean all of the assets of any Grantor, whether real,
personal or mixed, with respect to which a Lien is granted, purported to be granted, or deemed under Section 2.3 of this Agreement to be granted as security for the First Priority Lien Obligations or other First Priority Claims. For the
avoidance of doubt, it is the intent of the parties that the First Priority Lien Debt Documents grant, and that the First Priority Lien Collateral therefore include, the entire economic value of any and all FCC Licenses (as such term is defined in
the First Priority Lien Security Documents) and all proceeds thereof. 
 “First Priority Lien Collateral
Trustee” means Credit Suisse AG, Cayman Islands Branch, acting as the First Priority Lien Collateral Trustee with respect to the First Priority Liens, together with its successors and permitted assigns under the First Lien Intercreditor
Agreement. 
 “First Priority Lien Debt” means: 

(1) the First Priority Senior Secured Notes and the related subsidiary guarantees issued under the First Priority Senior Secured Notes
Indenture; 
 (2) the First Priority Bank Debt; and 
 (3) Indebtedness under existing hedging agreements and any guarantees thereof that, in each case, was permitted to be incurred and so secured under each applicable First Priority Lien Debt Document (or as
to which the lenders obtained an officer’s certificate at the time of incurrence to the effect that such Indebtedness was permitted to be incurred and secured by all applicable First Priority Lien Debt Documents). 

For the avoidance of doubt, in respect of any Hedging Obligation, the requirements in the foregoing clause (3) need be satisfied
only once in respect of such Hedging Obligations and not, for the avoidance of doubt, on multiple occasions upon the execution of each confirmation executed in connection therewith. 

  
 5 

 “First Priority Lien Debt Documents” means collectively, the First Priority
Bank Debt Documents, the First Priority Senior Secured Notes Indenture, the First Priority Senior Secured Notes and the related subsidiary guarantees, the First Lien Intercreditor Agreement (and related security documents), the First Priority Lien
Security Documents, each first priority debt sharing confirmation, all other agreements related to the First Priority Senior Secured Notes Indenture, the First Priority Senior Secured Notes and related subsidiary guarantees, and the indenture or
agreement governing each other series of First Priority Lien Debt and all other agreements governing, securing or relating to any First Priority Lien Obligation. 
 “First Priority Lien Debt Representatives” means: 
 (1) in the
case of the First Priority Senior Secured Notes and the related subsidiary guarantees, the trustee under the First Priority Senior Secured Notes Indenture, and 
 (2) in the case of the First Priority Bank Debt Obligations, the administrative agent under the Credit Agreement. 
 “First Priority Lien Holders” shall mean the Persons holding First Priority Claims, including the First Priority Lien Debt Representatives and the First Priority Lien Secured Parties.

 “First Priority Lien Obligations” means the First Priority Lien Debt and all other Obligations in respect
thereof, including Obligations owed to the collateral trustee under the First Priority Lien Debt Documents. 
 “First
Priority Lien Secured Parties” means the holders of First Priority Lien Obligations, any First Priority Lien Debt Representatives and the First Priority Lien Collateral Trustee. 

“First Priority Lien Security Documents” means one or more security agreements, debentures, pledge agreements,
collateral assignments, mortgages, collateral agency agreements, control agreements, deeds of trust or other grants or transfers for security executed and delivered by the Company and each other Grantor (other than Empire Burbank, but solely with
respect to the Empire Burbank Lien) creating (or purporting to create) a Lien upon collateral in favor of the First Priority Lien Collateral Trustee, for the benefit of the First Priority Lien Secured Parties, in each case, as amended, supplemented,
amended and restated or otherwise modified and in effect from time to time, in accordance with its terms. 
 “First
Priority Senior Secured Notes” means the 10% Senior Secured Notes due 2019 issued by the Company and the related subsidiary guarantees pursuant to the First Priority Senior Secured Notes Indenture. 

“First Priority Senior Secured Notes Indenture” has the meaning set forth in the recitals hereto. 

“Future Subordinated Lien Indebtedness” shall mean any Parity Lien Debt described in clause (2) of the definition
thereof; provided, however, that such Future Subordinated Lien Indebtedness is permitted to be so incurred in accordance with any First Priority Lien Debt Documents and any Subordinated Lien Debt Documents, as applicable. 

  
 6 

 “Grantors” shall mean the Company and each of the Subsidiaries that has
executed and delivered a Subordinated Lien Security Document or a First Priority Lien Security Document. 
 “Hedging
Obligations” shall mean, with respect to any Person, all obligations and liabilities, whether now owing or hereafter arising, of such Person in respect of (a) currency exchange, interest rate or commodity swap agreements, currency
exchange, interest rate or commodity cap agreements, and currency exchange, interest rate or commodity collar agreements and (b) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange,
interest rates or commodity prices. 
 “Indebtedness” shall mean and include all obligations that constitute
“Indebtedness” within the meaning of the Credit Agreement, the First Priority Senior Secured Notes Indenture or the Second Priority Secured Subordinated Notes Indenture. 

“Insolvency or Liquidation Proceeding” shall mean (a) any voluntary or involuntary case or proceeding under any
Bankruptcy Law with respect to any Grantor, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to
any Grantor or with respect to any of its assets, (c) any liquidation, dissolution, reorganization or winding up of any Grantor or any of its assets, whether voluntary or involuntary and whether or not under Bankruptcy Law or involving
insolvency or bankruptcy proceedings, including, without limitation, a sale of any assets of any Grantor pursuant to a sale under Section 363 of the Bankruptcy Code or (d) any assignment for the benefit of creditors or any other
marshalling of assets and liabilities of any Grantor. 
 “Lien” shall mean, with respect to any asset, any
mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset. 

“Obligations” shall mean, with respect to any Indebtedness, any and all obligations, whether now owing or hereafter
arising, with respect to the payment of (a) any principal of or interest (including interest accrued on or accruing after the commencement of any Insolvency or Liquidation Proceeding, whether or not a claim for such interest is allowed,
allowable, recognized or provable in such proceeding) or premium on any Indebtedness, including any reimbursement obligation in respect of any letter of credit or letter of credit guaranty, (b) any fees, indemnification obligations, expense
reimbursement obligations or other liabilities payable under the documentation governing such Indebtedness, (c) any obligation to post cash collateral in respect of letters of credit or letter of credit guaranties and any other obligations and
(d) solely with respect to any Indebtedness constituting First Priority Claims, any Cash Management Obligations or Hedging Obligations owing to any of the First Priority Lien Holders holding such First Priority Claims or any affiliates thereof.

 “Parity Lien” means a Lien granted upon any property of the Company or any other Grantor to secure Parity
Lien Obligations that is subject to this Agreement. 

  
 7 

 “Parity Lien Debt” means: 

(1) the Second Priority Secured Subordinated Notes and the related subsidiary guarantees issued under the Second Priority Secured
Subordinated Notes Indenture in the Exchange Offers together with any additional Second Priority Secured Subordinated Notes issued evidencing any interest paid in kind pursuant to the terms of the Second Priority Secured Subordinated Notes
Indenture; and 
 (2) Indebtedness under any other credit facility or other hedging agreements or an issuance of debt securities
that, in each case, is secured equally and ratably with the Second Priority Secured Subordinated Notes by a Parity Lien that was permitted to be incurred and so secured under the Second Priority Secured Subordinated Notes Indenture; provided, in the
case of each issue or series of Indebtedness referred to in this clause (2), that: 
 (a) on or before the date on which such
Indebtedness is incurred by the Company or any other obligor, as the case may be, such Indebtedness is designated by the Company or any other obligor, as the case may be, in an officer’s certificate delivered to the trustee, as “Parity
Lien Debt” for the purposes of the Second Priority Secured Subordinated Notes Indenture; and 
 (b) all requirements set
forth in this Agreement as to the confirmation, grant or perfection of the Lien to secure such Indebtedness or Obligations in respect thereof are satisfied (and the satisfaction of such requirements and the other provisions of this clause
(b) will be conclusively established if the Company or any other obligor, as the case may be, delivers to the Second Priority Secured Subordinated Notes Trustee an officer’s certificate stating that such requirements and other provisions
have been satisfied and that such Indebtedness is “Parity Lien Debt”); 
 provided that, the aggregate outstanding
principal amount (excluding any paid-in-kind interest) of the Indebtedness referred to in clause (2) does not exceed the amount of such Indebtedness permitted to be incurred under (and not in violation of) clause (xix) of Section 4.09
of the Second Priority Secured Subordinated Notes Indenture and under clause (v) of Section 4.09 of the Second Priority Secured Subordinated Notes Indenture as Permitted Refinancing Indebtedness (as defined in the Second Priority Secured
Subordinated Notes Indenture) of the Second Priority Secured Subordinated Notes and the related subsidiary guarantees. 

“Parity Lien Obligations” means the Parity Lien Debt and all other Obligations in respect thereof. 

“Person” shall mean any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, entity or other party, including any government and any political subdivision, agency or instrumentality thereof. 
 “Pledged Collateral” shall mean the Common Collateral in the possession of the First Priority Lien Collateral Trustee (or its agents or bailees). 

“Recovery” shall have the meaning set forth in Section 6.4. 

“Second Priority Secured Subordinated Notes” means the 11 1/2 /13 1/2% PIK Toggle Second Priority Secured Subordinated Notes due 2020 issued by the Company and the related subsidiary
guarantees pursuant to the Second Priority Secured Subordinated Notes Indenture, each as may be amended from time to time as permitted by this Agreement. 

  
 8 

 “Second Priority Secured Subordinated Notes Documents” means the
(a) the Second Priority Secured Subordinated Notes Indenture, (b) the Second Priority Secured Subordinated Notes and (c) any other related document or instrument executed and delivered pursuant to any Second Priority Secured
Subordinated Notes Document described in clause (a) above evidencing or governing any Obligations thereunder. 

“Second Priority Secured Subordinated Notes Indenture” has the meaning set forth in the recitals hereto. 

“Senior Priority Secured Notes Secured Parties” means the holders of the Second Priority Secured Subordinated Notes and
any other Parity Lien Obligations, the Second Priority Secured Subordinated Notes Trustee and collateral agent, trustee or representative for any other Parity Lien Obligations. 

“Second Priority Secured Subordinated Notes Security Documents” means one or more security agreements, debentures,
pledge agreements, collateral assignments, mortgages, collateral agency agreements, control agreements, deeds of trust or other grants or transfers for security executed and delivered by the Company and each other Grantor (other than Empire Burbank,
but solely with respect to the Empire Burbank Lien) creating (or purporting to create) a Lien upon collateral in favor of the Second Priority Secured Subordinated Notes Trustee, for the benefit of the Second Priority Secured Subordinated Notes
Secured Parties, in each case, as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, in accordance with its terms. 
 “Second Priority Secured Subordinated Notes Trustee” has the meaning set forth in the preamble hereto. 
 “Securities Account” shall have the meaning set forth in the Uniform Commercial Code. 
 “Subordinated Lien Claim” means the Subordinated Lien Obligations and all other Obligations in respect of, or arising under, the Subordinated Lien Debt Documents, including all fees and
expenses of the collateral agent for any Future Subordinated Lien Indebtedness. 
 “Subordinated Lien
Collateral” means all of the assets of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted or purported to be granted as security for any Subordinated Lien Claim. For the avoidance of doubt, it is the
intent of the parties that the Subordinated Lien Debt Documents grant, and that the Subordinated Lien Collateral therefore include, the entire economic value of any and all FCC Licenses (as such term is defined in the First Priority Lien Security
Documents) and all proceeds thereof. 
 “Subordinated Lien Debt” means the Parity Lien Debt. 

“Subordinated Lien Debt Documents” means, collectively, the Second Priority Secured Subordinated Notes Documents and any
documents evidencing or governing any Future Subordinated Lien Indebtedness. 

  
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 “Subordinated Lien Debt Representatives” shall mean (a) the Second
Priority Secured Subordinated Notes Trustee as collateral agent for the Second Priority Secured Subordinated Notes Secured Parties, and (b) the collateral agent, trustee or representative for any Future Subordinated Lien Indebtedness.

 “Subordinated Lien Designated Agent” shall mean such agent or trustee as is designated “Subordinated
Lien Designated Agent” by Subordinated Lien Secured Parties holding a majority in principal amount of the Subordinated Lien Claims then outstanding; it being understood that as of the date of this agreement, the Second Priority Secured
Subordinated Notes Trustee shall be so designated Subordinated Lien Designated Agent. 
 “Subordinated Lien
Holders” shall mean the Persons holding Subordinated Lien Claims, including the Subordinated Lien Debt Representatives and the Subordinated Lien Secured Parties. 
 “Subordinated Lien Obligations” shall mean Parity Lien Debt and all other Obligations in respect thereof. 
 “Subordinated Lien Secured Parties” shall mean the Second Priority Secured Subordinated Notes Secured Parties, any Subordinated Lien Designated Agent and all other Persons holding any
Subordinated Lien Claims, including the collateral agent for any Future Subordinated Lien Indebtedness. 
 “Subordinated
Lien Security Documents” means the Second Priority Secured Subordinated Notes Security Documents and any other agreement, document or instrument pursuant to which a Lien is now or hereafter granted securing any Subordinated Lien Claims
(including in respect of any Future Subordinated Lien Indebtedness) or under which rights or remedies with respect to such Liens are at any time governed. 
 “Subsidiary” shall mean any “Subsidiary” of the Company as defined in the Second Priority Secured Subordinated Notes Indenture. 

“Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as from time to time in
effect in the State of New York. 
 “Yield to Maturity” means, with respect to any Indebtedness, the annualized
yield to maturity of such Indebtedness expressed as a percentage of the principal amount thereof, taking into account the rate of interest payable thereon in cash, the accretion of any original issue discount and the impact of any up-front fees or
similar amounts payable in cash to holders of the Indebtedness, but not taking into account any non-cash interest, any discount or premium due to purchase or acquisition price following the original issuance thereof and any amounts payable in
respect of bona fide expense reimbursement or indemnification obligations. 
 1.2 Terms Generally. The definitions of
terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, 

  
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instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified in accordance
with this Agreement, (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar
import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections shall be construed to refer to Sections of this Agreement and (e) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. The terms
“consent”, “permit”, “agree” and “waive” shall be construed to have similar meanings and shall be presumed to have been granted to the extent so provided in the parties’ agreements or by operation of law.

 Section 2. Lien Priorities. 
 2.1 Subordination of Liens. Notwithstanding the date, time, manner or order of execution, delivery, filing or recordation of any document or instrument or grant, attachment or perfection of any
Liens granted to the Subordinated Lien Secured Parties on the Common Collateral or of any Liens granted to the First Priority Lien Secured Parties on the Common Collateral and notwithstanding any provision of the UCC, or any other applicable law, or
the Subordinated Lien Debt Documents or the First Priority Lien Debt Documents or any other circumstance whatsoever, each Subordinated Lien Debt Representative, on behalf of itself and each applicable Subordinated Lien Secured Party, hereby agrees
that: (a) any Lien on the Common Collateral securing any First Priority Claims now or hereafter held by or on behalf of the First Priority Lien Collateral Trustee or any First Priority Lien Holder or any agent or trustee therefor regardless of
how acquired, whether by agreement, grant, possession, statute, operation of law, subrogation, judicial order or otherwise, shall have priority over and be senior in all respects and prior to any Lien on the Common Collateral securing any
Subordinated Lien Claims and (b) any Lien on the Common Collateral securing any Subordinated Lien Claims now or hereafter held by or on behalf of the Second Priority Secured Subordinated Notes Trustee or any Subordinated Lien Secured Parties or
any agent or trustee therefor regardless of how acquired, whether by agreement, grant, statute, operation of law, subrogation, judicial order or otherwise, shall be junior and subordinate in all respects to all Liens on the Common Collateral
securing any First Priority Claims. All Liens on the Common Collateral securing any First Priority Claims shall be and remain senior in all respects and prior to all Liens on the Common Collateral securing any Subordinated Lien Claims for all
purposes, whether or not such Liens securing any First Priority Claims are subordinated to any Lien securing any other obligation of the Company, any other Grantor or any other Person. Notwithstanding any failure by any of the First Priority Lien
Secured Parties, on the one hand, or any of the Subordinated Lien Secured Parties, on the other hand, to perfect their security interests in the Common Collateral or any avoidance, disallowance, invalidation, subordination or recharacterization by
any Person or court of any of the security interests in the Common Collateral granted or purported to be granted to the First Priority Lien Secured Parties or the Subordinated Lien Secured Parties, the respective priority and rights with respect to
all the Common Collateral and any proceeds of any Common Collateral as between the First Priority Lien, on the one hand, and all Liens of any of the Subordinated Lien Holders, on the other hand, shall be as set forth in this Agreement. 

  
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 2.2 Prohibition on Contesting Liens. Each Subordinated Lien Debt Representative, for
itself and on behalf of each applicable Subordinated Lien Secured Party, and each First Priority Lien Debt Representative, for itself and on behalf of each applicable First Priority Lien Holder, agrees that it shall not (and hereby waives any right
to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the validity, perfection, priority, extent or enforceability of (a) a Lien securing any First Priority Claims held
(or purported to be held) by or on behalf of the First Priority Lien Collateral Trustee or any of the First Priority Lien Holders or any agent or trustee therefor in any First Priority Lien Collateral or (b) a Lien securing any Subordinated
Lien Claims held (or purported to be held) by or on behalf of any Subordinated Lien Secured Party in the Common Collateral, as the case may be; provided, however, that nothing in this Agreement shall be construed to prevent or impair the rights of
the First Priority Lien Collateral Trustee or any First Priority Lien Holder to enforce this Agreement (including the unconditional priority of the Liens securing the First Priority Claims as provided in Section 2.1) or any of the First
Priority Lien Debt Documents. 
 2.3 No New Liens. The parties hereto agree that it is their intention that the
Subordinated Lien Collateral shall not be more expansive than the First Priority Lien Collateral. So long as the Discharge of First Priority Claims has not occurred, the parties hereto agree that, after the date hereof, if any Subordinated Lien Debt
Representative or any Subordinated Lien Secured Party shall hold any Lien on any assets of the Company or any other Grantor securing any Subordinated Lien Claims that are not also subject to the First Priority Lien, such Subordinated Lien Debt
Representative or such Subordinated Lien Secured Party shall notify the First Priority Lien Collateral Trustee promptly upon becoming aware thereof, such Lien shall be deemed to be assigned to the First Priority Lien Collateral Trustee for the
benefit of the First Priority Lien Secured Parties, and the Grantors, by their signatures hereto, shall be deemed to consent to such assignment, and, upon demand by the First Priority Lien Collateral Trustee or the Company, will execute and deliver
all documents and agreements requested by the First Priority Lien Collateral Trustee to assign or release such Lien to the First Priority Lien Collateral Trustee (and/or its designee) as security for the applicable First Priority Claims (in the case
of an assignment, each Subordinated Lien Debt Representative may retain a junior lien on such assets subject to the terms hereof). 
 2.4 Perfection of Liens. Neither the First Priority Lien Collateral Trustee nor the First Priority Lien Holders shall be responsible for perfecting and maintaining the perfection of Liens with
respect to the Common Collateral for the benefit of the Subordinated Lien Debt Representatives or the Subordinated Lien Secured Parties. The provisions of this Agreement are intended solely to govern the respective Lien priorities as between the
First Priority Lien Holders and the Subordinated Lien Secured Parties and shall not impose on the First Priority Lien Collateral Trustee, the Subordinated Lien Debt Representatives, the Subordinated Lien Secured Parties or the First Priority Lien
Holders or any agent or trustee therefor any obligations in respect of the disposition of proceeds of any Common Collateral which would conflict with prior perfected claims therein in favor of any other Person or with any order or decree of any
court or governmental authority or any applicable law. 

  
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 Section 3. Enforcement. 

3.1 Exercise of Remedies. 
 (a) So long as the Discharge of First Priority Claims has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Company or any other Grantor,
(i) none of the Subordinated Lien Debt Representatives or the Subordinated Lien Secured Parties will (x) exercise or seek to exercise any rights or remedies (including setoff) with respect to any Common Collateral in respect of any
Subordinated Lien Claims, make any claim or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure), (y) contest, protest or object to any foreclosure proceeding or action brought with
respect to the Common Collateral by the First Priority Lien Collateral Trustee or any First Priority Lien Holder (or any agent or sub-agent on their behalf) in respect of the First Priority Claims, the exercise of any right by the First Priority
Lien Collateral Trustee or any First Priority Lien Holder (or any agent or sub-agent on their behalf) in respect of the First Priority Claims under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar
agreement or arrangement to which any Subordinated Lien Debt Representative or any Subordinated Lien Secured Party either is a party or may have rights as a third party beneficiary, or any other exercise by any such party, of any rights and remedies
relating to the Common Collateral under the First Priority Lien Debt Documents or otherwise in respect of First Priority Claims, or (z) object to the forbearance by the First Priority Lien Holders from bringing or pursuing any foreclosure
proceeding or action or any other exercise of any rights or remedies relating to the Common Collateral in respect of First Priority Claims; and (ii) except as otherwise set forth in this clause (ii), the First Priority Lien Collateral Trustee
and the First Priority Lien Holders shall have the exclusive right to enforce rights, exercise remedies (including setoff and the right to credit bid) and to the extent provided herein make determinations regarding the release, disposition or
restrictions with respect to the Common Collateral, and each Subordinated Lien Secured Party hereby affirmatively consents to any such release, disposition or restriction without any requirement of further consultation with or any additional consent
of any Subordinated Lien Debt Representative or any Subordinated Lien Secured Party; provided, however, that (A) in any Insolvency or Liquidation Proceeding commenced by or against the Company or any other Grantor, each Subordinated Lien
Debt Representative may file a proof of claim or statement of interest with respect to the applicable Subordinated Lien Claims and (B) each Subordinated Lien Debt Representative may take any action (not adverse to the First Priority Liens, or
the rights of the First Priority Lien Collateral Trustee or the First Priority Lien Holders to exercise remedies in respect thereof) in order to create, prove, perfect, preserve or protect (but not enforce) its rights in, and perfection and priority
of its Lien on, the Common Collateral. In exercising rights and remedies with respect to the First Priority Lien Collateral, the First Priority Lien Collateral Trustee and the First Priority Lien Holders may enforce the provisions of the First
Priority Lien Debt Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole and absolute discretion. Such exercise and enforcement shall include the rights of an agent or
receiver appointed by them to sell or otherwise dispose of Common Collateral, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured lender under the Uniform Commercial Code or other
laws of any applicable jurisdiction and of a secured creditor under the Bankruptcy Law of any applicable jurisdiction. 
 (b) So
long as the Discharge of First Priority Claims has not occurred, each Subordinated Lien Debt Representative, on behalf of itself and each applicable Subordinated Lien Secured Party, agrees that it will not, in the context of its role as a creditor
holding a security interest in or lien upon the Common Collateral take or receive any Common Collateral or any proceeds of Common Collateral in connection with (i) the exercise of any right

  
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or remedy (including setoff) with respect to any Common Collateral or (ii) in connection with any Insolvency or Liquidation Proceeding in respect of the applicable Subordinated Lien Claims.
Without limiting the generality of the foregoing, unless and until the Discharge of First Priority Claims has occurred, except as expressly provided in the proviso in clause (ii) of Section 3.1(a), the sole right of the Subordinated
Lien Debt Representatives and the Subordinated Lien Secured Parties with respect to the Common Collateral or the proceeds thereof, whether or not an Insolvency or Liquidation Proceeding has commenced, is to hold a junior Lien on the Common
Collateral in respect of the applicable Subordinated Lien Claims pursuant to the Subordinated Lien Debt Documents, as applicable, for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any, after the
Discharge of First Priority Claims has occurred. 
 (c) Subject to the proviso in clause (ii) of Section 3.1(a), each
Subordinated Lien Debt Representative, for itself and on behalf of each applicable Subordinated Lien Secured Party (i) agrees that no Subordinated Lien Debt Representative or any Subordinated Lien Secured Party will take any action that would
hinder any exercise of rights or remedies by the First Priority Lien Collateral Trustee or the First Priority Lien Holders with respect to the Common Collateral under the First Priority Lien Debt Documents or applicable law, including any sale,
lease, exchange, transfer or other disposition of the Common Collateral, whether by foreclosure or otherwise or whether in connection with an Insolvency or Liquidation Proceeding or otherwise; and (ii) hereby waives any and all rights it or any
Subordinated Lien Secured Party may have as a junior lien creditor to object to the manner in which the First Priority Lien Collateral Trustee or the First Priority Lien Holders seek to protect, enforce or collect the First Priority Claims or the
Liens granted in any of the First Priority Lien Collateral or to any actions taken by or with respect to the Company, its Affiliates or other Grantors or their respective properties whether as part of any Insolvency or Liquidation Proceeding or
otherwise, regardless of whether any action or failure to act by or on behalf of the First Priority Lien Collateral Trustee or First Priority Lien Holders is adverse to the interests of the Subordinated Lien Secured Parties. 

(d) Each Subordinated Lien Debt Representative hereby acknowledges and agrees that no covenant, agreement or restriction contained in any
applicable Subordinated Lien Debt Document shall be deemed to restrict in any way the rights and remedies of the First Priority Lien Collateral Trustee or the First Priority Lien Holders with respect to the First Priority Lien Collateral as set
forth in this Agreement and the First Priority Lien Debt Documents. 
 3.2 Cooperation and Waivers. Each Subordinated
Lien Debt Representative, on behalf of itself and each applicable Subordinated Lien Secured Party, agrees that, unless and until the Discharge of First Priority Claims has occurred, it will not commence, or join with any Person (other than the First
Priority Lien Holders and the First Priority Lien Collateral Trustee upon the request thereof) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the Common
Collateral under any of the applicable Subordinated Lien Debt Documents or otherwise in respect of the applicable Subordinated Lien Claims. So long as the Discharge of First Priority Claims has not occurred, each Subordinated Lien Debt
Representative, on behalf of itself and each applicable Subordinated Lien Secured Party, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right of a junior secured creditor (but not an unsecured creditor) to
demand, request, plead, or otherwise assert, or otherwise claim the benefit of, any marshaling, appraisal, valuation, or other similar right that may otherwise be available under applicable law with respect to the Common Collateral or any other
similar rights a junior secured creditor may have under applicable law. 

  
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 Section 4. Payments. 

4.1 Application of Proceeds. So long as the Discharge of First Priority Claims has not occurred, the Common Collateral and all
proceeds thereof received in connection with any sale or other disposition of, realization on, or collection on or on account of any such Common Collateral shall first be applied by the First Priority Lien Collateral Trustee to the First Priority
Claims in such order as specified in the relevant First Priority Lien Debt Documents until the Discharge of First Priority Claims has occurred. Upon the Discharge of First Priority Claims, the First Priority Lien Collateral Trustee shall deliver
promptly to the Subordinated Lien Designated Agent any Common Collateral or proceeds thereof held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the
Subordinated Lien Designated Agent ratably to the Subordinated Lien Claims and, with respect to each class of Subordinated Lien Claims, in such order as specified in the relevant Subordinated Lien Debt Documents. 

4.2 Payments Over. Any Distribution from or in respect of any assets of any Grantor that constitute First Priority Lien Collateral
or proceeds thereof that is received by any Subordinated Lien Debt Representative or any Subordinated Lien Secured Party in contravention of this Agreement shall be segregated, shall not be commingled with any assets of the Subordinated Lien Secured
Party and shall be held in trust for the benefit of and forthwith paid over to the First Priority Lien Collateral Trustee (and/or its designees) for the benefit of the applicable First Priority Lien Holders in the same form as received, with any
necessary endorsements or as a court of competent jurisdiction may otherwise direct. The First Priority Lien Collateral Trustee is hereby authorized to make any such endorsements as agent for any Subordinated Lien Debt Representative or any such
Subordinated Lien Secured Party. This authorization is coupled with an interest and is irrevocable. 
 4.3 Payment
Restrictions. Notwithstanding the terms of the Subordinated Lien Debt Documents or any other provision of this Agreement to the contrary, the Company and the Guarantors (by their execution hereof) hereby agree that they may not make, directly or
indirectly, and each Subordinated Lien Debt representative, on behalf of each Subordinated Lien Holder, hereby agrees that it will not accept, any payment or other Distribution with respect to any of the Subordinated Lien Claims which the Company is
prohibited from paying under the terms of the First Priority Lien Debt Documents as in effect as of the date hereof or this Agreement until the Discharge of First Priority Claims has occurred. 

Section 5. Other Agreements. 
 5.1 Releases. 
 (a) If, at any time any Grantor or the holder of any First
Priority Claim delivers notice to each Subordinated Lien Debt Representative that any specified Common Collateral (including all or substantially all of the equity interests of a Grantor or any of its Subsidiaries) is sold, transferred or otherwise
disposed of by the owner of such Common Collateral in a transaction permitted under the Credit Agreement and the First Priority Senior Secured Notes Indenture; then (whether or not any Insolvency or Liquidation Proceeding is pending at the time)

  
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the Liens in favor of the Subordinated Lien Secured Parties upon such Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such Collateral
securing First Priority Claims are released and discharged. Upon delivery to each Subordinated Lien Debt Representative of a notice from the First Priority Lien Collateral Trustee stating that any release of Liens securing or supporting the First
Priority Claims has become effective (or shall become effective upon each Subordinated Lien Debt Representative’s release), each Subordinated Lien Debt Representative will promptly execute and deliver such instruments, releases, termination
statements or other documents confirming such release on customary terms. In the case of the sale of all of the equity interests of a Grantor or any of its Subsidiaries, the guarantee in favor of the Subordinated Lien Secured Parties, if any, made
by such Grantor or Subsidiary will automatically be released and discharged as and when, but only to the extent, the guarantee by such Grantor or Subsidiary of First Priority Claims is released and discharged. 

(b) Each Subordinated Lien Debt Representative, for itself and on behalf of each applicable Subordinated Lien Secured Party, hereby
irrevocably constitutes and appoints the First Priority Lien Collateral Trustee and any officer or agent of the First Priority Lien Collateral Trustee, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable
power and authority in the place and stead of each Subordinated Lien Debt Representative or such holder or in the First Priority Lien Collateral Trustee’s own name, from time to time in the First Priority Lien Collateral Trustee’s
discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of this
Section 5.1, including any termination statements, endorsements or other instruments of transfer or release. 
 (c) Unless
and until the Discharge of First Priority Claims has occurred, each Subordinated Lien Debt Representative, for itself and on behalf of each applicable Subordinated Lien Secured Party, hereby consents to the application, whether prior to or after a
default, of Deposit Account Collateral or proceeds of Common Collateral to the repayment of First Priority Claims pursuant to the Credit Agreement, the First Priority Senior Secured Notes Indenture or the First Lien Intercreditor Agreement.

 5.2 Insurance. Unless and until the Discharge of First Priority Claims has occurred, the First Priority Lien
Collateral Trustee and the First Priority Lien Holders shall have the sole and exclusive right, subject to the rights of the Grantors under the First Priority Lien Debt Documents, to adjust settlement for any insurance policy covering the Common
Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Common Collateral. Unless and until the Discharge of First Priority Claims has occurred, all proceeds of any such
policy and any such award if in respect of the Common Collateral shall be paid (a) first, prior to the occurrence of the Discharge of First Priority Claims, to the First Priority Lien Collateral Trustee for the benefit of First Priority Lien
Holders pursuant to the terms of the First Priority Lien Debt Documents, (b) second, after the occurrence of the Discharge of First Priority Claims, to the Subordinated Lien Debt Representatives for the benefit of the Subordinated Lien Secured
Parties pursuant to the terms of the applicable Subordinated Lien Debt Documents and (c) third, after the occurrence of the Discharge of First Priority Claims, if no Subordinated Lien Obligations are outstanding, to the owner of the subject
property, such other person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. If any Subordinated Lien Debt Representative or 

  
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any Subordinated Lien Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award in contravention of this Agreement, such proceeds shall be segregated
and shall not be comingled with any assets of such Subordinated Lien Debt Representative or Subordinated Lien Secured Party and such Subordinated Lien Debt Representative or Subordinated Lien Secured Party shall hold such proceeds in trust for the
benefit of, and pay such proceeds over to, the First Priority Lien Collateral Trustee in accordance with the terms of Section 4.2. 
 5.3 Amendments to Subordinated Lien Debt Documents. 
 (a) Without the prior
written consent of the First Priority Lien Collateral Trustee and the holders of a majority of the First Priority Claims, no Subordinated Lien Debt Document may be amended, supplemented or otherwise modified or entered into to the extent such
amendment, supplement or modification, or the terms of any new Subordinated Lien Debt Document, would be prohibited by or inconsistent with any of the terms of this Agreement. 
 (b) Each Subordinated Lien Debt Representative agrees that each applicable Subordinated Lien Security Document shall include the following language (or language to similar effect approved by the First
Priority Lien Collateral Trustee): 
 “Notwithstanding anything herein to the contrary, (i) the liens and security
interests granted to the [applicable Subordinated Lien Debt Representative] pursuant to this Agreement are expressly subject and subordinate to the liens and security interests granted to (a) Credit Suisse AG, Cayman Islands Branch, as
administrative agent and collateral trustee (and its permitted successors) pursuant to that certain Amended and Restated Security Agreement, dated as of March 18, 2011 (as amended, restated, supplemented or otherwise modified), by and among LBI
Media, Inc., the other debtors party thereto and Credit Suisse AG, Cayman Islands Branch, as collateral trustee, and that certain Amended and Restated Pledge Agreement, dated as of March 18, 2011 (as amended, restated, supplemented or otherwise
modified), by and among LBI Media, Inc., the other pledgors party thereto and Credit Suisse AG, Cayman Islands Branch, as collateral trustee, or (b) any agent or trustee for any other First Priority Lien Holders (as defined in the Intercreditor
Agreement referred to below), and (ii) the exercise of any right or remedy by the [applicable Subordinated Lien Debt Representative] hereunder is subject to the limitations and provisions of the Intercreditor Agreement dated as of
December 31, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), by and among Credit Suisse AG, Cayman Islands Branch, as first priority lien collateral trustee,
U.S. Bank National Association as trustee and collateral agent, LBI Media, Inc. and the other parties party thereto. In the event of any conflict between the terms of the Intercreditor Agreement and the terms of this Agreement, the terms of the
Intercreditor Agreement shall govern”. 
 (c) So long as the Discharge of First Priority Claims has not occurred, and
notwithstanding anything to the contrary contained in the Subordinated Lien Debt Documents, no Subordinated Lien Debt Document shall be amended, modified, or supplemented in a fashion that would (a) increase the maximum principal amount of the
Subordinated Lien Debt or rate of interest (or cash pay rate of interest) on any of the Subordinated Lien Debt, (b) change (to any earlier dates) the dates upon which payments of principal or interest on the Subordinated Lien Debt are due,
(c) add a “financial maintenance” covenant or add or modify, in a manner adverse to any Grantor any covenant, agreement or event of default with respect to the Subordinated 

  
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Lien Debt unless a conforming addition or modification is made with respect to the First Priority Lien Debt, (d) change any redemption or prepayment provisions of the Subordinated Lien Debt,
or (e) change or amend any other term of the Subordinated Lien Debt Documents if such change or amendment would increase the obligations of any Grantor on account of the Subordinated Lien Debt or confer additional material rights on any
Subordinated Lien Secured Party or any other holder of the Subordinated Lien Claims in a manner adverse to any Grantor or any First Priority Lien Holder. 
 (d) In the event that the First Priority Lien Collateral Trustee or the requisite First Priority Lien Holders enter into any amendment, waiver or consent in respect of or replace any of the First Priority
Lien Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any First Priority Lien Security Document or changing in any manner the rights of the First Priority Lien
Collateral Trustee, the First Priority Lien Holders, the Company or any other Grantor thereunder (excluding, however, the actual release of any Liens in First Priority Lien Collateral), then such amendment, waiver or consent shall apply
automatically, mutatis mutandis, to any comparable provision of each Comparable Subordinated Lien Security Document without the consent of any Subordinated Lien Debt Representative or any Subordinated Lien Secured Party and without any action
by any Subordinated Lien Debt Representative, Subordinated Lien Secured Party, the Company or any other Grantor; provided, however, that such automatic amendment, waiver or consent will be operative only if (A) such amendment, waiver or consent
does not materially adversely affect the rights of the Subordinated Lien Secured Parties or the interests of the Subordinated Lien Secured Parties in the Subordinated Lien Collateral and not the First Priority Lien Collateral Trustee or the First
Priority Lien Holders, as the case may be, that have a security interest in the affected collateral in a like or similar manner, and (B) written notice of such amendment, waiver or consent shall have been given to each Subordinated Lien Debt
Representative. 
 5.4 Rights As Unsecured Creditors. The Subordinated Lien Debt Representatives and the Subordinated
Lien Secured Parties may exercise rights and remedies as an unsecured creditor against the Company or any Subsidiary that has guaranteed the Subordinated Lien Claims in accordance with the terms of the applicable Subordinated Lien Debt Documents and
applicable law except to the extent the exercise of such rights and remedies conflicts with the provisions set forth in Sections 2.2, 2.3, 3.1(a), 3.1(c), 4.2, 4.3, 5.2, 6.1 through 6.11, 7.3, 8.5 and 8.21. Nothing in this Agreement shall prohibit
the receipt by any Subordinated Lien Debt Representative or any Subordinated Lien Secured Party of the required payments of interest and principal so long as such receipt is not in violation of the First Priority Lien Debt Documents as in effect as
of the date hereof or this Agreement. In the event any Subordinated Lien Debt Representative or any Subordinated Lien Secured Party becomes a judgment lien creditor in respect of any assets of any Grantor that constitute First Priority Lien
Collateral a result of its enforcement of its rights as an unsecured creditor in respect of Subordinated Lien Claims, such judgment lien shall be subordinated to the Liens securing First Priority Claims on the same basis as the other Liens securing
the Subordinated Lien Claims are so subordinated to such Liens securing First Priority Claims under this Agreement and shall otherwise be subject to the terms of this Agreement for all purposes to the same extent as all other Liens granted to the
Subordinated Lien Secured Parties. Nothing in this Section 5.4 or in any other provision of this Agreement shall impair or otherwise adversely affect any rights or remedies that the First Priority Lien Collateral Trustee or the First Priority
Lien Holders may have in any capacity with respect to the First Priority Lien Collateral. 

  
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 5.5 First Priority Lien Collateral Trustee as Gratuitous Bailee for Perfection.

 (a) The First Priority Lien Collateral Trustee agrees to hold the Pledged Collateral that is part of the Common Collateral in
its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for each Subordinated Lien Debt Representative and any assignee solely for the purpose of perfecting the security interest granted in such
Pledged Collateral pursuant to the Subordinated Lien Security Documents, subject to the terms and conditions of this Section 5.5. 
 (b) The First Priority Lien Collateral Trustee agrees to hold the Deposit Account Collateral that is part of the Common Collateral and controlled by the First Priority Lien Collateral Trustee as
gratuitous bailee for each Subordinated Lien Debt Representative and any assignee solely for the purpose of perfecting the security interest granted in such Deposit Account Collateral pursuant to the Subordinated Lien Security Documents, subject to
the terms and conditions of this Section 5.5. 
 (c) Except as otherwise specifically provided herein (including Sections
3.1 and 4.1), until the Discharge of First Priority Claims has occurred, the First Priority Lien Collateral Trustee shall be entitled to deal with the Pledged Collateral in accordance with the terms of the First Priority Lien Debt Documents as if
the Liens under the Subordinated Lien Security Documents did not exist. The rights of the Subordinated Lien Debt Representatives and the Subordinated Lien Secured Parties with respect to such Pledged Collateral shall at all times be subject to the
terms of this Agreement. 
 (d) The First Priority Lien Collateral Trustee shall have no obligation whatsoever to any
Subordinated Lien Debt Representative or any Subordinated Lien Secured Party to assure that the Pledged Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits of any Person or any rights pertaining to the Common
Collateral except as expressly set forth in this Section 5.5. The duties or responsibilities of the First Priority Lien Collateral Trustee under this Section 5.5 shall be limited solely to holding the Pledged Collateral as gratuitous
bailee for each Subordinated Lien Debt Representative for purposes of perfecting the Lien held by the Subordinated Lien Secured Parties. 
 (e) The First Priority Lien Collateral Trustee shall not have by reason of the Subordinated Lien Security Documents or this Agreement or any other document a fiduciary relationship in respect of any
Subordinated Lien Debt Representative or any Subordinated Lien Secured Party and the Subordinated Lien Debt Representatives and the Subordinated Lien Secured Parties hereby waive and release the First Priority Lien Collateral Trustee from all claims
and liabilities arising pursuant to the First Priority Lien Collateral Trustee’s role under this Section 5.5, as agent and gratuitous bailee with respect to the Common Collateral. 

(f) Upon the Discharge of First Priority Claims, the First Priority Lien Collateral Trustee shall deliver to the Subordinated Lien
Designated Agent, to the extent that it is legally permitted to do so, the remaining Pledged Collateral (if any) and the Deposit Account Collateral (if any) together with any necessary endorsements (or otherwise allow the Subordinated Lien
Designated Agent to obtain control of such Pledged Collateral and Deposit Account Collateral) or as a court of competent jurisdiction may otherwise direct. The Company shall take such further action as is required to effectuate the transfer
contemplated 

  
 19 

 
hereby and shall indemnify the First Priority Lien Collateral Trustee for loss or damage suffered by the First Priority Lien Collateral Trustee as a result of such transfer except for loss or
damage suffered by the First Priority Lien Collateral Trustee as a result of its own willful misconduct, gross negligence or bad faith. The First Priority Lien Collateral Trustee has no obligation to follow instructions from any Subordinated Lien
Debt Representative in contravention of this Agreement. 
 (g) Neither the First Priority Lien Collateral Trustee nor the First
Priority Lien Holders shall be required to marshal any present or future collateral security for the Company’s or its Subsidiaries’ obligations to the First Priority Lien Collateral Trustee or the First Priority Lien Holders under the
First Priority Lien Debt Documents or the First Priority Lien Security Documents or any assurance of payment in respect thereof or to resort to such collateral security or other assurances of payment in any particular order, and all of their rights
in respect of such collateral security or any assurance of payment in respect thereof shall be cumulative and in addition to all other rights, however existing or arising. 
 5.6 Subordinated Lien Designated Agent as Gratuitous Bailee for Perfection. 

(a) Upon the Discharge of First Priority Claims, the Subordinated Lien Designated Agent agrees to hold the Pledged Collateral that is
part of the Common Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the other Subordinated Lien Debt Representatives and any assignee solely for the purpose of perfecting the
security interest granted in such Pledged Collateral pursuant to the applicable Subordinated Lien Security Document, subject to the terms and conditions of this Section 5.6. 

(b) Upon the Discharge of First Priority Claims, the Subordinated Lien Designated Agent agrees to hold the Deposit Account Collateral
that is part of the Common Collateral and controlled by the Subordinated Lien Designated Agent as gratuitous bailee for the other Subordinated Lien Debt Representatives and any assignee solely for the purpose of perfecting the security interest
granted in such Deposit Account Collateral pursuant to the applicable Subordinated Lien Security Document, subject to the terms and conditions of this Section 5.6. 
 (c) In the event that the Subordinated Lien Designated Agent (or its agent or bailees) has Lien filings against intellectual property that is part of the Common Collateral that are necessary for the
perfection of Liens in such Common Collateral, upon the Discharge of First Priority Claims, the Subordinated Lien Designated Agent agrees to hold such Liens as gratuitous bailee for the other Subordinated Lien Debt Representatives and any assignee
solely for the purpose of perfecting the security interest granted in such Liens pursuant to the applicable Subordinated Lien Security Document, subject to the terms and conditions of this Section 5.6. 

(d) The Subordinated Lien Designated Agent, in its capacity as gratuitous bailee, shall have no obligation whatsoever to the other
Subordinated Lien Debt Representatives to assure that the Pledged Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits of any Person or any rights pertaining to the Common Collateral except as expressly set
forth in this Section 5.6. The duties or responsibilities of the Subordinated Lien Designated Agent under this Section 5.6 upon the Discharge of First Priority 

  
 20 

 
Claims shall be limited solely to holding the Pledged Collateral as gratuitous bailee for the other Subordinated Lien Debt Representatives for purposes of perfecting the Lien held by the
applicable Subordinated Lien Secured Parties. 
 (e) The Subordinated Lien Designated Agent shall not have by reason of the
Subordinated Lien Security Documents or this Agreement or any other document a fiduciary relationship in respect of the other Subordinated Lien Debt Representatives (or the Subordinated Lien Secured Parties for which such other Subordinated Lien
Debt Representatives is agent) and the other Subordinated Lien Debt Representatives hereby waive and release the Subordinated Lien Designated Agent from all claims and liabilities arising pursuant to the Subordinated Lien Designated Agent’s
role under this Section 5.6, as agent and gratuitous bailee with respect to the Common Collateral. 
 (f) In the event that
the Subordinated Lien Designated Agent shall cease to be so designated the Subordinated Lien Designated Agent pursuant to the definition of such term, the then Subordinated Lien Designated Agent shall deliver to the successor Subordinated Lien
Designated Agent, to the extent that it is legally permitted to do so, the remaining Pledged Collateral (if any) and the Deposit Account Collateral (if any) together with any necessary endorsements (or otherwise allow the successor Subordinated Lien
Designated Agent to obtain control of such Pledged Collateral and Deposit Account Collateral) or as a court of competent jurisdiction may otherwise direct, and such successor Subordinated Lien Designated Agent shall perform all duties of the
Subordinated Lien Designated Agent as set forth herein. The Company shall take such further action as is required to effectuate the transfer contemplated hereto and shall indemnify the Subordinated Lien Designated Agent for loss or damage suffered
by the Subordinated Lien Designated Agent as a result of such transfer except for loss or damage suffered by the Subordinated Lien Designated Agent as a result of its own willful misconduct, gross negligence or bad faith. The Subordinated Lien
Designated Agent has no obligation to follow instructions from the successor Subordinated Lien Designated Agent in contravention of this Agreement. 
 5.7 No Release If Event of Default. Notwithstanding any other provisions contained in this Agreement, if an Event of Default (as defined in the Second Priority Secured Subordinated Notes Indenture
or any other Subordinated Lien Debt Document, as applicable) exists on the date on which the Discharge of First Priority Claims has occurred, then the junior Liens on the Subordinated Lien Collateral securing the Subordinated Lien Claims relating to
such Event of Default will not be released, except to the extent such Collateral or any portion thereof was disposed of in order to repay the First Priority Lien Debt secured by such Collateral, and thereafter the applicable Subordinated Lien Debt
Representative will have the right to direct the 
 First Priority Lien Collateral Trustee to foreclose upon such Collateral
(but in any such event, the Liens on such Collateral securing the applicable Subordinated Lien Claims will be released when such Event of Default and all other Events of Default under the Second Priority Secured Subordinated Notes Indenture or any
other Subordinated Lien Debt Document, as applicable, cease to exist). 

  
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 Section 6. Insolvency or Liquidation Proceedings. 

6.1 Financing and Sale Issues. If the Company or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding,
then each Subordinated Lien Debt Representative, on behalf of itself and each applicable Subordinated Lien Secured Party, agrees that: (a) if the First Priority Lien Collateral Trustee and/or the First Priority Lien Secured Parties shall desire
to permit the use of cash collateral or to permit the Company or any other Grantor to obtain financing (including on a priming basis) under Section 363 or Section 364 of the Bankruptcy Code or any similar provision in any Bankruptcy Law
(“DIP Financing”), whether from the First Priority Lien Secured Parties or any other third party (including, but not limited to, any such financing (x) which represents an advance by some or all of the First Priority Lien
Secured Parties following repayment of amounts of First Priority Lien Obligations with cash collateral or (y) the proceeds of which are used, in whole or in part, to repay First Priority Lien Obligations owed to some or all of the First
Priority Lien Secured Parties), it will not object to and will not otherwise contest such use of cash collateral or DIP Financing and will not request adequate protection or any other relief in connection therewith (except to the extent permitted
by the proviso in clause (ii) of Section 3.1(a) and Section 6.3), and, to the extent the First Priority Liens are subordinated or pari passu with such DIP Financing and any “carve-out” authorized by the bankruptcy
court in connection with such DIP Financing, will subordinate its Liens in the Common Collateral to such DIP Financing (and all Obligations relating thereto) and such “carve-out” on the same basis as the other Liens securing the
Subordinated Lien Claims are so subordinated to the First Priority Liens under this Agreement; (b) it will not, absent the express written consent of the First Priority Lien Collateral Trustee and the holders of a majority of the First Lien
Claims, propose or provide any financing to the Company or any other Grantor under Section 363 or Section 364 of the Bankruptcy Code or any similar provision in any Bankruptcy Law; (c) it will not object to and will not otherwise
contest and will support any motion for relief from the automatic stay or from any injunction against foreclosure or enforcement in respect of First Priority Claims made by the First Priority Lien Collateral Trustee or any holder of First Priority
Claims; (d) it will not object to and will not otherwise contest and will support any exercise by any holder of First Priority Claims of the right to credit bid First Priority Claims at any sale in foreclosure of First Priority Lien Collateral;
(e) it will not object to and will not otherwise contest and will support any other request for judicial relief made in any court by any holder of First Priority Claims relating to the enforcement of any Lien on First Priority Lien Collateral;
(f) it will not object to and will not otherwise contest and will support any motion or order relating to a sale of assets of the Company or any Grantor to which the First Priority Lien Collateral Trustee has consented that provides, to the
extent the sale is to be free and clear of Liens, that the Liens securing the First Priority Claims and the Subordinated Lien Claims will attach to the proceeds of the sale on the same basis of priority as the Liens securing the First Priority Lien
Collateral rank to the Liens securing the Subordinated Lien Collateral in accordance with this Agreement, whether or not such proceeds are sufficient to pay all First Priority Claims; and (g) it will not object to and will not otherwise
contest, in each case, for any reason premised upon the Subordinated Lien Secured Parties’ rights as junior secured creditors (but not as unsecured creditors), any motion or order relating to a sale of assets of the Company or any Grantor,
under Section 363 of the Bankruptcy Code, pursuant to a chapter 11 plan, or otherwise, pursuant to which the First Priority Lien Collateral Trustee may credit bid some or all of the First Priority Claims, and that it will be deemed to consent
to any such credit bid and the sale of any or all First Priority Lien Collateral free and clear of any and all Liens, including, but not limited to, the Liens of the Subordinated Lien Secured Parties, pursuant to Bankruptcy Code
Section 363(f)(2). 

  
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 6.2 Relief from the Automatic Stay. Until the Discharge of First Priority Claims has
occurred, each Subordinated Lien Debt Representative, on behalf of itself and each applicable Subordinated Lien Secured Party, agrees not to seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect
of any assets of any Grantor that constitute First Priority Lien Collateral without the prior written consent of the First Priority Lien Collateral Trustee and the holders of a majority of the First Priority Claims. 

6.3 Adequate Protection. Each Subordinated Lien Debt Representative, on behalf of itself and each applicable Subordinated Lien
Secured Party, agrees that none of them shall oppose or otherwise contest (or support any other Person contesting) (a) any request by the First Priority Lien Collateral Trustee or the First Priority Lien Holders for adequate protection or
(b) any objection by the First Priority Lien Collateral Trustee or the First Priority Lien Holders to any motion, relief, action or proceeding based on the First Priority Lien Collateral Trustee’s or the First Priority Lien Holders’
claiming a lack of adequate protection. Notwithstanding the foregoing, (i) if the First Priority Lien Holders (or any subset thereof) are granted adequate protection in the form of additional collateral in connection with any DIP Financing or
use of cash collateral under Section 363 or Section 364 of the Bankruptcy Code or any similar Bankruptcy Law, then each Subordinated Lien Debt Representative, on behalf of itself and any applicable Subordinated Lien Secured Party, may seek
or request adequate protection in the form of a replacement Lien on such additional collateral, which replacement Lien shall be subordinated to the Liens securing the First Priority Claims and such DIP Financing (and all Obligations relating
thereto) on the same basis as the other Liens securing the Subordinated Lien Claims are so subordinated to the Liens securing First Priority Claims under this Agreement; (ii) in the event any Subordinated Lien Debt Representative, on behalf of
itself or any applicable Subordinated Lien Secured Party, seeks or requests adequate protection and such adequate protection is granted in the form of additional collateral, then such Subordinated Lien Debt Representative, on behalf of itself or
each such Subordinated Lien Secured Party, agrees that the First Priority Lien Debt Representatives shall also be granted a senior Lien on such additional collateral as security for the applicable First Priority Claims and any such DIP Financing and
that any Lien on such additional collateral securing the Subordinated Lien Claims shall be subordinated to the Liens on such collateral securing the First Priority Claims and any such DIP Financing (and all Obligations relating thereto) and any
other Liens granted to the First Priority Lien Holders as adequate protection on the same basis as the other Liens securing the Subordinated Lien Claims are so subordinated to such Liens securing First Priority Claims under this Agreement and
(iii) any claim by a Subordinated Lien Holder under Section 507(b) of the Bankruptcy Code will be subordinate to any claim of any First Priority Lien Holder under Section 507(b) of the Bankruptcy Code and any Distribution with respect
thereto shall be deemed to be proceeds of Common Collateral subject to the provisions of this Agreement. Regardless of the scope of adequate protection granted to the First Priority Lien Collateral Trustee or the First Priority Lien Holders, any
adequate protection granted to Subordinated Lien Debt Representative, on behalf of itself or any applicable Subordinated Lien Secured Party, shall be limited to replacement Liens on the terms set forth in this Section 6.3. 

6.4 Avoidance Issues. If any First Priority Lien Holder is required in any Insolvency or Liquidation Proceeding or otherwise to
turn over, disgorge or otherwise pay to the estate of the Company or any other Grantor (or any trustee, receiver, representative or similar person therefor), because the payment of such amount was declared to be fraudulent, preferential or avoidable
in any respect or for any other reason, any amount (a “Recovery”), 

  
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whether received as proceeds of security, enforcement of any right of setoff or otherwise, then the First Priority Claims shall be reinstated in the amount of and to the extent of such Recovery
and deemed to be outstanding as if such payment had not occurred, and, if the Discharge of First Priority Claims has occurred, then such Discharge of First Priority Claims shall automatically be deemed to have not occurred and the amount of such
Recovery shall automatically be treated as First Priority Claims for all purposes of this Agreement. If this Agreement shall have been terminated prior to any Recovery, this Agreement shall be reinstated in full force and effect, and such prior
termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. Any amounts received by any Subordinated Lien Holder in respect of the Common Collateral on account of the Subordinated Lien
Obligations after the termination of this Agreement shall, in the event of a reinstatement of this Agreement pursuant to this Section 6.4, be held in trust for and paid over to the First Priority Lien Collateral Trustee for the benefit of the
First Priority Lien Secured Parties for application to the reinstated First Priority Claims. This Section 6.4 shall survive termination of this Agreement. 
 6.5 Reorganization Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of any successor to any Grantor (whether a “reorganized debtor,” acquirer of assets, or
otherwise) secured by Liens upon any property of the successor are distributed, pursuant to a bankruptcy plan or similar arrangement, both on account of First Priority Claims and on account of Subordinated Lien Claims, then, to the extent the debt
obligations distributed on account of the First Priority Claims and on account of the Subordinated Lien Claims are secured by Liens upon any property, any Distributions from or in respect of such property or proceeds thereof shall be (i) used
solely to pay First Priority Claims until the Discharge of First Priority Claims occurs and (ii) paid directly to the holders of the First Priority Claims and shall not be considered a Distribution to the holders of the Subordinated Lien Claims
or otherwise reduce the obligations owed by any successor to any Grantor to the holders of Subordinated Lien Claims. Any Distribution from or in respect of such property or proceeds thereof that is received by any Subordinated Lien Debt
Representative or any Subordinated Lien Secured Party in contravention of this Section 6.5 shall be segregated, shall not be commingled with any assets of the Subordinated Lien Secured Party and shall be held in trust for the benefit of and
forthwith paid over to the First Priority Lien Collateral Trustee (and/or its designees) for the benefit of the applicable First Priority Lien Holders in the same form as received, with any necessary endorsements or as a court of competent
jurisdiction may otherwise direct. The First Priority Lien Collateral Trustee is hereby authorized to make any such endorsements as agent for any Subordinated Lien Debt Representative or any such Subordinated Lien Secured Party. This authorization
is coupled with an interest and is irrevocable. 
 6.6 No Waiver; Voting Rights. 

(a) Nothing contained herein shall prohibit or in any way limit the First Priority Lien Collateral Trustee or any First Priority Lien
Secured Party from objecting on any basis in any Insolvency or Liquidation Proceeding or otherwise to any action taken by any Subordinated Lien Debt Representative or any other Subordinated Lien Secured Party, including the seeking by any
Subordinated Lien Debt Representative or any other Subordinated Lien Secured Party of adequate protection or the assertion by any Subordinated Lien Representative or any other Subordinated Lien Secured Party of any of its rights and remedies under
the Subordinated Lien Debt Documents or otherwise. 

  
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 (b) Each Subordinated Lien Debt Representative, on behalf of itself and each applicable
Subordinated Lien Secured Party, further agrees that it shall not propose, support or vote any claims to accept any bankruptcy plan, similar arrangement or disclosure statement of the Company or any Grantor, and shall not join with or support any
Person in doing so, unless such plan or arrangement provides for the payment in full in cash of all First Priority Claims (including all post-petition amounts as provided in Section 6.7 hereof) on the effective date of such plan or arrangement,
unless the holders of a majority of the First Priority Claims consent to such plan, arrangement or disclosure statement. 
 6.7
Post-Petition Amounts. 
 (a) None of the Subordinated Lien Debt Representatives or any other Subordinated Lien Secured
Party shall oppose or seek to challenge any claim by the First Priority Lien Collateral Trustee or any other First Priority Lien Secured Party for allowance in any Insolvency or Liquidation Proceeding of First Priority Lien Obligations consisting of
post-petition interest, fees or expenses, including, without limitation, any prepayment premium or penalty or make-whole amount. Regardless of whether any such claim for post-petition interest, fees or expenses is allowed, allowable, recognized or
provable, and without limiting the generality of the other provisions of this Agreement, this Agreement expressly is intended to include and does include the “rule of explicitness” in that this Agreement expressly entitles the First
Priority Lien Secured Parties, and is intended to provide the First Priority Lien Secured Parties with the absolute right, to receive payment of all post-petition interest, fees or expenses through distributions made pursuant to the provisions of
this Agreement even if such interest, fees and expenses are not allowed or allowable against, or paid from, the bankruptcy estate of the Company or any other Grantor under Section 502(b)(2) or Section 506(b) of the Bankruptcy Code or under
any other provision of the Bankruptcy Code or any other Bankruptcy Law. 
 (b) Without limiting the foregoing, it is the
intention of the parties hereto that (and to the maximum extent permitted by law the parties hereto agree that) the First Priority Claims (and the security therefor) constitute a separate and distinct class (based upon separate and distinct claims)
from the Subordinated Lien Claims (and the security therefor). As such, the parties agree that because of, among other things, their differing rights in the Common Collateral, the First Priority Claims are fundamentally different from the
Subordinated Lien Claims and must be separately classified in any bankruptcy plan. Nevertheless, if it is held by any court that the First Priority Claims and the Subordinated Lien Claims constitute only one claim or may be classified as a single
class of claims (rather than separate classes of senior and junior claims), then all Distributions on account of such claim or to such class shall be reallocated as if there were separate classes of claims and Distributions were made to such
separate classes in accordance with this Agreement. Any Distribution of any property that is received by any Subordinated Lien Debt Representative or any Subordinated Lien Secured Party in contravention of this Section 6.7(b) shall be
segregated, shall not be commingled with any assets of the Subordinated Lien Secured Party and shall be held in trust for the benefit of and forthwith paid over to the First Priority Lien Collateral Trustee (and/or its designees) for the benefit of
the applicable First Priority Lien Holders in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The First Priority Lien Collateral Trustee is hereby authorized to make any such
endorsements as agent for any Subordinated Lien Debt Representative or any such Subordinated Lien Secured Party. This authorization is coupled with an interest and is irrevocable. 

  
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 6.8 Additional Waivers. Each Subordinated Lien Debt Representative, for itself and on
behalf of the other Subordinated Lien Secured Parties, waives any claim it may hereafter have as a junior secured creditor against any First Priority Lien Secured Party arising out of the election by any First Priority Lien Secured Party of the
application to the claims of any First Priority Lien Secured Party of Section 1111(b)(2) of the Bankruptcy Code, and/or out of any cash collateral or DIP Financing arrangement or out of any grant of a security interest in connection with any
assets of any Grantor that constitute First Priority Lien Collateral in any Insolvency or Liquidation Proceeding. 
 6.9
Limitations. So long as the Discharge of First Priority Claims has not occurred, without the express written consent of the First Priority Lien Debt Representatives, none of the Subordinated Lien Secured Parties shall (or shall join with or
support any Person making, opposing, objecting or contesting, as the case may be) in any Insolvency or Liquidation Proceeding involving the Company or any grantor (a) oppose, object to or contest the determination or the extent of any Liens
held by any of the First Priority Lien Secured Parties or the value of any First Priority Claims under Section 506(a) of the Bankruptcy Code; or (b) oppose, object to or contest the allowance of any payment to the First Priority Lien
Secured Parties or interest, fees or expenses under Section 506(b) of the Bankruptcy Code. 
 6.10 Application. This
Agreement shall be applicable prior to and after the commencement of any Insolvency or Liquidation Proceeding. All references herein to any Grantor shall apply to any trustee or other estate representative for such Person and such Person as debtor
in possession. The relative rights as to the Collateral and proceeds thereof shall continue after the filing thereof on the same basis as prior to the date of the petition, subject to any court order approving the financing of, or use of cash
collateral by, any Grantor. 
 6.11 Surcharge. Until the Discharge of First Priority Claims has occurred, each
Subordinated Lien Debt Representative, on behalf of itself and each applicable Subordinated Lien Secured Party, will not assert, support or enforce any claim under Section 506(c) of the Bankruptcy Code senior to or on a parity with the Liens
securing the First Priority Claims for costs or expenses of preserving or disposing of any Common Collateral. If any Liens securing the First Priority Claims are subordinated to an administrative priority claim or any other claim, then the Liens
securing the Subordinated Lien Claims shall also be subordinated to such claim and shall remain on the same basis of priority as the Liens securing the First Priority Lien Collateral rank to the Liens securing the Subordinated Lien Collateral in
accordance with this Agreement. If any Liens securing the First Priority Claims are subject to any surcharge, any professional fee “carve out” or any charge on account of fees owed to the United States Trustee, the amount of any such
surcharge, carve out or charge shall also be imposed on the Liens securing the Subordinated Lien Claims, and any reductions in any Distributions resulting from such surcharge, carve out or charge shall be allocated first to the Liens securing the
Subordinated Lien Claims. 
 Section 7. Reliance; Waivers; etc. 

7.1 Reliance. The consent by the First Priority Lien Holders to the execution and delivery of the Subordinated Lien Debt Documents
to which the First Priority Lien Holders have consented and all loans and other extensions of credit made or deemed made on and after the date hereof by the First Priority Lien Holders to the Company or any Subsidiary shall be deemed to have been
given and made in reliance upon this Agreement. Each Subordinated Lien 

  
 26 

 
Debt Representative, on behalf of itself and each applicable Subordinated Lien Secured Party, acknowledges that it and the applicable Subordinated Lien Secured Parties have, independently and
without reliance on the First Priority Lien Collateral Trustee or any First Priority Lien Holder, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into the applicable
Subordinated Lien Debt Document, this Agreement and the transactions contemplated hereby and thereby and they will continue to make their own credit decision in taking or not taking any action under the applicable Subordinated Lien Debt Document or
this Agreement. 
 7.2 No Warranties or Liability. Each Subordinated Lien Debt Representative, on behalf of itself and
each applicable Subordinated Lien Secured Party, acknowledges and agrees that neither the First Priority Lien Collateral Trustee nor any First Priority Lien Holder has made any express or implied representation or warranty, including with respect to
the execution, validity, legality, completeness, collectability or enforceability of any of the First Priority Lien Debt Documents, the ownership of any Common Collateral or the perfection or priority of any Liens thereon. The First Priority Lien
Holders will be entitled to manage and supervise their respective loans and extensions of credit under the First Priority Lien Debt Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate, and the First
Priority Lien Holders may manage their loans and extensions of credit without regard to any rights or interests that any Subordinated Lien Debt Representative or any of the Subordinated Lien Secured Parties have in the Common Collateral or
otherwise, except as otherwise provided in this Agreement. Neither the First Priority Lien Collateral Trustee nor any First Priority Lien Holder shall have any duty to any Subordinated Lien Debt Representative or any Subordinated Lien Secured Party
to act or refrain from acting in a manner that allows, or results in, the occurrence or continuance of an event of default or default under any agreements with the Company or any Subsidiary thereof (including the Subordinated Lien Debt Documents),
regardless of any knowledge thereof that they may have or be charged with. Except as expressly set forth in this Agreement, the First Priority Lien Collateral Trustee, the First Priority Lien Holders, the Subordinated Lien Debt Representatives and
the Subordinated Lien Secured Parties have not otherwise made to each other, nor do they hereby make to each other, any warranties, express or implied, nor do they assume any liability to each other with respect to (a) the enforceability,
validity, value or collectability of any of the Subordinated Lien Claims, the First Priority Claims or any guarantee or security which may have been granted to any of them in connection therewith, (b) the Company’s or any other
Grantor’s title to or right to transfer any of the Common Collateral or (c) any other matter except as expressly set forth in this Agreement. 
 7.3 Obligations Unconditional. All rights, interests, agreements and obligations of the First Priority Lien Collateral Trustee and the First Priority Lien Holders, and the Subordinated Lien Debt
Representatives and the Subordinated Lien Secured Parties, respectively, hereunder shall remain in full force and effect irrespective of: 
 (a) any lack of validity or enforceability of any First Priority Lien Debt Documents or any Subordinated Lien Debt Documents; 
 (b) any change in the time, manner or place of payment of, or in any other terms of, all or any of the First Priority Claims or Subordinated Lien Claims, or any refinancing, amendment or waiver or other
modification, including any increase or purported decrease in the 

  
 27 

 
amount thereof, whether by course of conduct, under the terms of a bankruptcy plan or otherwise, of the terms of the Credit Agreement, the First Priority Senior Secured Notes Indenture or any
other First Priority Lien Debt Document or of the terms of the Second Priority Secured Subordinated Notes Indenture or any other Subordinated Lien Debt Document; 
 (c) any exchange of any security interest in any Common Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all
or any of the First Priority Claims or Subordinated Lien Claims or any guarantee thereof; 
 (d) the commencement of any
Insolvency or Liquidation Proceeding in respect of the Company, any other Grantor or any of their respective assets; or 
 (e)
any other circumstances that otherwise might constitute a defense available to, or a discharge of, the Company or any other Grantor in respect of the First Priority Claims, or of any Subordinated Lien Debt Representative or any Subordinated Lien
Secured Party in respect of this Agreement. 
 Section 8. Miscellaneous. 

8.1 Conflicts. 
 (a) Subject to Section 8.19, in the event of any conflict between the provisions of this Agreement and the provisions of any First Priority Lien Debt Document or any Subordinated Lien Debt Document,
the provisions of this Agreement shall govern. 
 (b) As it relates to the rights and obligations between and among the First
Priority Lien Collateral Trustee and the other First Priority Lien Secured Parties, in the event of any conflict between the provisions of this Agreement and the First Lien Intercreditor Agreement, the provisions of the First Lien Intercreditor
Agreement shall govern. 
 8.2 Continuing Nature of this Agreement; Severability. Subject to Section 6.4, this
Agreement shall continue to be effective until the Discharge of First Priority Claims shall have occurred or such later time as all the Obligations in respect of the Subordinated Lien Claims shall have been paid in full. This is a continuing
agreement of lien subordination and the First Priority Lien Holders may continue, at any time and without notice to each Subordinated Lien Debt Representative or any Subordinated Lien Secured Party, to extend credit and other financial
accommodations and lend monies to or for the benefit of the Company or any other Grantor constituting First Priority Claims in reliance hereon. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency
or Liquidation Proceeding and all converted or succeeding cases in respect thereof. The parties’ relative rights in or to any Distributions from or in respect of any Common Collateral or proceeds of Common Collateral, shall continue after the
commencement of any Insolvency or Liquidation Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a “subordination agreement” within the meaning of Section 510(a) of the Bankruptcy
Code. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 

  
 28 

 8.3 Amendments; Waivers. No amendment, modification or waiver of any of the
provisions of this Agreement by any Subordinated Lien Debt Representative or any First Priority Lien Debt Representative shall be deemed to be made unless the same shall be in writing signed on behalf of the party making the same or its authorized
agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect
or at any other time. The Company and the other Grantors shall not have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent their rights are affected. Notwithstanding
anything in this Section 8.3 to the contrary, this Agreement may be amended from time to time at the request of the Company, at the Company’s expense, and without the consent of any Subordinated Lien Debt Representative, any First Priority
Lien Debt Representative, any First Priority Lien Holder or any Subordinated Lien Secured Party to (i) add other parties holding Future Subordinated Lien Indebtedness (or any agent or trustee therefor) to the extent such Indebtedness is not
prohibited by the Credit Agreement, the First Priority Senior Secured Notes Indenture, the Senior Secured Notes Indenture or any other Subordinated Lien Debt Document governing Future Subordinated Lien Indebtedness, and (ii) in the case of
Future Subordinated Lien Indebtedness, (a) establish that the Lien on the Common Collateral securing such Future Subordinated Lien Indebtedness shall be junior and subordinate in all respects to all Liens on the Common Collateral securing any
First Priority Claims and shall share in the benefits of the Common Collateral equally and ratably with all Liens on the Common Collateral securing any Subordinated Lien Claims, and (b) provide to the holders of such Future Subordinated Lien
Indebtedness (or any agent or trustee thereof) the comparable rights and benefits (including any improved rights and benefits that have been consented to by the First Priority Lien Collateral Trustee) as are provided to the holders of Subordinated
Lien Claims under this Agreement, in each case so long as such modifications do not expressly violate the provisions of the Credit Agreement, the First Priority Senior Secured Notes Indenture, the Senior Secured Notes Indenture or any other
Subordinated Lien Debt Document governing Future Subordinated Lien Indebtedness. Any such additional party and each Subordinated Lien Debt Representative shall be entitled to rely on the determination of officers of the Company that such
modifications do not violate the Credit Agreement, the First Priority Senior Secured Notes Indenture, the Second Priority Secured Subordinated Notes Indenture or any other Subordinated Lien Debt Document governing Future Subordinated Lien
Indebtedness if such determination is set forth in an officer’s certificate delivered to such party, the First Priority Lien Collateral Trustee and each Subordinated Lien Debt Representative; provided, however, that such determination
will not affect whether or not the Company has complied with its undertakings in the Credit Agreement, the First Priority Senior Secured Notes Indenture, the First Priority Lien Security Documents, the Senior Secured Notes Indenture, any other
Subordinated Lien Debt Document governing Future Subordinated Lien Indebtedness, the Subordinated Lien Security Documents or this Agreement. 
 8.4 Information Concerning Financial Condition of the Company and the Subsidiaries. The First Priority Lien Collateral Trustee, the First Priority Lien Holders, each Subordinated Lien Debt
Representative and the Subordinated Lien Secured Parties shall each be independently responsible for keeping themselves informed of (a) the financial condition of the Company and the Subsidiaries and all endorsers and/or guarantors of the
Subordinated Lien Claims or the First Priority Claims and (b) all other circumstances bearing upon the risk of nonpayment of the Subordinated Lien Claims or the First Priority Claims. The First Priority Lien Collateral Trustee, the First
Priority Lien Holders, each Subordinated Lien Debt Representative 

  
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and the Subordinated Lien Secured Parties shall have no duty to advise any other party hereunder of information known to it or them regarding such condition or any such circumstances or
otherwise. In the event that the First Priority Lien Collateral Trustee, any First Priority Lien Holder, any Subordinated Lien Debt Representative or any Subordinated Lien Secured Party, in its or their sole discretion, undertakes at any time or
from time to time to provide any such information to any other party, it or they shall be under no obligation (w) to make, and the First Priority Lien Collateral Trustee, the First Priority Lien Holders, the Subordinated Lien Debt
Representatives and the Subordinated Lien Secured Parties shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided,
(x) to provide any additional information or to provide any such information on any subsequent occasion, (y) to undertake any investigation or (z) to disclose any information that, pursuant to accepted or reasonable commercial finance
practices, such party wishes to maintain confidential or is otherwise required to maintain confidential. 
 8.5 Subrogation.
Each Subordinated Lien Debt Representative, on behalf of itself and each applicable Subordinated Lien Secured Party, hereby waives any rights of reimbursement, indemnity, contribution or subrogation it may acquire as a result of any payment
hereunder until the Discharge of First Priority Claims has occurred. 
 8.6 Application of Payments. Except as otherwise
provided herein, all payments received by the First Priority Lien Holders may be applied, reversed and reapplied, in whole or in part, to such part of the First Priority Claims as the First Priority Lien Holders, in their sole discretion, deem
appropriate, consistent with the terms of the First Priority Lien Debt Documents. Except as otherwise provided herein, each Subordinated Lien Debt Representative, on behalf of itself and each applicable Subordinated Lien Secured Party, assents to
any such extension or postponement of the time of payment of the First Priority Claims or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any security that may at any time secure any
part of the First Priority Claims and to the addition or release of any other Person primarily or secondarily liable therefor. 

8.7 Consent to Jurisdiction; Waivers. The parties hereto consent to the jurisdiction of any state or federal court located in New
York, New York, and consent that all service of process may be made by registered mail directed to such party as provided in Section 8.8 for such party. Service so made shall be deemed to be completed three days after the same shall be posted
as aforesaid. The parties hereto waive any objection to any action instituted hereunder in any such court based on forum non conveniens, and any objection to the venue of any action instituted hereunder in any such court. Each of the parties hereto
waives any right it may have to trial by jury in respect of any litigation based on, or arising out of, under or in connection with this Agreement, or any course of conduct, course of dealing, verbal or written statement or action of any party
hereto in connection with the subject matter hereof; the scope of this waiver is intended to be all encompassing of any and all disputes that may be filed in any court and that relate to the subject matter hereof, including contract claims, tort
claims, breach of duty claims, and all other common law and statutory claims. 
 8.8 Notices. All notices to the
Subordinated Lien Secured Parties and the First Priority Lien Holders permitted or required under this Agreement may be sent to the First Priority Lien Debt Representatives or any Subordinated Lien Debt Representative as provided

  
 30 

 
in the Credit Agreement, the First Priority Senior Secured Notes Indenture, the other relevant First Priority Lien Debt Document, the Second Priority Secured Subordinated Notes Indenture or the
relevant Subordinated Lien Debt Document, as applicable. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, telecopied,
electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or electronic mail or upon receipt via U.S. mail (registered or
certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages hereto, or, as to each party, at such other address as
may be designated by such party in a written notice to all of the other parties. The First Priority Lien Debt Representatives hereby agree to promptly notify each Subordinated Lien Debt Representative upon payment in full in cash of all Indebtedness
under the applicable First Priority Lien Debt Documents (except for contingent indemnities and cost and reimbursement obligations to the extent no claim therefor has been made). 

8.9 Further Assurances. Each of the Subordinated Lien Debt Representatives, on behalf of itself and each applicable Subordinated
Lien Secured Party, and the First Priority Lien Collateral Trustee, on behalf of itself and each First Priority Lien Holder, agrees that each of them shall take such further action and shall execute and deliver to the First Priority Lien Collateral
Trustee and the First Priority Lien Holders such additional documents and instruments (in recordable form, if requested) as the First Priority Lien Collateral Trustee or the First Priority Lien Holders may reasonably request to effectuate the terms
of and the lien priorities contemplated by this Agreement. 
 8.10 Governing Law. This Agreement has been delivered and
accepted at and shall be deemed to have been made at New York, New York and shall be interpreted, and the rights and liabilities of the parties bound hereby determined, in accordance with the laws of the State of New York. 

8.11 Binding on Successors and Assigns. This Agreement shall be binding upon the First Priority Lien Collateral Trustee, the First
Priority Lien Holders, the Subordinated Lien Debt Representatives, the Subordinated Lien Secured Parties, the Company, the Company’s Subsidiaries party hereto and their respective permitted successors, transferees and assigns. The lien
subordination and other provisions of this Agreement shall survive any sale, assignment, pledge, disposition or other transfer of all or any portion of the Subordinated Lien Claims or any Subordinated Lien Debt Documents, and the terms of this
Agreement shall be binding upon the successors and assigns of each Subordinated Lien Secured Party. 
 8.12 Specific
Performance. The First Priority Lien Collateral Trustee may demand specific performance of this Agreement. Each Subordinated Lien Debt Representative, on behalf of itself and each applicable Subordinated Lien Secured Party, hereby irrevocably
waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in any action that may be brought by the First Priority Lien Collateral Trustee. 

8.13 Section Titles. The section titles contained in this Agreement are and shall be without substantive meaning or content of any
kind whatsoever and are not a part of this Agreement. 

  
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 8.14 Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall be an original and all of which shall together constitute one and the same document. Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by telecopy
or electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable. 
 8.15 Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this
Agreement. The First Priority Lien Collateral Trustee represents and warrants that this Agreement is binding upon the First Priority Lien Holders. The Second Priority Secured Subordinated Notes Trustee represents and warrants that this Agreement is
binding upon the Second Priority Secured Subordinated Notes Secured Parties. 
 8.16 No Third Party Beneficiaries; Successors
and Assigns. This Agreement and the rights and benefits hereof shall inure to the benefit of, and be binding upon, each of the parties hereto and their respective successors and assigns and shall inure to the benefit of each of, and be binding
upon, the holders of First Priority Claims and Subordinated Lien Claims. No other Person shall have or be entitled to assert rights or benefits hereunder. 
 8.17 Effectiveness. This Agreement shall become effective when executed and delivered by the parties hereto. This Agreement shall be effective both before and after the commencement of any
Insolvency or Liquidation Proceeding. All references to the Company or any other Grantor shall include the Company or any other Grantor as debtor and debtor-in-possession and any receiver, trustee or other estate representative for the Company or
any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. 
 8.18 First Priority Lien Collateral
Trustee and Subordinated Lien Debt Representatives. It is understood and agreed that (a) CS is entering into this Agreement in its capacity as collateral trustee under the First Lien Intercreditor Agreement and the provisions of Article VI
of the First Lien Intercreditor Agreement applicable to CS as collateral trustee thereunder shall also apply to CS as First Priority Lien Collateral Trustee hereunder, and (b) U.S. Bank National Association is entering into this Agreement in
its capacity as Second Priority Secured Subordinated Notes Trustee and as collateral agent for the Second Priority Secured Subordinated Notes, and the provisions of Article 7 of the Second Priority Secured Subordinated Notes Indenture applicable to
the trustee thereunder shall also apply to the U.S. Bank National Association in its capacity as Subordinated Lien Debt Representative hereunder. 
 8.19 Relative Rights. Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement is intended to or will (a) change the relative priorities of the First Priority
Claims or the Liens granted under the First Priority Lien Debt Documents on the Common Collateral (or any other assets) as among the First Priority Lien Holders, (b) otherwise change the relative rights of the First Priority Lien Holders in
respect of the Common Collateral as among such First Priority Lien Holders or (c) obligate the Company or any Subsidiary to take any action, or fail to take any action, that would otherwise constitute a breach of, or default under, the Credit
Agreement, the First Priority Senior Secured Notes Indenture or any other First Priority Lien Debt Document entered into in connection with the Credit Agreement, the First Priority Senior Secured Notes Indenture, the Second Priority Secured
Subordinated Notes Indenture or any other Subordinated Lien Debt Documents. 

  
 32 

 8.20 References. Notwithstanding anything to the contrary in this Agreement, any
references contained herein to any Section, clause, paragraph, definition or other provision of the Second Priority Secured Subordinated Notes Indenture (including any definition contained therein) shall be deemed to be a reference to such Section,
clause, paragraph, definition or other provision as in effect on the date of this Agreement; provided that any reference to any such Section, clause, paragraph or other provision shall refer to such Section, clause, paragraph or other provision of
the Second Priority Secured Subordinated Notes Indenture (including any definition contained therein), as amended or modified from time to time if such amendment or modification has been (1) made in accordance with the Second Priority Secured
Subordinated Notes Indenture, and (2) approved in writing by, or on behalf of, the requisite First Priority Lien Holders as are needed under the terms of the Credit Agreement and the First Priority Senior Secured Notes Indenture to approve such
amendment or modification. 
 8.21 Attorneys’ Fees, Costs and Expenses. In the event that any Subordinated Lien
Secured Party acts in any fashion that is prohibited by or otherwise inconsistent with any provision of this Agreement, such Subordinated Lien Secured Party shall be individually liable for and shall pay any reasonable attorneys’ fees, costs
and expenses incurred by any of the First Priority Lien Holders that arise out of or relate to such Subordinated Lien Secured Party’s action, including all amounts incurred responding to that action in any court and pursuing any affirmative
claims against such Subordinated Lien Secured Party as a result of that action. Any attorneys’ fees, costs or expenses for which a Subordinated Lien Secured Party is liable but which are not paid will be added to and treated as First Priority
Claims for all purposes under this Agreement. 
 8.22 Intercreditor Agreements. Each party hereto agrees that the First
Priority Lien Holders (as among themselves) and the Subordinated Lien Secured Parties (as among themselves) may each enter into intercreditor agreements (or similar arrangements) with the First Priority Lien Collateral Trustee governing the rights,
benefits and privileges as among the First Priority Lien Holders or the Subordinated Lien Secured Parties, as the case may be, in respect of the Common Collateral, this Agreement and the other First Priority Lien Security Documents or Subordinated
Lien Security Documents, as the case may be, including as to application of proceeds of the Common Collateral, voting rights, control of the Common Collateral and waivers with respect to the Common Collateral, in each case so long as (A) the
terms thereof do not violate or conflict with the provisions of this Agreement or the other First Priority Lien Security Documents or Subordinated Lien Security Documents, as the case may be, (B) in the case of any such intercreditor agreement
(or similar arrangement) affecting any First Priority Lien Holders, the First Priority Lien Debt Representative acting on behalf of such First Priority Lien Holders agrees in its sole discretion to enter into any such intercreditor agreement (or
similar arrangement) and (C) in the case of any such intercreditor agreement (or similar arrangement) affecting the First Priority Lien Holders holding First Priority Claims under the First Priority Lien Debt Documents, the holders of a
majority of the applicable First Priority Claims authorize the applicable First Priority Lien Debt Representative to enter into any such intercreditor agreement (or similar arrangement). Notwithstanding the preceding clauses (B) and (C), to the
extent that the applicable First Priority Lien Debt Representative is not authorized by the holders of a majority of the applicable First Priority Claims to enter into any such intercreditor 

  
 33 

 
agreement (or similar arrangement) or does not agree to enter into such intercreditor agreement (or similar arrangement), such intercreditor agreement (or similar arrangement) shall not be
binding upon the applicable First Priority Lien Debt Representative but, subject to the immediately succeeding sentence, may still bind the other parties party thereto. In any event, if a respective intercreditor agreement (or similar arrangement)
exists, the provisions thereof shall not be (or be construed to be) an amendment, modification or other change to this Agreement or any other First Priority Lien Security Document or Subordinated Lien Security Document, and the provisions of this
Agreement and the other First Priority Lien Security Documents and Subordinated Lien Security Documents shall remain in full force and effect in accordance with the terms hereof and thereof (as such provisions may be amended, modified or otherwise
supplemented from time to time in accordance with the terms thereof, including to give effect to any intercreditor agreement (or similar arrangement)). 
 [Remainder of page intentionally left blank] 

  
 34 

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

			
	
	 FIRST PRIORITY LIEN COLLATERAL
 TRUSTEE:

	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as First Priority Lien Collateral
Trustee
		
	By:	 	 
		 	Name:
		 	Title:

 
			
	SECOND PRIORITY SECURED SUBORDINATED NOTES TRUSTEE AND COLLATERAL AGENT:
	
	U.S. BANK NATIONAL ASSOCIATION, as Second Priority Secured Subordinated Notes Trustee and Collateral Agent
		
	By:	 	 
		 	Name:
		 	Title:

 
			
	LBI MEDIA, INC.
		
	By:	 	 
		 	Name: Blima Tuller
		 	Title: Chief Financial Officer

 
			
	
	 LIBERMAN TELEVISION OF HOUSTON LLC
 KZJL LICENSE LLC
 LIBERMAN TELEVISION LLC
 KRCA TELEVISION LLC
 KRCA LICENSE LLC
 LIBERMAN BROADCASTING OF CALIFORNIA LLC
 LBI RADIO LICENSE LLC

LIBERMAN BROADCASTING OF HOUSTON LICENSE LLC

LIBERMAN BROADCASTING OF HOUSTON LLC
 LIBERMAN
BROADCASTING OF DALLAS LLC
 LIBERMAN BROADCASTING OF DALLAS LICENSE LLC
 LIBERMAN TELEVISION OF DALLAS LLC
 LIBERMAN TELEVISION OF DALLAS LICENSE LLC

EMPIRE BURBANK STUDIOS LLC

		
	By:	 	 
		 	Name: Blima Tuller
		 	Title: Chief Financial Officer

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