Document:

exv10w5

 

EXHIBIT 10.5

INTERCREDITOR AGREEMENT

     This INTERCREDITOR AGREEMENT is dated as of June 10, 2005, and entered into by and among
Spanish Broadcasting System, Inc., a Delaware corporation (the “Company”), Lehman Commercial Paper
Inc. (“LCPI”), in its capacity as collateral agent for the First Lien Obligations (as defined
below), including its permitted successors and assigns from time to time (the “First Lien
Collateral Agent”), and LCPI, in its capacity as collateral agent for the Second Lien Obligations
(as defined below), including its permitted successors and assigns from time to time (the “Second
Lien Collateral Agent”). Capitalized terms used in this Agreement have the meanings assigned to
them in Section 1 below.

RECITALS

     The Company, the lenders party thereto, Lehman Brothers Inc., as lead arranger and sole
manager, Merrill Lynch, Pierce, Fenner & Smith, Incorporated, as syndication agent, Wachovia Bank,
National Association, as documentation agent, LCPI, as administrative agent, and Merrill Lynch,
Pierce Fenner & Smith, Incorporated and Wachovia Capital Markets, LLC, as co-arrangers, have
entered into that First Lien Credit Agreement dated as of the date hereof providing for a revolving
credit facility and term loan (as amended, restated, supplemented, modified, replaced or refinanced
from time to time, the “First Lien Credit Agreement”);

     The Company, the lenders party thereto, Lehman Brothers Inc., as lead arranger and sole
manager, Merrill Lynch, Pierce, Fenner & Smith, Incorporated, as syndication agent, Wachovia Bank,
National Association, as documentation agent, LCPI, as administrative agent, and Merrill Lynch,
Pierce Fenner & Smith, Incorporated and Wachovia Capital Markets, LLC, as co-arrangers, have
entered into that Second Lien Credit Agreement dated as of the date hereof providing for a term
loan (as amended, restated, supplemented, modified, replaced or refinanced from time to time, the
“Second Lien Credit Agreement”);

     Pursuant to (i) that certain First Lien Guarantee and Collateral Agreement dated as of the
date hereof, certain current and future subsidiaries of the Company have agreed or will agree to
guarantee the First Lien Obligations (the “First Lien Guarantee”) and (ii) that certain Second Lien
Guarantee and Collateral Agreement dated as of the date hereof, the Company and certain current and
future subsidiaries of the Company have agreed or will agree to guarantee the Second Lien
Obligations (the “Second Lien Guarantee”);

     The obligations of the Company under the First Lien Credit Agreement and any Specified Hedge
Agreement (as defined in the First Lien Credit Agreement) and the obligations of the guarantors
under the First Lien Guarantee will be secured on a first priority basis by liens on substantially
all the assets of the Company and the guarantors (such current and future subsidiaries of the
Company providing a guarantee thereof, the “Guarantor Subsidiaries”), respectively, pursuant to the
terms of the First Lien Collateral Documents;

     The obligations of the Company under the Second Lien Credit Agreement and the obligations of
the Company and the Guarantor Subsidiaries under the Second Lien Guarantee will be secured on a
second priority basis by liens on substantially all the assets of the Company

 

 

and the Guarantor Subsidiaries, respectively, pursuant to the terms of the Second Lien
Collateral Documents;

     The First Lien Loan Documents and the Second Lien Loan Documents provide, among other things,
that the parties thereto shall set forth in this Agreement their respective rights and remedies
with respect to the Collateral; and

     In order to induce the First Lien Collateral Agent and the First Lien Claimholders to consent
to the Grantors incurring the Second Lien Obligations and to induce the First Lien Claimholders to
extend credit and other financial accommodations and lend monies to or for the benefit of the
Company or any other Grantor, the Second Lien Collateral Agent on behalf of the Second Lien
Claimholders has agreed to the intercreditor and other provisions set forth in this Agreement.

AGREEMENT

     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 the Agreement, the following terms shall have the
following meanings:

     “Affiliate” means, with respect to a specified Person, another Person that directly, or
indirectly through one or more intermediaries, controls or is controlled by or is under common
control with the Person specified. For purposes of this definition, a Person shall be deemed to
“control” or be “controlled by” a Person if such Person possesses, directly or indirectly, power to
direct or cause the direction of the management or policies of such Person whether through
ownership of equity interests, by contract or otherwise.

     “Agreement” means this Intercreditor Agreement, as amended, restated, renewed, extended,
supplemented or otherwise modified from time to time.

     “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and
hereafter in effect, or any successor statute.

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

     “Business Day” means a day other than a Saturday, Sunday or other day on which commercial
banks in New York City are authorized or required by law to close.

     “Collateral” means all of the assets and property of any Grantor, whether real, personal or
mixed, constituting both First Lien Collateral and Second Lien Collateral.

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     “Company” has the meaning assigned to that term in Preamble to this Agreement.

     “Comparable Second Lien Collateral Document” means, in relation to any Collateral subject to
any Lien created under any First Lien Collateral Document, the Second Lien Loan Document which
creates a Lien on the same Collateral, granted by the same Grantor.

     “DIP Financing” has the meaning assigned to that term in Section 6.1.

     “Discharge of First Lien Obligations” means, except to the extent otherwise expressly provided
in Section 5.5 (and subject to Section 6.5):

     (a) payment in full in cash of the principal of and interest (including interest accruing on
or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest
would be allowed in such Insolvency or Liquidation Proceeding), on all Indebtedness outstanding
under the First Lien Loan Documents and constituting First Lien Obligations;

     (b) payment in full in cash of all other First Lien Obligations that are due and payable or
otherwise accrued and owing at or prior to the time such principal and interest are paid;

     (c) termination or expiration of all commitments, if any, to extend credit that would
constitute First Lien Obligations; and

     (d) termination or cash collateralization (in an amount and manner reasonably satisfactory to
the First Lien Collateral Agent) of all letters of credit issued under the First Lien Loan
Documents and constituting First Lien Obligations.

     “Disposition” has the meaning assigned to that term in Section 5.1(b).

     “First Lien Claimholders” means, at any relevant time, the holders of First Lien Obligations
at that time, including the First Lien Lenders and the agents under the First Lien Loan Documents.

     “First Lien Collateral Agent” has the meaning assigned to that term in the Preamble to this
Agreement.

     “First Lien Collateral” means all of the assets and property of any Grantor, whether real,
personal or mixed, with respect to which a Lien is granted as security for any First Lien
Obligations.

     “First Lien Collateral Documents” means the Security Documents (as defined in the First Lien
Credit Agreement) and any other agreement, document or instrument pursuant to which a Lien is
granted securing any First Lien Obligations or under which rights or remedies with respect to such
Liens are governed.

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     “First Lien Credit Agreement” has the meaning assigned to that term in the Recitals to this
Agreement.

     “First Lien Guarantee” has the meaning assigned to that term in the Recitals to this
Agreement.

     “First Lien Lenders” means the “Lenders” under and as defined in the First Lien Loan
Documents.

     “First Lien Loan Documents” means the First Lien Credit Agreement and the other Loan Documents
(as defined in the First Lien Credit Agreement) and each of the other agreements, documents and
instruments providing for or evidencing any other First Lien Obligation, and any other document or
instrument executed or delivered at any time in connection with any First Lien Obligations,
including any intercreditor or joinder agreement among holders of First Lien Obligations, to the
extent such are effective at the relevant time, in each case as each may be amended, restated,
supplemented, modified, renewed or extended from time to time in accordance with the provisions of
this Agreement.

     “First Lien Mortgages” means a collective reference to each mortgage, deed of trust and other
document or instrument under which any Lien on real property owned or leased by any Grantor is
granted to secure any First Lien Obligations or under which rights or remedies with respect to any
such Liens are governed.

     “First Lien Obligations” means, subject to the next sentence, all Obligations outstanding
under the First Lien Credit Agreement and the other First Lien Loan Documents, including:

     (a) Specified Hedge Agreements; plus

     (b) other additional Obligations designated by the Company and the First Lien Collateral Agent
as “Obligations” under the First Lien Loan Documents. “First Lien Obligations” shall include all
interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation
Proceeding, accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance
with the rate specified in the relevant First Lien Loan Document whether or not the claim for such
interest is allowed as a claim in such Insolvency or Liquidation Proceeding.

     “First Lien Obligations Amount” has the meaning assigned to that term in Section
5.1(e).

     “Governmental Authority” means any federal, state, municipal, national or other government,
governmental department, commission, board, bureau, court, agency or instrumentality or political
subdivision thereof or any entity or officer exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to any government or any court, in each
case whether associated with a state of the United States, the United States, or a foreign entity
or government.

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     “Grantors” means the Company, each of the Guarantor Subsidiaries and each other Person that
has or may from time to time hereafter execute and deliver a First Lien Collateral Document or a
Second Lien Collateral Document as a “grantor” or “pledgor” (or the equivalent thereof).

     “Guarantor Subsidiaries” has the meaning set forth in the Recitals to this Agreement.

     “Indebtedness” means and includes all Obligations that constitute “Indebtedness” within the
meaning of the First Lien Credit Agreement or the Second Lien Credit Agreement, as applicable.

     “Insolvency or Liquidation Proceeding” means:

     (a) any voluntary or involuntary case or proceeding under the Bankruptcy Code 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 a material portion of their respective assets;

     (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether
voluntary or involuntary and whether or not involving insolvency or bankruptcy; or

     (d) any assignment for the benefit of creditors or any other marshalling of assets and
liabilities of any Grantor.

     “LCPI” has the meaning assigned to that term in the Preamble to this Agreement.

     “Lien” with respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law (including any conditional sale or other title retention agreement,
any lease in the nature thereof, any option or other agreement to sell or give a security interest
in and any filing of or agreement to give any financing statement under the Uniform Commercial Code
(or equivalent statutes) of any jurisdiction).

     “New Agent” has the meaning assigned to that term in Section 5.5.

     “New First Lien Debt Notice” has the meaning assigned to that term in Section 5.5.

     “Obligations” means all obligations of every nature of each Grantor from time to time owed to
any agent or trustee, the First Lien Claimholders, the Second Lien Claimholders or any of them or
their respective Affiliates under the First Lien Loan Documents, the Second Lien Loan Documents or
Specified Hedge Agreements, whether for principal, interest or payments for early termination of
Specified Hedge Agreements, fees, expenses, indemnification or otherwise and all guarantees of any
of the foregoing.

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     “Person” means any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, governmental authority or other entity.

     “Pledged Collateral” has the meaning set forth in Section 5.4.

     “Recovery” has the meaning set forth in Section 6.5.

     “Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, defease,
amend, modify, supplement, restructure, replace, refund or repay, or to issue other indebtedness,
in exchange or replacement for, such Indebtedness in whole or in part. “Refinanced” and
“Refinancing” shall have correlative meanings.

     “Second Lien Claimholders” means, at any relevant time, the holders of Second Lien Obligations
at that time, including the Second Lien Lenders and the agents under the Second Lien Loan
Documents.

     “Second Lien Collateral” means all of the assets and property of any Grantor, whether real,
personal or mixed, with respect to which a Lien is granted as security for any Second Lien
Obligations.

     “Second Lien Collateral Agent” has the meaning assigned to that term in the Preamble of this
Agreement.

     “Second Lien Collateral Documents” means the Security Documents (as defined in the Second Lien
Credit Agreement) and any other agreement, document or instrument pursuant to which a Lien is
granted securing any Second Lien Obligations or under which rights or remedies with respect to such
Liens are governed.

     “Second Lien Credit Agreement” has the meaning assigned to that term in the Recitals to this
Agreement.

     “Second Lien Guarantee” has the meaning assigned to that term in the Recitals to this
Agreement.

     “Second Lien Lenders” means the “Lenders” under and as defined in the Second Lien Credit
Agreement.

     “Second Lien Loan Documents” means the Second Lien Credit Agreement and the other Loan
Documents (as defined in the Second Lien Credit Agreement) and each of the other agreements,
documents and instruments providing for or evidencing any other Second Lien Obligation, and any
other document or instrument executed or delivered at any time in connection with any Second Lien
Obligations, including any intercreditor or joinder agreement among holders of Second Lien
Obligations to the extent such are effective at the relevant time, in each case as each may be
amended, restated, supplemented, modified, renewed or extended from time to time in accordance with
the provisions of this Agreement.

     “Second Lien Mortgages” means a collective reference to each mortgage, deed of trust and any
other document or instrument under which any Lien on real property owned or

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leased by any Grantor is granted to secure any Second Lien Obligations or under which rights
or remedies with respect to any such Liens are governed.

     “Second Lien Obligations” means all Obligations outstanding under the Second Lien Credit
Agreement and the other Second Lien Loan Documents, including Specified Hedge Agreements (as
defined in the Second Lien Credit Agreement) but only to the extent a Qualified Counterparty (as
defined in the Second Lien Credit Agreement) thereunder is not a Qualified Counterparty under the
First Lien Credit Agreement. Second Lien Obligations shall include all interest accrued or
accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue)
after commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified
in the relevant Second Lien Loan Document whether or not the claim for such interest is allowed as
a claim in such Insolvency or Liquidation Proceeding.

     “Second Lien Obligations Amount” has the meaning assigned to that term in Section
5.1(e).

     “Standstill Period” has the meaning set forth in Section 3.1.

     “UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as in
effect in any applicable jurisdiction.

     1.2. Terms Generally. The definitions of terms in this Agreement 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, restated, supplemented, modified, renewed or extended;

     (b) any reference herein to any Person shall be construed to include such Person’s permitted
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.

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     SECTION 2. Lien Priorities.

     2.1. Relative Priorities. Notwithstanding the date, time, method, manner or order of
grant, attachment or perfection of any Liens securing the Second Lien Obligations granted on the
Collateral or of any Liens securing the First Lien Obligations granted on the Collateral and
notwithstanding any provision of the UCC, or any other applicable law or the Second Lien Loan
Documents or any defect or deficiencies in, or failure to perfect, the Liens securing the First
Lien Obligations or any other circumstance whatsoever, the Second Lien Collateral Agent, on behalf
of itself and the Second Lien Claimholders, hereby agrees that:

     (a) any Lien on the Collateral securing any First Lien Obligations now or hereafter held by or
on behalf of the First Lien Collateral Agent or any First Lien Claimholders or any agent or trustee
therefor, regardless of how acquired, whether by grant, possession, statute, operation of law,
subrogation or otherwise, shall be senior in all respects and prior to any Lien on the Collateral
securing any Second Lien Obligations; and

     (b) any Lien on the Collateral securing any Second Lien Obligations now or hereafter held by
or on behalf of the Second Lien Collateral Agent, any Second Lien Claimholders or any agent or
trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of
law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the
Collateral securing any First Lien Obligations. All Liens on the Collateral securing any First
Lien Obligations shall be and remain senior in all respects and prior to all Liens on the
Collateral securing any Second Lien Obligations for all purposes, whether or not such Liens
securing any First Lien Obligations are subordinated to any Lien securing any other obligation of
the Company, any other Grantor or any other Person.

     2.2. Prohibition on Contesting Liens. Each of the Second Lien Collateral Agent, for
itself and on behalf of each Second Lien Claimholder, and the First Lien Collateral Agent, for
itself and on behalf of each First Lien Claimholder, agrees that it will 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 priority, validity or enforceability of a Lien held by
or on behalf of any of the First Lien Claimholders in the First Lien Collateral or by or on behalf
of any of the Second Lien Claimholders in the Second Lien Collateral, as the case may be, or the
provisions of this Agreement; provided that nothing in this Agreement shall be construed to
prevent or impair the rights of the First Lien Collateral Agent or any First Lien Claimholder to
enforce this Agreement, including the provisions of this Agreement relating to the priority of the
Liens securing the First Lien Obligations as provided in Sections 2.1 and 3.1.

     2.3. No New Liens. So long as the Discharge of First Lien Obligations has not
occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against
the Company or any other Grantor, the parties hereto agree that the Company shall not, and shall
not permit any other Grantor to:

     (a) grant or permit any additional Liens on any asset or property to secure any Second Lien
Obligation unless it has granted or concurrently grants a Lien on such asset or property to secure
the First Lien Obligations; or

     (b) grant or permit any additional Liens on any asset or property to secure any First Lien
Obligations unless it has granted or concurrently grants a Lien on such asset or

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property to secure the Second Lien Obligations. To the extent that the foregoing provisions
are not complied with for any reason, without limiting any other rights and remedies available to
the First Lien Collateral Agent and/or the First Lien Claimholders, the Second Lien Collateral
Agent, on behalf of Second Lien Claimholders, agrees that any amounts received by or distributed to
any of them pursuant to or as a result of Liens granted in contravention of this Section
2.3 shall be subject to Section 4.2.

     2.4. Similar Liens and Agreements. The parties hereto agree that it is their
intention that the First Lien Collateral and the Second Lien Collateral be identical. In
furtherance of the foregoing and of Section 8.9, the parties hereto agree, subject to the
other provisions of this Agreement:

     (a) upon request by the First Lien Collateral Agent or the Second Lien Collateral Agent, to
cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to time
in order to determine the specific items included in the First Lien Collateral and the Second Lien
Collateral and the steps taken to perfect their respective Liens thereon and the identity of the
respective parties obligated under the First Lien Loan Documents and the Second Lien Loan
Documents; and

     (b) that the documents and agreements creating or evidencing the First Lien Collateral and the
Second Lien Collateral and guarantees for the First Lien Obligations and the Second Lien
Obligations, subject to Section 5.3(d), shall be in all material respects the same forms of
documents other than with respect to the first lien and the second lien nature of the Obligations
thereunder.

     SECTION 3. Enforcement.

     3.1. Exercise of Remedies.

     (a) Until the Discharge of First Lien Obligations has occurred, whether or not any Insolvency
or Liquidation Proceeding has been commenced by or against the Company or any other Grantor, the
Second Lien Collateral Agent and the Second Lien Claimholders:

     (1) will not exercise or seek to exercise any rights or remedies with respect to any
Collateral (including the exercise of any right of setoff or any right under any lockbox
agreement, account control agreement or similar agreement or arrangement to which the Second
Lien Collateral Agent or any Second Lien Claimholder is a party) or institute any action or
proceeding with respect to such rights or remedies (including any action of foreclosure);
provided, however, that subject to clause (c) below, the Second Lien
Collateral Agent may exercise any or all such rights or remedies after the passage of a
period of at least 180 days has elapsed since the later of: (i) the date on which the Second
Lien Collateral Agent declared the existence of any Event of Default under any Second Lien
Loan Documents and demanded the repayment of all the principal amount of any Second Lien
Obligations; and (ii) the date on which the First Lien Collateral Agent received notice from
the Second Lien Collateral Agent of such declarations of an Event of Default, (the
“Standstill Period”); provided, further, however, that
notwithstanding anything herein to the contrary, in no event shall the Second Lien

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Collateral Agent or any Second Lien Claimholder exercise any rights or remedies with
respect to the Collateral if, notwithstanding the expiration of the Standstill Period, the
First Lien Collateral Agent or First Lien Claimholders shall have commenced and be
diligently pursuing the exercise of their rights or remedies with respect to all or any
material portion of the Collateral (prompt notice of such exercise to be given to the Second
Lien Collateral Agent);

     (2) will not contest, protest or object to any foreclosure proceeding or action brought
by the First Lien Collateral Agent or any First Lien Claimholder or any other exercise by
the First Lien Collateral Agent or any First Lien Claimholder of any rights and remedies
relating to the Collateral under the First Lien Loan Documents or otherwise; and

     (3) subject to their rights under clause (a)(1) above, will not object to the
forbearance by the First Lien Collateral Agent or the First Lien Claimholders from bringing
or pursuing any foreclosure proceeding or action or any other exercise of any rights or
remedies relating to the Collateral, in each case so long as the Liens granted to secure the
Second Lien Obligations of the Second Lien Claimholders attach to the proceeds thereof
subject to the relative priorities described in Section 2.

     (b) Until the Discharge of First Lien Obligations has occurred, whether or not any Insolvency
or Liquidation Proceeding has been commenced by or against the Company or any other Grantor,
subject to Section 3.1(a)(1), the First Lien Collateral Agent and the First Lien
Claimholders shall have the exclusive right to enforce rights, exercise remedies (including set off
and the right to credit bid their debt) and make determinations regarding the release, disposition,
or restrictions with respect to the Collateral, in each case, in accordance with the First Lien
Credit Documents and applicable law without any consultation with or the consent of the Second Lien
Collateral Agent or any Second Lien Claimholder. The First Lien Collateral Agent shall provide at
least five (5) days notice to the Second Lien Collateral Agent of its intent to exercise and
enforce its rights or remedies with respect to the Collateral. In exercising rights and remedies
with respect to the Collateral, the First Lien Collateral Agent and the First Lien Claimholders may
enforce the provisions of the First Lien Loan Documents and exercise remedies thereunder, all in
such order and in such manner as they may determine in the exercise of their sole discretion, in
each case, in accordance with the First Lien Credit Documents and applicable law. Such exercise
and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose
of Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and
to exercise all the rights and remedies of a secured creditor under the UCC and of a secured
creditor under Bankruptcy Laws of any applicable jurisdiction, in each case, in accordance with the
First Lien Credit Documents and applicable law.

     (c) Notwithstanding the foregoing, the First Lien Collateral Agent and the First Lien
Claimholders agree that the Second Lien Collateral Agent and any Second Lien Claimholder may:

     (1) file a claim or statement of interest with respect to the Second Lien Obligations;
provided that an Insolvency or Liquidation Proceeding has been commenced by or
against the Company or any other Grantor;

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     (2) take any action (not adverse to the priority status of the Liens on the Collateral
securing the First Lien Obligations, or the rights of any First Lien Collateral Agent or the
First Lien Claimholders to exercise remedies in respect thereof) in order to create,
perfect, preserve or protect its Lien on the Collateral;

     (3) file any necessary responsive or defensive pleadings in opposition to any motion,
claim, adversary proceeding or other pleading made by any person objecting to or otherwise
seeking the disallowance of the claims of the Second Lien Claimholders, including any claims
secured by the Collateral, if any, in each case in accordance with the terms of this
Agreement;

     (4) vote on any plan of reorganization, file any proof of claim, make other filings and
make any arguments and motions that are, in each case, in accordance with the terms of this
Agreement, with respect to the Second Lien Obligations and the Collateral; and

     (5) exercise any of its rights or remedies with respect to the Collateral after the
termination of the Standstill Period to the extent permitted by Section 3.1(a)(1).

     The Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, agrees
that it will not take or receive any Collateral or any proceeds of Collateral in connection with
the exercise of any right or remedy (including set-off) with respect to any Collateral in its
capacity as a creditor, unless and until the Discharge of First Lien Obligations has occurred,
except as expressly provided in Section 3.1(a)(1). Without limiting the generality of the
foregoing, unless and until the Discharge of First Lien Obligations has occurred, except as
expressly provided in Sections 3.1(a), 6.3(b) and this Section 3.1(c), the
sole right of the Second Lien Collateral Agent and the Second Lien Claimholders with respect to the
Collateral is to hold a Lien on the Collateral pursuant to the Second Lien Collateral Documents 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 Lien Obligations has occurred.

     (d) Subject to Sections 3.1(a) and (c) and Section 6.3(b):

     (1) the Second Lien Collateral Agent, for itself and on behalf of the Second Lien
Claimholders, agrees that the Second Lien Collateral Agent and the Second Lien Claimholders
will not take any action that would hinder any exercise of remedies under the First Lien
Loan Documents or is otherwise prohibited hereunder, including any sale, lease, exchange,
transfer or other disposition of the Collateral, whether by foreclosure or otherwise;

     (2) the Second Lien Collateral Agent, for itself and on behalf of the Second Lien
Claimholders, hereby waives any and all rights it or the Second Lien Claimholders may have
as a junior lien creditor or otherwise to object to the manner in which the First Lien
Collateral Agent or the First Lien Claimholders seek to enforce or collect the First Lien
Obligations or the Liens securing the First Lien Obligations granted in any of the First
Lien Collateral undertaken in accordance with this Agreement, regardless of whether any
action or failure to act by or on behalf of the First Lien

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Collateral Agent or First Lien Claimholders is adverse to the interest of the Second
Lien Claimholders; and

     (3) the Second Lien Collateral Agent hereby acknowledges and agrees that no covenant,
agreement or restriction contained in the Second Lien Collateral Documents or any other
Second Lien Document (other than this Agreement) shall be deemed to restrict in any way the
rights and remedies of the First Lien Collateral Agent or the First Lien Claimholders with
respect to the Collateral as set forth in this Agreement and the First Lien Credit
Documents.

     (e) Except as specifically set forth in Sections 3.1(a) and (d), the Second
Lien Collateral Agent and the Second Lien Claimholders may exercise rights and remedies as
unsecured creditors against the Company or any other Grantor that has guaranteed or granted Liens
to secure the Second Lien Obligations in accordance with the terms of the Second Lien Loan
Documents and applicable law; provided that in the event that any Second Lien Claimholder
becomes a judgment Lien creditor in respect of Collateral as a result of its enforcement of its
rights as an unsecured creditor with respect to the Second Lien Obligations, such judgment Lien
shall be subject to the terms of this Agreement for all purposes (including in relation to the
First Lien Obligations) as the other Liens securing the Second Lien Obligations are subject to this
Agreement.

     (f) Except as specifically set forth in Sections 3.1(a) and (d), nothing in
this Agreement shall prohibit the receipt by the Second Lien Collateral Agent or any Second Lien
Claimholders of the required payments of interest, principal and other amounts owed in respect of
the Second Lien Obligations so long as such receipt is not the direct or indirect result of the
exercise by the Second Lien Collateral Agent or any Second Lien Claimholders of rights or remedies
as a secured creditor (including set off) or enforcement in contravention of this Agreement of any
Lien held by any of them. Nothing in this Agreement impairs or otherwise adversely affects any
rights or remedies the First Lien Collateral Agent or the First Lien Claimholders may have with
respect to the First Lien Collateral.

     SECTION 4. Payments.

     4.1. Application of Proceeds. So long as the Discharge of First Lien Obligations has
not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or
against the Company or any other Grantor, Collateral or proceeds thereof received in connection
with the sale or other disposition of, or collection on, such Collateral upon the exercise of
remedies by the First Lien Collateral Agent or First Lien Claimholders, shall be applied by the
First Lien Collateral Agent to the First Lien Obligations in such order as specified in the
relevant First Lien Loan Documents. Upon the Discharge of First Lien Obligations, the First Lien
Collateral Agent shall deliver to the Second Lien Collateral Agent or the Grantors, as applicable,
any Collateral and proceeds of Collateral 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 Second Lien Collateral Agent to the Second Lien Obligations in such order as specified in
the Second Lien Collateral Documents.

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     4.2. Payments Over. So long as the Discharge of First Lien Obligations has not
occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against
the Company or any other Grantor, any Collateral or proceeds thereof (including assets or proceeds
subject to Liens referred to in the final sentence of Section 2.3) received by the Second
Lien Collateral Agent or any Second Lien Claimholders in connection with the exercise of any right
or remedy (including set off) relating to the Collateral in contravention of this Agreement shall
be segregated and held in trust and forthwith paid over to the First Lien Collateral Agent for the
benefit of the First Lien Claimholders in the same form as received, with any necessary
endorsements or as a court of competent jurisdiction may otherwise direct. The First Lien
Collateral Agent is hereby authorized to make any such endorsements as agent for the Second Lien
Collateral Agent or any such Second Lien Claimholders. This authorization is coupled with an
interest and is irrevocable until the Discharge of First Lien Obligations.

     SECTION 5. Other Agreements.

     5.1. Releases. (a) If in connection with the exercise of the First Lien Collateral
Agent’s rights and remedies in respect of the Collateral provided for in Section 3.1, the
First Lien Collateral Agent, for itself or on behalf of any of the First Lien Claimholders,
releases any of its Liens on any part of the Collateral or releases any Guarantor Subsidiary from
its obligations under its guarantee of the First Lien Obligations, then the Liens, if any, of the
Second Lien Collateral Agent, for itself or for the benefit of the Second Lien Claimholders, on
such Collateral, and the obligations of such Guarantor Subsidiary under its guarantee of the Second
Lien Obligations, shall be automatically, unconditionally and simultaneously released. The Second
Lien Collateral Agent, for itself or on behalf of any such Second Lien Claimholders, promptly shall
execute and deliver to the First Lien Collateral Agent or the applicable Grantor such termination
statements, releases and other documents as the First Lien Collateral Agent or the applicable
Grantor may request to effectively confirm such release.

     (b) If in connection with any sale, lease, exchange, transfer or other disposition of any
Collateral (collectively, a “Disposition”) permitted under the terms of both the First Lien Loan
Documents and the Second Lien Loan Documents (other than in connection with the exercise of the
First Lien Collateral Agent’s rights and remedies in respect of the Collateral provided for in
Section 3.1), the First Lien Collateral Agent, for itself or on behalf of any of the First
Lien Claimholders, releases any of its Liens on any part of the Collateral, or releases any
Guarantor Subsidiary from its obligations under its guarantee of the First Lien Obligations, in
each case other than (A) in connection with the Discharge of First Lien Obligations and (B) after
the occurrence and during the continuance of any Event of Default under the Second Lien Credit
Agreement, then the Liens, if any, of the Second Lien Collateral Agent, for itself or for the
benefit of the Second Lien Claimholders, on such Collateral, and the obligations of such Guarantor
Subsidiary under its guarantee of the Second Lien Obligations, shall be automatically,
unconditionally and simultaneously released. The Second Lien Collateral Agent, for itself or on
behalf of any such Second Lien Claimholders, promptly shall execute and deliver to the First Lien
Collateral Agent or the applicable Grantor such termination statements, releases and other
documents as the First Lien Collateral Agent or such Grantor may request to effectively confirm
such release.

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     (c) Until the Discharge of First Lien Obligations occurs, the Second Lien Collateral Agent,
for itself and on behalf of the Second Lien Claimholders, hereby irrevocably constitutes and
appoints the First Lien Collateral Agent and any officer or agent of the First Lien Collateral
Agent, 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 the Second Lien Collateral Agent or such
holder or in the First Lien Collateral Agent’s own name, from time to time in the First Lien
Collateral Agent’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 which may be necessary to accomplish the purposes of this Section 5.1,
including any endorsements or other instruments of transfer or release.

     (d) Until the Discharge of First Lien Obligations occurs, to the extent that the First Lien
Collateral Agent or the First Lien Claimholders (i) have released any Lien on Collateral or any
Guarantor Subsidiary from its obligation under its guarantee and any such Liens or guarantee are
later reinstated in each case, in accordance with the First Lien Credit Documents or (ii) obtain
any new Liens or additional guarantees from any Guarantor Subsidiary in accordance with the First
Lien Credit Documents, then the Second Lien Collateral Agent, for itself and for the Second Lien
Claimholders, shall be granted a Lien on any such Collateral, subject to the lien subordination
provisions of this Agreement, and an additional guarantee, as the case may be.

     (e) In the event that the principal amount of funded First Lien Obligations, plus the
aggregate face amount of letters of credit, if any, issued under the First Lien Credit Agreement
and not reimbursed, plus the aggregate principal amount of unfunded commitments under the
First Lien Credit Agreement (collectively, the “First Lien Obligations Amount”), at any date of
determination no longer constitute at least 20% of the sum of (i) the First Lien Obligations Amount
and (ii) the principal amount of funded Second Lien Obligations (collectively, the “Second Lien
Obligations Amount”), then any agreement provided for in Section 5.1(a) above (except for
releases given in connection with a Disposition permitted under the First Lien Loan Documents and
the Second Lien Loan Documents) shall require the consent of First Lien Claimholders and Second
Lien Claimholders representing in the aggregate more than 50% of the sum of (i) the First Lien
Obligations Amount and (ii) the Second Lien Obligations Amount.

     5.2. Insurance. Unless and until the Discharge of First Lien Obligations has
occurred, the First Lien Collateral Agent and the First Lien Claimholders shall have the sole and
exclusive right, subject to the rights of the Grantors under the First Lien Loan Documents, to
adjust settlement for any insurance policy covering the Collateral in the event of any loss
thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed
in lieu of condemnation) affecting the Collateral. Unless and until the Discharge of First Lien
Obligations has occurred, and subject to the rights of the Grantors under the First Lien Loan
Documents, all proceeds of any such policy and any such award (or any payments with respect to a
deed in lieu of condemnation) if in respect to the Collateral shall be paid to the First Lien
Collateral Agent for the benefit of the First Lien Claimholders pursuant to the terms of the First
Lien Loan Documents (including for purposes of cash collateralization of letters of credit) and
thereafter, to the extent no First Lien Obligations are outstanding, and subject to the rights of
the Grantors under the Second Lien Loan Documents, to the Second Lien Collateral Agent for the

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benefit of the Second Lien Claimholders to the extent required under the Second Lien
Collateral Documents and then, to the extent no Second 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. Until the Discharge of First Lien Obligations has
occurred, if the Second Lien Collateral Agent or any Second Lien Claimholders shall, at any time,
receive any proceeds of any such insurance policy or any such award or payment in contravention of
this Agreement, it shall pay such proceeds over to the First Lien Collateral Agent in accordance
with the terms of Section 4.2.

     5.3. Amendments to First Lien Loan Documents and Second Lien Loan Documents. (a) The
First Lien Loan Documents may be amended, supplemented or otherwise modified in accordance with
their terms and the First Lien Credit Agreement may be Refinanced, in each case, without notice to,
or the consent of the Second Lien Collateral Agent or the Second Lien Claimholders, all without
affecting the lien subordination or other provisions of this Agreement; provided,
however, that the holders of such Refinancing debt bind themselves or an agent acting on
their behalf binds them in a writing addressed to the Second Lien Collateral Agent and the Second
Lien Claimholders to the terms of this Agreement and any such amendment, supplement, modification
or Refinancing shall not, without the consent of the Second Lien Collateral Agent:

     (1) increase the “Applicable Margin” or similar component of the interest rate by more
than 1.5% per annum (excluding increases (A) resulting from application of the pricing grid
set forth in the First Lien Credit Agreement as in effect on the date hereof or (B)
resulting from the accrual of interest at the default rate);

     (2) extend the scheduled maturity of the First Lien Credit Agreement or any Refinancing
thereof beyond the scheduled maturity of the Second Lien Credit Agreement or any Refinancing
thereof;

     (3) modify (or have the effect of a modification of) the mandatory prepayment
provisions of the First Lien Credit Agreement in a manner adverse to the lenders under the
Second Lien Credit Agreement; or

     (4) contravene the provisions of this Agreement.

     (b) Without the prior written consent of the First Lien Collateral Agent, no Second Lien Loan
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 Second Lien Loan Document, would:

     (1) increase the “Applicable Margin” or similar component of the interest rate by more
than 2% per annum (excluding increases resulting from the accrual of interest at the default
rate);

     (2) change (to earlier dates) any dates upon which payments of principal or interest
are due thereon;

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     (3) change any default or Event of Default thereunder in a manner adverse to the First
Lien Collateral Agent, the First Lien Lenders, the Company or any other Grantor;

     (4) change the redemption, prepayment or defeasance provisions thereof;

     (5) change any collateral therefor (other than to release such collateral or in
compliance with Section 2.3(a));

     (6) increase the obligations of the Company or any other Grantor thereunder or confer
any additional rights on the Second Lien Lenders which would be adverse to the First Lien
Lenders; or

     (7) contravene the provisions of this Agreement.

     Subject to the provisions of this subsection (b), the Second Lien Credit Agreement may be
Refinanced to the extent the terms and conditions of such Refinancing debt are no less favorable in
the aggregate to the loan parties and to the First Lien Lenders or the other First Lien Obligations
than the terms and conditions of the Second Lien Loan Documents (as determined in the opinion of
the First Lien Collateral Agent, the outstanding aggregate principal amount of the Second Lien
Credit Agreement is not increased, the average life to maturity thereof is greater than or equal to
that of the Second Lien Credit Agreement and the holders of such Refinancing debt bind themselves
or an agent acting on their behalf binds them in a writing addressed to the First Lien Collateral
Agent and the First Lien Claimholders to the terms of this Agreement.

     (c) The Company agrees that each Second Lien Collateral Document shall include the following
language (or language to similar effect approved by the First Lien Collateral Agent):

“Notwithstanding anything herein to the contrary, the lien and
security interest granted to the Administrative Agent pursuant to
this Agreement and the exercise of any right or remedy by the
Administrative Agent hereunder are subject to the provisions of the
Intercreditor Agreement, dated as of June 10, 2005 (as amended,
restated, supplemented or otherwise modified from time to time, the
“Intercreditor Agreement”, among the Borrower, Lehman
Commercial Paper Inc., as First Lien Collateral Agent, and Lehman
Commercial Paper Inc., as Second Lien Collateral Agent, and certain
other persons party or that may become party thereto from time to
time. In the event of any conflict between the terms of the
Intercreditor Agreement and this Agreement, the terms of the
Intercreditor Agreement shall govern and control with respect to any
exercise of a right or remedy. Without limiting the generality of
the foregoing, and notwithstanding anything herein to the contrary,
all rights and remedies of the Administrative Agent

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(and the Secured Parties) shall be subject to the terms of the
Intercreditor Agreement, and until the First Lien Obligations (as
defined in the Intercreditor Agreement) have been Fully Satisfied
(as such term is defined in the First Lien Guarantee and Collateral
Agreement), (i) no Grantor shall be required hereunder to take any
action that is inconsistent with such Grantor’s obligations under
the First Lien Loan Documents and (ii) any obligation of any Grantor
hereunder with respect to the delivery or control of any Collateral,
the notation of any lien on any certificate of title, bill of lading
or other Document, the giving of any notice to any bailee or other
Person, the provision of voting rights or the obtaining of any
consent of any Person shall be deemed to be satisfied if the Grantor
complies with the requirements of the similar provision of the
applicable First Lien Loan Document. Until the First Lien
Obligations (as defined in the Intercreditor Agreement) have been
Fully Satisfied (as such term is defined in the First Lien Guarantee
and Collateral Agreement), the Administrative Agent may not require
any Grantor to take any action with respect to the creation,
perfection or priority of its security interest, whether pursuant to
the express terms hereof or pursuant to the further assurances
provisions hereof, unless the First Lien Agent shall have required
such Grantor to take similar action, and delivery of any Collateral
to the First Lien Agent pursuant to the First Lien Loan Documents
shall satisfy any delivery requirement hereunder.”

In addition, the Company, the Second Lien Collateral Agent and the Second Lien Creditors agree that
each Second Lien Mortgage covering any Collateral shall contain such other language as the First
Lien Collateral Agent may reasonably request to reflect the subordination of such Second Lien
Mortgage to the First Lien Collateral Document covering such Collateral.

     (d) In the event any First Lien Collateral Agent or the First Lien Claimholders and the
relevant Grantor enter into any amendment, waiver or consent in respect of any of the First Lien
Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to
any departures from any provisions of, any First Lien Collateral Document or changing in any manner
the rights of the First Lien Collateral Agent, such First Lien Claimholders, the Company or any
other Grantor thereunder, then such amendment, waiver or consent shall apply automatically to any
comparable provision of the Comparable Second Lien Collateral Document without the consent of the
Second Lien Collateral Agent or the Second Lien Claimholders and without any action by the Second
Lien Collateral Agent, the Company or any other Grantor, provided, that:

     (1) no such amendment, waiver or consent shall have the effect of:

     (A) removing assets subject to the Lien of the Second Lien Collateral
Documents, except to the extent that a release of such Lien is permitted or required
by Section 5.1;

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     (B) imposing duties on the Second Lien Collateral Agent without its consent;

     (C) permitting other Liens on the Collateral not permitted under the terms of
the Second Lien Loan Documents or Section 6; or

     (D) being prejudicial to the interests of the Second Lien Claimholders to a
greater extent than the First Lien Claimholders (other than by virtue of their
relative priorities and rights and obligations hereunder); and

     (2) notice of such amendment, waiver or consent shall have been given to the Second
Lien Collateral Agent within ten Business Days after the effective date of such amendment,
waiver or consent.

     5.4. Bailee for Perfection. (a) The First Lien Collateral Agent agrees to hold that
part of the Collateral that is in its possession or control (or in the possession or control of its
agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien
thereon under the UCC (such Collateral being the “Pledged Collateral”) as collateral agent for the
First Lien Claimholders and as bailee for the Second Lien Collateral Agent (such bailment being
intended, among other things, to satisfy the requirements of Sections 8-301(a)(2) and 9-313(c) of
the UCC) and any assignee solely for the purpose of perfecting the security interest granted under
the First Lien Loan Documents and the Second Lien Loan Documents, respectively, subject to the
terms and conditions of this Section 5.4.

     (b) The First Lien Collateral Agent shall have no obligation whatsoever to the First Lien
Claimholders, the Second Lien Collateral Agent or any Second Lien Claimholder to ensure that the
Pledged Collateral is genuine or owned by any of the Grantors or to preserve rights or benefits of
any Person except as expressly set forth in this Section 5.4. The duties or
responsibilities of the First Lien Collateral Agent under this Section 5.4 shall be limited
solely to holding the Pledged Collateral as bailee in accordance with this Section 5.4 and
delivering the Pledged Collateral upon a Discharge of First Lien Obligations as provided in
paragraph (d) below.

     (c) The First Lien Collateral Agent acting pursuant to this Section 5.4 shall not have
by reason of the First Lien Collateral Documents, the Second Lien Collateral Documents, this
Agreement or any other document a fiduciary relationship in respect of the First Lien Claimholders,
the Second Lien Collateral Agent or any Second Lien Claimholder.

     (d) Upon the Discharge of First Lien Obligations under the First Lien Loan Documents to which
the First Lien Collateral Agent is a party, the First Lien Collateral Agent shall deliver the
remaining Pledged Collateral (if any) together with any necessary endorsements, first, to
the Second Lien Collateral Agent to the extent Second Lien Obligations remain outstanding, and
second, to the Company to the extent no First Lien Obligations or Second Lien Obligations
remain outstanding (in each case, so as to allow such Person to obtain possession or control of
such Pledged Collateral). The First Lien Collateral Agent further agrees to take all other action
reasonably requested by the Second Lien Collateral Agent in connection with the

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Second Lien Collateral Agent obtaining a first priority interest in the Collateral or as a
court of competent jurisdiction may otherwise direct.

     5.5. When Discharge of First Lien Obligations Deemed to Not Have Occurred. If, at any
time after the Discharge of First Lien Obligations has occurred, the Company thereafter enters into
any Refinancing of any First Lien Loan Document evidencing a First Lien Obligation which
Refinancing is permitted by the Second Lien Loan Documents or hereunder, then such Discharge of
First Lien Obligations shall automatically be deemed not to have occurred for all purposes of this
Agreement (other than with respect to any actions taken as a result of the occurrence of such first
Discharge of First Lien Obligations), and, from and after the date on which the New First Lien Debt
Notice (as defined below) is delivered to the Second Lien Collateral Agent in accordance with the
next sentence, the obligations under such Refinancing of the First Lien Loan Document shall
automatically be treated as First Lien Obligations for all purposes of this Agreement, including
for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the
First Lien Collateral Agent under such First Lien Loan Documents shall be the First Lien Collateral
Agent for all purposes of this Agreement. Upon receipt of a notice (the “New First Lien Debt
Notice”) stating that the Company has entered into a new First Lien Loan Document (which notice
shall include the identity of the new first lien collateral agent, such agent, the “New Agent”),
the Second Lien Collateral Agent shall promptly (a) enter into such documents and agreements
(including amendments or supplements to this Agreement) as the Company or such New Agent shall
reasonably request in order to provide to the New Agent the rights contemplated hereby, in each
case consistent in all material respects with the terms of this Agreement and (b) deliver to the
New Agent any Pledged Collateral held by it together with any necessary endorsements (or otherwise
allow the New Agent to obtain control of such Pledged Collateral). The New Agent shall agree in a
writing addressed to the Second Lien Collateral Agent and the Second Lien Claimholders to be bound
by the terms of this Agreement. If the new First Lien Obligations under the new First Lien Loan
Documents are secured by assets of the Grantors constituting Collateral that do not also secure the
Second Lien Obligations, then the Second Lien Obligations shall be secured at such time by a second
priority Lien on such assets to the same extent provided in the Second Lien Collateral Documents
and this Agreement.

     5.6. Purchase Right. Without prejudice to the enforcement of the First Lien
Claimholders remedies, the First Lien Claimholders agree at any time following an acceleration of
the First Lien Obligations in accordance with the terms of the First Lien Credit Agreement, the
First Lien Claimholders will offer the Second Lien Claimholders the option to purchase the entire
aggregate amount of outstanding First Lien Obligations (including unfunded commitments under the
First Lien Credit Agreement) at par (without regard to any prepayment penalty or premium), without
warranty or representation or recourse, on a pro rata basis across First Lien Claimholders. The
Second Lien Claimholders shall irrevocably accept or reject such offer within ten (10) Business
Days of the receipt thereof and the parties shall endeavor to close promptly thereafter. If the
Second Lien Claimholders accept such offer, it shall be exercised pursuant to documentation
mutually acceptable to each of the First Lien Collateral Agent and the Second Lien Collateral
Agent. If the Second Lien Claimholders reject such offer (or do not so irrevocably accept such
offer within the required timeframe), the First Lien Claimholders shall have no further obligations
pursuant to this Section 5.6 and may take any further actions in their sole discretion in
accordance with the First Lien Loan Documents and this Agreement.

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     SECTION 6. Insolvency or Liquidation Proceedings.

     6.1. Finance and Sale Issues. Until the Discharge of First Lien Obligations has
occurred, if the Company or any other Grantor shall be subject to any Insolvency or Liquidation
Proceeding and the First Lien Collateral Agent shall desire to permit the use of “Cash Collateral”
(as such term is defined in Section 363(a) of the Bankruptcy Code), on which the First Lien
Collateral Agent or any other creditor has a Lien or to permit the Company or any other Grantor to
obtain financing, whether from the First Lien Claimholders or any other Person under Section 364 of
the Bankruptcy Code or any similar Bankruptcy Law (“DIP Financing”), then the Second Lien
Collateral Agent, on behalf of itself and the Second Lien Claimholders, agrees that it will raise
no objection to such Cash Collateral use or DIP Financing and to the extent the Liens securing the
First Lien Obligations are subordinated to or pari passu with such DIP Financing, the Second Lien
Collateral Agent will subordinate its Liens in the Collateral to the Liens securing such DIP
Financing (and all Obligations relating thereto) and will not request adequate protection or any
other relief in connection therewith (except, as expressly agreed by the First Lien Collateral
Agent or to the extent permitted by Section 6.3); provided that, the use of
Cash Collateral and the DIP Financing do not modify the terms of this Agreement and that the
foregoing shall not prevent the Second Lien Claimholders from (i) objecting to any provision in any
DIP Financing relating to any provision or content of a plan of reorganization or (ii) proposing
any other DIP Financing to the Company in any Insolvency or Liquidation Proceeding;
provided, further that the Second Lien Collateral Agent and the Second Lien
Claimholders retain the right to object to any ancillary agreements or arrangements regarding Cash
Collateral use or the DIP Financing that are materially prejudicial to their interests. The Second
Lien Collateral Agent on behalf of the Second Lien Claimholders, agrees that it will raise no
objection or oppose a motion to sell or otherwise dispose of any Collateral free and clear of its
Liens or other claims under Section 363 of the Bankruptcy Code if the requisite First Lien
Claimholders have consented to such sale or disposition of such assets, and such motion does not
impair the rights of the Second Lien Claimholders under Section 363(k) of the Bankruptcy Code.

     6.2. Relief from the Automatic Stay. Until the Discharge of First Lien Obligations
has occurred, the Second Lien Collateral Agent, on behalf of itself and the Second Lien
Claimholders, agrees that none of them shall seek (or support any other Person seeking) relief from
the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the
Collateral, without the prior written consent of the First Lien Collateral Agent, unless a motion
for adequate protection permitted under Section 6.3 has been denied by the Bankruptcy
Court.

     6.3. Adequate Protection.

     (a) The Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders,
agrees that none of them shall contest (or support any other Person contesting):

     (1) any request by the First Lien Collateral Agent or the First Lien Claimholders for
adequate protection; or

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     (2) any objection by the First Lien Collateral Agent or the First Lien Claimholders to
any motion, relief, action or proceeding based on the First Lien Collateral Agent or the
First Lien Claimholders claiming a lack of adequate protection.

     (b) Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency or
Liquidation Proceeding:

     (1) if the First Lien Claimholders (or any subset thereof) are granted adequate
protection in the form of additional collateral in connection with any Cash Collateral use
or DIP Financing, then the Second Lien Collateral Agent, on behalf of itself or any of the
Second Lien Claimholders, may seek or request adequate protection in the form of a Lien on
such additional collateral, which Lien will be subordinated to the Liens securing the First
Lien Obligations and such Cash Collateral use or DIP Financing (and all Obligations relating
thereto) on the same basis as the other Liens securing the Second Lien Obligations are so
subordinated to the First Lien Obligations under this Agreement; and

     (2) in the event the Second Lien Collateral Agent, on behalf of itself or any of the
Second Lien Claimholders, seeks or requests adequate protection in respect of Second Lien
Obligations and such adequate protection is granted in the form of additional collateral,
then the Second Lien Collateral Agent, on behalf of itself or any of the Second Lien
Claimholders, agrees that the First Lien Collateral Agent shall also be granted a senior
Lien on such additional collateral as security for the First Lien Obligations and for any
Cash Collateral use or DIP Financing provided by the First Lien Claimholders and that any
Lien on such additional collateral securing the Second Lien Obligations shall be
subordinated to the Lien on such collateral securing the First Lien Obligations and any such
DIP Financing provided by the First Lien Claimholders (and all Obligations relating thereto)
and to any other Liens granted to the First Lien Claimholders as adequate protection on the
same basis as the other Liens securing the Second Lien Obligations are so subordinated to
such First Lien Obligations under this Agreement. Except as otherwise expressly set forth
in Section 6.1 or in connection with the exercise of remedies with respect to the
Collateral, nothing herein shall limit the rights of the Second Lien Collateral Agent or the
Second Lien Claimholders from seeking adequate protection with respect to their interests in
the Collateral in any Insolvency or Liquidation Proceeding (including adequate protection in
the form of a cash payment, periodic cash payments, cash payments of interest or otherwise).

     6.4. No Waiver. Subject to Sections 3.1(a) and (d), nothing contained
herein shall prohibit or in any way limit the First Lien Collateral Agent or any First Lien
Claimholder from objecting in any Insolvency or Liquidation Proceeding or otherwise to any action
taken by the Second Lien Collateral Agent or any of the Second Lien Claimholders, including the
seeking by the Second Lien Collateral Agent or any Second Lien Claimholders of adequate protection
or the asserting by the Second Lien Collateral Agent or any Second Lien Claimholders of any of its
rights and remedies under the Second Lien Loan Documents or otherwise.

     6.5. Avoidance Issues. If any First Lien Claimholder is required in any Insolvency or
Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of

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the Company or any other Grantor any amount paid in respect of First Lien Obligations (a
“Recovery”), then such First Lien Claimholders shall be entitled to a reinstatement of First Lien
Obligations with respect to all such recovered amounts. If this Agreement shall have been
terminated prior to such 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 from such date of reinstatement.

     6.6. Reorganization Securities. If, in any Insolvency or Liquidation Proceeding, debt
obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor
are distributed pursuant to a plan of reorganization or similar dispositive restructuring plan,
both on account of First Lien Obligations and on account of Second Lien Obligations, then, to the
extent the debt obligations distributed on account of the First Lien Obligations and on account of
the Second Lien Obligations are secured by Liens upon the same property, the provisions of this
Agreement will survive the distribution of such debt obligations pursuant to such plan and will
apply with like effect to the Liens securing such debt obligations.

     6.7. Post-Petition Interest. (a) Neither the Second Lien Collateral Agent nor any
Second Lien Claimholder shall oppose or seek to challenge any claim by the First Lien Collateral
Agent or any First Lien Claimholder for allowance in any Insolvency or Liquidation Proceeding of
First Lien Obligations consisting of post-petition interest, fees or expenses to the extent of the
value of any First Lien Claimholder’s Lien, without regard to the existence of the Lien of the
Second Lien Collateral Agent on behalf of the Second Lien Claimholders on the Collateral.

     (b) Neither the First Lien Collateral Agent nor any other First Lien Claimholder shall oppose
or seek to challenge any claim by the Second Lien Collateral Agent or any Second Lien Claimholder
for allowance in any Insolvency or Liquidation Proceeding of Second Lien Obligations consisting of
post-petition interest, fees or expenses to the extent of the value of the Lien of the Second Lien
Collateral Agent on behalf of the Second Lien Claimholders on the Collateral (after taking into
account the First Lien Collateral).

     6.8. Waiver. The Second Lien Collateral Agent, for itself and on behalf of the Second
Lien Claimholders, waives any claim it may hereafter have against any First Lien Claimholder
arising out of the election of any First Lien Claimholder of the application of Section 1111(b)(2)
of the Bankruptcy Code, and/or out of any cash collateral or financing arrangement or out of any
grant of a security interest in connection with the Collateral in any Insolvency or Liquidation
Proceeding.

     6.9. Separate Grants of Security and Separate Classification. The Second Lien
Collateral Agent, for itself and on behalf of the Second Lien Claimholders, and the First Lien
Collateral Agent for itself and on behalf of the First Lien Claimholders, acknowledges and agrees
that:

     (a) the grants of Liens pursuant to the First Lien Collateral Documents and the Second Lien
Collateral Documents constitute two separate and distinct grants of Liens; and (b) because of,
among other things, their differing rights in the Collateral, the Second Lien Obligations are
fundamentally different from the First Lien Obligations and must be separately

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classified in any plan of reorganization proposed or adopted in an Insolvency or Liquidation
Proceeding.

To further effectuate the intent of the parties as provided in the immediately preceding sentence,
if it is held that the claims of the First Lien Claimholders and the Second Lien Claimholders in
respect of the Collateral constitute only one secured claim (rather than separate classes of senior
and junior secured claims), then each of the First Lien Collateral Agent and the Second Lien
Collateral Agent hereby acknowledges and agrees that, subject to Sections 2.1 and
4.1, all distributions of Collateral or proceeds of Collateral shall be made as if there
were separate classes of senior and junior secured claims against the Grantors in respect of the
Collateral (with the effect being that, to the extent that the aggregate value of the Collateral is
sufficient (for this purpose ignoring all claims held by the Second Lien Claimholders), the First
Lien Claimholders shall be entitled to receive, in addition to amounts distributed to them in
respect of principal, pre-petition interest and other claims, all amounts owing in respect of
post-petition interest, including any additional interest payable pursuant to the First Lien Credit
Agreement, arising from or related to a default, which is disallowed as a claim in any Insolvency
or Liquidation Proceeding) before any distribution of Collateral or proceeds of Collateral is made
in respect of the claims held by the Second Lien Claimholders, with the Second Lien Collateral
Agent, for itself and on behalf of the Second Lien Claimholders, hereby acknowledging and agreeing
to turn over to the First Lien Collateral Agent, for itself and on behalf of the First Lien
Claimholders, Collateral and proceeds of Collateral otherwise received or receivable by them to the
extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of
reducing the claim or recovery of the Second Lien Claimholders).

     SECTION 7. Reliance; Waivers; Etc.

     7.1. Reliance. Other than any reliance on the terms of this Agreement, the First Lien
Collateral Agent, on behalf of itself and the First Lien Claimholders under its First Lien Loan
Documents, acknowledges that it and such First Lien Claimholders have, independently and without
reliance on the Second Lien Collateral Agent or any Second Lien Claimholders, and based on
documents and information deemed by them appropriate, made their own credit analysis and decision
to enter into such First Lien Loan Documents and be bound by the terms of this Agreement and they
will continue to make their own credit decision in taking or not taking any action under the First
Lien Credit Agreement or this Agreement. The Second Lien Collateral Agent, on behalf of itself and
the Second Lien Claimholders, acknowledges that it and the Second Lien Claimholders have,
independently and without reliance on the First Lien Collateral Agent or any First Lien
Claimholder, and based on documents and information deemed by them appropriate, made their own
credit analysis and decision to enter into each of the Second Lien Loan Documents and be bound by
the terms of this Agreement and they will continue to make their own credit decision in taking or
not taking any action under the Second Lien Loan Documents or this Agreement.

     7.2. No Warranties or Liability. The First Lien Collateral Agent, on behalf of itself
and the First Lien Claimholders under the First Lien Loan Documents, acknowledges and agrees that
each of the Second Lien Collateral Agent and the Second Lien Claimholders have made no express or
implied representation or warranty, including with respect to the execution, validity, legality,
completeness, collectibility or enforceability of any of the Second Lien Loan

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Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon.
Except as otherwise provided herein, the Second Lien Claimholders will be entitled to manage and
supervise their respective loans and extensions of credit under the Second Lien Loan Documents and
as they may, in their sole discretion, deem appropriate but subject to the terms of the Second Lien
Credit Documents and applicable law. Except as otherwise provided herein, the Second Lien
Collateral Agent, on behalf of itself and the Second Lien Claimholders, acknowledges and agrees
that the First Lien Collateral Agent and the First Lien Claimholders have made no express or
implied representation or warranty, including with respect to the execution, validity, legality,
completeness, collectibility or enforceability of any of the First Lien Loan Documents, the
ownership of any Collateral or the perfection or priority of any Liens thereon. Except as
otherwise provided herein, the First Lien Claimholders will be entitled to manage and supervise
their respective loans and extensions of credit under their respective First Lien Loan Documents
and as they may, in their sole discretion, deem appropriate subject to the terms of the First Lien
Credit Documents and applicable law. The Second Lien Collateral Agent and the Second Lien
Claimholders shall have no duty to the First Lien Collateral Agent or any of the First Lien
Claimholders, and the First Lien Collateral Agent and the First Lien Claimholders shall have no
duty to the Second Lien Collateral Agent or any of the Second Lien Claimholders, to act or refrain
from acting in a manner which allows, or results in, the occurrence or continuance of an event of
default or default under any agreements with the Company or any other Grantor (including the First
Lien Loan Documents and the Second Lien Loan Documents), regardless of any knowledge thereof which
they may have or be charged with.

     7.3. No Waiver of Lien Priorities. (a) No right of the First Lien Claimholders, the
First Lien Collateral Agent or any of them to enforce any provision of this Agreement or any First
Lien Loan Document shall at any time in any way be prejudiced or impaired by any act or failure to
act on the part of the Company or any other Grantor or by any act or failure to act by any First
Lien Claimholder or the First Lien Collateral Agent, or by any noncompliance by any Person with the
terms, provisions and covenants of this Agreement, any of the First Lien Loan Documents or any of
the Second Lien Loan Documents, regardless of any knowledge thereof which the First Lien Collateral
Agent or the First Lien Claimholders, or any of them, may have or be otherwise charged with.

     (a) Without in any way limiting the generality of the foregoing paragraph (but subject to the
rights of the Company and the other Grantors under the First Lien Loan Documents and subject to the
provisions of Section 5.3(a)), as between the First Lien Collateral Agent, the First Lien
Claimholders, the Second Lien Collateral Agent and the Second Lien Claimholders, the First Lien
Collateral Agent, the First Lien Claimholders and any of them may, at any time and from time to
time in accordance with the First Lien Loan Documents and/or applicable law, without the consent
of, or notice to, the Second Lien Collateral Agent or any Second Lien Claimholders, without
incurring any liabilities to the Second Lien Collateral Agent or any Second Lien Claimholders and
without impairing or releasing the Lien priorities and other benefits provided in this Agreement
(even if any right of subrogation or other right or remedy of the Second Lien Collateral Agent or
any Second Lien Claimholders is affected, impaired or extinguished thereby) do any one or more of
the following:

     (1) change the manner, place or terms of payment or change or extend the time of
payment of, or amend, renew, exchange, increase or alter, the terms of any of

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the First Lien Obligations or any Lien on any First Lien Collateral or guarantee
thereof or any liability of the Company or any other Grantor, or any liability incurred
directly or indirectly in respect thereof (including any increase in or extension of the
First Lien Obligations, without any restriction as to the tenor or terms of any such
increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in
any manner any Liens held by the First Lien Collateral Agent or any of the First Lien
Claimholders, the First Lien Obligations or any of the First Lien Loan Documents; provided
that any such increase in the First Lien Obligations shall not increase the sum of the
Indebtedness constituting principal under the First Lien Credit Agreement (it being
understood that the full principal amount of any Revolving Credit Commitments shall be
deemed to be principal);

     (2) sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in
any manner and in any order any part of the First Lien Collateral or any liability of the
Company or any other Grantor to the First Lien Claimholders or the First Lien Collateral
Agent, or any liability incurred directly or indirectly in respect thereof;

     (3) settle or compromise any First Lien Obligation or any other liability of the
Company or any other Grantor or any security therefor or any liability incurred directly or
indirectly in respect thereof and apply any sums by whomsoever paid and however realized to
any liability (including the First Lien Obligations) in any manner or order; and

     (4) exercise or delay in or refrain from exercising any right or remedy against the
Company or any security or any other Grantor or any other Person, elect any remedy and
otherwise deal freely with the Company, any other Grantor or any First Lien Collateral and
any security and any guarantor or any liability of the Company or any other Grantor to the
First Lien Claimholders or any liability incurred directly or indirectly in respect thereof.

     (c) Except as otherwise provided herein, the Second Lien Collateral Agent, on behalf of itself
and the Second Lien Claimholders, also agrees that the First Lien Claimholders and the First Lien
Collateral Agent shall have no liability to the Second Lien Collateral Agent or any Second Lien
Claimholders, and the Second Lien Collateral Agent, on behalf of itself and the Second Lien
Claimholders, hereby waives any claim against any First Lien Claimholder or the First Lien
Collateral Agent, arising out of any and all actions which the First Lien Claimholders or the First
Lien Collateral Agent may take or permit or omit to take with respect to:

     (1) the First Lien Loan Documents;

     (2) the collection of the First Lien Obligations; or

     (3) the foreclosure upon, or sale, liquidation or other disposition of, any First Lien
Collateral. The Second Lien Collateral Agent, on behalf of itself and the Second Lien
Claimholders, agrees that the First Lien Claimholders and the First Lien

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Collateral Agent have no duty to them in respect of the maintenance or preservation of
the First Lien Collateral, the First Lien Obligations or otherwise.

     (d) Until the Discharge of First Lien Obligations, the Second Lien Collateral Agent, on behalf
of itself and the Second Lien Claimholders, agrees not to assert and hereby waives, to the fullest
extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim
the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be
available under applicable law with respect to the Collateral or any other similar rights a junior
secured creditor may have under applicable law.

     7.4. Obligations Unconditional. All rights, interests, agreements and obligations of
the First Lien Collateral Agent and the First Lien Claimholders and the Second Lien Collateral
Agent and the Second Lien Claimholders, respectively, hereunder shall remain in full force and
effect irrespective of:

     (a) any lack of validity or enforceability of any First Lien Loan Documents or any Second Lien
Loan 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 Lien Obligations or Second Lien Obligations, or any amendment or waiver or other
modification, including any increase in the amount thereof, whether by course of conduct or
otherwise, of the terms of any First Lien Loan Document or any Second Lien Loan Document;

     (c) any exchange of any security interest in any 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 Lien Obligations or Second Lien Obligations or any guarantee thereof;

     (d) the commencement of any Insolvency or Liquidation Proceeding in respect of the Company or
any other Grantor; or

     (e) any other circumstances which otherwise might constitute a defense available to, or a
discharge of, the Company or any other Grantor in respect of the First Lien Collateral Agent, the
First Lien Obligations, any First Lien Claimholder, the Second Lien Collateral Agent, the Second
Lien Obligations or any Second Lien Claimholder in respect of this Agreement.

     SECTION 8. Miscellaneous.

     8.1. Conflicts. In the event of any conflict between the provisions of this Agreement
and the provisions of the First Lien Loan Documents or the Second Lien Loan Documents as between
the First Lien Collateral Agent, First Lien Claimholders, Second Lien Collateral Agent and Second
Lien Claimholders, the provisions of this Agreement shall govern and control.

     8.2. Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement
shall become effective when executed and delivered by the parties hereto. This is a

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continuing agreement of lien subordination and the First Lien Claimholders may continue, at
any time and without notice to the Second Lien Collateral Agent or any Second Lien Claimholder
subject to the Second Lien Loan Documents, to extend credit and other financial accommodations and
lend monies to or for the benefit of the Company or any Grantor constituting First Lien Obligations
in reliance hereof. The Second Lien Collateral Agent, on behalf of itself and the Second Lien
Claimholders, hereby waives any right it may have under applicable law to revoke this Agreement or
any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall
continue in full force and effect, in any Insolvency or Liquidation Proceeding. 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. All references to
the Company or any other Grantor shall include such Company or such Grantor as debtor and debtor in
possession and any receiver or trustee for the Company or any other Grantor (as the case may be) in
any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further
force and effect:

     (a) with respect to the First Lien Collateral Agent, the First Lien Claimholders and the First
Lien Obligations, the date of Discharge of First Lien Obligations, subject to the rights of the
First Lien Claimholders under Section 6.5; and

     (b) with respect to the Second Lien Collateral Agent, the Second Lien Claimholders and the
Second Lien Obligations, upon the later of (1) the date upon which the obligations under the Second
Lien Credit Agreement terminate if there are no other Second Lien Obligations outstanding on such
date and (2) if there are other Second Lien Obligations outstanding on such date, the date upon
which such Second Lien Obligations terminate.

     8.3. Amendments; Waivers. No amendment, modification or waiver of any of the
provisions of this Agreement by the Second Lien Collateral Agent or the First Lien Collateral Agent
(in each case acting with the consent of Required Lenders (as defined in the First Lien Credit
Agreement and the Second Lien Credit Agreement, as applicable)) shall be deemed to be made unless
the same shall be in writing signed on behalf of each party hereto 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. Notwithstanding the foregoing, the
Company 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 or obligations are directly
affected (which includes, but is not limited to any amendment to the Grantors’ ability to cause
additional obligations to constitute First Lien Obligations or Second Lien Obligations as the
Company may designate and any amendment which causes additional obligations to be imposed on the
Grantors).

     8.4. Information Concerning Financial Condition of the Company and Its Subsidiaries.
The First Lien Collateral Agent and the First Lien Claimholders, on the one hand, and the Second
Lien Claimholders and the Second Lien Collateral Agent, on the other hand, shall each be
responsible for keeping themselves informed of (a) the financial condition of the Company and its
Subsidiaries and all endorsers and/or guarantors of the First Lien Obligations or the Second Lien
Obligations and (b) all other circumstances bearing upon the risk of nonpayment

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of the First Lien Obligations or the Second Lien Obligations. The First Lien Collateral Agent
and the First Lien Claimholders shall have no duty to advise the Second Lien Collateral Agent or
any Second Lien Claimholder of information known to it or them regarding such condition or any such
circumstances or otherwise. In the event the First Lien Collateral Agent or any of the First Lien
Claimholders, in its or their sole discretion, undertakes at any time or from time to time to
provide any such information to the Second Lien Collateral Agent or any Second Lien Claimholder, it
or they shall be under no obligation:

     (a) to make, and the First Lien Collateral Agent and the First Lien Claimholders 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;

     (b) to provide any additional information or to provide any such information on any subsequent
occasion;

     (c) to undertake any investigation; or

     (d) to disclose any information, which pursuant to accepted or reasonable commercial finance
practices, such party wishes to maintain confidential or is otherwise required to maintain
confidential.

     8.5. Subrogation. With respect to the value of any payments or distributions in cash,
property or other assets that any of the Second Lien Claimholders or the Second Lien Collateral
Agent pays over to the First Lien Collateral Agent or the First Lien Claimholders under the terms
of this Agreement, the Second Lien Claimholders and the Second Lien Collateral Agent shall be
subrogated to the rights of the First Lien Collateral Agent and the First Lien Claimholders;
provided that, the Second Lien Collateral Agent, on behalf of itself and the Second Lien
Claimholders, hereby agrees not to assert or enforce all such rights of subrogation it may acquire
as a result of any payment hereunder until the Discharge of First Lien Obligations has occurred.
The Company acknowledges and agrees that the value of any payments or distributions in cash,
property or other assets received by the Second Lien Collateral Agent or the Second Lien
Claimholders that are paid over to the First Lien Collateral Agent or the First Lien Claimholders
pursuant to this Agreement shall not reduce any of the Second Lien Obligations.

     8.6. Application of Payments. Subject to the terms of the First Lien Credit
Documents, all payments received by the First Lien Collateral Agent or the First Lien Claimholders
may be applied, reversed and reapplied, in whole or in part, to such part of the First Lien
Obligations provided for in the First Lien Loan Documents. The Second Lien Collateral Agent, on
behalf of itself and the Second Lien Claimholders, assents to any extension or postponement of the
time of payment, subject to Section 5.3(a)(3), of the First Lien Obligations or any part
thereof and to any other indulgence with respect thereto, to any substitution, exchange or release
of any security which may at any time secure any part of the First Lien Obligations and to the
addition or release of any other Person primarily or secondarily liable therefor.

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     8.7. SUBMISSION TO JURISDICTION; WAIVERS. (a) ALL JUDICIAL PROCEEDINGS BROUGHT
AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF
COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS
AGREEMENT, EACH PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY:

     (1) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF
SUCH COURTS;

     (2) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS;

     (3) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE
MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT
ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 8.8; AND

     (4) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (3) ABOVE IS SUFFICIENT TO CONFER
PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT,
AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT.

     (b) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER. 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. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A
MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP THAT EACH HAS ALREADY RELIED ON THIS
WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS
RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED
THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE; MEANING THAT IT MAY
NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY
REFERRING TO THIS SECTION 8.7(b) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL
APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF
LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

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     (c) 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 OTHER
FIRST LIEN LOAN DOCUMENT OR SECOND LIEN LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
VERBAL OR WRITTEN STATEMENT OR ACTION OF ANY PARTY HERETO.

     8.8. Notices. All notices to the Second Lien Claimholders and the First Lien
Claimholders permitted or required under this Agreement shall also be sent to the Second Lien
Collateral Agent and the First Lien Collateral Agent, respectively. Unless otherwise specifically
provided herein, any notice hereunder shall be in writing and may be personally served, telexed or
sent by telefacsimile or United States mail or courier service and shall be deemed to have been
given when delivered in person or by courier service and signed for against receipt thereof, upon
receipt of telefacsimile or telex, or three Business Days after depositing it in the United States
mail 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.

     8.9. Further Assurances. The First Lien Collateral Agent, on behalf of itself and the
First Lien Claimholders under the First Lien Loan Documents, and the Second Lien Collateral Agent,
on behalf of itself and the Second Lien Claimholders under the Second Lien Loan Documents, and the
Company agrees that each of them shall take such further action and shall execute and deliver such
additional documents and instruments (in recordable form, if requested) as the First Lien
Collateral Agent or the Second Lien Collateral Agent may reasonably request to effectuate the terms
of and the Lien priorities contemplated by this Agreement.

     8.10. APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     8.11. Binding on Successors and Assigns. This Agreement shall be binding upon the
First Lien Collateral Agent, the First Lien Claimholders, the Second Lien Collateral Agent, the
Second Lien Claimholders and their respective permitted successors and assigns.

     8.12. Specific Performance. Each of the First Lien Collateral Agent and the Second
Lien Collateral Agent may demand specific performance of this Agreement. The First Lien Collateral
Agent, on behalf of itself and the First Lien Claimholders under the First Lien Loan Documents, and
the Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, hereby
irrevocably waive any defense based on the adequacy of a remedy at law and any other defense which
might be asserted to bar the remedy of specific performance in any action which may be brought by
the First Lien Collateral Agent or the First Lien Claimholders or the Second Lien Collateral Agent
or the Second Lien Claimholders, as the case may be.

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     8.13. Headings. Section headings in this Agreement are included herein for
convenience of reference only and shall not constitute a part of this Agreement for any other
purpose or be given any substantive effect.

     8.14. Counterparts. 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. Delivery of an executed counterpart
of a signature page of this Agreement or any document or instrument delivered in connection
herewith by telecopy 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.

     8.16. No Third Party Beneficiaries. This Agreement and the rights and benefits hereof
shall inure to the benefit of each of the parties hereto and its respective successors and assigns
and shall inure to the benefit of each of the First Lien Claimholders and the Second Lien
Claimholders. Nothing in this Agreement shall impair, as between the Company and the other
Grantors and the First Lien Collateral Agent and the First Lien Claimholders, or as between the
Company and the other Grantors and the Second Lien Collateral Agent and the Second Lien
Claimholders, the obligations of the Company and the other Grantors to pay principal, interest,
fees and other amounts as provided in the First Lien Loan Documents and the Second Lien Loan
Documents, respectively.

     8.17. Provisions Solely to Define Relative Rights. The provisions of this Agreement
are and are intended solely for the purpose of defining the relative rights of the First Lien
Collateral Agent and the First Lien Claimholders on the one hand and the Second Lien Collateral
Agent and the Second Lien Claimholders on the other hand. None of the Company, any other Grantor
or any other creditor thereof shall have any rights hereunder and neither the Companies nor any
Grantor may rely on the terms hereof; provided that the Company and any other Grantors shall not be
prohibited from relying upon and enforcing any provision hereof expressly preserving its rights or
expressly affecting its obligations under the First Lien Loan Documents or the Second Lien Loan
Documents or any rights expressly provided to the Company and the other Grantors hereunder.
Nothing in this Agreement is intended to or shall impair the obligations of the Company or any
other Grantor, which are absolute and unconditional, to pay the First Lien Obligations and the
Second Lien Obligations as and when the same shall become due and payable in accordance with their
terms.

[Signature Page Follows]

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

	 	 	 	 	 

	 	 	 	 	 
	 	First Lien Collateral Agent

LEHMAN COMMERCIAL PAPER INC.,

as First Lien Collateral Agent,

 	 
	 	By:  	/s/ V. Paul Arzouian
 	 
	 	 	Name:  	V. Paul Arzouian 	 
	 	 	Title:  	Authorized Signatory

Lehman Commercial Paper Inc.

745 Seventh Avenue

New York, New York 10019

Attention:  Paul Arzouian

Telecopy:  (646) 758-4980

Telephone:  (212) 526-5803 	 

-32-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Second Lien Collateral Agent

LEHMAN COMMERCIAL PAPER INC.,

as Second Lien Collateral Agent,

 	 
	 	By:  	/s/ V. Paul Arzouian
 	 
	 	 	Name:  	V. Paul Arzouian 	 
	 	 	Title:  	Authorized Signatory

Lehman Commercial Paper Inc.

745 Seventh Avenue

New York, New York 10019

Attention:  Paul Arzouian

Telecopy:  (646) 758-4980

Telephone:  (212) 526-5803 	 

-33-

 

	 	 	 	 	 

Acknowledged and Agreed to by:

The Company

	 	 	 	 	 
	 	SPANISH BROADCASTING SYSTEM, INC.

 	 
	 	By:  	/s/ Joseph A. Garcia
 	 
	 	 	Name:  	Joseph A. Garcia  	 
	 	 	Title:  	Chief Financial Officer, Executive Vice President and Secretary 	 
	 

Spanish Broadcasting System, Inc.

2601 South Bayshore Drive, PH II

Coconut Grove, Florida 33133

Attention: Joseph A. Garcia

Telecopy: (305) 441-7861

Telephone: (305) 441-6901

-34-<PAGE>
                                                                     EXHIBIT 4.1

         FIRST SUPPLEMENTAL INDENTURE, dated as of June 15, 2005 (the
"Supplemental Indenture"), by and between TravelCenters of America, Inc., a
Delaware corporation (the "Company"), TA Operating Corporation, a Delaware
corporation, TA Travel, L.L.C., a Delaware limited liability company, and TA
Licensing, Inc., a Delaware corporation, as guarantors (the "Guarantors") and
U.S. Bank National Association, as successor trustee to State Street Bank and
Trust Company, as trustee (the "Trustee") to the Indenture, dated as of November
14, 2000 (the "Indenture"), by and among the Company, the Guarantors and the
Trustee.

                                   WITNESSETH:

         WHEREAS, the Company, the Guarantors and the Trustee have heretofore
executed and delivered the Indenture providing for the issuance of 12 3/4%
Senior Subordinated Notes due May 1, 2009 (the "Securities") of the Company;

         WHEREAS, there is currently outstanding under the Indenture
$190,000,000 in aggregate principal amount of the Securities;

         WHEREAS, Section 9.02 of the Indenture provides that the Company, the
Guarantors and the Trustee may, with the written consent of the Holders of at
least a majority in aggregate principal amount of the outstanding Securities,
amend the Indenture, subject to certain exceptions specified in Section 9.02 of
the Indenture;

         WHEREAS, the Company has offered to purchase for cash all of the
outstanding Securities upon the terms and subject to the conditions set forth in
the Offer to Purchase and Consent Solicitation Statement dated June 2, 2005, as
the same may be amended, supplemented or modified (the "Offer");

         WHEREAS, the Offer is conditioned upon, among other things, the
proposed amendments (the "Proposed Amendments") to the Indenture set forth
herein having been approved by at least a majority in aggregate principal amount
of the outstanding Securities (and a supplemental indenture in respect thereof
having been executed and delivered) with the effectiveness of such Proposed
Amendments with respect to the Securities being subject to the acceptance for
payment by the Company of the Securities representing a majority in aggregate
principal amount of the outstanding Securities pursuant to the Offer (the
"Acceptance");

         WHEREAS, the Company has received and delivered to the Trustee the
requisite consents to effect the Proposed Amendments under the Indenture;

         WHEREAS, the Company has been authorized by a resolution of its Board
of Directors to enter into this Supplemental Indenture; and

         WHEREAS, all other acts and proceedings required by law, by the
Indenture and by the certificate of incorporation and by-laws of the Company to
make this Supplemental Indenture a valid and binding agreement for the purposes
expressed herein, in accordance with its terms, have been duly done and
performed;

<PAGE>
                                                                               2

         NOW, THEREFORE, in consideration of the premises and the covenants and
agreements contained herein, and for other good and valuable consideration the
receipt of which is hereby acknowledged, and for the equal and proportionate
benefit of the Holders of the Securities, the Company, the Guarantors and the
Trustee hereby agree as follows:

                                   ARTICLE ONE

Section 1.01 Definitions.

         Capitalized terms used in this Supplemental Indenture and not otherwise
defined herein shall have the meanings assigned to such terms in the Indenture.

                                   ARTICLE TWO

Section 2.01 Amendment of Section 1.01.

         Effective upon, and subject only to, the Acceptance, the provisions of
Section 1.01 of the Indenture are amended by deleting the definition of each
term that is used in the Indenture only in the sections that are deleted
pursuant to Sections 2.03 through 2.12 of this Supplemental Indenture.

Section 2.02 Amendment of Section 1.02.

         Effective upon, and subject only to, the Acceptance, the provisions of
Section 1.02 of the Indenture are amended by deleting the references to each
term that is used in the Indenture only in the sections that are deleted
pursuant to Sections 2.03 through 2.12 of this Supplemental Indenture.

Section 2.03 Amendment of Section 4.02.

         Effective upon, and subject only to, the Acceptance, the provisions of
Section 4.02 of the Indenture are amended by deleting the text of such Section
in its entirety and inserting in lieu thereof the phrase "[intentionally
omitted]".

Section 2.04 Amendment of Section 4.03.

         Effective upon, and subject only to, the Acceptance, the provisions of
Section 4.03 of the Indenture are amended by deleting the text of such Section
in its entirety and inserting in lieu thereof the phrase "[intentionally
omitted]".

Section 2.05 Amendment of Section 4.04.

         Effective upon, and subject only to, the Acceptance, the provisions of
Section 4.04 of the Indenture are amended by deleting the text of such Section
in its entirety and inserting in lieu thereof the phrase "[intentionally
omitted]".

<PAGE>
                                                                               3

Section 2.06 Amendment of Section 4.05.

         Effective upon, and subject only to, the Acceptance, the provisions of
Section 4.05 of the Indenture are amended by deleting the text of such Section
in its entirety and inserting in lieu thereof the phrase "[intentionally
omitted]".

Section 2.07 Amendment of Section 4.06.

         Effective upon, and subject only to, the Acceptance, the provisions of
Section 4.06 of the Indenture are amended by deleting the text of such Section
in its entirety and inserting in lieu thereof the phrase "[intentionally
omitted]".

Section 2.08 Amendment of Section 4.07.

         Effective upon, and subject only to, the Acceptance, the provisions of
Section 4.07 of the Indenture are amended by deleting the text of such Section
in its entirety and inserting in lieu thereof the phrase "[intentionally
omitted]".

Section 2.09 Amendment of Section 4.08.

         Effective upon, and subject only to, the Acceptance, the provisions of
Section 4.08 of the Indenture are amended by deleting the text of such Section
in its entirety and inserting in lieu thereof the phrase "[intentionally
omitted]".

Section 2.10 Amendment of Section 4.09.

         Effective upon, and subject only to, the Acceptance, the provisions of
Section 4.09 of the Indenture are amended by deleting the text of such Section
in its entirety and inserting in lieu thereof the phrase "[intentionally
omitted]".

Section 2.11 Amendment of Section 5.01.

         Effective upon, and subject only to, the Acceptance, the provisions of
Section 5.01 of the Indenture are amended by deleting the text of such Section
in its entirety and inserting in lieu thereof the phrase "[intentionally
omitted]".

Section 2.12 Amendment of Section 6.01.

         Effective upon, and subject only to, the Acceptance, the provisions of
Section 6.01 of the Indenture are amended by deleting the text of paragraphs of
(3), (4), (6), (7), (8) and (9) from Section 6.01 and inserting in lieu thereof
the phrase "[intentionally omitted]".

                                  ARTICLE THREE

Section 3.01 Continuing Effect of Indenture.

         Except as expressly provided herein, all of the terms, provisions and
conditions of the Indenture and the Securities outstanding thereunder shall
remain in full force and effect.

Section 3.02 Construction of Supplemental Indenture.

         The Supplemental Indenture is executed as and shall constitute an
indenture supplemental to the Indenture and shall be construed in connection
with and as part of the Indenture.

<PAGE>
                                                                               4

Section 3.03 Governing Law.

         This Supplemental Indenture shall be governed by and construed in
accordance with the laws of the State of New York.

Section 3.04 Trust Indenture Act Controls.

         If any provision of this Supplemental Indenture limits, qualifies or
conflicts with another provision of this Supplemental Indenture or the Indenture
that is required to be included by the Trust Indenture Act of 1939, as amended,
as in force at the date this Supplemental Indenture is executed, the provision
required by said Act shall control.

Section 3.05 Trustee Disclaimer.

         The recitals contained in this Supplemental Indenture shall be taken as
the statements of the Company and the Guarantors, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representations as to
the validity or sufficiency of this Supplemental Indenture.

Section 3.06 Counterparts.

         This Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.

<PAGE>
                                                                               5

         IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed as of the day and year first above written.

                                     TRAVELCENTERS OF AMERICA, INC.

                                     By: /s/ JAMES W. GEORGE
                                        ---------------------------------------
                                        Name:  James W. George
                                        Title: Executive Vice President,
                                               CFO & Secretary

                                     TA OPERATING CORPORATION, as Guarantor

                                     By: /s/ JAMES W. GEORGE
                                        ---------------------------------------
                                        Name:  James W. George
                                        Title: Executive Vice President,
                                               CFO & Secretary

                                     TA TRAVEL, L.L.C., as Guarantor

                                     By: /s/ JAMES W. GEORGE
                                        ---------------------------------------
                                        Name:  James W. George
                                        Title: Executive Vice President,
                                               CFO & Secretary

                                     TA LICENSING, INC., as Guarantor

                                     By: /s/ JAMES W. GEORGE
                                        ---------------------------------------
                                        Name:  James W. George
                                        Title: Executive Vice President,
                                               CFO & Secretary

<PAGE>
                                                                               6

                                     U.S. BANK NATIONAL ASSOCIATION, as Trustee

                                     By: /s/ SUSAN C. MERKER
                                        ---------------------------------------
                                        Name:  Susan C. Merker
                                        Title: Vice President

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