Document:

Registration Rights Agreement

 EXHIBIT 4.2 
  

  
 REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of June 14,
2005 
  
 By and Among 
  
 Ventas Realty, Limited Partnership and Ventas Capital Corporation 

as Issuers, 
  
 Ventas, Inc. and Ventas LP Realty, L.L.C. 
 as Guarantors 
  
 and 
  
 BANC OF AMERICA SECURITIES LLC 
 as Initial Purchaser 
  
 6 5/8% Senior Notes due 2014 
  

 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is dated as of June 14, 2005, by and among Ventas
Realty, Limited Partnership and Ventas Capital Corporation (together, the “Issuers”); Ventas, Inc. and Ventas LP Realty, L.L.C. (together, the “Guarantors”); and Banc of America Securities LLC (the “Initial
Purchaser”). 
  
 This Agreement is entered into in
connection with the Purchase Agreement, dated as of June 7, 2005, by and among the Issuers, the Guarantors and the Initial Purchaser (the “Purchase Agreement”), relating to the offering of $50,000,000 aggregate principal amount of
the Issuers’ 6 5/8% Senior Notes due 2014 that are being issued on the date hereof (the “Notes”). The execution and delivery of this Agreement is a condition to the Initial Purchaser’s obligation to purchase the Notes
under the Purchase Agreement. 
  
 The parties hereby agree as
follows: 
  
 Section 1. Definitions. As used in this
Agreement, the following terms shall have the following meanings: 
  
 “action” shall have the meaning set forth in Section 7(c) hereof. 
  
 “Advice” shall have the meaning set forth in Section 5 hereof. 
  
 “Agreement” shall have the meaning set forth in the first introductory paragraph hereto. 
  
 “Applicable Period” shall have the meaning set forth in
Section 2(b) hereof. 
  
 “Board of Directors”
shall have the meaning set forth in Section 5 hereof. 
  
 “Business Day” shall mean a day that is not a Legal Holiday. 
  
 “Commission” shall mean the Securities and Exchange Commission. 
  
 “Day” shall mean a calendar day. 
  
 “Damages Payment Date” shall have the meaning set forth in Section 4(b) hereof. 
  
 “Delay Period” shall have the meaning set forth in Section 5
hereof. 
  
 “Effectiveness Period” shall have the
meaning set forth in Section 3(b) hereof. 
  
 “Effectiveness Target Date” shall have the meaning set forth in Section 4(a) hereof. 

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the Commission promulgated thereunder. 
  
 “Exchange Notes” shall have the meaning set forth in Section 2(a) hereof. 
  
 “Exchange Offer” shall have the meaning set forth in Section 2(a) hereof. 
  
 “Exchange Offer Registration Statement” shall have the meaning set forth in Section 2(a) hereof.

  
 “Guarantors” shall have the meaning set forth
in the introductory paragraph hereto. 
  
 “Holder” shall mean any Person who owns Transfer Restricted Securities. 
  
 “Indenture” shall mean the indenture, dated as of October 15, 2004, by and among the Issuers, the Guarantors, the other guarantors party
thereto and U.S. Bank National Association, as trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 
  
 “Initial Purchaser” shall have the meaning set forth in the first introductory paragraph hereof.

  
 “Inspectors” shall have the meaning set forth
in Section 5(n) hereof. 
  
 “Issue Date” shall
mean June 14, 2005, the date of original issuance of the Notes. 
  
 “Issuers” shall have the meaning set forth in the introductory paragraph hereto and shall also include the Issuers’ permitted successors and assigns. 
  
 “Legal Holiday” shall mean a Saturday, a Sunday or a day on which banking institutions in New York, New
York are required by law, regulation or executive order to remain closed. 
  
 “Liquidated Damages” shall have the meaning set forth in Section 4(a) hereof. 
  
 “Losses” shall have the meaning set forth in Section 7(a) hereof. 
  
 “NASD” shall have the meaning set forth in Section 5(s) hereof. 
  
 “Notes” shall have the meaning set forth in the second
introductory paragraph hereto. 
  
 “Participant”
shall have the meaning set forth in Section 7(a) hereof. 
  

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 “Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof.

  
 “Person” shall mean an individual,
corporation, partnership, joint venture association, joint stock company, trust, unincorporated limited liability company, government or any agency or political subdivision thereof or any other entity. 
  
 “Private Exchange” shall have the meaning set forth in
Section 2(b) hereof. 
  
 “Private Exchange Notes”
shall have the meaning set forth in Section 2(b) hereof. 
  
 “Prospectus” shall mean the prospectus included in any Registration Statement (including, without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a
prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
  
 “Provident Guarantors” shall have the meaning set forth in the Purchase Agreement. 
  
 “Purchase Agreement” shall have the meaning set forth in the
second introductory paragraph hereof. 
  
 “Records” shall have the meaning set forth in Section 5(n) hereof. 
  
 “Registration Default” shall have the meaning set forth in Section 4(a) hereof. 
  
 “Registration Statement” shall mean any appropriate registration statement of the Issuers covering any of the Transfer Restricted
Securities filed with the Commission under the Securities Act, and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein. 
  
 “Requesting Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 
  
 “Rule 144” shall mean Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule
(other than Rule 144A) or regulation hereafter adopted by the Commission providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not affiliates of an issuer of such
securities being free of the registration and prospectus delivery requirements of the Securities Act. 
  

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 “Rule 144A” shall mean Rule 144A promulgated under the Securities Act, as such Rule may
be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the Commission. 
  
 “Rule 415” shall mean Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the Commission. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Shelf Filing Event” shall have the meaning set forth in Section 2(c) hereof. 
  
 “Shelf Registration” shall have the meaning set forth in
Section 3(a) hereof. 
  
 “Shelf Registration
Statement” shall mean a Registration Statement filed in connection with a Shelf Registration. 
  
 “TIA” shall mean the Trust Indenture Act of 1939, as amended. 
  
 “Transfer Restricted Securities” shall mean each Note upon its original issuance and at all times
subsequent thereto, each Exchange Note as to which Section 2(c)(iii) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note upon original issuance thereof and at all times subsequent thereto,
in each case until (i) the date on which such Note has been exchanged by a Person other than a broker-dealer for an Exchange Note in the Exchange Offer, (ii) following the exchange by a broker-dealer in the Exchange Offer of a Note for
an Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the prospectus contained in the Exchange Offer Registration Statement, (iii) the
date on which such Note, Exchange Note or Private Exchange Note has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement or (iv) the date on which such Note, Exchange Note or
Private Exchange Note is distributed to the public pursuant to Rule 144 under the Securities Act or is eligible for resale pursuant to Rule 144(k). 
  
 “Trustee” shall mean the trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange Notes and
Private Exchange Notes. 
  
 “Underwritten registration or
underwritten offering” shall mean a registration in which securities of the Issuers are sold to an underwriter for reoffering to the public. 
  
 Section 2. Exchange Offer. 
  
 (a) The Issuers and the Guarantors shall (i) file a Registration Statement (the “Exchange Offer Registration Statement”) within 60
days after the Issue Date with the 
  

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 Commission on an appropriate registration form with respect to a registered offer (the “Exchange Offer”)
to exchange Transfer Restricted Securities that are Notes for a like aggregate principal amount of notes (the “Exchange Notes”) that are identical in all material respects to the Notes (except that the Exchange Notes shall not
contain terms with respect to transfer restrictions or Liquidated Damages upon a Registration Default), (ii) use their respective commercially reasonable efforts to cause the Exchange Offer Registration Statement to be declared effective
under the Securities Act within 180 days after the Issue Date, and (iii) use their respective best efforts to consummate the Exchange Offer within 30 Business Days, or longer, if required by the federal securities laws, after the date on
which the Exchange Offer Registration Statement is declared effective by the Commission. Upon the Exchange Offer Registration Statement being declared effective by the Commission, the Issuers and the Guarantors will offer the Exchange Notes in
exchange for surrender of the Notes. The Issuers and Guarantors shall keep the Exchange Offer open for not less than 20 Business Days (or longer if required by applicable law) after the date notice of the Exchange Offer is mailed to Holders.

  
 Each Holder that participates in the Exchange Offer will be
required to represent to the Issuers and the Guarantors in writing that (i) any Exchange Notes to be received by it will be acquired in the ordinary course of its business, (ii) it has no arrangement or understanding with any Person to
participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act or, if it is an affiliate, it will comply with the registration and prospectus delivery
requirements of the Securities Act to the extent applicable, (iii) if such Holder is not a broker-dealer, it is not engaged in, and does not intend to engage in, a distribution of Exchange Notes, (iv) if such Holder is a broker-dealer
that will receive Exchange Notes for its own account in exchange for Notes that were acquired as a result of market-making or other trading activities, it will deliver a prospectus in connection with any resale of such Exchange Notes and (v)
it has full power and authority to transfer the Notes in exchange for the Exchange Notes and that the Issuers and the Guarantors will acquire good and unencumbered title thereto free and clear of any liens, restrictions, charges or encumbrances and
not subject to any adverse claims. 
  
 (b) The Issuers, the
Guarantors and the Initial Purchaser acknowledge that the Commission has taken the position that any broker-dealer that elects to exchange Notes that were acquired by such broker-dealer for its own account as a result of market-making or other
trading activities for Exchange Notes in the Exchange Offer (a “Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the
requirements of the Securities Act in connection with any resale of such Exchange Notes (other than a resale of an unsold allotment resulting from the original offering of the Notes). 
  

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 The Issuers, the Guarantors and the Initial Purchaser also acknowledge that the Commission has taken the
position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Notes,
without naming the Participating Broker-Dealers or specifying the amount of Exchange Notes owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligations under the Securities Act in
connection with resales of Exchange Notes for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 
  
 In light of the foregoing, if requested by a Participating Broker-Dealer (a “Requesting Participating Broker-Dealer”), the Issuers and
the Guarantors agree to use their respective commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective for a period not to exceed 90 Business Days after the date on which the Exchange Offer is
consummated, or such longer period if extended pursuant to the penultimate paragraph of Section 5 hereof (such period, the “Applicable Period”), or such earlier date as all Requesting Participating Broker-Dealers shall have notified
the Issuers in writing that such Requesting Participating Broker-Dealers have resold all Exchange Notes acquired in the Exchange Offer. The Issuers and the Guarantors shall include a plan of distribution in such Exchange Offer Registration Statement
that meets the requirements set forth in the preceding paragraph. 
  
 If, prior to consummation of the Exchange Offer, the Initial Purchaser or any Holder, as the case may be, holds any Notes acquired by it that have, or that are reasonably likely to be determined to have, the status of an unsold allotment in
an initial distribution, or if any Holder is not entitled to participate in the Exchange Offer, the Issuers and the Guarantors upon the request of the Initial Purchaser or any such Holder, as the case may be, shall simultaneously with the delivery
of the Exchange Notes in the Exchange Offer, issue and deliver to the Initial Purchaser or any such Holder, as the case may be, in exchange (the “Private Exchange”) for such Notes held by the Initial Purchaser or any such Holder, as
the case may be, a like principal amount of notes (the “Private Exchange Notes”) of the Issuers that are identical in all material respects to the Exchange Notes except that the Private Exchange Notes may be subject to restrictions
on transfer and bear a legend to such effect. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and bear the same CUSIP number as the Exchange Notes. 
  
 For each Note surrendered in the Exchange Offer, the Holder will receive an
Exchange Note having a principal amount equal to that of the surrendered Note. Interest on each Exchange Note and Private Exchange Note issued pursuant to the Exchange Offer and in the Private Exchange will accrue from the last interest payment date
on which interest was paid on the Notes surrendered in exchange therefor or, if no interest has been paid on the Notes, from the Issue Date. 
  

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 Upon consummation of the Exchange Offer in accordance with this Section 2, the Issuers and the Guarantors
shall have no further registration obligations other than their continuing registration obligations with respect to (i) Private Exchange Notes, (ii) Exchange Notes held by Participating Broker-Dealers and (iii) Notes or Exchange
Notes as to which clause (c)(iii) of this Section 2 applies. 
  
 In connection with the Exchange Offer, the Issuers and the Guarantors shall: 
  
 (1) mail or cause to be mailed to each Holder entitled to participate in the Exchange Offer a copy of the Prospectus forming part of the
Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
  
 (2) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York;

  
 (3) permit Holders to withdraw tendered Notes
at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer shall remain open; and 
  
 (4) otherwise comply in all material respects with all applicable laws, rules and regulations. 
  
 As soon as practicable after the close of the Exchange Offer and the Private
Exchange, if any, the Issuers and the Guarantors shall: 
  
 (1) accept for exchange all Notes validly tendered and not validly withdrawn by the Holders pursuant to the Exchange Offer and the Private Exchange, if any; 
  
 (2) deliver or cause to be delivered to the Trustee for
cancellation all Notes so accepted for exchange; and 
  
 (3) cause the Trustee to authenticate and deliver promptly to each such Holder of Notes, Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Transfer Restricted Securities of such Holder so
accepted for exchange. 
  
 The Exchange Offer and the Private
Exchange shall not be subject to any conditions, other than that (i) the Exchange Offer or Private Exchange, as the case may be, does not violate applicable law or any applicable interpretation of the Commission, (ii) no action or
proceeding shall have been instituted or threatened in any court or by any governmental agency which might materially impair the ability of the Issuers and the Guarantors to proceed with the Exchange Offer or the Private Exchange, and no material

  

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 adverse development shall have occurred in any existing action or proceeding with respect to the Issuers or the
Guarantors and (iii) all governmental approvals shall have been obtained, which approvals the Issuers and the Guarantors deem necessary for the consummation of the Exchange Offer or Private Exchange. 
  
 The Exchange Notes and the Private Exchange Notes shall be issued under the
Indenture or an indenture identical in all material respects to the Indenture (in either case, with such changes as are necessary to comply with any requirements of the Commission to effect or maintain the qualification thereof under the TIA) and
which, in either case, has been qualified under the TIA and shall provide that (a) the Exchange Notes shall not be subject to the transfer restrictions set forth in the Indenture and (b) the Private Exchange Notes shall be subject to
the transfer restrictions set forth in the Indenture. The Indenture or such indenture shall provide that the Notes, the Exchange Notes, the Private Exchange Notes and all of the Issuers’ other 6 5/8% Senior Notes due 2014 issued under the
Indenture or such indenture shall vote and consent together on all matters as one class. 
  
 (c) In the event that (i) the Issuers and the Guarantors are not required to file the Exchange Offer Registration Statement or permitted to consummate the Exchange Offer because the Exchange Offer is not
permitted by applicable law or Commission policy, (ii) for any reason the Exchange Offer is not consummated within 30 Business Days after the 180th day following the Issue Date, or (iii) any Holder notifies the Issuers prior to the 20th day following consummation of the Exchange Offer that (x) it is prohibited by law or the
applicable interpretations of the Commission from participating in the Exchange Offer, (y) that it may not resell the Exchange Notes acquired by it in the Exchange Offer to the public without delivering a prospectus and the prospectus
contained in the Exchange Offer Registration Statement is not appropriate or available for such resales, or (z) that it is a broker-dealer and owns Notes acquired directly from the Issuers or an affiliate of the Issuers (each such event
referred to in clauses (i) through (iii) of this sentence, a “Shelf Filing Event”), then the Issuers and the Guarantors shall file a Shelf Registration pursuant to Section 3 hereof. 
  
 Section 3. Shelf Registration. If at any time a Shelf Filing Event
shall occur, then: 
  
 (a) Shelf Registration. The Issuers
and the Guarantors shall file with the Commission a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Transfer Restricted Securities as to which Section 2(c) is applicable and other
Private Exchange Notes that are Transfer Restricted Securities (the “Shelf Registration”). The Issuers and the Guarantors shall use their respective best efforts to file with the Commission the Shelf Registration on or prior to 45
days after such filing obligation arises. The Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of such Transfer Restricted Securities for resale by Holders in the manner or manners designated by them
(including, without 
  

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 limitation, one or more underwritten offerings). The Issuers and the Guarantors shall not permit any securities other
than Transfer Restricted Securities to be included in the Shelf Registration. 
  
 (b) The Issuers and the Guarantors shall use their respective commercially reasonable efforts (x) to cause the Shelf Registration to be declared effective under the Securities Act on or prior to 180 calendar
days after the obligation to file the Shelf Registration arises and (y) to keep the Shelf Registration continuously effective under the Securities Act for the period ending on the earlier of the date which is two years from the Issue Date,
subject to extension pursuant to the penultimate paragraph of Section 5 hereof, and such shorter period ending when all Transfer Restricted Securities covered by the Shelf Registration have been sold in the manner set forth and as contemplated in
the Shelf Registration or when there are no more Transfer Restricted Securities (the “Effectiveness Period”); provided, however, that (i) the Effectiveness Period in respect of the Shelf Registration shall be
extended to the extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein and (ii) the Issuers and the Guarantors may suspend the
effectiveness of the Shelf Registration Statement by written notice to the Holders solely as a result of the filing of a post-effective amendment to the Shelf Registration Statement to incorporate annual audited financial information with respect to
the Issuers where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related Prospectus. 
  
 (c) Supplements and Amendments. The Issuers and the Guarantors agree to supplement or make amendments to the Shelf Registration Statement as and
when required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, or if reasonably requested by
the Holders of a majority in aggregate principal amount of Notes constituting Transfer Restricted Securities covered by such Registration Statement or by any underwriter of such Transfer Restricted Securities. 
  
 Section 4. Liquidated Damages. 
  
 (a) The Issuers, the Guarantors and the Initial Purchaser agree that the
Holders will suffer damages if the Issuers and the Guarantors fail to fulfill their obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuers
and the Guarantors agree that if: 
  
 (i) the
Exchange Offer Registration Statement is not filed with the Commission on or prior to the 60th day following the Issue Date or, if that day is not a Business Day, the next day that is a Business Day, or the Shelf Registration Statement is not filed
with the Commission on or prior to the 45th day following the date that the filing obligation arose, or, if that day is not a Business Day, the next day that is a Business Day, 
  

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 (ii) the Exchange Offer Registration Statement is not declared effective on or prior to
the 180th day following the Issue Date or, if that day is not a Business Day, the next day that is a Business Day, or the Shelf Registration Statement is not declared effective on or prior to the 180th day following the date that the filing
obligation arose, or, if that day is not a Business Day, the next day that is a Business Day (in either case, the “Effectiveness Target Date”), 
  
 (iii) the Exchange Offer is not consummated on or prior to the 30th Business Day following the Effectiveness
Target Date with respect to the Exchange Offer Registration Statement; or 
  
 (iv) the Shelf Registration Statement or the Exchange Offer Registration Statement is declared effective but thereafter ceases to be effective or fails to be usable in connection with resales of Transfer Restricted
Securities during the periods specified hereto, except if the Shelf Registration ceases to be effective or fails to be usable as specifically permitted by the penultimate paragraph of Section 5 hereof 
  
 (each such event referred to in clauses (i) through (iv) a “Registration
Default”), liquidated damages in the form of additional cash interest (“Liquidated Damages”) will accrue on the affected Notes and the affected Exchange Notes, as applicable. The rate of Liquidated Damages will be $.05 per
week per $1,000 principal amount of Notes for the first 90-day period immediately following the occurrence of a Registration Default, increasing by an additional $.05 per week per $1,000 principal amount of Notes with respect to each subsequent
90-day period up to a maximum amount of additional interest of $.20 per week per $1,000 principal amount of Notes, from and including the date on which any such Registration Default shall occur to, but excluding, the earlier of (1) the date
on which all Registration Defaults have been cured or (2) the date on which all the Notes and Exchange Notes otherwise become freely transferable by Holders other than affiliates of the Issuers and the Guarantors without further registration
under the Securities Act. 
  
 Notwithstanding the foregoing, (1) the amount
of Liquidated Damages payable shall not increase because more than one Registration Default has occurred and is pending, (2) a Holder of Transfer Restricted Securities for which a Shelf Registration Statement has been made available in
accordance with this Agreement shall not be entitled to Liquidated Damages with respect to any Registration Defaults other than subsequent Registration Defaults that pertain to the Shelf Registration Statement and (3) a Holder of Transfer
Restricted Securities who is not entitled to the benefits of a Shelf Registration Statement shall not be entitled to Liquidated Damages with respect to a Registration Default that pertains to the Shelf Registration Statement. 
  

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 (b) So long as Notes remain outstanding, the Issuers shall notify the Trustee within five Business Days
after each and every date on which an event occurs in respect of which Liquidated Damages is required to be paid. Any amounts of Liquidated Damages due pursuant to clauses (a)(i), (a)(ii), (a)(iii) or (a)(iv) of this Section 4 will be payable in
cash semi-annually on each Interest Payment Date (each a “Damages Payment Date”), commencing with the first such date occurring after any such Liquidated Damages begins to accrue, to Holders to whom regular interest is payable on
such Damages Payment Date with respect to Notes that are Transfer Restricted Securities with respect to a Registration Default that pertains to the Exchange Offer Registration Statement, or Private Exchange Notes, Notes or Exchange Notes that are
Transfer Restricted Securities to which Section 2(c) is applicable with respect to a Registration Default that pertains to a Shelf Registration Statement (subject to the last paragraph of Section 4(a)). 
  
 Section 5. Registration Procedures. In connection with the filing of
any Registration Statement pursuant to Section 2 or 3 hereof, the Issuers and the Guarantors shall effect such registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition
thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder, the Issuers and the Guarantors shall: 
  
 (a) Prepare and file with the Commission the Registration Statement or Registration Statements prescribed by Section 2 or 3 hereof, and
use their respective commercially reasonable efforts with respect to the Exchange Offer Registration Statement and their respective best efforts with respect to the Shelf Registration Statement, to cause each such Registration Statement to become
effective and remain effective as provided herein; provided, however, that if (1) such filing is pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to
Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto, then solely before filing any Registration Statement or
Prospectus or any amendments or supplements thereto (other than any filing of any periodic report under the Securities Exchange Act of 1934, as amended, which shall not be deemed to be an amendment or supplement thereto for purposes of this Section
5(a)), the Issuers and the Guarantors shall furnish to and afford the Holders of Transfer Restricted Securities covered by such Registration Statement or each such Participating Broker-Dealer, as the case may be, its counsel (if such counsel is
known to the Issuers) and the managing underwriters, if any, in each case subject to compliance with applicable law and subject to customary confidentiality arrangements, a reasonable opportunity to review copies of all such documents (including
copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at 
  

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 least five Business Days prior to such filing or such later date as is reasonable under the
circumstances). Neither the Issuers nor any Guarantor shall file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in aggregate principal amount of Notes constituting Transfer Restricted
Securities covered by such Registration Statement, or any such Participating Broker-Dealer, as the case may be, its counsel, or the managing underwriters, if any, shall reasonably object on a timely basis. 
  
 (b) Prepare and file with the Commission such amendments and
post-effective amendments to each Shelf Registration Statement or Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the
Applicable Period, as the case may be; cause the related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force)
promulgated under the Securities Act; and comply with the provisions of the Securities Act and the Exchange Act applicable to it with respect to the disposition of all securities covered by such Registration Statement as so amended or in such
Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus, in each case, in accordance with the intended methods of distribution set forth in
such Registration Statement or Prospectus, as so amended. 
  
 (c) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the Issuers have received written notice that such Broker-Dealer will be a Participating
Broker-Dealer in the applicable Exchange Offer, notify the selling Holders, or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, as promptly as possible, and, if requested by any such
Person, confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become
effective under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Issuers, one conformed copy of such Registration Statement or post-effective amendment including
financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), and of any request by the Commission for amendments to a Registration Statement or amendments or supplements to a Prospectus or for
additional information relating thereto, (ii) of the issuance by the Commission of any stop order suspending the effectiveness of 
  

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 a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus
or the initiation of any proceedings for that purpose, (iii) if at any time when a Prospectus is required by the Securities Act to be delivered in connection with sales of Transfer Restricted Securities or resales of Exchange Notes by
Participating Broker-Dealers the representations and warranties of the Issuers and the Guarantors contained in any agreement (including any underwriting agreement) contemplated by Section 5(m)(i) hereof cease to be true and correct in all material
respects, (iv) of the receipt by the Issuers of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Transfer Restricted Securities or the Exchange
Notes for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any information becoming known to the Issuers or the
Guarantors that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in
or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (vi) of the Issuers’ and the Guarantors’ determination that a post-effective amendment to a Registration
Statement would be appropriate. 
  
 (d) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use their respective reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order
preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Transfer Restricted Securities or the Exchange Notes, as the case may be, for sale in any jurisdiction, and, if any such
order is issued, to use their respective reasonable best efforts to obtain the withdrawal of any such order at the earliest practicable moment. 
  
 (e) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the 
  

 13 

 Applicable Period and if reasonably requested by the managing underwriter or underwriters (if any), the
Holders of a majority in aggregate principal amount of Notes constituting Transfer Restricted Securities covered by such Registration Statement or any Participating Broker-Dealer, as the case may be, (i) promptly incorporate in such
Registration Statement or Prospectus a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders or any Participating Broker-Dealer, as the case may be, (based upon advice
of counsel) determine is reasonably necessary to be included therein and (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Issuers have received notification of the
matters to be incorporated in such prospectus supplement or post-effective amendment; provided, however, that neither the Issuers nor any Guarantor shall be required to take any action hereunder that would, in the written opinion of
counsel for the Issuers and the Guarantors, violate applicable laws. 
  
 (f) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Transfer Restricted Securities or each such Participating Broker-Dealer, as the
case may be, who so requests, its counsel and each managing underwriter, if any, at the sole expense of the Issuers, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including
financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 
  
 (g) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of
Transfer Restricted Securities or each such Participating Broker-Dealer, as the case may be, its respective counsel, and the underwriters, if any, at the sole expense of the Issuers, as many copies of the Prospectus or Prospectuses (including each
form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last two paragraphs of this Section 5, each of the Issuers and
the Guarantors hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Transfer Restricted Securities or each such Participating Broker-Dealer, as the case may be, and the underwriters
or agents, if any, and dealers (if any), in connection with the offering 
  

 14 

 and sale of Transfer Restricted Securities covered by, or the sale by Participating Broker-Dealers of the
Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto. 
  
 (h) Prior to any public offering of Transfer Restricted Securities or Exchange Notes or any delivery of a Prospectus contained in the
Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use their respective reasonable best efforts to register or qualify, and to cooperate with the selling Holders of
Transfer Restricted Securities or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and its respective counsel in connection with the registration or qualification (or exemption from such
registration or qualification) of such Transfer Restricted Securities or Exchange Notes, as the case may be, for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating
Broker-Dealer, or the managing underwriter or underwriters reasonably request; provided, however, that where Exchange Notes or Transfer Restricted Securities are offered other than through an underwritten offering, the Issuers and the
Guarantors agree to use their respective reasonable best efforts to cause counsel for the Issuers and the Guarantors to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h);
keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the
disposition in such jurisdictions of such Exchange Notes or Transfer Restricted Securities covered by the applicable Registration Statement; provided, however, that neither the Issuers nor any Guarantor shall be required to (A)
qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or (C) subject
itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 
  
 (i) If a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Transfer Restricted Securities
and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities to be sold, which certificates shall not bear any restrictive legends and shall be in
a form eligible for deposit with The Depository Trust Company and enable such Transfer Restricted Securities to be in such denominations and registered in such names as the managing underwriter or underwriters, if any, or selling Holders may request
at least three Business Days prior to any sale of such Transfer Restricted Securities or Exchange Notes. 
  

 15 

 (j) Use their respective reasonable best efforts to cause the Transfer Restricted
Securities or Exchange Notes covered by any Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be reasonably necessary to enable the seller or sellers thereof or the underwriter or
underwriters, if any, to consummate the disposition of such Transfer Restricted Securities or Exchange Notes, except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Issuers and the
Guarantors will cooperate in all reasonable respects with the filing of such Registration Statement and the granting of such approvals. 
  
 (k) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event
contemplated by Section 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) and the penultimate paragraph of this Section 5) file with the Commission, at the sole expense of the Issuers, a supplement or
post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to
the purchasers of the Transfer Restricted Securities being sold thereunder or to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
  
 (l) Prior to the effective date of the first Registration
Statement relating to the Transfer Restricted Securities provide the Trustee with certificates for the Transfer Restricted Securities in a form eligible for deposit with The Depository Trust Company. 
  
 (m) In connection with any underwritten offering of Transfer
Restricted Securities pursuant to a Shelf Registration, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Notes and take all such other actions as are reasonably requested by the
managing underwriter or underwriters in order to expedite or facilitate the registration or the disposition of such Transfer Restricted Securities and, in such connection, (i) make such representations and warranties to, and covenant with,
the underwriters with respect to the business of the Issuers, the Guarantors and their respective subsidiaries, as then conducted (including any acquired business, properties or entity, if applicable), and the Registration Statement, Prospectus and

  

 16 

 documents, if any, incorporated or deemed to be incorporated by reference therein and furnish such
officers’ certificates, in each case, as are customarily made or furnished by issuers to underwriters in underwritten offerings of debt securities similar to the Notes, and confirm the same in writing if and when requested; (ii) use
their respective reasonable best efforts to obtain the written opinions of counsel for the Issuers and the Guarantors and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters,
addressed to the underwriters covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) use their
respective reasonable best efforts to obtain “cold comfort” letters and updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants for
the Issuers and the Guarantors (and, if necessary, any other independent certified public accountants of any subsidiary of the Issuers or of any business acquired by the Issuers for which financial statements and financial data are, or are required
to be, included or incorporated by reference in the Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in
connection with underwritten offerings; and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable than those set forth in Section 7 hereof (or such other
provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Transfer Restricted Securities covered by such Registration Statement and the managing underwriter or underwriters or agents) with respect to all parties
to be indemnified pursuant to said Section; provided that neither the Issuers nor any Guarantor shall be required to provide indemnification to any underwriter selected in accordance with the provisions of Section 9 hereof with respect to
information relating to such underwriter furnished in writing to the Issuers by or on behalf of such underwriter expressly for inclusion in such Registration Statement. The above shall be done at each closing under such underwriting agreement, or as
and to the extent required thereunder. 
  
 (n) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any selling Holder of such Transfer Restricted Securities being sold or each such Participating Broker-Dealer, as the case
may be, any underwriter participating in any such disposition of Transfer Restricted Securities, if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker- 
  

 17 

 Dealer, as the case may be, or underwriter (collectively, the “Inspectors”), at the
offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and instruments of the Issuers, the Guarantors and their subsidiaries (collectively, the “Records”) as
shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Issuers and the Guarantors and their subsidiaries to supply all information reasonably
requested by any such Inspector in connection with such Registration Statement and Prospectus. Each Inspector shall agree in writing that it will keep the Records confidential and that it will not disclose, or use in connection with any market
transactions in violation of any applicable securities laws, any Records that each of the Issuers and the Guarantors determines, in good faith, to be confidential and that it notifies the Inspectors in writing are confidential unless (i) the
disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, (iii) disclosure of such information is necessary or advisable in the opinion of counsel for an Inspector in connection with any action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such
Inspector and arising out of, based upon, relating to, or involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the information in such Records has
been made generally available to the public, other than by the Inspectors; provided, however, that (i) each Inspector shall agree to use reasonable best efforts to provide notice to the Issuers and the Guarantors of the
potential disclosure of any information by such Inspector pursuant to clause (i), (ii) or (iii) of this sentence to permit such Issuer or such Guarantor to obtain a protective order (or waive the provisions of this paragraph (n)) and (ii)
each such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights
and interests of the Holder or any Inspector. 
  
 (o) Provide an indenture trustee for the Transfer Restricted Securities or the Exchange Notes, as the case may be, and cause the applicable Indenture or the trust indenture provided for in Section 2(b) hereof to be qualified under the TIA
not later than the effective date of the Exchange Offer Registration Statement or the first Registration Statement relating to the Transfer Restricted Securities; and in connection therewith, cooperate with the trustee under any such indenture and
the Holders of Transfer Restricted Securities or Exchange Notes, as applicable, to effect such changes to such indenture as may be required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use their
respective reasonable best efforts to cause such trustee to execute, all 
  

 18 

 documents as may be required to effect such changes, and all other forms and documents required to be
filed with the Commission to enable such indenture to be so qualified in a timely manner. 
  
 (p) Comply with all applicable rules and regulations of the Commission and make generally available to Ventas, Inc.’s securityholders
earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the
end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Transfer Restricted Securities or Exchange Notes are sold to underwriters in a firm commitment or best efforts underwritten
offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of Ventas, Inc. after the effective date of a Registration Statement, which statements shall cover said 12-month
periods consistent with the requirements of Rule 158. 
  
 (q) Upon the request of a Holder, upon consummation of the Exchange Offer or a Private Exchange, use their respective reasonable best efforts to obtain an opinion of counsel for the Issuers and the Guarantors addressed to the Trustee for
the benefit of all Holders of Transfer Restricted Securities participating in the Exchange Offer or the Private Exchange, as the case may be, that the Exchange Notes or Private Exchange Notes, as the case may be, and the related indenture constitute
legal, valid and binding obligations of the Issuers and the Guarantors, enforceable against each of the Issuers and the Guarantors in accordance with its respective terms, subject to customary exceptions and qualifications. 
  
 (r) If the Exchange Offer or a Private Exchange is to be
consummated, upon delivery of the Transfer Restricted Securities by Holders to the Issuers (or to such other Person as directed by the Issuers) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, mark, or cause to
be marked, on such Transfer Restricted Securities that such Transfer Restricted Securities are being cancelled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; provided that in no event shall such Transfer
Restricted Securities be marked as paid or otherwise satisfied. 
  
 (s) Cooperate with each seller of Transfer Restricted Securities covered by any Registration Statement and each underwriter, if any, participating in the disposition of such Transfer Restricted Securities and their
respective counsel in connection with any filings required to be made with the National Association of Securities Dealers, Inc. (the “NASD”). 
  

 19 

 (t) Prior to the effectiveness of any Registration Statement filed pursuant to Section 2
or 3 hereof, to the extent required under the Securities Act, take all actions necessary or advisable to cause the guarantees of the Notes by the Provident Guarantors to be included in such Registration Statement and effectively registered under the
Securities Act. 
  
 (u) Use their respective
reasonable best efforts to take all other steps reasonably necessary or advisable to effect the registration of the Exchange Notes and/or Transfer Restricted Securities covered by a Registration Statement contemplated hereby. 
  
 The Issuers and the Guarantors may require each seller of Transfer Restricted
Securities or Exchange Notes as to which any registration is being effected to furnish to the Issuers and the Guarantors such information regarding such seller and the distribution of such Transfer Restricted Securities or Exchange Notes as the
Issuers and the Guarantors may, from time to time, reasonably request. The Issuers and the Guarantors may exclude from such registration the Transfer Restricted Securities of any seller so long as such seller fails to furnish such information within
a reasonable time after receiving such request and in the event of such an exclusion, neither Issuer nor any Guarantor shall have any further obligation under this Agreement (including, without limitation, the obligations under Section 4) with
respect to such seller or any subsequent Holder of such Transfer Restricted Securities. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly to the Issuers and the Guarantors all information required to be
disclosed in order to make any information previously furnished to the Issuers and the Guarantors by such seller not materially misleading. 
  
 If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Issuers, then such Holder shall have
the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such
Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Issuers, or (ii) in the event that such reference to such
Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the applicable Registration Statement filed or prepared
subsequent to the time that such reference ceases to be required. 
  
 Each Holder of Transfer Restricted Securities and each Participating Broker-Dealer agrees by acquisition of such Transfer Restricted Securities or Exchange Notes that, upon actual receipt of any notice from the Issuers (x) of the
happening of any event of the kind described in Section 5(c)(ii), 5(c)(iii), 5(c)(iv), 5(c)(v) or 5(c)(vi) hereof, or (y) that the Board of Directors of Ventas, Inc. (the “Board of Directors”) has resolved that Ventas, Inc.
and its subsidiaries have a bona fide business purpose for doing so, then 
  

 20 

 the Issuers and the Guarantors may delay the filing or the effectiveness of the Exchange Offer Registration Statement or
the Shelf Registration Statement (if not then filed or effective, as applicable) and shall not be required to maintain the effectiveness thereof or amend or supplement the Exchange Offer Registration Statement or the Shelf Registration, in all
cases, for a period (a “Delay Period”) expiring upon the earlier to occur of (i) in the case of the immediately preceding clause (x), such Holder’s or Participating Broker-Dealer’s receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 5(k) hereof or until it is advised in writing (the “Advice”) by the Issuers and the Guarantors that the use of the applicable Prospectus may be resumed, and has received
copies of any amendments or supplements thereto or (ii) in the case of the immediately preceding clause (y), the date which is the earlier of (A) the date on which such business purpose ceases to interfere with Ventas, Inc.’s or
its subsidiaries’ obligations to file or maintain the effectiveness of any such Registration Statement pursuant to this Agreement or (B) 60 days after the Issuers and Guarantors notify the Holders of such good faith determination. There
shall not be more than 60 days of Delay Periods during any 12-month period. Each of the Effectiveness Period and the Applicable Period, if applicable, shall be extended by the number of days during any Delay Period. Any Delay Period will not alter
the obligations of the Issuers and the Guarantors to pay Liquidated Damages under the circumstances set forth in Section 4 hereof. 
  
 In the event of any Delay Period pursuant to clause (y) of the preceding paragraph, notice shall be given as soon as practicable after the Board of
Directors makes such a determination of the need for a Delay Period and shall state, to the extent practicable, an estimate of the duration of such Delay Period and shall advise the recipient thereof of the agreement of such Holder provided in the
next succeeding sentence. Each Holder, by his acceptance of Transfer Restricted Securities, agrees that during any Delay Period, each Holder will discontinue disposition of such Notes or Exchange Notes covered by such Registration Statement or
Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be. 
  
 Section 6. Registration Expenses. All fees and expenses incident to the Issuers’ and the Guarantors’ performance of or compliance with
this Agreement (other than any underwriting discounts or commissions) shall be borne by the Issuers, whether or not the Exchange Offer Registration Statement or the Shelf Registration is filed or becomes effective or the Exchange Offer is
consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with the NASD in connection with an underwritten offering and
(B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Transfer Restricted Securities or
Exchange Notes and determination of the eligibility of the Transfer Restricted Securities or Exchange Notes for investment under the laws of such jurisdictions (x) where the 
  

 21 

 holders of Transfer Restricted Securities are located, in the case of an Exchange Offer, or (y) as provided in
Section 5(h) hereof, in the case of a Shelf Registration or in the case of Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period)); provided that such fees and expenses under this subclause (B) shall not
exceed $5,000 in the aggregate, (ii) printing expenses, including, without limitation, expenses of printing certificates for Transfer Restricted Securities or Exchange Notes in a form eligible for deposit with The Depository Trust Company and
of printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, or by the Holders of a majority in aggregate principal amount of Notes constituting Transfer Restricted Securities included in
any Registration Statement or in respect of Exchange Notes to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of
counsel for the Issuers and the Guarantors and, in the case of a Shelf Registration Statement, reasonable fees and disbursements of one special counsel for all of the sellers of Transfer Restricted Securities (exclusive of any counsel retained
pursuant to Section 7 hereof), not to exceed $50,000 in the aggregate, (v) fees and disbursements of all independent certified public accountants referred to in Section 5(m)(iii) hereof (including, without limitation, the expenses of any
special audit and “cold comfort” letters required by or incident to such performance), (vi) Securities Act liability insurance, if the Issuers desire such insurance, (vii) fees and expenses of all other Persons retained by
the Issuers and the Guarantors, (viii) internal expenses of the Issuers and the Guarantors (including, without limitation, all salaries and expenses of their respective officers and employees performing legal or accounting duties),
(ix) the expense of any annual audit, (x) the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities, in each case, if
applicable and (xi) the expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, indentures and any other documents necessary in order to comply with this Agreement. Notwithstanding
the foregoing or anything to the contrary, each Holder shall pay all underwriting discounts and commissions of any underwriters with respect to any Transfer Restricted Securities sold by or on behalf of it. 
  
 Section 7. Indemnification. 
  
 (a) The Issuers and the Guarantors, jointly and severally, agree to
indemnify and hold harmless each Holder of Transfer Restricted Securities and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if any, who controls any such Person within the meaning of Section 15 of
the Securities Act or Section 20(a) of the Exchange Act, the agents, employees, officers and directors of each Holder and each such Participating Broker-Dealer and the agents, employees, officers and directors of any such controlling Person (each, a
“Participant”) from and against any and all losses, liabilities, claims, damages and expenses (including, but not limited to, reasonable attorneys’ fees and any and all reasonable out-of-pocket expenses actually 
  

 22 

 incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim
whatsoever, and any and all reasonable amounts paid in settlement of any claim or litigation (in the manner set forth in clause (c) below)) (collectively, “Losses”) to which they or any of them may become subject under the
Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any
amendment thereto) or Prospectus (as amended or supplemented if either the Issuers or the Guarantors shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by, arising out of or based upon any omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in the light of the circumstances under which they were made, not misleading,
provided that (i) the foregoing indemnity shall not be available to any Participant insofar as such Losses are caused by any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity
with information relating to such Participant furnished to the Issuers in writing by or on behalf of such Participant expressly for use therein, and (ii) that the foregoing indemnity with respect to any preliminary prospectus shall not inure
to the benefit of any Participant from whom the Person asserting such Losses purchased Transfer Restricted Securities if (x) it is decided in a final judgment in the related proceeding that such Participant failed to send or give a copy of
the Prospectus (as amended or supplemented if such amendment or supplement was furnished to such Participant prior to the written confirmation of such sale) to such Person with or prior to the written confirmation of such sale, if required by
applicable law, and (y) the untrue statement or omission or alleged untrue statement or omission was completely corrected in the Prospectus (as amended or supplemented if amended or supplemented as aforesaid) and such Prospectus does not
contain any other untrue statement or omission or alleged untrue statement or omission that was the subject matter of the related proceeding. This indemnity agreement will be in addition to any liability that the Issuers and the Guarantors may
otherwise have, including, but not limited to, liability under this Agreement. 
  
 (b) Each Participant agrees, severally and not jointly, to indemnify and hold harmless the Issuers and the Guarantors, and each Person, if any, who controls the Issuers or the Guarantors within the meaning of Section
15 of the Securities Act or Section 20(a) of the Exchange Act, and each of its agents, employees, officers and directors and the agents, employees, officers and directors of any such controlling Person from and against any Losses to which they or
any of them may become subject under the Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if either the Issuers or the Guarantors shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused
by, 
  

 23 

 arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein, in the case of the Prospectus, in the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that any such Loss arises out of or
is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with information relating to such Participant furnished in writing to the Issuers by or on behalf of such
Participant expressly for use therein. 
  
 (c) Promptly after
receipt by an indemnified party under subsection 7(a) or 7(b) above of notice of the commencement of any action, suit or proceeding (collectively, an “action”), such indemnified party shall, if a claim in respect thereof is to be
made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing of the commencement of such action (but the failure so to notify an indemnifying party shall not relieve such
indemnifying party from any liability that it may have under this Section 7 except to the extent that it has been prejudiced in any material respect by such failure). In case any such action is brought against any indemnified party, and it notifies
an indemnifying party of the commencement of such action, the indemnifying party will be entitled to participate in such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the
aforesaid notice from such indemnified party, to assume the defense of such action with counsel reasonably satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or
their own counsel in any such action, but the reasonable fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless (i) the employment of such counsel shall have been authorized in writing by the
indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have employed counsel to take charge of the defense of such action within a reasonable time after notice of commencement of the action
or (iii) the named parties to such action (including any impleaded parties) include such indemnified party and the indemnifying party or parties (or such indemnifying parties have assumed the defense of such action), and such indemnified
party or parties shall have reasonably concluded, that there may be defenses available to it or them that are different from or additional to those available to one or all of the indemnifying parties (in which case the indemnifying parties shall not
have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such reasonable fees and expenses of counsel shall be borne by the indemnifying parties. In no event shall the indemnifying
party be liable for the fees and expenses of more than one counsel (together with appropriate local counsel) at any time for all indemnified parties in connection with any one action or separate but substantially similar or related actions arising
in the same jurisdiction out of the same general allegations or circumstances. Any such separate firm for the Participants shall be designated in writing by Participants who sold a majority in interest of Transfer Restricted Securities sold by all
such Participants 
  

 24 

 and shall be reasonably acceptable to the Issuers and the Guarantors, and when the Issuers and Guarantors are the
indemnified party, any such separate firm for the Issuers and the Guarantors, their respective affiliates, officers, directors, representatives, employees and agents and such control Person of the Issuers or the Guarantors shall be designated in
writing by the Issuers and shall be reasonably acceptable to the Holders. An indemnifying party shall not be liable for any settlement of any claim or action effected without its written consent, which consent may not be unreasonably withheld. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement (i) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and (ii) does not include a statement as
to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
  
 (d) In order to provide for contribution in circumstances in which the indemnification provided for in this Section 7 is for any reason held to be
unavailable from the indemnifying party, or is insufficient to hold harmless a party indemnified under this Section 7, each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such aggregate
Losses (i) in such proportion as is appropriate to reflect the relative benefits received by each indemnifying party, on the one hand, and each indemnified party, on the other hand, from the sale of the Notes to the Initial Purchaser or the
resale of the Transfer Restricted Securities by such Holder, as applicable, or (ii) if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of each indemnified party, on the one hand, and each indemnifying party, on the other hand, in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable
considerations. The relative benefits received by the Issuers and the Guarantors, on the one hand, and each Participant, on the other hand, shall be deemed to be in the same proportion as (x) the total proceeds from the sale of the Notes to
the Initial Purchaser (net of discounts but before deducting expenses) received by the Issuers and the Guarantors are to (y) the total net profit received by such Participant in connection with the sale of the Transfer Restricted Securities.
The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied
by the Issuers and the Guarantors or such Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omission. 
  
 (e) The parties agree that it would not be just and equitable if contribution
pursuant to this Section 7 were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to 
  

 25 

 above. Notwithstanding the provisions of this Section 7, (i) in no case shall any Participant be required to
contribute any amount in excess of the amount by which the net profit received by such Participant in connection with the sale of the Transfer Restricted Securities exceeds the amount of any damages that such Participant has otherwise been required
to pay by reason of any untrue or alleged untrue statement or omission or alleged omission and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be
made against another party or parties under this Section 7, notify such party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be
sought from any obligation it or they may have under this Section 7 or otherwise, except to the extent that it has been prejudiced in any material respect by such failure; provided, however, that no additional notice shall be required
with respect to any action for which notice has been given under this Section 7 for purposes of indemnification. Anything in this section to the contrary notwithstanding, no party shall be liable for contribution with respect to any action or claim
settled without its written consent, provided, however, that such written consent was not unreasonably withheld. 
  
 Section 8. Rules 144 and 144A. Each Issuer and each Guarantor covenants that it will file the reports required, if any, to be filed by such Issuer
or such Guarantor under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any time
such Issuer or such Guarantor is not required to file such reports, it will, upon the request of any Holder or beneficial owner of Transfer Restricted Securities, make available such information necessary to permit sales pursuant to Rule 144A under
the Securities Act. Each Issuer and each Guarantor further covenants that for so long as any Transfer Restricted Securities remain outstanding it will take such further action as any Holder of Transfer Restricted Securities may reasonably request
from time to time to enable such Holder to sell Transfer Restricted Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144(k) and Rule 144A under the Securities Act, as such
Rules may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the Commission. 
  
 Section 9. Underwritten Registrations. If any of the Transfer Restricted Securities covered by any Shelf Registration are to be sold in an
underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Transfer Restricted Securities included in
such offering and shall be reasonably acceptable to the Issuers and the Guarantors. 
  

 26 

 No Holder of Transfer Restricted Securities may participate in any underwritten registration hereunder if
such Holder does not (a) agree to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) complete
and execute all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
  
 Section 10. Miscellaneous. 
  

(a) No Inconsistent Agreements. Neither the Issuers nor any Guarantor has, as of the date hereof, and shall have, after the date of this
Agreement, entered into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Transfer Restricted Securities in this Agreement or otherwise conflicts with the provisions hereof. The rights
granted to the Holders hereunder do not conflict with and are not inconsistent with, in any material respect, the rights granted to the holders of any of the Issuers’ and the Guarantors’ other issued and outstanding securities under any
such agreements. Neither the Issuers nor any Guarantor has entered and will enter into any agreement with respect to any of its securities which will grant to any Person piggy-back registration rights with respect to any Registration Statement.

  
 (b) Adjustments Affecting Transfer Restricted
Securities. The Issuers and the Guarantors shall not, directly or indirectly, take any action with respect to the Transfer Restricted Securities as a class that would adversely affect the ability of the Holders of Transfer Restricted Securities
to include such Transfer Restricted Securities in a registration undertaken pursuant to this Agreement. 
  
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given except pursuant to a written agreement duly signed and delivered by (I) the Issuers and (II) (A) the Holders of not less than a majority in aggregate principal amount of the then
outstanding Transfer Restricted Securities and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate principal amount of the Exchange
Notes held by all Participating Broker-Dealers; provided, however, that Section 4 and Section 7 and this Section 10(c) may not be amended, modified or supplemented except pursuant to a written agreement duly signed and delivered by the
Issuers, the Guarantors, each Holder and each Participating Broker-Dealer (including any Person who was a Holder or Participating Broker-Dealer of Transfer Restricted Securities or Exchange Notes, as the case may be, disposed of pursuant to any
Registration Statement) affected by any such amendment, modification, supplement or waiver. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights
hereunder of Holders of Transfer Restricted Securities whose securities are being sold pursuant to a Shelf Registration Statement and that does not directly or indirectly affect, 
  

 27 

 impair, limit or compromise the rights hereunder of Holders of Transfer Restricted Securities not being sold pursuant to
such Shelf Registration Statement may be given by Holders of at least a majority in aggregate principal amount of such Transfer Restricted Securities being sold pursuant to such Shelf Registration Statement. 
  
 (d) Notices. All notices and other communications (including, without
limitation, any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or telecopier: 
  
 (i) if to a Holder of Transfer Restricted Securities or any
Participating Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture. 
  
 (ii) if to the Issuers or the Guarantors, at the address as follows: 
  
 Ventas, Inc. 
 10350 Ormsby Park Place 
 Suite 300 
 Louisville, Kentucky 40223 
 Telephone: (502) 357-9000 
 Fax: (502) 357-9001 
 Attention: General Counsel 
  
 (iii) if to the Initial Purchaser, at the address as
follows: 
  
 Banc of America Securities LLC

 9 West 57th Street 
 New York, New York 10019 
 Fax number: (212) 847-6441 
 Attention: High Yield Capital Markets 
  
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by
the recipient’s telecopier machine, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 
  
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address
and in the manner specified in the Indenture. 
  

 28 

 (e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties hereto, the Holders and the Participating Broker-Dealers; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder
unless and to the extent such successor or assign holds Transfer Restricted Securities. 
  
 (f) Counterparts. This Agreement may be executed in any number of counterparts (including via facsimile) and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and the same agreement. 
  
 (g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK. 
  
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (j) Securities Held by the Issuers or Its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Notes constituting
Transfer Restricted Securities is required hereunder, Transfer Restricted Securities held by the Issuers or any of its affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such consent
or approval was given by the Holders of such required percentage. 
  
 (k) Third-Party Beneficiaries. Holders and beneficial owners of Transfer Restricted Securities and Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such
Persons. No other Person is intended to be, or shall be construed as, a third-party beneficiary of this Agreement. 
  

 29 

 (l) Entire Agreement. This Agreement, together with the Indenture, is intended by the parties as a
final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements, representations, or warranties, contracts,
understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Issuers and the Guarantors on the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in
interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  
 (m) Further Agreements. The Issuers and the Guarantors shall cause each subsidiary of Ventas that issues a guarantee of the Notes to comply with
the obligations of the Guarantors set forth in this Agreement as if it were a Guarantor to the extent any such guarantee is required to be included in any Registration Statement filed pursuant to Section 2 or 3 hereof such that the guarantee is
effectively registered under the Securities Act unless such guarantee is freely transferable in the absence of such registration. 
  

 30 

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

  

			
	 VENTAS REALTY, LIMITED
 PARTNERSHIP

		
	By:	 	VENTAS, INC.
	Its:	 	General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President and General Counsel
	
	VENTAS CAPITAL CORPORATION
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President and General Counsel
	
	VENTAS, INC.
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President and General Counsel
	
	VENTAS LP REALTY, L.L.C.
		
	By:	 	VENTAS, INC.
	Its:	 	Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President and General Counsel

			
	BANC OF AMERICA SECURITIES LLC
		
	By:	 	 /s/ R. Sean Snipes

	Name:	 	R. Sean Snipes
	Title:	 	Managing Director

  

 A-2Exhibit 10.1

 Exhibit 10.1 
  

  
 Published CUSIP Number: _____ 
  
 CREDIT AGREEMENT

  
 dated as of 
  
 June 13, 2005 
  
 among 
  
 RADIO ONE, INC., 
 as Borrower 
  
 The Lenders Party Hereto 
  
 and 
  
 WACHOVIA BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 
  
 BANK OF
AMERICA, N.A., 
 as Syndication Agent 
  
 CREDIT SUISSE, 
 MERRILL LYNCH, PIERCE FENNER
& SMITH INCORPORATED, and 
 SUNTRUST BANK, 
  
 as Co-Documentation Agents 
  
 WACHOVIA CAPITAL MARKETS, LLC and 
 BANC OF
AMERICA SECURITIES LLC, 
 as Joint Book Managers and Joint Lead Arrangers 
  
 $500,000,000 Revolving Facility 
 $300,000,000 Term Loan Facility 
  

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

	 ARTICLE I     Definitions
	  	1
			
	 SECTION 1.01.
	  	 Defined Terms
	  	1
	 SECTION 1.02.
	  	 Classification of Loans and Borrowings
	  	27
	 SECTION 1.03.
	  	 Terms Generally
	  	27
	 SECTION 1.04.
	  	 Accounting Terms; GAAP
	  	27
		
	 ARTICLE II     The Credits
	  	28
			
	 SECTION 2.01.
	  	 Commitments
	  	28
	 SECTION 2.02.
	  	 Loans and Borrowings
	  	28
	 SECTION 2.03.
	  	 Requests for Borrowings
	  	29
	 SECTION 2.04.
	  	 Maturity and Amortization of Aggregate Term Loans
	  	30
	 SECTION 2.05.
	  	 Letters of Credit
	  	31
	 SECTION 2.06.
	  	 Incremental Loans
	  	35
	 SECTION 2.07.
	  	 Funding of Borrowings
	  	37
	 SECTION 2.08.
	  	 Interest Elections
	  	38
	 SECTION 2.09.
	  	 Termination and Reduction of Revolving Commitments
	  	39
	 SECTION 2.10.
	  	 Repayment of Loans; Evidence of Debt
	  	39
	 SECTION 2.11.
	  	 Prepayment of Loans
	  	40
	 SECTION 2.12.
	  	 Fees
	  	42
	 SECTION 2.13.
	  	 Interest
	  	43
	 SECTION 2.14.
	  	 Alternate Rate of Interest
	  	44
	 SECTION 2.15.
	  	 Increased Costs
	  	44
	 SECTION 2.16.
	  	 Break Funding Payments
	  	46
	 SECTION 2.17.
	  	 Taxes
	  	46
	 SECTION 2.18.
	  	 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	48
	 SECTION 2.19.
	  	 Mitigation Obligations; Replacement of Lenders
	  	50
	 SECTION 2.20.
	  	 Procedure for Incremental Loan Requests
	  	50
		
	 ARTICLE III     Representations and Warranties
	  	51
			
	 SECTION 3.01.
	  	 Organization; Powers
	  	51
	 SECTION 3.02.
	  	 Authorization; Enforceability
	  	51
	 SECTION 3.03.
	  	 Governmental Approvals; No Conflicts
	  	52
	 SECTION 3.04.
	  	 Financial Condition; No Material Adverse Change
	  	52
	 SECTION 3.05.
	  	 Properties
	  	52
	 SECTION 3.06.
	  	 Litigation and Environmental Matters
	  	53
	 SECTION 3.07.
	  	 Compliance with Laws and Agreements
	  	53
	 SECTION 3.08.
	  	 Investment and Holding Company Status
	  	53
	 SECTION 3.09.
	  	 Taxes
	  	53
	 SECTION 3.10.
	  	 ERISA
	  	53
	 SECTION 3.11.
	  	 Disclosure
	  	54
	 SECTION 3.12.
	  	 Ownership of Stations
	  	54
	 SECTION 3.13.
	  	 Possession of Necessary Authorizations
	  	54

  

					
	 SECTION 3.14.
	  	 Copyright, Patent and Trademark Matters
	  	55
	 SECTION 3.15.
	  	 License Subsidiaries
	  	55
	 SECTION 3.16.
	  	 Subsidiaries
	  	55
	 SECTION 3.17.
	  	 Use of Proceeds
	  	55
	 SECTION 3.18.
	  	 Security Documents
	  	56
	 SECTION 3.19.
	  	 Solvency
	  	56
	 SECTION 3.20.
	  	 Insurance
	  	56
		
	 ARTICLE IV     Conditions
	  	56
			
	 SECTION 4.01.
	  	 Effective Date
	  	56
	 SECTION 4.02.
	  	 Each Credit Event
	  	58
		
	 ARTICLE V     Affirmative Covenants
	  	59
			
	 SECTION 5.01.
	  	 Financial Statements and Other Information
	  	59
	 SECTION 5.02.
	  	 Notices of Material Events
	  	61
	 SECTION 5.03.
	  	 Existence; Conduct of Business
	  	62
	 SECTION 5.04.
	  	 Payment of Obligations
	  	62
	 SECTION 5.05.
	  	 Maintenance of Properties; Insurance
	  	62
	 SECTION 5.06.
	  	 Books and Records; Inspection Rights
	  	63
	 SECTION 5.07.
	  	 Compliance with Laws
	  	63
	 SECTION 5.08.
	  	 Use of Proceeds and Letters of Credit
	  	63
	 SECTION 5.09.
	  	 Collateral
	  	63
	 SECTION 5.10.
	  	 Further Assurances
	  	65
	 SECTION 5.11.
	  	 Hedging Obligation
	  	65
		
	 ARTICLE VI     Negative Covenants
	  	66
			
	 SECTION 6.01.
	  	 Financial Condition Covenants
	  	66
	 SECTION 6.02.
	  	 Limitation on Indebtedness
	  	66
	 SECTION 6.03.
	  	 Limitation on Liens
	  	68
	 SECTION 6.04.
	  	 Limitation on Fundamental Changes
	  	69
	 SECTION 6.05.
	  	 Limitation on Sale of Assets
	  	70
	 SECTION 6.06.
	  	 Limitation on Restricted Payments; Other Payment Limitations
	  	71
	 SECTION 6.07.
	  	 Limitation on Acquisitions
	  	71
	 SECTION 6.08.
	  	 Limitation on Investments
	  	72
	 SECTION 6.09.
	  	 Limitation on Transactions with Affiliates
	  	72
	 SECTION 6.10.
	  	 Limitation on Restrictions on Restricted Subsidiary Distributions
	  	73
	 SECTION 6.11.
	  	 Limitation on Lines of Business
	  	74
	 SECTION 6.12.
	  	 Limitation on Sale or Issuance of Equity Interests
	  	74
	 SECTION 6.13.
	  	 Limitation on Material Agreements
	  	74
	 SECTION 6.14.
	  	 Certain Intercompany Matters
	  	74
	 SECTION 6.15.
	  	 Reach Media Holdco
	  	75
		
	 ARTICLE VII     Events of Default
	  	75
			
	 SECTION 7.01.
	  	 Defaults
	  	75
	 SECTION 7.02.
	  	 Application of Funds
	  	78

  

					
	 ARTICLE VIII     The Administrative Agent
	  	79
			
	 SECTION 8.01.
	  	 Appointment
	  	79
	 SECTION 8.02.
	  	 Administrative Agent as a Lender
	  	79
	 SECTION 8.03.
	  	 Exculpatory Provision
	  	79
	 SECTION 8.04.
	  	 Reliance by Administrative Agent
	  	80
	 SECTION 8.05.
	  	 Delegation of Duties
	  	81
	 SECTION 8.06.
	  	 Successor Administrative Agent
	  	81
	 SECTION 8.07.
	  	 Non-Reliance by Lenders
	  	82
	 SECTION 8.08.
	  	 Indemnification
	  	82
	 SECTION 8.09.
	  	 Authorization to Release Guarantees and Liens
	  	82
	 SECTION 8.10.
	  	 No Other Duties, etc.
	  	83
		
	 ARTICLE IX     Miscellaneous
	  	83
			
	 SECTION 9.01.
	  	 Notices
	  	83
	 SECTION 9.02.
	  	 Waivers; Amendments
	  	84
	 SECTION 9.03.
	  	 Expenses; Indemnity; Damage Waiver
	  	85
	 SECTION 9.04.
	  	 Successors and Assigns
	  	86
	 SECTION 9.05.
	  	 Survival
	  	89
	 SECTION 9.06.
	  	 Counterparts; Integration; Effectiveness
	  	89
	 SECTION 9.07.
	  	 Severability
	  	90
	 SECTION 9.08.
	  	 Right of Setoff
	  	90
	 SECTION 9.09.
	  	 Governing Law; Jurisdiction; Consent to Service of Process
	  	91
	 SECTION 9.10.
	  	 WAIVER OF JURY TRIAL
	  	91
	 SECTION 9.11.
	  	 Headings
	  	92
	 SECTION 9.12.
	  	 Confidentiality
	  	92
	 SECTION 9.13.
	  	 Interest Rate Limitation
	  	92
	 SECTION 9.14.
	  	 USA PATRIOT ACT
	  	93

  

  

	
	 SCHEDULES:

	
	Schedule 1.01 – Existing Letters of Credit
	Schedule 2.01 – Commitments
	Schedule 3.06 – Disclosed Matters
	Schedule 3.12 – Stations
	Schedule 3.14 – Patents and Trademarks
	Schedule 3.16 – Subsidiaries
	Schedule 3.18 – UCC and Other Filings – Jurisdictions and Offices
	Schedule 6.02 – Existing Indebtedness
	Schedule 6.03 – Existing Liens
	Schedule 6.08 – Existing Investments
	Schedule 6.09 – Existing Affiliate Transactions

  

	
	 EXHIBITS:

	
	Exhibit A – Form of Assignment and Assumption
	Exhibit B – Form of Operating Agreement
	Exhibit C – Form of Compliance Certificate
	Exhibit D – Form of Perfection Certificate

  

  
 RADIO ONE, INC.

  
 CREDIT AGREEMENT 
  
 $500,000,000 Revolving Facility 
 $300,000,000 Term Loan Facility 
  
 CREDIT AGREEMENT dated as of June 13, 2005, among RADIO ONE, INC., as Borrower, the LENDERS party hereto, WACHOVIA BANK, NATIONAL ASSOCIATION, as
Administrative Agent, BANK OF AMERICA, N.A., a Syndication Agent, and CREDIT SUISSE, MERRILL LYNCH, PIERCE FENNER & SMITH INCORPORATED, and SUNTRUST BANK, as Co-Documentation Agents. 
  
 The parties hereto agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
  
 “2001 Senior Subordinated Debt Documents” means any and all
agreements relating to the 2001 Senior Subordinated Indebtedness, including but not limited to the 2001 Senior Subordinated Notes, the 2001 Senior Subordinated Notes Indenture and the 2001 Senior Subordinated Guaranties. 
  
 “2001 Senior Subordinated Guaranties” means any and all
guaranties of the 2001 Senior Subordinated Indebtedness. 
  
 “2001 Senior Subordinated Indebtedness” means the Indebtedness owed by the Loan Parties to the 2001 Senior Subordinated Note Holders in an original principal amount not to exceed $300,000,000 which bears interest and has a
maturity as set forth in the 2001 Senior Subordinated Notes Indenture. 
  
 “2001 Senior Subordinated Note Holders” means the holders of the 2001 Senior Subordinated Notes. 
  
 “2001 Senior Subordinated Notes” means (a) those certain 87/8% Senior Subordinated
Notes due 2011, issued by the Borrower in the aggregate original principal amount of $300,000,000, pursuant to the 2001 Senior Subordinated Notes Indenture; and (b) all senior subordinated notes of the Borrower issued in exchange for the 2001 Senior
Subordinated Notes on terms substantially identical to the terms of the 2001 Senior Subordinated Notes. 
  
 “2001 Senior Subordinated Notes Indenture” means that certain Indenture, dated as of May 18, 2001, among the Borrower, the Restricted
Subsidiaries and United States Trust 

  

 1 

 
Company of New York, as trustee for the 2001 Senior Subordinated Note Holders, as amended from time to time in accordance with the terms hereof and thereof.

  
 “2005 Senior Subordinated Debt Documents”
means any and all agreements relating to the 2005 Senior Subordinated Indebtedness, including but not limited to the 2005 Senior Subordinated Notes, the 2005 Senior Subordinated Notes Indenture, and the 2005 Senior Subordinated Guaranties.

  
 “2005 Senior Subordinated Guaranties” means
any and all guaranties of the 2005 Senior Subordinated Indebtedness. 
  
 “2005 Senior Subordinated Indebtedness” means the Indebtedness owed by the Loan Parties to the 2005 Senior Subordinated Note Holders in an original principal amount of $200,000,000 which bears interest and has a maturity as
set forth in the 2005 Senior Subordinated Notes Indenture. 
  
 “2005 Senior Subordinated Note Holders” means the holders of the 2005 Senior Subordinated Notes. 
  
 “2005 Senior Subordinated Notes” means (a) those certain 63/8% Senior Subordinated
Notes due February 2013, issued by the Borrower in the aggregate original principal amount of $200,000,000, pursuant to the 2005 Senior Subordinated Notes Indenture; and (b) all senior subordinated notes of the Borrower issued in exchange for the
2005 Senior Subordinated Notes on terms substantially identical to the terms of the 2005 Senior Subordinated Notes. 
  
 “2005 Senior Subordinated Notes Indenture” means that certain Indenture, dated as of February 10, 2005, among the Borrower, the
Restricted Subsidiaries and The Bank of New York, as trustee for the 2005 Senior Subordinated Note Holders, as amended from time to time in accordance with the terms hereof and thereof. 
  
 “ABR”, when used in reference to any Loan or Borrowing (as described in Section 1.02), refers to
whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
  
 “Acquisitions” has the meaning set forth in Section 6.07. 
  
 “Adjusted LIBO Rate” means, with respect to any LIBOR Borrowing for any Interest Period, an interest rate
per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 
  
 “Administrative Agent” means Wachovia Bank, National
Association, in its capacity as administrative agent for the Lenders hereunder. 
  
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
  

 2 

 “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. 
  
 “Agents” means, collectively, the Administrative Agent, the Syndication Agent, any Co–Documentation Agent or any joint book manager
and joint lead arranger involved in the Transactions. 
  
 “Aggregate Term Loans” means collectively Term Loans made pursuant to Section 2.01(b) and Incremental Term Loans made pursuant to Section 2.06. 
  
 “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in
effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and
including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 
  
 “Amended and Restated Certificate of Incorporation” means that certain Amended and Restated Certificate of Incorporation of Radio One,
Inc. filed with the Secretary of State of Delaware on May 9, 2000, and certificates of designations and preferences of preferred stock of the Borrower adopted by the Board of Directors of the Borrower pursuant to that Amended and Restated
Certificate of Incorporation, and as further amended or restated from time to time in accordance with the terms hereof and thereof. 
  
 “Applicable Percentage” means, (a) with respect to any Revolving Lender, the percentage of the total Revolving Commitments represented by
such Lender’s Revolving Commitment, (b) with respect to any Term Lender, the percentage of the total Term Loans represented by such Lender’s Term Loans, and (c) with respect to any Lender, the percentage of the total Commitments under each
Incremental Facility (as in effect at such time) or, with respect to any Incremental Facility with respect to which such Commitments have been terminated in full, such Lender’s outstanding Incremental Loans under such Incremental Facility. If
the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments. 
  
 “Applicable Rate” means, for any day, with respect to any ABR Loan or LIBOR Loan (other than Incremental
Term Loans), or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread”, “LIBOR Spread” or “Commitment Fee Rate”, as the
case may be, based upon the Total Leverage Ratio of the Borrower and its Restricted Subsidiaries applicable on such date, as follows: 
  

										
	 Total Leverage Ratio:

	  	ABR
Spread

	 	 	LIBOR
Spread

	 	 	Commitment
Fee Rate

	 
	 Greater than or equal to 6.00 to 1.00
	  	0.500	%	 	1.500	%	 	0.375	%
				
	 Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00
	  	0.250	%	 	1.250	%	 	0.375	%

  

 3 

										
	 Total Leverage Ratio:

	  	ABR
Spread

	 	 	LIBOR
Spread

	 	 	Commitment
Fee Rate

	 
	 Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00
	  	0.000	%	 	1.000	%	 	0.300	%
				
	 Greater than or equal to 4.50 to 1.00 but less than 5.00 to 1.00
	  	0.000	%	 	0.750	%	 	0.300	%
				
	 Less than 4.50 to 1.00
	  	0.000	%	 	0.625	%	 	0.250	%

  
 For purposes of the foregoing, any
increase or decrease in the Applicable Rate resulting from a change in the Total Leverage Ratio shall become effective commencing on the second Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section
5.01(d); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then the highest Applicable Rate set forth in each column above shall apply commencing on the date such
Compliance Certificate was required to have been delivered until two Business Days after the date such Compliance Certificate is delivered. With respect to Incremental Term Loans, the Incremental Margin to be added to the Alternate Base Rate or
Adjusted LIBO Rate, as the case may be, shall be as agreed upon by the Borrower and the Lender or Lenders providing the Incremental Term Commitment as provided in Section 2.20(a). 
  
 “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing,
holding or investing in commercial loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that
administers or manages a Lender. 
  
 “Asset Swap”
shall mean any transfer of assets of the Borrower or any Restricted Subsidiary to any Person other than an Affiliate of the Borrower or any Restricted Subsidiary in exchange for assets of such Person if such exchange would qualify, whether in part
or in full, as a like-kind exchange pursuant to Section 1031 of the Code. Nothing in this definition shall require the Borrower or any Restricted Subsidiary to elect that Section 1031 of the Code be applicable to any Asset Swap. 
  
 “Assignment and Assumption” means an assignment and
assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by
the Administrative Agent. 
  
 “Authorizations”
means all filings, recordings and registrations with, and all validations or exemptions, approvals, orders, authorizations, consents, Licenses, certificates and permits from, the FCC and other Governmental Authorities. 
  
 “Availability Period” means the period from and including
the Effective Date (with respect to the Revolving Commitments) or the effective date of the relevant Incremental Loan 

  

 4 

 
Amendment (with respect to each Incremental Revolving Commitment), as applicable, to but excluding the earlier of the Maturity Date and the date of
termination of the Commitments. 
  
 “Board” means
the Board of Governors of the Federal Reserve System of the United States of America. 
  
 “Borrower” means Radio One, Inc., a Delaware corporation. 
  
 “Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of LIBOR Loans, as
to which a single Interest Period is in effect, (b) Term Loans of the same Type, made, converted or continued on the same date and, in the case of LIBOR Loans, as to which a single Interest Period is in effect, (c) Incremental Revolving Loans of the
same Type, made, converted or continued on the same date and, in the case of LIBOR Loans, as to which a single Interest Period is in effect or (d) Incremental Term Loans of the same Type, made, converted or continued on the same date and, in the
case of LIBOR Loans, as to which a single Interest Period is in effect. 
  
 “Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03. 
  
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City and Charlotte, North
Carolina are authorized or required by Law to remain closed; provided that, when used in connection with a LIBOR Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar
deposits in the London interbank market. 
  
 “Capital
Expenditure” means with respect to any Person any liability incurred or expenditure made (net of any casualty insurance proceeds or condemnation awards used to replace fixed assets following a casualty event or condemnation with respect
thereto) by such Person that, in conformity with GAAP, is required to be accounted for as a capital expenditure on the cash flow statements of such Person. Unless otherwise specified, all references to “Capital Expenditures” shall refer to
the Capital Expenditures of the Borrower and its Restricted Subsidiaries. 
  
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal
property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP. Unless otherwise specified, all references to “Capital Lease Obligations” shall refer to the Capital Lease Obligations of the Borrower and its Restricted Subsidiaries. 
  
 “Cash Equivalents” means (a) United States dollars, (b)
securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof having maturities of less than one year from the date of acquisition, (c) certificates of deposit and eurodollar
time deposits with maturities of less than one year from the date of acquisition, bankers’ acceptances with maturities of less than one year and overnight bank deposits, in each case with any Lender or with any domestic commercial bank having
capital and 

  

 5 

 
surplus in excess of $500,000,000 and a Keefe Bank Watch Rating of “B” or better, (d) repurchase obligations with a term of not more than seven
days for underlying securities of the types described in clauses (b) and (c) entered into with any financial institution meeting the qualifications specified in clause (c) immediately above, (e) commercial paper having the
highest rating obtainable from Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services and in each case maturing within nine months after the date of acquisition and (f) interests in money market mutual funds which invest
solely in assets in securities of the type described in clauses (a) through (e) immediately above. 
  
 “Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group
(within the meaning of the Securities Laws as in effect on the date hereof) of Equity Interests in the Borrower representing more voting power than that held by the Hughes/Liggins Family collectively; (b) occupation of a majority of the seats (other
than vacant seats) on the board of directors of the Borrower by Persons who were neither (i) nominated by the board of directors of the Borrower nor (ii) appointed by directors so nominated; (c) the acquisition of direct or indirect Control of the
Borrower by any Person or group other than the Hughes/Liggins Family collectively; or (d) the Hughes/Liggins Family cease to be the beneficial owners, individually or collectively, of at least 35% of the voting power of the Equity Interests in the
Borrower. 
  
 “Change in Law” means the
occurrence, after the Effective Date, of any of the following: (a) the adoption or taking effect of any Law, (b) any change in any Law or in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, guideline or directive (whether or not having the force of Law) by any Governmental Authority. 
  
 “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are
Revolving Loans, Term Loans, Incremental Revolving Loans or Incremental Term Loans. 
  
 “Co-Documentation Agents” means, collectively, Credit Suisse, Merrill Lynch, Pierce Fenner & Smith Incorporated, and SunTrust Bank, in their capacity as co-documentation agents. 
  
 “Code” means the Internal Revenue Code of 1986, as amended
from time to time. 
  
 “Collateral” has the
meaning given to such term in Section 5.09(a). 
  
 “Commitment” means, as to any Lender on any date, the sum of the Revolving Commitment, the Term Commitment, Incremental Revolving Commitment and Incremental Term Commitment of such Lender. 
  
 “Communications Act” means the Communications Act of 1934
and the rules and regulations and published policies thereunder. 
  
 “Compliance Certificate” means a certificate of a Financial Officer substantially in the form of Exhibit C attached hereto or in such other form acceptable to the Administrative Agent. 
  

 6 

 “Consolidated Interest Expense” means, with respect to any Person, without duplication,
with respect to any period, the sum of (a) the interest expense and all capitalized interest of such Person for such period, on a consolidated basis, including, without limitation, (i) amortization of debt discount (but excluding original issue
discount on the 2001 Senior Subordinated Notes), (ii) the net cost under interest rate contracts (including amortization of debt discount), (iii) the interest portion of any deferred payment obligation and (iv) accrued interest, plus (b) the
interest component of any Capital Lease Obligation paid or accrued or scheduled to be paid or accrued by such Person during such period, plus (c) the aggregate amount of all fees, including but not limited to agency fees, letter of credit
fees and commitment fees incurred by such Person during such period in respect of Indebtedness, determined on a consolidated basis in accordance with GAAP, but in no event to include the mark-to-market value for any Swap Agreements of such Person;
provided, however, that any Acquisition and any Disposition, and any related incurrence or repayment of Indebtedness, which occurs during such period shall be deemed to have occurred on the first day of such period. Unless otherwise
specified, all references to “Consolidated Interest Expense” shall refer to the Consolidated Interest Expense of the Borrower and its Restricted Subsidiaries. 
  
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 
  
 “Debt Service” means, with respect to any Person, for the
most recently completed four fiscal quarters for which financial statements are available, the sum of (a) Consolidated Interest Expense of such Person and (b) scheduled maturities of the principal amount of Indebtedness of such Person and, in the
case of the Loans, the principal amount of Loans required to be prepaid pursuant to Section 2.11(b). Unless otherwise specified, all references to “Debt Service” shall refer to the Debt Service of the Borrower and its Restricted
Subsidiaries. 
  
 “Default” means any event or
condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
  
 “Default Rate” means (a) when used with respect to Obligations other than fees related to Letter of Credit, an interest rate equal to (i)
the Alternate Base Rate plus (ii) the Applicable Rate, if any, applicable to ABR Loans plus (iii) 2% per annum; provided, however, that with respect to a LIBOR Loan, the Default Rate shall be an interest rate equal to the
interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect to fees related to Letters of Credit, a rate equal to the otherwise applicable interest rate plus 2% per annum.

  
 “Disclosed Matters” means the actions, suits
and proceedings and the environmental matters disclosed in Schedule 3.06. 
  
 “Disposition” has the meaning set forth in Section 6.05. 
  
 “Disqualified Stock” means any Equity Interest that, by its terms (or by the terms of any security into which it is convertible or for
which it is exchangeable), or upon the happening of 

  

 7 

 
any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in
whole or in part. 
  
 “dollars” or
“$” refers to lawful money of the United States of America. 
  
 “EBITDA” of a specified Person means, for any period, the consolidated net income of such specified Person and its Restricted Subsidiaries for such period: 
  
 (a) plus (without duplication and to the extent
involved in computing such consolidated net income) (i) Consolidated Interest Expense, (ii) provision for taxes on income or profits, (iii) depreciation, amortization and other non-cash items (including non-cash employee and officer equity
compensation expenses, amortization of goodwill and other intangibles and barter expenses), and (iv) one–time charges made in accordance with GAAP, and 
  
 (b) minus (without duplication and to the extent involved in computing such consolidated net income) (i) any gains (or plus
losses), together with any related provision for taxes on such gains (or losses), realized in connection with any sale of assets (including, without limitation, dispositions pursuant to Sale and Leaseback Transactions), (ii) any non-cash or
extraordinary gains (or plus losses), together with any related provision for taxes on such extraordinary gains (or losses), (iii) the amount of any cash payments related to non-cash charges that were added back in determining EBITDA in any
prior period and (iv) barter revenues, 
  
 provided,
however, that 
  
 (c) the net income of
any other Person that is accounted for by the equity method of accounting shall be included only to the extent of the amount of dividends or distributions paid in cash to such specified Person whose EBITDA is being determined or a Wholly Owned
Restricted Subsidiary thereof; 
  
 (d) the net
income of any other Person that is a Restricted Subsidiary (other than a Wholly Owned Restricted Subsidiary) or is an Unrestricted Subsidiary shall be included only to the extent of the amount of dividends or distributions paid in cash to such
specified Person whose EBITDA is being determined or a Wholly Owned Restricted Subsidiary thereof; and 
  
 (e) the net income (loss) of any other Person acquired after the Effective Date in a pooling of interests transaction for any period prior
to the date of such acquisition shall be excluded (to the extent otherwise included). 
  
 All of the foregoing will be determined in accordance with GAAP. In addition, for purposes of calculating the Total Leverage Ratio and the Senior Leverage Ratio, with respect to Acquisitions not owned at all times during the period involved
in determining the EBITDA for the Total Leverage Ratio and the Senior Leverage Ratio, there shall be (i) included the EBITDA of any Acquisitions acquired by the Borrower or any Restricted Subsidiary during the period involved in such determination
and (ii) excluded the EBITDA of any Dispositions by the Borrower or any Restricted Subsidiary during the period involved in such determination, assuming in each such case that such Acquisitions or Dispositions were acquired or disposed of, as the
case may be, on 

  

 8 

 
the first day of such period. Unless otherwise specified, all references to “EBITDA” shall refer to the EBITDA of the Borrower and the other
Restricted Subsidiaries. 
  
 “Effective Date”
means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02). 
  
 “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any other Person (other than a
natural person), provided that (i) in each case, with the prior written consent of the Administrative Agent, such consent not to be unreasonably withheld or delayed (except that no consent of the Administrative Agent shall be required for an
assignment of (A) any Revolving Commitment to an Eligible Assignee that is a Revolving Lender, an Affiliate of a Revolving Lender or an Approved Fund of a Revolving Lender and (B) all or any portion of an Aggregate Term Loan to a Lender, an
Affiliate of a Lender or an Approved Fund), (ii) in the case of any assignment of a Revolving Commitment, with the prior written consent of the Issuing Bank, such consent not to be unreasonably withheld or delayed, and (iii) in the case of clause
(d) above, unless a Default has occurred and is continuing, with the prior written consent of the Borrower, such consent not to be unreasonably withheld or delayed; provided further that, notwithstanding the foregoing, “Eligible
Assignee” shall not include the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 
  
 “Environmental Laws” means all Laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the protection of the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous
Material or to the effect of the environment on human health. 
  
 “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly
or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release
or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
  
 “Equity Interests” means shares of capital stock,
partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or
acquire any such equity interest. 
  
 “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for
purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
  

 9 

 “ERISA Event” means, with respect to the Borrower or any Subsidiary, (a) any
“reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an
“accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA
Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability
with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of
any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
  
 “Event of Default” has the meaning assigned to such term in
Article VII. 
  
 “Excess Cash Flow” means,
for any fiscal year of the Borrower, EBITDA of the Loan Parties for such fiscal year, minus the sum of the following without duplication: (a) Fixed Charges for such fiscal year, plus (b) all principal payments required to be made in
respect of other Indebtedness of any of the Loan Parties during such fiscal year, plus (c) the increase, if any, in Working Capital as of the end of such fiscal year in excess of Working Capital as of the end of the prior fiscal year,
provided that, notwithstanding the foregoing, Excess Cash Flow shall be calculated to only include the Reach Media Percentage of the EBITDA, Fixed Charges, Indebtedness and Working Capital of Reach Media for the same period, and
determined in a comparable basis, as EBITDA, Fixed Charges, Indebtedness and Working Capital are included for the Borrower and its Restricted Subsidiaries pursuant to terms of this Agreement. 
  
 “Excluded Assets” means 
  
 (a) any lease, contract or property right to which any Loan
Party is a party, if and only for so long as the grant of a security interest shall constitute or result in a breach, termination or default under any such lease, contract or property right (other than to the extent that any such term would be
rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC or any other applicable Law or principles of equity), but in each case 
  
 (i) only to the extent each such Loan Party is contractually prohibited from creating a Lien on the Effective Date or the date such lease,
contract or property right was acquired (so long as such prohibition was not negotiated in anticipation of such acquisition), and 
  
 (ii) provided that any security interest securing Obligations owing to Lenders shall attach immediately to any portion of
such lease, contract or property right without further action of the Lenders at any time or from time to 

  

 10 

 
time, so long as such security interest does not result, or would no longer result, in any of the consequences specified above; 
  
 (b) any License to which any Loan Party is a party, grantee
or beneficiary, if and only for so long as either (x) each such Loan Party is prohibited from granting a security interest therein under applicable provisions of the Communications Act, or (y) the grant of a security interest shall constitute or
result in a breach, termination or default under any such License (other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC or any other applicable Law or principles of
equity), provided that 
  
 (i) this
definition of “Excluded Assets” shall not include any rights and remedies incident or appurtenant to any such Licenses or any rights to receive any or all proceeds derived from, or in connection with, any Disposition of all or any portion
of any such Licenses or any Station, and 
  
 (ii)
any security interests securing Obligations owing to Lenders shall attach immediately to any portion of such Licenses without further action of the Lenders at any time or from time to time, so long as such attachment does not result, or would no
longer result, in any of the consequences specified above; 
  
 (c) all fee and leasehold real property; and 
  
 (d) all Excluded Ownership Interests. 
  
 “Excluded Ownership Interests” means (a) all Equity Interests in any Subsidiary of an Unrestricted Subsidiary and (b) minority Equity Interests in Persons that are not Subsidiaries of the Borrower or any of its Restricted
Subsidiaries but only to the extent such Person is contractually prohibited from creating a Lien in such minority Equity Interests, so long as the Borrower (1) does not encourage the creation of any such contractual prohibitions and (2) requests no
such contractual prohibitions be instituted (other than in each of (1) and (2) preceding, those contractual prohibitions in existence on the Effective Date). 
  
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to
be made by or on account of any obligation of the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated) and franchise taxes imposed on it (in lieu of net income taxes), by the United States of America
(or any political subdivision thereof) or by the jurisdiction (or any political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its
applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a Foreign Lender (other than an
assignee pursuant to a request by the Borrower under Section 2.19(b)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new
lending office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 2.17(e), except to the extent that such Foreign 

  

 11 

 
Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the
Borrower with respect to such withholding tax pursuant to Section 2.17(a). 
  
 “Existing Letter of Credit” means each letter of credit issued under the Existing Senior Facilities identified on Schedule 1.01 that is outstanding on the Effective Date and each renewal of
such letter of credit, each of which shall be deemed, on and after the Effective Date, to have been issued hereunder. 
  
 “Existing Senior Facilities” means the senior credit facilities evidenced by that certain Second Amended and Restated Credit Agreement
dated as of July 17, 2000, by and among the Borrower, the other lenders party thereto, and Bank of America, N.A., as the administrative agent, and the other documents related thereto. 
  
 “Fair Market Value” means with respect to any asset or property, the sale value that would be obtained in
an arm’s length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy. All determinations in the covenants of Fair Market Value shall be made by the Board of
Directors of the Borrower and shall be evidenced by a resolution of such Board set forth in a certificate of the President, a Vice President or a Financial Officer delivered to the Administrative Agent, upon which the Administrative Agent may
conclusively rely. 
  
 “FCC” means the Federal
Communications Commission (or any successor agency, commission, bureau, department or other political subdivision of the United States of America). 
  
 “FCC License” means any radio broadcast service, community antenna relay service, broadcast auxiliary license, earth station
registration, business radio, microwave or special safety radio service license issued by the FCC pursuant to the Communications Act. 
  
 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of
recognized standing selected by it. 
  
 “Fee
Letters” means those certain letter agreements between the Borrower and the Administrative Agent and the Borrower and the Syndication Agent, and any other fee letters entered into among the Borrower and the Administrative Agent, the
Syndication Agent and the Co-Documentation Agents from time to time. 
  
 “Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower. 
  
 “Fixed Charges” means, with respect to any Person, for any period, the sum of (a) Debt Service of such Person for such period,
plus (b) cash taxes paid by such Person for such period, 

  

 12 

 
plus (c) Capital Expenditures of such Person for such period, plus (d) cash Restricted Payments made during such period; provided,
however, that any Acquisition and any Disposition, any related issuance of Equity Interests on which such cash Restricted Payments may be made, and any Indebtedness assumed by such Person in connection with any Acquisition, shall be deemed to
have occurred on the first day of such period. Unless otherwise specified, all references to “Fixed Charges” shall refer to the Fixed Charges of the Borrower and its Restricted Subsidiaries. 
  
 “Foreign Lender” means any Lender that is organized under
the Laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single
jurisdiction. 
  
 “GAAP” means generally accepted
accounting principles in the United States of America. 
  
 “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body,
court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra–national bodies such as the European Union or the
European Central Bank). 
  
 “Guarantee” of or by
any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d)
as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term “Guarantee” shall not include endorsements for collection or deposit in the
ordinary course of business. 
  
 “Guarantee and Collateral
Agreement” means that certain Guarantee and Collateral Agreement dated as of the Effective Date, executed and delivered by the Borrower and each other Loan Party as required pursuant to the terms hereof. 
  
 “Hazardous Materials” means all explosive or radioactive
substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and
all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
  
 “Hughes” means Catherine L. Hughes. 
  

 13 

 “Hughes/Liggins Family” means (a) Hughes, (b) Liggins, (c) parents, siblings, spouse,
lineal descendants and adoptive children of either Hughes or Liggins, (d) any trust established by Hughes or Liggins for the benefit of any of the individuals described in clauses (a) through (c), (e) Hughes’s or Liggins’s
executor, administrator, heir, trustee or personal representative to whom the estate of Hughes or Liggins is transferred at death or (f) any family limited partnership established by Hughes or Liggins solely for estate planning purposes, the general
and limited partners of which are limited to individuals described in clauses (a) through (c). 
  
 “Incremental Facility” means an aggregation of Incremental Revolving Commitments or Incremental Term Commitments, as the case may be, of
one or more Lenders which are made available to the Borrower and become effective on the same date, pursuant to the same Incremental Loan Amendment. 
  
 “Incremental Loan” means any Incremental Revolving Loan and/or Incremental Term Loan advanced by a Lender pursuant to Section
2.06(a), Section 2.02 and Section 2.20. 
  
 “Incremental Loan Amendment” has the meaning set forth in Section 2.06(a). 
  
 “Incremental Margin” has the meaning set forth in Section 2.20(a). 
  
 “Incremental Revolving Commitment” has the meaning set forth in Section 2.20(a). 
  
 “Incremental Revolving Lender” means each Lender that has an
Incremental Revolving Commitment or that is a holder of an Incremental Revolving Loan. 
  
 “Incremental Revolving Loan” has the meaning set forth in Section 2.06(a). 
  
 “Incremental Term Commitment” has the meaning set forth in Section 2.20(a). 
  
 “Incremental Term Lender” means each Lender that has an
Incremental Term Commitment or that is the holder of an Incremental Term Loan. 
  
 “Incremental Term Loan” has the meaning set forth in Section 2.06(a). 
  
 “Incremental Upfront Fee” has the meaning set forth in Section 2.20(a). 
  
 “Indebtedness” of any Person means, without duplication, (a)
all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements
relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable or non–cash barter arrangements incurred in the ordinary
course of business), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the
Indebtedness secured thereby has been assumed, to the extent of the value of the property subject to such Lien, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations,
contingent or otherwise, of such Person as an account party in respect of unpaid reimbursement 

  

 14 

 
obligations for and undrawn amounts available under letters of credit and letters of guaranty and (i) all obligations, contingent or otherwise, of such
Person in respect of bankers’ acceptances. For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or a limited
liability company) in which such Person is a general partner or a joint venturer to the extent such Person is liable therefor. 
  
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
  
 “Information Memorandum” means the Confidential Information Memorandum dated April 2005 relating to the
Borrower and the Transactions. 
  
 “Interest Coverage
Ratio” means, as of the date of any determination, the ratio of (a) EBITDA of the Borrower and the Restricted Subsidiaries for the most recently completed four fiscal quarters for which financial statements are available to (b) Consolidated
Interest Expense of the Borrower and the Restricted Subsidiaries for such four fiscal quarters, provided that, notwithstanding the foregoing, the Interest Coverage Ratio shall be calculated to only include the Reach Media Percentage of
the EBITDA and Consolidated Interest Expense of Reach Media for the same period, and determined on a comparable basis, as EBITDA and Consolidated Interest Expense are included for the Borrower and its Restricted Subsidiaries pursuant to terms of
this Agreement. 
  
 “Interest Election Request”
means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.08. 
  
 “Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December and (b) with
respect to any LIBOR Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a LIBOR Borrowing with an Interest Period of more than three months’ duration, the last day of each
March, June, September and December occurring during such Interest Period. 
  
 “Interest Period” means with respect to any LIBOR Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two,
three or six months thereafter, as the Borrower may elect; provided, that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case
of a LIBOR Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (b) any Interest Period pertaining to a LIBOR Borrowing that
commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such
Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation
of such Borrowing. 
  

 15 

 “Internal Control Event” means a material weakness in, or fraud that involves management
or other employees who have a significant role in, the Borrower’s internal controls over financial reporting, in each case as described in the Securities Laws. 
  
 “Investment” means, in any Person, any direct or indirect advance, loan (other than advances to customers
in the ordinary course of business that are recorded as accounts receivable on the balance sheet of the lender) or other extensions of credit (including by way of a Guarantee or similar arrangement) or capital contribution to (by means of any
transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Equity Interests, Indebtedness or other similar instruments issued by such Person. For purposes
of Section 6.08, any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Borrower.

  
 “Issuing Bank” means Wachovia Bank, National
Association, in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.05(i); provided, however, “Issuing Bank” shall, with respect to the Existing
Letters of Credit, be deemed to mean Bank of America, N.A., in its capacity as the issuer of the Existing Letters of Credit. The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing
Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 
  
 “Law” means all applicable statutes, laws, ordinances, regulations, rules, guidelines, orders, writs, injunctions, or decrees of any
Governmental Authority. 
  
 “LC Disbursement”
means a payment made by the Issuing Bank pursuant to a Letter of Credit. 
  
 “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have
not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. 
  
 “Lenders” means, collectively, the Revolving Lenders, the Term Lenders, the Incremental Revolving Lenders,
the Incremental Term Lenders and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 
  
 “Letter of Credit” means any standby letter of credit issued
pursuant to this Agreement which shall be deemed to include the Existing Letters of Credit. 
  
 “LIBO Rate” means, with respect to any LIBOR Borrowing for any Interest Period, the rate appearing on Page 3750 of the British Bankers Association Telerate screen at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period, provided that if such rate does not appear on Page 3750 of the British Bankers
Association Telerate screen (or otherwise on such screen), the “LIBO Rate” shall be determined by reference to such other 

  

 16 

 
comparable publicly available service for displaying eurodollar rates as may be selected by the Administrative Agent. In the event that such rate is not
available at such time for any reason, then the “LIBO Rate” with respect to such LIBOR Borrowing for such Interest Period shall be the rate (rounded upwards, if necessary, to the next 1/16 of 1%) at which dollar
deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period. 
  
 “LIBOR”, when used in reference to any Loan or Borrowing (as described in Section 1.02), refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate
determined by reference to the Adjusted LIBO Rate. 
  
 “License” means as to any Person, any license, permit, certificate of need, authorization, certification, accreditation, franchise, approval, or grant of rights by any Governmental Authority or other Person necessary or
appropriate for such Person to own, maintain, or operate its business or property, including FCC Licenses. 
  
 “License Subsidiaries” means any Wholly Owned Restricted Subsidiary of the Borrower organized by the Borrower for the sole purpose of
holding FCC Licenses, other Necessary Authorizations, and certain Operating Agreements and other assets incidental thereto as described in Section 3.15. 
  

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, preferential
arrangement, charge or security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same
economic effect as any of the foregoing) relating to such asset. 
  
 “Liggins” means Alfred C. Liggins, III. 
  
 “LMA Agreement” means any time brokerage agreement, local marketing agreement, local market affiliation agreement, joint sales agreement, joint operating agreement or joint operating venture for the operation of a radio
station or related or similar agreements entered into, directly or indirectly, between any Loan Party and any other Person other than another Loan Party. 
  
 “Loan Documents” means this Agreement, each Note, the Guarantee and Collateral Agreement, all UCC financing statements, any Incremental
Loan Amendment, any Swap Agreements with any Lenders relating to the Loans, the Fee Letters, all letter of credit applications with the Issuing Bank, each Compliance Certificate, each Perfection Certificate, all certificates executed and delivered
by any of the Loan Parties in connection with any Loan Document, any other agreements between any of the Loan Parties and the Administrative Agent or any Lender in respect of fees or the reimbursement of costs and expenses in connection with the
transactions contemplated hereby and any and all other documents, instruments, certificates and agreements now or hereafter executed and delivered by any Loan Party pursuant to or in 

  

 17 

 
connection with (i) any of the foregoing, (ii) the Collateral or (iii) the granting of any security interest or Lien to secure any of the Obligations.

  
 “Loan Parties” means the collective reference
to the Borrower and the Restricted Subsidiaries. 
  
 “Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. 
  
 “Material Adverse Effect” means (a) any material adverse effect upon the validity or enforceability of any Loan Document or the rights
and remedies of the Lenders thereunder, (b) any material adverse effect on the business, condition (financial or otherwise), operations, performance, property or assets of the Borrower and the Restricted Subsidiaries taken as a whole or (c) any
material adverse effect upon the ability of any Loan Party to perform its obligations under any Loan Document. 
  
 “Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap
Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $5,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any
Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such
time. 
  
 “Maturity Date” means the earlier of
(a) six months prior to the scheduled maturity of the 2001 Senior Subordinated Notes (unless the 2001 Senior Subordinated Notes have been refinanced or repurchased prior to such date) and (b) June 30, 2012. 
  
 “Moody’s” means Moody’s Investors Service, Inc.

  
 “Multiemployer Plan” means a multiemployer
plan as defined in Section 4001(a)(3) of ERISA. 
  
 “Necessary Authorization” means any License, consent or order from, or any filing, recording or registration with, any Governmental Authority (including, without limitation, the FCC) necessary to the conduct of any Loan
Party’s business or for the ownership, maintenance and operation by any Loan Party of its Stations and other properties or to the performance by any Loan Party of its obligations under any LMA Agreement to which it is a party. 
  
 “Net Cash Proceeds” means: 
  
 (a) in connection with any Disposition or Recovery Event,
the aggregate cash proceeds received by the Borrower or a Restricted Subsidiary in respect of such Disposition or Recovery Event, which amount is equal to the excess, if any, of: (i) the cash received by the Borrower or a Restricted Subsidiary
(including any cash payments received by way of deferred payment pursuant to, or monetization of, a note or installment receivable or otherwise, but only as and when received) in connection with such Disposition or Recovery Event, minus (ii) the sum
of (A) the amount of any Indebtedness including any premium thereon and fees and 

  

 18 

 
expenses associated therewith which is required to be repaid by the Borrower or a Restricted Subsidiary in connection with such Disposition, plus (B)
the out-of-pocket expenses incurred by the Borrower or a Restricted Subsidiary in connection with such Disposition or Recovery Event, plus (C) provision for taxes, including income taxes, attributable to the Disposition or Recovery Event or
attributable to required prepayments or repayments of Indebtedness with the proceeds of such Disposition or Recovery Event, plus (D) a reasonable reserve for the after-tax costs of any indemnification payments (fixed or contingent)
attributable to the seller’s indemnities to the purchaser in respect of such Disposition or Recovery Event undertaken by the Borrower or any of the Restricted Subsidiaries in connection with such Disposition or Recovery Event; or 
  
 (b) in connection with any issuance or sale of Equity
Interests or debt securities or instruments or the incurrence of loans, the cash proceeds received from such issuance or incurrence, net of reasonable attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and
commissions and other customary fees and expenses actually incurred in connection therewith. 
  
 For purposes of this definition and amounts due under Section 2.11, the following are deemed to be cash: (x) the assumption of Indebtedness of the Borrower or any Restricted Subsidiary and the release of the
Borrower or such Restricted Subsidiary from all liability on such Indebtedness in connection with such Disposition (other than customary indemnification provisions relating thereto that do not involve the repayment of funded Indebtedness) and (y)
securities or notes received by the Borrower or any Restricted Subsidiary from the transferee that are promptly converted by the Borrower or such Restricted Subsidiary into cash. 
  
 “Note” has the meaning assigned to such term in Section 2.10(e). 
  
 “Obligations” means the unpaid principal of and interest on
(including, without limitation, interest accruing after the maturity of the Loans and the LC Exposure and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding,
relating to any Loan Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and the LC Exposure and all other obligations and liabilities of any Loan Party to the Administrative Agent or to
any Lender (or, in the case of any Swap Agreement, any Affiliate of any Lender), whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with,
this Agreement, any other Loan Document, the Letters of Credit, any Swap Agreement entered into with any Lender (or any Affiliate of any Lender) or any other document executed and delivered by any Loan Party in connection herewith or therewith,
whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all reasonable fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are
required to be paid by any Loan Party pursuant hereto) or otherwise. 
  
 “Operating Agreement” means an agreement substantially in the form of Exhibit B. 
  
 “Operating Lease” means any lease that is an operating lease in accordance with GAAP and that has an initial or remaining noncancellable
lease term in excess of one year. 
  

 19 

 “Other Taxes” means any and all present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan
Document. 
  
 “Participant” has the meaning
assigned to such term in Section 9.04(c). 
  
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 
  
 “Perfection Certificate” means a perfection certificate duly executed by each Loan Party, in the form of
Exhibit D attached hereto and delivered to the Administrative Agent pursuant to Section 4.01(k). 
  
 “Permitted Acquisitions” has the meaning given to such term in Section 6.07. 
  
 “Permitted Investments” means: 
  
 (a) any Investment in the Borrower or any Restricted
Subsidiary; 
  
 (b) any Investment in Cash
Equivalents; 
  
 (c) any Investment in a Person
if, as a result of such Investment, (i) such Person becomes a Restricted Subsidiary of the Borrower, or (ii) such Person either (A) is merged, consolidated or amalgamated with or into the Borrower or one of its Restricted Subsidiaries and the
Borrower or such Restricted Subsidiary is the surviving Person or the surviving Person becomes a Restricted Subsidiary, or (B) transfers or conveys all or substantially all of its assets to, or is liquidated into, the Borrower or one of its
Restricted Subsidiaries; 
  
 (d) any Investment
in accounts and notes receivable acquired in the ordinary course of business; 
  
 (e) extensions of trade credit in the ordinary course of business; 
  
 (f) loans and advances to employees of the Borrower or any Restricted Subsidiary in the ordinary course of business not in excess of
$5,000,000 in the aggregate at any time outstanding; 
  
 (g) Investment of the Borrower and its Subsidiaries in Reach Media in existence on the Effective Date in an aggregate amount up to $25,425,561.38, which amount equals the Fair Market Value (on the date of such initial investment) of the
equity issued by the Borrower to finance the purchase of Equity Interests in Reach Media prior to the Effective Date; and 
  
 (h) Investments of the Borrower and its Subsidiaries in TV One in existence on the Effective Date (for the avoidance of doubt, such cash
amount equals $37,000,000). 
  
 “Permitted Line of
Business” has the meaning given to such term in Section 6.11. 
  

 20 

 “Person” means any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, Governmental Authority or other entity. 
  
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of
which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
  
 “Prime Rate” means the rate of interest per annum publicly
announced from time to time by Wachovia Bank, National Association as its prime rate in effect at its principal office in Charlotte, North Carolina; each change in the Prime Rate shall be effective from and including the date such change is publicly
announced as being effective. The Prime Rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks. 
  
 “Purchase Money Indebtedness” means Indebtedness of the Borrower and the Restricted Subsidiaries incurred
in connection with the purchase of property or assets for the business of the Borrower and the Restricted Subsidiaries. 
  
 “Purchase Money Lien” means any Lien securing solely Purchase Money Indebtedness; provided that (a) any such Lien attaches concurrently
with the acquisition of the subject property, (b) such Lien attaches solely to the property so acquired in such transaction and (c) the principal amount of the Indebtedness secured thereby does not exceed 100% of the cost of such property.

  
 “Reach Media” means Reach Media, Inc., a
Texas corporation. 
  
 “Reach Media Documents”
means, collectively, the Stock Purchase Agreement; that certain Escrow Agreement between Reach Media Holdco, the selling shareholders of Reach Media and the Escrow Agent named therein; the Reach Shareholders Agreement; and each other document
related thereto. 
  
 “Reach Media Holdco” means
Radio One Media Holdings, LLC, a Delaware limited liability company. 
  
 “Reach Media Percentage” means (a) at any time the Borrower owns, directly or indirectly, 51% or more of the Equity Interests of Reach Media, the Borrower’s ownership percentage of the Equity Interests of Reach Media
or (b) at any time the Borrower owns, directly or indirectly, less than 51% of the Equity Interests of Reach Media, 0%. 
  
 “Reach Shareholders Agreement” means that certain Shareholders Agreement dated as of February 28, 2005 by and among Reach Media and the
shareholders of Reach Media named therein. 
  
 “Recovery
Event” means any settlement of or payment in respect of a condemnation or taking or a property insurance claim or casualty insurance claim relating to any property or asset or rights therein of the Borrower or any of the Restricted
Subsidiaries. 
  

 21 

 “Register” has the meaning set forth in Section 9.04(b). 
  
 “Registered Public Accounting Firm” has the meaning
specified in the Securities Laws and shall be independent of the Borrower as prescribed by the Securities Laws. 
  
 “Reinvestment Deadline” has the meaning assigned to such term in Section 2.11(d). 
  
 “Related Parties” means, with respect to any specified
Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
  

“Required Lenders” means, at any time, Lenders having Aggregate Term Loans, Revolving Credit Exposures and unused Revolving
Commitments representing more than 50% of the sum of the total Aggregate Term Loans, Revolving Credit Exposures and unused Revolving Commitments at such time. 
  

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any
Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, repurchase, redemption, retirement, acquisition,
cancellation or termination of any such Equity Interests in the Borrower or any option, warrant or other right to acquire any such Equity Interests in the Borrower. 
  
 “Restricted Subsidiaries” means the direct and indirect Subsidiaries of the Borrower other than an
Unrestricted Subsidiary. 
  
 “Revolving
Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such
Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09, (b) increased by the amount of Incremental Revolving Commitments from time to time pursuant to Section
2.06 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Revolving Commitment is set forth on Schedule 2.01, or in the
Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable. The initial aggregate amount of the Lenders’ Revolving Commitments is $500,000,000. 
  
 “Revolving Credit Exposure” means, with respect to any
Revolving Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure at such time. 
  
 “Revolving Lender” means a Lender that has a Revolving Commitment or that holds Revolving Loans or is the Issuing Bank. 
  
 “Revolving Loan” means, collectively, a Loan made pursuant
to Section 2.01(a) and an Incremental Revolving Loan made pursuant to Section 2.06. 
  

 22 

 “Sale and Leaseback Transaction” means a transaction whereby any Person becomes liable
with respect to any lease, whether an Operating Lease or a capital lease, or any property (whether real, personal or mixed), whether now owned or hereafter acquired, which (a) such Person has sold or transferred or is to sell or transfer to any
other Person or (b) such Person intends to use for substantially the same purposes as any other property which has been or is to be sold or transferred by such Person to any other Person in connection with such lease. Unless otherwise specified, all
references to “Sale and Leaseback Transaction” shall refer to the Sale and Leaseback Transaction of the Borrower and its Restricted Subsidiaries. 
  
 “Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002. 
  
 “SEC” means the Securities and Exchange Commission, any successor thereto and any analogous Governmental
Authority. 
  
 “Securities Laws” means the
Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the Public Company Accounting
Oversight Board, as each of the foregoing may be amended and in effect on any applicable date hereunder. 
  
 “Senior Debt” means for any Person on a consolidated basis as of the date of any determination, the aggregate amount of all outstanding
Indebtedness of such Person other than Subordinated Debt of such Person. 
  
 “Senior Leverage Ratio” means, as of any date, the ratio of (a) the sum of all Senior Debt of the Borrower and the Restricted Subsidiaries as of such date to (b) EBITDA of the Borrower and the
Restricted Subsidiaries for the most recently completed four fiscal quarters for which financial statements are available, provided that, notwithstanding the foregoing, the Senior Leverage Ratio shall be calculated to only include the
Reach Media Percentage of the Senior Debt and EBITDA of Reach Media for the same period, and determined on a comparable basis, as Senior Debt and EBITDA are included for the Borrower and its Restricted Subsidiaries pursuant to terms of this
Agreement. 
  
 “Solvent” means, with respect to
any Person as of the date of any determination, that on such date (a) the fair value of the property of such Person (both at fair valuation and at present fair saleable value) is greater than the total amount of liabilities, including, without
limitation, contingent liabilities, of such Person, (b) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute
and matured, (c) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (d) such Person does not intend to, and does not
believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature and (e) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction,
for which such Person’s property would constitute unreasonably small capital after giving due consideration to current and anticipated future capital requirements and current and anticipated future business conduct and the prevailing practice
in the industry in which such Person is engaged. In computing the amount of contingent liabilities 

  

 23 

 
at any time, such liabilities shall be computed at the amount which, in light of the facts and circumstances existing at such time, represents the amount
that can reasonably be expected to become an actual or matured liability. 
  
 “Station” means a radio station operated to broadcast commercial radio programming over radio signals within a specified geographic area. 
  
 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number
one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the
Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. LIBOR Loans
shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any
comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
  
 “Stock Purchase Agreement” means that certain Stock Purchase Agreement between the Borrower and the selling shareholders of Reach Media,
dated November 19, 2004. 
  
 “Subordinated Debt”
means, with respect to any Person, any Indebtedness of such Person if the instrument creating or evidencing such Indebtedness or pursuant to which such Indebtedness is outstanding expressly provides that such Indebtedness is (a) if incurred by the
Borrower, subordinated in right of payment to the Obligations or (b) if incurred by a Restricted Subsidiary, subordinated in right of payment to the guarantee and other obligations made by such Restricted Subsidiary pursuant to the Guarantee and
Collateral Agreement and the Obligations, as the same relate to a Restricted Subsidiary. 
  
 “subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which
would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company,
partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the Equity Interests or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, Controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the
parent. 
  
 “Subsidiary” means any subsidiary of
the Borrower. 
  
 “Swap Agreement” means any
agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any 

  

 24 

 
similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of
services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement. 
  
 “Swap Termination Value” means, in respect of any one or more Swap Agreements, after taking into account the effect of any legally
enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized
dealer in such Swap Agreements (which may include a Lender or any Affiliate of a Lender). 
  
 “Syndication Agent” means Bank of America, N.A., in its capacity as syndication agent. 
  
 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges
imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
  
 “Term Commitment” means as to any Term Lender, the amount set forth opposite such Term Lender’s name under the caption “Term
Commitment” on Schedule 2.01 (in each case, as the same may be adjusted from time to time as provided herein). The Term Commitment of each Term Lender will automatically be permanently reduced by the amount of any Term Loan made by
such Term Lender. The initial aggregate amount of the Lenders’ Term Commitments is $300,000,000. 
  
 “Term Lender” means a Lender that holds a Term Loan. 
  
 “Term Loan” means a Loan made pursuant to Section 2.01(b). 
  
 “Total Leverage Ratio” means, as of any date, the ratio of
(a) the sum of all Indebtedness of the Borrower and the Restricted Subsidiaries as of such date to (b) EBITDA of the Borrower and the Restricted Subsidiaries for the most recently completed four fiscal quarters for which financial statements are
available, provided that, notwithstanding the foregoing, the Total Leverage Ratio shall be calculated to only include the Reach Media Percentage of the Indebtedness and EBITDA of Reach Media for the same period, and determined on a
comparable basis, as Indebtedness and EBITDA are included for the Borrower and its Restricted Subsidiaries pursuant to terms of this Agreement. 
  
 “Transactions” means the execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents, the
borrowing of Loans and the issuance of Letters of Credit hereunder. 
  
 “TV One” means TV One, LLC, a Delaware limited liability company. 
  

 25 

 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
  
 “UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 
  
 “Unrestricted Subsidiary” means (a) Reach Media, Radio One
Cable Holdings, Inc., and Home Plate Suites, LLC so long as the conditions contained in clauses (b)(i) through and including (b)(iv) below are satisfied at all times as to such Person respectively and (b) any Subsidiary of the Borrower
that is formed or acquired after the Effective Date, which is funded through Investments as permitted by Section 6.08(d) (as designated by the Board of Directors of the Borrower, as provided below) and any direct or indirect Subsidiary of an
Unrestricted Subsidiary; provided that at the time of the Investment by the Borrower in such Unrestricted Subsidiary and at all times thereafter (i) neither the Borrower nor any of the Restricted Subsidiaries provides credit support for any
Indebtedness of such Unrestricted Subsidiary (including any undertaking, agreement or instrument evidencing such Indebtedness) other than Investments permitted by Section 6.08, (ii) such Subsidiary is not liable, directly or indirectly, with
respect to any Indebtedness other than Unrestricted Subsidiary Indebtedness, (iii) such Unrestricted Subsidiary is not a party to any agreement, contract, arrangement or understanding at such time with the Borrower or any Restricted Subsidiary of
the Borrower except for transactions with Affiliates permitted by the terms of this Agreement unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Borrower or such Restricted Subsidiary than
those that might be obtained at the time from Persons who are not Affiliates of the Borrower and (iv) such Unrestricted Subsidiary does not own any Equity Interest in or Indebtedness of any Subsidiary of the Borrower that has not theretofore been
and is not simultaneously being designated an Unrestricted Subsidiary. Any such designation by the Board of Directors of the Borrower shall be evidenced to the Administrative Agent by delivering to the Administrative Agent a board resolution giving
effect to such designation and a certificate executed by the President, a Vice President or a Financial Officer of the Borrower certifying that such designation complies with the foregoing conditions. 
  
 “Unrestricted Subsidiary Indebtedness” means of any
Unrestricted Subsidiary, Indebtedness of such Unrestricted Subsidiary (other than a guarantee of Indebtedness of the Borrower or any Restricted Subsidiary which is non-recourse to the Borrower and the Restricted Subsidiaries) (i) as to which neither
the Borrower nor any Restricted Subsidiary is directly or indirectly liable (by virtue of the Borrower or any such Restricted Subsidiary being the primary obligor on, guarantor of, or otherwise liable in any respect of, such Indebtedness) and (ii)
which, upon the occurrence of a default with respect thereto, does not result in, or permit any holder of any Indebtedness of the Borrower or any Restricted Subsidiary to declare a default on such Indebtedness of the Borrower or any Restricted
Subsidiary or cause the payment thereof to be accelerated or payable prior to its stated maturity. 
  
 “Wholly Owned Restricted Subsidiary” means each Restricted Subsidiary which is a Wholly Owned Subsidiary. 
  

 26 

 “Wholly Owned Subsidiary” means, with respect to any Person, (a) any corporation of
which all of the voting Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees or other governing body thereof is at the time owned or controlled by such Person
(regardless of whether such Equity Interests are owned directly or through one or more other subsidiaries of such Person or a combination thereof), are so owned or controlled, directly or indirectly and (b) any such partnership, association, joint
venture or other entity in which such Person owns or controls, directly or indirectly, 100% of such interests. 
  
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
  
 “Working Capital” means, with respect to any Person as of any date, the excess of the consolidated current assets, other than cash, of such Person minus its consolidated current liabilities, other
than the current portion of long term debt, as of such date. 
  
 SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “LIBOR Loan”) or
by Class and Type (e.g., a “LIBOR Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “LIBOR Borrowing”) or by Class and
Type (e.g., a “LIBOR Revolving Borrowing”). 
  
 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same
meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other
document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such
Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any Law or regulation herein shall, unless
otherwise specified, refer to such Law or regulation as amended, modified or supplemented from time to time and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and
all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
  
 SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be
construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the 

  

 27 

 
Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in
GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such
notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice
shall have been withdrawn or such provision amended in accordance herewith. 
  
 ARTICLE II 
  
 The Credits

  
 SECTION 2.01. Commitments. 
  
 (a) Subject to the terms and conditions set forth herein,
each Revolving Lender agrees to make Revolving Loans to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Credit Exposure exceeding such
Lender’s Revolving Commitment or (ii) the sum of the total Revolving Credit Exposures exceeding the total Revolving Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow,
prepay and reborrow Revolving Loans. 
  
 (b)
Subject to the terms and conditions set forth herein, each Term Lender agrees to make on the date hereof a Term Loan to the Borrower in a principal amount equal to such Lender’s Term Commitment. The Term Commitments shall terminate immediately
after the date hereof. The Term Loans are not revolving in nature and any amounts repaid or prepaid thereon may not be reborrowed. 
  
 SECTION 2.02. Loans and Borrowings. 
  
 (a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective
Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for
any other Lender’s failure to make Loans as required. 
  
 (b) Subject to Section 2.14, each Borrowing shall be comprised entirely of ABR Loans or LIBOR Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any LIBOR Loan by
causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

  
 (c) At the commencement of each Interest
Period for any LIBOR Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that
is an integral multiple of $500,000 and not less than $1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the 

  

 28 

 
entire unused balance of the total Revolving Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section
2.05(e). Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of six LIBOR Borrowings outstanding. 
  
 (d) Notwithstanding any other provision of this Agreement,
the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
  
 SECTION 2.03. Requests for Borrowings. 
  
 (a) To request a Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request by
telephone (i) in the case of a LIBOR Borrowing, not later than 11:00 a.m., Charlotte, North Carolina time, three Business Days before the date of the proposed Borrowing or (ii) in the case of an ABR Borrowing, not later than 11:00 a.m., Charlotte,
North Carolina time, the date of the proposed Borrowing (or in the case of the initial Borrowing, on the Effective Date); provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as
contemplated by Section 2.05(e) may be given not later than 10:00 a.m., Charlotte, North Carolina time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand
delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in
compliance with Section 2.02: 
  
 (A) the
aggregate amount of the requested Borrowing; 
  
 (B) the date of such Borrowing, which shall be a Business Day; 
  
 (C) whether such Borrowing is to be an ABR Borrowing or a LIBOR Borrowing; 
  
 (D) in the case of a LIBOR Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the
definition of the term “Interest Period”; and 
  
 (E) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07. 
  
 If no election as to the Type of Revolving Borrowing is specified, then the requested
Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested LIBOR Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly
following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Revolving Lender of the details thereof and of the amount of such Lender’s Revolving Loan to be made as part of the requested
Borrowing. 
  

 29 

 (b) To request a Term Borrowing, the Borrower shall notify the Administrative Agent of
such request (i) in the case of a LIBOR Borrowing, not later than 11:00 a.m., Charlotte, North Carolina time, three Business Days before the date of the proposed Borrowing or (ii) in the case of an ABR Borrowing, not later than 11:00 a.m.,
Charlotte, North Carolina time, the date of the proposed Borrowing (or in the case of the initial Borrowing, on the Effective Date). The written Borrowing Request shall specify the following information in compliance with Section 2.02:

  
 (A) the aggregate amount of the requested
Borrowing; 
  
 (B) the date of such Borrowing,
which shall be a Business Day; 
  
 (C) whether
such Borrowing is to be an ABR Borrowing or a LIBOR Borrowing; 
  
 (D) in the case of a LIBOR Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and 
  
 (E) the location and number of the Borrower’s account
to which funds are to be disbursed, which shall comply with the requirements of Section 2.07. 
  
 If no election as to the Type of Term Borrowing is specified, then the requested Term Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested LIBOR Term Borrowing, then
the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Term Lender of the details
thereof and the amount of such Lender’s Term Loan to be made as part of the requested Borrowing. 
  
 (c) Notwithstanding anything in this Agreement to the contrary, only ABR Loans shall be available for Borrowing on the Effective Date and
for the first two days thereafter. 
  
 SECTION 2.04. Maturity
and Amortization of Aggregate Term Loans. 
  
 (a) Each Term Loan shall mature, and the outstanding principal amount thereof shall be due and payable (together with interest accrued thereon), on the Maturity Date. 
  

 30 

 (b) In addition, the Borrower shall make quarterly installments of principal on the Term
Loan on the last day of each fiscal quarter of the Borrower commencing on September 30, 2007 in a percentage amount of the principal balance of Term Loans outstanding on September 30, 2007 as set forth below: 
  

			
	 DATE

	  	 PERCENTAGE OF TERM LOANS
OUTSTANDING
ON SEPTEMBER 30, 2007

	 September 30, 2007
 December 31, 2007
 March 31, 2008
 June 30, 2008
	  	1.25% on each quarterly payment date
		
	 September 30, 2008
 December 31, 2008
 March 31, 2009
 June 30, 2009
	  	5.00% on each quarterly payment date
		
	 September 30, 2009
 December 31, 2009
 March 31, 2010
 June 30, 2010
	  	6.25% on each quarterly payment date
		
	 September 30, 2010
 December 31, 2010
 March 31, 2011
 June 30, 2011
	  	6.25% on each quarterly payment date
		
	 September 30, 2011
 December 31, 2011
 March 31, 2012
	  	6.25% on each quarterly payment date
		
	 June 30, 2012
	  	6.25%, together with all other outstanding and
unpaid Term Loans and all other Obligations
(except Incremental Term Loans)

  
 (c)
The Applicable Incremental Loan Amendment may provide for scheduled repayments of any Incremental Term Loans, subject to the requirements for such Incremental Term Loans as described in Section 2.06(a)(iv). 
  
 (d) In the event the Aggregate Term Loans shall be prepaid
pursuant to Section 2.11, the amounts so prepaid shall be applied to installment amounts set forth above pro-rata across all remaining unpaid installments. 
  
 SECTION 2.05. Letters of Credit. 
  
 (a) General. Subject to the terms and conditions set forth herein, the Borrower may request the
issuance of Letters of Credit for its own account, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability Period. In the event of any inconsistency between the
terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit,
the terms and conditions of this Agreement shall control. It is understood that the Existing Letters of Credit shall be deemed to constitute Letters of Credit hereunder. 
  
 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of
a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by 

  

 31 

 
electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably
in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance,
amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with clause (c) of this Section), the amount of such Letter of Credit, the name and address of the
beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Borrower also shall submit a letter of credit application on the Issuing Bank’s
standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed
to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $50,000,000 and (ii) the sum of the total Revolving Credit Exposures shall not exceed the total Revolving
Commitments. 
  
 (c) Expiration Date. Each
Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or
extension) and (ii) the date that is five Business Days prior to the Maturity Date. 
  
 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and
without any further action on the part of the Issuing Bank or the Revolving Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit
equal to such Revolving Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally
agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Revolving Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in
clause (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this clause in respect
of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or
termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 
  
 (e) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall
reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, Charlotte, North Carolina time, on the date that such LC Disbursement is made, if the Borrower shall have
received notice of such LC Disbursement prior to 10:00 a.m., Charlotte, North Carolina time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, Charlotte, North
Carolina time, on (i) the Business Day that the Borrower receives such notice, if such notice is received prior to 10:00 a.m., 

  

 32 

 
Charlotte, North Carolina time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such
notice is not received prior to such time on the day of receipt; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be
financed with an ABR Revolving Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing. If the Borrower fails to
make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Lender’s Applicable Percentage thereof.
Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to
Revolving Loans made by such Revolving Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts
so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this clause, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the
extent that Revolving Lenders have made payments pursuant to this clause to reimburse the Issuing Bank, then to such Revolving Lenders and the Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this clause
to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Revolving Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

  
 (f) Obligations Absolute. The
Borrower’s obligation to reimburse LC Disbursements as provided in clause (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and
all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to
be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply
with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide
a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with
the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in
transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising
from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims
in respect of which are hereby waived by the Borrower to the extent permitted by applicable Law) suffered by the Borrower that are caused by the Issuing Bank’s gross negligence or willful 

  

 33 

 
misconduct in connection with determining whether drafts and other documents presented under a Letter of Credit are forged, fraudulent or invalid, or comply
with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed
to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance
with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or
refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 
  
 (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to
represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will
make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Revolving Lenders with respect to any such LC
Disbursement. 
  
 (h) Interim Interest. If
the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date
such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrower fails to reimburse such LC Disbursement
when due pursuant to clause (e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this clause shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by
any Lender pursuant to clause (e) of this Section to reimburse the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment. 
  
 (i) Replacement of the Issuing Bank. The Issuing Bank may be replaced at any time by written
agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall
become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have
all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any
previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the
rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 
  

 34 

 (j) Cash Collateralization. If any Event of Default shall occur and be continuing,
on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure)
demanding the deposit of cash collateral pursuant to this clause, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders, an amount in cash equal
to 110% of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and
payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII. Such deposit shall be held by the Administrative Agent
as collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any
interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or
profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not
so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure
representing greater than 50% of the total LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an
Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived. 
  
 SECTION 2.06. Incremental Loans. 
  
 (a) So long as no Default has occurred and is continuing, at any time prior to the Maturity Date, the
Borrower may request, through the Administrative Agent and upon the Administrative Agent’s consent, pursuant to the procedure set forth in, and in accordance with the terms of, Section 2.20, the addition of an Incremental Facility
consisting of either an increase to the existing revolving facility (each, an “Incremental Revolving Loan”) or an increase to the existing term loan or a new tranche of term loans (each, an “Incremental Term Loan”);
provided, however, that the Borrower may not make a request for an Incremental Facility if after giving effect thereto the sum of all then outstanding Incremental Revolving Loans, unused Incremental Revolving Commitments, outstanding
Incremental Term Loans and unused Incremental Term Commitments would exceed $500,000,000. Each Incremental Facility shall: 
  
 (i) be in an amount not less than $50,000,000; 
  

(ii) upon the effectiveness of the Incremental Revolving Commitment or Incremental Term Commitment relating thereto as provided in
Section 2.06(b), be deemed to be a Revolving Loan or an Aggregate Term Loan, as applicable, and part of the Obligations for all purposes under this Agreement, including for purposes of the sharing of Collateral and 

  

 35 

 
guarantees under the Guarantee and Collateral Agreement, all on a pari passu basis with all other Obligations; 
  
 (iii) with respect to such Incremental Term Loans, have such
pricing or other terms as may be agreed by the Borrower and the Lenders providing such Incremental Term Loans pursuant to this Section 2.06 and 2.20; and 
  
 (iv) otherwise have all of the same terms and conditions as the Revolving Loans that are not Incremental
Revolving Loans (if such Incremental Loans are Incremental Revolving Loans), or, except as specifically provided in this clause (iv) and clause (iii) above or in Section 2.04, otherwise have all of the same terms and conditions
as the Term Loans (if such Incremental Loans are Term Loans); provided that notwithstanding anything to the contrary contained herein, (A) Incremental Term Loans shall not have a maturity date prior to the Maturity Date and (B) the
amortization of the Incremental Term Loans shall not be more accelerated than as provided pursuant to Section 2.04 without the consent of all of the Lenders. 
  
 In addition, unless otherwise specifically provided in this Agreement, all references in the other Loan Documents to (i) Term Loans shall be
deemed to include references to Incremental Term Loans made pursuant to this Agreement where applicable and appropriate, and (ii) Revolving Loans shall be deemed to include references to Incremental Revolving Loans made pursuant to this Agreement.
No Lender shall have any obligation to make an Incremental Loan unless and until it commits to do so. Subject to the proviso at the end of Section 2.20(a), Commitments in respect of Incremental Loans shall become Commitments under this
Agreement pursuant to (x) an amendment (each, an “Incremental Loan Amendment”) to this Agreement executed by the Borrower, each Lender or other approved financial institution agreeing to provide such Commitment (and no other Lender
shall be required to execute such amendment), and the Administrative Agent, and (y) any amendments to the other Loan Documents (executed by the relevant Loan Party and the Administrative Agent only) as the Administrative Agent shall reasonably deem
appropriate to effect such purpose. Notwithstanding anything to the contrary contained herein, the effectiveness of such Incremental Loan Amendment shall be subject to the receipt by the Administrative Agent of a certificate of the Borrower executed
by an authorized officer of the Borrower certifying that immediately prior to and after giving effect to the incurrence of the Indebtedness then to be incurred under such Incremental Facility (A) each of the representations and warranties made by
the Loan Parties in or pursuant to the Loan Documents shall be true and correct in all material respects, (B) the Borrower is in compliance with each of the financial covenants contained in Section 6.01 and set forth in a Compliance
Certificate delivered to the Administrative Agent, based on financial projections of the Borrower and its Subsidiaries attached to such certificate which have been prepared on a pro-forma basis giving effect to any Borrowing made hereunder on such
date and the consummation of any related transaction and (C) no Default shall have occurred and be continuing or be caused by the incurrence of such Indebtedness. 
  
 (b) So long as (x) the Borrower shall have given the Administrative Agent no less than five Business
Days’ prior notice of the effectiveness thereof and (y) any financial institution not theretofore a Lender which is providing an Incremental Revolving Commitment and/or an Incremental Term Commitment shall have become a Lender under this
Agreement 

  

 36 

 
pursuant to an Incremental Loan Amendment, the Incremental Revolving Commitment and/or Incremental Term Commitment being requested by the Borrower shall
become effective under this Agreement upon the effectiveness of such Incremental Loan Amendment. Upon such effectiveness, Schedule 2.01 shall be deemed amended to reflect such Commitments. In the event that an Incremental Facility shall have
become effective, the Lender or Lenders providing such Incremental Revolving Commitments or Incremental Term Commitments shall be deemed to have agreed, severally and not jointly, upon the terms and subject to the conditions of this Agreement, (A)
with respect to Incremental Term Commitments, to make an Incremental Term Loan in the amount of the Incremental Term Commitment of such Lender on the effective date of the applicable Incremental Loan Amendment and (B) with respect to Incremental
Revolving Commitments, to make from time to time during the period from the date of the effectiveness of the applicable Incremental Loan Amendment through the Maturity Date, one or more Incremental Revolving Loans to the Borrower pursuant to the
provisions of Section 2.02 in an aggregate principal amount not exceeding at any time the Incremental Revolving Commitment of such Lender at such time. 
  

(c) The Incremental Term Commitments under any Incremental Facility shall terminate effective as of the day after the effective date of
the Incremental Loan Amendment relating thereto. 
  
 SECTION 2.07.
Funding of Borrowings. 
  
 (a) Each Lender
shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, Charlotte, North Carolina time, to the account of the Administrative Agent most recently designated by it for
such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in
Charlotte, North Carolina and designated by the Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(e) shall be remitted by
the Administrative Agent to the Issuing Bank. 
  
 (b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the
Administrative Agent may assume that such Lender has made such share available on such date in accordance with clause (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In
such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such
corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of
the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If the Borrower
and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to 

  

 37 

 
the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the
Administrative Agent, then such amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to
make such payment to the Administrative Agent. 
  
 SECTION 2.08.
Interest Elections. 
  
 (a) Each Borrowing
initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a LIBOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such
Borrowing to a different Type or to continue such Borrowing and, in the case of a LIBOR Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of
the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 
  
 (b) To make an election pursuant to this Section, the
Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be
made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a
form approved by the Administrative Agent and signed by the Borrower. 
  
 (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 
  
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being
elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each
resulting Borrowing); 
  
 (ii) the effective date
of the election made pursuant to such Interest Election Request, which shall be a Business Day; 
  
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a LIBOR Borrowing; and 
  
 (iv) if the resulting Borrowing is a LIBOR Borrowing, the
Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
  
 If any such Interest Election Request requests a LIBOR Borrowing but does not specify an Interest Period, then the Borrower shall be deemed
to have selected an Interest Period of one month’s duration. 
  

 38 

 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent
shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
  
 (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a LIBOR Borrowing prior to the end of the Interest
Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has
occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a LIBOR
Borrowing and (ii) unless repaid, each LIBOR Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 
  
 SECTION 2.09. Termination and Reduction of Revolving Commitments. 
  
 (a) Unless previously terminated, the Revolving Commitments and Incremental Revolving Commitments shall
terminate on the Maturity Date. 
  
 (b) The
Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments and the Incremental Revolving Commitments; provided that (i) each reduction of the Revolving Commitments and Incremental Revolving Commitments shall be
in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments and Incremental Revolving Commitments if, after giving effect to any concurrent
prepayment of the Revolving Loans in accordance with Section 2.11, the sum of the Revolving Credit Exposures would exceed the total Revolving Commitments and the total Incremental Revolving Commitments. 
  
 (c) The Borrower shall notify the Administrative Agent of
any election to terminate or reduce the Commitments under clause (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly
following receipt of any notice, the Administrative Agent shall advise the Revolving Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination
of the Revolving Commitments and the Incremental Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower
(by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments and the Incremental Revolving Commitments shall be permanent. Each
reduction of the Revolving Commitments and the Incremental Revolving Commitments shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Commitments. 
  
 SECTION 2.10. Repayment of Loans; Evidence of Debt. (a) The Borrower
hereby unconditionally promises to pay to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan and for the account of each Incremental Revolving Lender the then unpaid principal
amount of each Incremental Revolving 

  

 39 

 
Loan on the Maturity Date. The Borrower hereby unconditionally promises to pay to the Administrative Agent (i) for the account of each Term Lender the then
unpaid principal amount of each Term Loan on the Maturity Date and (ii) for the account of each Incremental Term Lender the then unpaid principal amount of each Incremental Term Loan on the maturity date specified in the applicable Incremental Loan
Amendment. 
  
 (b) Each Lender shall maintain in
accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from
time to time hereunder. 
  
 (c) The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or
to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
  
 (d) The entries made in the accounts maintained pursuant to
clause (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that in the event of a conflict, the accounts maintained pursuant to
clause (c) shall prevail and provided, further, that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in
accordance with the terms of this Agreement. 
  
 (e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by
such Lender and such promissory note is a registered note, to such Lender and its registered assigns) and in a form approved by the Administrative Agent for each such Revolving Loan, Term Loan or Incremental Loan (each, a “Note”).
Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the
payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
  
 SECTION 2.11. Prepayment of Loans. 
  
 (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior
notice in accordance with clause (g) of this Section. 
  
 (b) If at any time the sum of the total Revolving Credit Exposures of all Lenders exceeds the total Revolving Commitments then in effect, the Borrower shall, without notice or demand, immediately repay the Revolving
Loans in an aggregate principal amount equal to such excess, together with interest accrued to the date of such payment or repayment and any amounts payable under Section 2.16. To the extent that, after giving effect to any prepayment of the
Loans required by the preceding sentence, the LC Exposure still exceeds the 

  

 40 

 
total Revolving Commitments, the Borrower shall, without notice or demand, immediately pay an amount equal to such excess to the Administrative Agent as cash
collateral for the LC Exposure. Any amounts so deposited with the Administrative Agent shall be invested in Cash Equivalents having a one day maturity or such other Cash Equivalents as shall be acceptable to the Administrative Agent and the
Borrower. 
  
 (c) If at any time the sum of the
total Incremental Revolving Loans of all Lenders exceeds the total Incremental Revolving Commitments then in effect, the Borrower shall, without notice or demand, immediately repay the Incremental Revolving Loans in an aggregate principal amount
equal to such excess, together with interest accrued to the date of such payment or repayment and any amounts payable under Section 2.16. 
  
 (d) Promptly upon the consummation of any Disposition or the receipt of Net Cash Proceeds from any Recovery Event by the Borrower or any
Restricted Subsidiary in an amount equal to or greater than $5,000,000, the Borrower shall notify the Administrative Agent thereof and shall pay the Obligations in accordance with Section 2.11(g), unless (i) the Borrower or a Restricted
Subsidiary uses such Net Cash Proceeds to acquire replacement or substitute assets useful in the Permitted Lines of Business within 12 months after the date of receipt of such Net Cash Proceeds (the “Reinvestment Deadline”) (any
such Net Cash Proceeds, or portion thereof, not so utilized as described above being herein referred to as “Excess Proceeds”) and (ii) no Default has occurred and is continuing. On the Reinvestment Deadline, the Borrower shall make
a prepayment equal to all Excess Proceeds, such prepayment to be applied in accordance with Section 2.11(g). 
  
 (e) If the Borrower or any Restricted Subsidiary issues or sells any Indebtedness of the Borrower or a Restricted Subsidiary (excluding,
so long as no Default has occurred and is continuing, Indebtedness permitted under Section 6.02) the Borrower shall make a prepayment in an amount equal to 100% of the Net Cash Proceeds of such Indebtedness. Such prepayment shall be applied
in accordance with Section 2.11(g). 
  
 (f) If for any fiscal year of the Borrower, commencing on the fiscal year ending December 31, 2005, there shall be Excess Cash Flow and the Total Leverage Ratio as of the last day of such fiscal year is greater than 6.25 to 1.00, then
within 125 days after the end of such fiscal year, the Borrower shall make a prepayment equal to 50% of such Excess Cash Flow in accordance with Section 2.11(g). 
  
 (g) The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any
prepayment hereunder (i) in the case of prepayment of a LIBOR Borrowing, not later than 11:00 a.m., Charlotte, North Carolina time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later
than 11:00 a.m., Charlotte, North Carolina time, the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that,
if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance
with Section 2.09. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment 

  

 41 

 
of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02.
Each prepayment of a Borrowing shall be applied first, to the Aggregate Term Loans pro-rata across all remaining unpaid installments in accordance with Section 2.04(d), second, to the Revolving Loans and then, as cash collateral from the LC
Exposure; furthermore, the then total Revolving Commitments shall be permanently reduced by any amounts applied pursuant to Sections 2.11(b), (c), (d) and (e) to the Revolving Loans. Prepayments shall be accompanied by
accrued interest to the extent required by Section 2.13 and any amounts payable under Section 2.16. 
  
 SECTION 2.12. Fees. 
  
 (a) The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a commitment fee, which shall accrue
at the Applicable Rate on the daily amount of unused Revolving Commitment of such Revolving Lender during the period from and including the Effective Date to but excluding the date on which such Revolving Commitment terminates; provided that,
if such Revolving Lender continues to have any Revolving Credit Exposure after its Revolving Commitment terminates, then such commitment fee shall continue to accrue on the daily amount of such Revolving Lender’s Revolving Credit Exposure from
and including the date on which its Revolving Commitment terminates to but excluding the date on which such Revolving Lender ceases to have any Revolving Credit Exposure. Accrued commitment fees shall be payable in arrears on the last day of March,
June, September and December of each year and on the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the date hereof; provided that any commitment fees accruing after the date on which the
Revolving Commitments terminate shall be payable on demand. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

  
 (b) The Borrower agrees to pay (i) to the
Administrative Agent for the account of each Revolving Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to LIBOR Loans
on the average daily amount of such Revolving Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on
which such Revolving Lender’s Revolving Commitment terminates and the date on which such Revolving Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank an issuance fee, which shall accrue at the rate of 0.125% per annum on the
face amount of the outstanding Letters of Credit during the period from and including the Effective Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases to be any LC Exposure, as
well as the Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and issuance fees accrued through and including the last day
of March, June, September and December of each year shall be payable on the third Business Day following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the
date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this clause shall be payable
within 10 days after demand. All participation fees and issuance fees shall be computed 

  

 42 

 
on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

  
 (c) The Borrower agrees to pay to the
Administrative Agent for the account of the Issuing Bank for so long as there are Lenders party to this Agreement, a fronting fee equal to 0.125% per annum of the amount available to be drawn under each Letter of Credit, payable quarterly in
arrears, through and including the last day of March, June, September and December of each year, on the third Business Day following such last day, commencing on the first such date to occur after the Effective Date. 
  
 (d) The Borrower agrees to pay to the Administrative Agent,
for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 
  
 (e) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the
Issuing Bank, in the case of fees payable directly to it) for distribution, in the case of facility fees and participation fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 
  
 SECTION 2.13. Interest. 
  
 (a) The Loans comprising each ABR Borrowing shall bear
interest at the Alternate Base Rate plus the Applicable Rate. 
  
 (b) The Loans comprising each LIBOR Borrowing shall bear interest in the case of a LIBOR Loan, at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.

  
 (c) Notwithstanding the foregoing, if (i)(A)
any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, or (B) any event or occurrence described under any of Sections
7.01(h), (i) or (j) shall have occurred, then the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest
extent permitted by Law, (ii) there shall exist any Event of Default which shall be continuing, then upon the request of the Required Lenders, then the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a
fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by Law. Interest payable at the Default Rate shall be payable on demand of the Administrative Agent. 
  
 (d) Accrued interest on each Loan shall be payable in
arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to clause (c) of this Section shall be payable on demand, (ii) in
the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such
repayment or prepayment and (iii) in the event of any conversion of any LIBOR Loan prior to the end of the 

  

 43 

 
current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
  
 (e) All interest hereunder shall be computed on the basis of
a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each
case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such
determination shall be conclusive absent manifest error. 
  
 SECTION 2.14. Alternate Rate of Interest. If prior to the commencement of any Interest Period for a LIBOR Borrowing: 
  
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means
do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or 
  
 (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately
and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 
  

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the
Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a
LIBOR Borrowing shall be ineffective and (ii) if any Borrowing Request requests a LIBOR Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of
Borrowings, then the other Type of Borrowings shall be permitted. 
  
 SECTION 2.15. Increased Costs. 
  
 (a) If any Change in Law shall: 
  
 (i)
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any such
reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank; 
  
 (ii) subject any Lender or the Issuing Bank to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any LIBOR Loan made by it or change the
basis of taxation of payments to such Lender or the Issuing Bank in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section 2.17 and the imposition of, or any change in the rate of, any Excluded Tax payable by such
Lender or the Issuing Bank); or 
  

 44 

 (iii) impose on any Lender or the Issuing Bank or the London interbank market any other
condition affecting this Agreement or LIBOR Loans made by such Lender or any Letter of Credit or participation therein; 
  
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any LIBOR Loan (or of maintaining its obligation to make any
such Loan) or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder (whether of
principal, interest or otherwise), then, upon request of such Lender or the Issuing Bank, the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing
Bank, as the case may be, for such additional costs incurred or reduction suffered. 
  
 (b) If any Lender or the Issuing Bank determines that any Change in Law affecting such Lender or the Issuing Bank or any lending office of
such Lender or such Lender’s or the Issuing Bank’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the
capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of
Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such
Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the Issuing Bank,
as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered. 
  
 (c) A certificate of a Lender or the Issuing Bank setting
forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in clause (a) or (b) of this Section shall be delivered to the Borrower and shall be
conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 
  
 (d) Failure or delay on the part of any Lender or the
Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a
Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than six months prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving
rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the
six-month period referred to above shall be extended to include the period of retroactive effect thereof). 
  

 45 

 SECTION 2.16. Break Funding Payments. In the event of (a) the payment of any principal of any
LIBOR Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any LIBOR Loan other than on the last day of the Interest Period applicable thereto, (c) the failure
to borrow, convert, continue or prepay any LIBOR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(g) and is revoked in accordance therewith), or (d) the
assignment of any LIBOR Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the
loss, cost and expense attributable to such event. In the case of a LIBOR Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which
would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest
Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), minus (ii) the amount of interest which would accrue on such principal amount for such period at
the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth any amount
or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within
10 days after receipt thereof. 
  
 SECTION 2.17. Taxes.

  
 (a) Any and all payments by or on account of
any obligation of the Borrower hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required by
applicable Law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums
payable under this Section) the Administrative Agent, Lender or Issuing Bank, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the
Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Law. 
  
 (b) Without limiting the provisions of clause (a) above, the Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable Law. 
  
 (c) The Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank, within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes
imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent, such Lender or the Issuing Bank, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental 

  

 46 

 
Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or the Issuing Bank (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive absent manifest error. 
  
 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a
Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence
of such payment reasonably satisfactory to the Administrative Agent. 
  
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the Law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party,
with respect to payments under this Agreement or under any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable Law or reasonably requested by the Borrower or the
Administrative Agent, such properly completed and executed documentation prescribed by applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the
Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, in the event that the Borrower is resident for tax purposes in the United States of America, any
Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the Borrower or the Administrative Agent) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 
  
 (i) duly completed copies of Internal Revenue Service Form
W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States of America is a party, 
  
 (ii) duly completed copies of Internal Revenue Service Form W-8ECI, 
  
 (iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of
section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal Revenue Service Form W-8BEN, or 
  
 (iv) any other form prescribed by applicable Law as a basis
for claiming exemption from or a reduction in United States Federal withholding tax duly completed 

  

 47 

 
together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower to determine the withholding or deduction
required to be made. 
  
 (f) On or prior to five
Business Days prior to the first date on which interest or fees are payable under this Agreement for the account of a Lender that is organized under the laws of the United States of America or any state or other political subdivision thereof and at
such other time or times required by applicable Law, each such Lender shall deliver to each of the Administrative Agent and the Borrower a properly completed Internal Revenue Service Form W-9 or successor form as will permit payments under this
Agreement to be made without withholding. 
  
 (g)
If the Administrative Agent, a Lender or the Issuing Bank determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has
paid additional amounts pursuant to this Section 2.17, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.17
with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent, such Lender or the Issuing Bank, as the case may be, and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund); provided, that the Borrower, upon the request of the Administrative Agent, such Lender or the Issuing Bank, agrees to repay the amount paid over to the Borrower (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or the Issuing Bank in the event the Administrative Agent, such Lender or the Issuing Bank is required to repay such refund
to such Governmental Authority. This Section shall not be construed to require the Administrative Agent, any Lender or the Issuing Bank to make available its tax returns (or any other information relating to its taxes which it deems confidential) to
the Borrower or any other Person. 
  
 SECTION 2.18. Payments
Generally; Pro Rata Treatment; Sharing of Set-offs. 
  
 (a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or
2.17, or otherwise) prior to 12:00 noon, Charlotte, North Carolina time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the
Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices in Charlotte, North Carolina, except
payments to be made directly to the Issuing Bank as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The
Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day,
the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in dollars.

  

 48 

 (b) If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with
the amounts of principal and unreimbursed LC Disbursements then due to such parties. 
  
 (c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or
interest on any of its Loans or participations in LC Disbursements resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and participations in LC Disbursements and accrued interest thereon or other
such obligations greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (i) notify the Administrative Agent of such fact and (ii) purchase (for cash at face value)
participations in the Loans, participations in LC Disbursements and such other obligations (as applicable) of other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the
Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans, participations in LC Disbursements and other amounts owing them (as applicable); provided that (i) if any such
participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of
this clause shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this clause shall apply). Each Loan Party
consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Loan Party rights of set-off and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each Loan Party in the amount of such participation. 
  
 (d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the
Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may,
in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be,
severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the
date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
  

 49 

 (e) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.05(d) or (e), 2.07(b), 2.18(d) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative
Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
  
 SECTION 2.19. Mitigation Obligations; Replacement of Lenders. 
  
 (a) If any Lender requests compensation under Section 2.15 or requires the Borrower to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
  
 (b) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender defaults in its obligation to fund Loans hereunder, then the Borrower may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 9.04), all its interests, rights and
obligations under this Agreement and the other Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have paid to the
Administrative Agent the assignment fee specified in Section 9.04, (ii) the Borrower shall have received the prior written consent of the Administrative Agent (and if a Commitment is being assigned, the Issuing Bank), which consent shall not
unreasonably be withheld, (iii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it
hereunder and under the other Loan Documents (including any amounts under Section 2.16), from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), (iv) in
the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments
thereafter, and (v) such assignment does not conflict with applicable Law. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Borrower to require such assignment and delegation cease to apply. 
  
 SECTION 2.20. Procedure for Incremental Loan Requests. 
  
 (a) When the Borrower wishes to request one or more Lenders or other financial institutions approved by the Administrative Agent to provide proposals for the 

  

 50 

 
providing of an Incremental Facility consisting of Incremental Revolving Loans or Incremental Term Loans to the Borrower, the Borrower may solicit requests
from any such Lenders or other financial institutions for the providing of (i) a commitment for an Incremental Revolving Loan (each, an “Incremental Revolving Commitment”) or an Incremental Term Loan (each, an “Incremental
Term Commitment”), as the case may be, and (ii) as applicable to such Incremental Revolving Commitments or Incremental Term Commitments, (A) the upfront fee to be charged by such Lenders or other financial institutions in connection with
the providing of such Incremental Revolving Commitments or Incremental Term Commitments (any such upfront fee, each an “Incremental Upfront Fee”), and (B) the margins to be added by such Lenders or other financial institutions to
the Alternate Base Rate and the Adjusted LIBO Rate for Loans made under such Incremental Term Commitments (any such margin, an “Incremental Margin”). Upon the selection by the Borrower of Lenders or other financial institutions, the
Borrower shall promptly notify the Administrative Agent of the Lenders or other financial institutions selected and the amount of the Incremental Revolving Commitments and/or Incremental Term Commitments, the Incremental Upfront Fee and the
Incremental Margin as agreed upon by the Borrower and such Lenders or other financial institutions. 
  
 (b) Notwithstanding anything to the contrary contained herein, it is understood and agreed that there shall be no more than six different
Incremental Margins in effect in respect of all Incremental Loans which are LIBOR Loans. 
  
 (c) From time to time, the Borrower and the Lenders shall furnish such information to the Administrative Agent as the Administrative Agent
may request relating to the providing of an Incremental Loan, including the amounts, interest rates, and dates of Borrowings thereof, for purposes of the allocation of amounts received from the Borrower for payment on all amounts owing hereunder.

  
 ARTICLE III 
  
 Representations and Warranties 
  
 The Borrower represents and warrants to the Lenders that: 
  
 SECTION 3.01. Organization; Powers. Each of the Borrower and its
Subsidiaries is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 
  
 SECTION 3.02. Authorization; Enforceability. The Transactions are
within the Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action. This Agreement has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding
obligation of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at Law. 
  

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 SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any
consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable Law or the charter, by-laws or
other organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority with jurisdiction over the Borrower or such Subsidiary, (c) will not violate or result in a default under any indenture, material
agreement or other material instrument binding upon the Borrower or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any material payment to be made by the Borrower or any of its Subsidiaries, and (d) will not
result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries, other than Liens created pursuant to the Loan Documents. 
  
 SECTION 3.04. Financial Condition; No Material Adverse Change. 
  
 (a) The Borrower has heretofore furnished to the Lenders its
consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2004, reported on by a Registered Public Accounting Firm, and (ii) as of and for the fiscal quarter and the
portion of the fiscal year ended December 31, 2004, certified by the Financial Officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its
consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above. 
  
 (b) Since December 31, 2004, there has been no change in the
business, assets, operations or condition, financial or otherwise, of the Borrower and its Subsidiaries, taken as a whole, from that reflected in the audited consolidated balance sheet of the Borrower and related statements of operations,
stockholders’ equity and cash flows for the fiscal year ending December 31, 2004 that could reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 3.05. Properties. 
  
 (a) Each of the Borrower and its Restricted Subsidiaries has good title to, or valid leasehold interests in, all its real and personal
property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes and except for Liens permitted under
Section 6.03. 
  
 (b) Each of the Borrower
and its Restricted Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Restricted Subsidiaries does not
infringe upon the rights of any other Person, except for any such non–possession or infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  

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 SECTION 3.06. Litigation and Environmental Matters. 
  
 (a) There are no actions, suits or proceedings by or before
any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Restricted Subsidiaries (i) as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement, the other Loan Documents
or the Transactions. 
  
 (b) Except for the
Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Restricted Subsidiaries (i) has
failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any
claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability. 
  
 (c) Since the Effective Date, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has
resulted in, or materially increased the likelihood of, a Material Adverse Effect. 
  
 SECTION 3.07. Compliance with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all Laws applicable to it or its property and all indentures, agreements and other instruments
binding upon it or its property, except where the failure to be in compliance individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 
  
 SECTION 3.08. Investment and Holding Company Status. Neither the
Borrower nor any of its Subsidiaries is (a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined in, or subject to regulation under, the
Public Utility Holding Company Act of 1935. 
  
 SECTION 3.09.
Taxes. Each of the Borrower and its Restricted Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except
(a) Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that the
failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
  
 SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could
reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of
the date of the most recent financial statements reflecting such amounts, exceed by more 

  

 53 

 
than $5,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans
(based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $5,000,000 the fair market value of the
assets of all such underfunded Plans. 
  
 SECTION 3.11.
Disclosure. The Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Effect. Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of the Borrower to the
Administrative Agent or any Lender in connection with the negotiation of this Agreement or the other Loan Documents or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or
omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood that no assurances can be given that such projections will be realized). 
  
 SECTION 3.12. Ownership of Stations. Schedule 3.12 (as
supplemented from time to time in accordance with Section 9.02(b)) completely and correctly lists each Station owned directly or indirectly by any Loan Party. No Loan Party owns any Station other than the Stations so listed. 
  
 SECTION 3.13. Possession of Necessary Authorizations. Each Loan Party
possesses all Necessary Authorizations (or rights thereto) used or to be used in its business as presently conducted or necessary to permit it to own its properties and to conduct its business as presently conducted except to the extent the failure
to so possess could not reasonably be expected to have a Material Adverse Effect, free and clear of all Liens other than those permitted under Section 6.03. No Loan Party is in violation of any Necessary Authorization, and no event has
occurred which permits, or after notice or lapse of time or both would permit, the revocation or termination of any Necessary Authorization or right, except to the extent such violation, event, revocation or termination could not reasonably be
expected to have a Material Adverse Effect. The Necessary Authorizations for the Stations owned by the Borrower or any of its Restricted Subsidiaries are valid and in full force and effect and are unimpaired by any act, omission or condition, in
each case except as could not reasonably be expected to have a Material Adverse Effect. The applicable Loan Parties have timely filed all applications for renewal or extension of all Necessary Authorizations, except to the extent that the failure to
so file could not reasonably be expected to have a Material Adverse Effect. Except for actions or proceedings (a) affecting the broadcasting or media industries generally or (b) which could not reasonably be expected to have a Material Adverse
Effect, no petition, action, investigation, notice of violation or apparent liability, notice of forfeiture, orders to show cause, complaint or proceeding is pending or, to the best knowledge of the Borrower, threatened before the FCC or any other
forum or agency with respect to any Loan Party or any of its Stations or seeking to revoke, cancel, suspend or modify any of the Necessary Authorizations. The Borrower does not know of any fact that is likely to result in the denial of an
application for renewal, or the revocation, modification, nonrenewal or 

  

 54 

 
suspension of any of the Necessary Authorizations, or the issuance of a cease-and-desist order, or the imposition of any administrative or judicial sanction
with respect to any Stations owned by the Borrower or any Restricted Subsidiary, which could reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 3.14. Copyright, Patent and Trademark Matters. To the best knowledge of each Loan Party, no Loan Party owns any copyrights, patents or
trademarks that have been registered with any Governmental Authority and no applications for registration are pending with respect to any copyrights, patents or trademarks owned by any Loan Party, except as set forth in Schedule 3.14 (as
supplemented from time to time in accordance with Section 9.02(b)). 
  
 SECTION 3.15. License Subsidiaries. All FCC Licenses and other Authorizations issued by the FCC relating to the Loan Parties’ Stations are held by a License Subsidiary. No License Subsidiary (a) owns or
holds any assets (including the ownership of stock or any other interest in any Person) other than Operating Agreements and FCC Licenses and other Authorizations issued by the FCC related to such Stations, (b) is engaged in any business other than
the holding, acquisition and maintenance of FCC Licenses and other Authorizations issued by the FCC, (c) has any investments in any other Person other than the Borrower or (d) owes any Indebtedness (other than Guarantees to the 2001 Senior
Subordinated Note Holders, 2005 Senior Subordinated Note Holders and the Lenders with respect to the 2001 Senior Subordinated Indebtedness, 2005 Senior Subordinated Indebtedness and the Obligations, respectively and other than Guarantees incurred
pursuant to Section 6.02(h)) to any Person other than the Borrower. 
  
 SECTION 3.16. Subsidiaries. Except as disclosed to the Administrative Agent by the Borrower in writing from time to time, (a) Schedule 3.16 sets forth the name and jurisdiction of incorporation of each
Subsidiary and, as to each such Subsidiary, the percentage of each class of Equity Interests owned by any Loan Party and whether such Subsidiary is a Restricted Subsidiary and (b) there are no outstanding subscriptions, options, warrants, calls,
rights or other agreements or commitments (other than stock options granted to employees, independent contractors or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of the Borrower (to the extent such
subscriptions, options, warrants, calls, rights or other agreements or commitments are offered by the Borrower) or any Subsidiary, except as created by the Loan Documents or as set forth on Schedule 3.16. 
  
 SECTION 3.17. Use of Proceeds. The proceeds of the Loans shall be used
only (a) to refinance the Existing Senior Facilities, (b) for working capital, Capital Expenditures made in the ordinary course of business and other lawful corporate purposes (including any Restricted Payment made as permitted hereunder), (c) for
direct or indirect Investments permitted hereunder (including any direct or indirect committed Investments in TV One) and acquisitions permitted hereunder and (d) to pay fees and expenses related to the Transactions. Letters of Credit will be issued
only to support lawful corporate purposes. The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the
Board of Governors of the Federal Reserve System of the United States), or extending credit for the purpose of purchasing or carrying margin stock. Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit,
not more than 25% of the value of assets 

  

 55 

 
(either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) subject to the provisions of Sections 6.03 and
6.05 or subject to any restriction contained in any agreement or instrument between Borrower and any Lender or any Affiliate of any Lender relating to Indebtedness and within the scope of clauses (f) and (o) of Article
VII will be margin stock. 
  
 SECTION 3.18. Security
Documents. The Guarantee and Collateral Agreement is effective to create in favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Collateral described in Section 3 thereof and
proceeds of such Collateral. In the case of (a) the Pledged Equity Interests described in the Guarantee and Collateral Agreement, when stock certificates representing such certificated Pledged Equity Interests are delivered to the Administrative
Agent or when financing statements in appropriate form are filed in the offices specified on Schedule 3.18 and (b) the other Collateral described in the Guarantee and Collateral Agreement, when financing statements and other filings specified
on Schedule 3.18 (or otherwise notified to the Administrative Agent) in appropriate form are filed in the offices specified on Schedule 3.18 (or otherwise notified to the Administrative Agent), the Guarantee and Collateral Agreement
shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral (other than as described in Section 5.09) and the proceeds thereof, as security for the Obligations (as
defined in the Guarantee and Collateral Agreement), in each case prior and superior in right to any other Person (except, in the case of Collateral other than Equity Interests, Liens permitted by Section 6.03). 
  
 SECTION 3.19. Solvency. Each Loan Party is on the Effective Date
(after giving effect to the Transactions), and will continue to be, Solvent. 
  
 SECTION 3.20. Insurance. Each of the Borrower and its Subsidiaries is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are customary in the
businesses in which it is engaged; and none of the Borrower or any of its Subsidiaries has received notice from any insurer or agent of such insurer that substantial capital improvements or other material expenditures will have to be made in order
to continue such insurance. 
  
 ARTICLE IV 
  
 Conditions 
  
 SECTION 4.01. Effective Date. The obligations of the Lenders to make
Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 
  
 (a) The Administrative Agent (or its counsel) shall have
received from each party hereto either (i) a counterpart of this Agreement and the other Loan Documents signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a
signed signature page of this Agreement and the other Loan 

  

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Documents) that such party has signed a counterpart of this Agreement and the other Loan Documents. 
  
 (b) The Administrative Agent shall have received a favorable
written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of each of Covington & Burling, outside counsel for the Borrower, and Borrower’s general counsel, in each case, satisfactory to the
Administrative Agent and covering such matters relating to the Borrower, this Agreement, the other Loan Documents or the Transactions as the Required Lenders shall reasonably request. The Borrower hereby requests each such counsel to deliver such
opinion. 
  
 (c) The Administrative Agent shall
have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal
matters relating to the Borrower, this Agreement, the other Loan Documents or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel. 
  
 (d) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the
President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in clauses (a) and (b) of Section 4.02. 
  
 (e) The Administrative Agent shall have received, with respect to the Borrower and each Restricted
Subsidiary, the results of a recent lien search in such Person’s jurisdiction of organization, and such search shall (i) reveal no Liens on any of its assets except for Liens permitted under Section 6.03 or (ii) be accompanied by such
UCC amendments or termination statements (or authorizations for the Administrative Agent to file such UCC amendments or termination statements) and such other cancellations and releases as the Administrative Agent may reasonably request in order to
release all Liens other than those permitted under Section 6.03. 
  
 (f) Uniform Commercial Code financing statements required by the Collateral and Guarantee Agreement to be filed in order to perfect in favor of the Administrative Agent, for the benefit of the Lenders, a Lien on the
collateral described therein, prior and superior in right to any other Person (other than Liens permitted under Section 6.03), shall, in each case, be in proper form for filing. 
  
 (g) The Administrative Agent shall have received (i) the certificates, if any, representing the Equity
Interests (constituting securities within the meaning of Section 8-102(a)(15) of the New York Uniform Commercial Code) pledged pursuant to the Guarantee and Collateral Agreement, together with an undated power or assignment for each such certificate
executed in blank by a duly authorized officer of the pledgor thereof, and (ii) each promissory note (if any) pledged pursuant to the Guarantee and Collateral Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer
form in blank) by the pledgor thereof. 
  

 57 

 (h) The Administrative Agent shall have received evidence satisfactory to the
Administrative Agent that the Borrower’s Existing Senior Facilities has been paid (or will be paid concurrent with the initial Loan hereunder) in full and all commitments thereunder have been terminated. 
  
 (i) All material Authorizations (including without
limitation, all material Necessary Authorizations) and material third-party approvals (including, without limitation, all FCC Licenses and consents) necessary or appropriate in connection with the Transactions shall have been obtained and shall be
in full force and effect, and all applicable waiting periods and periods for seeking reconsideration, review or appeal shall have expired (and no reconsideration, review or appeal shall have been sought by any party) without any action being taken
or threatened by any competent authority which would restrain, prevent or otherwise impose materially adverse conditions on the Transactions and copies of all such Authorizations and third-party approvals shall be delivered to the Administrative
Agent. 
  
 (j) The Borrower and each License
Subsidiary shall have entered into an Operating Agreement and the Administrative Agent shall have received a fully executed copy of each such Operating Agreement. 
  
 (k) The Administrative Agent shall have received a Perfection Certificate, dated as of the Effective Date,
duly executed by each Loan Party. 
  
 (l) The
Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the
Borrower hereunder. 
  
 (m) The Administrative
Agent shall have received a copy of an irrevocable power of attorney in form and substance acceptable to the Administrative Agent, such power of attorney to be executed by each of the Restricted Subsidiaries in favor of the Borrower appointing the
Borrower as each such Restricted Subsidiary’s attorney-in-fact with respect to the execution of any and all amendments, consents, waivers and modifications to the Guarantee and Collateral Agreement and related agreements. 
  
 The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and
such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions
is satisfied (or waived pursuant to Section 9.02) at or prior to 3:00 p.m., Charlotte, North Carolina time, on June 13, 2005 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time).

  
 SECTION 4.02. Each Credit Event. The obligation of each
Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 
  
 (a) The representations and warranties of the Borrower and
the other Loan Parties set forth in this Agreement and the other Loan Documents shall be true and correct on 

  

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and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable, except to the extent
any such representation or warranty is stated to relate to an earlier date, in which case such representation or warranty shall have been true and correct on and as of such earlier date. 
  
 (b) At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal
or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 
  
 (c) To the extent any of the proceeds of any such Loan are used to repay or prepay Indebtedness permitted to exist under Section
6.02(d) or Section 6.02(h), the Borrower shall deliver to the Administrative Agent at least 10 days or more prior to such repayment or prepayment (or such lesser time as acceptable to the Administrative Agent), a Compliance Certificate
evidencing pro-forma compliance after giving effect to such repayment or prepayment for a period commencing the date thereof through the Maturity Date, together with supporting projections with respect thereto. 
  
 Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall
be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in clauses (a) and (b) of this Section. 
  
 ARTICLE V 
  
 Affirmative Covenants 
  
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid
in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that: 
  
 SECTION 5.01. Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent on
behalf of each Lender or, at the request of the Administrative Agent or any Lender in the event electronic posting of documents is unavailable, to each Lender: 
  

(a) within 90 days after the end of each fiscal year of the Borrower, its audited consolidated balance sheet and related statements of
operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by a Registered Public Accounting Firm of recognized
national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all
material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, along with, to the extent any Unrestricted Subsidiaries are
included in the financial statements described in this clause (a), a report with financial information sufficient to reflect the financial condition and results of operations of such Unrestricted Subsidiaries, in form and substance
satisfactory to the Administrative Agent; 
  

 59 

 (b) within 45 days after the end of each of the first three fiscal quarters of each
fiscal year of the Borrower, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in
each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all
material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence
of footnotes, along with, to the extent any Unrestricted Subsidiaries are included in the financial statements described in this clause (b), a report with financial information sufficient to reflect the financial condition and results of
operations of such Unrestricted Subsidiaries, in form and substance satisfactory to the Administrative Agent; 
  
 (c) within 45 days after the end of each fiscal quarter of each fiscal year of Reach Media, the consolidated balance sheet of Reach Media
and its Subsidiaries and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the
figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial
condition and results of operations of Reach Media and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, along with a report with financial information sufficient to reflect the financial condition
of Reach Media and its Subsidiaries net of any intercompany transactions with the Borrower and the other Subsidiaries, in form and substance satisfactory to the Administrative Agent; provided, that the Borrower shall not be required to
provide any such comparative figures or financial information in respect of any period or periods prior to the date of the Borrower’s initial investment in Reach Media; 
  
 (d) concurrently with any delivery of financial statements under clause (a) or (b) above, a
Compliance Certificate (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed
calculations demonstrating compliance with Section 6.01, (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 (which change
shall affect the Borrower’s or any Subsidiaries’ accounting or financial reporting practices) and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate; (iv)
setting forth a list of the Restricted Subsidiaries and Unrestricted Subsidiaries as of the date of such Compliance Certificate, and (v) setting forth a list of Investments as of the date of such Compliance Certificate. 
  
 (e) concurrently with any delivery of financial statements
under clause (a) above, (i) a certificate of the Registered Public Accounting Firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any
Default (which certificate may be limited to the extent required by accounting rules or guidelines), and (ii) an attestation report of such 

  

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Registered Public Accounting Firm as to the Borrower’s internal controls pursuant to Section 404 of Sarbanes-Oxley; 
  
 (f) promptly after the same become publicly available,
copies of all annual and periodic reports, SEC Form 8-K or any successor reports, proxy or financial statements, registration statements, and final prospectuses filed by the Borrower or any Subsidiary with the SEC, or any Governmental Authority
succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be; 
  
 (g) promptly upon their becoming available, the Borrower shall furnish (i) copies of any periodic or special
reports filed by any Loan Party with the FCC or any other federal, state or local governmental agency or authority if such reports indicate any material change in the ownership of such Loan Party, or any materially adverse change in the business,
operations, affairs or condition of any Loan Party, and (ii) copies of any material notices and other material communications from the FCC or any other federal, state or local governmental agency or authority which specifically relate to any Loan
Party, any Station or any material License, and the substance of which relates to a matter that could reasonably be expected to have a Material Adverse Effect; and 
  
 (h) promptly following any request therefor, such other information regarding the operations, business
affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement and the other Loan Documents, as the Administrative Agent or any Lender may reasonably request. 
  
 SECTION 5.02. Notices of Material Events. The Borrower will furnish to
the Administrative Agent on behalf of each Lender or, at the request of the Administrative Agent or any Lender in the event electronic posting of documents is unavailable, to each Lender, prompt written notice of the following: 
  
 (a) promptly after Borrower obtains knowledge thereof, the
occurrence of any Default; 
  
 (b) promptly after
Borrower obtains knowledge thereof, the filing or commencement of any action, suit or proceeding by or before any arbitrator, the FCC or any other Governmental Authority against or affecting the Borrower or any Affiliate thereof that, if adversely
determined, could reasonably be expected to result in a Material Adverse Effect; 
  
 (c) promptly after Borrower obtains knowledge thereof, the occurrence of any ERISA Event that, alone or together with any other ERISA
Events that have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $5,000,000; 
  
 (d) promptly after Borrower obtains knowledge thereof, the occurrence of material changes in the
Borrower’s accounting or financial reporting practices from those in effect on the Effective Date (other than such changes reported on a Compliance Certificate); 
  

 61 

 (e) the occurrence of any material Internal Control Event of which the chief executive
officer, president, or Financial Officer of the Borrower has knowledge; 
  
 (f) promptly after Borrower obtains knowledge thereof, (i) any material admonition, censure or adverse citation or order by the FCC or any other governmental authority or regulatory agency that could reasonably be
expected to result in a Material Adverse Effect; or (ii) any competing application, petition to deny or other opposition to any license renewal application filed by the Borrower or any of its Subsidiaries with the FCC that could reasonably be
expected to result in a Material Adverse Effect; 
  
 (g) promptly after any officer of the Borrower becomes aware thereof, and in any event within five Business Days thereafter, information and a copy of any notice received by any Loan Party from the FCC or other Governmental Authority or any
Person that concerns (i) any event or circumstance that could reasonably be expected to materially adversely affect any material Necessary Authorization and (ii) any notice of abandonment, expiration, revocation, material impairment, nonrenewal or
suspension of any material Necessary Authorization, together with a written explanation of any such event or circumstance or the circumstances surrounding such abandonment, expiration, revocation, material impairment, nonrenewal or suspension; and

  
 (h) promptly after an officer of the Borrower
obtains knowledge thereof, any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 
  
 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details
of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
  
 SECTION 5.03. Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things
necessary to preserve, renew and keep in full force and effect its legal existence and the rights and Licenses material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or
dissolution permitted under Section 6.04 or any Disposition permitted under Section 6.05. 
  
 SECTION 5.04. Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including Tax
liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the
Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.

  
 SECTION 5.05. Maintenance of Properties; Insurance.
Except for Dispositions permitted under Section 6.05, the Borrower will, and will cause each of its Restricted Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good 

  

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working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such
amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 
  

SECTION 5.06. Books and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, keep proper books of record
and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities in accordance with GAAP. The Borrower will, and will cause each of its Restricted Subsidiaries and Reach Media
and its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its
affairs, finances and condition with its officers and, in the presence of a Financial Officer or other member of the senior management of the Borrower, independent accountants, all at such reasonable times and as often as reasonably requested;
provided, that so long as the Borrower, its Restricted Subsidiaries and Reach Media and its Subsidiaries have permitted and authorized their independent accountants to meet with the Administrative Agent or any Lender, any failure of such
independent accountants to meet with the Administrative Agent or any Lender will not constitute a breach hereunder; and provided, further, that so long as no Default has occurred and is continuing, no Lender (other than an Agent) will be
entitled to make such visits and inspections more than once per calendar year. 
  
 SECTION 5.07. Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply with all Laws applicable to it or its property, except where the failure to do so, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  
 SECTION 5.08. Use of Proceeds and Letters of Credit. The proceeds of the Loans will be used only (a) to refinance the Existing Senior Facilities, (b) for working capital, capital expenditures made in the
ordinary course of business and other lawful corporate purposes (including any Restricted Payment made as permitted hereunder), (c) for direct or indirect Investments permitted hereunder (including any direct or indirect committed Investments in TV
One) and Acquisitions permitted hereunder and (d) to pay fees and expenses related to the Transactions. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the
Regulations of the Board, including Regulations T, U and X. Letters of Credit will be issued only to support lawful corporate purposes. 
  
 SECTION 5.09. Collateral. 
  
 (a) To secure full and complete payment and performance of the Obligations, the Borrower shall, and shall cause each of the Restricted
Subsidiaries to, grant and convey to and create in favor of, the Administrative Agent for the ratable benefit of the Lenders a continuing first priority (subject, except for Equity Interests, to any prior Liens permitted by Section 6.03)
perfected Lien and security interest in, to and on all of the assets and properties of the Borrower and its Restricted Subsidiaries (except (i) the Excluded Assets and (ii) to the extent prohibited by Law) including but not limited to the following:
(1) all of the Borrower’s and such 

  

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Restricted Subsidiaries’ present and future non-real estate assets (other than (A) the Excluded Assets; and (B) Licenses in which applicable Law
prohibits the creation of a Lien), including, without limitation, their equipment, inventory, accounts receivable, instruments, general intangibles, intellectual property and Investments (except as otherwise provided in this clause (1) and
clause (2) below) (in each case, unless otherwise agreed by the Administrative Agent); and (2) all of the Equity Interests in each Subsidiary (except the Excluded Ownership Interests) owned by the Borrower or any other Subsidiary, now owned
or hereafter acquired by the Borrower or such other Subsidiary; provided, however, fixture filings will not be required to be filed (collectively, the “Collateral”). 
  
 (b) With respect to any new Subsidiary created or acquired after the Effective Date, (i) the Borrower,
and/or any Restricted Subsidiary owning the Equity Interests of such new Subsidiary, shall promptly execute and deliver to the Administrative Agent such supplements or amendments to the Guarantee and Collateral Agreement as the Administrative Agent
deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Lenders, a perfected first priority security interest in the Equity Interests of such new Subsidiary, (ii) in the case of any such new Subsidiary that
is a Restricted Subsidiary, such new Restricted Subsidiary shall promptly (A) execute and deliver to the Administrative Agent a supplement to the Guarantee and Collateral Agreement and any other documents required therein, and (B) execute and
deliver to the Administrative Agent an irrevocable power of attorney in the form executed by the other Restricted Subsidiaries appointing the Borrower as such Restricted Subsidiary’s attorney-in-fact with respect to the execution of any and all
amendments, consents, waivers and modifications to the Guarantee and Collateral Agreement and related agreements, (iii) the applicable Loan Party owning Equity Interests of the new Subsidiary and such new Subsidiary shall deliver any certificates
representing the Equity Interests of such new Subsidiary and any Subsidiary of such new Subsidiary (if such Subsidiary is a Restricted Subsidiary), respectively, together with undated stock powers, in blank, executed and delivered by a duly
authorized officer of the applicable Loan Party, (iv) the applicable Loan Party owning Equity Interests of the new Subsidiary and such new Subsidiary shall take such other actions as shall be necessary or advisable to grant to the Administrative
Agent for the benefit of the Lenders a perfected first priority security interest in the assets (to the extent such assets would constitute Collateral as described in clause (a) above) of, and Equity Interests in, such new Restricted
Subsidiary, and Equity Interests in such new Subsidiary (to the extent such Equity Interests do not constitute Excluded Ownership Interests), including, without limitation, the filing of such Uniform Commercial Code financing statements as may be
requested by the Administrative Agent, provided, however, fixture filings will not be required to be filed with respect to the Collateral and (v) if requested by the Administrative Agent, the Borrower shall cause to be delivered to the
Administrative Agent legal opinions relating to the matters described in the preceding clauses (i), (ii), (iii) and (iv), which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the
Administrative Agent. 
  
 (c) With respect to (i)
any newly acquired assets or transfers of assets to the Borrower or a Restricted Subsidiary (other than (A) the Excluded Assets; and (B) Licenses in which applicable Law prohibits the creation of a Lien), and (ii) any Subsidiary that has not
previously executed the Guarantee and Collateral Agreement that has become a Restricted Subsidiary, promptly (x) after acquiring or receiving any such asset, or (y) after such Subsidiary becoming a Restricted Subsidiary, as applicable, such
Subsidiary shall immediately execute and 

  

 64 

 
deliver or cause to be delivered to the Administrative Agent in a form reasonably acceptable to the Administrative Agent (I) a new Guarantee and Collateral
Agreement and/or supplements to the Guarantee and Collateral Agreement (as applicable as determined by the Administrative Agent) which grant to the Administrative Agent a first priority perfected security interest in such assets (subject, except for
Equity Interests, to any prior Liens permitted by Section 6.03) and (II) such additional agreements and other documents as the Administrative Agent reasonably deems necessary to establish a valid, enforceable and perfected first priority
security interest in such Collateral (subject, except for Equity Interests, to any Liens permitted by Section 6.03); provided, however, fixture filings will not be required to be filed with respect to the Collateral. 
  
 (d) For the avoidance of doubt, no Lien is required pursuant
to this Agreement to be created in respect of the Excluded Assets, and such Excluded Assets do not constitute part of the Collateral. 
  
 SECTION 5.10. Further Assurances. Each Loan Party shall make, execute or endorse, and acknowledge and deliver or file, or cause the same to be
done, all such notices, certifications, documents, instruments and agreements, and shall take or cause to be taken such other actions as the Administrative Agent may, from time to time, deem reasonably necessary or appropriate in connection with
this Agreement or any of the other Loan Documents and the obligation of such Loan Party to carry out the terms and conditions of this Agreement and the other Loan Documents to which it is a party, including, without limitation, each Loan Party shall
perform such acts and duly authorize, execute, acknowledge, deliver, file and record such additional assignments, security agreements, pledge agreements, financing statements, and other agreements, documents, instruments and certificates as the
Administrative Agent may deem reasonably necessary or appropriate in order to create, perfect and maintain the Liens in favor of the Administrative Agent for the ratable benefit of the Lenders in and to the Collateral and preserve and protect the
rights and remedies of the Lenders hereunder, under the other Loan Documents and in and to the Collateral. Each Loan Party acknowledges that certain transactions contemplated by this Agreement and the other Loan Documents, and certain actions which
may be taken by the Administrative Agent or the Lenders in the exercise of their rights and remedies under this Agreement or any other Loan Document, may require the consent of the FCC. If the Administrative Agent reasonably determines that the
consent of the FCC is required in connection with the execution, delivery or performance of any of the aforesaid documents or any documents delivered to the Administrative Agent or the Lenders in connection therewith or as a result of any action
which may be taken or be proposed to be taken pursuant thereto, then each Loan Party, at its sole cost and expense, shall use its reasonable efforts to secure such consent and to cooperate with the Administrative Agent and the Lenders in any such
action taken or proposed to be taken by the Administrative Agent or any Lender. 
  
 SECTION 5.11. Hedging Obligation. The Borrower shall, within ninety days after the Effective Date, enter into, and shall at all times thereafter maintain in full force and effect, Swap Agreements having an
initial term of at least two years and in form and substance reasonably satisfactory to the Administrative Agent so that the sum of the notional amount subject to such agreements plus the outstanding principal amount of Indebtedness of the
Borrower and its Restricted Subsidiaries which bears interest at a fixed rate equals at all times at least 50% of the principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries then outstanding. 
  

 65 

 ARTICLE VI 
  
 Negative Covenants 
  
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and
all Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that: 
  

SECTION 6.01. Financial Condition Covenants. 
  
 (a) Interest Coverage Ratio. The Borrower will not permit the Interest Coverage Ratio at any time to be less than 2.50 to
1.00. 
  
 (b) Total Leverage Ratio.
The Borrower will not permit the Total Leverage Ratio at any time during any period set forth below to be more than the ratio set forth opposite such period: 
  

			
	 Period

	  	Ratio

	 Effective Date through and including September 30, 2006
	  	6.50 to 1.00
	 October 1, 2006 and thereafter
	  	6.00 to 1.00

  
 (c)
Senior Leverage Ratio. The Borrower will not permit the Senior Leverage Ratio at any time for any period set forth below, to be more than the ratio set forth opposite such period: 
  

			
	 Period

	  	Ratio

	 Effective Date through and including September 30, 2006
	  	5.00 to 1.00
	 October 1, 2006 through and including September 30, 2007
	  	4.50 to 1.00
	 October 1, 2007 and thereafter
	  	4.00 to 1.00

  
 SECTION 6.02.
Limitation on Indebtedness. The Borrower will not, and will cause each of its Subsidiaries not to, create, incur, assume or suffer to exist any Indebtedness of the Borrower or any Restricted Subsidiary of the Borrower, except (without
duplication): 
  
 (a) Obligations; 
  
 (b) intercompany Indebtedness by and among the Borrower and
any of its Restricted Subsidiaries; 
  
 (c) Swap
Agreements entered into pursuant to Section 5.11 above and, so long as there exists no Default both before and immediately after giving effect to the incurrence of any such Indebtedness, in the case of the Borrower, other Swap Agreements
entered into by the Borrower and its Restricted Subsidiaries (except the License Subsidiaries) with the Lenders or any of them for the purpose of hedging against interest rate fluctuations with respect to variable rate Indebtedness of the Borrower
or any of the Restricted Subsidiaries (except the License Subsidiaries); 
  

 66 

 (d) (i) in the case of the Borrower, the 2001 Senior Subordinated Indebtedness and the
2005 Senior Subordinated Indebtedness and (ii) in the case of the Restricted Subsidiaries, the 2001 Senior Subordinated Guaranties and the 2005 Senior Subordinated Guaranties, in each case of clauses (i) and (ii) preceding, as in
effect on the Effective Date; 
  
 (e) so long as
there exists no Default both before and immediately after giving effect to the incurrence of any such Indebtedness, amounts assumed by the Borrower and its Restricted Subsidiaries (except the License Subsidiaries) in connection with Permitted
Acquisitions subject to (i) for Permitted Acquisitions with a purchase price less than $50,000,000, delivery of a Compliance Certificate evidencing pro-forma compliance after giving effect to such Permitted Acquisition, (ii) for Permitted
Acquisitions with a purchase price equal to or more than $50,000,000, delivery of a Compliance Certificate evidencing pro-forma compliance after giving effect to such Permitted Acquisition for a period of one year, together with supporting
projections with respect thereto, in each case such Indebtedness to consist of Purchase Money Indebtedness and/or Capital Lease Obligations (provided that such Indebtedness so assumed (A) are not incurred or created in connection with any
such Permitted Acquisition and were not incurred or created in anticipation of such Permitted Acquisition, (B) are pursuant to terms not materially more restrictive on the Borrower or any Restricted Subsidiary than the terms of this Agreement, (C)
are pursuant to terms which do not conflict with any provision of this Agreement or any other Loan Document and (D) do not include any collateral or any guarantees except as specifically permitted by this Agreement) and any refinancings, refundings,
renewals or extensions of such Indebtedness so long as such refinancing, refunding, renewal or extension satisfies the conditions contained in clauses (B), (C) and (D) of this Section 6.02(e). 
  
 (f) Indebtedness not described in subsection (d)
above that is existing on the Effective Date and described on Schedule 6.02, as in effect on the Effective Date and any refinancings, refundings, renewals or extensions thereof; provided that (i) the principal amount of such
Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension and (ii) the terms relating to principal amount, amortization, maturity, collateral (if any) and subordination (if any), and the other material terms
taken as a whole, of any such refinancing, refunding, renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect to the Loan Parties and
the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded, renewed or extended and the interest rate applicable to any such refinancing, refunding, renewing or extending Indebtedness does not
exceed the then applicable market interest rate; 
  
 (g) so long as there exists no Default both before and immediately after giving effect to the incurrence of any such Indebtedness, unsecured Indebtedness of the Borrower of up to $10,000,000 in the aggregate at any time outstanding
(provided that such Indebtedness incurred (A) is pursuant to terms not materially more restrictive on the Borrower or any Restricted Subsidiary than the terms of this Agreement, (B) is pursuant to terms which do not conflict with any
provision of this Agreement or any other Loan Document and (C) does not include any collateral or any guarantees except as specifically permitted by this Agreement); 
  

 67 

 (h) so long as there exists no Default both before and immediately after giving effect to
the incurrence of any such Indebtedness, Subordinated Debt of the Borrower issued by the Borrower after the Effective Date, having terms and conditions satisfactory to the Administrative Agent and subject to documentation satisfactory to the
Administrative Agent, including without limitation, (A) a maturity no earlier than the date which is six months after the Maturity Date, and (B) the terms of such refinanced Indebtedness (I) are not materially more restrictive on the Borrower or any
Restricted Subsidiary than the terms of this Agreement, (II) do not conflict with any provision of this Agreement or any other Loan Document and (III) do not include any additional collateral or any additional guarantees (other than Guarantees of
such Indebtedness by one or more Restricted Subsidiaries of the Borrower that constitute Subordinated Debt of such Restricted Subsidiaries so long as such Guarantees otherwise satisfies the requirements of this clause (h)) except as
specifically permitted by this Agreement; and 
  
 (i) so long as there exists no Default both before and immediately after giving effect to the incurrence of any such Indebtedness, Indebtedness of the Borrower and the Restricted Subsidiaries (except the License Subsidiaries) of up to
$20,000,000 in the aggregate at any time outstanding (provided that such Indebtedness incurred (A) is pursuant to terms not materially more restrictive on the Borrower or any Restricted Subsidiary than the terms of this Agreement, (B) is
pursuant to terms which do not conflict with any provision of this Agreement or any other Loan Document and (C) does not include any collateral or any guarantees except as specifically permitted by this Agreement). 
  
 SECTION 6.03. Limitation on Liens. The Borrower will not, and will
cause each of its Subsidiaries not to, create, incur, assume or suffer to exist any Lien upon any of the property, assets or revenues of the Borrower and the Restricted Subsidiaries, whether now owned or hereafter acquired, except for: 

 
 (a) Liens with respect to the payment of Taxes,
assessments or governmental charges or levies which are not yet due or which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained in accordance with GAAP; 
  
 (b) Liens of landlords or mortgagees of landlords arising by
statute or pursuant to the terms of real property leases and Liens of suppliers, mechanics, carriers, materialmen, warehousemen or workmen and other Liens imposed by Law created in the ordinary course of business of such Person for amounts not yet
due or which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP; 
  
 (c) Liens incurred, or pledges and deposits made, in the
ordinary course of business of such Person in connection with worker’s compensation, unemployment insurance, pensions or other types of social security benefits; 
  
 (d) Liens arising with respect to zoning restrictions, licenses, covenants, building restrictions and other
similar charges or encumbrances on the use of real property of such Person which do not materially interfere with the ordinary conduct of such Person’s business; 
  

 68 

 (e) minor defects and irregularities in titles, survey exceptions, encumbrances,
easements or reservations of others for rights-of-way, roads, pipelines, railroad crossings, services, utilities or other similar purposes which, in the aggregate, do not materially adversely affect the value of the property; 
  
 (f) Liens created pursuant to the Loan Documents, Liens
arising by operation of law on securities accounts and deposit accounts not part of the perfected Collateral, and other Liens arising by operation of law on securities accounts and deposit accounts in favor of the securities intermediary or
depository bank so long as such Liens are subordinated to the Liens created pursuant to the Loan Documents; 
  
 (g) any attachment, prejudgment or judgment Lien in existence less than sixty consecutive calendar days after the entry thereof, or with
respect to which execution has been stayed, or with respect to which payment in full above any applicable customary deductible is covered by insurance or a bond or in an aggregate amount not to exceed at any time $10,000,000; 
  
 (h) Liens securing Purchase Money Indebtedness or Capital
Lease Obligations permitted under Section 6.02(e) and Section 6.02(i); and 
  
 (i) so long as there exists no Default both before and immediately after giving effect to such Lien, Liens securing up to $1,000,000 of
Indebtedness in the aggregate at any time outstanding permitted to be incurred under Section 6.02(e) and Section 6.02(i). 
  
 SECTION 6.04. Limitation on Fundamental Changes. The Borrower will not, and will cause each of its Restricted Subsidiaries not to, enter into any
merger, consolidation or amalgamation with any Person, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all of its property,
business or assets to any Person, except: 
  
 (a)
a Restricted Subsidiary (other than a License Subsidiary) may merge into or be acquired by the Borrower if the Borrower is the survivor thereof; 
  
 (b) a Restricted Subsidiary (other than a License Subsidiary) may merge into or be acquired by a Wholly Owned Restricted Subsidiary if the
Wholly Owned Restricted Subsidiary is the survivor thereof; 
  
 (c) the Borrower or any Restricted Subsidiary (other than a License Subsidiary) may sell, lease, transfer or otherwise dispose of any or all of its assets in a transaction permitted under Section 6.05;

  
 (d) in connection with Permitted Acquisitions
where the Borrower or a Wholly Owned Restricted Subsidiary is the survivor thereof; and 
  
 (e) a License Subsidiary may merge into or be acquired by another License Subsidiary and may sell, lease or transfer to another License
Subsidiary any or all of its assets in a transaction permitted under Section 6.05. 
  

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 Notwithstanding anything to the contrary contained in the foregoing, (i) no License Subsidiary shall own or hold any
assets other than Operating Agreements and FCC Licenses and other Authorizations issued by the FCC relating to Stations or engage in any business other than the ownership (or holding) and maintenance of Operating Agreements, FCC Licenses and other
Authorizations issued by the FCC, (ii) all License Subsidiaries must be Restricted Subsidiaries; and (iii) no License Subsidiary may incur any Indebtedness (other than Guarantees to the 2001 Senior Subordinated Note Holders, 2005 Senior Subordinated
Note Holders and the Lenders with respect to the 2001 Senior Subordinated Indebtedness, 2005 Senior Subordinated Indebtedness and the Obligations, respectively, and other than Guarantees incurred pursuant to Section 6.02(h)). 
  
 SECTION 6.05. Limitation on Sale of Assets. The Borrower will not, and
will cause each of its Restricted Subsidiaries not to, convey, sell, lease, assign, exchange, transfer or otherwise dispose of any of its property, business or assets (including, without limitation, receivables and leasehold interests but excluding
Equity Interests of the Borrower) (including by way of a Sale and Leaseback Transaction) other than in the ordinary course of business, or issue or sell Equity Interests of any of the Restricted Subsidiaries (other than to the Borrower or another
Restricted Subsidiary), in each case, whether by a single transaction or a series of related transactions, to any Person (each of the foregoing, a “Disposition”), except: 
  
 (a) Dispositions of property or assets between the Borrower
and Wholly Owned Restricted Subsidiaries or between Wholly Owned Restricted Subsidiaries, provided that in the case of the Borrower, such Disposition is less than substantially all of its assets; 
  
 (b) the sale of capital stock of Unrestricted Subsidiaries;

  
 (c) other Dispositions of property or assets
(other than Equity Interests), provided that such Disposition is less than substantially all of the assets of the Borrower and provided further that all of the following conditions are satisfied: (i) the Borrower or such Restricted
Subsidiary receives consideration (A) that is at the time of such Disposition at least equal to the Fair Market Value of the assets subject to such Disposition, as determined and approved by the Board of Directors of the Borrower in the case of such
Dispositions with a Fair Market Value of $1,000,000 or more, (B) of which not more than 20% is in the form of promissory notes or other debt obligations of the purchaser of such assets, and (C) that is directly related to, and/or consists of Equity
Interests issued by a Person in, a Permitted Line of Business to the extent such consideration consists of non–cash assets (other than promissory notes or other debt obligations), (ii) the sum of the EBITDA derived from the assets related to
such Disposition (measured for the most recently completed four fiscal quarters), plus the EBITDA derived from the assets related to all other Dispositions of assets consummated pursuant to this clause (c) (measured for the four fiscal
quarters ended prior to such other Disposition), shall represent not more than 25% of Borrower’s EBITDA (measured for the most recently completed four fiscal quarters) at the time such Disposition is consummated, (iii) any such Disposition
shall be on a non-recourse basis, other than with respect to customary representations, warranties, covenants and indemnities, (iv) no Default shall have occurred and be continuing or would result therefrom (including without limitation, under
Section 6.11), (v) the Administrative Agent shall have received three Business Days’ prior written notice of any Disposition with a sales price equal to or in excess of $50,000,000 (or such lesser notice as is acceptable to the
Administrative Agent) 

  

 70 

 
and (vi) the Borrower shall, to the extent required, pay the proceeds to the Administrative Agent in accordance with Section 2.11(d) when and if due;

  
 (d) so long as no Default shall have occurred
and be continuing or would result therefrom, Dispositions of assets which, in the good faith exercise of its business judgment, the Borrower determines are no longer useful in the conduct of it or its Subsidiaries’ business; and 
  
 (e) Asset Swaps not otherwise prohibited by this Section
6.05 if all of the following conditions are met: (i) such exchange complies with the definition of Asset Swap, (ii) if the Fair Market Value of the assets transferred exceeds $1,000,000 but is less than $50,000,000, the board of directors of the
Borrower approves such exchange, (iii) if the Fair Market Value of the assets transferred equals or exceeds $50,000,000, the board of directors of the Borrower approves such exchange and the Borrower secures an appraisal of the property or assets
received given by an unaffiliated third party in form and substance reasonably satisfactory to the Administrative Agent, (iv) the Fair Market Value of any property or assets received is at least equal to the Fair Market Value of the property or
assets so transferred, (v) each such Asset Swap is effected in connection with an Investment permitted by Section 6.08, and (vi) to the extent applicable, any “boot” or other assets received by the Borrower or any Subsidiary
complies with the requirements of clause (c) above and the Net Cash Proceeds of such boot or other assets are applied as required by Section 2.11(d) when and if due. 
  
 Upon request by and at the expense of the Borrower, the Administrative Agent shall immediately release any Liens arising under the Loan
Documents with respect to any Collateral which is sold or otherwise disposed of in compliance with the terms of this Section 6.05. 
  
 SECTION 6.06. Limitation on Restricted Payments; Other Payment Limitations. The Borrower will not, and will cause each of its Restricted
Subsidiaries not to, make any Restricted Payments, except (a) repurchases of common Equity Interests of the Borrower in open market purchases, provided that the aggregate amount of such repurchases shall not exceed $150,000,000 and no Default
shall have occurred and be continuing or would result therefrom, (b) dividends and distributions declared and paid by any Restricted Subsidiary to the Borrower or to other Restricted Subsidiaries and (c) dividends and distributions declared and paid
by the Borrower to the Borrower’s stockholders, so long as (i) if the Total Leverage Ratio of the Borrower (calculated on a pro forma basis after giving effect to such dividends or distributions as demonstrated in a Compliance Certificate
delivered to the Administrative Agent) is greater than or equal to 5.00 to 1.00, then the aggregate amount of all such dividends and distributions shall not exceed the sum of $25,000,000 during any fiscal year, and (ii) no Default shall have
occurred and be continuing or would result therefrom. 
  
 SECTION
6.07. Limitation on Acquisitions. The Borrower will not, and will cause each of its Restricted Subsidiaries not to, purchase any Equity Interests, bonds, notes, debentures or other securities of, or any assets of, in each case to the
extent such purchase would involve all or substantially all of a radio broadcasting station of, or a business unit of, any Person (other than the Borrower or a Person that is currently a Restricted Subsidiary) (collectively,
“Acquisitions”) without the prior written consent of the Required Lenders except Acquisitions of assets to be utilized in connection with a Permitted Line of Business so long as (a) no Default shall have 

  

 71 

 
occurred and be continuing or would result therefrom and (b) (i) with respect to Acquisitions with a purchase price less than $50,000,000, the Borrower shall
have delivered to the Administrative Agent at least 5 days prior to the consummation of such Acquisition (or such lesser time as acceptable to the Administrative Agent) a Compliance Certificate demonstrating pro-forma compliance after giving effect
to the Acquisition, and (ii) with respect to Acquisitions with a purchase price equal to or more than $50,000,000, the Borrower shall have delivered to the Administrative Agent at least 5 days prior to the consummation of such Acquisition (or such
lesser time as acceptable to the Administrative Agent) an Acquisition report signed on behalf of the Borrower by the President, a Vice President or a Financial Officer of the Borrower in form and substance satisfactory to the Administrative Agent,
together with a Compliance Certificate evidencing pro-forma compliance after giving effect to such Permitted Acquisition for a period of one year, together with supporting projections with respect thereto. (The transactions described above or
otherwise permitted by the Required Lenders being herein referred to collectively as “Permitted Acquisitions”). 
  
 SECTION 6.08. Limitation on Investments. The Borrower will not, and will cause each of its Restricted Subsidiaries not to, make any Investment in
any Person, other than: 
  
 (a) Permitted
Investments; 
  
 (b) Investments as a result of
non–cash consideration for Dispositions permitted under Section 6.05 (subject to the terms thereof); 
  
 (c) Investments in the form of Guarantees constituting Indebtedness as permitted by Section 6.02; 
  
 (d) Investments in an amount not to exceed $200,000,000
outstanding in the aggregate at any one time (including, without limitation, Investments of the Borrower and its Subsidiaries in Reach Media and TV One other than Permitted Investments), provided that, at the time any such Investment is
incurred no Default shall have occurred and be continuing or would result therefrom; 
  
 (e) Permitted Acquisitions; and 
  
 (f) Investments in existence on the Effective Date and more specifically described on Schedule 6.08. 
  
 SECTION 6.09. Limitation on Transactions with Affiliates. 

 
 (a) The Borrower shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into any contract, agreement, understanding, loan, advance or
guarantee with, or for the benefit of, any Affiliate of the Borrower or any Restricted Subsidiary (each of the foregoing, an “Affiliate Transaction”), unless (i) such Affiliate Transaction is on terms that are no less favorable to
the Borrower or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Borrower or such Restricted Subsidiary with a non-Affiliated Person, or (ii) the amount paid to 

  

 72 

 
such Affiliate is not substantially in excess of the fair value of the services rendered by such Affiliate. 
  
 (b) The provisions of clause (a) above shall not
prohibit: 
  
 (i) employment arrangements
(including customary benefits thereunder) entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business and consistent with the past practice of the Borrower or such Restricted Subsidiary; 
  
 (ii) transactions solely between or among the Borrower and
its Wholly Owned Restricted Subsidiaries or solely between or among Wholly Owned Restricted Subsidiaries; 
  
 (iii) transactions permitted under Section 6.06; 
  
 (iv) any agreement as in effect on the Effective Date and listed on Schedule 6.09 or any amendment
thereto or any transaction contemplated thereby (including pursuant to any amendment thereto) and any replacement agreement thereto so long as any such amendment or replacement agreement is not more disadvantageous to the Lenders in any material
respect than the original agreement as in effect on the Effective Date; 
  
 (v) the existence of, or the performance by the Borrower or any of the Restricted Subsidiaries of its obligations under the terms of, any stockholders agreement (including any registration rights agreement or purchase
agreement related thereto) to which it is a party on the Effective Date; 
  
 (vi) services provided to any Unrestricted Subsidiary of the Borrower for fees approved by a majority of the disinterested members of the Board of Directors of the Borrower; or 
  
 (vii) subject to the terms of this Agreement, including but
not limited to Sections 6.02, 6.05 and 6.12, the issuance, sale or other disposition of any Equity Interest (other than Disqualified Stock) of the Borrower, including any equity-related agreements relating thereto such as
registration rights and voting agreements so long as such agreements do not result in such Equity Interests being Disqualified Stock. 
  
 SECTION 6.10. Limitation on Restrictions on Restricted Subsidiary Distributions. The Borrower will not, and will cause each of its Restricted
Subsidiaries not to, enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary of the Borrower to (a) pay dividends or make any other distributions in respect of any
Equity Interests of such Restricted Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any other Restricted Subsidiary of the Borrower, (b) make loans or advances to the Borrower or any other Restricted Subsidiary of the Borrower
or (c) transfer any of its assets to the Borrower or any other Restricted Subsidiary of the Borrower, except any encumbrance or restriction existing under or by reason of: 
  
 (i) applicable Law; 
  

 73 

 (ii) customary nonassignment provisions in leases entered into in the ordinary course of
business and consistent with past practices; 
  
 (iii) Purchase Money Indebtedness for property acquired in the ordinary course of business that only impose restrictions on the property so acquired; 
  

(iv) this Agreement and the other Loan Documents; 
  
 (v) agreements relating to the financing of the acquisition of real or tangible personal property acquired
after the Effective Date, provided that such encumbrance or restriction relates only to the property that is acquired and, in the case of any encumbrance or restriction that constitutes a Lien, such Lien constitutes a Purchase Money Lien; or

  
 (vi) any restriction or encumbrance contained
in contracts for sale of assets in respect of the assets being sold pursuant to such contract. 
  
 SECTION 6.11. Limitation on Lines of Business. The Borrower will not, and will cause each of its Restricted Subsidiaries not to, enter into any business, either directly or through any Restricted Subsidiary
other than the media business (including, by way of example and not of limitation, broadcast and satellite radio, broadcast, satellite and cable television, the Internet and content production and syndication) and activities directly related thereto
(each, a “Permitted Line of Business”). 
  
 SECTION 6.12. Limitation on Sale or Issuance of Equity Interests. The Borrower will not, and will cause each of its Restricted Subsidiaries not to, issue, sell, assign, pledge or otherwise encumber or dispose of any shares of Equity
Interests of the Borrower or the Restricted Subsidiaries, except (a) the Restricted Subsidiaries may issue or sell Equity Interests to the Borrower and to other Restricted Subsidiaries, (b) the Equity Interests of the Restricted Subsidiaries shall
be pledged pursuant to the Guarantee and Collateral Agreement and (c) the Borrower may issue common stock under (i) effective registration statements filed with the SEC, (ii) pursuant to any employee stock option plan, stock purchase or similar
arrangement approved by the Borrower’s board of directors, or (iii) in connection with Permitted Acquisitions or Investments permitted under Section 6.08. 
  
 SECTION 6.13. Limitation on Material Agreements. No Loan Party will enter into any amendment, modification or waiver
without the prior written consent of the Required Lenders of any term or provision of the 2001 Senior Subordinated Debt Documents, the 2005 Senior Subordinated Debt Documents or the Amended and Restated Certificate of Incorporation, in each case
that is adverse in any material respect to rights of the Lenders under the Loan Documents. No Restricted Subsidiary shall operate, manage or direct the day-to-day operations of any of its Stations unless it has entered into an Operating Agreement
with a License Subsidiary and such Operating Agreement is in full force and effect. 
  
 SECTION 6.14. Certain Intercompany Matters. The Borrower will not, and will cause each of its Subsidiaries not to, (a) fail to satisfy customary formalities with respect to organizational separateness,
including, without limitation, (i) the maintenance of separate books and records and (ii) the maintenance of separate bank accounts in its own name; (b) fail to act solely in its own name and through its authorized officers and agents, (c) commingle
any money 

  

 74 

 
or other assets of any Unrestricted Subsidiary with any money or other assets of the Borrower or any of the Restricted Subsidiaries; or (d) take any action,
or conduct its affairs in a manner, which could reasonably be expected to result in the separate organizational existence of the Borrower, each Unrestricted Subsidiary and the Restricted Subsidiaries being ignored under any circumstance. 

 
 SECTION 6.15. Reach Media Holdco. The Borrower will not permit
Reach Media Holdco to commingle any money or other assets of the Borrower or any Restricted Subsidiary with Reach Media Holdco, to have any employees, to have any Indebtedness and to conduct any business or operations of any kind, except (a) to hold
the shares of Reach Media and pledge those shares to the Administrative Agent on behalf of the Lenders to secure the Obligations in accordance with the terms of this Agreement and the other Loan Documents, and the Borrower shall cause Reach Media
Holdco to operate only as a holding company, (b) as set forth in the Reach Media Documents, and (c) to have Indebtedness consisting of Guarantees to the 2001 Senior Subordinated Note Holders, 2005 Senior Subordinated Note Holders and the Lenders
with respect to the 2001 Senior Subordinated Indebtedness, 2005 Senior Subordinated Indebtedness and the Obligations, respectively, and Guarantees incurred pursuant to Section 6.02(h). 
  
 ARTICLE VII 
  
 Events of Default 
  
 SECTION 7.01. Defaults. If any of the following events (“Events of Default”) shall occur: 
  
 (a) the Borrower shall fail to pay any principal of any Loan
or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
  
 (b) the Borrower shall fail to pay any interest on any Loan
or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue
unremedied for a period of five days; 
  
 (c) any
representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary (i) in this Agreement or any other Loan Document shall prove to have been incorrect when made or deemed made or (ii) which is contained in any document
furnished by or on behalf of the Borrower or any Subsidiary pursuant to or in connection with this Agreement, any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been
incorrect in any material respect when made or deemed made; 
  
 (d) the Borrower or any Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect to the Borrower’s existence) or 5.08 or
in Article VI; 
  

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 (e) the Borrower or any Subsidiary shall fail to observe or perform any covenant,
condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document, and such failure shall continue unremedied for a period of 30 days after the
earliest to occur of (i) actual notice of such breach or Default by any executive officer of the Borrower and (ii) notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender); 
  
 (f) the Borrower or any Subsidiary shall fail to make any
payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable and such failure continues beyond the applicable period of grace, if any, provided in the
instrument or agreement under which such Material Indebtedness was created; 
  
 (g) any event or condition occurs, and continues beyond the applicable period of grace, if any, provided in the instrument or agreement under which any Material Indebtedness was created that results in any such
Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or
their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 
  
 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of the Borrower or any Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar Law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed
for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
  
 (i) the Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization
or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar Law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition
described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a substantial part of its
assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the
foregoing; 
  
 (j) the Borrower or any Subsidiary
shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 
  

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 (k) one or more judgments for the payment of money (not paid or fully covered by
indemnities of any Person that is not a Loan Party or by insurance) in an aggregate amount in excess of $10,000,000 shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall remain undischarged for a period
of 60 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to enforce any such judgment; 

 
 (l) an ERISA Event shall have occurred that, when taken
together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 
  
 (m) a Change in Control shall occur; 
  
 (n) the occurrence of any of the following: (i) Borrower or any Loan Party shall lose, fail to keep in force, suffer the termination,
suspension or revocation of or terminate, forfeit or suffer an amendment to any FCC License or other material license at any time held by it, the loss, termination, suspension or revocation of which could reasonably be expected to have a Material
Adverse Effect on the operations of the Borrower and its Restricted Subsidiaries and their ability to perform any of their obligations under this Agreement or the other Loan Documents; (ii) any proceeding shall be brought by any Person challenging
the validity or enforceability of any Necessary Authorization of a Loan Party except when such proceeding could not reasonably be expected to have a Material Adverse Effect; (iii) any Loan Party shall fail to comply with the Communications Act or
any rule or regulation promulgated by the FCC and such failure to comply results in a fine in excess of $10,000,000; (iv) the FCC shall materially and adversely modify any material Necessary Authorization or shall suspend, revoke or terminate any
Necessary Authorization and such modification, suspension, revocation or termination is not subject to appeal or is being appealed by the Borrower or a Restricted Subsidiary so as to prevent the effectiveness of such modification, suspension,
revocation or termination except when such modification, suspension, revocation or termination could not reasonably be expected to have a Material Adverse Effect; or (v) any contractual obligation which is materially necessary to the operation of
the broadcasting operations of any Loan Party shall be revoked or terminated and not replaced by a substitute, without a Material Adverse Effect, within 90 days after such revocation or termination; or 
  
 (o) any breach or default shall occur under either (i) any
of the 2001 Senior Subordinated Debt Documents or the 2001 Senior Subordinated Indebtedness or (ii) any of the 2005 Senior Subordinated Debt Documents or the 2005 Senior Subordinated Indebtedness; 
  
 then, and in every such event (other than an event with respect to the Borrower described in
clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take any or all of the
following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued 

  

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interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate
and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by the Borrower, (iii) require that the Borrower cash collateralize the L/C Exposure (in an amount equal to 110% of the amount thereof), and in case of any event with respect to the Borrower
described in clause (h) or (i) of this Article, the obligation of the Borrower to cash collateralize the L/C Exposure as aforesaid shall automatically become effective, without further act of the Administrative Agent or any Lender; and
(iv) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under any of the Loan Documents. 
  
 SECTION 7.02. Application of Funds. After the exercise of remedies provided for in Section 7.01 (or after the Loans have
automatically become immediately due and payable and the L/C Exposure have automatically been required to be cash collateralized as set forth in the proviso to Section 2.05(j)), any amounts received on account of the Obligations shall be
applied by the Administrative Agent in the following order: 
  
 First, to payment of that portion of the Obligations (other than Obligations under Swap Agreements) constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the
Administrative Agent and amounts payable under Article II) payable to the Administrative Agent in its capacity as such; 
  
 Second, to payment of that portion of the Obligations (other than Obligations under Swap Agreements) constituting fees, indemnities and other
amounts (other than principal, interest and Letter of Credit fees) payable to the Lenders and the Issuing Bank (including fees, charges and disbursements of counsel to the respective Lenders and the Issuing Bank and amounts payable under Article
II), ratably among them in proportion to the respective amounts described in this clause Second payable to them; 
  
 Third, to payment of that portion of the Obligations (other than Obligations under Swap Agreements) constituting accrued and unpaid Letter of
Credit fees and interest on the Loans, L/C Exposure and other Obligations, ratably among the Lenders and the Issuing Bank in proportion to the respective amounts described in this clause Third payable to them; 
  
 Fourth, to the Administrative Agent for the account of each Lender and
Affiliate of each Lender and Issuing Bank for payment of that portion of the Obligations constituting unpaid principal of the Loans, L/C Exposure and amounts owing under Swap Agreements in the amount of the Swap Termination Value of each such Swap
Agreement held by them, ratably among the Lenders (and Affiliates of Lenders party to Swap Agreements) and the Issuing Bank in proportion to the respective amounts described in this clause Fourth held by them; 
  

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 Fifth, to the Administrative Agent for the account of the Issuing Bank, to cash collateralize that
portion of L/C Exposure comprised of the aggregate undrawn amount of Letters of Credit; 
  
 Sixth, to the Administrative Agent for the account of all Lenders to repay any and all other outstanding and unpaid Obligations; and 
  
 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as
otherwise required by Law. 
  
 Amounts used to cash collateralize the aggregate
undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as cash collateral after all Letters of Credit have either
been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 
  
 ARTICLE VIII 
  
 The Administrative Agent 
  
 SECTION 8.01. Appointment. Each of the Lenders and the Issuing Bank hereby irrevocably appoints Wachovia Bank, National Association to act on its behalf as the Administrative Agent hereunder and under the other
Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Bank, and no Loan Party shall have rights as a third party beneficiary of any of such provisions.

  
 SECTION 8.02. Administrative Agent as a Lender. The
Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or
“Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits
from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent
hereunder and without any duty to account therefor to the Lenders. 
  
 SECTION 8.03. Exculpatory Provision. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the
Administrative Agent: 
  
 (a) shall not be
subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 
  

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 (b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02 or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion
or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law; and 
  
 (c) except as expressly set forth herein and in the other Loan Documents, shall not have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. 
  
 The Administrative Agent shall not be liable for any action taken or not taken by it (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in
Section 9.02 and Article VII) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan
Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement or the other Loan Documents, all Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction
by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting,
under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement or the other Loan Documents, all Lenders), and such request and any action taken or failure to act pursuant
thereto shall be binding upon all the Lenders and all future holders of the Loans. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the
Borrower or a Lender. The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the
contents of any certificate, report or other document delivered hereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article
IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
  
 SECTION 8.04. Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and 

  

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believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder
to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or the
Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Bank prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal
counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

  
 SECTION 8.05. Delegation of Duties. The Administrative
Agent may perform any and all its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent
may perform any and all its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent
and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
  
 SECTION 8.06. Successor Administrative Agent. Subject to the
appointment and acceptance of a successor Administrative Agent as provided in this clause, the Administrative Agent may give notice of its resignation to the Lenders, the Issuing Bank and the Borrower. Upon receipt of any such notice of resignation,
the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in Charlotte, North Carolina or New York, New York, or an Affiliate of any such bank with an office in
Charlotte, North Carolina or New York, New York. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation,
then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent meeting the qualifications set forth above provided that if the Administrative Agent shall notify the Borrower and
the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Bank under any of the Loan Documents, the retiring Administrative
Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall
instead be made by or to each Lender and the Issuing Bank directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of its appointment as Administrative
Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from
its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this 

  

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Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such
retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 
  
 SECTION 8.07. Non-Reliance by Lenders. Each Lender and the Issuing
Bank acknowledges that it has, independently and without reliance upon the Administrative Agent, the Syndication Agent or the Co-Documentation Agents or any other Lender or any of their Related Parties and based on such documents and information as
it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Syndication
Agent and the Co-Documentation Agents, or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action
under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder. 
  
 SECTION 8.08. Indemnification. The Lenders agree to indemnify the Administrative Agent, the Syndication Agent and the Co-Documentation Agents in
their capacity as such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Applicable Percentages in effect on the date on which indemnification is sought
under this Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Applicable Percentages immediately prior to such date),
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed
on, incurred by or asserted against the Administrative Agent, the Syndication Agent and the Co-Documentation Agents in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents
contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent, the Syndication Agent, or the Co-Documentation Agents under or in connection with any of
the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted from the Administrative Agent’s, the Syndication Agent’s or any of the Co-Documentation Agent’s gross negligence or willful misconduct, as applicable. The
agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 
  
 SECTION 8.09. Authorization to Release Guarantees and Liens. Notwithstanding anything to the contrary contained herein or in any other Loan
Document, the Administrative Agent is hereby irrevocably authorized by each of the Lenders (without requirement of notice to or vote or consent of any Lender, except as expressly required by Section 9.02, or any Affiliate of any Lender that
is a party to any Swap Agreement) to take any action requested by the 

  

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Borrower having the effect of releasing any Collateral or guarantee obligations to the extent necessary to permit consummation of any transaction not
prohibited by any Loan Document or that has been consented to in accordance with Section 9.02 and the Administrative Agent shall do so if so requested. 
  

SECTION 8.10. No Other Duties, etc. Anything herein to the contrary notwithstanding, none of the Book Managers, Arrangers, Co-Documentation
Agents or Syndication Agent listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or
the Issuing Bank. 
  
 ARTICLE IX 
  
 Miscellaneous 
  
 SECTION 9.01. Notices. 
  
 (a) Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in clause (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopy, to the Borrower, Administrative Agent and the Issuing Bank at their addresses (or facsimile number) set forth below their signatures hereto, and if to any other Lender, to it at its address (or
facsimile number) set forth in its Administrative Questionnaire. Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be
deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through
electronic communications to the extent provided in clause (b) below, shall be effective as provided in said clause (b). 
  
 (b) Notices and other communications to the Lenders and the Issuing Bank hereunder may be delivered or furnished by electronic
communications (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender or the Issuing Bank pursuant to Article
II if such Lender or the Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its
discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the
“return receipt requested” function, as available, return e-mail or other written acknowledgment), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or 

  

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intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause
(i) of notification that such notice or communication is available and identifying the website address therefor. 
  
 (c) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other
parties hereto. 
  
 SECTION 9.02. Waivers; Amendments.

  
 (a) No failure or delay by the Administrative
Agent, the Issuing Bank or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a
right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by
clause (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter
of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. 
  
 (b) Neither this Agreement, any other Loan Document nor any
provision hereof or thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the
Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest
thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, provided that, notwithstanding the foregoing or anything in this Agreement to the contrary, nothing in this subsection
(ii) shall require the consent of each Lender affected thereby to amend, modify, waive or consent to any provision in Section 2.11, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or
any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, provided
that, notwithstanding the foregoing or anything in this Agreement to the contrary, nothing in this subsection (iii) shall require the consent of each Lender affected thereby to amend, modify, waive or consent to any provision in
Section 2.11, (iv) change Section 2.18(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, or change Section 7.02, without the written consent of each Lender, (v) change any of the
provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any
consent hereunder, without the written consent of each Lender, (vi) release all or substantially all of the Collateral or releases any Restricted Subsidiary from its 

  

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obligations under the Guarantee and Collateral Agreement, without the written consent of each Lender, provided that, notwithstanding the foregoing or
anything in this Agreement to the contrary the Administrative Agent is authorized by each Lender to (A) release Collateral and assets (and any Liens thereon) permitted to be sold in accordance with Section 6.05 or other immaterial assets
requested by the Borrower from time to time or (B) amend Schedules 3.12 and 3.14 to include any supplements provided by the Borrower as and when such supplements are so provided by the Borrower, or (vii) notwithstanding any other
provision in this Section 9.02 or otherwise in this Agreement, with respect to any Incremental Facility, any Incremental Loan Amendment, and any waiver, consent or other amendment to any term or provision of this Agreement necessary or
advisable to effectuate the Incremental Facility or any provision thereof in accordance with the terms of, or the intent of, this Agreement, shall be effective when executed by the Borrower, the Administrative Agent and each Incremental Term Lender
or Incremental Revolving Lender making an Incremental Revolving Commitment or Incremental Term Commitment; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent
or the Issuing Bank hereunder without the prior written consent of the Administrative Agent or the Issuing Bank, as the case may be. Swap Agreements, letter of credit applications with the Issuing Bank and Fee Letters shall not be deemed to be Loan
Documents for purposes of this Section 9.02(b). 
  
 SECTION
9.03. Expenses; Indemnity; Damage Waiver. 
  
 (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent) in connection
with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any
Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender (including the reasonable fees, charges and disbursements of any counsel for the
Administrative Agent, the Issuing Bank or any Lender) in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection
with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 
  
 (b) The Borrower shall indemnify the Administrative Agent
(and any sub-agent thereof), the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Loan Party arising
out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective
obligations hereunder or thereunder or the consummation of 

  

 85 

 
the Transactions or any other transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds
therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual
or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any
actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Loan Party, and regardless of whether any
Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (A) are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (B) result from a claim brought by any Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s
obligations hereunder or under any other Loan Document, if such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. 
  
 (c) To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required to be paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing Bank or any Related Party of any of the foregoing under clause (a) or (b) of this Section, each Lender severally
agrees to pay to the Administrative Agent (or any such sub-agent), the Issuing Bank or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such
sub-agent) or the Issuing Bank in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or Issuing Bank in connection with such capacity. 
  
 (d) To the fullest extent permitted by applicable Law, the
Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a
result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in clause b above shall be
liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the
other Loan Documents or the Transactions. 
  
 (e)
All amounts due under this Section shall be payable promptly after written demand therefor. 
  
 SECTION 9.04. Successors and Assigns. 
  
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby 

  

 86 

 
(including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that neither the Borrower nor any other Loan Party may assign or
otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer its rights or obligations hereunder except (i) to an Eligible
Assignee in accordance with the provisions of clause (b) of this Section, (ii) by way of participation in accordance with the provisions of clause (c) of this Section or (iii) by way of pledge or assignment of a security interest
subject to the restrictions of clause (d) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), and Participants to the extent provided in clause (c) of this
Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) (i) Subject to the conditions set forth in this
clause (b)(i), any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it). Assignments shall
be subject to the following additional conditions: 
  
 (A) except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved
Fund with respect to a Lender, the aggregate amount of the Commitment or Revolving Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to
the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $2,500,000 or, in the case of an Aggregate Term Loan, $1,000,000, unless each of the Administrative
Agent and, so long as no Default has occurred and is continuing, the Borrower otherwise consent (each such consent not to be unreasonably withheld or delayed); 
  

(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and
obligations under this Agreement with respect to the Loans or the Commitments assigned, except that this clause (B) shall not prohibit any Lender from assigning all or a portion of its rights and obligations in respect of one Class of
Commitments or Loans on a non-pro rata basis; and 
  
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with payment of a processing and recordation fee of $3,500 (which fee shall not be paid by the Borrower and
shall not be due with respect to an assignment to an Eligible Assignee that is an Affiliate of the assigning Lender), and the Eligible Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

  
 (ii) Subject to acceptance and recording
thereof pursuant to clause (b)(iii) of this Section, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the 

  

 87 

 
extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights
and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03) with respect to facts and circumstances
occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a
sale by such Lender of a participation in such rights and obligations in accordance with clause (c) of this Section. 
  
 (iii) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices in Charlotte,
North Carolina a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans and LC Disbursements owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders may treat
each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the
Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
  
 (iv) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in clause (b) of this Section and any written consent to such assignment required by clause
(b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make
any payment required to be made by it pursuant to Section 2.05(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the
information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register
as provided in this clause. 
  
 (c) (i) Any
Lender may at any time, without the consent of, or notice to, the Borrower, the Administrative Agent or the Issuing Bank, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or
Subsidiaries)(each a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such
Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent, the Issuing
Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a 

  

 88 

 
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to
Section 9.02(b) that affects such Participant. Subject to clause (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to clause (b) of this Section. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were
a Lender, provided such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. 
  
 (ii) A Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.17 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a
Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.17 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply
with Section 2.17(e) as though it were a Lender. 
  
 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation, any pledge or assignment
to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto. 
  
 SECTION 9.05. Survival. All covenants,
agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by
the other parties hereto and shall survive the execution and delivery of this Agreement and the other Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or
on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue
in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so
long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. 

 
 SECTION 9.06. Counterparts; Integration; Effectiveness. 

 
 (a) 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 

  

 89 

 
taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees
payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear
the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
  
 (b) The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption
shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state Laws based on the Uniform Electronic Transactions Act. 
  
 SECTION 9.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

  
 SECTION 9.08. Right of Setoff. If an Event of Default
shall have occurred and be continuing, each Lender, the Issuing Bank and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Bank or any such Affiliate to or for the credit or the
account of the Borrower or any other Loan Party against any of and all the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or the Issuing Bank, irrespective of
whether or not such Lender or the Issuing Bank shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or
office of such Lender or the Issuing Bank different from the branch or office holding such deposit or obligated on such Indebtedness. The rights of each Lender, the Issuing Bank and their respective Affiliates under this Section are in addition to
other rights and remedies (including other rights of setoff) which such Lender, the Issuing Bank or their respective Affiliates may have. Each Lender and the Issuing Bank agrees to notify the Borrower and the Administrative Agent promptly after any
such setoff and application provided that the failure to give such notice shall not affect the validity of such setoff and application. 
  

 90 

 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. 
  
 (a) This Agreement shall be construed in accordance with and
governed by the Law of the State of New York. 
  
 (b) Each of the Borrower and the other Loan Parties hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the State of New York sitting in New York County and of the
United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of
any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by
applicable Law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by
Law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan
Document against the Borrower or any other Loan Party or its properties in the courts of any jurisdiction. 
  
 (c) Each of the Borrower and the other Loan Parties hereby irrevocably and unconditionally waives, to the fullest extent permitted by
applicable Law, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in clause (b) of this
Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
  
 (d) Each party to this Agreement irrevocably consents to
service of process in the manner provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable Law. 
  
 SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
  

 91 

 SECTION 9.11. Headings. Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
  
 SECTION 9.12. Confidentiality. Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents and advisors, including
accountants, legal counsel and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to
the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or by any
subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document
or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any
of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the
extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, the Issuing Bank, any Lender or any of their respective Affiliates on a nonconfidential
basis from a source other than a Loan Party. For the purposes of this Section, “Information” means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of
their respective businesses, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries; provided
that, in the case of information received from the Borrower or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of
Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own
confidential information. 
  
 SECTION 9.13. Interest Rate
Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable Law (collectively
the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable Law, the rate
of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such
Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until
such cumulated amount, together 

  

 92 

 
with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
  
 SECTION 9.14. USA PATRIOT ACT. Each Lender that is subject to the
requirements of The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby
notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will
allow such Lender to identify the Borrower in accordance with the Act. 
  
 [Remainder of Page Intentionally Left Blank. Signature Page Follows.] 
  

 93 

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

			
	BORROWER:
	
	RADIO ONE, INC.
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 Address for Notices:
 Radio One,
Inc.
 5900 Princess Garden Parkway, 7th Floor
 Lanham, Maryland 20706
 Attention: Scott
R. Royster, Chief Financial Officer
 Facsimile: (301) 306-9426

	
	 with a copy to:
 Alfred C. Liggins,
President
 Facsimile: (301) 306-9694
 and
 John W. Jones, General Counsel
 Facsimile: (301) 306-9638

  
 CREDIT AGREEMENT – SIGNATURE PAGES 
  

  

			
	ADMINISTRATIVE AGENT, ISSUING BANK AND LENDERS:
	
	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 as
Administrative Agent, Issuing Bank and a Lender

		
	By:	 	 
	 	 	 Joe Mynatt

	 	 	 Director

	
	 Address for Notices:
 Wachovia Bank,
National Association
 201 S. College Street
 CP-8
 Charlotte, NC 28288
 Attention:     Agency
Services
 Facsimile:     (704) 383-3612

	
	 With a copy to:
  
 Wachovia Bank National Association
 301 S. College Street
 NC 0760
 Charlotte, NC 28288
 Attention:     Joe Mynatt
 Facsimile:
    (704) 383-6647

  
 CREDIT AGREEMENT – SIGNATURE PAGES 
  

  

			
	 BANK OF AMERICA, N.A.,
 as Syndication Agent,
Issuing Bank and a Lender

		
	By:	 	 
	 	 	 Todd Shipley

	 	 	 Senior Vice President

	
	 Address for Notices:
 Bank of
America
 901 Main Street, 64th Floor
 Dallas, Texas
75202
 Attention:     Todd Shipley
 Facsimile:     (214) 209-9390

  
 CREDIT AGREEMENT – SIGNATURE PAGES 
  

  

			
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH,
as Co-Documentation Agent and a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	Address for Notices:
	  
 _________________________________________
  
 _________________________________________
  
 _________________________________________
  
 Attention:     _______________________________
  
 Facsimile:     _______________________________

  
 CREDIT AGREEMENT – SIGNATURE PAGES 
  

  

			
	 MERRILL LYNCH, PIERCE FENNER & SMITH INCORPORATED,
 as Co-Documentation Agent

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	Address for Notices:
	  
 _________________________________________
  
 _________________________________________
  
 _________________________________________
  
 Attention:     _______________________________
  
 Facsimile:     _______________________________

  
 CREDIT AGREEMENT – SIGNATURE PAGES 
  

  

			
	 SUNTRUST BANK,
 as Co-Documentation Agent and
a Lender

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	Address for Notices:
	  
 _________________________________________
  
 _________________________________________
  
 _________________________________________
  
 Attention:     _______________________________
  
 Facsimile:     _______________________________

  
 CREDIT AGREEMENT – SIGNATURE PAGES 
  

  

			
	 MERRILL LYNCH CAPITAL CORPORATION,
 as a
Lender

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	Address for Notices:
	  
 _________________________________________
  
 _________________________________________
  
 _________________________________________
  
 Attention:     _______________________________
  
 Facsimile:     _______________________________

  
 CREDIT AGREEMENT – SIGNATURE PAGES 
  

  

			
	 ROYAL BANK OF SCOTLAND PLC,
 as a
Lender

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	Address for Notices:
	  
 _________________________________________
  
 _________________________________________
  
 _________________________________________
  
 Attention:     _______________________________
  
 Facsimile:     _______________________________

  
 CREDIT AGREEMENT – SIGNATURE PAGES 
  

  

			
	 BANK OF SCOTLAND,
 as a
Lender

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	Address for Notices:
	  
 _________________________________________
  
 _________________________________________
  
 _________________________________________
  
 Attention:     _______________________________
  
 Facsimile:     _______________________________

  
 CREDIT AGREEMENT – SIGNATURE PAGES 
  

  

			
	 THE BANK OF NEW YORK,
 as a
Lender

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	Address for Notices:
	  
 _________________________________________
  
 _________________________________________
  
 _________________________________________
  
 Attention:     _______________________________
  
 Facsimile:     _______________________________

  
 CREDIT AGREEMENT – SIGNATURE PAGES 
  

  

			
	 CALYON NEW YORK BRANCH,
 as a
Lender

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	Address for Notices:
	  
 _________________________________________
  
 _________________________________________
  
 _________________________________________
  
 Attention:     _______________________________
  
 Facsimile:     _______________________________

  
 CREDIT AGREEMENT – SIGNATURE PAGES 
  

  

			
	GENERAL ELECTRIC CAPITAL CORPORATION,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	Address for Notices:
	  
 _________________________________________
  
 _________________________________________
  
 _________________________________________
  
 Attention:     _______________________________
  
 Facsimile:     _______________________________

  
 CREDIT AGREEMENT – SIGNATURE PAGES 
  

  

			
	JPMORGAN CHASE BANK, N.A.,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
	 Attention:
	 	 
		
	 Facsimile:
	 	 

  
 CREDIT AGREEMENT – SIGNATURE PAGES 
  

  

			
	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK” INTERNATIONAL, NEW YORK BRANCH,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
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	NATIONAL CITY BANK,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
	 Attention:
	 	 
		
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	ALLIED IRISH BANK PLC,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
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	CREDIT INDUSTRIEL ET COMMERCIAL,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
	 Attention:
	 	 
		
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	COMMERZBANK AG,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
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	 Attention:
	 	 
		
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	HARRIS NESBITT FINANCING, INC.,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
	 Attention:
	 	 
		
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	ING CAPITAL, LLC,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
	 Attention:
	 	 
		
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	MIZUHO CORPORATE BANK, LTD.,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
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	SUMITOMO MITSUI BANKING CORPORATION, NEW YORK,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
	 Attention:
	 	 
		
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	UNION BANK OF CALIFORNIA, N.A.,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
	 Attention:
	 	 
		
	 Facsimile:
	 	 

  
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	U.S. BANK NATIONAL ASSOCIATION,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
	 Attention:
	 	 
		
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	BANK OF TOKYO-MITSUBISHI TRUST COMPANY,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
	 Attention:
	 	 
		
	 Facsimile:
	 	 

  
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	WEBSTER BANK, NATIONAL ASSOCIATION,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
	 Attention:
	 	 
		
	 Facsimile:
	 	 

  
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	UFJ BANK LIMITED,
as a Lender
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
	 Attention:
	 	 
		
	 Facsimile:
	 	 

  
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	WACHOVIA CAPITAL MARKETS, LLC,
as a Joint Book Manager and Joint Lead Arranger
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
	 Attention:
	 	 
		
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	BANC OF AMERICA SECURITIES LLC, 
as a Joint Book Manager and Joint Lead Arranger
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Address for Notices:
	
	 
	
	 
	
	 
		
	 Attention:
	 	 
		
	 Facsimile:
	 	 

  
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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]