Document:

Exhibit 10.1

 

Execution Version

 

 

$750,000,000

 

CONSOLIDATED COMMUNICATIONS, INC.

 

6.500% Senior Secured Notes due 2028

 

Purchase Agreement

September 18, 2020    

 

J.P. Morgan Securities LLC

As Representative of the

several Initial Purchasers listed

in Schedule 1 hereto

c/o J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

 

Ladies and Gentlemen:

 

Consolidated Communications, Inc. (the “Company”),
a Delaware corporation and wholly owned subsidiary of Consolidated Communications Holdings, Inc. (“Consolidated”),
proposes to issue and sell to the several initial purchasers listed in Schedule 1 hereto (the “Initial Purchasers”),
for whom you are acting as representative (the “Representative”), $750,000,000 principal amount of its 6.500%
Senior Secured Notes due 2028 (the “Securities”). The Securities will be issued pursuant to an Indenture to
be dated as of October 2, 2020 (the “Indenture”), among the Company, the guarantors listed in Schedule 2 hereto
(the “Guarantors”) and Wells Fargo Bank, National Association, a national banking association, as trustee (the
“Trustee”) and as collateral agent (the “Collateral Agent”), and will be guaranteed on a
senior secured basis by each of the Guarantors (the “Guarantees”).

The Company and the Guarantors hereby confirm their agreement with the several Initial
Purchasers concerning the purchase and resale of the Securities, as follows:

		1.	Offering Memorandum and Transaction Information.

The Securities will be sold to the Initial Purchasers without
being registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon an exemption
therefrom. The Company and the Guarantors have prepared a preliminary offering memorandum dated September 14, 2020 (the “Preliminary
Offering Memorandum”) and will prepare an offering memorandum dated the date hereof (the “Offering Memorandum”)
setting forth or incorporating by reference information concerning the Company, the Guarantors and the Securities. Copies of the
Preliminary Offering Memorandum have been, and copies of the Offering Memorandum will be, delivered by the Company to the Initial
Purchasers pursuant to the terms of this purchase agreement (the “Agreement”). The Company hereby confirms that
it has authorized the use of the Preliminary Offering Memorandum, the other Time of Sale Information (as defined below) and the
Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchasers in the manner contemplated
by this Agreement. References herein to the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum
shall be deemed to refer to and include any document incorporated by reference therein and any reference to “amend,”
“amendment” or “supplement” with respect to the Preliminary Offering Memorandum or the Offering Memorandum
shall be deemed to refer to and include any documents filed after such date and incorporated by reference therein. Capitalized
terms used but not defined herein shall have the meanings given to such terms in the Preliminary Offering Memorandum.

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At or prior to the time when sales of the Securities were first
made (the “Time of Sale”), the Company had prepared the following information (collectively, the “Time
of Sale Information”): the Preliminary Offering Memorandum, as supplemented and amended by the written communications
listed on Annex A hereto.

On September 13, 2020, Consolidated entered into that certain
Investment Agreement (the “Investment Agreement”), by and among Consolidated and Searchlight III CVL, L.P. (“Searchlight”),
pursuant to which, subject to certain regulatory approvals specified in the Investment Agreement, Searchlight has committed to
invest up to $425 million (the “Investment”) in Consolidated, which is expected to ultimately take the form
of preferred equity and common stock, such that Searchlight would own and control, directly or indirectly, 35.0% of Consolidated’s
outstanding common stock.

In connection with the Investment, and substantially concurrently
with the offering of the Securities, the Company intends to enter into a Credit Agreement (the “Credit Agreement”),
to be dated as of the Closing Date, among the Company, the Guarantors, the lenders party thereto, the other parties party thereto
and Wells Fargo, National Association, as administrative agent and as collateral agent, and to obtain (x) a $1,250.0 million senior
secured term loan facility (the “Term Loan Facility”) and (y) a $250 million senior secured revolving credit
facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured
Credit Facilities”).

The Company intends to use the proceeds of the offering of the
Securities, together with the proceeds of the Term Loan Facility and the Investment, to repay all obligations under, and terminate
or discharge, as applicable, (i) the Third Amended and Restated Credit Agreement, dated October 5, 2016, among the Company, Consolidated,
Wells Fargo Bank, National Association, as administrative agent, Issuing Bank and Swingline Lender, and the other parties thereto
(as amended, supplemented or otherwise modified from time to time, the “Existing Credit Facilities”) and (ii)
the certain indenture, dated as of September 18, 2014, among the Company, Consolidated and Wells Fargo Bank, National Association,
as trustee (as amended, supplemented or otherwise modified from time to time, together with the Existing Credit Facilities, the
“Existing Indebtedness”), and to pay the fees and expenses in connection with the Investment by Searchlight
(the “Transactions”).

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The Securities and the Guarantees will be secured by a first-priority
lien, subject to Permitted Liens (as defined below), on substantially all of the tangible and intangible assets of the Company
and the Guarantors, now owned or hereafter acquired by the Company and any Guarantor, subject to certain exceptions as described
in the Indenture and the Collateral Documents (as defined below) (the “Collateral”) that will secure borrowings
under the Senior Secured Credit Facilities (as defined below). The Collateral shall be described in: (a) with respect to real property
listed on Schedule 4 hereto, to be delivered in accordance with the terms set forth in the Indenture (including the time periods
set forth therein), the mortgages, deeds of trust or deeds to secure debt (collectively, the “Mortgages”), (b)
with respect to personal property that constitutes Collateral, the Security Agreement to be dated as of the Closing Date (as defined
below) and entered into by the Company and the Guarantors (the “Security Agreement”) and (c) with respect to
the grants of security interests in registrations and/or applications for trademarks (and exclusive licenses in any of the foregoing),
in either the Security Agreement or in the Trademark Security Agreement, each to be dated as of the Closing Date and entered into
by each of the Company and the Guarantors, as provided therein (the “Trademark Security Agreement”), each to
be delivered to the Trustee, granting a first-priority security interest in the Collateral, subject to Permitted Liens, for the
benefit of the Trustee and Collateral Agent and each holder of the Securities and the successors and assigns of the foregoing.
The term “Collateral Documents,” as used herein, shall mean the Mortgages, the Security Agreement and the Trademark
Security Agreement. The rights of the holders of the Securities with respect to the Collateral shall be further governed by the
Intercreditor Agreement to be dated as of the Closing Date (the “Intercreditor Agreement”), among the Company,
the Guarantors, the Collateral Agent and the agent for the lenders under the Credit Agreement.

2.       Purchase and Resale
of the Securities.

(a)       The Company agrees
to issue and sell the Securities to the several Initial Purchasers as provided in this Agreement, and each Initial Purchaser,
on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein,
agrees, severally and not jointly, to purchase from the Company the respective principal amount of Securities set forth opposite
such Initial Purchaser’s name in Schedule 1 hereto at a price equal to [REDACTED]% of the principal amount thereof
plus accrued interest, if any, from October 2, 2020 to the Closing Date. The Company will not be obligated to deliver any of the
Securities except upon payment for all the Securities to be purchased as provided herein.

(b)       The Company understands
that the Initial Purchasers intend to offer the Securities for resale on the terms set forth in the Time of Sale Information. Each
Initial Purchaser, severally and not jointly, represents, warrants and agrees that:

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(i)       it is a qualified
institutional buyer within the meaning of Rule 144A under the Securities Act (a “QIB”) and an accredited investor
within the meaning of Rule 501(a) of Regulation D under the Securities Act (“Regulation D”);

(ii)       it has not
solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities by means of any form
of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public
offering within the meaning of Section 4(a)(2) of the Securities Act; and

(iii)       it has not
solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities as part of their initial
offering except:

(A)       to persons whom
it reasonably believes to be QIBs in transactions pursuant to Rule 144A under the Securities Act (“Rule 144A”)
and in connection with each such sale, it has taken or will take reasonable steps to ensure that the purchaser of the Securities
is aware that such sale is being made in reliance on Rule 144A; or

(B)       in accordance
with the restrictions set forth in Annex C hereto outside of the United States.

(c)       Each Initial Purchaser
acknowledges and agrees that the Company and, for purposes of the “no registration” opinions to be delivered to the
Initial Purchasers pursuant to Sections 6(f) and 6(i), counsel for the Company and counsel for the Initial Purchasers, respectively,
may rely upon the accuracy of the representations and warranties of the Initial Purchasers, and compliance by the Initial Purchasers
with their agreements, contained in paragraph (b) above (including Annex C hereto), and each Initial Purchaser hereby consents
to such reliance.

(d)       The Company acknowledges
and agrees that the Initial Purchasers may offer and sell Securities to or through any affiliate of an Initial Purchaser and that
any such affiliate may offer and sell Securities purchased by it to or through any Initial Purchaser; provided that such offers
and sales are not prohibited by the terms of this Agreement.

(e)       Payment
for and delivery of the Securities will be made at the offices of Cahill Gordon & Reindel LLP at
10:00 A.M., New York City time, on October 2, 2020, or at such other time or place on the same or such other date, not later than
the fifth business day thereafter, as the Representative and the Company may agree upon in writing. The time and date of such payment
and delivery is referred to herein as the “Closing Date.”

(f)       Payment for the Securities
shall be made by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative
against delivery to the nominee of The Depository Trust Company (“DTC”), for the account of the Initial Purchasers,
of one or more global notes representing the Securities (collectively, the “Global Note”), with any transfer
taxes payable in connection with the sale of the Securities duly paid by the Company. The Global Note will be made available for
inspection by the Representative not later than 1:00 P.M., New York City time, on the business day prior to the Closing Date.

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(g)       The Company and the
Guarantors acknowledge and agree that each Initial Purchaser is acting solely in the capacity of an arm’s length contractual
counterparty to the Company and the Guarantors with respect to the offering of Securities contemplated hereby (including in connection
with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company, the
Guarantors or any other person. Additionally, neither the Representative nor any other Initial Purchaser is advising the Company,
the Guarantors or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The
Company and the Guarantors shall consult with their own advisors concerning such matters and shall be responsible for making their
own independent investigation and appraisal of the transactions contemplated hereby, and the Initial Purchasers shall have no responsibility
or liability to the Company or the Guarantors with respect thereto. Any review by the Representative or any Initial Purchaser of
the Company, the Guarantors, and the transactions contemplated hereby or other matters relating to such transactions will be performed
solely for the benefit of the Representative or such Initial Purchaser, as the case may be, and shall not be on behalf of the Company,
the Guarantors or any other person.

3.       Representations
and Warranties of the Company and the Guarantors. The Company and the Guarantors jointly and severally represent and warrant
to each Initial Purchaser that:

(a)          Preliminary
Offering Memorandum, Time of Sale Information and Offering Memorandum. The Preliminary Offering Memorandum, as of its date,
did not, the Time of Sale Information, at the Time of Sale, did not, and at the Closing Date, will not, and the Offering Memorandum,
in the form first used by the Initial Purchasers to confirm sales of the Securities and as of the Closing Date, will not, contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided that the Company and the Guarantors
make no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information
relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representative expressly
for use in the Preliminary Offering Memorandum, the Time of Sale Information or the Offering Memorandum.

(b)          Additional
Written Communications. The Company and the Guarantors (including their agents and representatives, other than the Initial
Purchasers in their capacity as such) have not prepared, made, used, authorized, approved or referred to and will not prepare,
make, use, authorize, approve or refer to any written communication that constitutes an offer to sell or solicitation of an offer
to buy the Securities (each such communication by the Company and the Guarantors or their agents and representatives (other than
a communication referred to in clauses (i) and (ii) below) an “Issuer Written Communication”) other than (i)
the Preliminary Offering Memorandum, (ii) the Offering Memorandum, (iii) the documents listed on Annex A hereto, including a term
sheet substantially in the form of Annex B hereto, which constitute part of the Time of Sale Information and (iv) any electronic
road show or other written communications, in each case used in accordance with Section 4(c) hereof. Each such Issuer Written Communication,
when taken together with the Time of Sale Information at the Time of Sale, did not, and at the Closing Date will not, contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided that the Company and the Guarantors make
no representation or warranty with respect to any statements or omissions made in each such Issuer Written Communication in reliance
upon and in conformity with information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser
through the Representative expressly for use in any Issuer Written Communication.

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(c)          Incorporated
Documents. The documents incorporated by reference in each of the Time of Sale Information and the Offering Memorandum, when
they were filed with the Securities and Exchange Commission (the “Commission”), conformed or will conform, as
the case may be, in all material respects to the requirements of the Exchange Act, and the rules and regulations of the Commission
thereunder, and when filed did not and will not, as the case may be, contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

(d)          Financial
Statements. The financial statements and the related notes thereto included or incorporated by reference in each of the Time
of Sale Information and the Offering Memorandum present fairly in all material respects the consolidated financial position of
Consolidated and its subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows
for the periods specified; such financial statements have been prepared in all material respects in conformity with U.S. generally
accepted accounting principles (“GAAP”) applied on a consistent basis throughout the periods covered thereby;
and the other financial information included or incorporated by reference in each of the Time of Sale Information and the Offering
Memorandum with respect to the Company and its subsidiaries has been derived from the accounting records of Consolidated and its
subsidiaries and presents fairly the information shown thereby. The interactive data in eXtensible Business Reporting Language
included or incorporated by reference in each of the Preliminary Offering Memorandum, the Time of Sale Information and the Offering
Memorandum with respect to the Company and its subsidiaries fairly presents the information called for in all material respects
and is prepared in accordance with the Commission’s rules and guidelines applicable thereto.

(e)          No
Material Adverse Change. Since the date of the most recent financial statements of Consolidated included or incorporated by
reference in each of the Time of Sale Information and the Offering Memorandum (i) there has not been any change in the capital
stock or long-term debt of Consolidated or any of its subsidiaries, or any dividend or distribution of any kind declared, set aside
for payment, paid or made by Consolidated on any class of capital stock, or any material adverse change, or any development involving
a prospective material adverse change, in or affecting the business, properties, management, financial position or results of operations
of Consolidated and its subsidiaries taken as a whole; (ii) neither Consolidated nor any of its subsidiaries has entered into any
transaction or agreement that is material to Consolidated and its subsidiaries taken as a whole or incurred any liability or obligation,
direct or contingent, that is material to Consolidated and its subsidiaries taken as a whole; and (iii) neither Consolidated nor
any of its subsidiaries has sustained any material loss or interference with its business from fire, explosion, flood or other
calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court
or arbitrator or governmental or regulatory authority, except in each case as otherwise disclosed in each of the Time of Sale Information
and the Offering Memorandum.

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(f)          
Organization and Good Standing. Consolidated and each of its subsidiaries have been duly organized and are validly existing
and in good standing (to the extent applicable in such jurisdiction) under the laws of their respective jurisdictions of organization,
are duly qualified to do business and are in good standing (to the extent applicable in such jurisdiction) in each jurisdiction
in which their respective ownership or lease of property or the conduct of their respective businesses as currently conducted requires
such qualification, and have all power and authority necessary to own or hold their respective properties and to conduct the businesses
in which they are engaged, except where the failure to be so qualified, in good standing or have such power or authority would
not, individually or in the aggregate, have a material adverse effect on the business, properties, management, financial position,
or results of operations of Consolidated and its subsidiaries taken as a whole or on the performance by the Company and the Guarantors
of their obligations under this Agreement, the Securities, the Guarantees and the Collateral Documents (a “Material Adverse
Effect”). Consolidated does not own or control, directly or indirectly, any corporation, association or other entity
other than the subsidiaries listed in Schedule 3 to this Agreement.

(g)          Capitalization.
Consolidated has the capitalization as set forth in each of the Time of Sale Information and the Offering Memorandum under the
heading “Capitalization”; and all the outstanding shares of capital stock or other equity interests of each subsidiary
of Consolidated have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly
by Consolidated, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other
claim of any third party (collectively, “Liens”), except (i) for Liens pursuant to the Existing Credit Facilities,
which will be fully repaid and terminated upon consummation of the Transactions on the Closing Date, as described in each of the
Time of Sale Information and the Offering Memorandum.

(h)          Due
Authorization. The Company and each of the Guarantors have full right, power and authority to execute and deliver this Agreement,
the Securities, the Indenture (including each Guarantee set forth therein), each of the Collateral Documents to the extent a party
thereto, the Intercreditor Agreement and the Credit Agreement (collectively, the “Transaction Documents”), including
granting the Liens and security interests to be granted by it pursuant to the Indenture and the Collateral Documents and to perform
their respective obligations hereunder and thereunder; and all action required to be taken by the Company and each of the Guarantors
for the due and proper authorization, execution and delivery of each of the Transaction Documents and the consummation of the transactions
contemplated thereby has been duly and validly taken.

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(i)           
The Indenture. The Indenture has been duly authorized by the Company and each of the Guarantors and on the Closing Date
will be duly executed and delivered by the Company and each of the Guarantors and, when duly authorized, executed and delivered
in accordance with its terms by each of the parties thereto, will constitute a valid and legally binding agreement of the Company
and each of the Guarantors enforceable against the Company and each of the Guarantors in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally or by equitable principles relating to enforceability (collectively, the “Enforceability Exceptions”);
and on the Closing Date the Indenture will conform in all material respects to the applicable requirements of the Trust Indenture
Act of 1939, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Trust Indenture
Act”).

(j)           
The Securities and the Guarantees. The Securities have been duly authorized by the Company and, when duly executed, authenticated,
issued and delivered as provided in the Indenture and paid for as provided herein, will be duly and validly issued and outstanding
and will constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their
terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture; and the Guarantees have
been duly authorized by each of the Guarantors and, when the Securities have been duly executed, authenticated, issued and delivered
as provided in the Indenture and paid for as provided herein, will be valid and legally binding obligations of each of the Guarantors,
enforceable against each of the Guarantors in accordance with their terms, subject to the Enforceability Exceptions, and will be
entitled to the benefits of the Indenture.

(k)          Purchase
Agreement.  This Agreement has been duly authorized, executed and delivered by the Company and each of the Guarantors.

(l)           
Credit Agreement. On the Closing Date, the Credit Agreement will have been duly authorized, executed and delivered by the
Company and each of the Guarantors and will constitute a valid and legally binding agreement of the Company and each of the Guarantors,
enforceable against the Company and each of the Guarantors in accordance with its terms, subject to the Enforceability Exceptions.

(m)        Intercreditor
Agreement. The Intercreditor Agreement has been duly authorized by the Company and each of the Guarantors, to the extent a
party thereto, and on the Closing Date, the Intercreditor Agreement will be duly executed and delivered by the Company and each
of the Guarantors, to the extent a party thereto, and, when duly authorized, executed and delivered in accordance with its terms
by each of the parties thereto, will constitute a valid and legally binding agreement of the Company and each of the Guarantors,
to the extent a party thereto, enforceable against the Company and each of the Guarantors, to the extent a party thereto, in accordance
with its terms, subject to the Enforceability Exceptions.

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(n)          Collateral
Documents. Each of the Collateral Documents has been, or prior to its execution and delivery will be, duly authorized by the
Company and each of the Guarantors, to the extent a party thereto and, assuming the due authorization, execution and delivery thereof
by the other parties thereto, when executed and delivered by the Company and each of the Guarantors, to the extent a party thereto,
will constitute a valid and legally binding agreement of the Company and each of the Guarantors enforceable against the Company
and each of the Guarantors, to the extent a party thereto, in accordance with its terms, subject to the Enforceability Exceptions.

(o)          Descriptions
of the Transaction Documents; Collateral. Each Transaction Document conforms in all material respects to the description thereof
contained in each of the Time of Sale Information and the Offering Memorandum. The Collateral conforms in all material respects
to the description thereof contained in each of the Time of Sale Information and the Offering Memorandum.

(p)          Financing
Statements and Collateral. After giving effect to the repayment and termination of the Existing Credit Facilities:

		(i)	Upon execution and delivery, the Mortgages will be effective to grant a legal, valid and enforceable mortgage lien or security
title and security interest on all of the mortgagor’s right, title and interest in the real property listed on Schedule 4
hereto (each, a “Mortgaged Property” and, collectively, the “Mortgaged Properties”). When
the Mortgages are duly recorded in the proper recorders’ offices or appropriate public records and the mortgage recording
fees and taxes in respect thereof are paid and compliance is otherwise had with the formal requirements of state law, applicable
to the recording of real estate mortgages generally, each such Mortgage shall constitute a validly perfected and enforceable first-priority
lien or security title and security interest in the related Mortgaged Property constituting Collateral for the benefit of the Trustee
and the holders of the Securities, subject only to Permitted Liens (as defined below) or liens and encumbrances expressly set forth
as an exception to the policies of title insurance, if any, obtained to insure the lien of each Mortgage with respect to each of
the Mortgaged Properties (such encumbrances and exceptions, the “Permitted Exceptions”), and to the Enforceability
Exceptions;

		(ii)	Upon execution and delivery, the Security Agreement and the Trademark Security Agreement will together be effective to grant
a legal, valid and enforceable security interest in all of the grantor’s right, title and interest in the Collateral (other
than the Mortgaged Properties);

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		(iii)	Upon due and timely filing and/or recording of the financing statements and the Trademark Security Agreement, with respect
to the Collateral described in the Security Agreement and the Trademark Security Agreement (the “Personal Property Collateral”),
the security interests granted thereby will constitute valid, perfected first-priority liens and security interests in the Personal
Property Collateral, to the extent such security interests can be perfected by the filing and/or recording, as applicable, of financing
statements or filings with the United States Patent and Trademark Office for the benefit of the Trustee and the holders of the
Securities, and such security interests will be enforceable in accordance with the terms contained therein against all creditors
of any grantor and subject only to liens expressly permitted to be incurred or exist on the Collateral under the Indenture (“Permitted
Liens”); and

		(iv)	Consolidated and its subsidiaries collectively own, have rights in or have the power and authority to collaterally assign rights
in the Collateral, free and clear of any liens other than the Permitted Exceptions and the Permitted Liens.

(q)          No
Violation or Default. Neither Consolidated nor any of its subsidiaries is (i) in violation of its charter or by-laws or
similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would
constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture,
mortgage, deed of trust, loan agreement or other agreement or instrument to which Consolidated or any of its subsidiaries is a
party or by which Consolidated or any of its subsidiaries is bound or to which any property or asset of Consolidated or any of
its subsidiaries is subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court
or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default
or violation that would not, individually or in the aggregate, have a Material Adverse Effect.

(r)          
No Conflicts. The execution, delivery and performance by the Company and each of the Guarantors of each of the Transaction
Documents to which each is a party (including, but not limited to, the filing of any applicable fixture filings relating to the
real property covered by the Mortgages, the filing of any applicable financing statements pursuant to the Security Agreement or
the filing of the Trademark Security Agreement), the issuance and sale of the Securities and the issuance of the Guarantees, the
grant and perfection of liens and security interests in the Collateral pursuant to the Mortgages, the Security Agreement and the
Trademark Security Agreement and compliance by the Company and each of the Guarantors with the terms thereof and the consummation
of the transactions contemplated by the Transaction Documents will not (i) conflict with or result in a breach or violation of
any of the terms or provisions of, or constitute a default under, result in the termination, modification or acceleration of, or
result in the creation or imposition of any lien, charge or encumbrance upon any property, right or asset of Consolidated or any
of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which
Consolidated or any of its subsidiaries is a party or by which Consolidated or any of its subsidiaries is bound or to which any
property, right or asset of Consolidated or any of its subsidiaries is subject (other than any lien, charge or encumbrance created
or imposed pursuant to the Collateral Documents or the collateral documents relating to the Credit Agreement), (ii) result in any
violation of the provisions of the charter or by-laws or similar organizational documents of Consolidated or any of its subsidiaries
or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or
governmental or regulatory authority, except, (A) in the case of clauses (i) and (iii) above, for any such conflict, breach, violation,
default, lien, charge or encumbrance that would not, individually or in the aggregate, have a Material Adverse Effect and (B) in
the case of clause (i) above after giving effect to the repayment and termination of the Existing Indebtedness.

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(s)          No
Consents Required. Assuming the accuracy of the representations and warranties of the Initial Purchasers contained herein and
each Initial Purchaser’s compliance with its respective agreements contained herein, no consent, approval, authorization,
order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for
the execution, delivery and performance by the Company and each of the Guarantors of each of the Transaction Documents to which
each is a party (including, but not limited to, the filing of any applicable fixture filings relating to the real property covered
by the Mortgages, the filing of any applicable financing statements pursuant to the Security Agreement or the filing of the Trademark
Security Agreement), the issuance and sale of the Securities and the issuance of the Guarantees, the grant and perfection of liens
and security interests in the Collateral pursuant to the Mortgages, the Security Agreement and the Trademark Security Agreement
and compliance by the Company and each of the Guarantors with the terms thereof and the consummation of the transactions contemplated
by the Transaction Documents, except for such consents, approvals, authorizations, orders and registrations or qualifications as
may be required (i) under applicable state securities laws in connection with the purchase and resale of the Securities by the
Initial Purchasers and (ii) to perfect the Trustee’s or the Collateral Agent’s security interests granted pursuant
to the Mortgages, the Security Agreement and the Trademark Security Agreement.

(t)          
Legal Proceedings. Except as described in each of the Time of Sale Information and the Offering Memorandum, there are no
legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings (“Actions”)
pending to which Consolidated or any of its subsidiaries is a party or to which any property of Consolidated or any of its subsidiaries
is the subject that, individually or in the aggregate, if determined adversely to Consolidated or any of its subsidiaries, could
reasonably be expected to have a Material Adverse Effect; and, to the knowledge of the Company and each of the Guarantors, no such
Actions are threatened or contemplated by any governmental or regulatory authority or threatened by others.

(u)          Independent
Accountants. Ernst & Young LLP, who have certified certain financial statements of Consolidated and its subsidiaries are
independent public accountants with respect to Consolidated and its subsidiaries within the applicable rules and regulations adopted
by the Commission and the Public Company Accounting Oversight Board (United States) and as required by the Securities Act.

    	 	11	 

     

    

(v)          Title
to Real and Personal Property. Consolidated and its subsidiaries have good and marketable title in fee simple to, or have valid
rights to lease or otherwise use, all items of real and personal property that are described in or referred to in the Mortgages
and all other real and personal property that are material to the respective businesses of Consolidated and its subsidiaries, in
each case free and clear of all liens, charges, encumbrances, claims and defects and imperfections of title except for Permitted
Exceptions, in the case of Mortgaged Properties, and, in the case of all other real and personal property, those that (i) do not
materially interfere with the use made and proposed to be made of such property by Consolidated and its subsidiaries, (ii) could
not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect or (iii) that secure the Existing
Credit Facilities, which liens, charges, encumbrances and claims will be released substantially contemporaneously with the issuance
of the Securities on the Closing Date. None of Consolidated or its subsidiaries own or control, directly or indirectly any other
fee interest in real property with a fair market value in excess of $3 million, other than the real property listed on Schedule
4 to this Agreement.

(w)         Intellectual
Property. Except as would not, individually or in the aggregate, to have a Material Adverse Effect (i) Consolidated and its
subsidiaries own or have the right to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations,
service mark registrations, domain names and other source indicators, copyrights and copyrightable works, know-how, trade secrets,
systems, procedures, proprietary or confidential information and all other worldwide intellectual property, industrial property
and proprietary rights (collectively, “Intellectual Property”) used in the current conduct of their respective
businesses; (ii) Consolidated and its subsidiaries’ conduct of their respective businesses as now conducted does not infringe,
misappropriate or otherwise violate any Intellectual Property of any person; (iii) Consolidated and its subsidiaries have not received
any written notice of any claim of infringement relating to Intellectual Property; and (iv) to the knowledge of the Company and
any Guarantor, the Intellectual Property of Consolidated and its subsidiaries is not being infringed, misappropriated or otherwise
violated by any person.

(x)          No
Undisclosed Relationships. No relationship, direct or indirect, exists between or among Consolidated or any of its subsidiaries,
on the one hand, and the directors, officers, stockholders, customers, suppliers or other affiliates of Consolidated or any of
its subsidiaries, on the other, that would be required by the Securities Act to be described in a registration statement on Form
S-1 to be filed with the Commission and that is not so described in each of the Time of Sale Information and the Offering Memorandum.

(y)          Investment
Company Act. Neither the Company nor any of the Guarantors is, and after giving effect to the offering and sale of the Securities
and the application of the proceeds thereof as described in each of the Time of Sale Information and the Offering Memorandum, none
of them will be, an “investment company” or an entity “controlled” by an “investment company”
within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder
(collectively, the “Investment Company Act”).

    	 	12	 

     

    

(z)          Taxes.
Consolidated and its subsidiaries have paid all federal, state, local and foreign taxes and filed all tax returns required to be
paid or filed through the date hereof or have requested extensions thereof (except where the failure to file or pay would not have
a Material Adverse Effect, or except as currently being contested in good faith and for which reserves required by GAAP have been
created in the financial statements of Consolidated); and except as otherwise disclosed in each of the Time of Sale Information
and the Offering Memorandum, there is no tax deficiency that has been, or could reasonably be expected to be, asserted against
Consolidated or any of its subsidiaries or any of their respective properties or assets.

(aa)       Licenses and Permits.
Consolidated and its subsidiaries possess all licenses, sub-licenses, certificates, permits and other authorizations issued by,
and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities
that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described
in each of the Time of Sale Information and the Offering Memorandum, except where the failure to possess or make the same would
not, individually or in the aggregate, have a Material Adverse Effect; and except as described in each of the Time of Sale Information
and the Offering Memorandum or as would not have a Material Adverse Effect, neither Consolidated nor any of its subsidiaries has
received notice of any revocation or modification of any such license, sub-license, certificate, permit or authorization or has
any reason to believe that any such license, sub-license, certificate, permit or authorization will not be renewed in the ordinary
course.

(bb)       No Labor Disputes.
No labor disturbance by or dispute with employees of Consolidated or any of its subsidiaries exists or, to the knowledge of the
Company and each of the Guarantors, is contemplated or threatened and neither the Company nor any Guarantor is aware of any existing
or imminent labor disturbance by, or dispute with, the employees of any of Consolidated’s or any of Consolidated’s
subsidiaries’ principal suppliers, contractors or customers, except as would not have a Material Adverse Effect. Neither
Consolidated nor any of its subsidiaries has received any written notice of cancellation or termination with respect to any collective
bargaining agreement to which it is a party.

(cc)       Communications Licenses.

		(i)	The business of Consolidated and its subsidiaries is being conducted in compliance with: (a) applicable requirements under
the Communications Act of 1934, as amended, and the rules and regulations of the Federal Communications Commission (“FCC”);
(b) applicable state communications laws and regulations of a state public service commission or similar state governmental authority
(“State PUC”); and (c) applicable local communications laws and regulations of a Local Franchising Authority
(“LFA”) (collectively, the “Communications Laws”). Consolidated and its subsidiaries possess
all material licenses and authorizations issued by the FCC, State PUCs, and LFAs necessary to conduct their respective businesses
as currently conducted (collectively, the “Licenses”) and such Licenses are in full force and effect in accordance
with their terms.

    	 	13	 

     

    
		(ii)	Except as set forth in the Investment Agreement, no consent, approval, authorization, order or waiver of or filing with the
FCC, State PUCs, or LFAs is required under the Communications Laws to be obtained or made by Consolidated or any of its subsidiaries
for the execution, delivery and performance of this Agreement or the transactions contemplated herein and therein.

		(iii)	Consolidated and its subsidiaries each have filed with the FCC, State PUCs, and LFAs all material reports, documents, instruments,
information or applications required to be filed pursuant to the Communications Laws, and have paid all fees required to be paid
pursuant to the Communications Laws.

		(iv)	Except as may be disclosed in the Time of Sale Information and the Offering Memorandum, no proceedings are pending or, to the
knowledge of Consolidated and its subsidiaries, are threatened before the FCC, State PUCs, or LFAs which may result in the revocation,
adverse modification, non-renewal or termination prior to the expiration of their respective terms of any of the Licenses, or the
imposition of any fines, forfeitures or other administrative actions by the FCC, State PUCs, or LFAs with respect to Consolidated
or its subsidiaries, other than proceedings affecting the communications industry in general.

(dd)       Certain Environmental
Matters. (i) Consolidated and its subsidiaries (x) are in compliance with all, and have not violated any, applicable federal,
state, local and foreign laws (including common law), rules, regulations, requirements, decisions, judgments, decrees, orders and
other legally enforceable requirements relating to pollution or the protection of human health or safety, the environment, natural
resources, hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”);
(y) have received and are in compliance with all, and have not violated any, permits, licenses, certificates or other authorizations
or approvals required of them under any Environmental Laws to conduct their respective businesses; and (z) have not received notice
of any actual or potential liability or obligation under or relating to, or any actual or potential violation of, any Environmental
Laws, including for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants
or contaminants, and have no knowledge of any event or condition that would reasonably be expected to result in any such notice,
and (ii) there are no costs or liabilities associated with Environmental Laws of or relating to Consolidated or its subsidiaries,
except in the case of each of (i) and (ii) above, for any such matter as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect; and (iii) except as described in each of the Time of Sale Information and the Offering
Memorandum, (x) there is no proceeding that is pending, or that is known to be contemplated, against Consolidated or any of its
subsidiaries under any Environmental Laws in which a governmental entity is also a party, other than such proceeding regarding
which it is reasonably believed no monetary sanctions of $100,000 or more will be imposed, (y) Consolidated and its subsidiaries
are not aware of any facts or issues regarding compliance with Environmental Laws, or liabilities or other obligations under Environmental
Laws or concerning hazardous or toxic substances or wastes, pollutants or contaminants, that could reasonably be expected to have
a Material Adverse Effect, and (z) none of Consolidated or its subsidiaries reasonably anticipates material capital expenditures
relating to any Environmental Laws.

    	 	14	 

     

    

(ee)       Compliance with ERISA.
(i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), for which the Company or any member of its “Controlled Group” (defined as any entity,
whether or not incorporated, that is under common control with the Company within the meaning of Section 4001(a)(14) of ERISA or
any entity that would be regarded as a single employer with the Company under Section 414(b),(c),(m) or (o) of the Internal Revenue
Code of 1986, as amended (the “Code”)) would have any liability (each, a “Plan”) has been
maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including
but not limited to ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975
of the Code, has occurred with respect to any Plan, excluding transactions effected pursuant to a statutory or administrative exemption;
(iii) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no Plan has failed
(whether or not waived), or is reasonably expected to fail, to satisfy the minimum funding standards (within the meaning of Section
302 of ERISA or Section 412 of the Code) applicable to such Plan; (iv) no Plan is, or is reasonably expected to be, in “at
risk status” (within the meaning of Section 303(i) of ERISA), and no Plan that is a “multiemployer plan” within
the meaning of Section 4001(a)(3) of ERISA is in “endangered status” or “critical status” (within the meaning
of Sections 304 and 305 of ERISA); (v) the fair market value of the assets of each Plan exceeds the present value of all benefits
accrued under such Plan (determined based on those assumptions used to fund such Plan); (vi) no “reportable event”
(within the meaning of Section 4043(c) of ERISA and the regulations promulgated thereunder) has occurred or is reasonably expected
to occur; (vii) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified, and nothing has occurred,
whether by action or by failure to act, which would cause the loss of such qualification; (viii) neither the Company nor any member
of the Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions
to the Plan or premiums to the Pension Benefit Guaranty Corporation, in the ordinary course and without default) in respect of
a Plan (including a “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA); and (ix) none of the following
events has occurred or is reasonably likely to occur: (A) a material increase in the aggregate amount of contributions required
to be made to all Plans by the Company or its Controlled Group affiliates in the current fiscal year of the Company and its Controlled
Group affiliates compared to the amount of such contributions made in the Company’s and its Controlled Group affiliates’
most recently completed fiscal year; or (B) a material increase in Consolidated’s and its subsidiaries’ “accumulated
post-retirement benefit obligations” (within the meaning of Accounting Standards Codification Topic 715-60) compared to the
amount of such obligations in Consolidated’s and its subsidiaries’ most recently completed fiscal year, except in each
case with respect to the events or conditions set forth in (i) through (ix) hereof, as would not, individually or in the aggregate,
have a Material Adverse Effect.

    	 	15	 

     

    

(ff)          Disclosure
Controls. Consolidated and its subsidiaries maintain an effective system of “disclosure controls and procedures”
(as defined in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by Consolidated
in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the Commission’s rules and forms, including controls and procedures designed to ensure that such information
is accumulated and communicated to Consolidated’s management as appropriate to allow timely decisions regarding required
disclosure. Consolidated and its subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and
procedures as required by Rule 13a-15 of the Exchange Act.

(gg)       Accounting Controls.
Consolidated and its subsidiaries maintain systems of “internal control over financial reporting” (as defined
in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by, or under
the supervision of, its principal executive and principal financial officer, or persons performing similar functions, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with GAAP. Consolidated maintains internal accounting controls sufficient to provide reasonable assurance
that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii)
access to assets is permitted only in accordance with management’s general or specific authorization; (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect
to any differences; and (v) interactive data in eXtensible Business Reporting Language included or incorporated by reference in
each of the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum is prepared in accordance
with the Commission's rules and guidelines applicable thereto. Except as disclosed in each of the Time of Sale Information and
the Offering Memorandum, there are no material weaknesses or significant deficiencies in Consolidated’s internal controls.

(hh)       Insurance. Consolidated
and its subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including business
interruption insurance, which insurance is in amounts and insures against such losses and risks as are customary in the businesses
in which they are engaged to adequately protect Consolidated and its subsidiaries and their respective businesses; and neither
Consolidated nor any of its subsidiaries has (i) received notice from any insurer or agent of such insurer that capital improvements
or other expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that
it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at
reasonable cost from similar insurers as may be necessary to continue its business.

    	 	16	 

     

    

(ii)          No
Unlawful Payments. Neither Consolidated nor any of its subsidiaries, nor any director or officer of Consolidated or any of
its subsidiaries nor, to the knowledge of the Company and each of the Guarantors, any employee, agent, affiliate or other person
associated with or acting on behalf of Consolidated or any of its subsidiaries has (i) used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance
of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government
official or employee, including of any government-owned or controlled entity or of a public international organization, or any
person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate
for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended,
or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery
or anti-corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other
unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper
payment or benefit. Consolidated and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and
enforce, policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption
laws.

(jj)          Compliance
with Anti-Money Laundering Laws. The operations of Consolidated and its subsidiaries are and have been conducted at all times
in compliance in all material respects with applicable financial recordkeeping and reporting requirements, including those of the
Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions
where Consolidated or any of its subsidiaries conducts business, the rules and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money
Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body
or any arbitrator involving Consolidated or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or,
to the knowledge of the Company or any of the Guarantors, threatened.

    	 	17	 

     

    

(kk)       No Conflicts with
Sanctions Laws. Neither Consolidated nor any of its subsidiaries, directors or officers, nor, to the knowledge of the Company
or any of the Guarantors, any employees, agent, affiliate or other person associated with or acting on behalf of Consolidated or
any of its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government,
(including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”)
or the U.S. Department of State and including, without limitation, the designation as a “specially designated national”
or “blocked person”), the United Nations Security Council (“UNSC”), the European Union, Her Majesty’s
Treasury (“HMT”), or other relevant sanctions authority (collectively, “Sanctions”), nor
is Consolidated, any of its subsidiaries or any of the Guarantors located, organized or resident in a country or territory that
is the subject or target of Sanctions, including, without limitation, Crimea, Cuba, Iran, North Korea and Syria (each, a “Sanctioned
Country”); and Consolidated and its subsidiaries will not directly or indirectly use the proceeds of the offering of
the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding
or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned
Country or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction,
whether as initial purchaser, underwriter, advisor, investor or otherwise) of Sanctions. For the past five years, Consolidated
and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in any dealings or transactions with any person
that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.

(ll)          Solvency.
On and immediately after the Closing Date, the Company and each Guarantor (after giving effect to the issuance and sale of the
Securities, the issuance of the Guarantees and the other transactions related thereto as described in each of the Time of Sale
Information and the Offering Memorandum) will be Solvent. As used in this paragraph, the term “Solvent” means,
with respect to a particular date and entity, that on such date (i) the fair value (and present fair saleable value) of the assets
of such entity is not less than the total amount required to pay the probable liability of such entity on its total existing debts
and liabilities (including contingent liabilities) as they become absolute and matured; (ii) such entity is able to realize upon
its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the
normal course of business; (iii) assuming consummation of the issuance and sale of the Securities and the issuance of the Guarantees
as contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum, such entity does not have, intend
to incur or believe that it will incur debts or liabilities beyond its ability to pay as such debts and liabilities mature; (iv)
such entity is not engaged in any business or transaction, and does not propose to engage in any business or transaction, for which
its property would constitute unreasonably small capital; and (v) such entity is not a defendant in any civil action that would
result in a judgment that such entity is or would become unable to satisfy.

(mm)    Senior Indebtedness. The Securities
constitute “senior indebtedness” or a functionally equivalent term as any such term is defined in any indenture or
agreement governing any outstanding subordinated indebtedness of the Company.

    	 	18	 

     

    

(nn)       No Restrictions on
Subsidiaries. No subsidiary of Consolidated is currently prohibited, directly or indirectly, under any agreement or other instrument
to which it is a party or is subject, from paying any dividends to Consolidated, from making any other distribution on such subsidiary’s
capital stock or similar ownership interest, from repaying to Consolidated or the Company any loans or advances to such subsidiary
from Consolidated or the Company or from transferring any of such subsidiary’s properties or assets to Consolidated or any
other subsidiary of Consolidated, except for any such restrictions (a) contained in the Existing Indebtedness, which will be repaid
in full and terminated upon consummation of the Transactions on the Closing Date as described in each of the Time of Sale Information
and the Offering Memorandum, or (b) that will be permitted by the Indenture.

(oo)       No Broker’s
Fees. Neither Consolidated nor any of its subsidiaries is a party to any contract, agreement or understanding with any person
(other than this Agreement) that would give rise to a valid claim against any of them or any Initial Purchaser for a brokerage
commission, finder’s fee or like payment in connection with the offering and sale of the Securities.

(pp)       Rule 144A Eligibility.
On the Closing Date, the Securities will not be of the same class as securities listed on a national securities exchange registered
under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation system; and each of the Preliminary Offering
Memorandum and the Offering Memorandum, as of its respective date, contains or will contain all the information that, if requested
by a prospective purchaser of the Securities, would be required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4)
under the Securities Act.

(qq)       No Integration.
Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through any agent, sold,
offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act),
that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under
the Securities Act.

(rr)         No General
Solicitation or Directed Selling Efforts. None of the Company or any of its affiliates or any other person acting on its or
their behalf (other than the Initial Purchasers, as to which no representation is made) has (i) solicited offers for, or offered
or sold, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of
Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or (ii) engaged
in any directed selling efforts within the meaning of Regulation S under the Securities Act (“Regulation S”),
and all such persons have complied with the offering restrictions requirement of Regulation S.

(ss)       Securities Law Exemptions.
Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 2(b) (including Annex
C hereto) and their compliance with their agreements set forth therein, it is not necessary, in connection with the issuance and
sale of the Securities to the Initial Purchasers and the offer, resale and delivery of the Securities by the Initial Purchasers
in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum, to register the Securities
under the Securities Act or to qualify the Indenture under the Trust Indenture Act.

    	 	19	 

     

    

(tt)          
No Stabilization. Neither the Company nor any of the Guarantors has taken, directly or indirectly, any action designed
to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities.

(uu)       Margin Rules.
Neither the issuance, sale and delivery of the Securities nor the application of the proceeds thereof by the Company as described
in each of the Time of Sale Information and the Offering Memorandum will violate Regulation T, U or X of the Board of Governors
of the Federal Reserve System or any other regulation of such Board of Governors.

(vv)       Forward-Looking Statements.
No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) included
or incorporated by reference in any of the Time of Sale Information or the Offering Memorandum has been made or reaffirmed without
a reasonable basis or has been disclosed other than in good faith.

(ww)     Statistical and Market Data.
Nothing has come to the attention of the Company or any Guarantor that has caused the Company or such Guarantor to believe that
the statistical and market-related data included or incorporated by reference in each of the Time of Sale Information and the Offering
Memorandum is not based on or derived from sources that are reliable and accurate in all material respects.

(xx)       Cybersecurity; Data
Protection. Except as would not have a Material Adverse Effect, Consolidated and its subsidiaries’ information technology
assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, “IT
Systems”) are adequate for, and operate and perform as required in connection with the operation of the business of Consolidated
and its subsidiaries as currently conducted, free and clear of all bugs, errors, defects, Trojan horses, time bombs, malware and
other corruptants. Consolidated and its subsidiaries have implemented and maintained commercially reasonable controls, policies,
procedures, and safeguards to maintain and protect their confidential information and the integrity, continuous operation, redundancy
and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated
data (“Personal Data”)) used in connection with their businesses, and there have been no breaches, violations,
outages or unauthorized uses of or accesses to same, except for those that have been remedied without cost or liability or the
duty to notify any other person, nor any incidents under internal review or investigations relating to the same. Consolidated and
its subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations
of any court or arbitrator or governmental or regulatory authority, and all written internal policies and contractual obligations
relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data
from unauthorized use, access, misappropriation or modification.

    	 	20	 

     

    

(yy)       Sarbanes-Oxley Act.
There is and has been no failure on the part of Consolidated or its subsidiaries or any of their respective directors or officers,
in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002, as amended,
and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including Section
402 related to loans and Sections 302 and 906 related to certifications.

4.       Further Agreements of
the Company and the Guarantors. The Company and the Guarantors jointly and severally covenant and agree with each Initial Purchaser
that:

 

(a)          Delivery
of Copies. Until the earlier to occur of (i) the completion of the initial resale of the Securities by the Initial Purchasers,
and (ii) the one year anniversary of the Closing Date, the Issuers, the Company will deliver, without charge, to the Initial Purchasers
as many copies of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and
the Offering Memorandum (including all amendments and supplements thereto) as the Representative may reasonably request.

(b)          Offering
Memorandum, Amendments or Supplements. During the period beginning the date hereof and the ending upon the earlier to occur
of (i) the completion of the initial resale of the Securities by the Initial Purchasers and (ii) the one year anniversary of the
Closing Date, before finalizing the Offering Memorandum or making or distributing any amendment or supplement to any of the Time
of Sale Information or the Offering Memorandum or filing with the Commission any document that will be incorporated by reference
therein, the Company will furnish to the Representative and counsel for the Initial Purchasers a copy of the proposed Offering
Memorandum or such amendment or supplement or document to be incorporated by reference therein for review, and will not distribute
any such proposed Offering Memorandum, amendment or supplement or file any such document with the Commission to which the Representative
reasonably objects; provided, however, that the Representative shall not unreasonably object to any such filing if
such filing is required under the rules and regulations of the Securities Act or Exchange Act; provided, further,
that the Company and Consolidated shall have the right to file with the Commission any report required to be filed by Consolidated
under the Exchange Act no later than the time period required by the Exchange Act.

(c)          Additional
Written Communications. Before making, preparing, using, authorizing, approving or referring to any Issuer Written Communication,
the Company and the Guarantors will furnish to the Representative and counsel for the Initial Purchasers a copy of such written
communication for review and will not make, prepare, use, authorize, approve or refer to any such written communication to which
the Representative reasonably objects.

    	 	21	 

     

    

(d)          Notice
to the Representative. The Company will advise the Representative promptly, and confirm such advice in writing, (i) of the
issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Time of Sale Information,
any Issuer Written Communication or the Offering Memorandum or the initiation or threatening of any proceeding for that purpose;
(ii) of the occurrence of any event at any time prior to the completion of the initial offering of the Securities as a result of
which any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum as then amended or supplemented
would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances existing when such Time of Sale Information, Issuer Written Communication or the Offering
Memorandum is delivered to a purchaser, not misleading; and (iii) of the receipt by the Company of any notice with respect to any
suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose; and the Company will use its commercially reasonable efforts to prevent the issuance of any such order
preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum
or suspending any such qualification of the Securities and, if any such order is issued, will use commercially reasonable efforts
to obtain as soon as possible the withdrawal thereof.

(e)          Time
of Sale Information. If at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a result
of which any of the Time of Sale Information as then amended or supplemented would include any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading or (ii) it is necessary to amend or supplement the Time of Sale Information to comply with law,
the Company will promptly notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish
to the Initial Purchasers such amendments or supplements to the Time of Sale Information (or any document to be filed with the
Commission and incorporated by reference therein) as may be necessary so that the statements in any of the Time of Sale Information
as so amended or supplemented (including such documents to be incorporated by reference therein) will not, in the light of the
circumstances under which they were made, be misleading or so that any of the Time of Sale Information will comply with law.

(f)          
Ongoing Compliance. If at any time prior to the completion of the initial offering of the Securities (i) any event shall
occur or condition shall exist as a result of which the Offering Memorandum as then amended or supplemented would include any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light
of the circumstances existing when the Offering Memorandum is delivered to a purchaser, not misleading or (ii) it is necessary
to amend or supplement the Offering Memorandum to comply with law, the Company will promptly notify the Initial Purchasers thereof
and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to
the Offering Memorandum (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary
so that the statements in the Offering Memorandum as so amended or supplemented (including such document to be incorporated by
reference therein) will not, in the light of the circumstances existing when the Offering Memorandum is delivered to a purchaser,
be misleading or so that the Offering Memorandum will comply with law.

    	 	22	 

     

    

(g)          Blue
Sky Compliance. The Company will qualify the Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions
as the Representative shall reasonably request and will continue such qualifications in effect so long as required for the offering
and resale of the Securities by the Initial Purchasers; provided that neither the Company nor any of the Guarantors shall
be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where
it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction
or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject.

(h)          Clear
Market. During the period from the date hereof through and including the date that is 60 days after the date hereof, the Company
and each of the Guarantors will not, without the prior written consent of the Representative, offer, sell, contract to sell or
otherwise dispose of any debt securities issued or guaranteed by the Company or any of the Guarantors and having a tenor of more
than one year.

(i)           
Use of Proceeds. The Company will apply the net proceeds from the sale of the Securities as described in each of the Time
of Sale Information and the Offering Memorandum under the heading “Use of proceeds.”

(j)           
Supplying Information. While the Securities remain outstanding and are “restricted securities” within the meaning
of Rule 144(a)(3) under the Securities Act, the Company and each of the Guarantors will, during any period in which the Company
is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish to holders of the Securities and prospective
purchasers of the Securities designated by such holders, upon the request of such holders or such prospective purchasers, the information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

(k)          DTC.
The Company will use commercially reasonable efforts to assist the Initial Purchasers in arranging for the Securities to be eligible
for clearance and settlement through DTC.

(l)           
No Resales by the Company. The Company will not, and will not permit any of its affiliates (as defined in Rule 144
under the Securities Act) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased
by the Company or any of its affiliates and resold in a transaction registered under the Securities Act.

(m)        No Integration.
Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D) will, directly or through any agent,
sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined in the Securities Act),
that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under
the Securities Act.

    	 	23	 

     

    

(n)          No
General Solicitation or Directed Selling Efforts. None of the Company or any of its affiliates or any other person acting on
its or their behalf (other than the Initial Purchasers and persons acting on their behalf, as to which no covenant is given) will
(i) solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within
the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of
the Securities Act or (ii) engage in any directed selling efforts within the meaning of Regulation S, and all such persons will
comply with the offering restrictions requirement of Regulation S.

(o)         
No Stabilization. Neither the Company nor any of the Guarantors will take, directly or indirectly, any action designed
to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities.

(p)          Perfection
of Security Interests. The Company and each Guarantor (i) shall complete on or prior to the Closing Date all filings and other
similar actions required in connection with the perfection of security interests in the Collateral as and to the extent contemplated
by the Indenture and the Collateral Documents and (ii) shall take all actions necessary to maintain such security interests and
to perfect security interests in any Collateral acquired after the Closing Date, in each case as and to the extent required by
the Indenture and the Collateral Documents; provided that the Company and the Guarantors may deliver, furnish and/or cause
to be furnished all of the obligations set forth on the post-closing schedule to the Indenture within the time periods set forth
therein.

5.      Certain Agreements of the Initial Purchasers.Each Initial Purchaser
hereby represents and agrees that it has not and will not use, authorize use of, refer to, or participate in the planning for use
of, any written communication that constitutes an offer to sell or the solicitation of an offer to buy the Securities other than
(i) the Preliminary Offering Memorandum and the Offering Memorandum, (ii) any written communication that contains either (a) no
“issuer information” (as defined in Rule 433(h)(2) under the Securities Act) or (b) “issuer information”
that was included (including through incorporation by reference) in the Time of Sale Information or the Offering Memorandum, (iii)
any written communication listed on Annex A or prepared pursuant to Section 4(c) (including any electronic road show) above, (iv)
any written communication prepared by such Initial Purchaser and approved by the Company and the Representative in advance in writing
or (v) any written communication relating to or that contains the terms of the Securities and/or other information that was included
(including through incorporation by reference) in the Time of Sale Information or the Offering Memorandum.

6.       Conditions of Initial
Purchasers’ Obligations. The obligation of each Initial Purchaser to purchase Securities on the Closing Date as provided
herein is subject to the performance by the Company and each of the Guarantors of their respective covenants and other obligations
hereunder and to the following additional conditions:

    	 	24	 

     

    

(a)          Representations
and Warranties. The representations and warranties of the Company and the Guarantors contained herein shall be true and correct
on the date hereof and on and as of the Closing Date; and the statements of the Company, the Guarantors and their respective officers
made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date.

(b)          No
Downgrade. Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement, (i) no downgrading
shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or guaranteed
by Consolidated or any of its subsidiaries by any “nationally recognized statistical rating organization,” as such
term is defined under Section 3(a)(62) under the Exchange Act and (ii) no such organization shall have publicly announced that
it has under surveillance or review, or has changed its outlook with respect to, its rating of the Securities or of any other debt
securities or preferred stock issued or guaranteed by Consolidated or any of its subsidiaries (other than an announcement with
positive implications of a possible upgrading).

(c)          No
Material Adverse Change. No event or condition of a type described in Section 3(e) hereof shall have occurred or shall exist,
which event or condition is not described in each of the Time of Sale Information (excluding any amendment or supplement thereto)
and the Offering Memorandum (excluding any amendment or supplement thereto) the effect of which in the judgment of the Representative
makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the
manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum.

(d)          Officer’s
Certificate. The Representative shall have received on and as of the Closing Date a certificate of an executive officer of
the Company and of each Guarantor who has specific knowledge of the Company’s or such Guarantor’s financial matters
and is satisfactory to the Representative (i) confirming that such officer has carefully reviewed the Time of Sale Information
and the Offering Memorandum and, to the knowledge of such officer, the representations set forth in Sections 3(a) and 3(b) hereof
are true and correct, (ii) confirming that the other representations and warranties of the Company and the Guarantors in this Agreement
are true and correct and that the Company and the Guarantors have complied with all agreements and satisfied all conditions on
their part to be performed or satisfied hereunder at or prior to the Closing Date and (iii) to the effect set forth in paragraphs
(b) and (c) above.

(e)          Comfort
Letters. On the date of this Agreement and on the Closing Date, Ernst & Young LLP shall have furnished to the Representative,
at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Initial Purchasers,
in form and substance reasonably satisfactory to the Representative, containing statements and information of the type customarily
included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain
financial information contained or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum;
provided that the letter delivered on the Closing Date shall use a “cut-off” date no more than three business
days prior to the Closing Date.

    	 	25	 

     

    

(f)          
Opinion and 10b-5 Statement of Counsel for the Company. Schiff Hardin LLP, New York, Illinois and Delaware counsel for the
Company and the Guarantors, shall have furnished to the Representative, at the request of the Company, their written opinion and
10b-5 statement, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory
to the Representative.

(g)          Opinion
of Communications Regulatory Counsel for the Company. Morgan, Lewis & Bockius LLP, special communications regulatory counsel
for the Company and the Guarantors, shall have furnished to the Representative, at the request of the Company, their written opinion,
dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representative.

(h)          Opinions
of Local Counsel. (i) Stoel Rives LLP, California and Washington counsel for the Company and the Guarantors, shall have furnished
to the Representative, at the request of the Company, its written opinion, dated the Closing Date and addressed to the Initial
Purchasers, in form and substance reasonably satisfactory to the Representative, (ii) Connor & Winters, LLP, Oklahoma and Texas
counsel for the Company and the Guarantors, shall have furnished to the Representative, at the request of the Company, its written
opinion, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representative,
(iii) Jones Walker LLP, Florida counsel for the Company and the Guarantors, shall have furnished to the Representative, at the
request of the Company, its written opinion, dated the Closing Date and addressed to the Initial Purchasers, in form and substance
reasonably satisfactory to the Representative and (iv) Stinson LLP, Kansas, Minnesota and Missouri counsel for the Company and
the Guarantors, shall have furnished to the Representative, at the request of the Company, its written opinion, dated the Closing
Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representative.

(i)           
Opinion and 10b-5 Statement of Counsel for the Initial Purchasers. The Representative shall have received on and as of the
Closing Date an opinion and 10b-5 statement, addressed to the Initial Purchasers, of Cahill Gordon & Reindel LLP,
counsel for the Initial Purchasers, with respect to such matters as the Representative may reasonably request, and such counsel
shall have received such documents and information as they may reasonably request to enable them to pass upon such matters.

(j)           
No Legal Impediment to Issuance. No action shall have been taken and no statute, rule, regulation or order shall have been
enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing
Date, prevent the issuance or sale of the Securities or the issuance of the Guarantees; and no injunction or order of any federal,
state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities
or the issuance of the Guarantees.

    	 	26	 

     

    

(k)          Good
Standing. The Representative shall have received on and as of the Closing Date satisfactory evidence of the good standing of
the Company and the Guarantors in their respective jurisdictions of organization and their good standing in such other jurisdictions
as the Representative may reasonably request, in each case in writing or any standard form of telecommunication from the appropriate
governmental authorities of such jurisdictions.

(l)           
DTC. The Securities shall be eligible for clearance and settlement through DTC.

(m)        Indenture and
Securities. The Indenture shall have been duly executed and delivered by a duly authorized officer of the Company, each of
the Guarantors, the Trustee and the Collateral Agent, and the Securities shall have been duly executed and delivered by a duly
authorized officer of the Company and duly authenticated by the Trustee.

(n)          Lien
Searches. The Representative shall have received the results of a recent lien search in each of the jurisdictions in which
filings should be made under the Uniform Commercial Code to evidence or perfect security interests in the assets of the Company
or any such Guarantor and such other searches as maybe reasonably requested by the Representative, and such search shall reveal
no liens on any of the assets of the Company and the Guarantors or their respective subsidiaries except for Permitted Exceptions,
Permitted Liens or liens with respect to the Existing Credit Facilities.

(o)          Collateral
Documents. The Initial Purchasers shall receive conformed counterparts of the Collateral Documents that will be executed and
delivered by duly authorized officers of each party thereto, in form and substance reasonably satisfactory to the Representative.

(p)          Intercreditor
Agreement. The Initial Purchasers shall have received conformed counterparts of the Intercreditor Agreement that shall have
been executed and delivered by duly authorized officers of each party thereto, in form and substance reasonably satisfactory to
the Representative.

(q)          Filings,
Registration and Recordings. Except as otherwise contemplated by the Trademark Security Agreement and the Security Agreement,
each document (including any Uniform Commercial Code financing statement) required by the Trademark Security Agreement and the
Security Agreement, or under law or reasonably requested by the Representative, in each case, to be filed, registered or recorded,
or delivered for filing on or prior to the Closing Date, including filings in the U.S. Patent and Trademark Office in order to
create in favor of the Trustee, for the benefit of the holders of the Securities, a perfected first-priority lien and security
interest in the Personal Property Collateral that can be perfected by the making of such filings, registrations or recordations
(subject to Permitted Liens), shall be executed and in proper form for filing, registration or recordation.

    	 	27	 

     

    

(r)          
Stock Certificates. Subject to the Intercreditor Agreement, pursuant to the terms of the Security Agreement, the Company
and Guarantors shall have caused to be delivered stock certificates and instruments, together with stock powers and other instruments
of transfer to the Collateral Agent, or the Credit Agreement Collateral Agent (as defined in the Intercreditor Agreement) on behalf
of the Collateral Agent;

(s)          Existing
Indebtedness. The Representative shall have received evidence reasonably satisfactory to it that, substantially simultaneously
with the purchase of the Securities by the Initial Purchasers, (i) the Existing Credit Facilities, and all accrued and unpaid interest,
fees and other amounts owing thereunder, shall have been paid in full, all commitments to extend credit under the Existing Credit
Facilities shall have terminated, and all liens securing obligations under the Existing Credit Facilities shall have been released
and (ii) the Company shall have issued a notice of redemption with respect to the Existing Notes.

(t)          
Credit Agreement and Investment. Concurrently with or prior to the Closing Date, (i) the Company and the Guarantors shall
have entered into the Credit Agreement and effected the initial borrowing thereunder consistent in all material respects with the
terms described in the Time of Sale Information and the Offering Memorandum, and the Representative shall have received conformed
counterparts thereof, and (ii) the Initial Closing of the Investment shall have occurred consistent in all material respects with
the terms described in the Time of Sale Information and the Offering Memorandum.

(u)          Transactions.
Concurrently with or prior to the Closing Date, each of the Transactions shall have been consummated in a manner consistent in
all material respects with the descriptions thereof in the Time of Sale Information and the Offering Memorandum.

(v)          Additional
Documents. On or prior to the Closing Date, the Company and the Guarantors shall have furnished to the Representative such
further certificates and documents as the Representative may reasonably request.

All opinions, letters, certificates and evidence mentioned above
or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance
reasonably satisfactory to counsel for the Initial Purchasers.

7.       Indemnification
and Contribution.

(a)          Indemnification
of the Initial Purchasers. The Company and each of the Guarantors jointly and severally agree to indemnify and hold harmless
each Initial Purchaser, its affiliates, directors and officers and each person, if any, who controls such Initial Purchaser within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims,
damages and liabilities (including, without limitation, reasonable and documented legal fees and other reasonable expenses incurred
in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several,
that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Preliminary
Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or
any amendment or supplement thereto) or any omission or alleged omission to state therein a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except
insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged
untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser furnished
to the Company in writing by such Initial Purchaser through the Representative expressly for use therein.

    	 	28	 

     

    

(b)          Indemnification
of the Company and the Guarantors. Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold harmless
the Company, each of the Guarantors, each of their respective directors and officers and each person, if any, who controls the
Company or any of the Guarantors within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the
same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities
that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with any information relating to such Initial Purchaser furnished to the Company in writing by such Initial
Purchaser through the Representative expressly for use in the Preliminary Offering Memorandum, any of the other Time of Sale Information,
any Issuer Written Communication or the Offering Memorandum (or any amendment or supplement thereto), it being understood and agreed
that the only such information consists of the following paragraphs in the Preliminary Offering Memorandum and the Offering Memorandum:
the third and fourth sentences in the seventh paragraph and the ninth paragraph, under the caption “Plan of Distribution”
in the Preliminary Offering Memorandum and the Final Offering Memorandum.

(c)         
Notice and Procedures. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or
demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph
(a) or (b) above, such person (the “Indemnified Person”) shall promptly notify the person against whom such
indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify
the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the
extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided,
further, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to
an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against
an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel
reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to
the Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section
7 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall
pay the fees and expenses of such counsel related to such 

    	 	29	 

     

    

proceeding, as incurred. In any such proceeding, any Indemnified Person
shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying
Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the
Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or
in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded
parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel
would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying
Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and
expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees
and expenses shall be paid or reimbursed as they are incurred. Any such separate firm for any Initial Purchaser, its affiliates,
directors and officers and any control persons of such Initial Purchaser shall be designated in writing by J.P. Morgan Securities
LLC and any such separate firm for the Company, the Guarantors, their respective directors and officers and any control persons
of the Company and the Guarantors shall be designated in writing by the Company. The Indemnifying Person shall not be liable for
any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final
judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability
by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have
requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this
paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if
(i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying
Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No
Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened
proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought
hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person,
in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter
of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or
on behalf of any Indemnified Person.

(d)          Contribution.
If the indemnification provided for in paragraph (a) or (b) above is unavailable to an Indemnified Person or insufficient in respect
of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu
of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as
a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the 

    	 	30	 

     

    

relative benefits
received by the Company and the Guarantors on the one hand and the Initial Purchasers on the other from the offering of the Securities
or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) but also the relative fault of the Company and the Guarantors on the one
hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted in such losses, claims,
damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company and
the Guarantors on the one hand and the Initial Purchasers on the other shall be deemed to be in the same respective proportions
as the net proceeds (before deducting expenses) received by the Company from the sale of the Securities and the total discounts
and commissions received by the Initial Purchasers in connection therewith, as provided in this Agreement, bear to the aggregate
offering price of the Securities. The relative fault of the Company and the Guarantors on the one hand and the Initial Purchasers
on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or any Guarantor
or by the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission.

(e)          Limitation
on Liability. The Company, the Guarantors and the Initial Purchasers agree that it would not be just and equitable if contribution
pursuant to this Section 7 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity
for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in
paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities
referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any reasonable and documented
legal or other reasonable expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding
the provisions of this Section 7, in no event shall an Initial Purchaser be required to contribute any amount in excess of the
amount by which the total discounts and commissions received by such Initial Purchaser with respect to the offering of the Securities
exceeds the amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
The Initial Purchasers’ obligations to contribute pursuant to this Section 7 are several in proportion to their respective
purchase obligations hereunder and not joint.

(f)          
Non-Exclusive Remedies. The remedies provided for in this Section 7 are not exclusive and shall not limit any rights or
remedies that may otherwise be available to any Indemnified Person at law or in equity.

8.       Effectiveness of Agreement.
This Agreement shall become effective as of the date first written above.

 

    	 	31	 

     

    

9.       Termination. This
Agreement may be terminated in the absolute discretion of the Representative, by notice to the Company, if after the execution
and delivery of this Agreement and on or prior to the Closing Date (i) trading generally shall have been suspended or materially
limited on the New York Stock Exchange or the Nasdaq Global Select Market; (ii) trading of any securities issued or guaranteed
by the Company or any of the Guarantors shall have been suspended on any exchange or in any over-the-counter market; (iii) a general
moratorium on commercial banking activities shall have been declared by federal or New York State authorities; or (iv) there shall
have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within
or outside the United States, that, in the judgment of the Representative, is material and adverse and makes it impracticable or
inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this
Agreement, the Time of Sale Information and the Offering Memorandum.

 

10.       Defaulting Initial
Purchaser.

(a)         
If, on the Closing Date, any Initial Purchaser defaults on its obligation to purchase the
Securities that it has agreed to purchase hereunder, the non-defaulting Initial Purchasers may in their discretion arrange for
the purchase of such Securities by other persons satisfactory to the Company on the terms contained in this Agreement. If, within
36 hours after any such default by any Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for the purchase
of such Securities, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory
to the non-defaulting Initial Purchasers to purchase such Securities on such terms. If other persons become obligated or agree
to purchase the Securities of a defaulting Initial Purchaser, either the non-defaulting Initial Purchasers or the Company may postpone
the Closing Date for up to five full business days in order to effect any changes that in the opinion of counsel for the Company
or counsel for the Initial Purchasers may be necessary in the Time of Sale Information, the Offering Memorandum or in any other
document or arrangement, and the Company agrees to promptly prepare any amendment or supplement to the Time of Sale Information
or the Offering Memorandum that effects any such changes. As used in this Agreement, the term “Initial Purchaser”
includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto
that, pursuant to this Section 10, purchases Securities that a defaulting Initial Purchaser agreed but failed to purchase.

(b)          If,
after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial Purchasers
by the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of
such Securities that remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities,
then the Company shall have the right to require each non-defaulting Initial Purchaser to purchase the principal amount of Securities
that such Initial Purchaser agreed to purchase hereunder plus such Initial Purchaser’s pro rata share (based on the
principal amount of Securities that such Initial Purchaser agreed to purchase hereunder) of the Securities of such defaulting Initial
Purchaser or Initial Purchasers for which such arrangements have not been made.

    	 	32	 

     

    

(c)          If,
after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial Purchasers
by the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of
such Securities that remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the
Company shall not exercise the right described in paragraph (b) above, then this Agreement shall terminate without liability on
the part of the non-defaulting Initial Purchasers. Any termination of this Agreement pursuant to this Section 10 shall be without
liability on the part of the Company or the Guarantors, except that the Company and each of the Guarantors will continue to be
liable for the payment of expenses as set forth in Section 11 hereof and except that the provisions of Section 7 hereof shall
not terminate and shall remain in effect.

(d)          Nothing
contained herein shall relieve a defaulting Initial Purchaser of any liability it may have to the Company, the Guarantors or any
non-defaulting Initial Purchaser for damages caused by its default.

11.       Payment of Expenses.

(a)          Whether
or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company and each of
the Guarantors jointly and severally agree to pay or cause to be paid all costs and expenses incident to the performance of their
respective obligations hereunder, including without limitation, (i) the costs incident to the authorization, issuance, sale,
preparation and delivery of the Securities and any taxes payable in that connection; (ii) the costs incident to the preparation
and printing of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the
Offering Memorandum (including any amendment or supplement thereto) and the distribution thereof; (iii) the costs of reproducing
and distributing each of the Transaction Documents; (iv) the fees and expenses of the Company’s and the Guarantors’
counsel and independent accountants; (v) the fees and expenses incurred in connection with the registration or qualification and
determination of eligibility for investment of the Securities under the laws of such jurisdictions as the Representative may designate
and the preparation, printing and distribution of a Blue Sky Memorandum (including the related fees and expenses of counsel for
the Initial Purchasers); (vi) any fees charged by rating agencies for rating the Securities; (vii) the fees and expenses
of the Trustee, the Collateral Agent and any paying agent (including related fees and expenses of any counsel to such parties);
(viii) all expenses and application fees incurred in connection with the approval of the Securities for book-entry transfer by
DTC; (ix) the fees and expenses incurred with respect to creating, documenting and perfecting the security interests in the Collateral
as contemplated by the Collateral Documents (including the related fees and expenses of counsel to the Initial Purchasers for all
periods prior to and after the Closing Date); and (x) all expenses incurred by the Company in connection with any “road show”
presentation to potential investors.

    	 	33	 

     

    

(b)          If (i)
this Agreement is terminated pursuant to Section 9, (ii) the Company for any reason fails to tender the Securities for delivery
to the Initial Purchasers or (iii) the Initial Purchasers decline to purchase the Securities for any reason permitted under this
Agreement, the Company and each of the Guarantors jointly and severally agree to reimburse the Initial Purchasers for all out-of-pocket
costs and expenses (including the reasonable documented fees and expenses of their counsel) reasonably incurred by the Initial
Purchasers in connection with this Agreement and the offering contemplated hereby.

12.       Persons Entitled
to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
successors and the officers and directors and any controlling persons referred to herein, and the affiliates of each Initial Purchaser
referred to in Section 7 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal
or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Securities
from any Initial Purchaser shall be deemed to be a successor merely by reason of such purchase.

13.       Survival.
The respective indemnities, rights of contribution, representations, warranties and agreements of the Company, the Guarantors and
the Initial Purchasers contained in this Agreement or made by or on behalf of the Company, the Guarantors or the Initial Purchasers
pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Securities
and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf
of the Company, the Guarantors or the Initial Purchasers.

14.       Certain Defined
Terms. For purposes of this Agreement, (a) except where otherwise expressly provided, the term “affiliate”
has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other
than a day on which banks are permitted or required to be closed in New York City; (c) the term “subsidiary”
has the meaning set forth in Rule 405 under the Securities Act; (d) the term “Exchange Act” collectively means
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder; and (e) the term “written
communication” has the meaning set forth in Rule 405 under the Securities Act.

15.       Compliance with
USA PATRIOT Act. In accordance with the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October
26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective clients,
including the Company, which information may include the name and address of their respective clients, as well as other information
that will allow the Initial Purchasers to properly identify their respective clients.

16.       Miscellaneous.

(a)          Authority
of the Representative. Any action by the Initial Purchasers hereunder may be taken by J.P. Morgan Securities LLC on behalf
of the Initial Purchasers, and any such action taken by J.P. Morgan Securities LLC shall be binding upon the Initial Purchasers.

    	 	34	 

     

    

(b)          Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted
and confirmed by any standard form of telecommunication. Notices to the Initial Purchasers shall be given to the Representative
c/o J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179 (fax: 212-270-1063); Attention: Richard Gabriel. Notices
to the Company and the Guarantors shall be given to them at Consolidated Communications, Inc., 121 South 17th Street, Mattoon,
Illinois 61938, Attention: Steven L. Childers, with a copy to Schiff Hardin LLP, 233 South Wacker Drive, Suite 7100, Chicago, Illinois
60606, Attention: Alexander Young (fax: 312-258-5600).

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

(d)          Submission
to Jurisdiction. The Company and each of the Guarantors hereby submit to the exclusive jurisdiction of the U.S. federal and
New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating
to this Agreement or the transactions contemplated hereby. The Company and each of the Guarantors waive any objection which it
may now or hereafter have to the laying of venue of any such suit or proceeding in such courts. Each of the Company and each of
the Guarantors agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and
binding upon the Company and each Guarantor, as applicable, and may be enforced in any court to the jurisdiction of which Company
and each Guarantor, as applicable, is subject by a suit upon such judgment.

(e)          Waiver
of Jury Trial. Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding arising out of
or relating to this Agreement.

(f)          
Recognition of the U.S. Special Resolution Regimes.

(i) In the event that any Initial Purchaser that is a Covered
Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Initial Purchaser of this
Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by
the laws of the United States or a state of the United States.

(ii) In the event that any Initial Purchaser that is a Covered
Entity or a BHC Act Affiliate of such Initial Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under this Agreement that may be exercised against such Initial Purchaser are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by
the laws of the United States or a state of the United States.

    	 	35	 

     

    

As used in this Section 16(f):

“BHC Act Affiliate” has the meaning assigned
to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

“Covered Entity” means any of the following:

(i) a “covered entity” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

(ii) a “covered bank” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

(iii) a “covered FSI” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 382.2(b).

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

“U.S. Special Resolution Regime” means each of (i) the Federal
Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act and the regulations promulgated thereunder.

(g)          Counterparts.
This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication),
each of which shall be an original and all of which together shall constitute one and the same instrument. Any signature to this
Agreement may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. federal
ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered
shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted
by applicable law. Each of the parties hereto represents and warrants to the other parties that it has the corporate or other
capacity and authority to execute this Agreement through electronic means and there are no restrictions for doing so in that party’s
constitutive documents.

(h)          Amendments
or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom,
shall in any event be effective unless the same shall be in writing and signed by the parties hereto.

    	 	36	 

     

    

(i)           
Headings. The headings herein are included for convenience of reference only and are not intended to be part of, or to affect
the meaning or interpretation of, this Agreement.

 

 

 

 

 

 

    	 	37	 

     

    

If the foregoing is in accordance with your understanding, please indicate
your acceptance of this Agreement by signing in the space provided below.

 

		Very truly yours,
	 	 
	 	CONSOLIDATED COMMUNICATIONS, INC.
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	CONSOLIDATED COMMUNICATIONS ENTERPRISE SERVICES, INC.
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	CONSOLIDATED COMMUNICATIONS FINANCE III CO.
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	CONSOLIDATED COMMUNICATIONS OF NEW YORK COMPANY, LLC
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	CONSOLIDATED COMMUNICATIONS OF WASHINGTON COMPANY, LLC
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO

 

    	 	38	 

     

    

	 	FAIRPOINT BUSINESS SERVICES LLC
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	TACONIC TELCOM CORP.
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	TACONIC TECHNOLOGY CORP.
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	CHAUTAUQUA & ERIE COMMUNICATIONS, INC.
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	C&E COMMUNICATIONS, LTD.
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	BERKSHIRE CABLE CORP.
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	BERKSHIRE CELLULAR, INC.
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO

 

    	 	39	 

     

    

	 	BERKSHIRE NEW YORK ACCESS, INC.
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	CONSOLIDATED COMMUNICATIONS OF CALIFORNIA COMPANY
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	ST. JOE COMMUNICATIONS, INC.
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	CONSOLIDATED COMMUNICATIONS OF KANSAS COMPANY
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	CONSOLIDATED COMMUNICATIONS OF MINNESOTA COMPANY
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	CONSOLIDATED COMMUNICATIONS OF MISSOURI COMPANY
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	CONSOLIDATED COMMUNICATIONS OF OKLAHOMA COMPANY
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO

 

    	 	40	 

     

    

	 	CONSOLIDATED COMMUNICATIONS OF TEXAS COMPANY
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO
	 	 
	 	CONSOLIDATED COMMUNICATIONS OF COMERCO COMPANY 
	 	 
	 	By  /s/ Steven L. Childers
	 	     Name: Steven L. Childers
	 	     Title: CFO

 

 

 

 

 

 

    	 	41	 

     

    

Accepted: As of the date first written above

 

J.P. MORGAN SECURITIES LLC

 

For itself and on behalf of the

several Initial Purchasers listed

in Schedule 1 hereto.

 

 

 

	By	/s/ Jamie Elder	 
	 	Authorized Signatory
	 	 	 

 

 

 

    	 	42	 

     

    

Schedule 1

	Initial Purchaser	
        Principal Amount 

	J.P. Morgan Securities LLC	$151,875,000
	Morgan Stanley & Co. LLC 	$151,875,000
	Wells Fargo Securities, LLC	$151,875,000
	Goldman Sachs & Co. LLC	$118,125,000
	TD Securities (USA) LLC	$88,125,000
	Deutsche Bank Securities Inc.	$50,625,000
	Mizuho Securities USA LLC	$37,500,000
	 	 
	Total	$750,000,000

 

 

 

    	 	43	 

     

    

Schedule 2

Guarantors

	 	Entity	Jurisdiction of Organization
	1.     	Consolidated Communications Holdings, Inc.	Delaware
	2.     	Consolidated Communications Enterprise Services, Inc. 	Delaware
	3.     	Consolidated Communications Finance III Co.	Delaware
	4.     	Consolidated Communications of New York Company, LLC	Delaware
	5.     	Consolidated Communications of Washington Company, LLC	Delaware
	6.     	FairPoint Business Services LLC	Delaware
	7.     	Taconic TelCom Corp.	New York
	8.     	Taconic Technology Corp.	New York
	9.     	Chautauqua & Erie Communications, Inc.	New York
	10.  	C&E Communications, Ltd.	New York
	11.  	Berkshire Cable Corp.	New York
	12.  	Berkshire Cellular, Inc.	New York
	13.  	Berkshire New York Access, Inc.	New York
	14.  	Consolidated Communications of California Company	California
	15.  	St. Joe Communications, Inc.	Florida
	16.  	Consolidated Communications of Kansas Company	Kansas
	17.  	Consolidated Communications of Minnesota Company	Minnesota
	18.  	Consolidated Communications of Missouri Company	Missouri
	19.  	Consolidated Communications of Oklahoma Company	Oklahoma
	20.  	Consolidated Communications of Texas Company	Texas
	21.  	Consolidated Communications of Comerco Company	Washington

 

    	 	44	 

     

    

Schedule 3

Subsidiaries

	 	Entity	Jurisdiction of Organization
	1.     	Consolidated Communications of California Company	California
	2.     	Consolidated Communications Holdings, Inc.	Delaware
	3.     	Consolidated Communications Enterprise Services, Inc. 	Delaware
	4.     	Consolidated Communications Finance III Co.	Delaware
	5.     	Consolidated Communications of New York Company, LLC	Delaware
	6.     	Consolidated Communications of Washington Company, LLC	Delaware
	7.     	FairPoint Business Services LLC	Delaware
	8.     	GTE Mobilnet of Texas RSA #17 Limited Partnership	Delaware
	9.     	GTE Mobilnet of South Texas Limited Partnership	Delaware
	10.   	Consolidated Communications of Pennsylvania Company, LLC	Delaware
	11.   	Pennsylvania RSA No. 6 (I) Limited Partnership	Delaware
	12.   	Pennsylvania RSA No. 6 (II) Limited Partnership	Delaware
	13.   	Pittsburg SMSA Limited Partnership	Delaware
	14.   	Consolidated Communications of Colorado Company	Delaware
	15.   	Consolidated Communications of Northland Company	Delaware
	16.   	Consolidated Communications of Ohio Company, LLC	Delaware
	17.   	Consolidated Communications of Northern New England Company, LLC	Delaware
	18.   	Consolidated Communications of Vermont Company, LLC	Delaware
	19.   	St. Joe Communications, Inc.	Florida
	20.   	Consolidated Communications of Florida Company	Florida
	21.   	Consolidated Communications of Illinois Company	Illinois
	22.   	Consolidated Communications of Central Illinois Company	Illinois
	23.   	Consolidated Communications of Kansas Company	Kansas
	24.   	Consolidated Communications of Maine Company	Maine
	25.   	Consolidated Communications of Minnesota Company	Minnesota
	26.   	Consolidated Communications of Missouri Company	Missouri
	27.   	Taconic TelCom Corp.	New York
	28.   	Taconic Technology Corp.	New York
	29.   	Chautauqua & Erie Communications, Inc.	New York
	30.   	C&E Communications, Ltd.	New York
	31.   	Berkshire Cable Corp.	New York
	32.   	Berkshire Cellular, Inc.	New York
	33.   	Berkshire New York Access, Inc.	New York
	34.   	Wireless Access, LLC	New York
	35.   	New York Access Billing, LLC	New York
	36.   	Taconic Telephone Corp.	New York

 

    	 	45	 

     

    

	37.   	Chautauqua and Erie Telephone Corporation	New York
	38.   	Berkshire Telephone Corporation	New York
	39.   	New York Access Billing, LLC	New York
	40.   	Consolidated Communications of Oklahoma Company	Oklahoma
	41.   	Chouteau Cellular Telephone Company, a Limited Partnership	Oklahoma
	42.   	Consolidated Communications of Texas Company	Texas
	43.   	East Texas Fiber Line Incorporated	Texas
	44.   	The Texas Lone Star Network LLC	Texas
	45.   	Consolidated Communications of Comerco Company	Washington

 

 

    	 	46	 

     

    

Schedule 4

Real Property

	 	State	City	Address
	1.     	CA	Roseville	114 Vernon St
	2.     	CA	Roseville	200 Vernon St
	3.     	CA	Sacramento	3008 U St
	4.     	FL	Port St Joe	502 Cecil G. Costin Sr Blvd
	5.     	IL	Mattoon	1501 Charleston Ave
	6.     	ME	Augusta	139 STATE ST
	7.     	ME	Bangor	59 PARK ST
	8.     	ME	Bath	766 HIGH ST
	9.     	ME	Biddeford	10 JEFFERSON ST
	10.  	ME	Lewiston	66 ASH ST
	11.  	ME	Portland	45 FOREST AVE
	12.  	ME	Presque Isle	30 2ND ST
	13.  	ME	Rockland	39-41 LIMEROCK ST
	14.  	ME	Waterville	10 APPLETON ST
	15.  	MN	Mankato	221 East Hickory Street
	16.  	MN	Mankato	2730 3rd Avenue
	17.  	NH	Concord	12 SOUTH ST
	18.  	NH	Derry	52 E BROADWAY
	19.  	NH	Dover	57 THOMAS ST
	20.  	NH	Hanover	4 SCHOOL ST
	21.  	NH	Keene	64 WASHINGTON ST
	22.  	NH	Laconia	762 N MAIN ST
	23.  	NH	Manchester	25 CONCORD ST
	24.  	NH	Manchester	770 ELM ST
	25.  	NH	Nashua	W PEARL ST & CEDAR ST
	26.  	NH	Portsmouth	56 ISLINGTON ST
	27.  	PA	Gibsonia	4008 Gibsonia Road Complex
	28.  	TX	Conroe	350 South Loop 336 West
	29.  	VT	Brattleboro	213 MAIN ST
	30.  	VT	Burlington	266 MAIN ST
	31.  	VT	Essex Junction	9 LINCOLN ST
	32.  	VT	Rutland	55 WEST ST
	33.  	VT	Saint Johnsbury	1094 MAIN ST
	34.  	VT	White River	119 GATES ST

    	 	47	 

     

    

ANNEX A

Additional Time of Sale Information

1.       Term sheet containing the terms of the
Securities, substantially in the form of Annex B.

 

 

 

 

 

 

    	 	48	 

     

    

ANNEX B

Pricing Term Sheet

 

[See attached]

 

 

 

 

 

 

 

 

    	 	49	 

     

    

Pricing Term Sheet, dated September 18, 2020

to Preliminary Offering Memorandum dated September 14, 2020

Strictly Confidential

 

 

Consolidated Communications, Inc.

 

6.500% Senior Secured Notes due 2028

 

 

This pricing term sheet is qualified in its entirety by reference to the Preliminary Offering
Memorandum dated, September 14, 2020 (the “Preliminary Offering Memorandum”). The information in this pricing term
sheet supplements the Preliminary Offering Memorandum and updates and supersedes the information in the Preliminary Offering Memorandum
to the extent it is inconsistent with the information in the Preliminary Offering Memorandum. Other information (including financial
information) presented in the Preliminary Offering Memorandum is deemed to have changed to the extent affected by the changes described
herein. Terms used and not defined herein have the meanings assigned in the Preliminary Offering Memorandum.

 

The notes (as defined below) have not been and will not be registered under the Securities
Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The notes are being
offered or sold only to (1) persons reasonably believed to be “qualified institutional buyers,” as defined in Rule
144A under the Securities Act and (2) outside the United States to non-U.S. persons in compliance with Regulation S under the Securities
Act.

The aggregate offering size of $750,000,000 represents a decrease of $250,000,000 from the
amount offered under the Preliminary Offering Memorandum. As a result of the change in the aggregate offering size, it is expected
that the size of the Proposed Term Loans under the Proposed Senior Secured Credit Facilities will be increased by $250,000,000
from $1,000,000,000 to $1,250,000,000 (and corresponding changes will be made where applicable throughout the Preliminary Offering
Memorandum).

 

    	 	50	 

     

    

	Issuer:	Consolidated Communications, Inc.
	Security description:	6.500% Senior Secured Notes due 2028 (the “notes”)
	Distribution:	144A / Reg S without Registration Rights
	Size:	$750,000,000 
	Gross proceeds:	$750,000,000
	Maturity:	October 1, 2028
	Coupon:	6.500%
	Issue price:	100.000% 
	Yield to maturity:	6.500%
	Spread to Benchmark Treasury:	+597 bps
	Benchmark Treasury:	UST 2.875% due August 15, 2028
	Interest Payment Dates:	April 1 and October 1, commencing April 1, 2021
	Record Dates	March 15 and September 15
	Equity clawback:	Up to 40% at 106.500% prior to October 1, 2023
	Optional redemption:	Make-whole call @ Treasury +50 bps prior to October 1, 2023, then:
	 	On or after October 1, 2023:	Price:
	 	2023	104.875%
	 	2024	103.250%
	 	2025	101.625%
	 	2026 and thereafter	100.000%
	Change of control:	Putable at 101% of principal plus accrued and unpaid interest
	Trade date:	September 18, 2020
	Settlement:	
        T+10; October 2, 2020

        It is expected that delivery of the notes will be made against payment on the notes
        on or about October 2, 2020, which is the tenth business day following the date hereof (such settlement cycle being referred to
        as “T+10”). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle
        in two business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade
        the notes on the date of pricing or the next seven business days will be required to specify an alternative settlement cycle at
        the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to make such trades should consult
        their own advisors.

	CUSIP:	144A: 20903XAF0	Reg S: U2089PAD3
	ISIN:	144A: US20903XAF06	Reg S: USU2089PAD34
	Denominations/Multiple:	2,000 x 1,000
	Ratings*:	B2 (Moody’s) / B+ (S&P)
	Bookrunners:	J.P. Morgan Securities LLC
	 	Morgan Stanley & Co. LLC
	 	Wells Fargo Securities, LLC
	 	Goldman Sachs & Co. LLC
	 	TD Securities (USA) LLC
	 	Deutsche Bank Securities Inc.
	 	
        Mizuho Securities USA LLC

	Changes to Preliminary Offering Memorandum: 	
         

         

	

    	 	51	 

     

    

	 

The section titled “Description of Notes” is hereby revised to:

		i.	under “Certain Covenants—Restricted Payments”, clarify that the amount under clause (A)(3)(a) builds from
October 1, 2020 (as opposed to the Issue Date) and amounts available under clauses (A)(3)(b) and (B)(3) will not be increased by
proceeds from the Second Purchase Price Payment (as defined in the Investment Agreement);

		ii.	clarify that Indebtedness Incurred pursuant to any Investment Transaction under clause (24) of the second paragraph of “Certain
Covenants—Indebtedness” may be refinanced;

		iii.	restrict (i) material intellectual property from being contributed to an Unrestricted Subsidiary under the definition of “Asset
Sale”, (ii) any Investment in an Unrestricted Subsidiary in the form of material intellectual property under the definition
of “Permitted Investments” and (iii) a Subsidiary from being designated as unrestricted if it holds any material intellectual
property under “Certain Covenants—Designation of Restricted and Unrestricted Subsidiaries”; and

		iv.	change references to “Subsidiaries” to “Restricted Subsidiaries” in the definitions of “Capital
Expenditures”, “Consolidated Indebtedness”, “Consolidated Interest Expense”, “Consolidated
Net Income” and “Qualified Cash and Cash Equivalents” for internal consistency.

__________________

This material is confidential and is for your information only and is not intended
to be used by anyone other than you. This information does not purport to be a complete description of these notes or the offering.
Please refer to the Preliminary Offering Memorandum for a complete description. 

    	 	52	 

     

    

This communication is being distributed solely to persons reasonably believed to
be “qualified institutional buyers,” as defined in Rule 144A under the Securities Act, and outside the United States
solely to Non-U.S. persons in compliance with Regulation S under the Securities Act.

This communication does not constitute an offer to sell or the solicitation of
an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such
jurisdiction.

*A securities rating is not a recommendation to buy, sell or hold securities and may
be subject to revision or withdrawal at any time.

Any disclaimer or other notice that may appear below is not applicable to this communication
and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by
Bloomberg or another email system.

 

 

 

 

    	 	53	 

     

    

ANNEX C

 

Restrictions on Offers and Sales Outside the United States

In connection with offers and sales of Securities outside the
United States:

(a)       Each Initial Purchaser
acknowledges that the Securities have not been registered under the Securities Act and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in transactions not subject
to, the registration requirements of the Securities Act.

(b)       Each Initial Purchaser,
severally and not jointly, represents, warrants and agrees that:

(i)       Such Initial
Purchaser has offered and sold the Securities, and will offer and sell the Securities, (A) as part of their distribution at any
time and (B) otherwise until 40 days after the later of the commencement of the offering of the Securities and the Closing Date,
only in accordance with Regulation S under the Securities Act (“Regulation S”) or Rule 144A or any other available
exemption from registration under the Securities Act.

(ii)       None of such
Initial Purchaser or any of its affiliates or any other person acting on its or their behalf has engaged or will engage in any
directed selling efforts with respect to the Securities, and all such persons have complied and will comply with the offering restrictions
requirement of Regulation S.

(iii)       At or prior
to the confirmation of sale of any Securities sold in reliance on Regulation S, such Initial Purchaser will have sent to each distributor,
dealer or other person receiving a selling concession, fee or other remuneration that purchases Securities from it during the distribution
compliance period a confirmation or notice to substantially the following effect:

The Securities covered hereby have not been registered under
the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise
until 40 days after the later of the commencement of the offering of the Securities and the date of original issuance of the Securities,
except in accordance with Regulation S or Rule 144A or any other available exemption from registration under the Securities Act.
Terms used above have the meanings given to them by Regulation S.

(iv)       Such Initial
Purchaser has not and will not enter into any contractual arrangement with any distributor with respect to the distribution of
the Securities, except with its affiliates or with the prior written consent of the Company.

    	 	54	 

     

    

Terms used in paragraph (a) and this paragraph (b) and not otherwise defined in this
Agreement have the meanings given to them by Regulation S.

(c)       Each Initial Purchaser
acknowledges that no action has been or will be taken by the Company that would permit a public offering of the Securities, or
possession or distribution of any of the Time of Sale Information, the Offering Memorandum, any Issuer Written Communication or
any other offering or publicity material relating to the Securities, in any country or jurisdiction where action for that purpose
is required.

 

 

 

 

55freedom_ex41

 

 

Exhibit 4.1

 

 

 

 

 

WARRANT
NO. __

 

 

 

WARRANT
TO PURCHASE

 

 

 

_             

shares of Common
Stock at $8.00 per share

 

 

Dated
_____ ____

 

 

 

 

NEITHER THIS WARRANT NOR ANY SHARES OF COMMON
STOCK ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE
RULES AND REGULATIONS PROMULGATED THEREUNDER (THE “SECURITIES
ACT”).

 

Freedom
Internet Group Inc., a Puerto Rico corporation (the
“Company”),
hereby certifies that the holder named on the signature page below
and its successors and assigns (collectively, the
“Holder”), who
is contemporaneously purchasing shares of the Company’s
common stock pursuant to that certain subscription agreement on
even date herewith (the “Subscription Agreement”), and
entered into by and between the Company and the Holder, for value
received, is entitled to purchase from the Company at any time
prior to the Expiration Date (as defined in Section 2) (the
“Exercise
Period”), up to _shares of the
Company’s

common
stock, par value $0.01 per share (the “Common Stock”), at the exercise
price of $8.00 per share (the “Exercise Price”). Each certificate
evidencing the shares of Common Stock issued upon some or all of
this Warrant (“Warrant”) shall bear the
appropriate restrictive legend set forth below, except that any
such certificate shall not bear such restrictive legend if (i) it
is transferred pursuant to an effective registration statement
under the Securities Act of 1933, as amended, (the
“Securities
Act”) or in compliance with Rule 144 or Rule 144A
promulgated under the Securities Act, or (ii) the Company is
provided with an opinion of counsel to the effect that such legend
is not required in order to establish compliance with the
provisions of the Securities Act:

 

"THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.
THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN
ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE
SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A
TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS
RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT
SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES
ACT AND SUCH OTHER APPLICABLE LAWS."

 

1.

Exercise of
Warrants.

 

Upon
presentation and surrender at the principal executive office of the
Company of this Warrant during the Exercise Period, along with the
Election to Purchase form attached hereto as Exhibit A duly executed,
together with a check, wire or other means agreed to by the
Company, to the Company in the amount of the Exercise Price
multiplied by the number of shares of Common Stock being purchased,
the Company will cause its Transfer Agent to deliver to the holder
hereof, certificates of Common Stock which in the aggregate
represent the number of shares of Common Stock being purchased.
This Warrant may be partially exercised and, in the case of such
partial exercise, the Company, upon surrender hereof, will deliver
to the Holder a new Warrant representing the number of shares which
have not been exercised.

 

2.

Exercise Period.

 

(a) The right to
acquire shares of Common Stock of the Company pursuant to this
Warrant shall commence on the date hereof. The right to acquire
shares of Common Stock of the Company pursuant to this Warrant
shall expire on December 31, 2021 (the “Expiration Date”). After the
Expiration Date, the Holder shall have no right to purchase any
shares of Common Stock pursuant to this Warrant.

 

 

 

 

(b) The rights
represented by this Warrant may be exercised by the Holder, in
whole or in part (with respect to shares of Common Stock), subject
to the conditions contained herein and at any time within the
period specified in Section 2(a) by: (i) surrender of this Warrant
for calculation (with the Election to Purchase form at the end
hereof properly executed) at the principal executive office of the
Company (or at such other office or agency of the Company as it may
designate by notice in writing to the Holder at the address of the
Holder appearing on the books of the Company); (ii) payment to the
Company of the Exercise Price for the number of shares of Common
Stock specified in the Election to Purchase form, together with the
amount of applicable stock transfer taxes, if any; and/or (iii)
delivery to the Company of a duly executed agreement signed by the
person(s) designated in the Election to Purchase form to the effect
that such person(s) agree(s) to be bound by all of the terms and
conditions of this Warrant. This Warrant shall be deemed to have
been exercised, in whole or in part to the extent specified,
immediately prior to the close of business on the date on which all
of the applicable provisions of this Section 2(b) are reasonably
satisfied, and the person(s) designated in the Election to Purchase
form shall become the holder(s) of record of the shares of Common
Stock issuable upon such exercise at that time and
date.

 

3.

Rights and Obligations of Holders of
this Warrant: Anti-Dilution.

 

(a) The Holder of this
Warrant shall not, by virtue hereof, be entitled to any rights of a
stockholder in the Company, either at law or in equity; provided,
however, that in the event any certificate representing shares of
Common Stock or other securities is issued to the Holder hereof
upon exercise of some or all of this Warrant, such Holder shall,
for all purposes, be deemed to have become the holder of record of
such Common Stock on the date on which all of the applicable
provisions of Section 2(b) have been met, irrespective of the date
of delivery of such share certificate.

 

(b) In case the Company
shall (i) pay a dividend in its Common Stock or make a distribution
in its Common Stock, (ii) subdivide its outstanding Common Stock
into a greater number of shares, (iii) combine its outstanding
Common Stock into a smaller number of shares (including a
recapitalization in connection with any consolidation or merger),
then the Exercise Price on the record date of such division or the
effective date of such action shall be adjusted by multiplying such
Exercise Price by a fraction, the numerator of which is the number
of shares of Common Stock outstanding immediately before such event
and the denominator of which is the number of shares of Common
Stock outstanding immediately after such event and the number of
shares of Common Stock for which this Warrant may be exercised
immediately before such event shall be adjusted by multiplying such
number by a fraction, the numerator of which is the Exercise Price
immediately before such event and the denominator of which is the
Exercise Price immediately after such event.

 

(c) In the case of any
consolidation or merger of the Company with or into another
corporation (other than any consolidation or merger in which the
Company is the continuing corporation and which does not result in
any reclassification of the outstanding shares of Common Stock) or
the conversion of such outstanding shares of Common Stock into
shares or other stock or other securities or property, or the
liquidation, sale or transfer of the property of the Company as an
entity or substantially as an entirety and for other unusual
events, there shall be deliverable upon exercise of the Warrant (in
lieu of the number of shares of Common Stock theretofore
deliverable) the number of shares of stock or other securities or
property to which a holder of the number of shares of Common Stock
which would otherwise have been deliverable upon the exercise of
this Warrant would have been entitled upon such action if this
Warrant had been exercised immediately prior to such
action.

 

(d) Either the Company
or the Holder(s) may require that the Company assign the
obligations of the Company described in this Warrant to any
successor of the Company if the Company is not the surviving entity
of a merger or consolidation. The Company must give the Holder(s)
hereof five(5) business days’ notice of the terms of any such
consolidation or merger and the terms thereof.

 

4.

Covenants of the
Company.

	
 

 

Appendix
C to Private Placement Memorandum - Form of Investor
Warrant

 

 

 

(a) The Company
covenants and agrees that all shares of Common Stock issuable upon
exercise of this Warrant will, upon delivery, be duly and validly
authorized and issued, fully-paid and non-assessable.

 

 

(b) The Company
covenants and agrees that it will at all times prior to expiration
of this Warrant reserve and keep available an authorized number of
shares of its Common Stock and other applicable securities
sufficient to permit the exercise in full of all outstanding
convertible securities, options, warrants and rights, including
this Warrant.

 

5. Issuance of Certificates. As
soon as possible after any full or partial exercise of this
Warrant, but in any event no more than ten (10) business days, the
Company, at its expense, will cause to be issued in the name of and
delivered to the Holder of this Warrant, a certificate or
certificates for the number of fully paid and non- assessable
shares of Common Stock to which that Holder shall be entitled on
such exercise. No fractional shares will be issued on exercise of
this Warrant. If, on any exercise of this Warrant, a fractional
share results, the Company will pay the cash value of that
fractional share, calculated on the basis of the Exercise Price.
All such certificates shall bear a restrictive legend to the effect
that the shares of Common Stock represented by such certificate
have not been registered under the Securities Act, and the shares
of Common Stock may not be sold or transferred in the absence of
such registration or an exemption therefrom, such legend to be
substantially in the form of the bold face language appearing on
Page 1 of this Warrant.

 

6.

Successors and Assigns:
Transfer.

 

(a) This Warrant shall
be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and assigns.

 

(b) This Warrant may be
transferred at any time by: (i) surrender of this Warrant for
cancellation with the Transfer form attached hereto as Exhibit B, properly executed at
the office or agency of the Company referred to in Section 1; and
(ii) delivery of an opinion of counsel stating that the proposed
transfer may be made without registration or qualification under
applicable Federal or state securities laws. Notwithstanding the
foregoing, this Warrant may only be transferred to members,
managers, officers, directors, employees, consultants or heirs of
the initial Holder hereof. This Warrant shall be deemed to have
been transferred, in whole or in part to the extent specified,
immediately prior to the close of business on the date the
provisions of this Section 6 are satisfied, and the transferee(s)
designated in the Transfer form shall become the holder(s) of
record at that time and date. The Company shall issue, in the
name(s) of the designated transferee(s) (including the Holder if
this Warrant has been transferred in part) a new Warrant or
Warrants of like tenor and representing, in the aggregate, rights
to purchase the same number of shares of Common Stock as are then
purchasable under this Warrant. Such new Warrant or Warrants shall
be delivered to the record holder(s) thereof within a reasonable
time, not exceeding ten (10) business days, after the rights
represented by this Warrant shall have been so transferred. As used
herein (unless the context otherwise requires), the term
“Holder” shall include each such transferee, and the
term “Warrant” shall include each such transferred
Warrant.

 

7. Disposition of Warrants or
Shares. The Holder of this Warrant, each transferee hereof
and any holder and transferee of any shares of Common Stock, by his
or its acceptance thereof, agrees that no public distribution of
Warrants or Common Stock will be made in violation of the
provisions of the Securities Act.

 

8. Notices. Except as otherwise
specified herein to the contrary, all notices, requests, demands
and other communications required or desired to be given hereunder
shall only be effective if given in writing by certified or
registered mail, return receipt requested, postage prepaid, or by
U.S. express mail service or national overnight courier service.
Any such notice shall be deemed to have been given (a) on the
business day immediately subsequent to mailing, if sent by a
reputable national overnight courier service, or (b) five (5)
business days following the mailing thereof, if mailed by certified
or registered mail, postage pre-paid, return receipt requested, and
all such notices shall be sent to the following addresses (or to
such other address or addresses as a part may have advised the
other in the manner provided in this Section 8):

 

 

	
If
to the Company:

	
Freedom Internet
Group Inc.

c/o
Ronald Rosenfarb

4123
Isla Verde Ave., Apt. 1505

Carolina,
Puerto Rico 00979

Tel.
(855)-422-4200.

 

 

	
 

 

Appendix
C to Private Placement Memorandum - Form of Investor
Warrant

 

 

 

	
If
to the Holder:

	
At
the Holder’s address contained in the Holder’s
executed
Subscription Agreement.

 

9. Governing Law. This Warrant and
all rights and obligations hereunder shall be deemed to be made
under and governed by the laws of New York applicable to agreements
made and to be performed entirely within such State, without
reference to such State's laws regarding the conflict of
laws.

 

10. Amendment or Waiver. Any
provision of this Warrant may be amended, waived or modified upon
the written consent of the Company and any Holder; provided,
however, that such amendment, waiver or modification applies by its
terms to that particular Holder, only; and provided further, that a
Holder may waive any of its rights or the Company's obligations to
such Holder without obtaining the consent of any other
Holder.

 

11. Headings. The headings of
various sections of this Warrant have been inserted for reference
only and shall not be a part of this Warrant.

 

12. Venue. Any litigation arising
hereunder shall be instituted only in Florida. All parties agree
that venue shall be proper in Florida for all such legal or
equitable proceedings.

 

13. Attorney Fees. The prevailing
party in any litigation, arbitration or mediation relating to this
Warrant shall be entitled to recover its reasonable
attorney’s fees from the other party for all matters,
including but not limited to appeals.

 

 

 

Signature Page Attached

	
 

 

Appendix
C to Private Placement Memorandum - Form of Investor
Warrant

 

 

 

IN WITNESS WHEREOF, the Company has
caused this Warrant to be duly executed, by its duly authorized
officers under its corporate seal and to be dated as of the date
set forth below.

 

 

Dated                                      

, 2020

 

 

	

 

	
FREEDOM
INTERNET GROUP INC.

	

 

	

 

	

 

	

 

	

 

	

	
By:  

	
/s/ 

	

 

	

 

	

 

	
Name: Alton
“Ace” Chapman, Jr.  

	

 

	

 

	

 

	

Title:
Chief
Executive Officer  

	

 

 

 

HOLDER

 

 

 

__ ______ _____ ___

 

__ ______ _____ ___

	
 

 

Appendix
C to Private Placement Memorandum - Form of Investor
Warrant

 

 

 

EXHIBIT A

 

 

 

ELECTION TO PURCHASE

 

To be
Executed by the Holder in Order to Exercise the
Warrant

 

 

 

The
undersigned Holder of the foregoing Warrant hereby irrevocably
elects to exercise the purchase rights represented by such Warrant,
and to purchase thereunder, to the extent of shares of Common
Stock, $0.01 par value (“Common Stock”).

 

 

Payment
be made in the form of lawful money of the United
States.

 

 

The
undersigned requests that the certificates for the shares of such
Common Stock be issued in the name(s) of, and delivered to, the
person(s) whose name(s) and address(es) are set forth
below:

 

 

 

(Please
type or print name and address)

 

 

 

(Social
Security or tax identification number)

 

 

and delivered
to:                                                                                                                                            
(Please type or print name and address)

 

 

and, if
such number of shares of Common Stock shall not be all the Common
Stock evidenced by this Warrant, that a new Warrant of like tenor
for the balance of the shares of Common Stock subject to the
Warrant be registered in the name of, and delivered to, the Holder
at the address stated below.

 

If the
undersigned is electing to purchase shares of Common Stock
hereunder for cash, then in full payment of the purchase price with
respect to the portion of the Warrant exercised and transfer taxes,
if any, the undersigned hereby tenders payment of $ , by check, money order
or wire transfer payable in United States currency to the order of
Freedom Internet Group Inc. or its successor.

 

 

	
Dated:_________________________

	
_________________________ 

	
 

	
Name

	
 

	
 

	
 

	
_________________________ 

	
 

	
Address

	
 

	
_________________________ 

	
 

	
_________________________
   

 

 

 

 

 

 

 

 

 

 

Signatures
guaranteed by:

 

_________________________

 

 

	
 

 

Appendix
C to Private Placement Memorandum - Form of Investor
Warrant

 

 

 

EXHIBIT B

 

 

 

TRANSFER

 

 

 

To be
Executed by the Holder in Order to Transfer the Warrant (To be
signed only upon transfer of Warrant)

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns, and transfers unto
 ______ _____ ____ the right to
purchase shares of the Common Stock, $0.01 par value per share
(“Common
Stock”), of Freedom Internet Group Inc.
(the “Company”) represented by the foregoing
Warrant to the extent of __ ______ _____ shares of Common Stock
and appoints attorney to transfer such rights on the books of the
Company, with full power of substitution in the
premises.

 

	
Dated: 
_________________________

	
_________________________ 

	
 

	
Name

	
 

	
 

	
 

	
_________________________ 

	
 

	
Address

 

 

 

 

 

Signatures
guaranteed by:

 

_________________________ 

 

 

 

Taxpayer
Identification Number:

 

_________________________ 

 

	
 

 

Appendix
C to Private Placement Memorandum - Form of Investor
Warrant

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