Document:

Exhibit
10.16

 

 

 

IGN
Entertainment, Inc.,

 

The
Purchasers Listed on the Signature Pages Hereto,

 

and

 

US
Bank National Association,

as Collateral Agent

 

 

$22,500,000
Principal Amount

of

Senior Secured Notes due March 31, 2009

of IGN ENTERTAINMENT, INC.

 

 

PURCHASE
AGREEMENT

 

Dated
March 3, 2004

 

 

 

 

TABLE
OF CONTENTS

 

	
  ARTICLE I PURCHASE AND SALE OF
  NOTES

  	
   

  
	
   

  	
   

  
	
  Section 1.1

  	
  Issue of Notes

  	
   

  
	
  Section 1.2

  	
  Sale and Purchase of the Notes; the Closing

  	
   

  
	
  Section 1.3

  	
  Purchaser’s Representations and Warranties

  	
   

  
	
  Section 1.4

  	
  Outside Closing Date

  	
   

  
	
  Section 1.5

  	
  Interest

  	
   

  
	
  Section 1.6

  	
  Expenses

  	
   

  
	
  Section 1.7

  	
  Indemnification

  	
   

  
	
  Section 1.8

  	
  Contribution

  	
   

  
	
  Section 1.9

  	
  Register of Notes; etc.

  	
   

  
	
  Section 1.10

  	
  Further Action

  	
   

  
	
  Section 1.11

  	
  Taxes

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II CLOSING CONDITIONS

  	
   

  
	
   

  	
   

  
	
  Section 2.1

  	
  Representations and Warranties True; No Event of
  Default

  	
   

  
	
  Section 2.2

  	
  Compliance with this Agreement

  	
   

  
	
  Section 2.3

  	
  GameSpy Acquisition

  	
   

  
	
  Section 2.4

  	
  Compliance Certificates

  	
   

  
	
  Section 2.5

  	
  Opinion of Counsel

  	
   

  
	
  Section 2.6

  	
  Issuance of the Notes

  	
   

  
	
  Section 2.7

  	
  Sources and Uses of Funds

  	
   

  
	
  Section 2.8

  	
  Financial Statements

  	
   

  
	
  Section 2.9

  	
  Assets and Liabilities

  	
   

  
	
  Section 2.10

  	
  Proceedings Satisfactory

  	
   

  
	
  Section 2.11

  	
  Consents and Permits

  	
   

  
	
  Section 2.12

  	
  Solvency Certificate

  	
   

  
	
  Section 2.13

  	
  Note Documents

  	
   

  
	
  Section 2.14

  	
  Security

  	
   

  
	
  Section 2.15

  	
  Payment of Fees and Expenses

  	
   

  
	
  Section 2.16

  	
  No New Information

  	
   

  
	
  Section 2.17

  	
  Purchase Permitted by Applicable Laws; Legal
  Investment

  	
   

  
	
  Section 2.18

  	
  No Material Adverse Change

  	
   

  
	
  Section 2.19

  	
  Disbursement Instructions

  	
   

  
	
  Section 2.20

  	
  Other Assurances

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III HOLDER’S SPECIAL
  RIGHTS

  	
   

  
	
   

  	
   

  
	
  Section 3.1

  	
  Service Charges

  	
   

  
	
  Section 3.2

  	
  Direct Payment

  	
   

  
	
  Section 3.3

  	
  Lost, etc. Notes

  	
   

  

 

i

 

	
  Section 3.4

  	
  Inspection

  	
   

  
	
  Section 3.5

  	
  Private Placement Number

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV REPRESENTATIONS
  AND WARRANTIES

  	
   

  
	
   

  	
   

  
	
  Section 4.1

  	
  Organization, Standing and Qualification

  	
   

  
	
  Section 4.2

  	
  Capitalization

  	
   

  
	
  Section 4.3

  	
  Directors, Owners and Affiliates of the Company

  	
   

  
	
  Section 4.4

  	
  Authorization of the Note Documents

  	
   

  
	
  Section 4.5

  	
  No Violation

  	
   

  
	
  Section 4.6

  	
  No Defaults

  	
   

  
	
  Section 4.7

  	
  Use of Proceeds

  	
   

  
	
  Section 4.8

  	
  Outstanding Indebtedness; Liens

  	
   

  
	
  Section 4.9

  	
  Financial Statements; Projections; No Undisclosed
  Liabilities

  	
   

  
	
  Section 4.10

  	
  No Material Adverse Change

  	
   

  
	
  Section 4.11

  	
  Litigation

  	
   

  
	
  Section 4.12

  	
  Title to and Condition of Properties

  	
   

  
	
  Section 4.13

  	
  Environmental Compliance

  	
   

  
	
  Section 4.14

  	
  Intellectual Property

  	
   

  
	
  Section 4.15

  	
  Taxes

  	
   

  
	
  Section 4.16

  	
  ERISA

  	
   

  
	
  Section 4.17

  	
  Material Contracts

  	
   

  
	
  Section 4.18

  	
  Compliance with Laws; Charter Documents; Material
  Contracts

  	
   

  
	
  Section 4.19

  	
  Labor Relations

  	
   

  
	
  Section 4.20

  	
  No Violation of Regulations of Board of Governors
  of Federal Reserve System

  	
   

  
	
  Section 4.21

  	
  Private Offering

  	
   

  
	
  Section 4.22

  	
  Governmental Regulations

  	
   

  
	
  Section 4.23

  	
  Brokers

  	
   

  
	
  Section 4.24

  	
  Solvency

  	
   

  
	
  Section 4.25

  	
  Full Disclosure

  	
   

  
	
  Section 4.26

  	
  Representations in Securities Purchase Agreement

  	
   

  
	
  Section 4.27

  	
  Survival of Representations and Warranties

  	
   

  
	
  Section 4.28

  	
  Security Interests

  	
   

  
	
  Section 4.29

  	
  Real Property

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V AFFIRMATIVE
  COVENANTS

  	
   

  
	
   

  	
   

  
	
  Section 5.1

  	
  Payment of Notes

  	
   

  
	
  Section 5.2

  	
  Delivery of Financial and Other Statements and
  Reports

  	
   

  
	
  Section 5.3

  	
  Taxes

  	
   

  
	
  Section 5.4

  	
  Insurance

  	
   

  
	
  Section 5.5

  	
  Corporate Existence

  	
   

  
	
  Section 5.6

  	
  Books and Records

  	
   

  
	
  Section 5.7

  	
  Compliance with Laws

  	
   

  
	
  Section 5.8

  	
  Use of Proceeds

  	
   

  
	
  Section 5.9

  	
  Offer to Purchaser with Excess Cash and Net
  Financing Proceeds

  	
   

  

 

ii

 

	
  Section 5.10

  	
  Additional Collateral, etc.

  	
   

  
	
  Section 5.11

  	
  Security Interests

  	
   

  
	
  Section 5.12

  	
  Post Closing Security Interest Matters

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI NEGATIVE COVENANTS

  	
   

  
	
   

  	
   

  
	
  Section 6.1

  	
  Incurrence of Indebtedness and Issuance of
  Preferred Stock

  	
   

  
	
  Section 6.2

  	
  No Layering.

  	
   

  
	
  Section 6.3

  	
  Restrictions on Liens

  	
   

  
	
  Section 6.4

  	
  Limitation on Restricted Payments

  	
   

  
	
  Section 6.5

  	
  No Amendment to Senior Subordinated Notes or
  Preferred Stock.

  	
   

  
	
  Section 6.6

  	
  Asset Sales; Casualty Proceeds

  	
   

  
	
  Section 6.7

  	
  Limitation on Sale and Leaseback Transactions

  	
   

  
	
  Section 6.8

  	
  Limitation on Issuances and Sales of Capital Stock
  of Wholly Owned Subsidiaries

  	
   

  
	
  Section 6.9

  	
  Business Activities

  	
   

  
	
  Section 6.10

  	
  Stay, Extension and Usury Laws

  	
   

  
	
  Section 6.11

  	
  Investment Company Act; United States Real
  Property Holding Corporation

  	
   

  
	
  Section 6.12

  	
  No Merger, etc.

  	
   

  
	
  Section 6.13

  	
  Limitation on Transactions With Affiliates

  	
   

  
	
  Section 6.14

  	
  Limitation on Dividends and Other Payment
  Restrictions Affecting Subsidiaries

  	
   

  
	
  Section 6.15

  	
  Payments for Consent

  	
   

  
	
  Section 6.16

  	
  Employee Plans

  	
   

  
	
  Section 6.17

  	
  ERISA Notices

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII
  FINANCIAL COVENANTS

  	
   

  
	
   

  	
   

  
	
  Section 7.1

  	
  Minimum
  Consolidated EBITDA.

  	
   

  
	
  Section 7.2

  	
  Minimum EBITDA
  to Consolidated Interest Expense

  	
   

  
	
  Section 7.3

  	
  Limitation on Capital
  Expenditures.

  	
   

  
	
  Section 7.4

  	
  Leverage Ratio.

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII
  DEFAULTS AND REMEDIES

  	
   

  
	
   

  	
   

  
	
  Section 8.1

  	
  Event of Default

  	
   

  
	
  Section 8.2

  	
  Acceleration

  	
   

  
	
  Section 8.3

  	
  Other Remedies

  	
   

  
	
  Section 8.4

  	
  Waiver of Past
  Defaults

  	
   

  
	
  Section 8.5

  	
  Rights of
  Holders of Notes to Receive Payment

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX
  COLLATERAL AGENT

  	
   

  
	
   

  	
   

  
	
  Section 9.1

  	
  Appointment

  	
   

  
	
  Section 9.2

  	
  Delegation of Duties

  	
   

  
	
  Section 9.3

  	
  Exculpatory
  Provisions

  	
   

  
	
  Section 9.4

  	
  Reliance by
  Collateral Agent

  	
   

  

 

iii

 

	
  Section 9.5

  	
  Notice of Default

  	
   

  
	
  Section 9.6

  	
  Non-Reliance on
  the Collateral Agent and Holders

  	
   

  
	
  Section 9.7

  	
  Indemnification

  	
   

  
	
  Section 9.8

  	
  Collateral
  Agent in its Individual Capacity

  	
   

  
	
  Section 9.9

  	
  Successor
  Collateral Agent

  	
   

  
	
  Section 9.10

  	
  Authorization
  to Release Liens and Guarantees

  	
   

  
	
  Section 9.11

  	
  Withholding Tax

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE X
  REDEMPTION AND REPURCHASE OF THE NOTES

  	
   

  
	
   

  	
   

  
	
  Section 10.1

  	
  Optional Redemption

  	
   

  
	
  Section 10.2

  	
  Excess Proceeds
  Offers and Mandatory Repurchase Offers

  	
   

  
	
  Section 10.3

  	
  Selection of
  Notes to Be Redeemed or Purchased

  	
   

  
	
  Section 10.4

  	
  Notice of
  Redemption

  	
   

  
	
  Section 10.5

  	
  Effect of
  Notice of Redemption

  	
   

  
	
  Section 10.6

  	
  Deposit of
  Redemption or Purchase Price

  	
   

  
	
  Section 10.7

  	
  Notes Redeemed
  or Purchased in Part

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI
  DEFINITIONS

  	
   

  
	
   

  	
   

  
	
  ARTICLE XII
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  
	
  Section 12.1

  	
  Notices

  	
   

  
	
  Section 12.2

  	
  Survival of
  Agreement

  	
   

  
	
  Section 12.3

  	
  Successors and
  Assigns

  	
   

  
	
  Section 12.4

  	
  Amendment and
  Waiver

  	
   

  
	
  Section 12.5

  	
  Release of
  Collateral and Guarantee Obligations.

  	
   

  
	
  Section 12.6

  	
  Independence of
  Covenants

  	
   

  
	
  Section 12.7

  	
  No Fiduciary
  Relationship

  	
   

  
	
  Section 12.8

  	
  No Duty

  	
   

  
	
  Section 12.9

  	
  Counterparts

  	
   

  
	
  Section 12.10

  	
  Calculations;
  Computations

  	
   

  
	
  Section 12.11

  	
  Interpretation

  	
   

  
	
  Section 12.12

  	
  GOVERNING LAW;
  JURISDICTION; VENUE; WAIVER OF JURY TRIAL.

  	
   

  
	
  Section 12.13

  	
  Entire Agreement

  	
   

  
	
  Section 12.14

  	
  Severability

  	
   

  

 

	
  Exhibits
  and Schedules

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
  Form of Note

  	
   

  
	
  Exhibit B

  	
  Section 871(h) or 881(c) Statement

  	
   

  
	
  Exhibit C

  	
  Form of Legal Opinion

  	
   

  
	
  Exhibit D

  	
  From of Solvency Certificate

  	
   

  
	
  Exhibit E

  	
  Form of Guarantee and Collateral
  Agreement

  	
   

  

 

iv

 

	
  Schedule 2.7

  	
  Sources and Uses of
  Funds

  	
   

  
	
  Schedule 4.1(a)

  	
  Charter Documents

  	
   

  
	
  Schedule 4.1(c)

  	
  Subsidiaries

  	
   

  
	
  Schedule 4.1(d)

  	
  Agreements Imposing
  Restrictions on Payment of Dividends

  	
   

  
	
  Schedule 4.2

  	
  Capitalization

  	
   

  
	
  Schedule 4.3

  	
  Directors, Owners and
  Affiliates

  	
   

  
	
  Schedule 4.5

  	
  Consents, Approvals and
  Authorizations

  	
   

  
	
  Schedule 4.8

  	
  Existing Indebtedness
  and Existing Liens

  	
   

  
	
  Schedule 4.9(a)

  	
  Historical Financial
  Statements

  	
   

  
	
  Schedule 4.9(b)

  	
  Projections

  	
   

  
	
  Schedule 4.9(c)

  	
  Undisclosed Liabilities

  	
   

  
	
  Schedule 4.11

  	
  Litigation

  	
   

  
	
  Schedule 4.13

  	
  Environmental
  Compliance

  	
   

  
	
  Schedule 4.14

  	
  Intellectual Property

  	
   

  
	
  Schedule 4.16(a)

  	
  ERISA Plans

  	
   

  
	
  Schedule 4.16(b)

  	
  ERISA Plan Payments

  	
   

  
	
  Schedule 4.17

  	
  Material Contracts

  	
   

  
	
  Schedule 4.23

  	
  Brokers

  	
   

  
	
  Schedule 4.29

  	
  Real Property

  	
   

  

 

v

 

NOTE
PURCHASE AGREEMENT

 

This Note Purchase
Agreement (“Agreement”),
dated as of March 3, 2004, is among IGN Entertainment, Inc., a Delaware
corporation (the “Company”),
the purchasers listed on the signature pages hereto (collectively, the “Purchasers”) and US
Bank National Association, as collateral agent (the “Collateral Agent”).

 

RECITALS

 

WHEREAS, pursuant to an
Agreement and Plan of Merger, dated as of December 3, 2003, by and among, the
Company, IGN Acquisition Corp. (“Merger Subsidiary”), GameSpy Industries,
Inc., a California corporation (“GameSpy”), and certain shareholders of
GameSpy, Merger Subsidiary, a wholly owned subsidiary of the Company, will
merge with and into GameSpy (the “Merger”) and the holders of shares of capital
stock of GameSpy will receive cash in consideration for such merger;

 

WHEREAS, pursuant to a
Securities Purchase Agreement, dated as of the date hereof (the “Securities Purchase Agreement”),
among the Company and the purchasers named therein, the Company has issued
$20.0 million in aggregate principal amount of its Senior Subordinated Notes
due March 3, 2010, 56,298 shares of its Series B Preferred Stock, and warrants
to purchase 56,298 shares of its Common Stock;

 

WHEREAS, pursuant to a
Securities Purchase Agreement, dated as of the date hereof (the “Series A Preferred Stock Purchase
Agreement”), among the Company and the purchasers named therein,
the Company has issued 4,999,392 shares of its Series A Preferred Stock;

 

WHEREAS, on the Closing
Date, the Company desires to sell to the Purchasers, and the Purchasers,
severally and not jointly, desire to purchase from the Company, an aggregate of
$22.5 million in aggregate principal amount of the Company’s Senior Secured
Notes due March 31, 2009, subject to the terms and conditions and for the
consideration provided herein; and

 

WHEREAS, the proceeds
from the sale of the Notes, the Senior Subordinated Notes, the Series A
Preferred Stock, and the Series B Preferred Stock shall be contributed by the
Company to Merger Subsidiary, and Merger Subsidiary shall apply such proceeds
to finance a portion of the Merger, including related fees and expenses;

 

NOW THEREFORE, in
consideration of the foregoing and the covenants, agreements, representations
and warranties contained in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by
the parties, the parties hereto hereby agree as follows:

 

 

ARTICLE
I

PURCHASE AND SALE OF NOTES

 

Section 1.1           
Issue of Notes

 

On or before the Closing
(as defined herein), the Company will have authorized the issuance of $22.5
million in aggregate principal amount of the Notes to the Purchasers.  The
Notes will be issued in the form attached hereto as Exhibit A.  The
Notes will be Guaranteed by all current and future Domestic Subsidiaries of the
Company in accordance with this Agreement.

 

Capitalized terms used
herein without definition shall have the meanings assigned to them in Article
XI.

 

The obligations of each
Purchaser under this Agreement are several and not joint obligations, and each
Purchaser will have no obligation or liability to any Person for the
performance or non-performance by any other Purchasers hereunder.

 

Section 1.2           
Sale and Purchase of
the Notes; the Closing

 

In reliance upon each
Purchaser’s representations made in Section 1.3 and subject to the terms
and conditions set forth in the Note Documents, the Company hereby agrees to issue
and sell to each Purchaser the Notes set forth below its name on the signature
pages hereto for the Note Purchase Price.  In reliance upon the
representations and warranties of the Company contained in the Note Documents,
and subject to the terms and conditions set forth herein and therein, each
Purchaser hereby agrees (severally and not jointly) to purchase such Notes from
the Company.

 

The sale and purchase of
the Notes to be purchased by the Purchasers will take place at a closing (the “Closing”) at 10:00
a.m. New York City time on March 3, 2004, at the offices of Goodwin Procter
LLP, 53 State Street, Boston, MA 02109 or at such other time and place as is
mutually agreed to by the Company and the Purchasers (the “Closing Date”). 
At the Closing, the Company will deliver to each Purchaser the Notes to be
purchased by it (in such permitted denomination or denominations and registered
in its name or the name of such nominee or nominees as such Purchaser may
request) against payment of the purchase price of the Notes by intra-bank or
federal funds wire transfer of immediately available funds to such bank
accounts as the Company designates.

 

Section 1.3           
Purchaser’s
Representations and Warranties

 

(a) 
Each Purchaser represents that it is purchasing the Notes to be purchased by it
solely for its own account and not as nominee or agent for any other Person and
not with a view to, or for offer or sale in connection with, any distribution
thereof (within the meaning of the Securities Act) that would be in violation
of the securities laws of the United States of America or any state thereof,
without prejudice, however, to each Purchaser’s right at all times to sell or
otherwise dispose of all or any part of such Notes pursuant to a registration
statement under the Securities Act or pursuant to an exemption from the
registration requirements of the Securities

 

2

 

Act,
and subject, nevertheless, to the disposition of each Purchaser’s property
being at all times within its control.

 

Each Purchaser further
represents that it:

 

(i)           
is
knowledgeable, sophisticated and experienced in business and financial matters;

 

(ii)          
has
previously invested in securities similar to the Notes and fully understand the
limitations on transfer described in Section 1.3(b) and the restrictions
on sales and other dispositions in the Note Documents;

 

(iii)         
is
able to bear the economic risk of its investment in the Notes and is currently
able to afford the complete loss of such investment;

 

(iv)         
is
an “accredited investor” as defined in Regulation D promulgated under the
Securities Act;

 

(v)          
understands
that:

 

(A)         
the Notes have not been
registered under the Securities Act and are being issued by the Company in
transactions exempt from the registration requirements of the Securities Act;
and

 

(B)          
the Notes may not be offered or
sold except pursuant to an effective registration statement under the Securities
Act or pursuant to an applicable exemption from registration under the
Securities Act; and

 

(C)          
the exemption from registration
afforded by Rule 144 (the provisions of which are known to such Purchaser)
promulgated under the Securities Act depends on the satisfaction of various
conditions, and that, if applicable, Rule 144 may afford the basis for sales
only in limited amounts.

 

Each Purchaser acknowledges that it has conducted its
own analysis of the Company’s financial condition and other foregoing factors
in determining to make an investment in the Notes.  Additionally, each
Purchaser acknowledges that it is a resident of the State of New York for
purposes of the application of state securities laws to its purchase of the
Notes.

 

(b) 
If any Purchaser desires to sell or otherwise dispose of all or any part of the
Notes (other than to a Permitted Transferee or pursuant to Rule 144 or Rule
144A or an effective registration statement under the Securities Act), if
requested by the Company, it will deliver to the Company an opinion of counsel,
reasonably satisfactory in form and substance to the Company, that an exemption
from registration under the Securities Act is available.  Upon original
issuance thereof, and until such time as the same is no longer required under
the applicable requirements of the Securities Act, the Notes (and all
securities issued in exchange therefor or substitution thereof) shall bear the
following legend:

 

3

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”).  THE HOLDER MAY NOT OFFER, SELL, TRANSFER, ASSIGN,
PLEDGE, HYPOTHECATE, OR OTHERWISE DISPOSE OF OR ENCUMBER THE SECURITIES REPRESENTED
BY THIS CERTIFICATE EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER AND THE
RULES AND REGULATIONS PROMULGATED THEREUNDER AND (B) IN COMPLIANCE WITH ANY
APPLICABLE STATE SECURITIES LAW.  THE ISSUER OF THESE SECURITIES MAY
REQUEST AN OPINION OF LEGAL COUNSEL FOR THE HOLDER REASONABLY SATISFACTORY TO
THE ISSUER THAT ANY SUCH OFFER, SALE, TRANSFER, ASSIGNMENT, PLEDGE,
HYPOTHECATION, OR OTHER DISPOSITION OR ENCUMBRANCE IS EXEMPT FROM THE
REGISTRATION PROVISIONS OF THE SECURITIES ACT AND THE RULES AND REGULATIONS
PROMULGATED THEREUNDER.”

 

Section 1.4           
Outside Closing Date

 

If at the Closing any of
the conditions to the Closing specified in this Agreement shall not have been
fulfilled to each Purchaser’s reasonable satisfaction or if the Closing fails
to occur on or before April 30, 2004, each Purchaser will, at its election and
notwithstanding anything to the contrary in this Agreement, be relieved of all
further obligations under this Agreement without thereby waiving any rights it
may have by reason of such nonfulfillment or failure.  Nothing in this Section
1.4 will operate to relieve the Company from any of its obligations
hereunder.

 

Section 1.5           
Interest

 

(a) 
The Company shall pay interest on the principal amount of the Notes (measured
on the date immediately preceding the date such interest payment is due) at a
variable rate that will be reset quarterly commencing March 31, 2004, from the
date of this Agreement until maturity.  The interest rate for any period
beginning from and including a LIBOR Reset Date to but excluding the next LIBOR
Reset Date will be equal to the 3-Month LIBOR Rate plus the Applicable Spread
per annum.  The initial interest rate for the Notes for the period from
and including the Closing Date to but excluding the first LIBOR Reset Date will
be calculated using 3-Month LIBOR as determined by the Company on the second
London Banking Day preceding the Closing Date.

 

(b) 
The Company will determine, and notify to the Holders its determination of,
3-Month LIBOR on the second London Banking Day preceding the related LIBOR
Reset Date (the “LIBOR Determination Date”).  The initial LIBOR
Determination Date for the initial interest period will be the second London
Banking Day preceding the Closing Date.

 

(c) 
The Company will pay interest quarterly in arrears on each March 31, June 30,
September 30, and December 31 of each year (each, an “Interest Payment Date”).  Interest on
the Notes will accrue from the most recent date to which interest has been paid
or, if no interest has been paid, from the Closing Date, at the rate in effect
for such period; provided that if
there is no existing Default in the payment of interest, and if a Note is
authenticated between a record date referred to in the Note and the next
succeeding Interest Payment Date, interest shall

 

4

 

accrue
from such next succeeding Interest Payment Date.  Interest will be computed
on the basis of a 360 day year and actual days elapsed in each relevant
interest period.

 

(d) 
So long as any Event of Default shall have occurred and be continuing, the
unpaid principal amount of each Note and, to the extent not paid when due, each
other amount payable hereunder and under the Notes (provided that the Company
shall have received notice that such other amount is payable), shall bear
interest (including post-petition interest in any proceeding under any
Bankruptcy Law) at a rate per annum equal to 2% in excess of the rate then in
effect.

 

(e) 
Notwithstanding anything to the contrary set forth in this Agreement and the
Notes, if a court of competent jurisdiction determines in a final order that
the rate of interest payable hereunder exceeds the highest rate of interest
permissible under law (the “Maximum Lawful Rate”), then so long as
the Maximum Lawful Rate would be so exceeded, the rate of interest payable
hereunder shall be equal to the Maximum Lawful Rate; provided, that if at any time thereafter the rate of
interest payable hereunder is less than the Maximum Lawful Rate, the Company
shall continue to pay interest hereunder at the Maximum Lawful Rate until such
time as the total interest received by the Holders is equal to the total interest
which would have been received had the interest rate payable hereunder been
(but for the operation of this paragraph) the interest rate payable since the
Closing Date as otherwise provided in this Agreement.  Thereafter,
interest hereunder shall be paid at the rate(s) of interest and in the manner
provided in this Agreement and the Notes, unless and until the rate of interest
again exceeds the Maximum Lawful Rate, and at that time this paragraph shall
again apply.  In the event that a court determines that the Holders have
received interest hereunder in excess of the Maximum Lawful Rate, the amount of
such excess interest shall be applied against (i) any accrued and unpaid
interest on the Notes, (ii) the principal amount and premium, if any, then outstanding
under the Notes, and (iii) any such excess interest payments remaining with the
Holders after such application shall be refunded to the Company.  In no
event shall the total interest received by any Holder pursuant to the terms
hereof exceed the amount which such Holder could lawfully have received had the
interest due hereunder been calculated for the full term hereof at the Maximum
Lawful Rate.  If the Maximum Lawful Rate is calculated pursuant to this
paragraph, such interest shall be calculated at a daily rate equal to the
Maximum Lawful Rate divided by the number of days in the year in which such
calculation is made.

 

Section 1.6           
Expenses

 

Whether or not any of the
Notes are sold, the Company agrees:

 

(i)           
to
pay or reimburse each Holder and the Collateral Agent for their respective
reasonable out-of-pocket costs and expenses incurred in connection with the
development, preparation and execution of, and any amendment, supplement or
modification to, this Agreement and the other Note Documents and any other
documents prepared in connection herewith or therewith, and the consummation
and administration of the transactions contemplated hereby and thereby,
including (A) the reasonable fees and disbursements and other charges of one
counsel to the Holders (plus any local counsel) and one counsel to the
Collateral Agent

 

5

 

(plus any local counsel), (B) all
reasonable out-of-pocket expenses incurred by each Holder and the Collateral
Agent and or their respective general partners, if applicable, in connection
with the transactions contemplated by this Agreement and the other documents
referred to herein, including travel and lodging expenses and (C) all costs
incurred in connection with its review of the Company’s business and
operations;

 

(ii)          
to
pay or reimburse each Holder and the Collateral Agent for all of their
respective costs and expenses incurred in connection with the enforcement or
preservation of any rights under this Agreement, the other Note Documents and
any other documents prepared in connection herewith or therewith, including the
fees and disbursements of counsel (including the allocated fees and
disbursements and other charges of in-house counsel) to each Holder and of
counsel to the Collateral Agent;

 

(iii)         
to
pay, indemnify, or reimburse each Holder and the Collateral Agent for, and hold
each Holder and the Collateral Agent harmless from, any and all recording and
filing fees and any and all liabilities with respect to, or resulting from any
delay in paying, stamp, excise and other taxes, if any, which may be payable or
determined to be payable in connection with the execution and delivery of, or
consummation or administration of any of the transactions contemplated by, or
any amendment, supplement or modification of, or any waiver or consent under or
in respect of, this Agreement, the other Note Documents and any such other
documents, and;

 

(iv)         
to
pay all other reasonable out-of-pocket expenses, including reasonable fees and
expenses of one counsel (plus any local counsel), incurred by the Company in
connection with the transactions contemplated by this Agreement; and

 

(v)          
to
pay such fees of the Collateral Agent as are agreed from time to time and the
reasonable out-of-pocket expenses of the Collateral Agent.

 

Section 1.7           
Indemnification

 

In addition to any and
all obligations to indemnify each Purchaser pursuant to the Note Documents,
each Note Party (collectively, the “Indemnifying Parties”) hereby agrees, jointly
and severally, without limitation as to time, to indemnify each Purchaser and
its Agents and Affiliates, including its officers, directors, employees,
advisors and representatives (collectively, the “Indemnified Parties”), against, and hold
such Purchaser and them harmless from, all losses, claims, damages, liabilities
and related expenses (including the expenses of preparation and attorneys’ fees
and disbursements) (collectively, the “Losses”) incurred by such Purchaser or them
and arising out of or in connection with the Note Documents or the transactions
contemplated hereby or thereby (or any other document or instrument executed
herewith or pursuant hereto or thereto), whether or not the transactions
contemplated by this Agreement are consummated and whether or not any
Indemnified Party is a formal party to any claim, litigation, investigation or
proceeding, except to the extent, and only to the extent, that any Losses
directly

 

6

 

result from action on the part of any Indemnified
Party which is finally judicially determined to arise primarily from such
Indemnified Party’s either gross negligence or willful misconduct.  The
Indemnifying Parties agree to reimburse any Indemnified Party promptly for all
such Losses as they are incurred by such Indemnified Party.  No
Indemnified Party will be liable for:

 

(i)           
any
Losses arising from the use by unauthorized Persons of Information or other
materials sent through electronic, telecommunications or other information
transmissions systems that are intercepted by such Persons;

 

(ii)          
any
special, indirect, consequential or punitive damages arising out of or in
connection with the Note Documents or the transactions contemplated hereby or
thereby (or any other document or instrument executed herewith or pursuant
hereto or thereto); or

 

(iii)         
any
other Losses except to the extent, and only to the extent, that any Losses
directly result from action or failure to act on the part of any Indemnified
Party which is finally judicially determined to arise primarily from such
Indemnified Party’s either gross negligence or willful misconduct.

 

The obligations of the Indemnifying Parties to each Indemnified
Party hereunder shall be separate obligations, and the Indemnifying Parties’
liability to any such Indemnified Party hereunder shall not be extinguished
solely because any other Indemnified Party is not entitled to indemnity
hereunder.  The obligations of the Indemnifying Parties under this Section
1.6 shall survive the payment or prepayment of the Notes at maturity, upon
acceleration, redemption or otherwise, any transfer of Notes by any Purchaser
and the termination of the Note Documents.

 

In case any action shall
be brought against any Indemnified Party with respect to which indemnity may be
sought against any of the Indemnifying Parties hereunder, such Indemnified
Party shall promptly notify the Company in writing and the Company shall, if it
desires, assume the defense thereof, including the employment of counsel
reasonably satisfactory to such Indemnified Party and payment of all reasonable
fees and expenses.  The failure to so notify the Company shall not affect
any obligation any of the Indemnifying Parties may have to any Indemnified
Party under this Agreement or otherwise.  Each Indemnified Party and each
group of Indemnified Parties under common control (a “Affiliated Group”)
shall have the right to employ separate counsel in such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at
the expense of the Indemnified Party or Affiliated Group, as applicable,
unless:

 

(i)           
the
Indemnifying Parties have agreed in writing to pay such expenses;

 

(ii)          
the
Indemnifying Parties have failed to assume the defense and employ counsel; or

 

(iii)         
the
named parties to any such action (including any impleaded parties) include any
Indemnified Party and any Indemnifying Party, and such Indemnified Party shall
have been advised by outside counsel that there 

 

7

 

may be one or more legal defenses
available to it which are inconsistent with or additional to those available to
the Indemnifying Party;

 

provided that, if such Indemnified Party notifies
the Indemnifying Party in writing that it elects to employ separate counsel in
the circumstances described in clauses (i), (ii) or (iii) above, the Company
shall not have the right to assume the defense of such action or proceeding; provided, however,
that the Indemnifying Parties shall not, in connection with any one such action
or proceeding or separate but substantially similar or related actions or
proceedings in the same jurisdiction arising out of the same general
allegations or circumstances, be responsible hereunder for the fees and
expenses of more than one such firm of separate counsel (in addition to any
necessary local counsel), which counsel shall be designated by such Indemnified
Party.  The Indemnifying Parties shall not be liable for any settlement of
any such action effected without the written consent of the Company (which
shall not be unreasonably withheld).  The Indemnifying Parties agree that
they will not, without the Indemnified Party’s prior consent, which shall not
be unreasonably withheld, settle or compromise any pending or threatened claim,
action or suit in respect of which indemnification or contribution may be
sought hereunder unless the foregoing contains an unconditional release of the
Indemnified Parties from all liability and obligation arising therefrom.

 

Section 1.8           
Contribution

 

If the indemnification
provided for in Section 1.7 is unavailable to any Indemnified Party in
respect of any Losses referred to therein, then the Indemnifying Parties, in
lieu of indemnifying such Persons, shall have a joint and several obligation to
contribute to the amount paid or payable by such Persons as a result of such
Losses in such proportion as is appropriate to reflect the relative fault of
the Indemnifying Parties, on the one hand, and the Indemnified Parties, on the
other hand, in connection with the actions which resulted in such Losses as
well as any other relevant equitable considerations.  The amount paid or
payable by any such Person as a result of the Losses referred to above shall be
deemed to include any legal or other fees or expenses reasonably incurred by
such Person in connection with any investigation, lawsuit or legal or
administrative action or proceeding.

 

The parties hereto agree
that it would not be just and equitable if contribution pursuant to this Section
1.8 were determined by pro rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred
to in the immediately preceding paragraph.  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.

 

Section 1.9           
Register of Notes;
etc.

 

(a) 
The Company will maintain a register for the Notes in which it will provide for
the registration and transfer of the Notes.  The name and address of each
Holder of one or more Notes, each transfer thereof and the name and address of
each transferee of one or more Notes shall be registered in such
register.  Prior to due presentment for registration of transfer, the
Person in whose name any Note shall be registered shall be deemed and treated
as the owner and Holder thereof for all purposes hereof, and the Company shall
not be affected by any notice or knowledge to the contrary.

 

8

 

(b) 
Upon surrender for registration of transfer of any Note, the Company, at its
expense, will execute and deliver, in the name of the designated transferee or
transferees, one or more new Note certificates of the same type, and of a like
aggregate principal amount.

 

(c) 
Note certificates may be exchanged at the option of any Holder thereof for Note
certificates of a like aggregate principal amount.  Whenever any Note
certificates are so surrendered for exchange, the Company, at its expense, will
execute and deliver the Note certificates that the Holder making the exchange
is entitled to receive.

 

(d) 
All Note certificates issued upon any registration of transfer or exchange of
such Note will be the legal and valid obligations of the Company, evidencing
the same interests, and entitled to the same benefits, as the Notes surrendered
upon such registration of transfer or exchange.

 

(e) 
Every Note certificate presented or surrendered for registration of transfer or
exchange will (if so required by the Company) be duly endorsed or will be
accompanied by a written instrument of transfer in form satisfactory to the
Company duly executed by the Holder thereof or its attorney duly authorized in
writing.

 

Section 1.10         Further Action

 

During the period from
the date hereof to the Closing Date, the Company will use all commercially
reasonable efforts to cause its representations and warranties contained in Article
IV hereof to be true as of the Closing Date, after giving effect to the
transactions contemplated by this Agreement, as if made on and as of such date.

 

Section 1.11         Taxes

 

(a) 
All payments made by the Company under this Agreement or any other Note
Document shall be made free and clear of, and without deduction or withholding
for or on account of, any present or future income, stamp or other taxes,
levies, imposts, duties, charges, fees, deductions or withholdings, now or
hereafter imposed, levied, collected, withheld or assessed by any Governmental
Authority, excluding net income taxes and franchise taxes (imposed in lieu of
net income taxes) imposed on the Collateral Agent or any Holder as a result of
a present or former connection between the Collateral Agent or such Holder and
the jurisdiction of the Governmental Authority imposing such tax or any
political subdivision or taxing authority thereof or therein (other than any
such connection arising solely from the Collateral Agent’s or such Holder’s
having executed, delivered or performed its obligations or received a payment
under, or enforced, this Agreement or any other Note Document).  If any
such non-excluded taxes, levies, imposts, duties, charges, fees, deductions or
withholdings (“Non-Excluded Taxes”) or any Other Taxes are required
to be withheld from any amounts payable to the Collateral Agent or any Holder
hereunder, the amounts so payable to the Collateral Agent or such Holder shall
be increased to the extent necessary to yield to the Collateral Agent or such
Holder (after payment of all Non-Excluded Taxes and Other Taxes) interest or
any such other amounts payable hereunder at the rates or in the amounts
specified in this Agreement; provided,
however, that the Company or any
Guarantor shall not be required to increase any such amounts payable to the
Collateral Agent or any Holder with respect to any Non-Excluded Taxes (i) that
are attributable to such Holder’s failure to comply with the

 

9

 

requirements
of paragraph (d) or (e) of this Section 1.11 in the case of any Non-U.S.
Holder, that are United States withholding taxes imposed on amounts payable to
the Collateral Agent or such Holder at the time the Collateral Agent or such
Holder becomes a party to this Agreement, except to the extent that the
Collateral Agent’s or such Holder’s assignor (if any) was entitled, at the time
of assignment, to receive additional amounts from the Company with respect to
such Non-Excluded Taxes pursuant to this Section 1.11(a).  The
Company or the applicable Guarantor shall make any required withholding and pay
the full amount withheld to the relevant tax authority or other Governmental
Authority in accordance with applicable Requirements of Law.

 

(b) 
In addition, the Company shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.

 

(c) 
Whenever any Non-Excluded Taxes or Other Taxes are payable by the Company, as
promptly as possible thereafter the Company shall send to the Collateral Agent
for the account of the Collateral Agent or relevant Holder, as the case may be,
a certified copy of an original official receipt received by the Company
showing payment thereof.  If the Company fails to pay any Non-Excluded
Taxes or Other Taxes when due to the appropriate taxing authority or fails to
remit to the Collateral Agent the required receipts or other required documentary
evidence, the Company shall indemnify the Collateral Agent and the Holders for
any incremental taxes, interest or penalties that may become payable by the
Collateral Agent or any Holder as a result of any such failure.  The
agreements in this Section 1.11 shall survive the termination of this
Agreement and the payment of the Notes and all other amounts payable hereunder.

 

(d) 
Each Holder that is not a citizen or resident of the United States of America,
a corporation, partnership or other entity created or organized in or under the
laws of the United States of America (or any jurisdiction thereof), or any
estate or trust that is subject to federal income taxation regardless of the
source of its income (a “Non-U.S. Holder”) shall deliver to
the Company two copies of either U.S. Internal Revenue Service Form W-8BEN or
Form W-8ECI, or, in the case of a Non-U.S. Holder claiming exemption from U.S.
federal withholding tax under Section 871(h) or 881(c) of the Code with respect
to payments of “portfolio interest” a statement substantially in the form of Exhibit
B to the effect that such Holder is eligible for a complete exemption from
withholding of U.S. taxes under Section 871(h) or 881(c) of the Code and a Form
W-8BEN, or any subsequent versions thereof or successors thereto properly
completed and duly executed by such Non-U.S. Holder claiming complete exemption
from, or a reduced rate of, U.S. federal withholding tax on all payments by the
Company under this Agreement and the other Note Documents.  Such forms
shall be delivered by each Non-U.S. Holder on or before the date it becomes a
party to this Agreement.  In addition, each Non-U.S. Holder shall deliver
such forms promptly upon the obsolescence or invalidity of any form previously
delivered by such Non-U.S. Holder.  Each Non-U.S. Holder shall promptly
notify the Company at any time it determines that it is no longer in a position
to provide any previously delivered certificate to the Company (or any other
form of certification adopted by the U.S. taxing authorities for such
purpose).  Notwithstanding any other provision of this paragraph, a
Non-U.S. Holder shall not be required to deliver any form pursuant to this
paragraph that such Non-U.S. Holder is not legally able to deliver.

 

10

 

(e) 
A Holder that is entitled to an exemption from or reduction of non-U.S.
withholding tax under the law of the jurisdiction in which the Holder is
located, or any treaty to which such jurisdiction is a party, with respect to
payments under this Agreement shall deliver to the Holder, at the time or times
prescribed by applicable law or reasonably requested by the Holder, such
properly completed and executed documentation prescribed by applicable law as
will permit such payments to be made without withholding or at a reduced rate, provided that such Holder is legally
entitled to complete, execute and deliver such documentation and in such
Holder’s reasonable judgment such completion, execution or submission would not
materially prejudice the legal position of such Holder.

 

ARTICLE
II

CLOSING CONDITIONS

 

Each Purchaser’s
obligation to purchase and pay for the Notes shall be subject to the
satisfaction of each of the following conditions on or before the Closing Date:

 

Section 2.1           
Representations and
Warranties True; No Event of Default

 

The representations and
warranties of the Company contained in Article IV shall be true at and
as of the Closing Date (unless related to a specific date, in which case it
shall be true as of such specific date), after giving effect to the
transactions contemplated by this Agreement to occur on that date, as if made
on and as of that date.

 

Section 2.2           
Compliance with this
Agreement

 

The Company shall have
performed and complied in all material respects with all agreements, covenants
and conditions contained in the Note Documents or any other document
contemplated hereby or thereby to be performed or complied with by the Company
on or before the Closing Date.  Neither the Company nor any of its
Subsidiaries shall have entered into any transaction since the date of this
Agreement that would have been prohibited by any section hereof had such
section applied since such date.

 

Section 2.3           
GameSpy Acquisition

 

All of the Acquisition
Documents shall have been completed on terms reasonably satisfactory to each
Purchaser including those pertaining to representations, warranties,
indemnification rights, and any tax elections by the Company in connection with
the GameSpy Acquisition.  Fully executed copies of all of the Acquisition
Documents shall have been delivered to each Purchaser simultaneously with the
Closing.  The GameSpy Acquisition shall be consummated concurrently with
the Closing and on the terms contemplated by the Acquisition Documents, and all
conditions precedent to such consummation shall have been satisfied or, with
each Purchaser’s consent, waived.  The Company shall have received $35.0
million of aggregate cash proceeds from the sale of Senior Subordinated Notes,
Series A Preferred Stock, and Series B Preferred Stock on the Closing
Date.  The purchase price for GameSpy shall not exceed $54.6 million, and
the aggregate fees and closing costs payable by the Company and its
Subsidiaries in connection with the GameSpy Acquisition and the related
financing transactions (including the transactions contemplated by this
Agreement) shall not exceed $3,468,435.

 

11

 

Section 2.4           
Compliance
Certificates

 

(a) 
Officer’s Certificate.  Each Purchaser and the
Collateral Agent shall have received a certificate dated the Closing Date and
signed by each of (i) the Chief Executive Officer of the Company and (ii) the
Chief Financial Officer or Controller of the Company, certifying that the
conditions set forth in Sections 2.1, 2.2,  2.3,  2.7,
2.8(b), 2.9, 2.11 and 2.19 have been satisfied on
and as of such date and further certifying as to such other matters as any
Purchaser may request in the exercise of its reasonable discretion.

 

(b) 
Secretary’s Certificate.  Each Purchaser and the
Collateral Agent shall have received a certificate, dated the Closing Date and
signed by the Secretary of the Company and each Guarantor (other than Two
Cents, Inc.), certifying as to (i) the board resolutions and Charter Documents
attached thereto, (ii) the incumbency of the Company’s or Guarantors, as
applicable, officers executing the Note Documents, and (iii) all other
corporate proceedings relating to the authorization, execution and delivery of
the Notes and the Note Documents.

 

Section 2.5           
Opinion of Counsel

 

Each Purchaser and the
Collateral Agent shall have received opinions, dated the Closing Date and
addressed to it, from Goodwin Procter LLP, counsel for the Company and Merger
Subsidiary, and Fenwick & West LLP, counsel for GameSpy, each in form and
substance reasonably satisfactory to such Purchaser, as to the matters set
forth on Exhibit C.

 

Section 2.6           
Issuance of the Notes

 

Pursuant to Section
1.2, the Company shall have issued and delivered $22.5 million in aggregate
principal amount of Notes to the Purchasers.

 

Section 2.7           
Sources and Uses of
Funds

 

Schedule 2.7 sets forth a statement of the sources
and uses of funds from (a) the sale of Notes pursuant to this Agreement, (b)
the sale of Senior Subordinated Notes and Series B Preferred Stock pursuant to
the Securities Purchase Agreement, (c) the sale of and Series A Preferred Stock
pursuant to the Series A Preferred Stock Purchase Agreement, and (d) the other
transactions being undertaken by the Company concurrently herewith including
the GameSpy Acquisition.

 

Section 2.8           
Financial Statements

 

(a) 
The Company shall have delivered to each Purchaser (i) audited financial statements
for the Company and GameSpy for fiscal year 2003, and (ii) internal
consolidated financial statements of the Company and GameSpy for (A) each
fiscal quarter occurring in fiscal year 2001, and (B) each month since January
1, 2002, and each such internal financial statement must be satisfactory to
each of the Purchasers.  The Company shall have delivered to each
Purchaser (i) a pro forma consolidated balance sheet of the Company and its
Subsidiaries as of January 31, 2004, prepared in accordance with Regulation
S-X, that gives pro forma effect to the GameSpy Acquisition and the
transactions contemplated by this Agreement as if they had occurred on such
date, and (ii) a pro forma consolidated income statement and pro forma

 

12

 

consolidated
statement of cash flows of the Company and its Subsidiaries for the twelve
months ending January 31, 2004, prepared in accordance with Regulation S-X,
that gives pro forma effect to the GameSpy Acquisition and the transactions
contemplated by this Agreement as if they had occurred on February 1, 2003.

 

(b) 
On a combined basis after giving effect to the GameSpy Acquisition and the
transactions contemplated by this Agreement as if they had occurred on February
1, 2003, (i) the Consolidated EBITDA of the Company and its Subsidiaries for
the twelve months ending December 31, 2003, shall be at least $5.6 million and
(ii) the consolidated revenue of the Company and its Subsidiaries for the
twelve months ending December 31, 2003, shall be at least $36.5 million. 
On a combined basis after giving effect to the GameSpy Acquisition and the
transactions contemplated by this Agreement as if they had occurred on December
31, 2003, the total Funded Indebtedness (excluding accounts payable and accrued
expenses) of the Company and its Subsidiaries as of such date shall not exceed
$42.5 million.

 

Section 2.9           
Assets and
Liabilities

 

Since December 31, 2003,
there shall have been (a) no material increase in the liabilities, contingent
or otherwise, of the Company and GameSpy taken as a whole (other than in the
ordinary course of business consistent with past practice), and (b) no material
decrease in the assets of the Company and GameSpy taken as a whole.

 

Section 2.10         Proceedings Satisfactory

 

All proceedings taken in
connection with the sale of the Notes, the transactions contemplated by the
Note Documents, and all documents and papers relating thereto, shall be
reasonably satisfactory to each Purchaser.  Each Purchaser and its counsel
shall have received copies of such documents and papers as such Purchaser or
they may reasonably request in connection therewith, or as a basis for the
Closing opinions, all in form and substance reasonably satisfactory to each
Purchaser.

 

Section 2.11         Consents and Permits

 

Each Note Party shall
have obtained all consents, approvals and authorizations and sent or made all
notices, filings, registrations and qualifications required to be obtained,
sent or made in connection with the GameSpy Acquisition and the transactions
contemplated by the Note Documents (including the GameSpy Financing Documents),
except where the failure to obtain, send, or make the same would not, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.  There shall have expired all applicable waiting periods
without any action having been taken or threatened by any competent authority
that could restrain, prevent or otherwise impose material adverse conditions on
the GameSpy Acquisition or any of the other or the transactions contemplated by
this Agreement.

 

Section 2.12         Solvency Certificate

 

Each Purchaser shall have
received a solvency certification for each Note Party prepared and executed by
the Chief Financial Officer or Controller of the Company in the form attached
hereto as Exhibit D.

 

13

 

Section 2.13         Note Documents

 

The Company and each
Guarantor shall have duly executed and delivered and caused their respective
Subsidiaries party thereto to duly execute and deliver to such Purchaser:

 

(i)           
this
Agreement;

 

(ii)          
one
or more Notes in the aggregate amount set forth opposite such Purchaser name on
the signature pages hereto; and

 

(iii)         
the
Security Documents.

 

Section 2.14         Security

 

The Security Documents
shall have been duly executed and delivered by the respective parties thereto
and there shall have been delivered to the Collateral Agent with respect to
such Security Documents:

 

(i)           
certificates
representing all Pledged Securities (as defined in the Security Agreement),
together with executed and undated stock powers and/or assignments in blank;

 

(ii)          
instruments
representing all intercompany Indebtedness that would be required to be
evidenced by a demand promissory note if incurred after the Closing Date,
together with executed and undated instruments of assignment in blank;

 

(iii)         
certificate
of insurance required pursuant to Section 5.3(b) of the Guarantee and
Collateral Agreement;

 

(iv)         
appropriate
financing statements or comparable documents of, and executed by, the
appropriate entities in proper form for filing under the provisions of the UCC
and applicable domestic or local laws, rules or regulations in each of the
offices where such filing is necessary or appropriate, in the Collateral
Agent’s sole discretion, to grant to the Holders a perfected priority Lien on
such Collateral superior to and prior to the rights of all third persons other
than the holders of Permitted Liens;

 

(v)          
UCC,
judgment and tax lien search reports listing all effective financing statements
or comparable documents which name the Company or any Guarantor as debtor and
which are filed in those jurisdictions in which any of such Collateral is
located and the jurisdictions in which the Company’s or any Guarantor’s
principal place of business is located in the United States, together with
copies of such existing financing statements, none of which shall encumber such
Collateral covered or intended or purported to be covered by the Security
Documents other than Permitted Liens;

 

14

 

(vi)         
evidence
of the completion of all filings of each such Security Document, including with
the United States Patent and Trademark Office and the United States Copyright
Office, and delivery, recordation and filing, if necessary, of such other
security and other documents, including UCC-3 termination statements with
respect to UCC filings that do not constitute Permitted Liens, as may be
necessary or, in the reasonable opinion of the Collateral Agent, desirable to
perfect the Liens created, or purported or intended to be created, by such Security
Documents; and

 

(vii)        
evidence
that all other actions necessary or, in the reasonable opinion of the
Collateral Agent, desirable to perfect the security interest created by the
Security Documents have been taken.

 

Section 2.15         Payment of Fees and Expenses

 

The Company shall have
paid all of the accrued fees and expenses (entitled to be paid hereunder) of
each Purchaser for which invoices have been submitted at least one Business Day
prior to the Closing.

 

Section 2.16         No New Information

 

No Purchaser shall have
become aware of any information or other matter affecting the Company, any of
its Subsidiaries or the GameSpy Acquisition that in its judgment is
inconsistent in a material and adverse manner with the information disclosed to
such Purchaser prior to the date hereof, taken as a whole.

 

Section 2.17         Purchase Permitted by Applicable Laws;
Legal Investment

 

Each Purchaser’s purchase
of and payment for the Notes to be purchased by it:

 

(a) 
shall not be prohibited by any applicable law or governmental regulation;

 

(b) 
shall not subject it to any material penalty under or pursuant to any
applicable law or governmental regulation; and

 

(c) 
shall be permitted by the laws and regulations of the jurisdictions to which it
is subject.

 

If requested by any
Purchaser, the Company shall have delivered to such Purchaser factual
certificates or other evidence reasonably requested by it, in form and
substance reasonably satisfactory to it, to enable such Purchaser to establish
compliance with this condition, including copies of all state securities law or
“blue sky” filings made in connection with the transactions contemplated
hereby, if any.

 

15

 

Section 2.18         No Material Adverse Change

 

At and as of the Closing
Date, there shall have been:

 

(a) 
since December 31, 2003, no material adverse change and no event, condition,
occurrence or development that, individually or in the aggregate, could
reasonably be expected to result in a material adverse change, in:

 

(i)           
the
business, results of operations, cash flows, property, assets, liabilities,
condition (financial or otherwise), management or prospects of the Company and
GameSpy and their respective Subsidiaries taken as a whole,

 

(ii)          
the
industry of the Company or GameSpy,

 

(iii)         
the
projections of the Company and its Subsidiaries (including after the GameSpy
Acquisition) or the assumptions underlying such projections as delivered to the
Purchasers in the bound volume entitled “IGN.com Finance Review, dated January
23, 2004,” and

 

(b) 
no litigation, investigation or other proceeding pending or threatened that,
(i) if adversely determined, could reasonably be expected to result in material
adverse impact on the Company, GameSpy and their respective Subsidiaries taken
as a whole, or their respective businesses, or the ability of any of them to
repay the Notes or otherwise perform any of their respective obligations under
the Acquisition Documents (including the GameSpy Financing Documents, or (ii)
challenges or purports to challenge any of the transactions contemplated by
this Agreement or the Acquisition Documents or on any of the rights or remedies
of the Purchasers under the Note Documents or the GameSpy Financing Documents.

 

Section 2.19         Disbursement Instructions

 

The Purchasers shall have
received written instructions from the Company to the Purchasers directing the
payment of the purchase price to be paid on the Closing Date.

 

Section 2.20         Other Assurances

 

The Company shall have
delivered to the Purchasers such other and further certificates, assurances and
documents as the Purchasers or their respective counsel may have reasonably
requested in order to evidence the accuracy of the representations and
warranties thereof, the performance of the covenants and agreements to be
performed at or prior to the Closing thereby, and the fulfillment of the
conditions to the Purchasers’ obligations.

 

ARTICLE
III

HOLDER’S SPECIAL RIGHTS

 

The Company hereby agrees
to grant to each Holder the following special rights:

 

Section 3.1           
Service Charges

 

No service charge shall
be made for any registration of transfer or exchange of Notes, but the Company
may require payment of a sum sufficient to cover any tax or other governmental

 

16

 

charge that may be imposed in connection with any
registration of transfer or exchange of Notes, other than exchanges pursuant Section
3.3 hereof not involving any transfer.

 

Section 3.2           
Direct Payment

 

(a) 
The Company will pay or cause to be paid all amounts payable with respect to
any Note (without any presentment of such Note and without any notation of such
payment being made thereon) by crediting (before 1:00 p.m., New York time), by
intra-bank or federal funds wire transfer to each Holder’s account in any bank
in the United States as may be designated and specified in writing by such
Holder on the day of the applicable payment.  Each Purchaser’s initial
bank account for this purpose is on its signature page hereto.

 

(b) 
Notwithstanding anything to the contrary contained in the Notes, if any
principal amount payable with respect to a Note is payable on a Legal Holiday,
then the Company will pay such amount on the next succeeding Business Day, and
interest will accrue on such amount until the date on which such amount is paid
and payment of such accrued interest will be made concurrently with the payment
of such amount; provided that the
Company may elect to pay in full (but not in part) any such amount on the last
Business Day prior to the date such payment otherwise would be due, and no such
additional interest will accrue on such amount.

 

(c) 
Notwithstanding anything to the contrary contained in the Notes, if any
interest amount payable with respect to a Note is payable on a Legal Holiday,
then the Company will pay such amount on the next succeeding Business
Day.  The interest amount payable will include interest calculated from
the last scheduled interest payment date up to and including the current
scheduled interest payment date.

 

Section 3.3           
Lost, etc. Notes

 

Notwithstanding any
provision in any Note Document to the contrary, if any mutilated Note is
surrendered to the Company, the Company shall execute and deliver in exchange
therefor a new Note of the same principal amount and bearing a number not
contemporaneously outstanding.  If there shall be delivered to the
Company:

 

(a) 
evidence to its satisfaction of the destruction, loss or theft of any Note; and

 

(b) 
such security or indemnity as may be reasonably required by the Company and any
agent to save each of the Company and such agent harmless,

 

then, in the absence of notice that such Note has been
acquired by a bona fide purchaser, the Company shall execute and deliver, in
lieu of any such destroyed, lost or stolen Note, a new Note of a like principal
amount and bearing a number not contemporaneously outstanding.  In case
any such mutilated, destroyed, lost or stolen Note has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a
new Note, pay such Note in accordance with its terms.  Upon the issuance
of any new Note, the Company may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses connected therewith.

 

17

 

Section 3.4           
Inspection

 

The Company will allow
one representative designated by the Majority Holders (together with such
representative’s agents, the “Noteholder Representative”) the right to visit and
inspect any of the offices or properties of the Company or any of its
Subsidiaries, to examine all their respective books of account, records,
reports and other papers, to make copies and extracts therefrom and to discuss
their respective affairs, finances and accounts with their respective officers,
outside advisors, outside consultants and independent public accountants (and
by this provision, the Company authorizes its officers, advisors, consultants
and accountants to discuss the affairs, finances and accounts of the Company
and its Subsidiaries), all at such times and as often as may be requested; provided that, in the absence of a
continuing Event of Default, all such visits and inspections will occur during
normal business hours, upon reasonable notice and in a manner designed not to
disrupt the business of the Company.  The costs and expenses of such
inspection will be paid by the Noteholder Representative, unless a Default or
Event of Default then exists, in which case the costs and expenses will be paid
by the Company.

 

Section 3.5           
Private Placement
Number

 

If requested by any Holder,
the Company will obtain a private placement number for the Notes from Standard
& Poor’s CUSIP Service Bureau.

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES

 

The Company hereby
represents and warrants on behalf of itself and each of its Subsidiaries that
each of the following statements is true as of the date of this Agreement and
will be true as of the Closing Date (unless related to a specific date, in
which case it shall be true as of such specific date), as if made on and as of
the Closing Date, after giving effect to all the transactions contemplated by
this Agreement to occur on the Closing Date:

 

Section 4.1           
Organization,
Standing and Qualification

 

(a)          
Each
of the Company and its Subsidiaries is a corporation duly organized, validly
existing and in good standing under the laws of its jurisdiction of
organization; has all requisite corporate and authority to own or lease and
operate its properties and to carry on its business as now conducted and as
proposed to be conducted; and is duly qualified or licensed to do business as a
foreign corporation in good standing in all jurisdictions in which it owns or
leases property or in which the conduct of its business requires it so to
qualify or be licensed, except where the failure to be so qualified or licensed
would not, either individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.  The Company has heretofore delivered to
Latham & Watkins LLP complete and correct copies of the Charter Documents
of the Company and each of its Subsidiaries as currently in effect and has
identified on Schedule 4.1(a) all jurisdictions in which the Company and
each of its Subsidiaries is qualified or licensed to do business as a foreign
corporation.

 

18

 

(b)          
Each
of the Note Parties has all requisite corporate power and authority to enter
into and perform all of its obligations under the Note Documents to which it is
a party and to carry out the transactions contemplated hereby and thereby.

 

(c)          
The
Company has identified on Schedule 4.1(c):

 

(i)           
the
name and jurisdiction of incorporation or organization of each of its
Subsidiaries; and

 

(ii)          
the
percentage of the issued and outstanding Capital Stock and other equity
securities (including rights, warrants and options to acquire, and all
securities convertible into or exchangeable for, such Capital Stock) of each
such Subsidiary owned by the Company or any of its Wholly Owned Subsidiaries.

 

All such shares of Capital Stock and other equity
securities have been duly authorized and validly issued and are fully paid and
nonassessable and are (or will be, in the case of GameSpy and its Subsidiaries)
owned by the Company and its Wholly Owned Subsidiaries beneficially and of
record, free and clear of any Lien except for Permitted Liens.

 

(d)          
No
Subsidiary of the Company is a party to, or otherwise subject to, any law,
restriction or any agreement (other than this Agreement and the agreements
listed on Schedule 4.1(d) and customary limitations imposed by the
applicable law) restricting the ability of such Subsidiary to pay dividends out
of profits or make any other similar distributions of profits to the Company or
any of its Subsidiaries that owns outstanding shares of Capital Stock or
similar equity securities of such Subsidiary, except for such restrictions that
would not, either individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

 

Section 4.2           
Capitalization

 

The authorized Capital
Stock of the Company consists solely of,

 

(i)           
1,500,000
shares of Common Stock, of which (A) 1,000,000 shares are issued and
outstanding and (B) 25,200 shares have been reserved for issuance pursuant to
various employee stock option plans, and

 

(ii)          
70,500,000
million shares of Preferred Stock, of which (A) 70,273,074 shares are
designated Series A Preferred Stock, of which 34,923,565 shares are issued and
outstanding, and (B) 226,926 shares of Series B Preferred Stock, none of which
are issued and outstanding.

 

Immediately after the
closing of the transactions contemplated hereby, the authorized capital stock
of the Company shall consist solely of:

 

(i)           
1,400,000
shares of Common Stock, of which (A) 1,035,631 shares will be issued and
outstanding, owned of record by the Persons in the respective amounts set forth
on Schedule 5.03(b) to the Securities Purchase Agreement, (B) 56,298 shares of
which are reserved for issuance upon

 

19

 

conversion of the Series B
Preferred Stock, (C) 56,298 shares of which are reserved for issuance upon
exercise of the Warrant issued pursuant to the Securities Purchase Agreement,
and (D) 37,000 shares of which are reserved for issuance pursuant to the Equity
Incentive Plan; and

 

(ii)          
40,000,000
shares of Preferred Stock, of which (A) 39,922,957 shares will be designated as
Series A Preferred Stock, all of which are issued and outstanding, owned of
record by the Persons in the respective amounts set forth on Schedule 5.03(b)
to the Securities Purchase Agreement, (B) 56,298 shares are designated as
Series B Preferred Stock, all of which are issued and outstanding, owned of record
by the Persons in the respective amounts set forth on Schedule 5.03(b) to the
Securities Purchase Agreement, and (C) 20,745 shares shall be undesignated
preferred stock, none of which are outstanding.

 

All such shares have been
duly authorized and validly issued (or validly reserved for future issuance)
and are (or will be, when issued) fully paid and nonassessable.

 

Except as set forth in Schedule
4.2:

 

(i)           
there
are no outstanding subscriptions, warrants, options, calls or commitments of any
character relating to or entitling any Person to purchase or otherwise acquire
any Capital Stock or other equity securities of the Company or any of its
Subsidiaries;

 

(ii)          
there
are no obligations or securities convertible into or exchangeable or
exercisable for shares of any Capital Stock or other equity securities of the
Company or any of its Subsidiaries or any commitments of any character relating
to or entitling any Person to purchase or otherwise acquire any such
obligations or securities; and

 

(iii)         
there
are no preemptive or similar rights to subscribe for or to purchase any Capital
Stock or other equity securities of the Company or any of its Subsidiaries;

 

provided that the representation set forth in
clauses (i) through (iii) above, insofar as it relates to any agreements or
arrangements to which the Company is not a party, is qualified by the Company’s
knowledge.

 

Schedule 4.2 identifies:

 

(i)           
all
holders of Capital Stock of the Company, all holders of outstanding rights,
warrants and options to acquire Capital Stock of the Company and all holders of
any other obligations or securities convertible into or exchangeable or
exercisable for shares of Capital Stock;

 

(ii)          
the
title of the class and series, and amount, of securities held by each of such
holders;

 

20

 

(iii)         
the
number of shares of Common Stock into which the securities held by each of such
holders may be exchanged, exercised or converted; and

 

(iv)         
the
total number of shares of Common Stock that are reserved for future issuance
for any purpose.

 

Section 4.3           
Directors, Owners and
Affiliates of the Company

 

Schedule 4.3 contains (except as noted therein)
complete and correct lists:

 

(i)           
of
the Affiliates controlled by the Company, other than its Subsidiaries; and

 

(ii)          
of
the Company’s directors and senior officers.

 

Section 4.4           
Authorization of the
Note Documents

 

The Company has taken all
actions necessary to authorize it:

 

(i)           
to
enter into and perform all of its obligations under each of the Note Documents
and the Acquisition Documents; and

 

(ii)          
to
issue and perform all of its obligations with respect to the Notes,

 

and to consummate the transactions contemplated hereby
and thereby.  Each of the Note Documents and the Acquisition Documents is
a valid and legally binding obligation of the Company, enforceable against it
in accordance with its terms, except for (A) the effect thereon of bankruptcy,
insolvency, reorganization, moratorium and other similar laws relating to or
affecting the rights of creditors generally and (B) limitations imposed by
federal or state law or equitable principles upon the specific enforceability
of any of the remedies, covenants or other provisions thereof and upon the
availability of injunctive relief or other equitable remedies.

 

Each of the Guarantors
has taken all actions necessary to authorize it:

 

(i)           
to
enter into and perform all of its obligations under this Agreement; and

 

(ii)          
to
perform all of its Obligations pursuant to its Guarantee of the Notes,

 

and to consummate the transactions contemplated hereby
and thereby.  This Agreement and the Note Guarantees constitute valid and
legally binding obligations of each of the Guarantors, enforceable against each
of the Guarantors in accordance with their respective terms, except for (A) the
effect thereon of bankruptcy, insolvency, reorganization, moratorium and other
similar laws relating to or affecting the rights of creditors generally and (B)
limitations imposed by federal or state law or equitable principles upon the
specific enforceability of any of the remedies, covenants or other provisions
thereof and upon the availability of injunctive relief or other equitable
remedies.

 

21

 

Section 4.5           
No Violation

 

The execution and
delivery of the Note Documents and the Acquisition Documents, the issuance,
sale and delivery of the Notes, the performance by the Company and the
Guarantors of their respective obligations under the Note Documents, the
Acquisition Documents and the GameSpy Financing Documents, and the consummation
of the transactions contemplated hereby and thereby, will not:

 

(i)           
violate
any provision of the Charter Documents of the Company or any of its
Subsidiaries;

 

(ii)          
violate
any statute, law, rule or regulation or any judgment, decree, order, regulation
or rule of any court or governmental authority to which the Company or any of
its Subsidiaries or any of their respective assets or properties may be
subject, except for such violations as would not, either individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect;

 

(iii)         
permit
or cause the acceleration of the maturity of any Indebtedness or other
obligation of the Company or any of its Subsidiaries; or

 

(iv)         
violate,
or conflict with, or constitute a default under, or permit the termination of,
or require the consent of any Person under, or result in the creation of any
Lien upon any asset or property of the Company or any of its Subsidiaries under
any mortgage, indenture, loan agreement, note, debenture or other agreement to
which the Company or any of its Subsidiaries is a party or by which the Company
or any of its Subsidiaries (or the respective assets or properties of any of
them) may be bound, other than such violations, conflicts, defaults, terminations
and Liens, or such failures to obtain consents, as would not, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

Except as disclosed on Schedule
4.5, all required consents, approvals or authorizations of, or notices to
or filings, registrations or qualifications with, any governmental authority or
other Person required in connection with the transactions contemplated by the
Note Documents, the Acquisition Documents, and the GameSpy Financing Documents have
been obtained or made.

 

Section 4.6           
No Defaults

 

No event has occurred or
failed to occur that constitutes:

 

(i)           
a
default or event of default (or that would constitute a default or event of
default with the giving of notice or the passage of time or both) under this
Agreement or any other GameSpy Financing Document; or

 

(ii)          
an
event of default under any other agreement for borrowed money, and

 

22

 

the conditions to the closing of the Merger set froth
in Sections 10.1 of the Merger Agreement shall have been satisfied.

 

Section 4.7           
Use of Proceeds

 

The net proceeds from the
sale of the Notes pursuant to this Agreement and the sale of Series A Preferred
Stock and Series B Preferred Stock pursuant to the Securities Purchase
Agreement will be used as provided on Schedule 2.7.

 

Section 4.8           
Outstanding
Indebtedness; Liens

 

The capitalization table
on Schedule 4.8 sets forth and identifies in reasonable detail all
outstanding short-term and long-term Indebtedness of the Company and its
Subsidiaries as of the Closing Date (other than under this Agreement),
including all notes issued by the Company to finance the acquisition of real or
personal property, prior to and after giving effect to the GameSpy Acquisition
and the other transactions contemplated by this Agreement.  Schedule
4.8 includes the names of the holders, principal amounts, required interest
payments and maturity dates of all such Indebtedness and specifies all
Indebtedness which is in any way subordinated to the Indebtedness represented
by the Notes.  Set forth on Schedule 4.8 is a list and description
of all existing Liens, other than Permitted Liens, on the property of the
Company and the Guarantors as of the Closing Date.

 

As of the Closing Date
and after giving effect to the transactions contemplated hereby to occur on the
Closing Date (including the GameSpy Acquisition), the Company shall have total
funded Indebtedness (excluding accounts payable and accrued expenses) on a
consolidated basis not in excess of $42.5 million.

 

Section 4.9           
Financial Statements;
Projections; No Undisclosed Liabilities

 

(a) 
The Company has delivered to each Purchaser copies of the financial statements
of the Company and its Subsidiaries listed on Schedule 4.9(a).  All
such financial statements (including in each case the related schedules and
notes) fairly present in all material respects the consolidated financial
position of the Company and its Subsidiaries as of the respective dates
specified in such Schedule and the consolidated results of their operations and
cash flows for the respective periods so specified and have been prepared in
accordance with GAAP consistently applied throughout the periods involved
except as set forth in the notes thereto (subject to the normal year-end
adjustments and the absence of footnotes in the case of the unaudited financial
statements).

 

(b) 
The Company has delivered to each Purchaser copies of the financial projections
listed on Schedule 4.9(b) (the “Projections”).  All of those
financial projections were prepared by the Company in good faith based upon
reasonable assumptions.  It is understood and agreed that the Projections
are estimates and not a guarantee of actual results.

 

(c) 
Except as set forth on Schedule 4.9(c), neither the Company nor any of
its Subsidiaries has any liability (absolute or contingent) except:

 

23

 

(i)           
those
shown on the most recent balance sheets described in Section 4.9(a)
hereof;

 

(ii)          
those
incurred in the ordinary course of business since the date of such balance
sheets;

 

(iii)         
those
incurred under the Note Documents and the Acquisition Documents; and

 

(iv)         
those
that would not, either individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

(d) 
The pro forma financial statements of the Company and its Subsidiaries to be
delivered pursuant to Section 2.8 will be prepared in accordance with
the accounting requirements of Rule 11-02 of Regulation S-X and other
accounting requirements of the Exchange Act and the related published rules and
regulations thereunder that would be applicable to a registration statement
filed under the Securities Act.  The assumptions used in preparing the pro
forma financial statements delivered hereby provide a reasonable basis for
presenting the significant effects directly attributable to the transactions or
events described therein, the related pro forma adjustments give appropriate
effect to those assumptions, and the pro forma columns therein reflect the
proper application of those adjustments to the corresponding historical
financial statement amounts

 

Section 4.10         No Material Adverse Change

 

Since December 31, 2003,
no event, condition, occurrence or development has occurred that has had,
either individually or in the aggregate, a Material Adverse Effect, on the
Company and its Subsidiaries taken as a whole, and no event, condition,
occurrence or development has occurred that would, either individually or in
the aggregate, reasonably be expected to result in a Material Adverse Effect on
the Company and its Subsidiaries taken as a whole.

 

Section 4.11         Litigation

 

Except as set forth on Schedule
4.11, there is no action, proceeding or investigation commenced or, to the
Company’s knowledge, threatened, against or affecting the Company or any of its
Subsidiaries in any court or before any governmental or quasi-governmental
authority or arbitration board or tribunal, foreign or domestic, except for
such actions which would not, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, and there is no such
action seeking to restrain, enjoin, prevent the consummation of or otherwise
challenge any of the Note Documents, the GameSpy Financing Documents or the
Acquisition Documents, the issuance of the Notes, Series A Preferred Stock or
Series B Preferred Stock, or the consummation of any of the other transactions
contemplated hereby or thereby.

 

Neither the Company nor
any of its Subsidiaries is subject to any judgment, order, decree, rule or
regulation of any court, governmental authority or arbitration board or
tribunal that has had or that would, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

24

 

Section 4.12         Title to and Condition of Properties

 

Except for Permitted
Liens, each of the Company and its Subsidiaries has good and marketable title
to all the real properties and other material assets (tangible or intangible)
it purports to own, free and clear of all Liens.

 

All leases and other
material agreements to which the Company or any of its Subsidiaries is a party
are valid and binding and in full force and effect, no default has occurred or
is continuing thereunder and no consent need be obtained (other than consents
that have been or will be obtained prior to the Closing) from any Person in
respect of any such lease or agreement in connection with the transactions
contemplated by the Acquisition Documents, the GameSpy Financing Documents or
the Note Documents, except such as would not, either individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.  Each
of the Company and its Subsidiaries enjoys peaceful and undisturbed possession
under all leases to which it is a party as lessee, except for such leases that,
both singly and in the aggregate, are immaterial to the business of the Company
and its Subsidiaries taken as a whole.

 

Except for such assets,
plants and facilities as are immaterial in the aggregate to the business of the
Company and its Subsidiaries taken as a whole, all tangible assets, plants and
facilities of each of the Company and its Subsidiaries are in good condition
and repair and are adequate, in the reasonable opinion of the Company, for the
uses to which they are being put or would be put in the ordinary course of
business.

 

Section 4.13         Environmental Compliance

 

(a) 
Except as disclosed on Schedule 4.13 and except as would not, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect:

 

(i)           
each
of the Company and its Subsidiaries:

 

(A)         
is in compliance with the
provisions of all Environmental Laws relating to its business, properties and
assets, including to the Real Property owned, leased or operated by any of them
or the ownership, use, control, management, operation or occupancy thereof; and

 

(B)          
possesses all Environmental
Permits that may be necessary for such ownership, use, control, management,
operation or occupancy as may otherwise be necessary for the operation of its business;

 

(ii)          
none
of the Company or any of its Subsidiaries has violated any provision of any
applicable Environmental Laws; and

 

(iii)         
none
of the Company or any of its Subsidiaries has any liability, absolute or
contingent, under any Environmental Law, including, any liability related to
the “release” (as defined in CERCLA) of, or any containment caused by, any
Hazardous Materials.

 

25

 

(b) 
To the knowledge of the Company, there have been no discharges, emissions, or
releases of Hazardous Material on, upon, under, into or from any Real Property,
or any real property owned, leased or operated by any predecessor in interest
of the Company and any of its Subsidiaries.

 

(c) 
To the knowledge of the Company, no current or former Real Property of the
Company or any of its Subsidiaries or any current or former Real Property of
any predecessor in interest of the Company or any of its Subsidiaries is listed
or proposed for listing on the National Priorities List or the Comprehensive
Environmental Response, Compensation, and Liability Information System, both as
promulgated under CERCLA, or any comparable state list, and none of the Company
or any of its Subsidiaries has received any written notification of potential
or actual liability, or any written request for information, with respect to
any current or former Real Property pursuant to CERCLA or any comparable state
or local Environmental Laws.

 

Section 4.14         Intellectual Property

 

Except as disclosed in Schedule
4.14 and except as would not, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, to the Company’s
knowledge:

 

(i)           
the
Company and its Subsidiaries own, possess or license all right, title and
interest in and to all licenses, permits, franchises, authorizations, patents,
copyrights, service marks, trademarks, trade dress, trade secrets, know-how,
computer software, data source code, object code and documentation thereof,
trade names, domain names and corporate names and registrations or rights
thereto (“Intellectual Property Rights”), that are required to conduct
its business as currently being conducted and as proposed to be conducted in
the future, free and clear of all Liens and of claims of others;

 

(ii)          
there
have been no claims made or threatened against the Company or any of its
Subsidiaries asserting the invalidity, misuse or unenforceability of any of the
Intellectual Property Rights owned, possessed or licensed by them, and no
product of the Company or any of its Subsidiaries infringes, in any material
respect, any license, permit, franchise, authorization, patent, copyright,
service mark, trademark, trade name or other right owned by any other Person;
and

 

(iii)         
the
Company and its Subsidiaries have taken all necessary actions to maintain the
Intellectual Property Rights that they own, possess and license, and there is
no material violation by any Person of any right of the Company or any of its
Subsidiaries with respect to Intellectual Property Rights owned, possessed,
licensed or used by the Company or any of its Subsidiaries.

 

26

 

Section 4.15         Taxes

 

Except as would not,
individually or in the aggregate, have a Material Adverse Effect on the
liability of Company or its Subsidiaries for taxes:

 

(i)           
all
tax returns required to be filed by the Company or any of its Subsidiaries in
any jurisdiction (including foreign jurisdictions) have been timely filed, and
all such tax returns are true, correct and are complete;

 

(ii)          
all
taxes, assessments, fees and other charges due from the Company or any of its
Subsidiaries that are due and payable have been paid other than any taxes being
contested in good faith by appropriate proceedings promptly instituted and
diligently conducted and for which adequate reserves or other appropriate
provisions have been made in accordance with GAAP;

 

(iii)         
the
Company knows of no actual or proposed material additional tax assessments for
any fiscal period against the Company or any of its Subsidiaries;

 

(iv)         
none
of the Company’s or any of its Subsidiaries’ tax returns are under audit, and
no waivers of the statute of limitations or extensions of time with respect to
any tax returns have been granted by the Company or any of its Subsidiaries;

 

(v)          
neither
the Company nor any of its Subsidiaries has received written notice from any
governmental agency in a jurisdiction in which such entity does not file a tax
return stating that such entity is or may be subject to taxation by that
jurisdiction; and

 

(vi)         
the
charges, accruals and reserves on the books of the Company and its Subsidiaries
in respect of federal, state or other taxes for all fiscal periods are adequate
in accordance with GAAP.

 

The Company is not a United States real property
holding corporation as defined in Section 897(c)(2) of the Internal Revenue
Code.

 

Section 4.16         ERISA

 

Schedule 4.16(a) contains a complete list of Plans. 
Neither a Reportable Event nor an “accumulated funding deficiency” (within the
meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during
the five-year period prior to the Closing Date with respect to any Plan, and
each Plan has complied in all material respects with the applicable provisions
of ERISA and the Code.  No termination of a Single Employer Plan has
occurred, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year
period.  The sum of the present value of all accumulated benefits under
all Single Employer Plans (based on the assumptions used to fund such plans)
did not, as reflected in the last annual actuarial valuation report issued
prior to the Closing Date, exceed the aggregate market value of the assets of
such plans.  Except

 

27

 

as would not reasonably be expected to have a Material
Adverse Affect, (x) neither the Company nor any Commonly Controlled Entity has
had a complete or partial withdrawal from any Multiemployer Plan that has
resulted or could reasonably be expected to result in any liability under
ERISA, and (y) neither the Company nor any Commonly Controlled Entity would
become subject to any liability under ERISA if the Company or any Commonly
Controlled Entity was to withdraw completely from all Multiemployer Plans as of
the valuation date most closely preceding the Closing Date.  No such
Multiemployer Plan is in Reorganization or is Insolvent.

 

(b)          
Except as listed on Schedule
4.16(b) or as required under Part 6 of Title I of ERISA and Section 4980B
of the Code or other comparable state or local law, neither the Company nor any
Commonly Controlled Entity has an obligation to make any payment to, or with
respect to, any former employee of the Company or any Commonly Controlled
Entity pursuant to Plans which are “employee welfare benefits plans” (as
defined in Section 3(1) of ERISA).

 

Section 4.17         Material Contracts

 

All Material Contracts
are set forth in Schedule 4.17.

 

Section 4.18         Compliance with Laws; Charter Documents;
Material Contracts

 

Except as would not,
either individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, neither of the Company nor any of its Subsidiaries is
in violation of any statutes, laws, ordinances, or governmental rules or
regulations or any judgment, order or decree (federal, state, local or foreign)
to which any of them or any of their respective assets or properties is subject
or has failed to obtain any licenses, permits, franchises or other governmental
authorizations necessary to the ownership or operation of their respective
properties or the conduct of their respective businesses.

 

Additionally, neither the
Company nor any of its Subsidiaries is in conflict with, or breach or violation
of, their respective Charter Documents, and except as would not, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, neither the Company nor any of its Subsidiaries is in breach or
violation of, or default under, any Material Contract.

 

Section 4.19         Labor Relations

 

Neither the Company nor
any of its Subsidiaries is, to the knowledge of the Company, engaged in any
unfair labor practice.  Except as would not, either individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, there is:

 

(i)           
no
unfair labor practice complaint pending or to the best knowledge of the Company
threatened against the Company or any of its Subsidiaries before the National
Labor Relations Board and no grievance or arbitration proceeding arising out of
or under collective bargaining agreements is so pending or known to be
threatened;

 

28

 

(ii)          
no
strike, labor dispute, slowdown or stoppage pending or to the best knowledge of
the Company threatened against the Company or any of its Subsidiaries; and

 

(iii)         
no
union representation question existing with respect to the employees of the
Company or any of its Subsidiaries and no union organizing activities are
taking place.

 

Section 4.20         No Violation of Regulations of Board of
Governors of Federal Reserve System

 

None of the transactions
contemplated by this Agreement (including, without limitation, the use of the
proceeds from the sale of the Notes) will violate or result in a violation of
Section 7 of the Exchange Act or any regulation issued pursuant thereto,
including, without limitation, Regulations T, U and X of the Board of Governors
of the Federal Reserve System.

 

Section 4.21         Private Offering

 

Assuming the accuracy of
the representations of the Purchasers in Section 1.3, the sale of the
Notes pursuant to this Agreement is exempt from the registration and prospectus
delivery requirements of the Securities Act.  In the case of each offer or
sale of the Notes, no form of general solicitation or general advertising was
used by the Company or its representatives, including advertisements, articles,
notices or other communications published in any newspaper, magazine or similar
medium or broadcast over television or radio, or any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising.

 

The Purchasers are the
only purchasers of the Notes.  No similar securities have been issued and
sold by the Company within the six-month period immediately prior to the date
hereof in such a manner as to bring the issuance and sale of the Notes to any
Purchaser hereunder within the provisions of Section 5 of the Securities
Act.  The Company agrees that neither it, nor anyone acting on behalf of
it, will offer or sell the Notes, or any similar securities, in the future if
such offer or sale might bring the issuance and sale of the Notes to any
Purchaser hereunder within the provisions of Section 5 of the Securities Act.

 

Section 4.22         Governmental Regulations

 

Neither the Company nor
any of its Subsidiaries is subject to regulation under the Investment Company
Act of 1940, as amended, the Public Utility Holding Company Act of 1935, as
amended, the Federal Power Act, the Interstate Commerce Act or to any federal
or state statute or regulation limiting its ability to incur indebtedness for
borrowed money.

 

Section 4.23         Brokers

 

Except as disclosed on Schedule
4.23, neither the Company nor any of its Subsidiaries has dealt with any
broker, finder, commission agent or other Person in connection with the sale of
the Notes and the transactions contemplated by this Agreement and neither the
Company nor GameSpy is under an obligation to pay any broker’s or finder’s fee
or commission or similar payment in connection with such transactions. 
The Company hereby agrees to indemnify and

 

29

 

hold the Holders harmless from and against any and all
actions, suits, claims, costs, expenses, losses, liabilities and/or obligations
in connection with or relating to any broker’s or finder’s fees or commission
or similar payment in connection with such transactions.

 

Section 4.24         Solvency

 

The Company is not, and
will not be after giving effect to the issuance of the Notes, Senior
Subordinated Notes, Series A Preferred Stock, and Series B Preferred Stock, and
the execution, delivery and performance of the Acquisition Documents, the
GameSpy Financing Documents, the Note Documents and any instrument governing
Indebtedness of the Company or a Subsidiary of the Company incurred as of the
Closing Date, (A) unable to pay its debts and meet its Obligations as they
become due or (B) left with unreasonably small capital with which to engage in
its anticipated business, and the Company has not, and will not have after
giving effect to the issuance of the Notes, Senior Subordinated Notes, Series A
Preferred Stock, and Series B Preferred Stock and the other transactions
contemplated by the Note Documents, the GameSpy Financing Documents and the
Acquisition Documents, incurred debts beyond its ability to pay such debts as
they mature.

 

Section 4.25         Full Disclosure

 

None of the Note
Documents, any document attached hereto or thereto or contemplated hereby or
thereby, or furnished by or on behalf of the Company to each Purchaser in
connection with the negotiation and sale of the Notes, contains any untrue
statement of a material fact or omits to state a material fact necessary to
make the statements contained herein or therein, in light of the circumstances
under which they were made, not misleading.  There is no fact known to the
Company that has not been disclosed to each Purchaser that would, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.  In addition, to the best knowledge of the Company, there is
not currently any statute, regulation, rule or requirement that would have,
either individually or in the aggregate, a Material Adverse Effect on the
ability of the Company and its Subsidiaries to conduct their respective
businesses as currently conducted.

 

Section 4.26         Representations in Securities Purchase
Agreement

 

All of the
representations and warranties of the Company set forth in Article V of the
Securities Purchase Agreement and Articles II and III of the Series A Preferred
Stock Purchase Agreement are true and correct.

 

Section 4.27         Survival of Representations and
Warranties

 

All statements contained
in any certificate or other document delivered to any Purchaser by or on behalf
of the Company (a) at Closing, pursuant to the terms of this Agreement, and (b)
after Closing, pursuant to Section 5.2, shall be deemed to constitute
representations and warranties under this Agreement with the same force and
effect as the representations and warranties expressly set forth herein. 
All of the Company’s representations and warranties thereunder and hereunder
shall survive the execution and delivery of the same, any investigation by any
Purchaser and the issuance of the Notes.

 

30

 

Section 4.28         Security Interests

 

The Security Documents,
when filed and/or recorded, will create, in favor of the Collateral Agent for
the ratable benefit of the Holders, as security for the Secured Obligations, a
legal, valid, enforceable and perfected security interest in and Lien upon all
of the Collateral, superior to and prior to the rights of all third persons
other than the holders of Permitted Liens and
subject to no other Liens except Permitted Liens.  The mortgagor under
each Mortgage has good and marketable title to the Mortgaged Real Property
owned by it and a valid, marketable and insurable leasehold interest or estate
in the Mortgaged Real Property leased by it, each free and clear of all Liens
other than Permitted Liens.  The respective pledgor or assignor, as the
case may be, has (or on or after the time it executes the respective Security
Document, will have) good and marketable title to all items of Collateral
(other than real property subject to a Mortgage) covered by such Security Document
free and clear of all Liens except Permitted Liens.  No filings or
recordings are required in order to perfect the security interests created
under any Security Document except for filings or recordings required in
connection with any such Security Document which shall have been made prior to,
contemporaneously with or promptly after the execution and delivery thereof.

 

Section 4.29         Real Property

 

Except as set forth on Schedule
4.29, neither the Company nor any of its Subsidiaries has any interest in
any real property.

 

ARTICLE
V

AFFIRMATIVE COVENANTS

 

So long as any of the
Notes remain unpaid and outstanding, the Company covenants to the Holders of
outstanding Notes as follows:

 

Section 5.1           
Payment of Notes

 

The Company will pay or
cause to be paid the principal of, premium, if any, and interest on the Notes
on the dates and in the manner provided in this Agreement and the Notes.

 

Section 5.2           
Delivery of Financial
and Other Statements and Reports

 

(a) 
The Company will deliver to each Holder the following:

 

(i)           
Monthly Financial Statements.  As soon as available, but in
any event not later than 30 days after the last day of each month (except for
the last month of each fiscal quarter), a consolidated balance sheet of the
Company and its Subsidiaries as of the end of such month and related
consolidated statements of operations and cash flows, of the Company and its
Subsidiaries for such month and for the portion of the fiscal year through the
end of such month, together with related consolidating statements for such
periods (provided that such consolidating statements are being prepared for the
Company’s management or other creditors), all

 

31

 

in reasonable detail and prepared
in accordance with GAAP consistently applied, and accompanied by a comparison
of current month and year-to-date results as reported in such consolidated
statements to (A) results for the corresponding periods of the prior fiscal
year and (B) results projected for such periods in the budget and business
plans delivered to Holders pursuant to Section 5.2(a)(iv) at the
commencement of the then current fiscal year;

 

(ii)          
Quarterly Financial Statements.  As soon as
available, but in any event not later than 45 days after the last day of each
fiscal quarter (except for the last fiscal quarter of each fiscal year), a
consolidated balance sheet of the Company and its Subsidiaries as of the end of
such quarter and related consolidated statements of operations, stockholders’
equity and cash flows, of the Company and its Subsidiaries for such quarter and
for the portion of the fiscal year through the end of such quarter, together
with related consolidating statements for such periods (provided that such
consolidating statements are being prepared for the Company’s management or
other creditors), all in reasonable detail and prepared in accordance with GAAP
consistently applied, and accompanied by a comparison of current quarter and
year-to-date results as reported in such consolidated statements to (A) results
for the corresponding periods of the prior fiscal year and (B) results
projected for such periods in the budget and business plans delivered to
Holders pursuant to Section 5.2(a)(iv) at the commencement of the then
current fiscal year;

 

(iii)         
Annual Financial Statements.  As soon as available, but in
any event not later than 90 days after the close of each fiscal year, an
audited consolidated balance sheet of the Company and its Subsidiaries as of
the close of such fiscal year, and related audited consolidated statements of
operations, cash flows and changes in stockholder’s equity of the Company and
its Subsidiaries for such fiscal year, reported on (without any material qualification
arising from the scope of the audit or with respect to the continuance of the
Company and its Subsidiaries as going concerns) by a nationally recognized firm
of independent certified public accountants and prepared in accordance with
GAAP consistently applied;

 

(iv)         
Budgets.  As soon as available, but
in any event not later than 60 days after the first day of each fiscal year, a
reasonably detailed consolidated monthly budget for the Company and its
Subsidiaries for the immediately forthcoming fiscal year, which plan shall have
been approved by the Company’s board of directors;

 

(v)          
Auditor Reports.  Promptly upon receipt
thereof (unless restricted by applicable professional standards), copies of all
material reports submitted to the Company by independent certified public
accountants in connection with each annual, interim or special audit of the
financial statements of the Company and its Subsidiaries made by such
accountants, including any

 

32

 

comment letter submitted by such
accountants to management in connection with their annual audit;

 

(vi)         
Information Provided to Other Securityholders.  Concurrently
with the provision of the same to or by the holders of Senior Subordinated
Notes, Common Stock, Series A Preferred Stock or Series B Preferred Stock
copies of any financial or other report or notice delivered to, or received
from, any such holders, in each case as a class;  and

 

(vii)        
Other Information.  On an as requested basis,
any other information reasonably requested by any Holder.

 

(b) 
Compliance Certificates. 
The Company will deliver to each Holder, together with the financial statements
under Section 5.2(a)(ii), within 45 days after the end of each fiscal
quarter, an Officers’ Certificate stating that a review of the activities of
the Company and its Subsidiaries during the preceding fiscal quarter has been
made under the supervision of the signing officers with a view to determining
whether the Company has kept, observed, performed and fulfilled its obligations
under this Agreement, and further stating, as to each such Officer signing such
certificate, that to the best of his or her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this
Agreement and is not in Default in the performance or observance of any of the
terms, provisions and conditions of this Agreement (or, if a Default or Event
of Default has occurred, describing all such Defaults or Events of Default of
which he or she may have knowledge and what action the Company is taking or
proposes to take with respect thereto) and that to the best of his or her
knowledge no event has occurred and remains in existence by reason of which
payments on account of the principal of, or interest and premium, if any, on
the Notes is prohibited or if such event has occurred, a description of the
event and what action the Company is taking or proposes to take with respect
thereto.

 

(c) 
Accountant Letters.  So long
as not contrary to the then current recommendations of the American Institute
of Certified Public Accountants, the year-end financial statements delivered
pursuant to Section 5.2(iii) will be accompanied by a written statement
of the Company’s independent public accountants (who shall be a firm of
established national reputation or otherwise approved by the Majority Holders)
that in making the examination necessary for certification of such financial
statements, nothing has come to their attention that would cause them to
believe that any Default or Event of Default has occurred or, if any such
Default or Event of Default has occurred, specifying the nature and period of
existence thereof, it being understood that such accountants shall not be liable
directly or indirectly to any Person for any failure to obtain knowledge of any
such Default or Event of Default.  The Majority Holders hereby approve
Burr, Pilger & Mayer as the independent public accountants of the Company
for purposes of delivering the first report to be delivered pursuant to this Section
5.2(c).

 

(d) 
Notice of Defaults.  So long
as any of the Notes are outstanding, the Company will deliver to each Holder,
forthwith upon any officer becoming aware of any Default or Event of Default, an
Officers’ Certificate specifying such Default or Event of Default and what
action the Company is taking or proposes to take with respect thereto.

 

33

 

Section 5.3           
Taxes

 

The Company will timely
pay, and will cause each of its Subsidiaries to timely pay, all material taxes,
assessments, and governmental levies except such as are contested in good faith
and by appropriate proceedings or where the failure to effect such payment is
not adverse in any material respect to the Holders of the Notes.

 

Section 5.4           
Insurance

 

The Company will maintain
liability, casualty, business continuity and other insurance with a reputable
insurer or insurers in such amounts and against such risks as is carried by
responsible companies engaged in similar businesses and owning similar assets.

 

Section 5.5           
Corporate Existence

 

The Company will do or
cause to be done all things necessary to preserve and keep in full force and
effect its corporate existence and the corporate or other entity existence of
each of its Subsidiaries in accordance with the respective organizational
documents of each of them and the corporate or other entity rights (charter and
statutory), licenses and franchises of the Company and its Subsidiaries; provided, however,
that with respect to any Subsidiary of the Company, the Company will not be
required to preserve any such right, license or franchise, or corporate or
other entity existence, if the board of directors of the Company determines
that the preservation thereof is no longer desirable in the conduct of the
business of the Company and its Subsidiaries taken as a whole and that the loss
thereof is not adverse in any material respect to any Holder.

 

Section 5.6           
Books and Records

 

The Company will, and
will cause each of its Subsidiaries to, keep proper books of record and
account, in which full and materially correct entries shall be made in
accordance with GAAP of all financial transactions and the assets and business
of Company and each of its Subsidiaries.

 

Section 5.7           
Compliance with Laws

 

The Company will, and
will cause each of its Subsidiaries to, comply with all statutes, ordinances,
governmental rules and regulations, judgments, orders and decrees (including
all Environmental Laws and Environmental Permits) to which any of them is
subject, and obtain and keep in effect all licenses, permits (including
Environmental Permits), franchises and other governmental authorizations
necessary to the ownership or operation of their respective properties or the
conduct of their respective businesses, except to the extent that the failure
to so comply or obtain and keep in effect would not, either individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 5.8           
Use of Proceeds

 

The Company will apply
the proceeds from the sale of the Notes, Senior Subordinated Notes, Series A
Preferred Stock and Series B Preferred Stock in accordance with, and at the
times specified by, the statement of sources and uses delivered pursuant to Section
2.7.

 

34

 

Section 5.9           
Offer to Purchaser
with Excess Cash and Net Financing Proceeds

 

Within 30 days of the receipt
of any Net Financing Proceeds, and within 90 days of the end of each fiscal
year ending after December 31, 2004 in which the Company generated Excess Cash
Flow, the Company will commence an offer to all Holders of Notes to purchase
the maximum principal amount of, plus accrued and unpaid interest on, the Notes
that may be purchased out of such Net Financing Proceeds and the Applicable
Percentage of such Excess Cash Flow (“Mandatory Repurchase Offer”).  The offer
price in any Mandatory Repurchase Offer will be equal to the principal amount
Notes being repurchased plus accrued and unpaid interest to the date of
purchase, and will be payable in cash.  If any Net Financing Proceeds or
Excess Cash Flow remains after completion of a Mandatory Repurchase Offer, the
Company may use such Net Financing Proceeds or Excess Cash Flow for any purpose
not otherwise prohibited by this Agreement.  Other than as specifically
provided in this Section 5.9 any Mandatory Repurchase Offer or purchase
of Notes pursuant to this Section 5.9 shall be made pursuant to the
provisions of Sections 10.2 through 10.6.

 

Section 5.10         Additional Collateral, etc.

 

(a) 
With respect to any Property acquired after the Closing Date by the Company or
any of its Subsidiaries (other than (i) any Property described in Section
5.10(b) or Section 5.10(c) and (ii) Property acquired by an Excluded
Foreign Subsidiary) as to which the Collateral Agent, for the benefit of the
Secured Parties, does not have a perfected Lien, promptly (i) execute and
deliver to the Collateral Agent such amendments to the Guarantee and Collateral
Agreement or such other documents as may be required under any applicable law
or as the Collateral Agent deems necessary or advisable to grant to the
Collateral Agent, for the benefit of the Secured Parties, a security interest
in such Property and (ii) take all actions necessary or advisable to grant to
the Collateral Agent, for the benefit of the Secured Parties, a perfected first
priority security interest in such Property subject only to Permitted Liens,
including the filing of UCC financing statements in such jurisdictions as may
be required by the Guarantee and Collateral Agreement or by law or as may be
requested by the Collateral Agent.

 

(b) 
With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary)
created or acquired after the Closing Date (which, for the purposes of this
paragraph, shall include any existing Subsidiary that ceases to be an Excluded
Foreign Subsidiary), by the Company or any of its Subsidiaries, promptly (i)
execute and deliver to the Collateral Agent such amendments to the Guarantee
and Collateral Agreement as may be required under any applicable law or as the
Collateral Agent deems necessary or advisable to grant to the Collateral Agent,
for the benefit of the Secured Parties, a perfected first priority security
interest in the Capital Stock of such new Subsidiary that is owned by the
Company or any of its Subsidiaries, (ii) deliver to the Collateral Agent the
certificates representing such Capital Stock, together with undated stock
powers, in blank, executed and delivered by a duly authorized officer of the
Company or such Subsidiary, as the case may be, (iii) cause such new Subsidiary
(A) to become a party to the Guarantee and Collateral Agreement and (B) to take
such actions necessary or advisable to grant to the Collateral Agent for the
benefit of the Secured Parties a perfected first priority security interest in
the Collateral described in the Guarantee and Collateral Agreement with respect
to such new Subsidiary, including the recording of instruments in the United
States Patent and Trademark Office and the United States Copyright Offices, the
execution and delivery by all

 

35

 

necessary
persons of control agreements, and the filing of UCC financing statements in
such jurisdictions as may be required by the Guarantee and Collateral Agreement
or by law or as may be requested by the Collateral Agent, and (iv) if requested
by the Collateral Agent, deliver to the Collateral Agent legal opinions
relating to the matters described above, which opinions shall be in form and
substance, and from counsel, reasonably satisfactory to the Collateral Agent.

 

(c) 
With respect to any new Excluded Foreign Subsidiary created or acquired after
the Closing Date by the Company or any of its Subsidiaries (other than any
Excluded Foreign Subsidiaries), promptly (i) execute and deliver to the
Collateral Agent such amendments to the Guarantee and Collateral Agreement or
such other documents as may be required under any applicable law or as the
Collateral Agent deems necessary or advisable in order to grant to the
Collateral Agent, for the benefit of the Secured Parties, a perfected first
priority security interest in the Capital Stock of such new Subsidiary that is
owned by the Company or any of its Subsidiaries (other than any Excluded
Foreign Subsidiaries), (provided that
in no event shall more than 65% of the total outstanding Capital Stock of any
such new Excluded Foreign Subsidiary be required to be so pledged), (ii)
deliver to the Collateral Agent the certificates representing such Capital
Stock, together with undated stock powers, in blank, executed and delivered by
a duly authorized officer of the Company or such Subsidiary, as the case may
be, and take such other action as may be necessary or, in the opinion of the
Collateral Agent, desirable to perfect the Lien of the Collateral Agent
thereon, and (iii) if requested by the Collateral Agent, deliver to the
Collateral Agent legal opinions relating to the matters described above, which
opinions shall be in form and substance, and from counsel, reasonably
satisfactory to the Collateral Agent.

 

(d) 
Notwithstanding anything to the contrary in this Section 5.10,
paragraphs (a), (b), (c) and (e) of this Section 5.10 shall not apply to
any Property, new Subsidiary or new Excluded Foreign Subsidiary created or
acquired after the Closing Date, as applicable, as to which the Collateral
Agent has determined in its sole discretion that the collateral value thereof
is insufficient to justify the difficulty, time and/or expense of obtaining a
perfected security interest therein.

 

(e) 
With respect to any fee interest (or leasehold interest, to the extent such leasehold
is created under a triple net ground lease or similar transaction) in any real
property having a value (together with improvements thereof) of at least
$100,000 acquired after the Closing Date by the Company or any of its
Subsidiaries (other than any such real property owned by an Excluded Foreign
Subsidiary), promptly (i) execute and deliver a first priority Mortgage in
favor of the Collateral Agent, for the benefit of the Secured Parties, covering
such real property, (ii) if requested by the Collateral Agent, provide the
Holders with (A) title and extended coverage insurance, complying with the
provisions of Section 5.10(f), covering such real property in an amount
at least equal to the purchase price of such real property (or such other
amount as shall be reasonably specified by the Collateral Agent) as well as a
current ALTA survey thereof complying with the provisions of Section 5.10(g)
together with a surveyor’s certificate, (B) flood insurance complying with the
provisions of Section 5.10(h) and (C) any consents or estoppels
reasonably deemed necessary or advisable by the Collateral Agent in connection
with such Mortgage, each of the foregoing in form and substance reasonably
satisfactory to the Collateral Agent and (iii) if requested by the Collateral
Agent, deliver to the

 

36

 

Collateral
Agent legal opinions relating to the matters described above, which opinions
shall be in form and substance, and from counsel, reasonably satisfactory to
the Collateral Agent.

 

(f) 
If requested by the Collateral Agent pursuant to Section 5.10(e), the
Collateral Agent shall receive in respect of each mortgaged property a
mortgagee’s title insurance policy (or policies) or marked up unconditional
binder for such insurance.  Each such policy shall (A) be in an amount
satisfactory to the Collateral Agent; (B) be issued at ordinary rates; (C)
insure that the Mortgage insured thereby creates a valid first Lien on, and
security interest in, such Mortgaged Property free and clear of all defects and
encumbrances, except for Permitted Liens disclosed therein; (D) name the
Collateral Agent for the benefit of the Secured Parties as the insured
thereunder; (E) be in the form of ALTA Loan Policy - 1970 form B (Amended 10/17/70
and 10/17/84) (or equivalent policies); (F) contain such endorsements and
affirmative coverage as the Collateral Agent may reasonably request in form and
substance acceptable to the Collateral Agent, including (to the extent
applicable with respect to such mortgaged property and available in the
jurisdiction in which such mortgaged property is located), the following:
variable rate endorsement; survey endorsement; comprehensive endorsement;
zoning (ALTA 3.1 with parking added) endorsement; first loss, last dollar and
tie-in endorsement; access coverage; separate tax parcel coverage; contiguity
coverage; usury; closing business; subdivision; environmental protection lien;
CLTA 119.2 and CLTA 119.3 (for leased Real Estate, only); and such other
endorsements as the Collateral Agent shall reasonably require in order to
provide insurance against specific risks identified by the Collateral Agent in
connection with such mortgaged property, and (G) be issued by title companies
satisfactory to the Collateral Agent (including any such title companies acting
as co-insurers or reinsurers, at the option of the Collateral Agent). 
Also, the Collateral Agent shall receive (i) evidence satisfactory to it that
all premiums in respect of each such policy, all charges for mortgage recording
tax, and all related expenses, if any, have been paid and (ii) a copy of all
recorded documents referred to, or listed as exceptions to title in, the title
policy or policies referred to above and a copy of all other material documents
affecting the mortgaged properties.

 

(g) 
If requested by the Collateral Agent pursuant to Section 5.10(e), the
Collateral Agent shall receive, and the title insurance company issuing the
policy referred to in Section 5.10(e) (the “Title Insurance Company”) shall have
received, maps or plats of an as-built survey of the sites of the Mortgaged
Properties certified to the Collateral Agent and the Title Insurance Company in
a manner satisfactory to them, dated not more than 30 days prior to the
acquisition of an interest in such property unless the Title Insurance Company
has agreed to delete its survey disclosure exception on the basis of an earlier
survey and such survey is, in any event, dated not more than 2 years prior to
such date by an independent professional licensed land surveyor satisfactory to
the Collateral Agent and the Title Insurance Company, which maps or plats and
the surveys on which they are based shall be made in accordance with the
Minimum Standard Detail Requirements for Land Title Surveys jointly established
and adopted by the American Land Title Association and the American Congress on
Surveying and Mapping in 1997 or 1999 and meeting the accuracy requirements as
defined therein, and, without limiting the generality of the foregoing, there shall
be surveyed and shown on such maps, plats or surveys the following:  each
survey shall (A) be a current “as-built” survey showing the location of any
adjoining streets (including their widths and any pavement or other
improvements), easements (including the recorded information with respect to
all recorded instruments), the mean high water base line or other legal
boundary lines of any adjoining bodies of water, fences, zoning or

 

37

 

restriction
setback lines, rights-of-way, utility lines to the points of connection and any
encroachments; (B) locate all means of ingress and egress, certifying the
amount of acreage and square footage, indicate the address of the property,
contain the legal description of the property, and also contain a location
sketch of the property; (C) show the location of all improvements as
constructed on the property, all of which shall be within the boundary lines of
the property and conform to all applicable zoning ordinances, set-back lines
and restrictions and the surveyor shall certify compliance with the foregoing;
(D) indicate the location of any improvements on the property with the
dimensions in relations to the lot and building lines; (E) show measured
distances from the improvements to be set back and specified distances from
street or property lines in the event that deed restrictions, recorded plats or
zoning ordinances require same; (F) designate all courses and distances
referred to in the legal description, and indicate the names of all adjoining
owners on all sides of the property, to the extent available; and (G) indicate
the flood zone designation, if any, in which the property is located.  The
legal description of the applicable property shall be shown on the face of each
survey, and the same shall conform to the legal description contained in the
title policy described below.

 

(h) 
If requested by the Collateral Agent pursuant to Section 5.10(e), the
Collateral Agent shall receive, (A) a policy of flood insurance that (1) covers
any parcel of improved real property that is encumbered by any Mortgage (2) is
written in an amount not less than the outstanding principal amount of the
indebtedness secured by such Mortgage that is reasonably allocable to such real
property or the maximum limit of coverage made available with respect to the
particular type of property under the National Flood Insurance Act of 1968,
whichever is less, and (3) has a term ending not later than the maturity of the
indebtedness secured by such Mortgage or that may be extended to such maturity
date and (B) confirmation that the Company has received the notice required
pursuant to Section 208(e)(3) of Regulation H of the Board.

 

Section 5.11         Security Interests

 

The Company, each
Guarantor and each of their respective Domestic Subsidiaries will perform any
and all acts and execute any and all documents (including, the execution,
amendment or supplementation of any financing statement and continuation
statement) for filing in any appropriate jurisdiction under the provisions of
the UCC, local law or any statute, rule or regulation of any applicable
jurisdiction which are necessary in order to maintain or confirm in favor of
the Collateral Agent a valid and perfected Lien on the Collateral and any
Additional Collateral, subject to no Liens except for Permitted Liens. 
Upon request of the Collateral Agent, the Company shall, as promptly as
practicable after the filing of any financing statements, deliver to the
Collateral Agent acknowledgment copies of, or copies of lien search reports
confirming the filing of, financing statements duly filed under the UCC of all
jurisdictions as may be necessary or desirable to perfect the Lien created, or
purported or intended to be created, by each Security Document.

 

Section 5.12         Post Closing Security Interest Matters

 

(a) 
No later than 30 days following the date of this Agreement, each Obligor shall
deliver to each Holder and the Collateral Agent, either

 

(i)           
a
fully executed Control Agreement (in the form of either (1) Exhibit E to the
Guarantee and Collateral Agreement or (2) a Control Agreement

 

38

 

delivered to the Collateral Agent
on the Closing Date, or otherwise approved by the Majority Holders) with
respect to each of its Deposit Accounts (as such term is defined in the
Guarantee and Collateral Agreement), or

 

(ii)          
an
Officer’s Certificate certifying that such Obligor is in compliance with
Section 5.2(d) of the Guarantee and Collateral Agreement.

 

(b) 
No later than 15 days following the date of this Agreement, each Obligor shall
file all documents and take all reasonable steps necessary to cause all their
intellectual property rights registered with each Governmental Authority
(including but not limited to the United States Patent and Trademark Office and
the European Union) to be registered in the name of either the Company or
GameSpy, to the reasonable satisfaction of the Collateral Agent.

 

(c) 
No later than 30 days following the date of this Agreement, the Company shall,
either

 

(i)           
consummate
the dissolution Two Cents, Inc. pursuant to the applicable laws of the State of
New Jersey, or

 

(ii)          
cause
Two Cents, Inc. to deliver (1) a duly executed counterpart signature page to
the Guarantee and Collateral Agreement and the Intellectual Property Security
Agreement attached as an exhibit to the Guarantee and Collateral Agreement, (2)
a Secretary’s Certificate in substantially the form of the Secretary’s
Certificate delivered pursuant to Section 2.4, and (3) an opinion of
counsel covering the matters set forth in the opinions delivered pursuant to Section
2.5.

 

ARTICLE
VI

NEGATIVE COVENANTS

 

So long as any of the
Notes remain unpaid and outstanding, the Company covenants to the Holders of
outstanding Notes as follows:

 

Section 6.1           
Incurrence of
Indebtedness and Issuance of Preferred Stock

 

(a) 
The Company will not, and will not permit any of its Subsidiaries to, directly
or indirectly, create, incur, issue, assume, Guarantee or otherwise become
directly or indirectly liable, contingently or otherwise, with respect to
(collectively, “incur”) any Indebtedness (including Acquired Debt), and
the Company will not issue any Disqualified Stock and will not permit any of
its Subsidiaries to issue any shares of preferred stock.

 

(b) 
The provisions of Section 6.1(a) hereof will not prohibit the incurrence
of, or prohibit the Company and its Subsidiaries from remaining liable with
respect to, any of the following items of Indebtedness (collectively, “Permitted Debt”):

 

(i)           
Existing
Debt, excluding the Notes and the Senior Subordinated Notes;

 

39

 

(ii)          
the
incurrence by the Company of Indebtedness represented by the Notes to be issued
on the date of this Agreement;

 

(iii)         
the
incurrence by the Company of Indebtedness represented by the Senior
Subordinated Notes issued on the date of this Agreement pursuant to the Securities
Purchase Agreement;

 

(iv)         
the
incurrence by the Company of Permitted Refinancing Indebtedness in exchange
for, or the net proceeds of which are used to refund, refinance or replace
Indebtedness that is described in Section 6.1(b)(ii) and Section
6.1(b)(iv);

 

(v)          
the
incurrence by the Company or any of its Subsidiaries of intercompany
Indebtedness owed to the Company or any of its Wholly Owned Subsidiaries; provided, however, that:

 

(A)         
if the Company or any Guarantor
is the obligor on such Indebtedness, such Indebtedness must be unsecured and
expressly subordinated to the prior payment in full in cash of all Obligations
with respect to the Notes, in the case of the Company, or the Note Guarantee,
in the case of a Guarantor;

 

(B)          
in each case where the Company
or any Guarantor is the creditor, such Indebtedness is evidenced by a demand
promissory note pledged to the Collateral Agent for the ratable benefit of the
Holders pursuant to the Security Agreement;

 

(C)          
the following will be deemed, in
each case, to constitute an incurrence of Indebtedness by the Company or one of
its Subsidiaries, as the case may be, that was not permitted by this Section
6.1(b)(iv);

 

(1)          
any
subsequent issuance or transfer of Equity Interests that result in any
Indebtedness originally incurred pursuant to this Section 6.1(b)(iv)
being held by a Person other than the Company or a Subsidiary thereof, and

 

(2)          
any
sale or other transfer of any Indebtedness originally incurred pursuant to this
Section 6.1(b)(iv) to a Person that is not either the Company or a
Wholly Owned Subsidiary thereof,

 

(vi)         
the
issuance by any of the Company’s Subsidiaries to the Company or to any of its
Wholly Owned Subsidiaries of shares of preferred stock; provided, however,
that the following will be deemed, in each case, to constitute an issuance of
preferred stock by such Subsidiary that was not permitted by this Section
6.1(b)(vi):

 

40

 

(A)         
any subsequent issuance or
transfer of Equity Interests that results in any preferred stock originally
issued pursuant to this Section 6.1(b)(vi) being held by a Person other
than the Company or a Wholly Owned Subsidiary of the Company; and

 

(B)          
any sale or transfer of any
preferred stock originally issued pursuant to this Section 6.1(b)(vi) to
a Person that is not either the Company or a Wholly-Owned Subsidiary of the
Company;

 

(vii)        
the
incurrence by the Company or any of its Subsidiaries of Hedging Obligations in
the ordinary course of business;

 

(viii)       
the
Guarantee by the Company or any of its Subsidiaries of Indebtedness of the
Company or a Subsidiary of the Company that was permitted to be incurred by
another provision of this Section 6.1; provided
that if the Indebtedness being guaranteed is subordinated to or pari passu with
the Notes, then the Guarantee shall be subordinated or pari passu, as
applicable, to the same extent as the Indebtedness guaranteed;

 

(ix)          
the
incurrence by the Company or any of its Subsidiaries of Indebtedness in respect
of workers’ compensation claims, self-insurance obligations, bankers’
acceptances, performance and surety bonds in the ordinary course of business;

 

(x)           
the
incurrence by the Company of any Indebtedness represented by the Series A
Preferred Stock and Series B Preferred Stock outstanding or issued on the
Closing Date; and

 

(xi)          
the
incurrence by the Company or any of its Subsidiaries of Indebtedness arising
from the honoring by a bank or other financial institution of a check, draft or
similar instrument inadvertently drawn against insufficient funds, so long as
such Indebtedness is covered within five Business Days.

 

The accrual of interest,
the accretion or amortization of original issue discount on any Indebtedness,
the payment of interest on any Indebtedness in the form of additional
Indebtedness with the same terms, and the payment of dividends on Disqualified
Stock in the form of additional shares of the same class of Disqualified Stock
shall not be deemed to be an incurrence of Indebtedness or an issuance of
Disqualified Stock for purposes of this Section 6.1

 

Section 6.2           
No Layering.

 

The Company will not incur,
and will not permit any Guarantor to incur, any Indebtedness (including
Permitted Debt) that is contractually subordinated in right of payment to any
other Indebtedness of the Company or such Guarantor unless such Indebtedness is
also contractually subordinated in right of payment to the Notes and the
applicable Note Guarantee on substantially identical terms; provided, however,
that no Indebtedness of the Company shall be deemed to be contractually
subordinated in right of payment to any other Indebtedness of the

 

41

 

Company solely by virtue of being unsecured or by
virtue of being secured on a first or junior Lien basis.

 

Section 6.3           
Restrictions on Liens

 

The Company will not, and
will not permit any of its Subsidiaries to, directly or indirectly create,
incur, assume or suffer to exist any Lien of any kind securing Indebtedness,
Attributable Debt, or trade payables on any asset now owned or hereafter
acquired, except Permitted Liens.

 

Section 6.4           
Limitation on
Restricted Payments

 

The Company will not, and
will not permit any of its Subsidiaries to, directly or indirectly:

 

(i)           
declare
or pay any dividend or make any other payment or distribution on account of the
Company’s or any of its Subsidiaries’ Equity Interests (including any payment
in connection with any merger or consolidation involving the Company or any of
its Subsidiaries) or to the direct or indirect holders of the Company’s or any
of its Subsidiaries’ Equity Interests in their capacity as such (other than
dividends or distributions payable in Equity Interests (other than Disqualified
Stock) of the Company or to the Company or a Subsidiary of the Company);

 

(ii)          
purchase,
redeem or otherwise acquire or retire for value (including in connection with
any merger or consolidation involving the Company or any of its Subsidiaries)
any Equity Interests of the Company or any direct or indirect parent of the
Company;

 

(iii)         
make
any payment (whether or not in cash) on or with respect to, or purchase,
redeem, defease or otherwise acquire or retire for value any Indebtedness that
is pari passu with or subordinated to the Notes or any of the Note Guarantees
(collectively “Junior Debt”); or

 

(iv)         
make
any Restricted Investment,

 

(all such payments and other actions set forth in
these clauses (1) through (4) above being collectively referred to as “Restricted Payments”).

 

The foregoing provisions
will not prohibit:

 

(i)           
so
long as (A) no bankruptcy, insolvency or liquidation proceeding is pending and
(B) no Default in the payment of an amount due under the Note Documents has
occurred and is continuing or would be caused thereby, the payment of regularly
scheduled interest payments on the Senior Subordinated Notes pursuant to their
terms on the date hereof;

 

(ii)          
so
long as no Default has occurred and is continuing or would be caused thereby,
the payment of any dividend (or, in the case of any partnership or

 

42

 

limited liability company, any
similar distribution) by a Subsidiary of the Company to the holders of its
Equity Interests on a pro rata basis;

 

(iii)         
so
long as no Default has occurred and is continuing or would be caused thereby,
the repurchase, redemption or other acquisition or retirement for value of any
Equity Interests of the Company or any Subsidiary of the Company held by any
current or former officer, director or employee of the Company or any of its
Subsidiaries pursuant to any equity subscription agreement, stock option
agreement, shareholders’ agreement or similar agreement; provided, that
the aggregate price paid for all such repurchased, redeemed, acquired or
retired Equity Interests may not exceed $750,000; provided  further
that the aggregate price paid for all such repurchased, redeemed, acquired or
retired Equity Interests may not exceed $250,000 in any twelve-month period;

 

(iv)         
so
long as no Default has occurred and is continuing or would be caused thereby,
and so long as the Holders have waived in writing, pursuant to Section 12.4,
any Default or Event of Default that would result from such Change of Control
or Initial Public Offering (such waiver to be in the Holders’ sole and absolute
discretion), the redemption of the Senior Subordinated Notes upon a Change of
Control or Initial Public Offering pursuant to the terms of the Senior
Subordinated Notes as in effect on the date hereof; and

 

(v)          
so
long as no Default has occurred and is continuing or would be caused thereby,
the repurchase of Equity Interests deemed to occur upon the exercise of stock
options to the extent such Equity Interests represent a portion of the exercise
price of those stock options.

 

The amount of all Restricted Payments (other than
cash) shall be the fair market value on the date of the Restricted Payment of
the asset(s) or securities proposed to be transferred or issued to or by the
Company or such Subsidiary, as the case may be, pursuant to the Restricted
Payment.  The fair market value of any assets or securities that are
required to be valued by this shall be determined by the board of directors of
the Company whose resolution with respect thereto shall be conclusive.

 

Section 6.5           
No Amendment to
Senior Subordinated Notes or Preferred Stock.

 

Without the consent of
the Majority Holders, the Company will not amend, modify or alter, or take any
action that could cause to be amended, modified or altered, the terms of the
Securities Purchase Agreement, the Series A Preferred Stock Purchase Agreement,
the Company’s Charter Documents, any Senior Subordinated Note, any share of
Series A Preferred Stock, or any share of Series B Preferred Stock, in any way
to:

 

(i)           
alter
the terms of any of the Company’s Equity Securities, if, pursuant to the terms
of the Company’s Equity Securities, as altered, the Company or any of its
Subsidiaries could be required to take an action, whether upon the occurrence
of an event, delivery of notice, on any date, or otherwise,

 

43

 

that would, directly or indirectly,
result in a Default or Event of Default or entitle the holder or holders of any
Indebtedness of the Company or any of its Subsidiaries (with or without the
giving of notice or lapse of time) to accelerate the maturity of such
Indebtedness;

 

(ii)          
increase
the rate of or change the time for payment of interest on any Senior
Subordinated Notes or any Permitted Refinancing Indebtedness;

 

(iii)         
increase
the principal of, advance the final maturity date of or shorten the Weighted
Average Life to Maturity of the Senior Subordinated Notes or any Permitted
Refinancing Indebtedness;

 

(iv)         
tighten
the redemption provisions or increase the price or terms at which the Company
is required to offer to purchase any Senior Subordinated Notes or any Permitted
Refinancing Indebtedness;

 

(v)          
amend
the provisions of Article XI of the Securities Purchase Agreement; or

 

(vi)         
amend,
restate, or modify (a “Financing Change”) any document related to the
Senior Subordinated Notes (collectively, the “Subordinated Debt Documents”) in a manner that
imposes covenants or events of default upon the Company or its Subsidiaries
which are more restrictive than the covenants contained in such documents prior
to such Financing Change, unless the Company and the Majority Holders shall,
within 10 Business Days after such Financing Change, execute and deliver an
amendment to this Agreement or any other applicable Note Document for the
purpose of effecting a change similar and in proportion to the changes to the
Subordinated Debt Documents; provided, that upon any failure of the
Company or the Majority Holders to do so, this Agreement shall be deemed
automatically amended to effect such similar and proportionate amendment.

 

Section 6.6           
Asset Sales; Casualty
Proceeds

 

(a) 
The Company will not, and will not permit any of its Subsidiaries to,
consummate any other Asset Sale unless:

 

(i)           
the
Company (or the Subsidiary, as the case may be) receives consideration at the
time of such Asset Sale at least equal to the fair market value of the assets
or Equity Interests issued or sold or otherwise disposed of;

 

(ii)          
the
fair market value is determined by the Company’s board of directors and
evidenced by a resolution of the board of directors set forth in an Officers’
Certificate delivered to the Holders; and

 

44

 

(iii)         
at
least 80% of the consideration therefor received by the Company or such
Subsidiary is in the form of cash.  For purposes of this provision, any
securities, notes or other obligations received by the Company or any such
Subsidiary from such transferee that are substantially contemporaneously
(subject to ordinary settlement periods) converted by the Company or such
Subsidiary into cash (to the extent of the cash received in that conversion)
shall be deemed to be cash.

 

(b) 
Within 120 days after the receipt of any Net Asset Sale Proceeds from an Asset
Sale or any Casualty Proceeds, the Company may apply such Net Asset Sale
Proceeds or Casualty Proceeds at its option:

 

(i)           
to
acquire all or substantially all of the assets of, or a majority of the voting
stock of, another Permitted Business, if such assets or voting stock constitute
Collateral;

 

(ii)          
to
make a capital expenditure;

 

(iii)         
to
reinvest in equipment or other productive assets of the general type that are
used or useful in a Permitted Business, if such equipment or assets constitute
Collateral;

 

(iv)         
to
repay Indebtedness ranking pari passu with the Notes that is secured by a
Permitted Lien having priority over the Liens securing the Notes; provided that (a) such Indebtedness was
permitted pursuant to the terms of this Agreement to be incurred, (b) the
aggregate amount of such repayment does not exceed the fair market value of the
Property subject to the Permitted Lien, as determined in good faith by the
Company’s Board of Directors, and (c) no Default or Event of Default has
occurred and is continuing; or

 

(v)          
in
the case of Casualty Proceeds, to restore or replace damaged or destroyed
assets.

 

Pending the final application of any such Net Asset
Sale Proceeds or Casualty Proceeds, the Company may temporarily reduce
revolving credit borrowings or otherwise invest such Net Asset Sale Proceeds or
Casualty Proceeds in any manner that is not prohibited by this Agreement.

 

Any Net Asset Sale
Proceeds from Asset Sales or Casualty Proceeds that are not applied or invested
in the manner and within the time limits provided in the preceding paragraph
will constitute “Excess
Proceeds.”  When the aggregate amount of Excess Proceeds
exceeds $500,000, within five days thereof, the Company will make an offer to
all Holders of Notes to purchase the maximum principal amount of, plus accrued
and unpaid interest on, the Notes that may be purchased out of the Excess
Proceeds (an “Excess
Proceeds Offer”).  The offer price in any Excess Proceeds
Offer will be equal to the principal amount thereof plus accrued and unpaid
interest to the date of purchase, and will be payable in cash.  If any
Excess Proceeds remain after completion of an Excess Proceeds Offer, the
Company may use such Excess Proceeds for any

 

45

 

purpose not otherwise prohibited by this Agreement and
the amount of Excess Proceeds will be reset to zero.

 

Section 6.7           
Limitation on Sale
and Leaseback Transactions

 

The Company will not, and
will not permit any of its Subsidiaries to, enter into any sale and leaseback
transaction.

 

Section 6.8           
Limitation on
Issuances and Sales of Capital Stock of Wholly Owned Subsidiaries

 

The Company will not, and
will not permit any of its Subsidiaries to, transfer, convey, sell, lease or
otherwise dispose of any Equity Interests in any Wholly Owned Subsidiary of the
Company to any Person (other than the Company or a Wholly Owned Subsidiary of
the Company), unless:

 

(i)           
such
transfer, conveyance, sale, lease or other disposition is of all the Equity
Interests in such Wholly Owned Subsidiary; and

 

(ii)          
the
Net Proceeds from such transfer, conveyance, sale, lease or other disposition
are applied in accordance with Section 6.6.

 

In addition, the Company
will not permit any Wholly Owned Subsidiary of the Company to issue any of its
Equity Interests (other than, if necessary, shares of its Capital Stock
constituting directors’ qualifying shares) to any Person other than to the
Company or a Wholly Owned Subsidiary of the Company.

 

Section 6.9           
Business Activities

 

The Company will not, and
will not permit any of its Subsidiaries to, engage in any business other than
Permitted Businesses, except to such extent as would not be material to the
Company and its Subsidiaries taken as a whole.

 

Section 6.10         Stay, Extension and Usury Laws

 

The Company and each of
the Guarantors covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, extension or usury law wherever
enacted, now or at any time hereafter in force, that may affect the covenants
or the performance of this Agreement or the Notes; and the Company and each of
the Guarantors (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and covenants that it will
not, by resort to any such law, hinder, delay or impede the execution of any
power herein granted to the Holders, but will suffer and permit the execution
of every such power as though no such law has been enacted.

 

46

 

Section 6.11         Investment Company Act; United States
Real Property Holding Corporation

 

The Company will not, and
will not permit any of its Subsidiaries to, become an investment company
subject to registration under the Investment Company Act of 1940, as
amended.  Neither the Company nor any of its Subsidiaries will become a
United States real property holding corporation as defined in Section 897(c)(2)
of the Internal Revenue Code.

 

Section 6.12         No Merger, etc.

 

The Company shall not,
directly or indirectly, consolidate or merge with or into another Person
(whether or not the Company is the surviving corporation), or sell, assign,
transfer, convey or otherwise dispose of all or substantially all of the
properties or assets of the Company and its Subsidiaries taken as a whole, in
one or more related transactions, to another Person; unless:

 

(a) 
either:

 

(i)           
the
Company is the surviving corporation; or

 

(ii)          
the
Person formed by or surviving any such consolidation or merger (if other than
the Company) or to which such sale, assignment, transfer, conveyance or other
disposition has been made is a corporation organized or existing under the laws
of the United States, any state of the United States or the District of Columbia;

 

(b) 
the Person formed by or surviving any such consolidation or merger (if other
than the Company) or the Person to which such sale, assignment, transfer,
conveyance or other disposition has been made assumes all the obligations of
the Company under the Notes, this Agreement and the other Note Documents
pursuant to agreements reasonably satisfactory to the Holders;

 

(c) 
immediately after such transaction, no Default or Event of Default exists; and

 

(d) 
the Leverage Ratio of (i) the Company, (ii) the Person formed by or surviving
any such consolidation or merger (if other than the Company), or (iii) to which
such sale, assignment, transfer, conveyance or other disposition has been made,
as applicable, for its most recently ended four full fiscal quarters for which
internal financial statements are available immediately preceding the date on
which such transaction is consummated would have been no more than 80% of the
Required Leverage Ratio for such period, determined on a pro forma basis (in
accordance with the accounting requirements of Rule 11-02 of Regulation S-X),
as if such transaction (including any related incurrence of Indebtedness) had
occurred at the beginning of such four-quarter period.

 

In addition, the Company
will not, directly or indirectly, lease all or substantially all of its
properties or assets, in one or more related transactions, to any other
Person.  This Section 6.12 will not apply to:

 

47

 

(i)           
a
merger of the Company with an Affiliate solely for the purpose of
reincorporating the Company in another jurisdiction; and

 

(ii)          
any
sale, transfer, assignment, conveyance, lease or other disposition of assets
between or among the Company and its Subsidiaries.

 

Upon any consolidation or
merger, or any sale, assignment, transfer, lease, conveyance or other
disposition of all or substantially all of the assets of the Company in a
transaction that is subject to, and that complies with the provisions of, this Section
6.12, the successor corporation formed by such consolidation or into or
with which the Company is merged or to which such sale, assignment, transfer,
lease, conveyance or other disposition is made shall succeed to, and be
substituted for (so that from and after the date of such consolidation, merger,
sale, lease, conveyance or other disposition, the provisions of this Agreement
referring to the “Company” shall refer instead to the successor corporation and
not to the Company), and may exercise every right and power of the Company
under this Agreement with the same effect as if such successor Person had been
named as the Company herein; provided,
however, that the predecessor
Company shall not be relieved from the obligation to pay the principal of and
interest on the Notes except in the case of a sale of all of the Company’s
assets in a transaction that is subject to, and that complies with the
provisions of, the Section 6.12.

 

Section 6.13         Limitation on Transactions With
Affiliates

 

(a)          
The
Company will not, and will not permit any of its Subsidiaries to, make any
payment to, or sell, lease, transfer or otherwise dispose of any of its
properties or assets to, or purchase any property or assets from, or enter into
or make or amend any transaction, contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Affiliate of the Company
(each an “Affiliate Transaction”), unless:

 

(i)           
such
Affiliate Transaction is on terms that are no less favorable to the Company or
the relevant Subsidiary than those that would have been obtained in a
comparable transaction by the Company or such Subsidiary with an unrelated
Person; and

 

(ii)          
the
Company delivers to the Holders:

 

(A)         
with respect to any Affiliate
Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $500,000, a resolution of the Board of Directors set
forth in an Officers’ Certificate certifying that such Affiliate Transaction
complies with clause (i) of this Section 6.13(a) and that such Affiliate
Transaction has been approved by a majority of the disinterested members of the
Board of Directors; and

 

(B)          
with respect to any Affiliate
Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $1.0 million, an opinion as to the fairness to the
Company or such Subsidiary of such Affiliate Transaction from a financial

 

48

 

point of view issued by an
accounting, appraisal or investment banking firm of national standing.

 

(b) 
The following items will not be deemed to be Affiliate Transactions and,
therefore, will not be subject to the provisions of Section 6.13(a):

 

(i)           
any
employment agreement, employee benefit plan, officer and director
indemnification agreement or any similar arrangement entered into by the
Company or any of its Subsidiaries in the ordinary course of business;

 

(ii)          
transactions
between or among the Company and/or its Subsidiaries;

 

(iii)         
transactions
with a Person that is an Affiliate of the Company solely because the Company
owns, directly or through a Subsidiary, an Equity Interest in such Person;

 

(iv)         
payment
of reasonable directors’ fees to Persons who are not otherwise Affiliates of
the Company;

 

(v)          
any
issuance of Equity Interests (other than Disqualified Stock) of the Company to
Affiliates of the Company;

 

(vi)         
the
payment to Great Hill on the Closing Date of the consulting fee set forth on Schedule
2.7, which shall be no more than $1,225,000; and

 

(vii)        
Restricted
Payments (other than Permitted Investments) that do not violate Section 6.4.

 

Section 6.14         Limitation on Dividends and Other Payment
Restrictions Affecting Subsidiaries

 

(a) 
The Company will not, and will not permit any of its Subsidiaries to, directly
or indirectly, create or permit to exist or become effective any consensual
encumbrance or restriction on the ability of any Subsidiary to:

 

(i)           
pay
dividends or make any other distributions on its Capital Stock to the Company
or any of its Subsidiaries or with respect to any other interest or
participation in, or measured by, its profits, or pay any indebtedness owed to
the Company or any of its Subsidiaries;

 

(ii)          
make
loans or advances to the Company or any of its Subsidiaries; or

 

(iii)         
transfer
any of its properties or assets to the Company or any of its Subsidiaries.

 

(b) 
The restrictions in Section 6.14(a) will not apply to encumbrances or
restrictions existing under or by reason of:

 

49

 

(i)           
Existing
Indebtedness as in effect on the date of this Agreement and any amendments,
modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings thereof, provided that such amendments,
modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are no more restrictive, taken as a whole, with
respect to such dividend and other payment restrictions than those contained in
such Existing Indebtedness, as in effect on the date of this Agreement;

 

(ii)          
this
Agreement, the Notes and the Note Guarantees;

 

(iii)         
applicable
law, rule, regulation or order;

 

(iv)         
customary
non-assignment provisions in contracts and licenses entered into in the
ordinary course of business;

 

(v)          
any
agreement for the sale or other disposition of a Subsidiary that restricts
distributions by that Subsidiary pending the sale or other disposition;

 

(vi)         
Permitted
Refinancing Indebtedness; provided that the restrictions contained in the
agreements governing such Permitted Refinancing Indebtedness are not materially
more restrictive, taken as a whole, than those contained in the agreements
governing the Indebtedness being refinanced;

 

(vii)        
Liens
permitted to be incurred under the provisions of Section 6.3 that limit
the right of the debtor to dispose of the assets subject to such Liens;

 

(viii)       
provisions
limiting the disposition or distribution of assets or property in joint venture
agreements, asset sale agreements, sale-leaseback agreements, stock sale
agreements and other similar agreements entered into with the approval of the
Company’s Board of Directors, which limitation is applicable only to the assets
that are the subject of such agreements; and

 

(ix)          
restrictions
on cash or other deposits or net worth imposed by customers under contracts
entered into in the ordinary course of business.

 

Section 6.15         Payments for Consent

 

The Company will not, and
will not permit any of its Subsidiaries to, directly or indirectly, pay or
cause to be paid any consideration to or for the benefit of any Holder of Notes
for or as an inducement to any consent, waiver or amendment of any of the terms
or provisions of this Agreement or the Notes unless such consideration is paid
to all Holders of the Notes.

 

50

 

Section 6.16        
Employee Plans

 

Except as would not
reasonably be expected to result in a Material Adverse Effect, either
individually or in the aggregate, the Company will not, and will not permit any
of its Subsidiaries to:

 

(i)           
terminate
any Employee Pension Plan subject to Title IV of ERISA;

 

(ii)          
make
a complete or partial withdrawal (within the meaning of Section 4201 of ERISA)
from any Multiemployer Plan;

 

(iii)         
(A)
adopt, establish, maintain or enter into any obligation to contribute to any
new Plan or Multiemployer Plan, (B) modify any existing Plan so as to increase
its obligations thereunder, or (C) increase a contribution obligation to any
Multiemployer Plan;

 

(iv)         
engage
in any “prohibited transaction” (as defined in Section 406 of ERISA or Section
4975 of the Code) involving any Plan for which a statutory or class exemption
is not available or a private exemption has not previously been obtained from
the Department of Labor;

 

(v)          
incur
any “accumulated funding deficiency” (as defined in Section 302 of ERISA),
whether or not waived, with respect to any Plan; or

 

(vi)         
incur
a Reportable Event with respect to, or commence a proceeding to have a trustee
appointed, or have a trustee appointed, to administer or to terminate, any
Single Employer Plan.

 

This Section 6.14
shall not be deemed to prohibit the Company from modifying a medical, dental or
other “employee welfare benefit plan” (as defined in Section 3(1) of ERISA) in
the ordinary course of business.

 

Section 6.17         ERISA Notices

 

Promptly, but in any
event within 30 days, the Company will deliver to each of the Holders, if and
when the Company or any Commonly Controlled Entity:

 

(i)           
gives
or is required to give notice to the PBGC of any Reportable Event with respect
to any Employee Pension Plan which might constitute grounds for a termination
of such plan under Title IV of ERISA or the imposition of a tax under Section
4971 of the Code, or knows that the plan administrator of any such plan has
given or is required to give notice of any such Reportable Event, a copy of the
notice of such Reportable Event given or required to be given to the PBGC;

 

(ii)          
receives
written notice of complete or partial Withdrawal Liability under Title IV of
ERISA or written notice that any Multiemployer Plan is in Reorganization or has
been terminated, a copy of such notice;

 

51

 

(iii)         
receives
notice from the PBGC under Title IV of ERISA of an intent to terminate or
appoint a trustee to administer any Employee Pension Plan, a copy of such
notice;

 

(iv)         
applies
for a waiver of the minimum funding standard under Section 412 of the Code, a
copy of such application;

 

(v)          
gives
notice of intent to terminate any Employee Pension Plan under Title IV of
ERISA, a copy of such notice and, if reasonably requested by any of the Holders
and permitted under applicable law, related financial information; or

 

(vi)         
fails
to make any payment or contribution to any Employee Pension Plan (or
Multiemployer Plan or in respect of any benefit arrangement) or makes any
amendment to any Plan or benefit arrangement, in either case, which would
reasonably be expected to result in the imposition of a Lien or the posting of
a bond or other security, a certificate of the Chief Financial Officer or
Controller of the Company setting forth details as to such occurrence and
action, if any, which the Company is required or proposes to take.

 

ARTICLE
VII

FINANCIAL COVENANTS

 

Section 7.1           
Minimum Consolidated
EBITDA.

 

The Company will maintain
a Consolidated EBITDA set forth below of at least the amount set forth below
for the Test Period ending on each date listed below:

 

	
  Test
  Period

  	
   

  	
  Minimum
  EBITDA

  	
   

  
	
   

  	
   

  	
  ($thousands)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2004

  	
   

  	
  5,400

  	
   

  
	
  September 30, 2004

  	
   

  	
  7,325

  	
   

  
	
  December 31, 2004

  	
   

  	
  10,100

  	
   

  
	
  March 31, 2005

  	
   

  	
  10,900

  	
   

  
	
  June 30, 2005

  	
   

  	
  11,450

  	
   

  
	
  September 30, 2005

  	
   

  	
  11,650

  	
   

  
	
  December 31, 2005

  	
   

  	
  13,125

  	
   

  
	
  March 31, 2006

  	
   

  	
  13,350

  	
   

  
	
  June 30, 2006

  	
   

  	
  13,600

  	
   

  
	
  September 30, 2006

  	
   

  	
  13,850

  	
   

  
	
  December 31, 2006

  	
   

  	
  14,900

  	
   

  
	
  March 31, 2007

  	
   

  	
  15,425

  	
   

  
	
  June 30, 2007

  	
   

  	
  15,950

  	
   

  
	
  September 30, 2007

  	
   

  	
  16,000

  	
   

  
	
  December 31, 2007

  	
   

  	
  16,250

  	
   

  

 

52

 

	
  Test
  Period

  	
   

  	
  Minimum
  EBITDA

  	
   

  
	
   

  	
   

  	
  ($thousands)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  March 31, 2008

  	
   

  	
  16,250

  	
   

  
	
  June 30, 2008

  	
   

  	
  16,500

  	
   

  
	
  September 30, 2008

  	
   

  	
  16,750

  	
   

  
	
  December 31, 2008

  	
   

  	
  17,000

  	
   

  
	
  March 31, 2009

  	
   

  	
  17,250

  	
   

  

 

Section 7.2           
Minimum EBITDA to
Consolidated Interest Expense

 

The Company will not
permit the ratio of (a) its Consolidated EBITDA for the Test Period ending on
each date listed below to (b) its Consolidated Interest Expense for the Test
Period ending on each date listed below to be less than the ratio set forth
below:

 

	
  Test
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2004

  	
   

  	
  1.30:1.00

  	
   

  
	
  September 30, 2004

  	
   

  	
  1.65:1.00

  	
   

  
	
  December 31, 2004

  	
   

  	
  2.30:1.00

  	
   

  
	
  March 31, 2005

  	
   

  	
  2.50:1.00

  	
   

  
	
  June 30, 2005

  	
   

  	
  2.60:1.00

  	
   

  
	
  September 30, 2005

  	
   

  	
  2.65:1.00

  	
   

  
	
  December 31, 2005

  	
   

  	
  3.00:1.00

  	
   

  
	
  March 31, 2006

  	
   

  	
  3.00:1.00

  	
   

  
	
  June 30, 2006

  	
   

  	
  3.10:1.00

  	
   

  
	
  September 30, 2006

  	
   

  	
  3.15:1.00

  	
   

  
	
  December 31, 2006

  	
   

  	
  3.35:1.00

  	
   

  
	
  March 31, 2007

  	
   

  	
  3.40:1.00

  	
   

  
	
  June 30, 2007

  	
   

  	
  3.50:1.00

  	
   

  
	
  September 30, 2007

  	
   

  	
  3.50:1.00

  	
   

  
	
  December 31, 2007

  	
   

  	
  3.50:1.00

  	
   

  
	
  March 31, 2008

  	
   

  	
  3.60:1.00

  	
   

  
	
  June 30, 2008

  	
   

  	
  3.60:1.00

  	
   

  
	
  September 30, 2008

  	
   

  	
  3.70:1.00

  	
   

  
	
  December 31, 2008

  	
   

  	
  3.70:1.00

  	
   

  
	
  March 31, 2009

  	
   

  	
  3.70:1.00

  	
   

  

 

53

 

Section 7.3           
Limitation on Capital
Expenditures.

 

The Company will not, and
will not permit its Subsidiaries to, make Consolidated Capital Expenditures for
any purpose, in excess of the amounts set forth below for Test Period (or with
respect to the period ending on March 31, 2009, the fiscal quarter) ending on
the date set forth below:

 

	
  Date

  	
   

  	
  Capital
  Expenditures

  	
   

  
	
   

  	
   

  	
  ($thousands)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  December 31, 2004

  	
   

  	
  2,500

  	
   

  
	
  December 31, 2005

  	
   

  	
  2,500

  	
   

  
	
  December 31, 2006

  	
   

  	
  2,600

  	
   

  
	
  December 31, 2007

  	
   

  	
  2,750

  	
   

  
	
  December 31, 2008

  	
   

  	
  2,900

  	
   

  
	
  March 31, 2009

  	
   

  	
  750

  	
   

  

 

In addition, the amount
of Consolidated Capital Expenditures permitted by this Section 7.4 for
any fiscal year shall be increased by an amount equal to the excess of (a) the
permitted Consolidated Capital Expenditures for the immediately preceding
fiscal year (without giving effect to this sentence) over (b) the amount of
Consolidated Capital Expenditures permitted by the applicable clause actually
made in such immediately preceding fiscal year; provided the aggregate amount of such excess does not exceed
$250,000 in any fiscal year; provided
further that any amount that is
carried forward to any subsequent fiscal year which is not so expended shall
not be available for any further subsequent fiscal year and the amount of
Consolidated Capital Expenditures made in any fiscal year shall first be
applied against the permitted amount set forth on the schedule above and
thereafter applied to the amount available from the prior year.

 

Section 7.4           
Leverage Ratio.

 

The Company will not
permit the ratio (the “Leverage
Ratio”) of (a) Funded Indebtedness of Company and its
Subsidiaries on each date listed below to (b) Consolidated EBITDA of the
Company for the Test Period ending on each date listed below to be more than
the ratio set forth below:

 

	
  Test
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2004

  	
   

  	
  7.85:1.00

  	
   

  
	
  September 30, 2004

  	
   

  	
  5.80:1.00

  	
   

  
	
  December 31, 2004

  	
   

  	
  4.20:1.00

  	
   

  
	
  March 31, 2005

  	
   

  	
  3.90:1.00

  	
   

  
	
  June 30, 2005

  	
   

  	
  3.70:1.00

  	
   

  
	
  September 30, 2005

  	
   

  	
  3.65:1.00

  	
   

  
	
  December 31, 2005

  	
   

  	
  3.25:1.00

  	
   

  

 

54

 

	
  Test
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  March 31, 2006

  	
   

  	
  3.15:1.00

  	
   

  
	
  June 30, 2006

  	
   

  	
  3.10:1.00

  	
   

  
	
  September 30, 2006

  	
   

  	
  3.10:1.00

  	
   

  
	
  December 31, 2006

  	
   

  	
  2.75:1.00

  	
   

  
	
  March 31, 2007

  	
   

  	
  2.60:1.00

  	
   

  
	
  June 30, 2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  September 30, 2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  December 31, 2007

  	
   

  	
  2.40:1.00

  	
   

  
	
  March 31, 2008

  	
   

  	
  2.30:1.00

  	
   

  
	
  June 30, 2008

  	
   

  	
  2.30:1.00

  	
   

  
	
  September 30, 2008

  	
   

  	
  2.25:1.00

  	
   

  
	
  December 31, 2008

  	
   

  	
  2.20:1.00

  	
   

  
	
  March 31, 2009

  	
   

  	
  2.15:1.00

  	
   

  

 

ARTICLE
VIII

DEFAULTS AND REMEDIES

 

Section 8.1           
Event of Default

 

The occurrence of one or
more of the following events shall constitute an “Event of Default”:

 

(i)           
The
Company defaults for two days in the payment when due of interest on the Notes;

 

(ii)          
The
Company defaults in the payment when due (at maturity, upon redemption or
otherwise) of the principal of, or premium, if any, on the Notes;

 

(iii)         
Any
representation, warranty or statement made or deemed made by the Company or its
respective Subsidiaries herein or in any other Note Document or in any
statement or certificate delivered or required to be delivered pursuant hereto
or thereto shall prove to be untrue in any material respect on the date as of
which made or deemed made;

 

(iv)         
The
Company or any of its Subsidiaries shall,

 

(A)         
default in the due performance
or observance by it of any term, covenant or agreement contained in Section
5.9, Section 5.10, Section 5.11, Article VI or Article
VII, or

 

(B)          
default in the due performance
or observance by it of any other term, covenant or agreement contained in this
Agreement or any Note Document (other than those referred to in Section 8.1(i),

 

55

 

8.1(ii) or 8.1(iii)(A)) and such
default shall continue unremedied for a period of at least thirty days after
the date of such default;

 

(v)          
A
default occurs under any mortgage, indenture or instrument under which there
may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Company or any of its Subsidiaries (or the payment of
which is Guaranteed by the Company or any of its Subsidiaries), whether such
Indebtedness or Guarantee now exists, or is created after the date of this
Agreement, if that default:

 

(A)         
is caused by a failure to pay
principal of, or interest or premium, if any, on such Indebtedness prior to the
expiration of the grace period provided in such Indebtedness on the date of
such default, which default has not been waived by the holders of such
Indebtedness (a “Payment Default”);

 

(B)          
results in the acceleration of
such Indebtedness prior to its express maturity, or

 

(C)          
entitles the holder or holders
thereof (with or without the giving of notice or lapse of time) to accelerate
the maturity of such Indebtedness,

 

and, in each case, the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness
(1) under which there has been a Payment Default, (2) the maturity of which has
been so accelerated, or (3) the maturity of which, the holder or holders are
entitled to accelerate, aggregates $750,000 or more;

 

(vi)         
Any
Indebtedness described in Section 8.1(v) shall be declared to be due and
payable, or required to be prepaid other than by a regularly scheduled required
prepayment, prior to the stated maturity thereof;

 

(vii)        
A
final judgment or final judgments for the payment of money are entered by a
court or courts of competent jurisdiction against the Company or any of its
Subsidiaries, which judgment or judgments are not paid, discharged or stayed
for a period of 60 days; provided
that the aggregate of all such undischarged judgments (exclusive of any
applicable insurance coverage) exceeds $750,000;

 

(viii)       
The
Company or any of its Significant Subsidiaries:

 

(A)         
commences a voluntary case;

 

(B)          
consents to the entry of an
order for relief against it in an involuntary case;

 

56

 

(C)          
consents to the appointment of a
custodian of it or for all or substantially all of its property;

 

(D)         
makes a general assignment for
the benefit of its creditors; or

 

(E)          
generally is not paying its
debts as they become due;

 

(ix)          
a
court of competent jurisdiction enters an order or decree under any bankruptcy
law that:

 

(A)         
is for relief against the
Company or any of its Significant Subsidiaries;

 

(B)          
appoints a custodian of the
Company or any of its Significant Subsidiaries or for all or substantially all
of the property of the Company or any of its Subsidiaries; or

 

(C)          
orders the liquidation of the
Company or any of its Significant Subsidiaries;

 

and the order or decree remains unstayed and in effect
for 60 consecutive days;

 

(x)           
The
Company repudiates any of its material obligations under this Agreement or the
Notes or this Agreement or the Notes are held to be unenforceable against the
Company in any material respect for any reason;

 

(xi)          
Any
Note Guarantee is held in any judicial proceeding to be unenforceable or
invalid or shall cease for any reason to be in full force and effect or any
Guarantor, or any Person acting on behalf of any Guarantor, shall deny or
disaffirm its Obligations under its Note Guarantee;

 

(xii)         
Any
Security Document shall cease to be in full force and effect, or shall cease to
give the Collateral Agent for the ratable benefit of the Secured Parties the
Liens, rights, powers and privileges created thereby (including a perfected
security interest in, and Lien on, all of the Collateral), in favor of the
Holders, superior to and prior to the rights of all third Persons other than
the holders of Permitted Liens and subject to no Liens other than Permitted
Liens;

 

(xiii)        
A
Change of Control or an Initial Public Offering shall occur; or

 

(xiv)       
The
Company or any Commonly Controlled Entity shall incur any liability in
connection with the Insolvency or Reorganization of a Multiemployer Plan.

 

57

 

Section 8.2           
Acceleration

 

In the case of an Event
of Default specified in clause (ix) or (x) of Section 8.1, all
outstanding Notes will become due and payable immediately without further
action or notice.  If any other Event of Default occurs and is continuing,
the Holders of at least 50% in aggregate principal amount of the then
outstanding Notes may declare all the Notes to be due and payable immediately.  Upon the effectiveness of an Event
of Default specified in clause (viii) or (ix) of Section 8.1 or any such
declaration, the outstanding principal and accrued but unpaid interest on the
Notes, together with a premium equal to the premium that the Company would have
had to pay if the Company had elected to redeem the Notes pursuant to Section
10.1 on the date of such Event of Default, will become due and payable
immediately.

 

The Holders of not less
than 50% in aggregate principal amount of the then outstanding Notes by written
notice to the Company may on behalf of all of the Holders rescind an
acceleration and its consequences if the rescission would not conflict with any
judgment or decree and if all existing Events of Default (except nonpayment of
principal, interest or the premium that has become due solely because of the
acceleration) have been cured or waived.

 

Section 8.3           
Other Remedies

 

If an Event of Default
occurs and is continuing, the Holders of the Notes may pursue any available
remedy to collect the payment of principal, premium, and interest on the Notes
or to enforce the performance of any provision of the Notes or this Agreement.

 

A delay or omission by
any Holder of a Note in exercising any right or remedy accruing upon an Event
of Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default.  All remedies are cumulative to the
extent permitted by law.

 

Section 8.4           
Waiver of Past
Defaults

 

Holders of not less than
50% in aggregate principal amount of the then outstanding Notes may on behalf
of the Holders of all of the Notes waive an existing Default or Event of
Default and its consequences hereunder, except a continuing Default or Event of
Default in the payment of the principal of, premium or interest on, the Notes; provided, however,
that the Holders of not less than 50% in aggregate principal amount of the then
outstanding Notes may rescind an acceleration and its consequences, including
any related payment default that resulted from such acceleration.  Upon
any such waiver, such Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured for every purpose of this
Agreement; but no such waiver shall extend to any subsequent or other Default
or impair any right consequent thereon.

 

Section 8.5           
Rights of Holders of
Notes to Receive Payment

 

Notwithstanding any other
provision of this Agreement, the right of any Holder of a Note to receive
payment of principal, premium (other than a premium resulting from an
acceleration of the Notes) and interest on the Note, on or after the respective
due dates expressed in the Note,

 

58

 

or to bring suit for the enforcement of any such
payment on or after such respective dates, shall not be impaired or affected
without the consent of such Holder.

 

ARTICLE
IX

COLLATERAL AGENT

 

Section 9.1           
Appointment

 

Each Holder hereby
irrevocably designates and appoints the Collateral Agent as the collateral
agent of such Holder under this Agreement and the other Note Documents, and
each Holder irrevocably authorizes the Collateral Agent, in such capacity, to
take such action on its behalf under the provisions of this Agreement and the
other Note Documents and to exercise such powers and perform such duties as are
expressly delegated to the Collateral Agent by the terms of this Agreement and
the other Note Documents, together with such other powers as are reasonably
incidental thereto.  Notwithstanding any provision to the contrary
elsewhere in this Agreement, the Collateral Agent shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Holder, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Note Document or otherwise exist against the Collateral
Agent.

 

Section 9.2           
Delegation of Duties

 

The Collateral Agent may
execute any of its duties under this Agreement and the other Note Documents by
or through agents or attorneys-in-fact and shall be entitled to advice of
counsel concerning all matters pertaining to such duties.  The Collateral
Agent shall not be responsible for the negligence or misconduct of any agents
or attorneys-in-fact selected by it with reasonable care.

 

Section 9.3           
Exculpatory
Provisions

 

Neither the Collateral
Agent nor any of its officers, directors, employees, agents, attorneys-in-fact
or affiliates shall be (i) liable for any action lawfully taken or omitted to
be taken by it or such Person under or in connection with this Agreement or any
other Note Document (except to the extent that any of the foregoing are found
by a final and nonappealable decision of a court of competent jurisdiction to
have resulted solely and proximately from its or such Person’s own gross
negligence or willful misconduct) or (ii) responsible in any manner to any of
the Holders for any recitals, statements, representations or warranties made by
the Company or any Guarantor or any officer thereof contained in this Agreement
or any other Note Document or in any certificate, report, statement or other
document referred to or provided for in, or received by the Collateral Agents
under or in connection with, this Agreement or any other Note Document or for
the value, validity, effectiveness, genuineness, enforceability or sufficiency
of this Agreement or any other Note Document or for any failure of the Company
or any Guarantor to perform its obligations hereunder or thereunder.  The
Collateral Agent shall not be under any obligation to any Holder to ascertain
or to inquire as to the observance or performance of any of the agreements
contained in, or conditions of, this Agreement or any other Note Document, or
to inspect the properties, books or records of the Company or any Guarantor.

 

59

 

Section 9.4           
Reliance by
Collateral Agent

 

The Collateral Agent
shall be entitled to rely, and shall be fully protected in relying, upon any
instrument, writing, resolution, notice, consent, certificate, affidavit,
letter, telecopy, telex or teletype message, statement, order or other document
or conversation believed by it to be genuine and correct and to have been
signed, sent or made by the proper Person or Persons and upon advice and
statements of legal counsel (including counsel to the Company or any
Guarantor), independent accountants and other experts selected by the
Collateral Agent.  The Collateral Agent may deem and treat the payee of
any Note as the owner thereof for all purposes unless the Collateral Agent has
been advised that such Note shall have been transferred in accordance with Section
1.3(b) and all actions required by such Section in connection with such
transfer shall have been taken.  The Collateral Agent shall be fully
justified in failing or refusing to take any action under this Agreement or any
other Note Document unless it shall first receive such advice or concurrence of
the Majority Holders (or, if so specified by this Agreement, all Holders or any
other instructing group of Holders specified by this Agreement) as it deems
appropriate or it shall first be indemnified to its satisfaction by the Holders
against any and all liability and expense that may be incurred by it by reason
of taking or continuing to take any such action.  The Collateral Agent
shall in all cases be fully protected in acting, or in refraining from acting,
under this Agreement and the other Note Documents in accordance with a request
of the Majority Holders (or, if so specified by this Agreement, all Holders or
any other instructing group of Holders specified by this Agreement), and such
request and any action taken or failure to act pursuant thereto shall be
binding upon all the Holders and all future holders of the Notes.

 

Section 9.5           
Notice of Default

 

The Collateral Agent
shall not be deemed to have knowledge or notice of the occurrence of any
Default or Event of Default hereunder unless the Collateral Agent shall have
received notice from a Holder or the Company referring to this Agreement,
describing such Default or Event of Default and stating that such notice is a
“notice of default”.  In the event that the Collateral Agent shall receive
such a notice, the Collateral Agent shall give notice thereof to the Holders. 
The Collateral Agent shall take such action with respect to such Default or
Event of Default as shall be reasonably directed by the Majority Holders (or,
if so specified by this Agreement, all Holders or any other instructing group
of Holders specified by this Agreement); provided
that unless and until the Collateral Agent shall have received such directions,
the Collateral Agent may (but shall not be obligated to) take such action, or
refrain from taking such action, with respect to such Default or Event of
Default as it shall deem advisable in the best interests of the Holders.

 

Section 9.6           
Non-Reliance on the
Collateral Agent and Holders

 

Each Holder expressly
acknowledges that neither the Collateral Agent nor any of its officers,
directors, employees, agents, attorneys and other advisors, partners,
attorneys-in-fact or affiliates have made any representations or warranties to
it and that no act by the Collateral Agent hereafter taken, including any
review of the affairs of the Company or any Guarantor or any affiliate of any
of them, shall be deemed to constitute any representation or warranty by the
Collateral Agent to any Holder.  Each Holder represents to the Collateral
Agent that it has, independently and without reliance upon the Collateral Agent
or any other Holder, and based

 

60

 

on such documents and information as it has deemed
appropriate, made its own appraisal of and investigation into the business,
operations, property, financial and other condition and creditworthiness of the
Company and each Guarantor and their affiliates and made its own decision to
purchase the Notes hereunder and enter into this Agreement.  Each Holder
also represents that it will, independently and without reliance upon the
Collateral Agent or any other Holder, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking action under
this Agreement and the other Note Documents, and to make such investigation as
it deems necessary to inform itself as to the business, operations, property,
financial and other condition and creditworthiness of the Company, the
Guarantors and their respective affiliates.  Except for notices, reports
and other documents expressly required to be furnished to the Holders by the
Collateral Agent hereunder, the Collateral Agent shall not have any duty or
responsibility to provide any Holder with any credit or other information
concerning the business, operations, property, condition (financial or
otherwise), prospects or creditworthiness of the Company or any Guarantor or
any affiliate of any of them that may come into the possession of the
Collateral Agent or any of its officers, directors, employees, agents,
attorneys and other advisors, partners, attorneys-in-fact or affiliates.

 

Section 9.7           
Indemnification

 

The Holders agree to
indemnify the Collateral Agent in its capacity as such (to the extent not
reimbursed by the Company and without limiting the obligation of the Company to
do so), ratably according to the aggregate principal amount of Notes held by
each on the date on which indemnification is sought under this Section 9.7
(or, if indemnification is sought after the date upon which the Notes shall
have been paid in full, ratably in accordance with the aggregate principal
amount of Notes held by each immediately prior to such date), for, and to save
the Collateral Agent harmless from and against, any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses (including, without limitation, reasonable legal fees and expenses) or
disbursements of any kind whatsoever that may at any time (including at any
time following the payment of the Notes) be imposed on, incurred by or asserted
against the Collateral Agent in any way relating to or arising out of this
Agreement, any of the other Note Documents, the GameSpy Merger Agreement, or
any documents contemplated by or referred to herein or therein or the
transactions contemplated hereby or thereby or any action taken or omitted by
the Collateral Agent under or in connection with any of the foregoing; provided
that no Holder shall be liable for the payment of any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements that are found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted
solely and proximately from the Collateral Agent’s gross negligence or willful
misconduct.  The agreements in this Section 9.7 shall survive the
payment of the Notes and all other amounts payable hereunder.

 

Section 9.8           
Collateral Agent in
its Individual Capacity

 

The Collateral Agent and
its affiliates may make loans to, accept deposits from and generally engage in
any kind of business with the Company or any Guarantor as though the Collateral
Agent were not the Collateral Agent.  With respect to any Notes purchased
by it, the Collateral Agent shall have the same rights and powers under this
Agreement and the other Note

 

61

 

Documents as any Holder and may exercise the same as
though it were not the Collateral Agent, and the terms “Holder” and “Holders”
shall include the Collateral Agent in its individual capacity.

 

Section 9.9           
Successor Collateral
Agent

 

The Collateral Agent may
resign as Collateral Agent upon 10 days’ notice to the Holders and the
Company.  If the Collateral Agent shall resign as Collateral Agent under
this Agreement and the other Note Documents, then the Majority Holders shall
appoint a successor agent for the Holders, which successor agent shall (unless
an Event of Default under Section 8.1(i), Section 8.1(viii), or Section
8.1(ix) with respect to the Company shall have occurred and be continuing)
be subject to approval by the Company (which approval shall not be unreasonably
withheld or delayed), whereupon such successor agent shall succeed to the
rights, powers and duties of the Collateral Agent, and the term “Collateral
Agent” shall mean such successor agent effective upon such appointment and
approval, and the former Collateral Agent’s rights, powers and duties as
Collateral Agent shall be terminated, without any other or further act or deed
on the part of such former Collateral Agent or any of the parties to this
Agreement or any holders of the Notes.  If no successor agent has accepted
appointment as Collateral Agent by the date that is 10 days following a
retiring Collateral Agent’s notice of resignation, the retiring Collateral
Agent’s resignation shall nevertheless thereupon become effective, and the
Holders shall assume and perform all of the duties of the Collateral Agent
hereunder until such time, if any, as the Majority Holders appoint a successor
agent as provided for above.  After any retiring Collateral Agent’s
resignation as Agent, the provisions of this Article IX shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was
Collateral Agent under this Agreement and the other Note Documents.  If
the Collateral Agent consolidates, merges or converts into, or transfers all
substantially all of its corporate trust business to, another corporation, the successor
corporation without any further act shall be the successor Collateral Agent.

 

Section 9.10        
Authorization to
Release Liens and Guarantees

 

The Collateral Agent is
hereby irrevocably authorized by each of the Holders to effect any release of
Liens or guarantee obligations contemplated by Section 12.5.

 

Section 9.11        
Withholding Tax

 

(a) 
To the extent required by any applicable law, the Collateral Agent may withhold
from any interest payment to any Holder an amount equivalent to any applicable
withholding tax.  If the forms or other documentation required by Section
1.11 are not delivered to the Collateral Agent, then the Collateral Agent
may withhold from any interest payment to any Holder not providing such forms
or other documentation, a maximum amount of the applicable withholding tax.

 

(b) 
If the Internal Revenue Service or any authority of the United States or other
jurisdiction asserts a claim that the Collateral Agent did not properly
withhold tax from amounts paid to or for the account of any Holder (because the
appropriate form was not delivered, was not properly executed, or because such
Holder failed to notify the Collateral Agent of a change in circumstances which
rendered the exemption from, or reduction of, withholding tax ineffective, or
for any other reason), such Holder shall indemnify the Collateral Agent fully
for all amounts

 

62

 

paid,
directly or indirectly, by the Collateral Agent as tax or otherwise, including
penalties and interest, together with all expenses incurred, including legal
expenses, allocated staff costs and any out of pocket expenses.

 

ARTICLE
X

REDEMPTION AND REPURCHASE OF THE NOTES

 

Section 10.1        
Optional Redemption

 

(a) 
At any time on or after to March 15, 2005, the Company may redeem all of the
Notes, or any portion of the Notes, upon not less than 10 Business Days nor
more than 60 days’ notice, at a redemption price equal to 100% of the principal
amount of Notes redeemed, plus accrued and unpaid interest and premium, if any,
to the date of redemption, plus the applicable prepayment premium shown below
(expressed as a percentage of principal being redeemed and referred to herein
as the “Prepayment Premium”):

 

	
  Redemption
  Date

  	
   

  	
  Prepayment
  Premium

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  March 15, 2005 through
  but excluding March 15, 2006

  	
   

  	
  3.0

  	
  %

  
	
  March 15, 2006 through
  but excluding March 15, 2007

  	
   

  	
  2.0

  	
  %

  
	
  March 15, 2007 through
  but excluding March 15, 2008

  	
   

  	
  1.0

  	
  %

  
	
  After March 15, 2008

  	
   

  	
  0.0

  	
  %

  

 

(b) 
At any time prior to March 15, 2005, the Company may redeem all or a part of
the Notes, upon not less than 10 Business Days nor more than 60 days’ prior
notice, at a redemption price equal to 100% of the principal amount of Notes
redeemed plus accrued and unpaid interest and premium, if any, to the date of
redemption, plus the applicable Make Whole Premium as of the redemption date.

 

(c) 
Any redemption pursuant to this Section 10.1 shall be made pursuant to
the provisions of Sections 10.3 through 10.7 hereof.

 

Section 10.2        
Excess Proceeds
Offers and Mandatory Repurchase Offers

 

Upon the commencement of
an Excess Proceeds Offer or Mandatory Repurchase Offer (each, a “Repurchase Offer”),
the Company will send, by first class mail, a notice to each of the Holders. 
The notice will contain all instructions and materials necessary to enable the
Holders to tender Notes pursuant to such Repurchase Offer.  The notice,
which will govern the terms of the Repurchase Offer, will state:

 

(i)           
the
Section of this Agreement pursuant to which the Repurchase Offer is being made
and the length of time the Repurchase Offer will remain open;

 

(ii)          
the
Offer Amount, the purchase price and the Purchase Date;

 

(iii)         
that
any Note not tendered or accepted for payment will continue to accrue interest;

 

63

 

(iv)         
that,
unless the Company defaults in making such payment, any Note accepted for
payment pursuant to the Repurchase Offer will cease to accrue interest after
the Purchase Date;

 

(v)          
that
Holders electing to have a Note purchased pursuant to any Repurchase Offer will
be required to deliver the form entitled “Option of Holder to Elect Purchase”
on the reverse of the Note to the Company at the address specified in the
notice at least three days before the Purchase Date;

 

(vi)         
that
Holders will be entitled to withdraw their election if the Company receives,
not later than the expiration of the Offer Period, a telegram, telex, facsimile
transmission or letter setting forth the name of the Holder, the principal
amount of the Note the Holder delivered for purchase and a statement that such
Holder is withdrawing his election to have such Note purchased;

 

(vii)        
that,
if the aggregate principal amount of Notes surrendered by Holders exceeds the
Offer Amount, the Company will select the Notes to be purchased on a pro rata
basis based on the principal amount of Notes surrendered; and

 

(viii)       
that
any Holder whose Notes were purchased only in part will, upon the request of
such Holder, be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered.

 

Each Repurchase Offer
will be made to all Holders of Notes.  Each Repurchase Offer will remain
open for a period of at least 20 Business Days following its commencement and
not more than 30 Business Days, except to the extent that a longer period is
required by applicable law (the “Offer Period”).  No later than three
Business Days after the termination of the Offer Period (the “Purchase Date”), the
Company will apply, or cause to be applied, (a) all Excess Proceeds pursuant to
Section 5.9 and (b) Net Financing Proceeds and the Applicable Percentage
of such Excess Cash Flow pursuant to Section 6.6, (such amount applied,
the “Offer Amount”)
to the purchase of Notes tendered (on a pro rata basis, if applicable, or if
less than the Offer Amount has been tendered, all Notes tendered) pursuant to
the Repurchase Offer, and will deliver to the Holders an Officers’ Certificate
stating that such Notes or portions thereof were accepted for payment by the
Company in accordance with the terms of Section 5.9 or Section 6.6,
as applicable.  On the Purchase Date, in accordance with Section 3.2, the
Company will pay each tendering Holder an amount equal to the purchase price of
the Notes tendered by such Holder and accepted by the Company for
purchase.  The Company will promptly issue a new Note and mail or deliver
such new Note to such Holder, in a principal amount equal to any unpurchased
portion of the Note surrendered.  Any Note not so accepted shall be
promptly mailed or delivered by the Company to the Holder thereof.

 

If the Purchase Date is
on or after an interest record date and on or before the related interest
payment date, any accrued and unpaid interest will be paid to the Person in
whose name a Note is registered at the close of business on such record date,
and no additional interest will be payable to Holders who tender Notes pursuant
to the Repurchase Offer.

 

64

 

Other than as
specifically provided in Section 5.9, Section 6.6 and this Section
10.2, any purchase pursuant to Section 5.9, Section 6.6 and
this Section 10.2 shall be made pursuant to the provisions of Sections
10.3 through 10.7.

 

The Company will comply
with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws and
regulations are applicable in connection with each repurchase of Notes pursuant
to a Repurchase Offer.  To the extent that the provisions of any
securities laws or regulations conflict with the provisions of Section 5.9,
Section 6.6 and this Section 10.2, the Company will comply with
the applicable securities laws and regulations and will not be deemed to have
breached its Obligations under Section 5.9, Section 6.6 and this Section
10.2 by virtue of such conflict.

 

Section 10.3        
Selection of Notes to
Be Redeemed or Purchased

 

If less than all of the
Notes are to be redeemed or purchased in an offer to purchase at any time, the
Company will select Notes for redemption or purchase on a pro rata basis.

 

Section 10.4        
Notice of Redemption

 

In the case of any
optional redemption of Notes pursuant to Section 10.1, at least 10
Business Days but not more than 60 days before the applicable redemption date,
the Company will mail or cause to be mailed, by first class mail, a notice of
redemption to each Holder whose Notes are to be redeemed at its registered
address.

 

The notice will identify
the Notes to be redeemed and will state:

 

(i)           
the
redemption date;

 

(ii)          
the
redemption price;

 

(iii)         
if
any Note is being redeemed in part, the portion of the principal amount of such
Note to be redeemed and that, after the redemption date upon surrender of such
Note, a new Note or Notes in principal amount equal to the unredeemed portion
will be issued upon cancellation of the original Note;

 

(iv)         
that
Notes redeemed in full must be surrendered to the Company to collect the
redemption price;

 

(v)          
that,
unless the Company defaults in making such redemption payment, interest on
Notes called for redemption ceases to accrue on and after the redemption date;
and

 

(vi)         
the
Section of this Agreement pursuant to which the Notes called for redemption are
being redeemed.

 

65

 

Section 10.5        
Effect of Notice of
Redemption

 

Once the notice of redemption
is mailed in accordance with Section 10.4, Notes called for redemption
become irrevocably due and payable on the redemption date at the redemption
price.  A notice of redemption may not be conditional.

 

Section 10.6        
Deposit of Redemption
or Purchase Price

 

Payments on Notes that
are to be redeemed or purchased in an offer to purchase will be made in
accordance with Section 3.2.

 

If the Company complies
with the provisions of the preceding paragraph, on and after the redemption or
purchase date, interest will cease to accrue on the Notes or the portions of
Notes called for redemption or purchase.  If a Note is redeemed or
purchased on or after an interest record date but on or prior to the related
interest payment date, then any accrued and unpaid interest will be paid to the
Person in whose name such Note was registered at the close of business on such
record date.  If any Note called for redemption or purchase is not so paid
upon surrender for redemption or purchase because of the failure of the Company
to comply with the preceding paragraph, interest will be paid on the unpaid
principal, from the redemption or purchase date until such principal is paid,
and to the extent lawful on any interest not paid on such unpaid principal, in
each case at the rate provided in the Notes and Section 1.5.

 

Section 10.7        
Notes Redeemed or
Purchased in Part

 

Upon surrender of a Note
that is redeemed or purchased in part, the Company will issue at the expense of
the Company a new Note equal in principal amount to the unredeemed or
unpurchased portion of the Note surrendered.

 

ARTICLE
XI

DEFINITIONS

 

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

 

“3-Month LIBOR” means:

 

(i)           
the
rate for three-month deposits in United States dollars, that appears on the
Moneyline Telerate Page 3750 as of 11:00 A.M., London time, on the applicable
LIBOR Determination Date; or

 

(ii)          
if
no rate appears on the particular LIBOR Determination Date on the Moneyline Telerate
Page 3750, the rate calculated by the Lead Investor as the arithmetic mean of
at least two offered quotations obtained after requesting the principal London
offices of each of four major reference banks in the London interbank market to
provide the Lead Investor with its offered quotation for deposits in United
States dollars for the period of three months to prime banks in the London
interbank market at approximately 11:00 A.M., London time, on that LIBOR
Determination

 

66

 

Date and in a principal amount that
is representative for a single transaction in United States dollars in that
market at that time; or

 

(iii)         
if
fewer than two offered quotations referred to in clause (ii) are provided as
requested, the rate calculated by the Lead Investor as the arithmetic mean of
the rates quoted at approximately 11:00 A.M., New York time, on the particular
LIBOR Determination Date by three major banks in The City of New York selected
by the Lead Investor for loans in United States dollars to leading European
banks for a period of three months and in a principal amount that is
representative for a single transaction in United States dollars in that market
at that time; or

 

(iv)         
if
the banks so selected by the Lead Investor are not quoting as mentioned in
clause (iii) above, 3-Month LIBOR in effect on the preceding LIBOR
Determination Date.

 

“Acquired Debt” means,
with respect to any specified Person:

 

(i)           
Indebtedness
of any other Person existing at the time such other Person is merged with or
into or became a Subsidiary of such specified Person, whether or not such
Indebtedness is incurred in connection with, or in contemplation of, such other
Person merging with or into, or becoming a Subsidiary of, such specified
Person; and

 

(ii)          
Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.

 

“Acquisition Documents”
means the GameSpy Merger Agreement, each GameSpy Financing Document, and all other
agreements and documents relating to the GameSpy Acquisition.

 

“Affiliate” means,
with respect to any specified Person, any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person; provided
that beneficial ownership of 10% or more of the voting securities of a Person
shall be deemed to be control.  For the purposes of this definition,
“control” (including, with correlative meanings, the terms “controlled by” and
“under common control with”), as used with respect to any Person, shall mean
the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether in the capacity
of officer or director of such Person, through the ownership of voting
securities, by agreement or otherwise.

 

“Affiliate Transactions”
has the meaning given in Section 6.13.

 

“Affiliated Group” has
the meaning given in Section 1.7.

 

“Agreement” has the
meaning given in the preamble.

 

67

 

“Agents” means any
Person authorized to act and who acts on behalf of the Purchaser with respect
to the transactions contemplated by the Note Documents.

 

“Agreement” means this
Purchase Agreement and all Exhibits, Schedules and Annexes attached hereto.

 

“Applicable Percentage”
shall equal (a) 75% with respect to a Mandatory Repurchase Offer with Excess
Cash Flow generated in any fiscal year if, as of the end of such fiscal year,
the Senior Leverage Ratio of the Company is equal to or greater than 1.50:1.00,
or (b) 50% with respect to a Mandatory Repurchase Offer with Excess Cash Flow
generated in any fiscal year if, as of the end of such fiscal year, the Senior
Leverage Ratio of the Company is less than 1.50:1.00.

 

“Applicable Spread”
shall equal, on any applicable LIBOR Reset Date, (a) 7.50%, if on the
applicable LIBOR Reset Date the Senior Leverage Ratio is equal to or greater
than 2.00:1.00, (b) 6.50%, if on the applicable LIBOR Reset Date, the Senior
Leverage Ratio is equal to or greater than 1.25:1.00 and less than 2.00:1.00,
and (c) 5.50%, if on the applicable LIBOR Reset Date, the applicable LIBOR
Reset Date, the Senior Leverage Ratio is less than 1.25:1.00.

 

“Asset Sales” means:

 

(i)           
the
sale, lease, conveyance or other disposition of any assets or rights; provided that the sale, lease, conveyance
or other disposition of all or substantially all of the assets of the Company
and its Subsidiaries taken as a whole will be governed by the provisions of Section
6.12 and not by the provisions of Section 6.6,

 

(ii)          
the
issuance of Equity Interests in any of the Company’s Subsidiaries or the sale
of Equity Interests in any of its Subsidiaries.

 

Notwithstanding the
preceding, none of the following items will be deemed to be an Asset Sale:

 

(i)           
any
single transaction or series of related transactions that involves assets
having a fair market value of less than $100,000;

 

(ii)          
a
transfer of assets between or among the Company and its Wholly Owned
Subsidiaries;

 

(iii)         
the
sale or lease of products, services or accounts receivable in the ordinary
course of business and any sale or other disposition of damaged, worn-out or
obsolete assets in the ordinary course of business;

 

(iv)         
an
issuance of Equity Interests by a Subsidiary to the Company or to another
Wholly Owned Subsidiary;

 

(v)          
a
Restricted Payment that does not violate Section 6.4 or a Permitted
Investment; and

 

68

 

(vi)         
the
sale or other disposition of Cash Equivalents.

 

“Attributable Debt” in
respect of a sale and leaseback transaction means, at the time of
determination, the present value of the obligation of the lessee for net rental
payments during the remaining term of the lease included in such sale and
leaseback transaction including any period for which such lease has been
extended or may, at the option of the lessor, be extended.  Such present
value shall be calculated using a discount rate equal to the rate of interest
implicit in such transaction, determined in accordance with GAAP.

 

“Bankruptcy Law” means
Title 11, U.S. Code or any similar federal or state law for the relief of
debtors.

 

“Beneficial Owner” has
the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the
Exchange Act, except that in calculating the beneficial ownership of any
particular “person” (as that term is used in Section 13(d)(3) of the Exchange
Act), such “person” will be deemed to have beneficial ownership of all
securities that such “person” has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is
exercisable only upon the occurrence of a subsequent condition.  The terms
“Beneficially Owns”
and “Beneficially Owned”
have a corresponding meaning.

 

“Business Day” means
any day that is not a Legal Holiday.

 

“Capital Lease” means
any lease of any property which would in accordance with GAAP be required to be
classified and accounted for on the balance sheet of the lessee as a capital
lease.

 

“Capital Stock” means
any and all shares, interests, participation or other equivalents (however
designated) of corporate stock, including without limitation all common stock and
preferred stock.

 

“Capitalized Lease Obligation”
means, with respect to any Person for any period, any obligation of such Person
to pay rent or other amounts under a Capital Lease; the amount of such
obligation shall be the capitalized amount thereof determined in accordance
with such principles.

 

“Cash Equivalents”
means:

 

(i)           
marketable
direct obligations issued or unconditionally Guaranteed by the United States
Government or issued by any agency thereof and backed by the full faith and credit
of the United States, in each case maturing within one year from the date of
acquisition thereof;

 

(ii)          
marketable
direct obligations issued by any state of the United States of America or any
political subdivision of any such state or any public instrumentality thereof
maturing within six months from the date of acquisition thereof and, at the
time of acquisition, having the highest ratings obtainable from Standard &
Poor’s Corporation, Moody’s Investors Service, Inc. or another nationally
recognized rating agency;

 

69

 

(iii)         
commercial
paper maturing no more than one year from the date of issuance thereof and, at
the time of issuance, having at least A-1 ratings from Standard & Poor’s
Corporation, and P-1 ratings for Moody’s Investors Service, Inc. or equivalent
ratings from another nationally recognized rating agency;

 

(iv)         
certificates
of deposit or bankers’ acceptances maturing within one year from the date of
acquisition thereof issued by any commercial bank organized under the laws of
the United States of America or any state thereof or the District of Columbia
having combined capital and surplus of not less than $100.0 million and having
a rating of at least Aa from Moody’s Investors Service, Inc. or a rating of at
least AA from Standard and Poor’s Corporation; and

 

(v)          
money
market funds at least 95% of the assets of which constitute Cash Equivalents of
the kinds described in clauses (1) through (5) of this definition.

 

“Casualty Proceeds”
means any net insurance proceeds or other awards payable in connection with the
loss, destruction or condemnation of any assets of the Company or any of its
Subsidiaries (net of any costs incurred in connection with the adjustment or
settlement thereof).

 

“CERCLA” means the
Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
as amended (42 U.S.C. § 9601 et seq.) and any regulations promulgated
thereunder.

 

“Change of Control”
means the occurrence of any of the following:

 

(i)           
the
direct or indirect sale, lease, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the properties or assets of the
Company and its Subsidiaries taken as a whole to any “person” (as that term is
used in Section 13(d) of the Exchange Act);

 

(ii)          
the
adoption of a plan relating to the liquidation or dissolution of the Company;

 

(iii)         
the
consummation of the first transaction (including any merger or consolidation)
the result of which is that any “person” (as defined above), other than a Great
Hill or any of its Affiliates, becomes the Beneficial Owner, directly or
indirectly, of more of the Voting Stock of the Company (measured by voting
power rather than number of shares) than is at the time Beneficially Owned by
Great Hill and its Affiliates; or

 

(iv)         
the
Company consolidates with, or merges with or into, any Person, or any Person
consolidates with, or merges with or into, the Company, in any such event
pursuant to a transaction in which any of the outstanding Voting Stock of the
Company or such other Person is converted into or

 

70

 

exchanged for cash, securities or
other property, other than any such transaction where the Voting Stock of the
Company outstanding immediately prior to such transaction is converted into or
exchanged for Voting Stock (other than Disqualified Stock) of the surviving or
transferee Person constituting a majority of the outstanding shares of such
Voting Stock of such surviving or transferee Person (immediately after giving
effect to such issuance);

 

(v)          
after
an initial public offering of the Company or any direct or indirect parent of
the Company, the first day on which a majority of the members of the Board of
Directors of the Company are not Continuing Directors; or

 

(vi)         
Great
Hill, Affiliates of Great Hill, Liberty Mutual Insurance Company and BACI
collectively shall cease to own and control a majority of the Voting Stock of
the Company (measured by voting power rather than number of shares); provided,
that in no event shall Liberty Mutual Insurance Company or any of its Affiliates
be deemed to be an Affiliate of Great Hill for purposes of this definition.

 

“Charter Documents”
means the Articles of Organization, Articles of Incorporation, Certificate of
Incorporation, Bylaws, or other organizational or governing documents, as
amended or restated (or both) to date, of the Company and any of its
Subsidiaries, as applicable.

 

“Closing” has the
meaning given in Section 1.2.

 

“Closing Date” has the
meaning given in Section 1.2.

 

“Code” means the
Internal Revenue Code of 1986, as amended from time to time, and any successor
statute or law thereto.

 

“Common Stock” means
the Company’s common stock, $.01 par value per share.

 

“Collateral” means all
Property of the Company and each Guarantor, now owned or hereafter acquired,
upon which a Lien is purported to be created by any Security Document.

 

“Collateral Agent” has
the meaning given in the preamble.

 

“Commonly Controlled Entity”
means an entity, whether or not incorporated, which is under common control
with the Company within the meaning of Section 4001(a)(14) of ERISA or is part
of a group which includes the Company and which is treated as a single employer
under Section 414(b), (c), (m) or (o) of the Code.

 

“Company” has the
meaning given in the preamble.

 

“Consolidated Capital Expenditures”
of any Person means, for any period, the aggregate gross increase during that
period, in the property, plant or equipment reflected in the consolidated
balance sheet of such Person and its consolidated Subsidiaries, in conformity
with GAAP, but excluding,

 

71

 

(i)           
expenditures
made in connection with the replacement, substitution or restoration of assets
(including any expenditures made pursuant to Section 6.6(b)),

 

(A)         
to the extent financed from
Casualty Proceeds received on account of the loss, destruction or condemnation
of the assets being replaced or restored; and

 

(B)          
to the extent such expenditure
is attributable to a credit granted by the seller of property, plant or
equipment purchased with the trade-in of existing property, plant or equipment;

 

(ii)          
the
purchase price paid in connection with the acquisition of any other Person
(including through the purchase of all of the Capital Stock of such Person or
through merger or consolidation) to the extent allocable to property, plant and
equipment of such Person or its Subsidiaries.

 

“Consolidated EBITDA”
means, with respect to any specified Person for any period, the Consolidated
Net Income of such Person for such period plus,
without duplication,

 

(i)           
the
Consolidated Interest Expense of such Person and its Subsidiaries for such
period, to the extent that such Consolidated Interest Expense was deducted in
computing such Consolidated Net Income; plus

 

(ii)          
provision
for taxes based on income or profits of such Person and its Subsidiaries for
such period, to the extent that such provision for taxes was deducted in
computing such Consolidated Net Income; plus

 

(iii)         
depreciation,
amortization (including amortization of intangibles but excluding amortization
of prepaid cash expenses that were paid in a prior period) and other non-cash
expenses (excluding any such non-cash expense to the extent that it represents
an accrual of or reserve for cash expenses in any future period or amortization
of a prepaid cash expense that was paid in a prior period) of such Person and
its Subsidiaries for such period to the extent that such depreciation,
amortization and other non-cash expenses were deducted in computing such
Consolidated Net Income; minus

 

(iv)         
non-cash
items increasing such Consolidated Net Income for such period, other than the
accrual of revenue in the ordinary course of business,

 

in each case, on a consolidated basis and determined
in accordance with GAAP; provided
that (a) for the four consecutive financial quarters ended June 30, 2004,
September 30, 2004 Consolidated EBITDA shall exclude (without duplication of
amounts excluded pursuant to any other provision of this definition of
“Consolidated EBITDA”) up to $1,563,554.00 and $760,301.00, respectively, of
one time charges incurred during 2003 in connection with the Company’s
reporting obligations under the Exchange Act and (b) for purposes of measuring
Consolidated EBITDA pursuant to Section 2.8(b), for the year ended December 31,
2003,

 

72

 

Consolidated EBITDA shall exclude up to $1,967,781.00
of one time charges incurred during 2003 in connection with the Company’s
reporting obligations under the Exchange Act.

 

“Consolidated Interest Expense”
means, with respect to any specified Person for any period, the sum, without
duplication, of:

 

(i)           
the
consolidated interest expense of such Person and its Subsidiaries for such
period, whether paid or accrued, including amortization of debt issuance costs,
non-cash interest payments, the interest component of any deferred payment
obligations, the interest component of all payments associated with Capital
Lease Obligations, commissions, discounts and other fees and charges incurred
in respect of letter of credit or bankers’ acceptance financings, and net of
the effect of all payments made or received pursuant to Hedging Obligations in
respect of interest rates (but excluding amortization of original issue
discount); plus

 

(ii)          
the
consolidated interest expense of such Person and its Subsidiaries that was
capitalized during such period; plus

 

(iii)         
any
interest paid during such period on Indebtedness of another Person that is
guaranteed by such Person or one of its Subsidiaries or secured by a Lien on
assets of such Person or one of its Subsidiaries, whether or not such Guarantee
or Lien is called upon; plus

 

(iv)         
the
product of (a) all dividends paid and whether or not in cash, on any series of
preferred stock of such Person or any of its Subsidiaries, other than dividends
on Equity Interests payable solely in Equity Interests of the Company (other
than Disqualified Stock) or to the Company or a Subsidiary of the Company,
times (b) a fraction, the numerator of which is one and the denominator of
which is one minus the then current combined federal, state and local statutory
tax rate of such Person, expressed as a decimal, in each case, determined on a
consolidated basis in accordance with GAAP.

 

“Consolidated Net Income”
means, with respect to any specified Person for any period, the aggregate of
the Net Income of such Person and its Subsidiaries for such period, on a
consolidated basis, determined in accordance with GAAP; provided, that:

 

(i)           
the
Net Income (but not loss) of any Person that is not a Subsidiary or that is
accounted for by the equity method of accounting will be included only to the
extent of the amount of dividends or similar distributions paid in cash to the
specified Person or a Wholly-Owned Subsidiary of the Person; and

 

(ii)          
the
Net Income of any Subsidiary will be excluded to the extent that the
declaration or payment of dividends or similar distributions by that Subsidiary
of that Net Income is not at the date of determination permitted without any
prior governmental approval (that has not been obtained) or,

 

73

 

directly or indirectly, by
operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule or governmental regulation applicable to that
Subsidiary or its stockholders.

 

“Continuing Directors”
means, as of any date of determination, any member of the Board of Directors of
the Company who:

 

(i)           
was
a member of such Board of Directors on the date of this Agreement; or

 

(ii)          
was
nominated for election or elected to such Board of Directors with the approval
of a majority of the Continuing Directors who were members of such Board of
Directors at the time of such nomination or election.

 

“Default” means any
event which is, or after notice or passage of time would be, an Event of
Default.

 

“Disposition” means,
with respect to any Property, any sale, lease, sale and leaseback, assignment,
conveyance, transfer or other disposition thereof; and the terms “Dispose” and “Disposed of” shall
have correlative meanings.

 

“Disqualified Stock”
means any Capital Stock that, by its terms (or by the terms of any security
into which it is convertible, or for which it is exchangeable, in each case, at
the option of the holder of the Capital Stock), or upon the happening of any
event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the option of the holder of the
Capital Stock, in whole or in part, on or prior to the date that is 91 days
after the date on which the Notes mature.

 

“Domestic Subsidiary”
means any Subsidiary of the Company organized under the laws of any
jurisdiction within the United States of America.

 

“Employee Pension Plan”
means any “employee pension benefit plan” as defined in Section 3(2) of ERISA
and which is maintained by the Company or any of its Subsidiaries and is
qualified under Section 401 of the Code.

 

“Environmental Laws”
means any and all applicable federal, state, regional or local laws, statutes,
ordinances, rules, regulations, judgments, orders, decrees, Environmental
Permits or other governmental restrictions or requirements and the common law
relating to pollution or protection of public or employee health or the
environment, including without limitation CERCLA and RCRA.

 

“Environmental Permits”
means any and all federal, state, regional or local permits, licenses,
consents, authorizations, waivers, exemptions, variances, orders or approvals
pursuant to Environmental Law.

 

“Equity Incentive Plan”
means the 2003 Stock Option and Grant Plan of the Company, as amended or
supplemented from time to time.

 

74

 

“Equity Interest”
means the Capital Stock or warrants, options or other rights to acquire Capital
Stock (but excluding any debt security which is convertible into, or
exchangeable for, Capital Stock).

 

“ERISA” means the
Employee Retirement Income Security Act of 1974, as amended from time to time,
and any successor statute or law thereto.

 

“Event of Default” has
the meaning given in Section 8.1.

 

“Excess Cash Flow”
means for any Person for any period for which such amount is being determined,
the consolidated Cash Flow from Operating Activities of such Person and its
Subsidiaries during such period plus
the consolidated Cash Flow from Investing Activities of such Person and its
Subsidiaries during such Period, in each case determined in accordance with
GAAP.

 

“Excess Proceeds” has
the meaning given in Section 6.6(b).

 

“Excess Proceeds Offer”
has the meaning given in Section 6.6(b).

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, from time to time, and any
successor statute or law thereto.

 

“Excluded Foreign Subsidiaries”
means any Foreign Subsidiary in respect of which either (a) the pledge of all
of the Capital Stock of such Subsidiary as Collateral or (b) the guaranteeing
by such Subsidiary of the Obligations of the Company under a Note Document,
would, in the good faith judgment of the Company, result in adverse tax
consequences to the Company.

 

“Existing Debt” means
Indebtedness of the Company outstanding on the date hereof in an aggregate
principal amount not to exceed $171,000, all as set forth on Schedule 4.8.

 

“Financing Change”
shall have the meaning given in Section 6.5(iv).

 

“Financing Proceeds”
means the cash (other than cash that constitutes Net Asset Sale Proceeds)
received by the Company or any of its Subsidiaries, directly or indirectly,
from any financing transaction of whatever kind or nature, including from any
incurrence of Indebtedness (other than Permitted Debt), any mortgage or pledge
of an asset or interest therein (including a transaction which is the
substantial equivalent of a mortgage or pledge), from the sale of tax benefits,
from a lease to a third party and a pledge of the lease payments due thereunder
to secure Indebtedness, from a joint venture arrangement, from an exchange of
assets and a sale of the assets received in such exchange, or any other similar
arrangement or technique whereby the Company or any of its Subsidiaries obtains
cash or Cash Equivalents in respect of an asset.

 

“Foreign Subsidiary”
means any Subsidiary of the Company that is not a Domestic Subsidiary.

 

75

 

“Funded Indebtedness”
of any Person means, without duplication, all Indebtedness of such Person
described in clauses (i), (ii), (iv) and (v) of the definition of
“Indebtedness” (other than intercompany Indebtedness).

 

“GAAP” means generally
accepted accounting principles set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession, which are in
effect from time to time.

 

“GameSpy” has the
meaning given in the recitals.

 

“GameSpy Acquisition”
means the acquisition by the Company of 100% of the outstanding Capital Stock
of GameSpy pursuant to the GameSpy Merger Agreement.

 

“GameSpy Financing Documents”
means the Securities Purchase Agreement, the Series A Preferred Stock Purchase
Agreement, the Amended and Restated Certificate of Incorporation of the
Company, and all other agreements and documents relating to the issuance and
sale of Senior Subordinated Notes, Series A Preferred Stock and Series B
Preferred Stock on the Closing Date.

 

“GameSpy Merger Agreement”
means the Agreement and Plan of Merger, dated as of December 3, 2003, by and
among, the Company, IGN Acquisition Corp., GameSpy Industries, Inc., and
certain shareholders of GameSpy.

 

“Governmental Authority”
means any nation or government (including the European Union), any state or
other political subdivision thereof and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government.

 

“Great Hill” means
Great Hill Equity Partners II L.P. and its Affiliated investment funds.

 

“Guarantee” means a
guarantee other than by endorsement of negotiable instruments for collection in
the ordinary course of business, direct or indirect, in any manner including,
without limitation, by way of a pledge of assets or through letters of credit
or reimbursement agreements in respect thereof, of all or any part of any
Indebtedness.  The term “Guarantee” used as a verb (and the participle formed
therefrom) will have a correlative meaning.

 

“Guarantee and Collateral Agreement”
means the Guarantee and Collateral Agreement executed and delivered by the
Company and each of its Subsidiaries (other than its Excluded Foreign
Subsidiaries) in favor of the Collateral Agent for the ratable benefit of the
Secured Parties substantially in the form of Exhibit E, as the same may
be amended, supplemented or otherwise modified from time to time in accordance
with its terms and the terms hereof.

 

“Guarantors” means
each of:

 

(i)           
the
guarantors listed on the signature pages hereto; and

 

76

 

(ii)          
any
other Subsidiary of the Company that executes a Note Guarantee or grants a Lien
in favor of the Collateral Agent in accordance with the provisions of this
Agreement,

 

and their respective successors and assigns.

 

“Hazardous Material”
means any “hazardous substances,” “pollutants” or “contaminants” as defined in
CERCLA and its implementing regulations, any “hazardous waste,” “hazardous
materials” or “regulated substances” as defined in RCRA and its implementing
regulations and any toxic substance, hazardous or other waste, hazardous
constituent, petroleum, including crude oil and any fractions thereof,
chemicals, materials or substances regulated under any Environmental Laws.

 

“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person
under:

 

(i)           
interest
rate swap agreements, interest rate cap agreements and interest rate collar
agreements; and

 

(ii)          
other
agreements or arrangements designed to protect such Person against fluctuations
in interest rates.

 

“Holder” or “Holders” means a Person
in whose name a Note is registered.

 

“incur” has the
meaning given in Section 6.1.

 

“Indebtedness” means,
with respect to any specified Person, any indebtedness of such Person, whether
or not contingent:

 

(i)           
in
respect of borrowed money;

 

(ii)          
evidenced
by bonds, notes, debentures or similar instruments or letters of credit (or
reimbursement agreements in respect thereof);

 

(iii)         
in
respect of banker’s acceptances;

 

(iv)         
representing
Capital Lease Obligations;

 

(v)          
representing
the balance deferred and unpaid of the purchase price of any property or
services due more than six months after such property is acquired or such
services are completed, except (i) any such balance that constitutes an accrued
expense or trade payable not overdue by more than 90 days incurred in the
ordinary course of such Person’s business, (ii) any such balance due that is
being contested in good faith by appropriate proceedings promptly instituted
and diligently conducted and for which adequate reserves or other appropriate
provisions have been made in accordance with GAAP, and (iii) any such
obligation incurred under ERISA; or

 

77

 

(vi)         
representing
any Hedging Obligations;

 

if and to the extent any of the preceding items (other
than letters of credit and Hedging Obligations) would appear as a liability
upon a balance sheet of the specified Person prepared in accordance with
GAAP.  In addition, the term “Indebtedness” includes all indebtedness of
others secured by a Lien on any asset of the specified Person (whether or not
such indebtedness is assumed by the specified Person) and, to the extent not
otherwise included, the Guarantee by the specified Person of any indebtedness
of any other Person.

 

The amount of any
Indebtedness outstanding as of any date will be the principal amount of the
Indebtedness (including all amounts capitalized to principal and all other
payments in kind), together with any interest on the Indebtedness that is more
than 30 days past due, in the case of any other Indebtedness.

 

“Indemnifying Parties”
has the meaning given in Section 1.7.

 

“Indemnified Parties”
has the meaning given in Section 1.7.

 

“Information” means
all information, other than financial projections of the Company, GameSpy or
their respective Subsidiaries, provided to the Purchasers by the Company,
GameSpy or their Agents or Affiliates in connection with the transactions
contemplated by this Agreement.

 

“Initial Public Offering”
means the initial public offering of Capital Stock of the Company or any direct
or indirect parent of the Company registered under the Securities Act.

 

“Insolvency” means,
with respect to any Mutiemployer Plan, the condition that such Plan is insolvent
within the meaning of Section 4245 of ERISA.

 

“Insolvent” means
pertaining to a condition of Insolvency.

 

“Intellectual Property Rights”
has the meaning given in Section 4.14(i).

 

“Interest Payment Date”
has the meaning given in Section 1.5(c).

 

“Investments” means, with respect to any Person, all
direct or indirect investments by such Person in other Persons (including
Affiliates) in the forms of loans (including Guarantees or other obligations),
advances or capital contributions (excluding commission, travel and similar
advances to officers and employees made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities, together with all items that are or would be classified
as investments on a balance sheet prepared in accordance with GAAP.  If
the Company or any of its Subsidiaries sells or otherwise disposes of any
Equity Interests of any direct or indirect Subsidiary of the Company such that,
after giving effect to any such sale or disposition, such Person is no longer a
Subsidiary of the Company, the Company will be deemed to have made an
Investment on the date of any such sale or disposition equal to the fair market
value of the Company’s Investments in such Subsidiary that were not sold or
disposed of in an amount determined as provided in the final paragraph of Section
6.4.  The acquisition by the Company or any of its Subsidiaries of a
Person that holds an Investment in a third Person will be deemed to be an Investment
by the Company or such Subsidiary in such

 

78

 

third Person in an amount equal to the fair market
value of the Investments held by the acquired Person in such third Person in an
amount determined as provided in the final paragraph of Section 6.4.

 

“Junior Debt” has the
meaning given in Section 6.4.

 

“Lease” means any
lease, sublease, franchise agreement, license, occupancy or concession
agreement.

 

“Legal Holiday” means
a Saturday, Sunday or day on which banks and trust companies in the principal
place of business of the Company or in New York are not required to be
open.  If a payment date is a Legal Holiday, payment may be made on the
next succeeding day that is not a Legal Holiday, and interest shall accrue for
the intervening period.

 

“Leverage Ratio” has
the meaning given in Section 7.4.

 

“LIBOR Determination Date”
has the meaning given in Section 1.5(b).

 

“LIBOR Reset Date”
shall be each March 31, June 30, September 30, and December 31, unless such day
is not a Business Day, in which case the applicable LIBOR Reset Date will be
the immediately preceding Business Day.

 

“Lien” means any
material mortgage, pledge, lien, encumbrance, charge or adverse claim affecting
title or resulting in a charge against real or personal property, or security
interest of any kind (including, without limitation, any lien in favor of the
PBGC or any Plan under ERISA or the Code or any conditional sale or other title
retention agreement, any lease in the nature thereof, any option or other
agreement to sell and any filing of or agreement to give any financing
statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction).

 

“London Banking Day”
means a day on which commercial banks are open for business, including dealing
in United States dollars, in London.

 

“Losses” has the
meaning given in Section 1.7.

 

“Majority Holders”
means Holders holding an aggregate principal amount of Notes representing more
than 50% of the aggregate principal amount of Notes then outstanding.

 

“Make Whole Premium”
means, with respect to any Note on any Redemption Date, the greater of:

 

(i)           
1.0%
of the principal amount of the Note; or

 

(ii)          
the
excess of (a) the present value at such redemption date of (i) the redemption
price of the Notes on March 15, 2005 (as set forth in Section 10.1(a)), plus (ii) all required interest payments
due on the principal amount of Notes being redeemed through March 15, 2005
(including any accrued interest resulting from the Notes being initially

 

79

 

issued at less than par), assuming
no change in 3-Month LIBOR rate and the Applicable Spread from the 3-Month
LIBOR and the Applicable Spread on the immediately prior LIBOR Reset Date),
computed using a discount rate equal to the Treasury Rate as of such redemption
date plus 50 basis points; over (b) the principal amount of the Note, if
greater

 

“Management Stockholder”
means each of Mark Jung.

 

“Mandatory Repurchase Offer”
has the meaning given in Section 5.9.

 

“Material Adverse Effect”
means:

 

(i)           
any
material adverse effect on the business results of operations, cash flows,
properties, assets, liabilities or condition (financial or otherwise) of the
Company and GameSpy and their respective Subsidiaries taken as a whole; or

 

(ii)          
any
material adverse effect on the ability of the Company, GameSpy or any
Guarantor, as applicable, to fulfill their respective obligations under the
Note Documents, the GameSpy Financing Documents or the Acquisition Documents or
any document contemplated hereby or thereby.

 

(iii)         
any
material adverse effect on the ability of the Holders or the Collateral Agent
to enforce in any material respect their rights purported to be granted
hereunder or under any of the other Note Documents or the Obligations of the
Company or any Guarantor under a Note Document (including realizing on the
Collateral).

 

“Material Contracts”
means all contracts, agreements, licenses and commitments to which the Company
or any of its Subsidiaries is a party or to which any of their respective
assets or properties is bound, the breach or termination of which would, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

“Maximum Lawful Rate”
has the meaning given in Section 1.5(e).

 

“Merger” has the
meaning given in the recitals.

 

“Merger Subsidiary”
has the meaning given in the recitals.

 

“Mortgages” means each of the mortgages and deeds of trust made
by any Note Party in favor of, or for the benefit of, the Collateral Agent for
the benefit of the Secured Parties, which shall in each case be in form and
substance satisfactory to the Collateral Agent, as the same may be amended,
supplemented, replaced or otherwise modified from time to time.

 

“Multiemployer Plan”
means a Plan which is a multiemployer plan as defined in Section 4001(a)(3) or
3(37)(A) of ERISA which covers any of the employees of the Company or any
Commonly Controlled Entity.

 

80

 

“Net Asset Sale Proceeds”
means, with respect to any sale or other disposition of any assets or stock:

 

(i)           
cash
(freely convertible into United States dollars) received by the Company or any
of its Subsidiaries from such sale or other disposition, after:

 

(A)         
provision for all income or
other taxes measured by or resulting from such sale or other disposition,

 

(B)          
payment of all brokerage
commissions and other fees and expenses related to such sale or other
disposition, and

 

(C)          
deduction of appropriate amounts
as a reserve, in accordance with GAAP, against any liabilities associated with
such assets or stock and retained by the Company or any of its Subsidiaries
after such sale or other disposition thereof, including, without limitation,
pension and other post-employment benefit liabilities and liabilities related
to environmental matters or against any indemnification obligations associated
with the sale or other disposition of such assets or stock; and

 

(ii)          
any
non-cash consideration received by the Company or any of its Subsidiaries from
such sale or other disposition upon the liquidation or conversion of such
non-cash consideration into cash.

 

“Net Financing Proceeds”
means Financing Proceeds, net of underwriting discounts and commissions, loan
fees and other reasonable direct expenses of the transaction and net of taxes
(including income taxes) currently paid or payable in cash as a result thereof
in the current year or in the next succeeding year with respect to the current
year as a result of the transaction generating Net Financing Proceeds.

 

“Net Income” means,
with respect to any specified Person, the net income (loss) of such Person, determined
in accordance with GAAP and before any reduction in respect of preferred stock
dividends, excluding, however,

 

(i)           
any
gain or loss, together with any related provision for taxes on such gain or
loss, realized in connection with: (a) any Asset Sale; or (b) the disposition
of any securities by such Person or any of its Subsidiaries or the
extinguishment of any Indebtedness of such Person or any of its Subsidiaries;

 

(ii)          
any
extraordinary gain or loss, together with any related provision for taxes on
such extraordinary gain or loss;

 

(iii)         
the
cumulative effect of a change in accounting principles.

 

“Non-Excluded Taxes”
has the meaning given in Section 1.11(a).

 

81

 

“Non-US Holder” has
the meaning given in Section 1.11(d).

 

“Note Documents” means
this Agreement, the Notes, the Security Agreement, and each other Security
Document.

 

“Note Guarantee” has
the meaning given in Section 9.1.

 

“Noteholder Representative”
has the meaning given in Section 3.4.

 

“Note Party” means the
Company, each Guarantor and each Subsidiary of the Company that is a party to a
Note Document.

 

“Note Purchase Price”
means, with respect to any Note, 97% of the principal amount of such Note on
March 31, 2009.

 

“Notes” means the
Company’s Senior Secured Notes due March 31, 2009 issued and sold pursuant to
this Agreement.

 

“Obligations” means
any principal, interest, penalties, fees, indemnifications, expenses,
reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness.

 

“Offer Amount” has the
meaning given in Section 10.2.

 

“Offer Period” has the
meaning given in Section 10.2.

 

“Officers’ Certificate”
means a certificate signed by any two officers, one of whom must be the
chairman of the board, the president, the controller, the treasurer or a vice
president of the Company.

 

“Operating Lease”
means any lease other than a Capital Lease.

 

“Other Taxes” means
any and all present or future stamp or documentary taxes or any other excise or
property taxes, charges or similar levies arising from any payment made
hereunder or from the execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any other Note Document.

 

“Payment Default” has
the meaning given in Section 8.1(v).

 

“PBGC” means the
Pension Benefit Guaranty Corporation established pursuant to Subtitle A of
Title IV of ERISA.

 

“Permitted Business”
means the business engaged in by the Company and its Subsidiaries on the
Closing Date and similar or related businesses.

 

“Permitted Debt” has
the meaning given in Section 6.1.

 

82

 

“Permitted Investment” means:

 

(i)           
any
Investment in the Company or in a Wholly Owned Domestic Subsidiary of the
Company;

 

(ii)          
any
Investment in Cash Equivalents;

 

(iii)         
any
Investment by the Company or any of its Subsidiaries in a Person that is
engaged in a Permitted Business after September 30, 2004, if as a result of
such Investment:

 

(A)         
such Person becomes a Wholly
Owned Domestic Subsidiary of the Company; or

 

(B)          
such Person is merged,
consolidated or amalgamated with or into, or transfers or conveys substantially
all of its assets to, or is liquidated into, the Company or a Wholly Owned
Domestic Subsidiary of the Company,

 

provided, that

 

(A)         
the aggregate amount of such
Investments does not exceed the lesser of (1) $3.5 million plus 50% of the Excess Cash Flow of the
Company generated after December 31, 2004, that was not required to be applied
to make a Mandatory Repurchase Offer pursuant to Section 5.9 and (2)
$7.5 million;

 

(B)          
the aggregate amount of all such
Investments does not exceed (1) $2.0 million in any fiscal year commencing
January 1, 2005; and (2) $500,000 for the fiscal quarter ending December 31,
2004; and

 

(C)          
on a pro forma basis, giving
effect to such Investment as if it were made on the first day of the four
consecutive completed fiscal quarters of the Company ended immediately
preceding such Investment, the Senior Leverage Ratio for the Company would be
no more than,

 

	
  Test
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  September 30, 2004

  	
   

  	
  3.10:1.00

  	
   

  
	
  December 31, 2004

  	
   

  	
  2.25:1.00

  	
   

  
	
  March 31, 2005

  	
   

  	
  2.05:1.00

  	
   

  
	
  June 30, 2005

  	
   

  	
  1.95:1.00

  	
   

  
	
  September 30, 2005

  	
   

  	
  1.95:1.00

  	
   

  
	
  December 31, 2005

  	
   

  	
  1.75:1.00

  	
   

  
	
  March 31, 2006

  	
   

  	
  1.70:1.00

  	
   

  
	
  June 30, 2006

  	
   

  	
  1.65:1.00

  	
   

  
	
  September 30, 2006

  	
   

  	
  1.65:1.00

  	
   

  
	
  December 31, 2006

  	
   

  	
  1.45:1.00

  	
   

  
	
  March 31, 2007

  	
   

  	
  1.40:1.00

  	
   

  

 

83

 

	
  Test
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2007

  	
   

  	
  1.30:1.00

  	
   

  
	
  September 30, 2007

  	
   

  	
  1.30:1.00

  	
   

  
	
  December 31, 2007

  	
   

  	
  1.30:1.00

  	
   

  
	
  March 31, 2008

  	
   

  	
  1.20:1.00

  	
   

  
	
  June 30, 2008

  	
   

  	
  1.20:1.00

  	
   

  
	
  September 30, 2008

  	
   

  	
  1.20:1.00

  	
   

  
	
  December 31, 2008

  	
   

  	
  1.15:1.00

  	
   

  
	
  March 31, 2009

  	
   

  	
  1.15:1.00

  	
   

  

 

(iv)         
any
Investment made as a result of the receipt of non-cash consideration from an
Asset Sale that was made pursuant to and in compliance with Section 6.5;

 

(v)          
any
acquisition of assets that constitute Collateral solely in exchange for the
issuance of Equity Interests (other than Disqualified Stock) of the Company;

 

(vi)         
any
Investments received in compromise of obligations of such Persons incurred in
the ordinary course of trade creditors or customers that were incurred in the
ordinary course of business, including pursuant to any plan of reorganization
or similar arrangement upon the bankruptcy or insolvency of any trade creditor or
customer;

 

(vii)        
Hedging
Obligations otherwise permitted to be incurred pursuant to this Agreement;

 

(viii)       
Investments
of a Person or any of its Subsidiaries existing at the time such Person becomes
a Subsidiary of the Company or at the time such Person merges or consolidates
with the Company or any of its Subsidiaries, in either case in compliance with
this Agreement; provided that
such Investments were not made by such Person in connection with, or in
anticipation or contemplation of, such Person becoming a Subsidiary of the
Company or such merger or consolidation;

 

(ix)          
Investments
made by the Company or any Subsidiary in connection with purchase price
adjustments, contingent purchase price payments or other earn-out payments
required in connection with Investments otherwise permitted under this
Agreement;

 

(x)           
negotiable
instruments held for deposit or collection in the ordinary course of business;

 

(xi)          
prepaid
expenses and workers compensation, utility, and similar deposits in the
ordinary course of business; and

 

84

 

(xii)         
intercompany
loans that constitute Permitted Debt.

 

“Permitted Liens” means, with respect to any Person:

 

(i)           
Liens
on assets owned by the Company or any of its Subsidiaries in favor of any
Holder securing Obligations under the Note Documents;

 

(ii)          
pledges
or deposits by such Person under workmen’s compensation laws, unemployment
insurance laws or similar legislation, or good faith deposits in connection
with bids, tenders, contracts (other than for the payment of Indebtedness) or
leases to which such Person is a party, or deposits to secure public or
statutory, contractual or warranty obligations of such Person or deposits of
cash or United States Government bonds to secure surety or appeal bonds to
which such Person is a party, or deposits as security for contested taxes or
import duties or for the payment of rent;

 

(iii)         
Liens
imposed by law, such as carriers, warehousemen’s and mechanics’ Liens or Liens
arising out of judgments or awards against such Person with respect to which
such Person shall then be prosecuting appeal or other proceedings for review;

 

(iv)         
Liens
securing the payment of taxes, assessments and governmental charges or levies
which are not yet subject to penalties for non-payment or which are being
contested in good faith and by appropriate proceedings;

 

(v)          
Liens
in favor of issuers of surety bonds or letters of credit issued pursuant to the
request of and for the account of such Person in the ordinary course of its
business;

 

(vi)         
minor
survey exceptions, minor encumbrances, easements or reservations of, or rights
of others for, rights of way, sewers, electric lines, telegraph and telephone
lines and other similar purposes, or zoning of other restrictions as to the use
of real properties or Liens incidental to the conduct of the business of such
Person or to the ownership of its properties which were not incurred in
connection with Indebtedness or other extensions of credit and which do not in
the aggregate materially adversely affect the value of said properties or
materially impair their use in the operation of the business of such Person;

 

(vii)        
judgment
Liens not giving rise to an Event of Default;

 

(viii)       
Liens
arising from filing Uniform Commercial Code financing statements regarding
leases and contractual landlord’s Liens not securing Indebtedness;

 

(ix)          
Liens
in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods;

 

85

 

(x)           
Liens
listed on Schedule 4.8.

 

“Permitted Refinancing Indebtedness”
means any Indebtedness of the Company or any of its Subsidiaries issued in
exchange for, or the net proceeds of which are used to renew, refund,
refinance, replace, defease or discharge other Indebtedness of the Company or
any of its Subsidiaries (other than intercompany Indebtedness); provided that:

 

(i)           
the
principal amount (or accreted value, if applicable) of such Permitted
Refinancing Indebtedness does not exceed the principal amount (or accreted
value, if applicable) of the Indebtedness renewed, refunded, refinanced,
replaced, defeased or discharged (plus all accrued interest on the Indebtedness
and the amount of all fees and expenses, including premiums, incurred in
connection therewith);

 

(ii)          
such
Permitted Refinancing Indebtedness has a final maturity date later than the
final maturity date of, and has a Weighted Average Life to Maturity equal to or
greater than the Weighted Average Life to Maturity of, the Indebtedness being
renewed, refunded, refinanced, replaced, defeased or discharged;

 

(iii)         
if
the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged is subordinated in right of payment to the Notes, such Permitted
Refinancing Indebtedness has a final maturity date later than the final
maturity date of, and is subordinated in right of payment to, the Notes on
terms at least as favorable to the holders of Notes as those contained in the
documentation governing the Indebtedness being renewed, refunded, refinanced,
replaced, defeased or discharged;

 

(iv)         
such
Indebtedness is incurred either by the Company or by the Subsidiary who is the
obligor on the Indebtedness being renewed, refunded, refinanced, replaced,
defeased or discharged; and

 

(v)          
after
giving effect to the incurrence of such Indebtedness, the Company would be in
compliance on a pro-forma basis with the covenants in Article VII.

 

“Permitted Transferee”
means, with respect to any Purchaser (a) such Purchaser’s Affiliates, (b) each
fund, money market account, investment account or other account managed by a
holder of Notes or an Affiliate of such holder or its investment manager, (c)
in the case of a Purchaser who is an individual, such Purchaser’s ancestors,
descendants or spouse, or any custodian or trustee for the account of such
Purchaser (or for the account of such Purchaser’s ancestors, descendants or
spouse), (d) in the case of a Purchaser which is a partnership or limited
liability company, any constituent partner or member of such entity, and (e) in
the case of a Purchaser which is a corporation, any parent corporation or
wholly-owned subsidiary corporation or any officer, director or 10% stockholder
of such corporation.

 

“Person” means an
individual, partnership, corporation, trust or unincorporated organization or a
government or agency or political subdivision thereof.

 

86

 

“Plan” means, at a
particular time, any employee benefit plan as defined in Section 3(3) of ERISA
and in respect of which the Company or any Commonly Controlled Entity is (or,
if such plan were terminated at such time, would, under Section 4069 of ERISA,
be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Purchasers” means
each of the entities named as purchasers of Notes on the signature pages of
this Agreement.

 

“Prepayment Premium”
has the meaning given in Section 10.1.

 

“Purchase Date” has
the meaning given in Section 10.2.

 

“Purchasers” has the
meaning given in the preamble.

 

“Projections” has the
meaning given in Section 4.9(b).

 

“Property” means any
right or interest in or to property of any kind whatsoever, whether real,
personal or mixed and whether tangible or intangible, including, without
limitation, Capital Stock.

 

“RCRA” means the
Resource Conservation and Recovery Act of 1976, as amended (42 U.S.C. § 6901 et
seq.) and any regulations promulgated thereunder.

 

“Real Property” means
the offices, stores, warehouses, distribution facilities factories and all real
property and related facilities that are currently owned, leased, operated,
used, controlled, managed or occupied by the Company or any of its
Subsidiaries.

 

“Reorganization”
means, with respect to any Multiemployer Plan, the condition that such plan is
in reorganization within the meaning of Section 4241 of ERISA.

 

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA.

 

“Repurchase Offer” has
the meaning given in Section 10.2.

 

“Required Leverage Ratio”
means for each date listed in Section 7.4, the corresponding Leverage
Ratio for such date.

 

“Requirements of Law”
means as to any Person, the Charter Documents of such Person, and any law,
treaty, rule or regulation or determination of an arbitrator or a court or
other Governmental Authority, in each case applicable to or binding upon such
Person or any of its property or to which such Person or any of its property is
subject, including, without limitation, the Securities Act, the Securities
Exchange Act, Regulations U and X, ERISA, the Fair Labor Standards Act, the
Worker Adjustment and Retraining Notification Act, Americans with Disabilities
Act of 1990, the Social Security Act, including Environmental Laws (including,
without limitation, those applicable to the disposal of medical waste)..

 

“Restricted Investment”
means any investment other than a Permitted Investment.

 

“Restricted Payments”
has the meaning given in Section 6.4.

 

87

 

“Rule 144” means Rule
144 as promulgated by the Securities Exchange Commission under the Securities
Act, as amended from time to time, and any successor rule or regulation
thereto.

 

“SEC” means the
Securities and Exchange Commission.

 

“Secured Obligations”
shall have the meaning assigned to such term in the Security Documents.

 

“Secured Parties” has
the meaning given in the Guarantee and Collateral Agreement.

 

“Securities” means the
Notes and the Shares, collectively.

 

“Securities Act” means
the Securities Act of 1933, as amended from time to time, and any successor
statute or law thereto and the rules and regulations of the Commission
thereunder.

 

“Securities Purchase Agreement”
has the meaning given in the Recitals.

 

“Security Document”
means the collective reference to the Guarantee and Collateral Agreement, the
Mortgages, any intellectual property security agreements or control agreements
required to be delivered pursuant to the Guarantee and Collateral Agreement or
any other Note Document and all other security documents hereafter delivered to
the Collateral Agent granting a Lien on any Property of any Person to secure
the obligations and liabilities of the Company or any Guarantor under any Note
Document.

 

“Senior Leverage Ratio”
equals, as of any date of measurement, the ratio of (a) the aggregate principal
amount of secured Indebtedness of the Company and its Subsidiaries and
Indebtedness of the Company and its Subsidiaries that is pari passu in right of
payment with the Notes on such date to (b) the Consolidated EBITDA of the
Company and its Subsidiaries for the 12-month period ending on such date.

 

“Senior Subordinated Notes” means the notes
issued on the date hereof pursuant to the Securities Purchase Agreement.

 

“Series A Preferred Stock”
means the Company’s Series A Redeemable Preferred Stock, par value $.01 per
share.

 

“Series A Preferred Stock Purchase
Agreement” has the meaning given in the Recitals.

 

“Series B Preferred Stock”
means the Company’s Series A Preferred Stock, par value $.01 per share.

 

“Significant Subsidiary”
means, with respect to any Person, any Subsidiary of such Person that satisfies
the criteria for a “significant subsidiary” set forth in Rule 1.02(w) of
Regulation S-X under the Securities Act.

 

“Single Employer Plan”
means any Plan which is a single employer plan as defined in Section
4001(a)(15) of ERISA and which is covered by Title IV of ERISA, but which is
not a Multiemployer Plan.

 

88

 

“Stockholders Agreement”
means that certain Amended and Restated Stockholders Agreement, dated as of the
date hereof, between the Company and certain holders of its Equity Interests.

 

“Subordinated Debt Document”
shall have the meaning given in Section 6.5(iv).

 

“Subsidiary” or “Subsidiaries” means,
with respect to any Person, any corporation, association or other business
entity of which securities or other ownership interests representing more than
50% of the ordinary voting power are, at the time as of which any determination
is being made, owned or controlled by that Person or one or more subsidiaries
of that Person or by that Person and one or more subsidiaries of that
Person.  For purposes of the representations and warranties set forth in Article
IV, GameSpy and each of its Subsidiaries shall be deemed to be Subsidiaries
of the Company as of the date hereof and as of the Closing Date.

 

“Survey” means a
survey of any Mortgaged Real Property (and all improvements thereon):  (i)
prepared by a surveyor or engineer licensed to perform surveys in the state
where such Mortgaged Real Property is located, (ii) dated (or redated) not
earlier than six months prior to the date of delivery thereof unless there
shall have occurred within six months prior to such date of delivery any
exterior construction on the site of such Mortgaged Real Property, in which
event such survey shall be dated (or redated) after the completion of such
construction or if such construction shall not have been completed as of such
date of delivery, not earlier than 20 days prior to such date of delivery,
(iii) certified by the surveyor (in a manner reasonably acceptable to the
Collateral Agent) to the Collateral Agent and the Title Company, (iv) complying
in all respects with the minimum detail requirements of the American Land Title
Association as such requirements are in effect on the date of preparation of
such survey, and (v) sufficient for the Title Company to remove all standard
survey exceptions from the title insurance policy (or commitment) and issue a
survey endorsement.

 

“Test Period” means
the four consecutive completed fiscal quarters of the Company ending on the
applicable date of measurement, including periods prior to the Closing Date; provided that

 

(i)           
for
periods prior to the Closing Date the financial results of the Company and
GameSpy shall be measured on a combined basis; and

 

(ii)          
for
purposes of calculating Consolidated Interest Expense of the Company for any
four consecutive completed fiscal quarters ending on or before March 31, 2005,
Consolidated Interest Expense of the Company for the period from April 1, 2004
to the date of measurement shall be annualized.

 

“Title Company” has
the meaning given in Section 5.10(g).

 

“Treasury Rate” means,
as of any redemption date, the yield to maturity as of such redemption date of
United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519)
that has become publicly available at least two business days prior to the
redemption date (or, if such Statistical Release is no longer published, any
publicly available source of similar market data)) most nearly equal to the
period from the redemption date to March 15, 2005; provided, however,
that

 

89

 

if the period from the redemption date to March 15,
2005, is less than one year, the weekly average yield on actually traded United
States Treasury securities adjusted to a constant maturity of one year will be
used.

 

“UCC” means the
Uniform Commercial Code as in effect in any applicable jurisdiction.

 

“Voting Stock” of any
Person as of any date means the Capital Stock of such Person that is at the
time entitled to vote in the election of the board of directors of such Person.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years
obtained by dividing:

 

(i)           
the
sum of the products obtained by multiplying (a) the amount of each then
remaining installment, sinking fund, serial maturity or other required payments
of principal, including payment at final maturity, in respect of the
Indebtedness, by (b) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of such payment;
by

 

(ii)          
the
then outstanding principal amount of such Indebtedness.

 

“Wholly Owned Subsidiary”
of any specified Person means a Subsidiary of such Person all of the
outstanding Capital Stock or other ownership interests of which (other than
directors’ qualifying shares) will at the time be owned by such Person or one
or more Wholly Owned Subsidiaries of such Person.

 

“Withdrawal Liability”
means any withdrawal liability as defined in Section 4201 of ERISA.

 

ARTICLE
XII

 

MISCELLANEOUS

 

Section 12.1         Notices

 

Except as otherwise
expressly provided herein, all notices and other communications provided for
hereunder shall be in writing and personally delivered, delivered by
nationally-recognized overnight courier, mailed, or sent by facsimile, if to
the Company or any Guarantor, to:

 

90

 

	
  (a)  if to the
  Company or any Guarantor,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  c/o IGN Entertainment,
  Inc.

  
	
   

  	
   

  	
  8000 Marina Boulevard

  
	
   

  	
   

  	
  2nd Floor

  
	
   

  	
   

  	
  Brisbane, CA 
  94005

  
	
   

  	
   

  	
  Attention:  Chief
  Executive Officer

  
	
   

  	
   

  	
  Telephone No.: 
  415-508-2077

  
	
   

  	
   

  	
  Telecopier No.: 
  415-508-2777

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with copies to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Great Hill Partners GP
  II, LLC.

  
	
   

  	
   

  	
  One Liberty Square

  
	
   

  	
   

  	
  Boston, MA  02109

  
	
   

  	
   

  	
  Attention: 
  Michael A. Kumin

  
	
   

  	
   

  	
  Telephone No.: 
  617-790-9435

  
	
   

  	
   

  	
  Telecopier No.: 
  617-790-9416

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  and

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Goodwin Procter LLP

  
	
   

  	
   

  	
  Exchange Place

  
	
   

  	
   

  	
  Boston, MA  02109

  
	
   

  	
   

  	
  Attention:  John
  Haggerty

  
	
   

  	
   

  	
  Telephone No.: 
  617-570-1526

  
	
   

  	
   

  	
  Telecopier No.: 
  617-523-1231

  
	
   

  	
   

  	
   

  
	
  (b)  if to the
  Collateral Agent,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  US Bank, Corporate
  Trust Services

  
	
   

  	
   

  	
  225 Asylum Street, 23rd
  Floor

  
	
   

  	
   

  	
  Hartford, Connecticut
  06103

  
	
   

  	
   

  	
  Attention: 
  Michael M. Hopkins, Vice President

  
	
   

  	
   

  	
  Telephone No.: 
  (860) 241-6820

  
	
   

  	
   

  	
  Telecopier No.: 
  (860) 241-6897, (503) 258-5939

  

 

(c) 
if to any Purchaser, to such Purchaser’s address as set forth on such
Purchaser’s signature page hereto;

 

(d) 
if to any Holder that is not a Purchaser, to such Holder’s address as set forth
in the Note Register.

 

Any notice, demand or
request so delivered shall constitute valid notice under this Agreement and
shall be deemed to have been received (i) on the day of actual delivery in the
case of personal delivery, if delivered on a Business Day (otherwise on the
next Business Day),

 

91

 

(ii) on the next Business Day after the date when sent
in the case of delivery by nationally-recognized overnight courier, (iii) on
the fifth Business Day after the date of deposit in the U.S. mail in the case
of mailing, or (iv) upon receipt in the case of a facsimile transmission if
received on a Business Day (otherwise on the next Business Day).  Any
party hereto may from time to time by notice in writing served upon the other
as aforesaid designate a different mailing address or a different Person to
which all such notices, demands or requests thereafter are to be addressed.

 

Section 12.2        
Survival of Agreement

 

All agreements,
representations and warranties contained herein or made in writing by or on
behalf of the Company or any Guarantor in connection with the transactions
contemplated hereby shall survive the execution and delivery of this Agreement
and the other Note Documents.  No termination or cancellation (regardless
of cause or procedure) of this Agreement shall in any way affect or impair the
powers, obligations, duties, rights and liabilities of the parties hereto in
any way with respect to any transaction or event occurring prior to such
termination or cancellation, or any of the representations contained in this
Agreement and the other Note Documents and all such undertakings, agreements,
covenants, warranties and representations shall survive such termination or
cancellation until payment in full of the Notes and payment in full of all
other monetary amounts due under each Note Document, except to the extent
expressly set forth herein.  The Company and each Guarantor further agrees
that to the extent the Company or such Guarantor makes a payment or payments to
the Holders or the Collateral Agent under this Agreement or any other Note
Document, which payment or payments or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside or required
to be repaid to a trustee, receiver or any other party under any bankruptcy,
insolvency or similar state or United States federal or foreign law, common law
or equitable cause, then, to the extent of such payment or repayment, the
Obligation or part thereof intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been received by
the Holders or the Collateral Agent.  The Holders shall be entitled to
rely upon, and shall be deemed to have relied upon, all representations,
warranties and covenants to be performed prior to the Closing Date contained in
any Note Document, notwithstanding any knowledge of the Holders to the
contrary, or any contrary information delivered to the Holder by the Company,
any Guarantor or any other Person.

 

Section 12.3        
Successors and
Assigns

 

Whenever in this
Agreement any of the parties hereto or any Holder is referred to, such
reference shall be deemed to include the successors and permitted assigns of
such party, and all covenants, promises and agreements by or on behalf of the
Company and each Guarantor or the Purchasers that are contained in this
Agreement or any other Note Document shall bind and inure to the benefit of
their respective successors and permitted assigns, except that neither the Company
nor any Guarantor shall assign its rights or obligations under any Note
Document without the prior written consent of the Majority Holders.  Each
Purchaser and each Holder shall have the right, subject to the provisions of Section
1.3(b), to assign or otherwise transfer its rights under this Agreement or
any Note held by it..

 

92

 

Section 12.4        
Amendment and Waiver

 

Prior to the Closing
Date, the Note Documents may be amended, modified or supplemented, and waivers
or consents to departures from the provisions hereof may be given; provided that the same are in writing and
signed by the Collateral Agent, each Purchaser and the Company. 
Thereafter, except as expressly provided otherwise, each Note Document may be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may be given; provided
that the same are in writing and signed by the Company, the Collateral Agent
and the Majority Holders; provided further,
however, that no such waiver and
no such amendment, supplement or modification shall:

 

(i)           
amend,
modify or waive any provision of this Section 12.4,

 

(ii)          
reduce
any percentage specified in the definition of Majority Holders,

 

(iii)         
consent
to the assignment or transfer by the Company of any of its rights and
obligations under this Agreement and the other Note Documents,

 

(iv)         
release
all or substantially all of the Collateral or release all or substantially all
of the Guarantors from their guarantee obligations under the Guarantee and
Collateral Agreement,

 

(v)          
make
or propose to make any Note payable in money or property other than that stated
in the Note, or make or propose to make any change in Sections 5.9, 5.10,
5.11, 6.6, 8.4, 8.5 or 12.4 (or any related
defined terms), or

 

(vi)         
affects
or proposes to affect the rate or time for payment of interest on any Note
(including default interest) or the amount of premium or principal or the principal
maturity date of any Note or the redemption or prepayment provisions,

 

in each case without the consent of all Holders; provided further, however, that no such waiver and no such
amendment, supplement or modification shall amend, modify or waive any
provision of Article IX or any other provision affecting the rights,
duties and obligations of the Collateral Agent without the consent of the
Collateral Agent.

 

No failure or delay of
any Purchaser or Holder in exercising any power or right hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such right or power, or any abandonment or discontinuance of steps to enforce
such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power.  The rights and remedies of the
Purchasers and Holders hereunder are cumulative and not exclusive of any rights
or remedies which they would otherwise have.  No waiver of any provision
of this Agreement or any other Note Document or consent to any departure by the
Company or any Guarantor therefrom shall in any event be effective unless the
same shall be authorized as provided in this Section 12.4, and then such
waiver or consent shall be effective only in the specific instance and for the
purpose for which given.  No notice or demand on the Company or any
Guarantor in any

 

93

 

case shall entitle the Company or any Guarantor to any
other or further notice or demand in similar or other circumstances.

 

Section 12.5        
Release of Collateral
and Guarantee Obligations.

 

(a) 
Notwithstanding anything to the contrary contained herein or in any other Note
Document, upon request of the Company in connection with any Disposition of
Property permitted by the Note Documents, the Collateral Agent shall (without
notice to, or vote or consent of, any Holder) take such actions as shall be
required to release its security interest in any Collateral being Disposed of
in such Disposition, and to release any guarantee obligations under any Note
Document of any Person being Disposed of in such Disposition, to the extent
necessary to permit consummation of such Disposition in accordance with the
Note Documents; provided that the
Company shall have delivered to the Collateral Agent, at least ten Business
Days prior to the date of the proposed release (or such shorter period agreed
to by the Collateral Agent), a written request for release identifying the
relevant Collateral being Disposed of in such Disposition and the terms of such
Disposition in reasonable detail, including the date thereof, the price thereof
and any expenses in connection therewith, together with a certification by the
Company stating that such transaction is in compliance with this Agreement and
the other Note Documents and that the proceeds of such Disposition will be
applied in accordance with this Agreement and the other Note Documents.

 

(b) 
Notwithstanding anything to the contrary contained herein or any other Note
Document, when all Obligations under this Agreement and the other Note
Documents have been paid in full, upon request of the Company, the Collateral
Agent shall (without notice to, or vote or consent of, any Holder) take such
actions as shall be required to release its security interest in all
Collateral, and to release all guarantee obligations provided for in any Note
Document.  Any such release of guarantee obligations shall be deemed
subject to the provision that such guarantee obligations shall be reinstated if
after such release any portion of any payment in respect of the Obligations
guaranteed thereby shall be rescinded or must otherwise be restored or returned
upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of
the Company or any Guarantor, or upon or as a result of the appointment of a
receiver, intervenor or conservator of, or trustee or similar officer for, the
Company or any Guarantor or any substantial part of its property, or otherwise,
all as though such payment had not been made.

 

Section 12.6        
Independence of
Covenants

 

All covenants hereunder
shall be given in any jurisdiction independent effect so that if a particular
action or condition is not permitted by any of such covenants, the fact that it
would be permitted by an exception to, or be otherwise within the limitations
of, another covenant shall not avoid the occurrence of a breach of such
covenant or a Default or an Event of Default if such action is taken or
condition exists.

 

Section 12.7        
No Fiduciary Relationship

 

No provision in this
Agreement or in any of the other Note Documents and no course of dealing
between the parties shall be deemed to create any fiduciary duty by the
Purchasers or any Holder to the Company or any Guarantor.

 

94

 

Section 12.8         No Duty

 

All attorneys,
accountants, appraisers, and other professional Persons and consultants
retained by the Purchasers or any Holder shall have the right to act
exclusively in the interest of the Purchasers or Holders, as applicable, and
shall have no duty of disclosure, duty of loyalty, duty of care, or other duty
or obligation of any type or nature whatsoever to the Company or any Guarantor
or any of their respective shareholders or any other Person.

 

Section 12.9         Counterparts

 

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

 

Section 12.10       Calculations; Computations

 

The financial statements
to be furnished to the Holders pursuant to this Agreement shall be made and
prepared in accordance with GAAP consistently applied throughout the periods
involved (except as set forth in the notes thereto); provided that all computations determining compliance with Article
VII and all definitions used herein for any purpose shall utilize
accounting principles and policies in effect at the time of the preparation of,
and in conformity with those used to prepare, the historical financial
statements delivered pursuant to Section 2.8.

 

Section 12.11       Interpretation

 

The Company, the
Guarantors and the Purchasers acknowledge that each of them has had the benefit
of legal counsel of its own choice and has been afforded an opportunity to
review this Agreement and the other Note Documents with its legal counsel and
that this Agreement and the other Note Documents shall be construed as if
jointly drafted by the Purchasers, the Company and the Guarantors.  The
definitions in Article XI shall apply equally to the singular and plural
forms of the terms defined.  Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms.  The
words “include”, “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”.  Terms defined in this Agreement and used
in any Exhibit, Schedule, Certificate, Annex or any other Note Document or
other document delivered in connection with this Agreement, shall have the
meanings assigned herein unless otherwise defined therein or the context
otherwise requires.  Unless otherwise specified, references in this
Agreement or any other Note Document to any Article or Section are references
to such Article or Section of this Agreement or such Note Document, as the case
may be, and references in any Article, Section or definition to any clause are
references to such clause of such Section, Article or definition.  Any
accounting term used in this Agreement shall have, unless otherwise
specifically provided herein, the meaning customarily given such term in
accordance with GAAP.  All references herein to statutes and rules
promulgated under statutes are to be construed as including all statutory
provisions and rules consolidating, amending or replacing the statute or rules
referred to.

 

95

 

Section 12.12       GOVERNING LAW; JURISDICTION; VENUE;
WAIVER OF JURY TRIAL.

 

THIS AGREEMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
(WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE THAT
WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE OF NEW YORK).  ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
AGREEMENT OR ANY OTHER DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF
NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY
EXECUTION AND DELIVERY OF THIS AGREEMENT, THE COMPANY, EACH GUARANTOR AND THEIR
RESPECTIVE SUBSIDIARIES HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF
ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE
AFORESAID COURTS.  THE COMPANY, EACH GUARANTOR, AND THEIR RESPECTIVE
SUBSIDIARIES FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY
REGISTERED OR CERTIFIED MAIL (RETURN RECEIPT REQUESTED) TO CT CORPORATION SYSTEM,
1633 BROADWAY, NEW YORK, NEW YORK 10019, ITS AGENT FOR SERVICE OF PROCESS,
SHALL CONSTITUTE SUFFICIENT NOTICE.  NOTHING HEREIN SHALL AFFECT THE RIGHT
OF THE PURCHASERS TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO
COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY OBLIGOR OR ITS
RESPECTIVE SUBSIDIARIES IN ANY OTHER JURISDICTION.

 

THE COMPANY, EACH
GUARANTOR AND THEIR RESPECTIVE SUBSIDIARIES HEREBY IRREVOCABLY WAIVES ANY
OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF
THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT OR ANY OTHER DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN THE CLAUSE
ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN
ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

BECAUSE DISPUTES ARISING
IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND
ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH
APPLICABLE STATE AND FEDERAL LAWS TO APPLY, THE PARTIES DESIRE THAT THEIR
DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.  THEREFORE,
THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR
PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS
AGREEMENT AND THE NOTE DOCUMENTS

 

96

 

Section 12.13       Entire Agreement

 

The Note Documents and
the Notes are intended by the parties as a final expression of their agreement
and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein and therein.  There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and
therein.  The Note Documents and the Notes supercedes all prior agreements
and understandings between the parties with respect to such subject matter. 
Nothing in any of the Note Documents or the Notes shall confer upon any other
Person other than the parties hereto any right, remedy or claim under this
Agreement.

 

Section 12.14       Severability

 

In the event that any one
or more of the provisions contained herein, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any
reason, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions hereof shall not be in any
way impaired or affected, it being intended that all of each Purchaser’s rights
and privileges shall be enforceable to the fullest extent permitted by law.

 

[Signature
Pages Follow]

 

97

 

IN WITNESS WHEREOF, each
of the parties hereto has caused a counterpart of this Note Purchase Agreement
to be duly executed and delivered as of the date first above written.

 

	
   

  	
  The
  Company

  
	
   

  	
   

  
	
   

  	
  IGN ENTERTAINMENT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ MARK JUNG

  	
   

  
	
   

  	
  Name:

  	
    Mark Jung

  	
   

  
	
   

  	
  Title:

  	
    Chief Executive
  Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The
  Collateral Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  US Bank National
  Association

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ MICHAEL M.
  HOPKINS

  	
   

  
	
   

  	
  Name:

  	
    Michael M.
  Hopkins

  	
   

  
	
   

  	
  Title:

  	
    Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

[Counterpart Signature Pages Follow]

 

 

GoldenTree
Capital Solutions Fund

 

By:          GoldenTree Asset Management, LP, as
Investment Advisor

 

 

	
  By:

  	
    /s/ TODD NEUFELD

  	
   

  
	
   

  	
  Name:  Todd
  Neufeld

  
	
   

  	
  Title:  Authorized
  Signatory

  

 

 

	
  Principal amount of
  Notes to be purchased:

  	
   

  	
  $

  	
  9,000,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Aggregate purchase
  price (Notes):

  	
   

  	
  $

  	
  8,730,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tax ID No.:

  	
   

  	
   

  	
  98-0418214

  	
   

  

 

Wire Transfer Instructions:

 

	
  Bank Name:

  	
   

  	
  JP Morgan Chase &
  Co.

  
	
  City and State:

  	
   

  	
  Houston, Texas 77002

  
	
  ABA Routing Number:

  	
   

  	
  113-000-609

  
	
  Account Name:

  	
   

  	
  Asset Backed/Structure
  #2

  
	
  Account Number:

  	
   

  	
  00102619468

  
	
  Sub - Account Name:

  	
   

  	
  GoldenTree Capital
  Solutions Fund

  
	
  Sub - Account Number:

  	
   

  	
  10206573

  
	
  Attn:

  	
   

  	
  Todd Crane

  

 

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Note
Purchase Agreement

 

 

GoldenTree
High Yield Master Fund II, Ltd.

 

By:          GoldenTree Asset Management, LP, as
Investment Advisor

 

 

	
  By:

  	
    /s/ TODD NEUFELD

  	
   

  
	
   

  	
  Name:  Todd
  Neufeld

  
	
   

  	
  Title:  Authorized
  Signatory

  

 

 

	
  Principal amount of
  Notes to be purchased:

  	
   

  	
  $

  	
  1,900,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Aggregate purchase
  price (Notes):

  	
   

  	
  $

  	
  1,843,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tax ID No.:

  	
   

  	
   

  	
  98-0389768

  	
   

  

 

Wire Transfer Instructions:

 

	
  Bank Name:

  	
   

  	
  Chase Manhattan Bank

  
	
  City and State:

  	
   

  	
  New York , NY

  
	
  ABA Routing Number:

  	
   

  	
  021 000 021

  
	
  Account Name:

  	
   

  	
  Goldman Sachs & Co,
  N.Y.

  
	
  Account Number:

  	
   

  	
  930-1-011483

  
	
  Re:

  	
   

  	
  F/C: GoldenTree Master
  Fund II, Ltd.

  
	
  Attention:

  	
   

  	
  F/C A/C: 002-069-300

  

 

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Note
Purchase Agreement

 

 

 

GoldenTree
High Yield Master Fund, Ltd.

 

By:          GoldenTree Asset Management, LP, as
Investment Advisor

 

 

	
  By:

  	
    /s/ TODD NEUFELD

  	
   

  
	
   

  	
  Name:  Todd
  Neufeld

  
	
   

  	
  Title:  Authorized
  Signatory

  

 

 

	
  Principal amount of
  Notes to be purchased:

  	
   

  	
  $

  	
  9,305,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Aggregate purchase
  price (Notes):

  	
   

  	
  $

  	
  9,025,850.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tax ID No.:

  	
   

  	
   

  	
  13-4171545

  	
   

  

 

Wire Transfer Instructions:

 

	
  Bank Name:

  	
   

  	
  Chase Manhattan Bank

  
	
  City and State:

  	
   

  	
  New York, NY

  
	
  ABA Routing Number:

  	
   

  	
  021 000 021

  
	
  Account Name:

  	
   

  	
  Goldman Sachs & Co,
  N.Y.

  
	
  Account Number:

  	
   

  	
  930-1-011483

  
	
  Re:

  	
   

  	
  F/C: GoldenTree Master
  Fund

  
	
  Attention:

  	
   

  	
  F/C A/C: 002-08501-7

  

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Note
Purchase Agreement

 

 

GoldenTree
High Yield Value Master Fund, L.P.

 

By:          GoldenTree Asset Management, LP, as
Investment Advisor

 

 

	
  By:

  	
    /s/ TODD NEUFELD

  	
   

  
	
   

  	
  Name:  Todd
  Neufeld

  
	
   

  	
  Title:  Authorized
  Signatory

  

 

 

	
  Principal amount of
  Notes to be purchased:

  	
   

  	
  $

  	
  2,295,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Aggregate purchase
  price (Notes):

  	
   

  	
  $

  	
  2,226,150.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tax ID No.:

  	
   

  	
   

  	
  52-2354047

  	
   

  

 

Wire Transfer Instructions:

 

	
  Bank Name:

  	
   

  	
  CITIBANK

  
	
  City and State:

  	
   

  	
  NEW YORK, NEW YORK

  
	
  ABA Routing Number:

  	
   

  	
  021 000 089

  
	
  Account Name:

  	
   

  	
  BEAR STEARNS SECURITIES
  CORP

  
	
  Account Number:

  	
   

  	
  09253186

  
	
  Re:

  	
   

  	
  F/C: GoldenTree High
  Yield Value Master Fund, L.P.

  
	
  Attention:

  	
   

  	
  F/C A/C: 102-26784-27

  

 

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Note
Purchase Agreement

 

 

Exhibits A, C, D and E

Intentionally omitted

 

 

Exhibit B

 

Section 871(h) or
881(c) Statement

 

[Section 871(h) or 881(c) Statement has been omitted.
A copy of this exhibit will be furnished supplementally to the Commission upon
request.]

 

 

Disclosure
Schedules

 

[Disclosure Schedules have been omitted. A copy of
these schedules will be furnished supplementally to the Commission upon
request.]

 

 

Amendment and
Waiver No. 1 to Note Purchase Agreement

 

 

AMENDMENT AND WAIVER NO. 1 TO
NOTE PURCHASE AGREEMENT

 

This AMENDMENT AND WAIVER
NO. 1 (“Amendment”)
is made as of July 9, 2004 by and among IGN Entertainment, Inc., a Delaware
corporation (the “Company”),
those entities listed on the signature pages hereto under the heading
“Guarantors” (the “Guarantors”),
the registered holders of the Company’s Senior Secured Notes due March 31, 2009
(the “Notes”)
listed on the signature pages hereto (collectively, the “Majority Holders”),
and US Bank National Association, as collateral agent (the “Collateral Agent”). 
This Amendment is made with reference to that certain Note Purchase Agreement
dated as of March 3, 2004, by and among the Company, the purchasers listed on
the signature pages thereto (the “Purchasers”), and the Collateral Agent (the
“Note Purchase Agreement”). All capitalized terms used herein and not otherwise
defined shall have the meanings assigned to such terms in the Note Purchase
Agreement.

 

WHEREAS, the Company, the
Collateral Agent and the Purchasers entered into the Note Purchase Agreement;

 

WHEREAS, pursuant to
Section 12.4 of the Note Purchase Agreement, the Company, the Collateral Agent,
and the Majority Holders desire to make certain amendments to the Note Purchase
Agreement as set forth below and the Guarantors desire to acknowledge such
amendments;

 

WHEREAS, pursuant to
Section 12.4 of the Note Purchase Agreement, the Company, and the Majority
Holders desire to waive certain provisions of the Note Purchase Agreement as
set forth below and the Guarantors desire to acknowledge such waivers;

 

WHEREAS, the holders of
Senior Subordinated Notes have agreed to amend the Securities Purchase
Agreement pursuant to that certain Amendment No. 1 to Securities Purchase Agreement
attached hereto as Exhibit A;

 

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

SECTION
1.         WAIVER AND CONSENT

 

The Majority Holders
hereby waive any and all rights and remedies of the Holders pursuant to Article
VIII of the Note Purchase Agreement arising from the Defaults and Events of
Default described on Exhibit B thereto.  The Majority Holders, as
holders of each issued and outstanding Note, waive their right, pursuant to the
terms of Section 1.5(d) of the Note Purchase Agreement, to an increased
interest rate on the Notes, but only to the extent such right arises directly
from the Company’s breach of Section 5.12 of the Note Purchase Agreement on or
prior to the date of this Amendment.

 

SECTION
2.         AMENDMENTS TO THE NOTE
PURCHASE AGREEMENT

 

2.1          
Section 6.1(b) is amended by deleting the word “and” at the end of
Section 6.1(b)(x), deleting the “.” at the end of Section 6.1(b)(xi) and
replacing it with “; and” and inserting the following immediately thereafter:

 

1

 

“(xii) Indebtedness incurred pursuant to the Rotten
Tomatoes Merger Agreement; provided
that the aggregate amount of such Indebtedness does not exceed $6,500,000 plus
up to $100,000 of working capital adjustments made pursuant to Section 1.11 of
the Rotten Tomatoes Merger Agreement.”

 

2.2          
Section 6.5 is amended and restated in its entirety as follows:

 

“No
Amendment to Certain Documents

 

Without the consent of
the Majority Holders, the Company will not amend, waive, modify or alter, or
take any action that could cause to be amended, waived, modified or altered,
the terms of the Securities Purchase Agreement, the Series A Preferred Stock
Purchase Agreement, the Company’s Charter Documents, any Senior Subordinated
Note, any share of Series A Preferred Stock, any share of Series B Preferred
Stock, or any Rotten Tomatoes Merger Document, in any way to:

 

(i)           
alter the terms of any of the Company’s Equity Securities, if, pursuant to the
terms of the Company’s Equity Securities, as altered, the Company or any of its
Subsidiaries could be required to take an action, whether upon the occurrence
of an event, delivery of notice, on any date, or otherwise, that would,
directly or indirectly, result in a Default or Event of Default or entitle the
holder or holders of any Indebtedness of the Company or any of its Subsidiaries
(with or without the giving of notice or lapse of time) to accelerate the
maturity of such Indebtedness;

 

(ii)          
increase the rate of or change the time for payment of interest on any Senior
Subordinated Notes or any Permitted Refinancing Indebtedness;

 

(iii)         
increase the principal of, advance the final maturity date of or shorten the
Weighted Average Life to Maturity of the Senior Subordinated Notes or any
Permitted Refinancing Indebtedness;

 

(iv)         
tighten the redemption provisions or increase the price or terms at which the
Company is required to offer to purchase any Senior Subordinated Notes or any
Permitted Refinancing Indebtedness;

 

(v)          
amend the provisions of Article XI of the Securities Purchase Agreement;

 

(vi)         
amend, restate, or modify (a “Financing Change”) any document related to the
Senior Subordinated Notes (collectively, the “Subordinated Debt Documents”) in
a manner that imposes covenants or events of default upon the Company or its
Subsidiaries which are more restrictive than the covenants contained in such
documents prior to such Financing Change, unless the Company and the Majority
Holders shall, within 10 Business Days after such Financing Change, execute and
deliver an amendment to this Agreement or any other applicable Note Document
for the purpose of effecting a change similar and in proportion to the changes
to the Subordinated Debt Documents; provided, that upon any failure of the
Company or the Majority Holders to do so, this Agreement shall be deemed
automatically amended to effect such similar and proportionate amendment.; or

 

2

 

(vii)        
waive, amend, restate, or modify a Rotten Tomatoes Merger Document to the
extent that such waiver, amendment, restatement or modification would either
(a) waive, amend, restate, or modify a Rotten Tomatoes Merger Document in
any material way, or (b) waive, amend, restate, or modify any term
relating to a payment due to any Shareholder (as defined in the Rotten Tomatoes
Merger Agreement).”

 

2.3          
Section 7.1 is amended and restated in its entirety as follows:

 

“Minimum
Consolidated EBITDA.

 

The Company will maintain
a Consolidated EBITDA set forth below of at least the amount set forth below
for each Test Period ending on each date listed below:

 

	
  Test
  Period

  	
   

  	
  Minimum
  EBITDA

  ($thousands)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2004

  	
   

  	
  5,400

  	
   

  
	
  September 30, 2004

  	
   

  	
  7,325

  	
   

  
	
  December 31, 2004

  	
   

  	
  10,500

  	
   

  
	
  March 31, 2005

  	
   

  	
  11,450

  	
   

  
	
  June 30, 2005

  	
   

  	
  12,150

  	
   

  
	
  September 30, 2005

  	
   

  	
  12,550

  	
   

  
	
  December 31, 2005

  	
   

  	
  14,225

  	
   

  
	
  March 31, 2006

  	
   

  	
  14,550

  	
   

  
	
  June 30, 2006

  	
   

  	
  14,850

  	
   

  
	
  September 30, 2006

  	
   

  	
  15,150

  	
   

  
	
  December 31, 2006

  	
   

  	
  16,300

  	
   

  
	
  March 31, 2007

  	
   

  	
  16,875

  	
   

  
	
  June 30, 2007

  	
   

  	
  17,500

  	
   

  
	
  September 30, 2007

  	
   

  	
  17,600

  	
   

  
	
  December 31, 2007

  	
   

  	
  17,900

  	
   

  
	
  March 31, 2008

  	
   

  	
  18,000

  	
   

  
	
  June 30, 2008

  	
   

  	
  18,350

  	
   

  
	
  September 30, 2008

  	
   

  	
  18,650

  	
   

  
	
  December 31, 2008

  	
   

  	
  19,000

  	
   

  
	
  March 31, 2009

  	
   

  	
  19,250

  	
   

  

 

2.4          
Section 7.2 is amended and restated in its entirety as follows:

 

“Minimum
EBITDA to Consolidated Interest Expense.

 

The Company will not
permit the ratio of (a) its Consolidated EBITDA for the Test Period ending on
each date listed below to (b) its Consolidated Interest Expense for the Test
Period ending on each date listed below to be less than the ratio set forth
below:

 

	
  Test
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2004

  	
   

  	
  1.30:1.00

  	
   

  
	
  September 30, 2004

  	
   

  	
  1.65:1.00

  	
   

  

 

3

 

	
  Test
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  December 31, 2004

  	
   

  	
  2.40:1.00

  	
   

  
	
  March 31, 2005

  	
   

  	
  2.60:1.00

  	
   

  
	
  June 30, 2005

  	
   

  	
  2.70:1.00

  	
   

  
	
  September 30, 2005

  	
   

  	
  2.85:1.00

  	
   

  
	
  December 31, 2005

  	
   

  	
  3.00:1.00

  	
   

  
	
  March 31, 2006

  	
   

  	
  3.00:1.00

  	
   

  
	
  June 30, 2006

  	
   

  	
  3.25:1.00

  	
   

  
	
  September 30, 2006

  	
   

  	
  3.35:1.00

  	
   

  
	
  December 31, 2006

  	
   

  	
  3.50:1.00

  	
   

  
	
  March 31, 2007

  	
   

  	
  3.50:1.00

  	
   

  
	
  June 30, 2007

  	
   

  	
  3.50:1.00

  	
   

  
	
  September 30, 2007

  	
   

  	
  3.50:1.00

  	
   

  
	
  December 31, 2007

  	
   

  	
  3.50:1.00

  	
   

  
	
  March 31, 2008

  	
   

  	
  3.60:1.00

  	
   

  
	
  June 30, 2008

  	
   

  	
  3.60:1.00

  	
   

  
	
  September 30, 2008

  	
   

  	
  3.70:1.00

  	
   

  
	
  December 31, 2008

  	
   

  	
  3.70:1.00

  	
   

  
	
  March 31, 2009

  	
   

  	
  3.70:1.00

  	
   

  

 

2.5          
Section 7.4 is amended and restated in its entirety as follows:

 

“Leverage
Ratio.

 

The Company will not
permit the ratio (the “Leverage
Ratio”) of (a) Funded Indebtedness of Company and its
Subsidiaries on each date listed below to (b) Consolidated EBITDA of the
Company for the Test Period ending on each date listed below to be more than
the ratio set forth below:

 

	
  Test
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2004

  	
   

  	
  7.85:1.00

  	
   

  
	
  September 30, 2004

  	
   

  	
  6.00:1.00

  	
   

  
	
  December 31, 2004

  	
   

  	
  4.75:1.00

  	
   

  
	
  March 31, 2005

  	
   

  	
  4.25:1.00

  	
   

  
	
  June 30, 2005

  	
   

  	
  4.00:1.00

  	
   

  
	
  September 30, 2005

  	
   

  	
  3.75:1.00

  	
   

  
	
  December 31, 2005

  	
   

  	
  3.35:1.00

  	
   

  
	
  March 31, 2006

  	
   

  	
  3.25:1.00

  	
   

  
	
  June 30, 2006

  	
   

  	
  3.20:1.00

  	
   

  
	
  September 30, 2006

  	
   

  	
  3.10:1.00

  	
   

  
	
  December 31, 2006

  	
   

  	
  2.75:1.00

  	
   

  
	
  March 31, 2007

  	
   

  	
  2.60:1.00

  	
   

  
	
  June 30, 2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  September 30, 2007

  	
   

  	
  2.50:1.00

  	
   

  

 

4

 

	
  Test
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  December 31, 2007

  	
   

  	
  2.40:1.00

  	
   

  
	
  March 31, 2008

  	
   

  	
  2.30:1.00

  	
   

  
	
  June 30, 2008

  	
   

  	
  2.30:1.00

  	
   

  
	
  September 30, 2008

  	
   

  	
  2.25:1.00

  	
   

  
	
  December 31, 2008

  	
   

  	
  2.20:1.00

  	
   

  
	
  March 31, 2009

  	
   

  	
  2.15:1.00

  	
   

  

 

2.6          
Section 8.1 is amended by deleting the word “or” at the end of Section
8.1(xiii), deleting the “.” at the end of Section 8.1(xiv) and replacing it
with “;” and inserting the following immediately thereafter:

 

“(xv) All or any portion of the Merger Consideration
(as defined in the Rotten Tomatoes Merger Agreement) is not paid when due
(without giving effect to any grace periods) pursuant to the terms of the
Rotten Tomatoes Merger Agreement, or any event occurs or circumstance exists
that entitles any Person (including the Shareholders Representative (as defined
in the Rotten Tomatoes Merger Agreement)) to accelerate the payment of all or
any portion of the Merger Consideration; or

 

(xvi) The Company or any of its Subsidiaries shall be
obligated to make any payment or shall have made any payment pursuant to the
terms of the Rotten Tomatoes Merger Agreement, if (a) after giving pro forma
effect to such payment as if such payment were made on the last day of the most
recently ended fiscal quarter, the Company is or would be in violation of any
provision of Article VII hereof or (b) immediately prior to making such payment
the Company fails to deliver to the Collateral Agent an Officer’s Certificate
certifying that the officers executing such certificate have no reason to
believe, and do not believe, that the Company will be in violation of any
provision of Article VII on the last day of the fiscal quarter in which such
payment is made after giving effect to such payment.”

 

2.7          
The definition of “Permitted Investments” contained in Article XI is amended by
amending and restating clause (iii) in its entirety as follows:

 

“(iii) any Investment by the Company or any of its
Subsidiaries in a Person that is engaged in a Permitted Business after June 30,
2004, if as a result of such Investment:

 

(A)         
such Person becomes a Wholly Owned Domestic Subsidiary of the Company; or

 

5

 

(B)          
such Person is merged, consolidated or amalgamated with or into, or transfers
or conveys substantially all of its assets to, or is liquidated into, the
Company or a Wholly Owned Domestic Subsidiary of the Company,

 

provided, that

 

(A)         
the aggregate amount of such Investments, exclusive of Investments made
pursuant to clause (xiii) of this definition, does not exceed the lesser of (1)
$3.5 million plus 50% of the Excess Cash Flow of the Company generated after December
31, 2004, that was not required to be applied to make a Mandatory Repurchase
Offer pursuant to Section 5.9 and (2) $7.5 million;

 

(B)          
the aggregate amount of all such Investments, exclusive of Investments made
pursuant to clause (xiii) of this definition, does not exceed (1) $2.0 million
in any fiscal year commencing January 1, 2005; and (2) $1,000,000 for the
two fiscal quarters ending December 31, 2004;

 

(C) if such Investment is made on or before December
31, 2004, after giving effect to such Investment the Company owns cash and Cash
Equivalents, in each case that are not subject to any restrictions other than
those imposed pursuant to the Security Documents, of at least $4,500,000; and

 

(D) on a pro forma basis, giving effect to such Investment
as if it were made on the first day of the four consecutive completed fiscal
quarters of the Company ended immediately preceding such Investment, the Senior
Leverage Ratio for the Company would be no more than,

 

	
  Test
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2004

  	
   

  	
  4.75:1.00

  	
   

  
	
  September 30, 2004

  	
   

  	
  3.10:1.00

  	
   

  
	
  December 31, 2004

  	
   

  	
  2.25:1.00

  	
   

  
	
  March 31, 2005

  	
   

  	
  2.05:1.00

  	
   

  
	
  June 30, 2005

  	
   

  	
  1.95:1.00

  	
   

  
	
  September 30, 2005

  	
   

  	
  1.95:1.00

  	
   

  
	
  December 31, 2005

  	
   

  	
  1.75:1.00

  	
   

  
	
  March 31, 2006

  	
   

  	
  1.70:1.00

  	
   

  
	
  June 30, 2006

  	
   

  	
  1.65:1.00

  	
   

  
	
  September 30, 2006

  	
   

  	
  1.65:1.00

  	
   

  
	
  December 31, 2006

  	
   

  	
  1.45:1.00

  	
   

  
	
  March 31, 2007

  	
   

  	
  1.40:1.00

  	
   

  
	
  June 30, 2007

  	
   

  	
  1.30:1.00

  	
   

  

 

6

 

	
  Test
  Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  September 30, 2007

  	
   

  	
  1.30:1.00

  	
   

  
	
  December 31, 2007

  	
   

  	
  1.30:1.00

  	
   

  
	
  March 31, 2008

  	
   

  	
  1.20:1.00

  	
   

  
	
  June 30, 2008

  	
   

  	
  1.20:1.00

  	
   

  
	
  September 30, 2008

  	
   

  	
  1.20:1.00

  	
   

  
	
  December 31, 2008

  	
   

  	
  1.15:1.00

  	
   

  
	
  March 31, 2009

  	
   

  	
  1.15:1.00

  	
   

  

 

2.8          
The definition of “Permitted Investments” contained in Article XI is further
amended by deleting the “and” at the end of clause (xi), deleting the “.” at
the end of clause (xii) and replacing it with “; and” and inserting the
following immediately thereafter:

 

“(xiii) Investments made pursuant to the Rotten
Tomatoes Merger Agreement; provided
that the aggregate amount of such Investments does not exceed $9,300,000 plus
up to $100,000 of working capital adjustments made pursuant to Section 1.11 of
the Rotten Tomatoes Merger Agreement.”

 

2.9          
Article XI is amended by deleting the definition of “Consolidated Capital
Expenditures” and replacing it with the following:

 

“Consolidated Capital Expenditures”
of any Person means, for any period, (a) the aggregate gross increase during
that period, in the property, plant or equipment as reflected in the
consolidated balance sheet of such Person and its consolidated Subsidiaries, in
conformity with GAAP, and (b) the fair market value of all Intellectual
Property purchased or otherwise acquired (whether by license, distribution
agreement, reseller agreement, security agreement, assignment or other
conveyance or option for the foregoing), other than in-bound “shrink wrap”
end-user licenses, in each case (a) and (b), excluding,

 

(a)          
expenditures made in connection with the replacement, substitution or
restoration of assets (including any expenditures made pursuant to Section
6.6(b)),

 

(i)           
to the extent financed from Casualty Proceeds received on account of the loss,
destruction or condemnation of the assets being replaced or restored; and

 

(ii)          
to the extent such expenditure is attributable to a credit granted by the
seller of property, plant or equipment purchased with the trade-in of existing
property, plant or equipment;

 

(b)          
the purchase price paid in connection with the acquisition of any other Person
(including through the purchase of all of the Capital Stock of such Person or
through merger or consolidation) to the extent such amount is an Investment and
allocable to the property, plant and equipment or the Intellectual Property of
such Person or its Subsidiaries.

 

7

 

2.10        
Article XI is further amended by deleting the definition of “Consolidated
EBITDA” and replacing it with the following:

 

“Consolidated EBITDA”
means, with respect to any specified Person for any period, the Consolidated
Net Income of such Person for such period plus, without duplication,

 

(i)           
the Consolidated Interest Expense of such Person and its Subsidiaries for such
period, to the extent that such Consolidated Interest Expense was deducted in
computing such Consolidated Net Income; plus

 

(ii)          
provision for taxes based on income or profits of such Person and its Subsidiaries
for such period, to the extent that such provision for taxes was deducted in
computing such Consolidated Net Income; plus

 

(iii)         
depreciation, amortization (including amortization of intangibles but excluding
amortization of prepaid cash expenses that were paid in a prior period) and
other non-cash expenses (excluding any such non-cash expense to the extent that
it represents an accrual of or reserve for cash expenses in any future period
or amortization of a prepaid cash expense that was paid in a prior period) of
such Person and its Subsidiaries for such period to the extent that such
depreciation, amortization and other non-cash expenses were deducted in
computing such Consolidated Net Income; minus

 

(iv)         
non-cash items increasing such Consolidated Net Income for such period, other
than the accrual of revenue in the ordinary course of business, in each case,
on a consolidated basis and determined in accordance with GAAP; provided  that

 

(a)          
for the four consecutive financial quarters ended June 30, 2004, September 30,
2004 Consolidated EBITDA shall exclude (without duplication of amounts excluded
pursuant to any other provision of this definition of “Consolidated EBITDA”) up
to $1,563,554.00 and $760,301.00, respectively, of one time charges incurred
during 2003 in connection with the Company’s reporting obligations under the
Exchange Act and (b) for purposes of measuring Consolidated EBITDA pursuant to
Section 2.8(b), for the year ended December 31, 2003, Consolidated EBITDA shall
exclude up to $1,967,781.00 of one time charges incurred during 2003 in
connection with the Company’s reporting obligations under the Exchange Act, and

 

(b)          
for the four consecutive fiscal quarters ended on the dates set forth below,
Consolidated EBITDA shall exclude (without duplication of amounts excluded
pursuant to any other provision of this definition of “Consolidated EBITDA”) up
to that amount of one time charges (or benefits) set forth opposite such date, provided that such one time charges (or
benefits) are described as set forth under the heading “Description”; and, provided further that such charges (or
benefits) were incurred during the four fiscal quarters immediately preceding
such date:

 

	
  Date

  	
   

  	
  Description

  	
   

  	
  Amount

  	
   

  
	
  June 30, 2004

  	
   

  	
  Transaction
  Costs

  	
   

  	
  $

  	
  379,998

  	
   

  
	
  June 30, 2004c

  	
   

  	
  Restructuring
  Charges

  	
   

  	
  $

  	
  (36,572

  	
  )

  

 

8

 

	
  Date

  	
   

  	
  Description

  	
   

  	
  Amount

  	
   

  
	
  June 30, 2004

  	
   

  	
  Deferred
  Revenue Write-Off

  	
   

  	
  $

  	
  1,486,924

  	
   

  
	
  June 30, 2004

  	
   

  	
  Re-audit
  Expense

  	
   

  	
  $

  	
  265,000

  	
   

  
	
  September 30, 2004

  	
   

  	
  Transaction
  Costs

  	
   

  	
  $

  	
  379,998

  	
   

  
	
  September 30, 2004

  	
   

  	
  Restructuring
  Charges

  	
   

  	
  $

  	
  (36,572

  	
  )

  
	
  September 30, 2004

  	
   

  	
  Deferred
  Revenue Write-Off

  	
   

  	
  $

  	
  2,254,328

  	
   

  
	
  September 30, 2004

  	
   

  	
  Re-audit
  Expense

  	
   

  	
  $

  	
  265,000

  	
   

  
	
  December 31, 2004

  	
   

  	
  Transaction
  Costs

  	
   

  	
  $

  	
  379,998

  	
   

  
	
  December 31, 2004

  	
   

  	
  Restructuring
  Charges

  	
   

  	
  $

  	
  (36,572

  	
  )

  
	
  December 31, 2004

  	
   

  	
  Deferred
  Revenue Write-Off

  	
   

  	
  $

  	
  2,561,707

  	
   

  
	
  December 31, 2004

  	
   

  	
  Re-audit
  Expense

  	
   

  	
  $

  	
  265,000

  	
   

  
	
  March 31, 2005

  	
   

  	
  Deferred
  Revenue Write-Off

  	
   

  	
  $

  	
  2,185,712

  	
   

  
	
  March 31, 2005

  	
   

  	
  Re-audit
  Expense

  	
   

  	
  $

  	
  265,000

  	
   

  
	
  June 30, 2005

  	
   

  	
  Deferred
  Revenue Write-Off

  	
   

  	
  $

  	
  1,135,053

  	
   

  
	
  September 30, 2005

  	
   

  	
  Deferred
  Revenue Write-Off

  	
   

  	
  $

  	
  367,649

  	
   

  
	
  December 31, 2005

  	
   

  	
  Deferred
  Revenue Write-Off

  	
   

  	
  $

  	
  60,270

  	
   

  

 

2.11        
Article XI is further amended by inserting the following defined terms in
appropriate alphabetical order in such Article:

 

“Deferred Revenue Write-Off”
means the charges to IGN’s Consolidated Net Income incurred as a result of a
write-off of GameSpy’s deferred revenue; provided
that such write-off was required under GAAP as a result of the GameSpy
Acquisition.

 

“Intellectual Property”
shall mean any or all of the following and all rights in, arising out of, or
associated therewith: (i) all United States, international and foreign patents
and applications therefor and all reissues, divisions, divisionals, renewals,
extensions, provisionals, continuations and continuations-in-part thereof, and
all patents, applications, documents and filings claiming priority to or
serving as a basis for priority thereof; (ii) all inventions (whether or not
patentable), invention disclosures, improvements, trade secrets, proprietary
information, know how, computer software programs (in both source code and
object code form), technology, technical data and customer lists, tangible or
intangible proprietary information, and all documentation relating to any of
the foregoing; (iii) all copyrights, copyrights registrations and applications
therefor, and all other rights corresponding thereto throughout the world; (iv)
all industrial designs and any registrations and applications therefor
throughout the world; (v) all trade names, logos, common law trademarks and
service marks, trademark and service mark registrations and applications
therefor throughout the world; (vi) all proprietary databases and data
collections and all rights therein throughout the world; (vii) all moral and
economic rights of authors and inventors, however denominated, throughout the
world; (viii) all Web addresses, sites and domain names and numbers; (ix)
goodwill and remedies against infringement thereof and rights of protection of
an interest therein under the laws of all jurisdictions; or (x) any similar or
equivalent rights to any of the foregoing anywhere in the world.

 

“Re Audit Expense”
means the amount by which (a) the costs associated with KPMG (1) re-auditing
the 2001, 2002 and 2003 financial statements, books and records of the Company,

 

9

 

 (2) re-auditing the 2002 and 2003 financial
statements, books and records of GameSpy, and (3) issuing an opinion on
such re-audited financial statements, books and records, exceeds (b) the
$85,0000 incurred by GameSpy and the Company in connection with the audit of
their 2003 financial statements.

 

“Restructuring Costs”
means the amount by which (a) the restructuring costs the Company projected
would be incurred in connection with the Game Spy Acquisition (as set forth in
the Projections), exceeds (b) the $517,064 of actual restructuring costs
incurred in connection with the GameSpy Acquisition.

 

“Rotten Tomatoes Merger Agreement”
means the Agreement and Plan of Merger entered into as of June 24, 2004, by and
among IGN Entertainment, Inc., a Delaware corporation, IGN Entertainment
Acquisition Corp., a California corporation, IncFusion Corporation d.b.a.
Rotten Tomatoes, a California corporation, Patrick Lee, Stephen Wang and Senh
Duong, and Patrick Lee, as the Shareholders’ Representative, as executed on the
June 24, 2004.

 

“Rotten Tomatoes Merger Documents”
means the Rotten Tomatoes Merger Agreement and each certificate, document,
agreement or instrument delivered pursuant thereto or in connection therewith.

 

“Transaction Costs”
means the amount by which (a) the professional fees actually incurred by the
Company as of July 1, 2004 in connection with the Game Spy Acquisition, exceeds
(b) the $150,000 of professional fees the Company projected would be incurred
in connection with the GameSpy Acquisition (as set forth in the Projections).

 

SECTION
3.         CONDITIONS PRECEDENT

 

The effectiveness of the
waiver and consent to the Note Purchase Agreement contemplated by Section 1
hereof and amendments to the Note Purchase Agreement contemplated by Section 2
hereof is subject to the receipt by each Holder delivering a signature page to
this Amendment of the following:

 

(a)          
counterparts hereof duly executed by the Company, the Guarantors, the
Collateral Agent and the Majority Holders;

 

(b)          
Evidence reasonable satisfactory to the Majority Holders that (i) financing
statements have previously been duly filed under the Uniform Commercial Code of
all jurisdictions as may be necessary or, in the opinion of the Collateral
Agent or the Majority Holders, desirable or appropriate to perfect the security
interests and liens created by each Security Document and (ii) that all other
actions necessary or, in the reasonable opinion of the Collateral Agent or the
Majority Holders, desirable or appropriate to ensure the validity, perfection
and priority of the security interests and liens, created by, or intended to be
created by, and to reflect the fact that the Collateral Agent is the secured
party, mortgagee, beneficiary or grantee, under each Security Document has been
taken;

 

(c)          
an amendment to the Securities Purchase Agreement in the form of Exhibit A
hereto, duly executed by the holders of the requisite principal amount of
Senior

 

10

 

Subordinated Notes and the holders of the requisite
number of shares of Series B Preferred Stock;

 

(d)          
the Rotten Tomatoes Merger Agreement and each document delivered pursuant
thereto, duly executed by each party thereto;

 

(e)          
all costs, fees and expenses payable to the Collateral Agent and the Majority
Holders by the Company pursuant to Section 1.6 of the Note Purchase Agreement,
including without limitation the reasonable fees and disbursements of Latham
& Watkins LLP; and

 

(f)           
a fee in cash equal to 0.25% of the aggregate principal amount of Notes held by
such Holder, provided that such Holder delivers a valid consent to this
Amendment on or before 5:00 p.m. EST on July 9, 2004.

 

SECTION
4.         COUNTERPARTS

 

This Amendment may be
executed in any number of counterparts, and all such counterparts taken
together shall be deemed to constitute one and the same instrument. Signature
pages may be detached from counterpart documents and reassembled to form
duplicate executed originals.

 

SECTION
5.         RATIFICATION OF AGREEMENT

 

5.1          
To induce the Majority Holders to enter into this Amendment, the Company and
the Guarantors jointly and severally represent and warrant that after giving
effect to this Amendment no violation of the terms of the Note Purchase
Agreement or any Security Document exist and all representations and warranties
contained in the Note Purchase Agreement and each Security Document are true,
correct and complete in all material respects on and as of the date hereof except
to the extent such representations and warranties specifically relate to an
earlier date in which case they were true, correct and complete in all material
respects on and as of such earlier date.

 

5.2          
Except as expressly set forth in this Amendment, the terms, provisions and
conditions of the Note Purchase Agreement, each Security Document and the other
Note Documents are unchanged, and said agreements, as amended, shall remain in
full force and effect and are hereby confirmed and ratified.

 

SECTION 6.                           
GOVERNING LAW; JURISDICTION; VENUE; WAIVER OF JURY TRIAL.

 

THIS AMENDMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
(WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE THAT
WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE OF NEW YORK).  ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
AMENDMENT OR ANY OTHER DOCUMENT MAY BE BROUGHT 

 

11

 

IN THE COURTS OF THE STATE OF NEW YORK OR OF THE
UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND
DELIVERY OF THIS AMENDMENT, THE COMPANY, EACH GUARANTOR AND THEIR RESPECTIVE
SUBSIDIARIES HEREBY IRREVOCABLY ACCEPT FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE
AFORESAID COURTS.  THE COMPANY, EACH GUARANTOR, AND THEIR RESPECTIVE SUBSIDIARIES
IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS BY REGISTERED OR CERTIFIED MAIL
(RETURN RECEIPT REQUESTED) TO CT CORPORATION SYSTEM, 1633 BROADWAY, NEW YORK,
NEW YORK 10019, ITS AGENT FOR SERVICE OF PROCESS, WHICH SHALL CONSTITUTE
SUFFICIENT NOTICE.  NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE HOLDERS
OR THE COLLATERAL AGENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW
OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY OR
ANY GUARANTOR OR ANY OF THEIR RESPECTIVE SUBSIDIARIES IN ANY OTHER
JURISDICTION.

 

EACH OF THE COMPANY, THE
GUARANTORS AND THEIR RESPECTIVE SUBSIDIARIES HEREBY IRREVOCABLY WAIVES ANY
OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF
THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS
AMENDMENT OR ANY OTHER DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN THIS
SECTION AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM
IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT
HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

BECAUSE DISPUTES ARISING
IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND
ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH
APPLICABLE STATE AND FEDERAL LAWS TO APPLY, THE PARTIES DESIRE THAT THEIR
DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, THE
PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR
PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS
AGREEMENT AND THE NOTE DOCUMENTS.

 

SECTION
7.         ACKNOWLEDGMENT AND CONSENT
BY THE GUARANTORS

 

Each Guarantor hereby
acknowledges that it has read this Amendment and consents to the terms hereof
and further confirms and agrees that, notwithstanding the effectiveness of this
Amendment, its obligations under its Guarantee shall not be impaired or
affected and such Guarantee is, and shall continue to be, in full force and
effect and is hereby confirmed and ratified in all respects.

 

[SIGNATURE PAGES FOLLOW]

 

12

 

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart
of this Amendment to be duly executed and delivered as of the date first above
written.

 

	
   

  	
   

  	
  COMPANY: 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  IGN
  ENTERTAINMENT, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Michael Sheridan

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title: CFO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GURANTORS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GAMESPY
  INDUSTRIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Mark Jung 

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TWO
  CENTS INC. 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Sean Deorsey 

  
	
   

  	
   

  	
   

  	
  Name: Sean Deorsey 

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  COLLATERAL
  AGENT: 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  US
  BANK NATIONAL ASSOCIATION 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Elizabeth C. Hammer
  

  
	
   

  	
   

  	
   

  	
  Name: Elizabeth C.
  Hammer

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  	
   

  

 

[COUNTERPART
SIGNATURE PAGES FOLLOW]

 

13

 

 

	
  GoldenTree
  High Yield Value Master Fund, L.P.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  Golden Tree Asset
  Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Thomas H. Shandell

  
	
  Name:

  	
  Thomas H. Shandell

  
	
  Title:

  	
  Partner

  	
   

  

 

 

	
  Address:

  	
   

  
	
  c/o GoldenTree Asset
  Management, LP, as Investment Advisor

  
	
  300 Park Avenue

  
	
  New York, New York
  10022

  

Counterpart
Signature Page

Amendment And Waiver No. 1 to

Note Purchase Agreement

 

14

 

 

	
  GoldenTree
  High Yield Master Fund, Ltd.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  Golden Tree Asset
  Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Thomas H. Shandell

  
	
  Name:

  	
  Thomas H. Shandell

  
	
  Title:

  	
  Partner

  	
   

  

 

	
  Address:

  	
   

  
	
  c/o GoldenTree Asset
  Management, LP, as Investment Advisor

  
	
  300 Park Avenue

  
	
  New York, New York
  10022

  

Counterpart
Signature Page

Amendment And Waiver No. 1 to

Note Purchase Agreement

 

15

 

	
  GoldenTree
  High Yield Master Fund II, Ltd.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  Golden Tree Asset
  Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Thomas H. Shandell

  
	
  Name:

  	
  Thomas H. Shandell

  
	
  Title:

  	
  Partner

  
	
   

  	
   

  	
   

  

 

	
  Address:

  	
   

  
	
  c/o GoldenTree Asset
  Management, LP, as Investment Advisor

  
	
  300 Park Avenue

  
	
  New York, New York
  10022

  

Counterpart
Signature Page

Amendment And Waiver No. 1 to

Note Purchase Agreement

 

16

 

	
  GoldenTree
  Capital Solutions Fund

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Golden Tree Asset
  Management, LP, as Investment Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Thomas H. Shandell

  
	
  Name:

  	
  Thomas H. Shandell

  
	
  Title:

  	
  Partner

  
	
   

  	
   

  	
   

  	
   

  

 

	
  Addrress:

  	
   

  
	
  c/o GoldenTree Asset Management,
  LP, as Investment Advisor

  
	
  300 Park Avenue

  
	
  New York, New York
  10022

  

Counterpart
Signature Page

Amendment And Waiver No. 1 to

Note Purchase Agreement

 

17

 

EXHIBIT A

 

AMENDMENTS TO SECURITIES PURCHASE
AGREEMENT

 

[See Amendment No. 1 to
Securities Purchase Agreement in Exhibit 10.15 to this Form S-1.]

 

 

EXHIBIT B

 

EXISTING DEFAULTS

 

[Exhibit B has been omitted. A copy of this exhibit will be
furnished supplementally to the Commission upon request.]

 

 

Amendment No. 2
to Note Purchase Agreement 

 

 

AMENDMENT NO. 2 TO NOTE PURCHASE AGREEMENT

 

This AMENDMENT
NO. 2 (“Amendment”)
is made as of February 4, 2005 by and among IGN Entertainment, Inc.,
a Delaware corporation (the “Company”), those entities listed on the signature pages hereto
under the heading “Guarantors” (the “Guarantors”), the registered holders of the
Company’s Senior Secured Notes due March 31, 2009 (the “Notes”) listed on the
signature pages hereto (collectively, the “Majority Holders”), and US Bank National
Association, as collateral agent (the “Collateral Agent”).  This Amendment is made with reference to that
certain Note Purchase Agreement dated as of March 3, 2004, by and among
the Company, the purchasers listed on the signature pages thereto, and the
Collateral Agent, as amended by that certain Amendment and Waiver No. 1
dated as of July 9, 2004 (the “Note Purchase Agreement”).  All capitalized terms used herein and not
otherwise defined shall have the meanings assigned to such terms in the Note
Purchase Agreement.

 

WHEREAS, the Company, the
Collateral Agent, and the Majority Holders desire to make certain amendments to
the Note Purchase Agreement, pursuant to Section 12.4 of the Note Purchase
Agreement, as set forth below and the Guarantors desire to acknowledge such
amendments; and

 

WHEREAS, the
holders of Senior Subordinated Notes have agreed to amend the Securities
Purchase Agreement pursuant to that certain Amendment No. 2 to Securities
Purchase Agreement attached hereto as Exhibit A;

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION 1.                AMENDMENTS
TO THE NOTE PURCHASE AGREEMENT

 

1.1.          Section 6.1(b)(xii)
is hereby amended and restated in its entirety as follows:

 

“(xii)        Indebtedness
incurred pursuant to an Acquisition Document; provided
that the aggregate amount of such Indebtedness does not exceed the Subsequent
Acquisition Indebtedness Cap applicable to such Acquisition Document.”

 

1.2.          The
first paragraph of Section 6.5 is hereby amended and restated in its
entirety as follows:

 

“No Amendment to Certain Documents

 

Without the consent of the
Majority Holders, the Company will not amend, waive, modify or alter, or take
any action that could cause to be amended, waived, modified or altered, the
terms of the Securities Purchase Agreement, the Series A Preferred Stock
Purchase Agreement, the Company’s Charter Documents, any Senior Subordinated

 

2

 

Note, any share of Series A
Preferred Stock, any share of Series B Preferred Stock, or any Acquisition
Document, in any way to:”

 

1.3.          Section 6.5(vii) is
hereby amended and restated in its entirety as follows:

 

“(vii)       waive,
amend, restate, or modify an Acquisition Document to the extent that such
waiver, amendment, restatement or modification would either (a) waive,
amend, restate, or modify an Acquisition Document in any material way, or (b) waive,
amend, restate, or modify any term relating to a payment due to any Person.”

 

1.4.          Sections
8.1(xv) and 8.1(xvi) are hereby amended and restated in their entirety as follows:

 

“(xv)       All
or any portion of any Acquisition Consideration is not paid when due (without
giving effect to any grace periods) pursuant to the terms of an Acquisition
Document, or any event occurs or circumstance exists that entitles any Person
to accelerate the payment of all or any portion of any Acquisition
Consideration; or

 

(xvi)        The
Company or any of its Subsidiaries shall be obligated to make any payment or
shall have made any payment pursuant to the terms of an Acquisition Document,
if (a) after giving pro forma effect to such payment as if such payment
were made on the last day of the most recently ended fiscal quarter, the
Company is or would be in violation of any provision of Article VII hereof
or (b) immediately prior to making such payment the Company fails to
deliver to the Collateral Agent an Officer’s Certificate certifying that the
officers executing such certificate have no reason to believe, and do not
believe, that the Company will be in violation of any provision of Article VII
on the last day of the fiscal quarter in which such payment is made after
giving effect to such payment.”

 

1.5.          Clause
(xiii) of the definition of “Permitted Investments” is hereby amended and
restated in its entirety as follows

 

“(xiii)       Investments
made pursuant to an Acquisition Document; provided
that the aggregate amount of such Investments does not exceed the Subsequent
Investment Cap applicable to such Acquisition Document.”

 

1.6.          Article XI
is further amended by inserting the following defined terms in appropriate
alphabetical order in such Article:

 

““3D Gamers Agreement” means the Asset
Purchase Agreement dated as of the date hereof by and among 3D GAMERS, LLC, a
California limited liability company, the Company, Piotr Kapiszewski, Frans P.
DeVries, and John Van Essen.”

 

““3D
Gamers Merger Documents” means the 3D Gamers Agreement and each
certificate, document, agreement or instrument delivered pursuant thereto or in
connection therewith.”

 

3

 

““Acquisition
Consideration” means the “Merger Consideration” (as defined in
the Rotten Tomatoes Merger Agreement) and the “Purchase Price” (as defined in
the 3D Gamers Agreement).”

 

““Acquisition Document” means each 3D
Gamers Merger Document and each Rotten Tomatoes Merger Document.”

 

““Subsequent
Acquisition Indebtedness Cap” means, with respect to the Rotten
Tomatoes Merger Agreement, $6,500,000 plus up to $100,000 of working capital
adjustments made pursuant to Section 1.11 of the Rotten Tomatoes Merger
Agreement, and with respect to the 3D Gamers Agreement, $800,000.”

 

““Subsequent
Investment Cap” means, with respect to the Rotten Tomatoes
Merger Agreement, $9,300,000 plus up to $100,000 of working capital adjustments
made pursuant to Section 1.11 of the Rotten Tomatoes Merger Agreement, and
with respect to the 3D Gamers Agreement, $2,000,000.”

 

SECTION 2.                CONDITIONS
PRECEDENT

 

The effectiveness
of the amendments to the Note Purchase Agreement contemplated by Section 1
hereof is subject to the receipt by each Holder delivering a signature page to
this Amendment of the following:

 

(a)           counterparts
hereof duly executed by the Company, the Guarantors, the Collateral Agent and
the Majority Holders;

 

(b)           evidence
reasonable satisfactory to the Majority Holders that (i) financing
statements have previously been duly filed under the Uniform Commercial Code of
all jurisdictions as may be necessary or, in the opinion of the Collateral
Agent or the Majority Holders, desirable or appropriate to perfect the security
interests and liens created by each Security Document and (ii) that all
other actions necessary or, in the reasonable opinion of the Collateral Agent
or the Majority Holders, desirable or appropriate to ensure the validity,
perfection and priority of the security interests and liens, created by, or
intended to be created by, and to reflect the fact that the Collateral Agent is
the secured party, mortgagee, beneficiary or grantee, under each Security
Document has been taken;

 

(c)           an
amendment to the Securities Purchase Agreement in the form of Exhibit A
hereto, duly executed by the holders of the requisite principal amount of
Senior Subordinated Notes and the holders of the requisite number of shares of Series B
Preferred Stock;

 

(d)           the
3D Gamers Asset Purchase Agreement and each document delivered pursuant
thereto, duly executed by each party thereto; and

 

(e)           all
costs, fees and expenses payable to the Collateral Agent and the Majority
Holders by the Company pursuant to Section 1.6 of the Note Purchase
Agreement, including 

 

4

 

without limitation the reasonable fees and disbursements of Latham &
Watkins LLP.

 

SECTION 3.                COUNTERPARTS

 

This Amendment
may be executed in any number of counterparts, and all such counterparts taken
together shall be deemed to constitute one and the same instrument.  Signature pages may be detached from
counterpart documents and reassembled to form duplicate executed originals.

 

SECTION 4.                RATIFICATION
OF AGREEMENT

 

4.1.          To
induce the Majority Holders to enter into this Amendment, the Company and the
Guarantors jointly and severally represent and warrant that after giving effect
to this Amendment no violation of the terms of the Note Purchase Agreement or
any Security Document exist and all representations and warranties contained in
the Note Purchase Agreement and each Security Document are true, correct and
complete in all material respects on and as of the date hereof except to the
extent such representations and warranties specifically relate to an earlier
date in which case they were true, correct and complete in all material respects
on and as of such earlier date.

 

4.2.          Except
as expressly set forth in this Amendment and as amended on July 9, 2004,
the terms, provisions and conditions of the Note Purchase Agreement, each
Security Document and the other Note Documents are unchanged, and said
agreements, as amended, shall remain in full force and effect and are hereby
confirmed and ratified.

 

SECTION 5.                GOVERNING
LAW; JURISDICTION; VENUE; WAIVER OF JURY TRIAL.

 

THIS AMENDMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK (WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE
THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE OF NEW YORK).  ANY LEGAL ACTION OR
PROCEEDING WITH RESPECT TO THIS AMENDMENT OR ANY OTHER DOCUMENT MAY BE
BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS
AMENDMENT, THE COMPANY, EACH GUARANTOR AND THEIR RESPECTIVE SUBSIDIARIES HEREBY
IRREVOCABLY ACCEPT FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.  THE COMPANY, EACH GUARANTOR, AND THEIR
RESPECTIVE SUBSIDIARIES IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS BY
REGISTERED OR CERTIFIED MAIL (RETURN

 

5

 

RECEIPT REQUESTED) TO CT CORPORATION SYSTEM,
1633 BROADWAY, NEW YORK, NEW YORK 10019, ITS AGENT FOR SERVICE OF PROCESS,
WHICH SHALL CONSTITUTE SUFFICIENT NOTICE. 
NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE HOLDERS OR THE COLLATERAL
AGENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE
LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY OR ANY GUARANTOR OR
ANY OF THEIR RESPECTIVE SUBSIDIARIES IN ANY OTHER JURISDICTION.

 

EACH OF THE
COMPANY, THE GUARANTORS AND THEIR RESPECTIVE SUBSIDIARIES HEREBY IRREVOCABLY
WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN
CONNECTION WITH THIS AMENDMENT OR ANY OTHER DOCUMENT BROUGHT IN THE COURTS
REFERRED TO IN THIS SECTION AND HEREBY FURTHER IRREVOCABLY WAIVES AND
AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

BECAUSE
DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST
QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE
PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY, THE PARTIES DESIRE
THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.  THEREFORE, THE PARTIES HERETO WAIVE ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND
ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT AND THE NOTE DOCUMENTS.

 

SECTION 6.                ACKNOWLEDGMENT
AND CONSENT BY THE GUARANTORS

 

Each Guarantor
hereby acknowledges that it has read this Amendment and consents to the terms
hereof and further confirms and agrees that, notwithstanding the effectiveness
of this Amendment, its obligations under its Guarantee shall not be impaired or
affected and such Guarantee is, and shall continue to be, in full force and
effect and is hereby confirmed and ratified in all respects.

 

SECTION 7.                DIRECTION TO COLLATERAL AGENT

 

The
undersigned, constituting the holders of all of the Notes, hereby direct the
Collateral Agent to consent to, execute and deliver this Amendment.

 

[SIGNATURE PAGES FOLLOW]

 

6

 

IN WITNESS
WHEREOF, each of the parties hereto has caused a counterpart of this Amendment
to be duly executed and delivered as of the date first above written.

 

	
   

  	
  COMPANY:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IGN
  ENTERTAINMENT, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  Jung

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GUARANTORS:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GAMESPY
  INDUSTRIES, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  Jung

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TWO CENTS,
  INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  Jung

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  COLLATERAL AGENT:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  US BANK
  NATIONAL ASSOCIATION

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael
  M. Hopkins

  
	
   

  	
   

  	
  Name:
  Michael M. Hopkins

  	
   

  
	
   

  	
   

  	
  Title: Vice
  President

  	
   

  

 

[Counterpart Signature Pages Follow]

 

 

	
  GoldenTree
  High Yield Value Master Fund, L.P.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree Asset Management,
  LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Thomas H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas H.
  Shandell

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Partner

  	
   

  

 

 

Address:

c/o
GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
No. 2 to 

Note Purchase Agreement

 

 

	
  GoldenTree
  High Yield Master Fund, Ltd.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree Asset
  Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas H.
  Shandell

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Partner

  	
   

  

 

 

Address:

c/o
GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
No. 2 to 

Note Purchase Agreement

 

 

	
  GoldenTree
  High Yield Master Fund II, Ltd.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree Asset
  Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas H.
  Shandell

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Partner

  	
   

  

 

 

Address:

c/o
GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
No. 2 to 

Note Purchase Agreement

 

 

	
  GoldenTree
  Capital Solutions Fund

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree Asset
  Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas H.
  Shandell

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Partner

  	
   

  

 

 

Address:

c/o
GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
No. 2 to 

Note Purchase Agreement

 

 

Exhibit A

Amendment No. 2 to Securities Purchase Agreement

 

[See Amendment No. 2 to Securities Purchase Agreement in Exhibit 10.15
to this Form S-1.]

 

 

Amendment
and Waiver No. 3 to Note Purchase Agreement 

 

 

AMENDMENT AND WAIVER NO. 3 TO NOTE PURCHASE AGREEMENT

 

This AMENDMENT AND WAIVER
NO. 3 (“Amendment”)
is made as of March 31, 2005 by and among IGN Entertainment, Inc., a
Delaware corporation (the “Company”),
those entities listed on the signature pages hereto under the heading “Guarantors”
(the “Guarantors”),
the registered holders of the Company’s Senior Secured Notes due March 31,
2009 (the “Notes”)
listed on the signature pages hereto (collectively, the “Majority Holders”),
and US Bank National Association, as collateral agent (the “Collateral Agent”).  This Amendment is made with reference to that
certain Note Purchase Agreement dated as of March 3, 2004, by and among
the Company, the purchasers listed on the signature pages thereto (the “Purchasers”), and the
Collateral Agent, as amended by that certain Amendment and Waiver No. 1
dated as of July 9, 2004 and that certain Amendment No. 2 to Note
Purchase Agreement dated February 4, 2005 (the “Note Purchase Agreement”).  All capitalized terms used herein and not otherwise
defined shall have the meanings assigned to such terms in the Note Purchase
Agreement.

 

WHEREAS, the
Company, the Collateral Agent and the Purchasers entered into the Note Purchase
Agreement;

 

WHEREAS,
pursuant to Section 12.4 of the Note Purchase Agreement, the Company, the
Collateral Agent, and the Majority Holders desire to make certain amendments to
the Note Purchase Agreement as set forth below and the Guarantors desire to
acknowledge such amendments;

 

WHEREAS, pursuant to Section 12.4
of the Note Purchase Agreement, the Company, and the Majority Holders desire to
waive certain provisions of the Note Purchase Agreement as set forth below and
the Guarantors desire to acknowledge such waivers;

 

WHEREAS, the
holders of Senior Subordinated Notes have agreed to amend the Securities
Purchase Agreement pursuant to that certain Amendment No. 3 to Securities
Purchase Agreement attached hereto as Exhibit A;

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION 1.                                               WAIVER
AND CONSENT

 

The Majority
Holders hereby waive any and all rights and remedies of the Holders pursuant to
Article VIII of the Note Purchase Agreement and
Section 1.5(d) of the Note Purchase Agreement arising directly from
the Defaults and Events of Default described on Exhibit B hereto and hereby
waive any rights to notice required in the Note Purchase Agreement, with
respect to such Defaults..

 

SECTION 2.                                               AMENDMENTS
TO THE NOTE PURCHASE AGREEMENT

 

2.1.          Section 5.2(a)(iii) of the
Note Purchase Agreement is amended and restated in its entirety as follows:

 

“(iii)        Annual Financial Statements. 
As soon as available, but in any event not later than 90 days after the
close of each fiscal year (or, with respect to the close of fiscal

 

2

 

year 2004, not later than April 30, 2005),
an audited consolidated balance sheet of the Company and its Subsidiaries as of
the close of such fiscal year, and related audited consolidated statements of
operations, cash flows and changes in stockholder’s equity of the Company and
its Subsidiaries for such fiscal year, reported on (without any material
qualification arising from the scope of the audit or with respect to the
continuance of the Company and its Subsidiaries as going concerns) by a
nationally recognized firm of independent certified public accountants and
prepared in accordance with GAAP consistently applied;.”

 

SECTION 3.                                               CONDITIONS
PRECEDENT

 

The
effectiveness of the waiver to the Note Purchase Agreement contemplated by Section 1
hereof and amendments to the Note Purchase Agreement contemplated by Section 2
hereof is subject to the receipt by each Holder delivering a signature page to
this Amendment of the following:

 

(a)           counterparts
hereof duly executed by the Company, the Guarantors, the Collateral Agent and
the Majority Holders;

 

(b)           an
amendment to the Securities Purchase Agreement in the form of Exhibit A
hereto, duly executed by the holders of the requisite principal amount of
Senior Subordinated Notes and the holders of the requisite number of shares of Series B
Preferred Stock; and

 

(c)           all
costs, fees and expenses payable to the Collateral Agent and the Majority
Holders by the Company pursuant to Section 1.6 of the Note Purchase
Agreement, including without limitation the reasonable fees and disbursements
of Latham & Watkins LLP.

 

SECTION 4.                                               COUNTERPARTS

 

This Amendment
may be executed in any number of counterparts, and all such counterparts taken
together shall be deemed to constitute one and the same instrument.  Signature pages may be detached from
counterpart documents and reassembled to form duplicate executed originals.

 

SECTION 5.                                               RATIFICATION
OF AGREEMENT

 

5.1.          To induce the Majority Holders to
enter into this Amendment, the Company and the Guarantors jointly and severally
represent and warrant that after giving effect to this Amendment no violation
of the terms of the Note Purchase Agreement or any Security Document exist and
all representations and warranties contained in the Note Purchase Agreement and
each Security Document are true, correct and complete in all material respects
on and as of the date hereof except to the extent such representations and
warranties specifically relate to an earlier date in which case they were true,
correct and complete in all material respects on and as of such earlier date.

 

5.2.          Except as expressly set forth in this
Amendment, the terms, provisions and conditions of the Note Purchase Agreement,
each Security Document and the other Note Documents are unchanged, and said
agreements, as amended, shall remain in full force and effect and are hereby
confirmed and ratified.

 

3

 

SECTION 6.                                               GOVERNING
LAW; JURISDICTION; VENUE; WAIVER OF JURY TRIAL.

 

THIS AMENDMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK (WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE
THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE OF NEW YORK).  ANY LEGAL ACTION OR
PROCEEDING WITH RESPECT TO THIS AMENDMENT OR ANY OTHER DOCUMENT MAY BE
BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS
AMENDMENT, THE COMPANY, EACH GUARANTOR AND THEIR RESPECTIVE SUBSIDIARIES HEREBY
IRREVOCABLY ACCEPT FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.  THE COMPANY, EACH GUARANTOR, AND THEIR
RESPECTIVE SUBSIDIARIES IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS BY
REGISTERED OR CERTIFIED MAIL (RETURN RECEIPT REQUESTED) TO CT CORPORATION
SYSTEM, 1633 BROADWAY, NEW YORK, NEW YORK 10019, ITS AGENT FOR SERVICE OF
PROCESS, WHICH SHALL CONSTITUTE SUFFICIENT NOTICE.  NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE
HOLDERS OR THE COLLATERAL AGENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE
COMPANY OR ANY GUARANTOR OR ANY OF THEIR RESPECTIVE SUBSIDIARIES IN ANY OTHER
JURISDICTION.

 

EACH OF THE
COMPANY, THE GUARANTORS AND THEIR RESPECTIVE SUBSIDIARIES HEREBY IRREVOCABLY
WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN
CONNECTION WITH THIS AMENDMENT OR ANY OTHER DOCUMENT BROUGHT IN THE COURTS
REFERRED TO IN THIS SECTION AND HEREBY FURTHER IRREVOCABLY WAIVES AND
AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

BECAUSE
DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST
QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE
PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY, THE PARTIES DESIRE
THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.  THEREFORE, THE PARTIES HERETO WAIVE ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND
ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT AND THE NOTE DOCUMENTS.

 

SECTION 7.                                               ACKNOWLEDGMENT
AND CONSENT BY THE GUARANTORS

 

Each Guarantor
hereby acknowledges that it has read this Amendment and consents to the terms
hereof and further confirms and agrees that, notwithstanding the effectiveness
of this Amendment,

 

4

 

its obligations under its Guarantee shall not
be impaired or affected and such Guarantee is, and shall continue to be, in
full force and effect and is hereby confirmed and ratified in all respects.

 

[SIGNATURE PAGES FOLLOW]

 

5

 

IN WITNESS
WHEREOF, each of the parties hereto has caused a counterpart of this Amendment
to be duly executed and delivered as of the date first above written.

 

	
   

  	
  COMPANY:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IGN ENTERTAINMENT, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GUARANTORS:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GAMESPY INDUSTRIES, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TWO CENTS, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  COLLATERAL AGENT:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  US BANK NATIONAL ASSOCIATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael M. Hopkins

  
	
   

  	
   

  	
  Name: Michael M. Hopkins

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  	
   

  

 

[Counterpart Signature Pages Follow]

 

 

	
  GoldenTree
  High Yield Value Master Fund, L.P.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree Asset
  Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas H.
  Shandell

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

Address:

c/o
GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 3 to 

Note Purchase Agreement

 

 

	
  GoldenTree
  High Yield Master Fund, Ltd.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree Asset
  Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas H.
  Shandell

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 3 to 

Note Purchase Agreement

 

 

	
  GoldenTree
  High Yield Master Fund II, Ltd.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree Asset
  Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas H.
  Shandell

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

Address:

c/o
GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 3 to 

Note Purchase Agreement

 

 

	
  GoldenTree
  Capital Solutions Fund

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree Asset
  Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas H.
  Shandell

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 3 to 

Note Purchase Agreement

 

 

	
  GoldenTree
  Capital Solutions Offshore Fund

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree Asset
  Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas H.
  Shandell

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 3 to 

Note Purchase Agreement

 

 

Exhibit A

Amendments to Securities Purchase Agreement

 

[See Amendment and Waiver No. 3 to Securities Purchase Agreement in
Exhibit 10.15 to this Form S-1.]

 

 

Exhibit B

Existing Defaults

 

[Exhibit B has been omitted. A copy of
this exhibit will be furnished supplementally to the Commission upon request.]

 

 

Amendment
and Waiver No. 4 to Note Purchase Agreement 

 

 

AMENDMENT AND WAIVER NO. 4 TO NOTE PURCHASE AGREEMENT

 

This AMENDMENT AND WAIVER
NO. 4 (the “Amendment”)
is made as of May 27,
2005 by and among IGN Entertainment, Inc., a Delaware corporation (the “Company”), those
entities listed on the signature pages hereto under the heading “Guarantors”
(the “Guarantors”),
the registered holders of the Company’s Senior Secured Notes due March 31,
2009 (the “Notes”)
listed on the signature pages hereto (collectively, the “Majority Holders”),
and US Bank National Association, as collateral agent (the “Collateral Agent”).  This Amendment is made with reference to that
certain Note Purchase Agreement dated as of March 3, 2004, by and among
the Company, the purchasers listed on the signature pages thereto (the “Purchasers”), and the
Collateral Agent, as amended by that certain Amendment and Waiver No. 1 to
Note Purchase Agreement dated as of July 9, 2004, that certain Amendment No. 2
to Note Purchase Agreement dated February 4, 2005, and that certain
Amendment No. 3 to Note Purchase Agreement dated March 31, 2005 (the “Note Purchase Agreement”).  All capitalized terms used herein and not
otherwise defined shall have the meanings assigned to such terms in the Note
Purchase Agreement.

 

WHEREAS, the
Company, the Collateral Agent and the Purchasers entered into the Note Purchase
Agreement;

 

WHEREAS, the
Company desires to acquire all of the
outstanding stock of AskMen.com Solutions Canada, Inc. for approximately
$13,500,000 in cash (the “Acquisition”);

 

WHEREAS, in
order to fund the Acquisition, the Company desires to issue certain notes in
exchange for approximately $13,500,000
in cash (the “Financing”);

 

WHEREAS, in
order to accommodate the Acquisition and the Financing and to make certain
other necessary amendments, the Company, the Collateral Agent, and the Majority
Holders desire to make certain amendments to the Note Purchase Agreement as set
forth below pursuant to Section 12.4 of the Note Purchase Agreement and
the Guarantors desire to acknowledge such amendments;

 

WHEREAS,
pursuant to Section 12.4 of the Note
Purchase Agreement, the Company, and the Majority Holders desire to waive
certain provisions of the Note Purchase Agreement as set forth below and the
Guarantors desire to acknowledge such waivers;

 

WHEREAS, the
holders of Senior Subordinated Notes have agreed to amend the Securities
Purchase Agreement pursuant to that certain Amendment and Waiver No. 4 to Securities Purchase Agreement attached
hereto as Exhibit A;

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION 1.                                               WAIVER

 

The Majority Holders hereby waive any and all rights and remedies of
the Holders it may have, including those pursuant to Article VIII of the
Note Purchase Agreement and Section 1.5(d) of the
Note Purchase Agreement arising directly from the Defaults and Events of
Default described on Exhibit B hereto and hereby waive any rights to notice
required in the Note Purchase Agreement with respect to such Defaults.

 

2

 

SECTION 2.                                               AMENDMENTS
TO THE NOTE PURCHASE AGREEMENT

 

2.1.          Section 4.8 of
the Note Purchase Agreement is amended by replacing the first sentence of Section 4.8
and replacing it with the following:

 

“The capitalization table on Schedule 4.8 sets forth and
identifies in reasonable detail all outstanding short-term and long-term
Indebtedness of the Company and its Subsidiaries as of the Closing Date (other
than under this Agreement and pursuant to the Team Xbox Agreement provided that
such Indebtedness does not exceed $350,000), including all notes issued by the
Company to finance the acquisition of real or personal property, prior to and
after giving effect to the GameSpy Acquisition and the other transactions
contemplated by this Agreement.”

 

2.2.          Section 5.2(a)(iii) of
the Note Purchase Agreement is amended and restated in its entirety as follows:

 

“(iii)        Annual Financial
Statements.  As soon as available, but in
any event not later than 90 days after the close of each fiscal year (or, with
respect to the close of fiscal year 2004, not later than June 7, 2005), an
audited consolidated balance sheet of the Company and its Subsidiaries as of
the close of such fiscal year, and related audited consolidated statements of
operations, cash flows and changes in stockholders’ equity of the Company and
its Subsidiaries for such fiscal year, reported on (without any material
qualification arising from the scope of the audit or with respect to the
continuance of the Company and its Subsidiaries as going concerns) by a
nationally recognized firm of independent certified public accountants and
prepared in accordance with GAAP consistently applied;”

 

2.3.          Section 5.9 is amended and
restated in its entirety as follows:

 

“Offer to Purchaser with Excess Cash and Net Financing
Proceeds

 

“Within
30 days of the receipt of any Net Financing Proceeds, and within 90 days of the
end of each fiscal year in which the Company generated Excess Cash Flow, the
Company will make mandatory prepayments of the Aggregate Required Prepayment
Amount as follows:

 

(a)           to the Notes in an amount equal to
the Notes’ applicable First Lien Percentage of the Aggregate Required Prepayment
Amount; and

 

(b)           to each other Series of First
Lien Debt, in an amount equal to each Series of First Lien Debt’s
applicable First Lien Percentage of the Aggregate Required Prepayment Amount;

 

provided, that if a Series of First Lien Debt
requires the Company to make an offer to purchase, redeem or prepay such Series of
First Lien Debt with such Net Financing Proceeds or Excess Cash Flow, then in
lieu of making a mandatory prepayment of such First Lien Debt pursuant to
clause (b) above, the Company shall use such Series of First Lien
Debt’s First Lien Percentage of such Net Financing Proceeds or Excess Cash Flow
to make such offer concurrent with the mandatory prepayment of the Aggregate
Required Prepayment Amount payable to any other Series.  For the avoidance of doubt, the Company will
make an offer to purchase Notes pursuant to this Section 5.9 only
with the Note’s First Lien Percentage of any Net Financing Proceeds and Excess
Cash Flow applied as set forth above.

 

If any Net Financing
Proceeds or Excess Cash Flow remains after completion of a Mandatory Repurchase
Offer or the mandatory prepayment of any other Series of First Lien Debt,
the Company may use such Net Financing Proceeds or Excess Cash Flow for any
purpose not otherwise prohibited by this Agreement.  Other than as specifically provided in this Section 5.9
any Mandatory

 

3

 

Repurchase
Offer or purchase of Notes pursuant to this Section 5.9 shall be
made pursuant to the provisions of Sections 10.2 through 10.6.”

 

2.4.          Section 6.1(b) is amended by
deleting the “and” at the end of clause (xi), deleting the “.” at the end of
clause (xii) and replacing it with “; and” and inserting the following
immediately thereafter:

 

“(xiii)       the incurrence by the Company of
Indebtedness pursuant to the AskMen Credit Agreement; provided that the aggregate principal
amount of such Indebtedness does not exceed $13,500,000.”

 

2.5.          The first clause (iii) of Section 6.4 is amended
and restated in its entirety as follows:

 

“(iii)        make any payment (whether or not in
cash) on or with respect to, or purchase, redeem, defease or otherwise acquire
or retire for value any unsecured Indebtedness or Indebtedness that is
subordinated in right of payment to the Notes or any of the Note Guarantees
(collectively “Junior Debt”); or”

 

2.6.          Section 6.4 is amended by deleting the “and” at the
end of the second clause (iv), deleting the “.” at the end of clause (v) and
replacing it with “; and” and inserting the following immediately thereafter:

 

“(vi)        regularly scheduled payments of interest and principal on the
Senior Subordinated Notes.”

 

2.7.          The last paragraph of Section 6.6 is amended and
restated in its entirety as follows:

 

“Any
Net Asset Sale Proceeds from Asset Sales or Casualty Proceeds that are not
applied or invested in the manner and within the time limits provided in the
preceding paragraph will constitute “Excess Proceeds.”  When the aggregate amount of Excess Proceeds
exceeds $500,000, within five days thereof, the Company will use such Excess
Proceeds to make an offer to purchase the principal amount of, plus accrued and
unpaid interest of the Notes as follows:

 

(a)           to the Notes in an amount equal to the Notes’ applicable
First Lien Percentage of the Excess Proceeds; and

 

(b)           to each other Series of First Lien Debt, in an amount
equal to each Series of First Lien Debt’s applicable First Lien Percentage
of the Excess Proceeds;

 

provided, that if a Series of
First Lien Debt requires the Company to make an offer to purchase, redeem or
prepay such Series of First Lien Debt with such Excess Proceeds, then, in
lieu of making a mandatory prepayment of such First Lien Debt pursuant to
clause (b) above, the Company shall use such Series of First Lien
Debt’s First Lien Percentage of such Excess Proceeds to make such offer
concurrent with the mandatory prepayment of the Excess Proceeds payable to any
other Series.  For the avoidance of
doubt, the Company will prepay the Notes pursuant to this Section 6.6 only
with the Note’s First Lien Percentage of any Excess Proceeds applied as set
forth above.

 

The offer price in any
Excess Proceeds Offer will be equal to the principal amount thereof plus
accrued and unpaid interest to the date of purchase, and will be payable in
cash.  If any

 

4

 

Excess
Proceeds remain after completion of an Excess Proceeds Offer, the Company may
use such Excess Proceeds for any purpose not otherwise prohibited by this
Agreement and the amount of Excess Proceeds will be reset to zero.”

 

2.8.          Section 7.1 is amended and restated in its entirety as
follows:

 

“Minimum Consolidated EBITDA.

 

The Company
will maintain a Consolidated EBITDA set forth below of at least the amount set
forth below for each Test Period ending on each date listed below:

 

	
  Test Period

  	
   

  	
  Minimum EBITDA

  ($thousands)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2005

  	
   

  	
  12,225

  	
   

  
	
  September 30, 2005

  	
   

  	
  12,875

  	
   

  
	
  December 31, 2005

  	
   

  	
  15,075

  	
   

  
	
  March 31, 2006

  	
   

  	
  15,725

  	
   

  
	
  June 30, 2006

  	
   

  	
  16,275

  	
   

  
	
  September 30, 2006

  	
   

  	
  16,700

  	
   

  
	
  December 31, 2006

  	
   

  	
  18,000

  	
   

  
	
  March 31, 2007

  	
   

  	
  18,675

  	
   

  
	
  June 30, 2007

  	
   

  	
  19,350

  	
   

  
	
  September 30, 2007

  	
   

  	
  19,500

  	
   

  
	
  December 31, 2007

  	
   

  	
  19,850

  	
   

  
	
  March 31, 2008

  	
   

  	
  20,000

  	
   

  
	
  June 30, 2008

  	
   

  	
  20,400

  	
   

  
	
  September 30, 2008

  	
   

  	
  20,750

  	
   

  
	
  December 31, 2008

  	
   

  	
  21,150

  	
   

  
	
  March 31, 2009

  	
   

  	
  21,450

  	
  ”

  

 

2.9.          Section 7.2 is amended and restated in its entirety as
follows:

 

“Minimum EBITDA to Consolidated Interest Expense.

 

The Company
will not permit the ratio of (a) its Consolidated EBITDA for the Test
Period ending on each date listed below to (b) its Consolidated Interest
Expense for the Test Period ending on each date listed below to be less than
the ratio set forth below:

 

	
  Test Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2005

  	
   

  	
  2.60:1.00

  	
   

  
	
  September 30, 2005

  	
   

  	
  2.60:1.00

  	
   

  
	
  December 31, 2005

  	
   

  	
  2.60:1.00

  	
   

  
	
  March 31, 2006

  	
   

  	
  2.60:1.00

  	
   

  
	
  June 30, 2006

  	
   

  	
  2.75:1.00

  	
   

  
	
  September 30, 2006

  	
   

  	
  2.75:1.00

  	
   

  
	
  December 31, 2006

  	
   

  	
  3.00:1.00

  	
   

  
	
  March 31, 2007

  	
   

  	
  3.25:1.00

  	
   

  
	
  June 30, 2007

  	
   

  	
  3.50:1.00

  	
   

  

 

5

 

	
  Test Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  September 30, 2007

  	
   

  	
  3.50:1.00

  	
   

  
	
  December 31, 2007

  	
   

  	
  3.50:1.00

  	
   

  
	
  March 31, 2008

  	
   

  	
  3.60:1.00

  	
   

  
	
  June 30, 2008

  	
   

  	
  3.60:1.00

  	
   

  
	
  September 30, 2008

  	
   

  	
  3.70:1.00

  	
   

  
	
  December 31, 2008

  	
   

  	
  3.70:1.00

  	
   

  
	
  March 31, 2009

  	
   

  	
  3.70:1.00

  	
  ”

  

 

2.10.        Section 7.3 is amended and restated in its entirety as
follows:

 

The Company
will not, and will not permit its Subsidiaries to, make Consolidated Capital
Expenditures for any purpose, in excess of the amounts set forth below for Test
Period ending on the date set forth below:

 

	
  Date

  	
   

  	
  Capital Expenditures 

  ($thousands)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  December 31, 2005

  	
   

  	
  5,000

  	
   

  
	
  December 31, 2006

  	
   

  	
  5,000

  	
   

  
	
  December 31, 2007

  	
   

  	
  5,000

  	
   

  
	
  December 31, 2008

  	
   

  	
  5,000

  	
   

  
	
  December 31, 2009

  	
   

  	
  5,000

  	
   

  

 

In addition,
the amount of Consolidated Capital Expenditures permitted by this Section 7.3
for any fiscal year shall be increased by an amount equal to the excess of (a) the
permitted Consolidated Capital Expenditures for the immediately preceding
fiscal year (without giving effect to this sentence) over (b) the amount
of Consolidated Capital Expenditures permitted by the applicable clause
actually made in such immediately preceding fiscal year; provided the aggregate amount of such
excess does not exceed $250,000 in any fiscal year; provided  further
that any amount that is carried forward to any subsequent fiscal year which is
not so expended shall not be available for any further subsequent fiscal year
and the amount of Consolidated Capital Expenditures made in any fiscal year
shall first be applied against the permitted amount set forth on the schedule above
and thereafter applied to the amount available from the prior year.

 

2.11.        Section 7.4 of the Note Purchase
Agreement is amended and restated in its entirety as follows:

 

“Leverage Ratios.

 

The Company
will not permit the ratio (the “Leverage Ratio”) of (a) Funded Indebtedness of
Company and its Subsidiaries on each date listed below to (b) Consolidated
EBITDA of the Company for the Test Period ending on each date listed below to
be more than the ratio set forth below:

 

	
  Test Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30, 2005

  	
   

  	
  4.75:1.00

  	
   

  
	
  September 30, 2005

  	
   

  	
  4.50:1.00

  	
   

  

 

6

 

	
  Test Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  December 31, 2005

  	
   

  	
  4.00:1.00

  	
   

  
	
  March 31, 2006

  	
   

  	
  3.75:1.00

  	
   

  
	
  June 30, 2006

  	
   

  	
  3.50:1.00

  	
   

  
	
  September 30, 2006

  	
   

  	
  3.25:1.00

  	
   

  
	
  December 31, 2006

  	
   

  	
  3.00:1.00

  	
   

  
	
  March 31, 2007

  	
   

  	
  2.60:1.00

  	
   

  
	
  June 30, 2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  September 30, 2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  December 31, 2007

  	
   

  	
  2.40:1.00

  	
   

  
	
  March 31, 2008

  	
   

  	
  2.30:1.00

  	
   

  
	
  June 30, 2008

  	
   

  	
  2.30:1.00

  	
   

  
	
  September 30, 2008

  	
   

  	
  2.25:1.00

  	
   

  
	
  December 31, 2008

  	
   

  	
  2.20:1.00

  	
   

  
	
  March 31, 2009

  	
   

  	
  2.15:1.00

  	
  ”

  

 

2.12.        Section 8.1 is amended by deleting the “or” at the end
of clause (xiii), deleting the “.” at the end of clause (xiv) and replacing it
with “; or” and inserting the following immediately thereafter:

 

“(xv)       A default occurs under the Credit Agreement or any
other First Lien Document (as defined in the Collateral Trust Agreement).”

 

2.13.        Section 10.1 is amended by
inserting the following immediately after subsection (c):

 

“(d)         For purposes of this Section 10.1,
a repurchase pursuant to a Repurchase Offer as provided in Section 10.2
hereof shall not be considered a redemption requiring payment of the Prepayment
Premium.”

 

2.14.        Article XI of the Note Purchase
Agreement is amended by inserting the following defined terms in appropriate alphabetical
order in such Article:

 

““Aggregate
Required Prepayment Amount” means for any mandatory prepayment
to be prepaid pursuant to Section 5.9, the applicable amount of Net
Financing Proceeds or the Applicable Percentage of Excess Cash Flow, as
applicable.”

 

““AskMen Agreement”
means the Share Transfer Agreement dated as of May 27, 2005 by and among the Company, 4293746
CANADA Inc., Venture Link Limited, 4205235 Canada Inc., 4205219 Canada
Inc., 4205227 Canada Inc., and New Freedom Corporation.”

 

““AskMen Collateral Agreement”
means the Guarantee and Collateral Agreement dated as of May 27, 2005 by
and among the Company and certain of its subsidiaries in favor of US Bank
National Association, and each certificate, document, agreement or instrument
delivered pursuant thereto or in connection therewith, as such may be amended,
supplemented or otherwise modified from time to time in accordance with its
terms and the terms hereof.”

 

““AskMen Credit Agreement”
means the Credit Agreement by and among the Company, the Lenders (as defined
therein) and the US Bank National Association dated as of May 27, 2005, and each certificate,
document, agreement or instrument delivered pursuant thereto or in connection

 

7

 

therewith, as such may be amended, supplemented or otherwise modified
from time to time in accordance with its terms and the terms hereof.”

 

““AskMen Note Documents”
means the AskMen Credit Agreement and the AskMen Collateral Agreement.”

 

““AskMen Merger Documents”
means the AskMen Agreement and each certificate, document, agreement or instrument
delivered pursuant thereto or in connection therewith.”“

 

““Collateral
Trust Agreement” means that certain Collateral Trust Agreement,
dated as of May 27, 2005 by and, among the Company, the Guarantors, the
Collateral Agent, US Bank National Association, as collateral agent under the
Credit Agreement, and US Bank National Association, as collateral trustee
thereunder.”

 

““Credit
Agreement” means that certain Credit Agreement, dated as of May 27,
2005 by and among the Company, the Lenders (as defined therein), and US Bank
National Association as administrative agent and as collateral agent.”

 

“First
Lien Debt” has the meaning given to such term in the Collateral
Trust Agreement.”

 

““First
Lien Percentage” means at any time of measurement with respect
to any single Series of First Lien Debt, the percentage that the aggregate
outstanding principal amount of such Series of First Lien Debt bears to
the aggregate outstanding principal amount of all Series of First Lien
Debt.”

 

“Series of
First Lien Debt” has the meaning given to such term in the Collateral
Trust Agreement.”

 

““Team Xbox Agreement”
means the Asset Purchase Agreement dated October 20, 2003 by and between
Team Xbox LLC and the Company.”“

 

2.15.        Article XI of the Note Purchase
Agreement is further amended by adding the following row in the proper
chronological order in the table following clause (b) of the definition of
“Consolidated
EBITDA”:

 

	
  December 31, 2004

  	
   

  	
  Initial Public Offering Expense

  	
   

  	
  $

  	
  2,961,000

  	
   

  

 

2.16.        Article XI of the Note Purchase
Agreement is further amended by inserting the following sentence to the end of
the definition of “Financing
Proceeds”:

 

“For the avoidance
of doubt, Financing Proceeds shall not include revenue received from licensing
of Company’s Intellectual Property on a non-exclusive basis in the ordinary
course of business.”

 

2.17.        Article XI of the Note Purchase
Agreement is further amended by deleting the “.” at end of clause (x) of the
definition of “Permitted
Liens” and replacing it with “; and” and inserting the following
immediately thereafter:

 

“(xi)         Liens on assets owned by the Company or any of its
Subsidiaries securing Obligations under the AskMen Note Documents; and

 

8

 

“(xii)        Liens in favor of Silicon Valley Bank or
replacement arrangements for the same purpose arising in connection with two
blocked accounts with the bank to secure certain obligations as set forth
below:

 

	
  Account Number

  	
   

  	
  Purpose

  
	
   

  	
   

  	
   

  
	
  8800052253

  	
   

  	
  Short Term Investment Blocked Account in which Company has on deposit
  $712,000 to secure repayment obligation which would arise from draws made
  under a letter of credit in favor landlord of Company’s leasehold at 475 Park
  Avenue South, Cohen Brothers LLC, as security for performance of the lease.

  
	
   

  	
   

  	
   

  
	
  8800054423

  	
   

  	
  Merchant CD Account Blocked Account in which Company has on deposit
  $125,000, to provide security for repayment of sums which may become due to
  Silicon Valley Bank in connection with Company’s merchant banking accounts
  (for the acceptance of credit card payments).”

  

 

2.18.        Article XI of the Note Purchase
Agreement is further amended by amending and restating the following defined
terms in such Article:

 

““Acquisition Consideration”
means the “Merger Consideration” (as defined in the Rotten Tomatoes Merger
Document), and the “Purchase Price” (as defined in the 3D Gamers Agreement and
the AskMen Agreement, as appropriate).”

 

““Acquisition Documents”
means each 3D Gamers Merger Document, each Rotten Tomatoes Merger Document and
each AskMen Merger Document.”

 

““Subsequent Investment Cap”
means, with respect to the Rotten Tomatoes Merger Agreement, $9,300,000 plus up
to $100,000 of working capital adjustments made pursuant to Section 1.11
of the Rotten Tomatoes Merger Agreement, with respect to the 3D Gamers Agreement,
$2,000,000, and with respect to the AskMen Agreement, $13,500,000.”“

 

SECTION 3.                                               CONSENT

 

3.1.          The Majority Holders hereby consent to
the amendment to the Securities Purchase Agreement in the form of Exhibit A
hereto pursuant to Section 6.5 of the Note Purchase Agreement.

 

3.2.          The Majority Holders and the Collateral Agent hereby
consent to the amendment and restatement of the Guarantee and Collateral
Agreement, dated March 3, 2004, made by the Company in favor of the
Holders, in the form attached hereto as Exhibit C.

 

3.3.          The Majority Holders and the Collateral Agent hereby
consent to the Collateral Trust Agreement, dated as of May 27, 2005, by
and among the Company, the Guarantors, the Collateral Agent, US Bank National
Association, as collateral agent under the Credit Agreement, and US Bank
National Association, as collateral trustee thereunder, in the form attached
hereto as Exhibit D.

 

9

 

SECTION 4.                                               CONDITIONS
PRECEDENT

 

The
effectiveness of the waiver to the Note Purchase Agreement contemplated by Section 1
hereof, the amendments to the Note Purchase Agreement contemplated by Section 2
hereof and the consent contemplated by Section 3 hereof are subject to the
receipt by each Holder delivering a signature page to this Amendment of
the following:

 

(a)           counterparts
hereof duly executed by the Company, the Guarantors, the Collateral Agent and
the Majority Holders;

 

(b)           an
amendment to the Securities Purchase Agreement in the form of Exhibit A
hereto, duly executed by the holders of the requisite principal amount of
Senior Subordinated Notes and the holders of the requisite number of shares of Series B
Preferred Stock; and

 

(c)           the AskMen Merger
Documents, the AskMen Note Documents and each document delivered pursuant
thereto, duly executed by each party thereto; and

 

(d)           all costs, fees and
expenses payable to the Collateral Agent and the Majority Holders by the
Company pursuant to Section 1.6 of the Note Purchase Agreement, including
without limitation the reasonable fees and disbursements of Latham &
Watkins LLP.

 

SECTION 5.                                               COUNTERPARTS

 

This Amendment
may be executed in any number of counterparts, and all such counterparts taken
together shall be deemed to constitute one and the same instrument.  Signature pages may be detached from
counterpart documents and reassembled to form duplicate executed originals.

 

SECTION 6.                                               RATIFICATION
OF AGREEMENT

 

6.1.          To induce the Majority Holders to enter into this
Amendment, the Company and the Guarantors jointly and severally represent and
warrant that after giving effect to this Amendment no violation of the terms of
the Note Purchase Agreement or any Security Document exists and all representations
and warranties contained in this Amendment and in Sections 4.1(a), 4.1(b), and
4.4 of the Note Purchase Agreement, as amended by this Amendment, are true,
correct and complete in all material respects on and as of the date hereof
except to the extent such representations and warranties specifically relate to
an earlier date in which case they were true, correct and complete in all
material respects on and as of such earlier date.

 

6.2.          Except as expressly set forth in this Amendment, the terms,
provisions and conditions of the Note Purchase Agreement, each Security
Document and the other Note Documents are unchanged, and said agreements, as
amended, shall remain in full force and effect and are hereby confirmed and ratified.

 

SECTION 7.                                               GOVERNING
LAW; JURISDICTION; VENUE; WAIVER OF JURY TRIAL.

 

THIS AMENDMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH AND BE

 

10

 

GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
(WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE THAT
WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE OF NEW YORK).  ANY LEGAL ACTION OR
PROCEEDING WITH RESPECT TO THIS AMENDMENT OR ANY OTHER DOCUMENT MAY BE
BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS
AMENDMENT, THE COMPANY, EACH GUARANTOR AND THEIR RESPECTIVE SUBSIDIARIES HEREBY
IRREVOCABLY ACCEPT FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.  THE COMPANY, EACH GUARANTOR, AND THEIR
RESPECTIVE SUBSIDIARIES IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS BY
REGISTERED OR CERTIFIED MAIL (RETURN RECEIPT REQUESTED) TO CT CORPORATION
SYSTEM, 1633 BROADWAY, NEW YORK, NEW YORK 10019, ITS AGENT FOR SERVICE OF
PROCESS, WHICH SHALL CONSTITUTE SUFFICIENT NOTICE.  NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE
HOLDERS OR THE COLLATERAL AGENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE
COMPANY OR ANY GUARANTOR OR ANY OF THEIR RESPECTIVE SUBSIDIARIES IN ANY OTHER
JURISDICTION.

 

EACH OF THE
COMPANY, THE GUARANTORS AND THEIR RESPECTIVE SUBSIDIARIES HEREBY IRREVOCABLY
WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN
CONNECTION WITH THIS AMENDMENT OR ANY OTHER DOCUMENT BROUGHT IN THE COURTS
REFERRED TO IN THIS SECTION AND HEREBY FURTHER IRREVOCABLY WAIVES AND
AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

BECAUSE
DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST
QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE
PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY, THE PARTIES DESIRE
THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.  THEREFORE, THE PARTIES HERETO WAIVE ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND
ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT AND THE NOTE DOCUMENTS.

 

SECTION 8.                                               ACKNOWLEDGMENT
AND CONSENT BY THE GUARANTORS

 

Each Guarantor
hereby acknowledges that it has read this Amendment and consents to the terms
hereof and further confirms and agrees that, notwithstanding the effectiveness
of this Amendment, its obligations under its Guarantee shall not be impaired or
affected and such Guarantee is, and shall continue to be, in full force and
effect and is hereby confirmed and ratified in all respects.

 

[SIGNATURE PAGES FOLLOW]

 

11

 

IN WITNESS
WHEREOF, each of the parties hereto has caused a counterpart of this Amendment
to be duly executed and delivered as of the date first above written.

 

	
   

  	
  COMPANY:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IGN ENTERTAINMENT, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GUARANTORS:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GAMESPY INDUSTRIES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TWO CENTS, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  COLLATERAL AGENT:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  US BANK NATIONAL ASSOCIATION

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael M. Hopkins

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Michael M. Hopkins

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  	
   

  

 

[Counterpart Signature Pages Follow]

 

 

	
  GoldenTree High Yield Value Master Fund,
  L.P.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree
  Asset Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

Counterpart
Signature Page

Amendment
And Waiver No. 4 to 

Note Purchase Agreement

 

 

	
  GoldenTree High Yield Master Fund, Ltd.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree
  Asset Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 4 to 

Note Purchase Agreement

 

 

	
  GoldenTree High Yield Master Fund II, Ltd.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree
  Asset Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 4 to 

Note Purchase Agreement

 

 

	
  GoldenTree Capital Solutions Fund

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree
  Asset Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 4 to 

Note Purchase Agreement

 

 

	
  GoldenTree Capital Solutions Offshore Fund

  	
   

  
	
   

  	
   

  
	
  By:

  	
  GoldenTree
  Asset Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas
  H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 4 to 

Note Purchase Agreement

 

 

Exhibit A

Amendment and Waiver to Securities Purchase Agreement

 

[See
Amendment and Waiver No. 4 to Securities Purchase Agreement in Exhibit 10.15 to
this Form S-1.]

 

 

Exhibit B

Existing Defaults

 

[Exhibit B has been omitted. A copy of
this exhibit will be furnished supplementally to the Commission upon request.]

 

 

Exhibit C

Amended and Restated Guarantee and Collateral Agreement

 

[See
Amended and Restated Guarantee and Collateral Agreement in Exhibit 10.17 to
this Form S-1.]

 

 

Exhibit D

Collateral Trust Agreement

 

[See
Collateral Trust Agreement in Exhibit 10.18 to this Form S-1.]

 

 

Amendment
and Waiver No. 5 to Note Purchase Agreement

 

 

AMENDMENT
AND WAIVER NO. 5 TO NOTE PURCHASE AGREEMENT

 

This AMENDMENT
AND WAIVER NO. 5 (the “Amendment”) is made as of June 7, 2005 by and among
IGN Entertainment, Inc., a Delaware corporation (the “Company”), those
entities listed on the signature pages hereto under the heading “Guarantors”
(the “Guarantors”),
the registered holders of the Company’s Senior Secured Notes due March 31,
2009 (the “Notes”)
listed on the signature pages hereto (collectively, the “Majority Holders”),
and US Bank National Association, as collateral agent (the “Collateral Agent”).  This Amendment is made with reference to that
certain Note Purchase Agreement dated as of March 3, 2004, by and among
the Company, the purchasers listed on the signature pages thereto (the “Purchasers”), and the
Collateral Agent, as amended by that certain Amendment and Waiver No. 1 to
Note Purchase Agreement dated as of July 9, 2004, that certain Amendment
No. 2 to Note Purchase Agreement dated February 4, 2005, that certain
Amendment No. 3 to Note Purchase Agreement dated March 31, 2005, and
that certain Amendment and Waiver No. 4 to Note Purchase Agreement dated
May 27, 2005 (the “Note
Purchase Agreement”).  All
capitalized terms used herein and not otherwise defined shall have the meanings
assigned to such terms in the Note Purchase Agreement.

 

WHEREAS, the
Company, the Collateral Agent and the Purchasers entered into the Note Purchase
Agreement;

 

WHEREAS, the Company is in default of certain
financial covenants set forth in the Note Purchase Agreement;

 

WHEREAS,
pursuant to Section 12.4 of the Note Purchase Agreement, the Company, the
Collateral Agent, and the Majority Holders desire to make certain amendments to
the Note Purchase Agreement as set forth below and the Guarantors desire to
acknowledge such amendments;

 

WHEREAS,
pursuant to Section 12.4 of the Note Purchase Agreement, the Majority
Holders desire to waive certain provisions of the Note Purchase Agreement as
set forth below and the Guarantors desire to acknowledge such waivers;

 

WHEREAS, the
holders of Senior Subordinated Notes have agreed to amend the Securities
Purchase Agreement pursuant to that certain Amendment and Waiver No. 5 to
Securities Purchase Agreement attached hereto as Exhibit A;

 

WHEREAS, the
Majority Lenders (as defined in the Credit Agreement) have agreed to amend the
Credit Agreement pursuant to that certain Amendment and Waiver No. 1 to
Credit Agreement attached hereto as Exhibit B;

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

2

 

SECTION 1.                                               WAIVER

 

The Majority Holders hereby waive any and all rights and remedies of
the Holders it may have, including those pursuant to Article VIII of the
Note Purchase Agreement and Section 1.5(d) of the Note Purchase Agreement,
arising directly from the Defaults and Events of Default described on Exhibit
C hereto and hereby waive any rights to notice required in the Note
Purchase Agreement with respect to such Defaults.

 

SECTION 2.                                               AMENDMENTS
TO THE NOTE PURCHASE AGREEMENT

 

2.1.                              Section 7.2
of the Note Purchase Agreement is amended and restated in its entirety as follows:

 

“Minimum EBITDA to Consolidated Interest Expense.

 

The Company
will not permit the ratio of (a) its Consolidated EBITDA for the Test Period
ending on each date listed below to (b) its Consolidated Interest Expense for
the Test Period ending on each date listed below to be less than the ratio set
forth below:

 

	
  Test Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30,
  2005

  	
   

  	
  1.80:1.00

  	
   

  
	
  September 30,
  2005

  	
   

  	
  1.80:1.00

  	
   

  
	
  December 31,
  2005

  	
   

  	
  2.00:1.00

  	
   

  
	
  March 31,
  2006

  	
   

  	
  2.00:1.00

  	
   

  
	
  June 30,
  2006

  	
   

  	
  2.00:1.00

  	
   

  
	
  September 30,
  2006

  	
   

  	
  2.10:1.00

  	
   

  
	
  December 31,
  2006

  	
   

  	
  2.35:1.00

  	
   

  
	
  March 31,
  2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  June 30,
  2007

  	
   

  	
  2.60:1.00

  	
   

  
	
  September 30,
  2007

  	
   

  	
  2.60:1.00

  	
   

  
	
  December 31,
  2007

  	
   

  	
  2.65:1.00

  	
   

  
	
  March 31,
  2008

  	
   

  	
  2.75:1.00

  	
   

  
	
  June 30,
  2008

  	
   

  	
  3.00:1.00

  	
   

  
	
  September 30,
  2008

  	
   

  	
  3.25:1.00

  	
   

  
	
  December 31,
  2008

  	
   

  	
  3.25:1.00

  	
   

  
	
  March 31,
  2009

  	
   

  	
  3.25:1.00

  	
  ”

  

 

2.2.                              Section 7.4
of the Note Purchase Agreement is amended and restated in its entirety as
follows:

 

“Leverage Ratios.

 

The Company
will not permit the ratio (the “Leverage Ratio”) of (a) Funded Indebtedness of Company
and its Subsidiaries on each date listed below to (b) Consolidated

 

3

 

EBITDA of the
Company for the Test Period ending on each date listed below to be more than
the ratio set forth below:

 

	
  Test Period

  	
   

  	
  Ratio

  	
   

  
	
  June 30,
  2005

  	
   

  	
  4.75:1.00

  	
   

  
	
  September 30,
  2005

  	
   

  	
  4.25:1.00

  	
   

  
	
  December 31,
  2005

  	
   

  	
  3.65:1.00

  	
   

  
	
  March 31,
  2006

  	
   

  	
  3.50:1.00

  	
   

  
	
  June 30,
  2006

  	
   

  	
  3.35:1.00

  	
   

  
	
  September 30,
  2006

  	
   

  	
  3.15:1.00

  	
   

  
	
  December 31,
  2006

  	
   

  	
  2.90:1.00

  	
   

  
	
  March 31,
  2007

  	
   

  	
  2.60:1.00

  	
   

  
	
  June 30,
  2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  September 30,
  2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  December 31,
  2007

  	
   

  	
  2.40:1.00

  	
   

  
	
  March 31,
  2008

  	
   

  	
  2.30:1.00

  	
   

  
	
  June 30,
  2008

  	
   

  	
  2.30:1.00

  	
   

  
	
  September 30,
  2008

  	
   

  	
  2.25:1.00

  	
   

  
	
  December 31,
  2008

  	
   

  	
  2.20:1.00

  	
   

  
	
  March 31,
  2009

  	
   

  	
  2.15:1.00

  	
  ”

  

 

SECTION 3.                                               CONSENT

 

The Majority
Holders hereby consent to the amendment to the Securities Purchase Agreement in
the form of Exhibit A hereto pursuant to Section 6.5 of the
Note Purchase Agreement.

 

SECTION 4.                                               CONDITIONS
PRECEDENT

 

The
effectiveness of the waiver to the Note Purchase Agreement contemplated by Section 1
hereof, the amendments to the Note Purchase Agreement contemplated by Section 2
hereof and the consent contemplated by Section 3 hereof are subject to the
receipt by each Holder delivering a signature page to this Amendment of the following:

 

(a)                                  counterparts hereof
duly executed by the Company, the Guarantors, the Collateral Agent and the
Majority Holders;

 

(b)                                 an amendment to the
Securities Purchase Agreement in the form of Exhibit A hereto (the
“SPA Amendment”), duly executed by
the holders of the requisite principal amount of Senior Subordinated Notes and
the holders of the requisite number of shares of Series B Preferred Stock; and

 

(c)                                  an amendment to the
Credit Agreement in the form of Exhibit B hereto (the “NPA Amendment”), duly executed by
the Majority Lenders (as defined therein) and each Agent (as defined therein);
and

 

4

 

(d)                                 all costs, fees and
expenses payable to the Collateral Agent and the Majority Holders by the
Company pursuant to Section 1.6 of the Note Purchase Agreement, including
without limitation the reasonable fees and disbursements of Latham &
Watkins LLP.

 

SECTION 5.                                               COUNTERPARTS

 

This Amendment
may be executed in any number of counterparts, and all such counterparts taken
together shall be deemed to constitute one and the same instrument.  Signature pages may be detached from
counterpart documents and reassembled to form duplicate executed originals.

 

SECTION 6.                                               RATIFICATION
OF AGREEMENT

 

6.1.                              To
induce the Majority Holders to enter into this Amendment, the Company and the
Guarantors jointly and severally represent and warrant that after giving effect
to this Amendment no violation of the terms of the Note Purchase Agreement or
any Security Document exists and all representations and warranties contained
in this Amendment and in Sections 4.1(a), 4.1(b), and 4.4 of the Note Purchase
Agreement, as amended by this Amendment, are true, correct and complete in all
material respects on and as of the date hereof except to the extent such
representations and warranties specifically relate to an earlier date in which
case they were true, correct and complete in all material respects on and as of
such earlier date.

 

6.2.                              Except
as expressly set forth in this Amendment, the terms, provisions and conditions
of the Note Purchase Agreement, each Security Document and the other Note
Documents are unchanged, and said agreements, as amended, shall remain in full
force and effect and are hereby confirmed and ratified.

 

SECTION 7.                                               GOVERNING
LAW; JURISDICTION; VENUE; WAIVER OF JURY TRIAL.

 

THIS AMENDMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK (WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE
THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE OF NEW YORK).  ANY LEGAL ACTION OR PROCEEDING
WITH RESPECT TO THIS AMENDMENT OR ANY OTHER DOCUMENT MAY BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN
DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AMENDMENT, THE
COMPANY, EACH GUARANTOR AND THEIR RESPECTIVE SUBSIDIARIES HEREBY IRREVOCABLY
ACCEPT FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.  THE COMPANY, EACH GUARANTOR, AND THEIR
RESPECTIVE SUBSIDIARIES IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS BY
REGISTERED OR CERTIFIED MAIL (RETURN

 

5

 

RECEIPT
REQUESTED) TO CT CORPORATION SYSTEM, 1633 BROADWAY, NEW YORK, NEW YORK 10019,
ITS AGENT FOR SERVICE OF PROCESS, WHICH SHALL CONSTITUTE SUFFICIENT
NOTICE.  NOTHING HEREIN SHALL AFFECT THE
RIGHT OF THE HOLDERS OR THE COLLATERAL AGENT TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED
AGAINST THE COMPANY OR ANY GUARANTOR OR ANY OF THEIR RESPECTIVE SUBSIDIARIES IN
ANY OTHER JURISDICTION.

 

EACH OF THE
COMPANY, THE GUARANTORS AND THEIR RESPECTIVE SUBSIDIARIES HEREBY IRREVOCABLY
WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE
OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION
WITH THIS AMENDMENT OR ANY OTHER DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN
THIS SECTION AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD
OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY
SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

BECAUSE
DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST
QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE
PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY, THE PARTIES DESIRE
THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.  THEREFORE, THE PARTIES HERETO WAIVE ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND
ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT AND THE NOTE DOCUMENTS.

 

SECTION 8.                                               ACKNOWLEDGMENT
AND CONSENT BY THE GUARANTORS

 

Each Guarantor
hereby acknowledges that it has read this Amendment and consents to the terms
hereof and further confirms and agrees that, notwithstanding the effectiveness
of this Amendment, its obligations under its Guarantee shall not be impaired or
affected and such Guarantee is, and shall continue to be, in full force and
effect and is hereby confirmed and ratified in all respects.

 

[SIGNATURE PAGES FOLLOW]

 

6

 

IN WITNESS
WHEREOF, each of the parties hereto has caused a counterpart of this Amendment
to be duly executed and delivered as of the date first above written.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  IGN ENTERTAINMENT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GUARANTORS:

  
	
   

  	
   

  
	
   

  	
  GAMESPY INDUSTRIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TWO CENTS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  INCFUSION CORPORATION (D.B.A. ROTTEN TOMATOES)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

	
   

  	
  COLLATERAL AGENT:

  
	
   

  	
   

  
	
   

  	
  US BANK NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael M. Hopkins

  
	
   

  	
   

  	
  Name: Michael M. Hopkins

  
	
   

  	
   

  	
  Title: Vice President

  

 

[Counterpart Signature Pages Follow]

 

 

GoldenTree High Yield Value Master Fund, L.P.

 

By:                              GoldenTree
Asset Management, LP, as Investment Advisor

 

 

	
   

  	
  By:

  	
  /s/ Thomas H. Shandell

  	
   

  
	
   

  	
  Name:

  	
  Thomas Shandell

  
	
   

  	
  Title:

  	
  Portfolio Manager

  
					

 

 

Address:

c/o GoldenTree Asset Management,
LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 5 to

Note Purchase Agreement

 

 

GoldenTree
High Yield Master Fund, Ltd.

 

By:                              GoldenTree
Asset Management, LP, as Investment Advisor

 

 

	
   

  	
  By: 

  	
  /s/ Thomas H. Shandell

  	
   

  
	
   

  	
  Name:

  	
  Thomas Shandell

  
	
   

  	
  Title:

  	
  Portfolio Manager

  
					

 

 

Address:

c/o GoldenTree
Asset Management, LP, as Investment Advisor

300 Park
Avenue

New York, New
York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 5 to

Note Purchase Agreement

 

 

GoldenTree
High Yield Master Fund II, Ltd.

 

By:                              GoldenTree
Asset Management, LP, as Investment Advisor

 

 

	
   

  	
  By:

  	
  /s/ Thomas H. Shandell

  	
   

  
	
   

  	
  Name:

  	
  Thomas Shandell

  
	
   

  	
  Title:

  	
  Portfolio Manager

  
					

 

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 5 to

Note Purchase Agreement

 

 

GoldenTree
Capital Solutions Fund

 

By:                              GoldenTree
Asset Management, LP, as Investment Advisor

 

 

	
   

  	
  By:

  	
  /s/ Thomas H. Shandell

  	
   

  
	
   

  	
  Name:

  	
  Thomas Shandell

  
	
   

  	
  Title:

  	
  Portfolio Manager

  
					

 

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 5 to

Note Purchase Agreement

 

 

GoldenTree
Capital Solutions Offshore Fund

 

By:                              GoldenTree
Asset Management, LP, as Investment Advisor

 

 

	
   

  	
  By:

  	
  /s/ Thomas H. Shandell

  	
   

  
	
   

  	
  Name:

  	
  Thomas Shandell

  
	
   

  	
  Title:

  	
  Portfolio Manager

  
					

 

 

Address:

c/o GoldenTree
Asset Management, LP, as Investment Advisor

300 Park
Avenue

New York, New
York 10022

 

 

Counterpart
Signature Page

Amendment
And Waiver No. 5 to

Note Purchase Agreement

 

 

Exhibit
A

Amendment
and Waiver to Securities Purchase Agreement

 

[See
Amendment No. 5 to Securities Purchase Agreement in Exhibit 10.15 to this Form
S-1.]

 

 

Exhibit
B

Amendment
and Waiver to Credit Agreement

 

[See
Amendment and Waiver No. 1 to Credit Agreement in Exhibit 10.18 to this Form
S-1.]

 

 

Exhibit C

Existing
Defaults

 

[Exhibit C has been omitted. A copy of
this exhibit will be furnished supplementally to the Commission upon request.]Exhibit 10.17

 

 

 

$13,500,000

 

CREDIT AGREEMENT

 

among

 

IGN ENTERTAINMENT, INC.,

 

as Borrower,

 

The Several Lenders

from Time to Time Parties Hereto,

 

and

 

US Bank National Association,

as Administrative Agent

and as Collateral Agent

 

Dated as
of May 27, 2005

 

 

 

 

TABLE OF CONTENTS

 

	
  SECTION 1. DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  1.1

  	
  Defined Terms:

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2. AMOUNT AND TERMS OF COMMITMENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  2.1

  	
  Term Loan Commitments

  	
   

  
	
  2.2

  	
  Procedure for Term Loan Borrowing

  	
   

  
	
  2.3

  	
  Repayment of Term Loans

  	
   

  
	
  2.4

  	
  Repayment of Loans; Evidence of Debt

  	
   

  
	
  2.5

  	
  Fees

  	
   

  
	
  2.6

  	
  Optional Prepayments

  	
   

  
	
  2.7

  	
  Interest Rates and Payment Dates

  	
   

  
	
  2.8

  	
  Indemnification

  	
   

  
	
  2.9

  	
  Pro Rata Treatment and Payments

  	
   

  
	
  2.10

  	
  Requirements of Law

  	
   

  
	
  2.11

  	
  Taxes

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3. INTENTIONALLY OMITTED

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4. REPRESENTATIONS AND
  WARRANTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  4.1

  	
  Organization, Standing and Qualification

  	
   

  
	
  4.2

  	
  Capitalization

  	
   

  
	
  4.3

  	
  Directors, Owners and Affiliates of the
  Borrower

  	
   

  
	
  4.4

  	
  Authorization of the Loan Documents

  	
   

  
	
  4.5

  	
  No Violation

  	
   

  
	
  4.6

  	
  No
  Defaults

  	
   

  
	
  4.7

  	
  Use of Proceeds

  	
   

  
	
  4.8

  	
  Outstanding Indebtedness; Liens

  	
   

  
	
  4.9

  	
  Financial Statements; Projections; No
  Undisclosed Liabilities

  	
   

  
	
  4.10

  	
  No Material Adverse Change

  	
   

  
	
  4.11

  	
  Litigation

  	
   

  
	
  4.12

  	
  Title to and Condition of Properties

  	
   

  
	
  4.13

  	
  Environmental Compliance

  	
   

  
	
  4.14

  	
  Intellectual Property

  	
   

  
	
  4.15

  	
  Taxes

  	
   

  
	
  4.16

  	
  ERISA

  	
   

  
	
  4.17

  	
  Material Contracts

  	
   

  
	
  4.18

  	
  Compliance with Laws; Charter Documents;
  Material Contracts

  	
   

  
	
  4.19

  	
  Labor Relations

  	
   

  
	
  4.20

  	
  No Violation of Regulations of Board of
  Governors of Federal Reserve System

  	
   

  
	
  4.21

  	
  Governmental Regulations

  	
   

  

 

i

 

	
  4.22

  	
  Solvency

  	
   

  
	
  4.23

  	
  Full Disclosure

  	
   

  
	
  4.24

  	
  Survival of Representations and Warranties

  	
   

  
	
  4.25

  	
  Security Documents

  	
   

  
	
  4.26

  	
  Real Property

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5. CONDITIONS PRECEDENT

  	
   

  
	
   

  	
   

  	
   

  
	
  5.1

  	
  Conditions to Initial Extension of Credit

  	
   

  
	
  5.2

  	
  Representations and Warranties True; No
  Event of Default

  	
   

  
	
  5.3

  	
  Compliance with this Agreement

  	
   

  
	
  5.4

  	
  AskMen Acquisition

  	
   

  
	
  5.5

  	
  Compliance Certificates

  	
   

  
	
  5.6

  	
  Opinion of Counsel

  	
   

  
	
  5.7

  	
  Intentionally Omitted

  	
   

  
	
  5.8

  	
  Sources and Uses of Funds

  	
   

  
	
  5.9

  	
  Financial Statements

  	
   

  
	
  5.10

  	
  Assets and Liabilities

  	
   

  
	
  5.11

  	
  Proceedings Satisfactory

  	
   

  
	
  5.12

  	
  Consents and Permits

  	
   

  
	
  5.13

  	
  Solvency Certificate

  	
   

  
	
  5.14

  	
  Loan Documents

  	
   

  
	
  5.15

  	
  Security

  	
   

  
	
  5.16

  	
  Payment of Fees and Expenses

  	
   

  
	
  5.17

  	
  No New Information

  	
   

  
	
  5.18

  	
  No Material Adverse Change

  	
   

  
	
  5.19

  	
  Disbursement Instructions

  	
   

  
	
  5.20

  	
  Other Assurances

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6. AFFIRMATIVE COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  6.1

  	
  Payment of Obligations

  	
   

  
	
  6.2

  	
  Delivery of Financial and Other Statements
  and Reports

  	
   

  
	
  6.3

  	
  Taxes

  	
   

  
	
  6.4

  	
  Insurance

  	
   

  
	
  6.5

  	
  Corporate Existence

  	
   

  
	
  6.6

  	
  Books and Records

  	
   

  
	
  6.7

  	
  Compliance with Laws

  	
   

  
	
  6.8

  	
  Use of Proceeds

  	
   

  
	
  6.9

  	
  Mandatory Prepayments with Excess Cash and
  Net Financing Proceeds

  	
   

  
	
  6.10

  	
  Additional Collateral, etc.

  	
   

  
	
  6.11

  	
  Security Interests

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7. NEGATIVE COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  7.1

  	
  Incurrence of Indebtedness and Issuance of
  Preferred Stock

  	
   

  
	
  7.2

  	
  No Layering

  	
   

  

 

ii

 

	
  7.3

  	
  Restrictions on Liens

  	
   

  
	
  7.4

  	
  Limitation on Restricted Payments

  	
   

  
	
  7.5

  	
  No Amendment to Certain Documents

  	
   

  
	
  7.6

  	
  Asset Sales; Casualty Proceeds

  	
   

  
	
  7.7

  	
  Limitation on Sale and Leaseback
  Transactions

  	
   

  
	
  7.8

  	
  Limitation on Issuances and Sales of
  Capital Stock of Wholly Owned Subsidiaries

  	
   

  
	
  7.9

  	
  Business Activities

  	
   

  
	
  7.10

  	
  Stay, Extension and Usury Laws

  	
   

  
	
  7.11

  	
  Investment Company Act; United States Real
  Property Holding Corporation

  	
   

  
	
  7.12

  	
  No Merger, etc.

  	
   

  
	
  7.13

  	
  Limitation on Transactions With Affiliates

  	
   

  
	
  7.14

  	
  Limitation on Dividends and Other Payment
  Restrictions Affecting Subsidiaries

  	
   

  
	
  7.15

  	
  Payments for Consent

  	
   

  
	
  7.16

  	
  Employee Plans

  	
   

  
	
  7.17

  	
  ERISA Notices

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8. FINANCIAL COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  8.1

  	
  Minimum Consolidated EBITDA

  	
   

  
	
  8.2

  	
  Minimum EBITDA to Consolidated Interest
  Expense

  	
   

  
	
  8.3

  	
  Limitation on Capital Expenditures

  	
   

  
	
  8.4

  	
  Leverage Ratio

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9. DEFAULTS AND REMEDIES

  	
   

  
	
   

  	
   

  	
   

  
	
  9.1

  	
  Event of Default

  	
   

  
	
  9.2

  	
  Acceleration

  	
   

  
	
  9.3

  	
  Other Remedies

  	
   

  
	
  9.4

  	
  Waiver of Past Defaults

  	
   

  
	
  9.5

  	
  Rights of Lenders to Receive Payment

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 10. THE AGENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  10.1

  	
  Appointment

  	
   

  
	
  10.2

  	
  Delegation of Duties

  	
   

  
	
  10.3

  	
  Exculpatory Provisions

  	
   

  
	
  10.4

  	
  Reliance by Collateral Agent

  	
   

  
	
  10.5

  	
  Notice of Default

  	
   

  
	
  10.6

  	
  Non-Reliance on the Collateral Agent and
  Lenders

  	
   

  
	
  10.7

  	
  Indemnification

  	
   

  
	
  10.8

  	
  Collateral Agent in its Individual Capacity

  	
   

  
	
  10.9

  	
  Successor Collateral Agent

  	
   

  
	
  10.10

  	
  Authorization to Release Liens and
  Guarantees

  	
   

  
	
  10.11

  	
  Withholding Tax

  	
   

  

 

iii

 

	
  SECTION 11. MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  11.1

  	
  Notices

  	
   

  
	
  11.2

  	
  Survival of Agreement

  	
   

  
	
  11.3

  	
  Transfers

  	
   

  
	
  11.4

  	
  Successors and Assigns

  	
   

  
	
  11.5

  	
  Amendment and Waiver

  	
   

  
	
  11.6

  	
  Independence of Covenants

  	
   

  
	
  11.7

  	
  No Fiduciary Relationship

  	
   

  
	
  11.8

  	
  No Duty

  	
   

  
	
  11.9

  	
  Counterparts

  	
   

  
	
  11.10

  	
  Calculations; Computations

  	
   

  
	
  11.11

  	
  Interpretation

  	
   

  
	
  11.12

  	
  Governing Law; Jurisdiction; Venue; Waiver
  of Jury Trial

  	
   

  
	
  11.13

  	
  Entire Agreement

  	
   

  
	
  11.14

  	
  Severability

  	
   

  

 

iv

 

	
  SCHEDULES:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule 1

  	
  Commitments

  	
   

  
	
  Schedule 4.1(a)

  	
  Charter Documents

  	
   

  
	
  Schedule 4.1(c)

  	
  Subsidiaries

  	
   

  
	
  Schedule 4.1(d)

  	
  Agreements Imposing Restrictions on Payment
  of Dividends

  	
   

  
	
  Schedule 4.2

  	
  Capitalization

  	
   

  
	
  Schedule 4.3

  	
  Directors, Officers and Affiliates

  	
   

  
	
  Schedule 4.5

  	
  Consents, Approvals, Authorizations and
  Notices

  	
   

  
	
  Schedule 4.8

  	
  Existing Indebtedness and
  Existing Liens

  	
   

  
	
  Schedule 4.9(a)

  	
  Financial Statements

  	
   

  
	
  Schedule 4.9(b)

  	
  Projections

  	
   

  
	
  Schedule 4.9(c)

  	
  Undisclosed Liabilities

  	
   

  
	
  Schedule 4.11

  	
  Litigation

  	
   

  
	
  Schedule 4.13

  	
  Environmental Compliance

  	
   

  
	
  Schedule 4.14

  	
  Intellectual Property

  	
   

  
	
  Schedule 4.16(a)

  	
  ERISA Plans

  	
   

  
	
  Schedule 4.16(b)

  	
  ERISA Plan Payments

  	
   

  
	
  Schedule 4.17

  	
  Material Contacts

  	
   

  
	
  Schedule 4.25(a)-1

  	
  UCC Filing Jurisdictions

  	
   

  
	
  Schedule 4.25(a)-2

  	
  UCC Financing Statements to
  Remain on File

  	
   

  
	
  Schedule 4.25(a)-3

  	
  UCC Financing Statements to be
  Terminated

  	
   

  
	
  Schedule 4.26

  	
  Real Property

  	
   

  
	
  Schedule 5.7

  	
  Sources and Uses of Funds

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBITS:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
  Form of Borrowing Notice

  	
   

  
	
  Exhibit B

  	
  Form of Compliance Certificate

  	
   

  
	
  Exhibit C

  	
  Form of Guarantee and
  Collateral Agreement

  	
   

  
	
  Exhibit D

  	
  Form of Term Note

  	
   

  
	
  Exhibit E

  	
  Form of Prepayment Option Notice

  	
   

  
	
  Exhibit F

  	
  Form of Exemption Certificate

  	
   

  
	
  Exhibit G

  	
  Form of Opinion of Counsel

  	
   

  
	
  Exhibit H

  	
  Form of Solvency
  Certificate

  	
   

  
	
  Exhibit I

  	
  Form of Assignment and Acceptance

  	
   

  

 

i

 

CREDIT
AGREEMENT, dated as of May 27 2005, among IGN Entertainment, Inc., a
Delaware corporation (the “Borrower”), the several banks and other
financial institutions or entities from time to time parties to this Agreement
(the “Lenders”), and US Bank National Association as administrative
agent (in such capacity, the “Administrative Agent”) and as collateral
agent (in such capacity, the “Collateral Agent”).

 

W  I  T  N  E  S
S  E  T  H:

 

WHEREAS, on
the Closing Date (as defined below) 4293746 Canada, Inc., a corporation
incorporated under the laws of Canada and a Wholly-Owned Subsidiary of the
Borrower, will acquire all of the issued and outstanding shares of stock of
AskMen, pursuant to the AskMen Acquisition Agreement (as defined below) and
immediately thereafter amalgamate with and into AskMen;

 

WHEREAS, the
Borrower wishes to incur the term loans contemplated by this Agreement;

 

WHEREAS, the
Lenders are willing to make such term loans available upon and subject to the
terms and conditions hereinafter set forth;

 

NOW,
THEREFORE, in consideration of the premises and the agreements hereinafter set
forth, the parties hereto hereby agree as follows:

 

SECTION 1.  DEFINITIONS

 

1.1           Defined
Terms: As used in this Agreement, the terms listed in this Section 1.1
shall have the respective meanings set forth in this Section 1.1.

 

“3-Month LIBOR”:

 

(a)           the rate for three-month deposits in United States
dollars, that appears on the Moneyline Telerate Page 3750 as of 11:00 A.M.,
London time, on the applicable LIBOR Determination Date; or

 

(b)           if no rate appears on the particular LIBOR
Determination Date on the Moneyline Telerate Page 3750, the rate
calculated by the Borrower as the arithmetic mean of at least two offered
quotations obtained after requesting the principal London offices of each of
four major reference banks in the London interbank market to provide the
Borrower with its offered quotation for deposits in United States dollars for
the period of three months to prime banks in the London interbank market at
approximately 11:00 A.M., London time, on that LIBOR Determination Date
and in a principal amount that is representative for a single transaction in
United States dollars in that market at that time; or

 

(c)           if fewer than two offered quotations referred to in
clause (ii) are provided as requested, the rate calculated by the Borrower
as the arithmetic mean of the rates quoted at approximately 11:00 A.M.,
New York time, on the

 

1

 

particular LIBOR Determination Date by three
major banks in The City of New York selected by the Borrower for loans in
United States dollars to leading European banks for a period of three months
and in a principal amount that is representative for a single transaction in
United States dollars in that market at that time; or

 

(d)           if the banks so selected by the Borrower are not
quoting as mentioned in clause (iii) above, 3-Month LIBOR in effect on the
preceding LIBOR Determination Date.

 

“Acquired
Debt”: with respect to any specified Person:

 

(i)            Indebtedness of any other Person existing at the time
such other Person is merged with or into or became a Subsidiary of such
specified Person, whether or not such Indebtedness is incurred in connection
with, or in contemplation of, such other Person merging with or into, or
becoming a Subsidiary of, such specified Person; and

 

(ii)           Indebtedness secured by a Lien encumbering any asset
acquired by such specified Person.

 

“Acquisition
Consideration”: the “Purchase Price” (as defined in the AskMen Merger
Document).

 

“Administrative
Agent”:  as defined in the preamble
hereto.

 

“Affiliate”:  with respect to any specified Person, any
other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person; provided that beneficial ownership of 10% or more of the
voting securities of a Person shall be deemed to be control.  For the purposes of this definition, “control”
(including, with correlative meanings, the terms “controlled by” and “under
common control with”), as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether in the capacity
of officer or director of such Person, through the ownership of voting
securities, by agreement or otherwise.

 

“Affiliate
Transaction”: as defined in Section 7.13(a).

 

“Agents”:  the Collateral Agent and the Administrative Agent.

 

“Aggregate
Required Prepayment Amount”: for any mandatory prepayment to be prepaid
pursuant to Section 6.9, the applicable amount of Net Financing Proceeds
or the Applicable Percentage of Excess Cash Flow, as applicable.

 

“Agreement”:  this Credit Agreement, as amended,
supplemented, replaced or otherwise modified from time to time, including all
Exhibits, Schedules, and Annexes attached hereto.

 

2

 

“Applicable
Percentage”: equals

 

(a)           75%
with respect to a mandatory repayment of Loans with Excess Cash Flow generated
in any fiscal year if, as of the end of such fiscal year, the Senior Leverage
Ratio of the Borrower is equal to or greater than 1.50:1.00, or

 

(b)           50%
with respect to a mandatory repayment of Loans with Excess Cash Flow generated
in any fiscal year if, as of the end of such fiscal year, the Senior Leverage
Ratio of the Borrower is less than 1.50:1.00.

 

“Applicable
Spread”: equals, on any applicable LIBOR Reset Date,

 

(a)           7.50%,
if on the applicable LIBOR Reset Date the Senior Leverage Ratio is equal to or
greater than 2.00:1.00,

 

(b)           6.50%,
if on the applicable LIBOR Reset Date, the Senior Leverage Ratio is equal to or
greater than 1.25:1.00 and less than 2.00:1.00, and

 

(c)           5.50%,
if on the applicable LIBOR Reset Date, the applicable LIBOR Reset Date, the
Senior Leverage Ratio is less than 1.25:1.00.

 

“AskMen”:
AskMen.com Solutions Canada, Inc.

 

“AskMen Acquisition”:
the acquisition by the Borrower of 100% of the outstanding Capital Stock of AskMen
pursuant to the AskMen Acquisition Agreement.

 

“AskMen
Acquisition Agreement”:  Share
Transfer Agreement, dated as of May 27, 2005, by and among, the Borrower,
4293746 Canada Inc., a corporation incorporated under the laws of Canada,
3218864 Canada Inc., a corporation incorporated under the laws of Canada, Link
Limited, a corporation incorporated under the laws of the Bahamas, 4205235
Canada Inc., a corporation incorporated under the laws of Canada, 4205219
Canada Inc., a corporation incorporated under the laws of Canada, 4205227
Canada Inc., a corporation incorporated under the laws of Canada, and New
Freedom Corporation, a corporation incorporated under the laws of the British
Virgin Islands, as the same may be amended, supplemented, replaced or otherwise
modified from time to time in accordance with this Agreement.

 

“AskMen
Acquisition Documents”: 
collectively, the AskMen Acquisition Agreement and all schedules,
exhibits, annexes and amendments thereto and all side letters and agreements
affecting the terms thereof or entered into in connection therewith, in each
case, as amended, supplemented, replaced or otherwise modified from time to
time.

 

“AskMen Financing
Documents”: this agreement and all other agreements and documents
relating to the incurrence of the Loans on the Closing Date.

 

“Asset Sale”:

 

(i)            the
sale, lease, conveyance or other disposition of any assets or rights; provided that the sale, lease, conveyance or other
disposition of all or substantially all of the

 

3

 

assets of the Borrower and its Subsidiaries taken as a whole will be
governed by the provisions of Section 7.12 and not by the provisions of Section 7.6,

 

(ii)           the
issuance of Equity Interests in any of the Borrower’s Subsidiaries or the sale
of Equity Interests in any of its Subsidiaries.

 

Notwithstanding
the preceding, none of the following items will be deemed to be an Asset Sale:

 

(a)           any
single transaction or series of related transactions that involves assets
having a fair market value of less than $100,000;

 

(b)           a
transfer of assets between or among the Borrower and its Wholly Owned
Subsidiaries;

 

(c)           the
sale or lease of products, services or accounts receivable in the ordinary
course of business and any sale or other disposition of damaged, worn-out or
obsolete assets in the ordinary course of business;

 

(d)           an
issuance of Equity Interests by a Subsidiary to the Borrower or to another
Wholly Owned Subsidiary;

 

(e)           a
Restricted Payment that does not violate Section 7.4 or a Permitted
Investment; and

 

(f)            the
sale or other disposition of Cash Equivalents.

 

“Attributable
Debt”: in respect of a sale and leaseback transaction means, at the time of
determination, the present value of the obligation of the lessee for net rental
payments during the remaining term of the lease included in such sale and
leaseback transaction including any period for which such lease has been
extended or may, at the option of the lessor, be extended.  Such present value shall be calculated using
a discount rate equal to the rate of interest implicit in such transaction,
determined in accordance with GAAP.

 

“Bankruptcy
Law”: Title 11, U.S. Code or any similar federal or state law for the
relief of debtors.

 

“Beneficial
Owner”: has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5
under the Exchange Act, except that in calculating the beneficial ownership of
any particular “person” (as that term is used in Section 13(d)(3) of
the Exchange Act), such “person” will be deemed to have beneficial ownership of
all securities that such “person” has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is
exercisable only upon the occurrence of a subsequent condition.  The terms “Beneficially Owns” and “Beneficially
Owned” have a corresponding meaning.

 

“Borrower”:  as defined in the preamble hereto.

 

4

 

“Borrowing
Date”:  any Business Day specified by
the Borrower as a date on which the Borrower requests the relevant Lenders to
make Loans hereunder.

 

“Borrowing
Notice”:  with respect to any request
for borrowing of Loans hereunder, a notice from the Borrower, substantially in
the form of, and containing the information prescribed by,  Exhibit A, delivered to each
Lender.

 

“Business
Day”:  any day that is not a Legal
Holiday.

 

“Capital
Lease”:  any lease of any property
which would in accordance with GAAP be required to be classified and accounted
for on the balance sheet of the lessee as a capital lease.

 

“Capitalized
Lease Obligation”: with respect to any Person for any period, any
obligation of such Person to pay rent or other amounts under a Capital Lease;
the amount of such obligation shall be the capitalized amount thereof
determined in accordance with such principles.

 

“Capital
Stock”:  any and all shares,
interests, participation or other equivalents (however designated) of corporate
stock, including without limitation all common stock and preferred stock.

 

“Cash
Equivalents”:

 

(i)            marketable
direct obligations issued or unconditionally Guaranteed by the United States
Government or issued by any agency thereof and backed by the full faith and
credit of the United States, in each case maturing within one year from the
date of acquisition thereof;

 

(ii)           marketable
direct obligations issued by any state of the United States of America or any
political subdivision of any such state or any public instrumentality thereof
maturing within six months from the date of acquisition thereof and, at the
time of acquisition, having the highest ratings obtainable from Standard &
Poor’s Corporation, Moody’s Investors Service, Inc. or another nationally
recognized rating agency;

 

(iii)          commercial
paper maturing no more than one year from the date of issuance thereof and, at
the time of issuance, having at least A-1 ratings from Standard & Poor’s
Corporation, and P-1 ratings for Moody’s Investors Service, Inc. or
equivalent ratings from another nationally recognized rating agency;

 

(iv)          certificates
of deposit or bankers’ acceptances maturing within one year from the date of
acquisition thereof issued by any commercial bank organized under the laws of
the United States of America or any state thereof or the District of Columbia
having combined capital and surplus of not less than $100.0 million and having
a rating of at least Aa from Moody’s Investors Service, Inc. or a rating
of at least AA from Standard and Poor’s Corporation; and

 

(v)           money
market funds at least 95% of the assets of which constitute Cash Equivalents of
the kinds described in clauses (i) through (iv) of this definition.

 

5

 

“Cash Flow
from Investing Activities”: the cash flow from investing activities as
determined in accordance with GAAP.

 

“Cash Flow
from Operating Activities”: the cash flow from operating activities as
determined in accordance with GAAP.

 

“Casualty
Proceeds”: any net insurance proceeds or other awards payable in connection
with the loss, destruction or condemnation of any assets of the Borrower or any
of its Subsidiaries (net of any costs incurred in connection with the
adjustment or settlement thereof).

 

“CERCLA”:  the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended (42 U.S.C. § 9601 et
seq.) and any regulations promulgated thereunder

 

“Change of
Control”:  the occurrence of any of
the following:

 

(e)           the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the
properties or assets of the Borrower and its Subsidiaries taken as a whole to
any “person” (as that term is used in Section 13(d) of the Exchange
Act);

 

(f)            the adoption of a plan relating to the liquidation or
dissolution of the Borrower;

 

(g)           the consummation of the first transaction (including
any merger or consolidation) the result of which is that any “person” (as
defined above), other than Great Hill or any of its Affiliates, becomes the
Beneficial Owner, directly or indirectly, of more of the Voting Stock of the
Borrower (measured by voting power rather than number of shares) than is at the
time Beneficially Owned by Great Hill and its Affiliates; or

 

(h)           the Borrower consolidates with, or merges with or
into, any Person, or any Person consolidates with, or merges with or into, the
Borrower, in any such event pursuant to a transaction in which any of the
outstanding Voting Stock of the Borrower or such other Person is converted into
or exchanged for cash, securities or other property, other than any such
transaction where the Voting Stock of the Borrower outstanding immediately
prior to such transaction is converted into or exchanged for Voting Stock
(other than Disqualified Stock) of the surviving or transferee Person
constituting a majority of the outstanding shares of such Voting Stock of such
surviving or transferee Person (immediately after giving effect to such
issuance);

 

(i)            after an initial public offering of the Borrower or
any direct or indirect parent of the Borrower, the first day on which a
majority of the members of the Board of Directors of the Borrower are not
Continuing Directors; or

 

6

 

(j)            Great Hill, Affiliates of Great Hill, Liberty Mutual
Insurance Company and BACI collectively shall cease to own and control a
majority of the Voting Stock of the Borrower (measured by voting power rather
than number of shares); provided, that in no event shall Liberty Mutual
Insurance Company or any of its Affiliates be deemed to be an Affiliate of
Great Hill for purposes of this definition.

 

“Charter Documents”
the Articles of Organization, Articles of Incorporation, Certificate of
Incorporation, Bylaws, or other organizational or governing documents, as
amended or restated (or both) to date, of the Borrower and any of its
Subsidiaries, as applicable.

 

“Closing
Date”:  the date on which the
conditions precedent set forth in Section 5.1 shall have been
satisfied, which date shall be not later than June 3, 2005.

 

“Code”:  the Internal Revenue Code of 1986, as amended
from time to time, and any successor statute or law thereto.

 

“Collateral”:  all Property of the Loan Parties, now owned
or hereafter acquired, upon which a Lien is purported to be created by any
Security Document.

 

“Collateral
Trust Agreement”: that certain Collateral Trust Agreement, dated the date
hereof, among the Borrower, the Guarantors, the Collateral Agent, US Bank
National Association, as collateral agent under the Note Purchase Agreement,
and US Bank National Association, as collateral trustee thereunder.

 

“Collateral
Agent”: as described in the preamble hereto.

 

“Commitment”:  as to any Lender, the obligation of such
Lender to make a Term Loan to the Borrower hereunder in a principal amount not
to exceed the amount set forth under the heading “Term Loan Commitment”
opposite such Lender’s name on Schedule 1 hereto.

 

“Commonly
Controlled Entity”:  an entity,
whether or not incorporated, that is under common control with the Borrower
within the meaning of Section 4001 of ERISA or is part of a group that
includes the Borrower and that is treated as a single employer under Section 414
of the Code.

 

“Compliance
Certificate”:  a certificate duly
executed by a Responsible Officer, substantially in the form of Exhibit B.

 

“Consolidated
Capital Expenditures”:  of any
Person for any period, (a) the aggregate gross increase during that
period, in the property, plant or equipment as reflected in the consolidated
balance sheet of such Person and its consolidated Subsidiaries, in conformity
with GAAP, and (b) the fair market value of all Intellectual Property
purchased or otherwise acquired (whether by license, distribution agreement,
reseller agreement, security agreement, assignment or other conveyance or
option for the foregoing), other than in-bound “shrink wrap” end-user licenses,
in each case (a) and (b), excluding,

 

7

 

(k)           expenditures made in connection with the replacement,
substitution or restoration of assets (including any expenditures made pursuant
to Section 7.6(b)),

 

(i)            to the extent financed from Casualty Proceeds received
on account of the loss, destruction or condemnation of the assets being
replaced or restored; and

 

(ii)           to the extent such expenditure is attributable to a
credit granted by the seller of property, plant or equipment purchased with the
trade-in of existing property, plant or equipment;

 

(b)           the purchase price paid in connection with the
acquisition of any other Person (including through the purchase of all of the
Capital Stock of such Person or through merger or consolidation) to the extent
such amount is an Investment and allocable to the property, plant and equipment
or the Intellectual Property of such Person or its Subsidiaries.

 

“Consolidated
EBITDA”:  with respect to any
specified Person for any period, the Consolidated Net Income of such Person for
such period plus, without duplication,

 

(l)            the Consolidated Interest Expense of such Person and
its Subsidiaries for such period, to the extent that such Consolidated Interest
Expense was deducted in computing such Consolidated Net Income; plus

 

(m)          provision for taxes based on income or profits of such
Person and its Subsidiaries for such period, to the extent that such provision
for taxes was deducted in computing such Consolidated Net Income; plus

 

(n)           depreciation, amortization (including amortization of
intangibles but excluding amortization of prepaid cash expenses that were paid
in a prior period) and other non-cash expenses (excluding any such non-cash
expense to the extent that it represents an accrual of or reserve for cash
expenses in any future period or amortization of a prepaid cash expense that
was paid in a prior period) of such Person and its Subsidiaries for such period
to the extent that such depreciation, amortization and other non-cash expenses
were deducted in computing such Consolidated Net Income; minus

 

(o)           non-cash items increasing such Consolidated Net Income
for such period, other than the accrual of revenue in the ordinary course of
business,

 

in each case, on a consolidated basis and determined in accordance with
GAAP; provided that for each period of four
consecutive fiscal quarters ending on or before December 31, 2005,
Consolidated EBITDA shall exclude (without duplication of amounts excluded
pursuant to any other provision of this definition of “Consolidated EBITDA”) up
to $2,961,000 of charges relating to a potential public offering of the
Borrower’s equity that were actually incurred during such four consecutive
fiscal quarters.

 

8

 

“Consolidated
Interest Expense”: with respect to any specified Person for any period, the
sum, without duplication, of:

 

(p)           the consolidated interest expense of such Person and
its Subsidiaries for such period, whether paid or accrued, including
amortization of debt issuance costs, non-cash interest payments, the interest
component of any deferred payment obligations, the interest component of all
payments associated with Capital Lease Obligations, commissions, discounts and
other fees and charges incurred in respect of letter of credit or bankers’
acceptance financings, and net of the effect of all payments made or received
pursuant to Hedging Obligations in respect of interest rates (but excluding
amortization of original issue discount); plus

 

(q)           the consolidated interest expense of such Person and
its Subsidiaries that was capitalized during such period; plus

 

(r)            any interest paid during such period on Indebtedness
of another Person that is guaranteed by such Person or one of its Subsidiaries
or secured by a Lien on assets of such Person or one of its Subsidiaries,
whether or not such Guarantee or Lien is called upon; plus

 

(s)           the product of (a) all dividends paid and whether
or not in cash, on any series of preferred stock of such Person or any of its
Subsidiaries, other than dividends on Equity Interests payable solely in Equity
Interests of the Borrower (other than Disqualified Stock) or to the Borrower or
a Subsidiary of the Borrower, times (b) a fraction, the numerator of which
is one and the denominator of which is one minus the then current combined
federal, state and local statutory tax rate of such Person, expressed as a
decimal, in each case, determined on a consolidated basis in accordance with
GAAP.

 

“Consolidated
Net Income”:  with respect to any
specified Person for any period, the aggregate of the Net Income of such Person
and its Subsidiaries for such period, on a consolidated basis, determined in accordance
with GAAP; provided, that:

 

(t)            the Net Income (but not loss) of any Person that is
not a Subsidiary or that is accounted for by the equity method of accounting
will be included only to the extent of the amount of dividends or similar
distributions paid in cash to the specified Person or a Wholly-Owned Subsidiary
of the Person; and

 

(u)           the Net Income of any Subsidiary will be excluded to
the extent that the declaration or payment of dividends or similar
distributions by that Subsidiary of that Net Income is not at the date of
determination permitted without any prior governmental approval (that has not
been obtained) or, directly or indirectly, by operation of the terms of its
charter or any

 

9

 

agreement, instrument, judgment, decree,
order, statute, rule or governmental regulation applicable to that
Subsidiary or its stockholders.

 

“Continuing
Directors”:  as of any date of
determination, any member of the Board of Directors of the Borrower who:

 

(i)            was
a member of such Board of Directors on the date of this Agreement; or

 

(ii)           was
nominated for election or elected to such Board of Directors with the approval
of a majority of the Continuing Directors who were members of such Board of
Directors at the time of such nomination or election.

 

“Default”:  any of the events specified in Section 9,
whether or not any requirement for the giving of notice, the lapse of time, or
both, has been satisfied.

 

“Disposition”:  with respect to any Property, any sale,
lease, sale and leaseback, assignment, conveyance, transfer or other
disposition thereof; and the terms “Dispose” and “Disposed of”
shall have correlative meanings.

 

“Disqualified
Stock”: any Capital Stock that, by its terms (or by the terms of any security
into which it is convertible, or for which it is exchangeable, in each case, at
the option of the holder of the Capital Stock), or upon the happening of any
event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the option of the holder of the
Capital Stock, in whole or in part, on or prior to the date that is 91 days
after the date on which the Notes mature.

 

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

 

“Domestic
Subsidiary”:  any Subsidiary of the
Borrower organized under the laws of any jurisdiction within the United States
of America.

 

“Employee
Pension Plan”: any “employee pension benefit plan” as defined in Section 3(2) of
ERISA and which is maintained by the Borrower or any of its Subsidiaries and is
qualified under Section 401 of the Code.

 

“Environmental
Laws”:  any and all applicable
federal, state, regional or local laws, statutes, ordinances, rules,
regulations, judgments, orders, decrees, Environmental Permits or other
governmental restrictions or requirements and the common law relating to
pollution or protection of public or employee health or the environment,
including without limitation CERCLA and RCRA.

 

“Environmental
Permits”:  any and all federal,
state, regional or local permits, licenses, consents, authorizations, waivers,
exemptions, variances, orders or approvals pursuant to Environmental Law.

 

“Equity Incentive
Plan”: the 2003 Stock Option and Grant Plan of the Borrower, as
amended or supplemented from time to time.

 

10

 

“Equity
Interest”: the Capital Stock or warrants, options or other rights to
acquire Capital Stock (but excluding any debt security which is convertible
into, or exchangeable for, Capital Stock).

 

“ERISA”:  the Employee Retirement Income Security Act
of 1974, as amended from time to time, and any successor statute or law
thereto.

 

“Event of
Default”:  as defined in Section 9.1.

 

“Excess
Cash Flow”: for any Person for any period for which such amount is being
determined, the consolidated Cash Flow from Operating Activities of such Person
and its Subsidiaries during such period plus the consolidated Cash Flow from
Investing Activities of such Person and its Subsidiaries during such Period.

 

“Excess
Proceeds”: as defined in Section 7.6(b).

 

“Excess
Proceeds Prepayment”: as defined in Section 7.6(b).

 

“Exchange
Act”: the Securities Exchange Act of 1934, as amended, from time to time,
and any successor statute or law thereto.

 

“Excluded
Foreign Subsidiaries”:  any Foreign
Subsidiary in respect of which either (a) the pledge of all of the Capital
Stock of such Subsidiary as Collateral or (b) the guaranteeing by such
Subsidiary of the Obligations, would, in the good faith judgment of the
Borrower, result in adverse tax consequences to the Borrower.  For the avoidance of doubt, AskMen,
Acquisition Sub and each subsidiary of AskMen shall be an Excluded Foreign
Subsidiary.

 

“Existing
Debt”: Indebtedness of the Borrower outstanding on the date hereof in an
aggregate principal amount not to exceed $49,950,000, all as set forth on Schedule 4.8.

 

“Exit Event”:
a Change of Control or Qualified Public Offering.

 

“Financing
Proceeds”: the cash (other than cash that constitutes Net Asset Sale
Proceeds) received by the Borrower or any of its Subsidiaries, directly or
indirectly, from any financing transaction of whatever kind or nature,
including from any incurrence of Indebtedness (other than Permitted Debt), any
mortgage or pledge of an asset or interest therein (including a transaction
which is the substantial equivalent of a mortgage or pledge), from the sale of
tax benefits, from a lease to a third party and a pledge of the lease payments
due thereunder to secure Indebtedness, from a joint venture arrangement, from
an exchange of assets and a sale of the assets received in such exchange, or
any other similar arrangement or technique whereby the Borrower or any of its
Subsidiaries obtains cash or Cash Equivalents in respect of an asset.  For the avoidance of doubt, Financing
Proceeds shall not include revenue received from licensing of the Borrower’s
Intellectual Property on a non-exclusive basis in the ordinary course of
business.

 

“Financing
Change”: as defined in Section 7.5(vi).

 

11

 

“First Lien
Debt”: has the meaning given to such term in the Collateral Trust
Agreement.

 

“First Lien
Percentage”: at any time of measurement with respect to any single Series of
First Lien Debt, the percentage that the aggregate outstanding principal amount
of such Series of First Lien Debt bears to the aggregate outstanding
principal amount of all Series of First Lien Debt.

 

“Foreign
Subsidiary”:  any Subsidiary of the
Borrower that is not a Domestic Subsidiary.

 

“Funded
Indebtedness”: all Indebtedness of any Person described in clauses (a),
(b), (d) and (e) of the definition of “Indebtedness” (other than
intercompany Indebtedness) without duplication.

 

“GAAP”:  generally accepted accounting principles set
forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect from time to time.

 

“Governmental
Authority”:  any nation or
government, any state or other political subdivision thereof and any entity
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government.

 

“Great Hill”:
Great Hill Equity Partners II L.P. and its Affiliated investment funds.

 

“Guarantee”:
a guarantee other than by endorsement of negotiable instruments for collection
in the ordinary course of business, direct or indirect, in any manner
including, without limitation, by way of a pledge of assets or through letters
of credit or reimbursement agreements in respect thereof, of all or any part of
any indebtedness. The term “Guarantee” used as a verb (and the
participle formed therefrom) will have a correlative meaning.

 

“Guarantee
and Collateral Agreement”:  the
Amended and Restated Guarantee and Collateral Agreement to be executed and
delivered by the Borrower, each Guarantor, each holder of Senior Notes and the
Collateral Agent, substantially in the form of Exhibit C, as the
same may be amended, supplemented, replaced or otherwise modified from time to
time.

 

“Guarantors”:  each of:

 

(a)           the guarantors listed on the signature pages to
the Guarantee and Collateral Agreement; and

 

(b)           any other Subsidiary of the Borrower that executes a
Loan Guarantee or grants a Lien in favor of the Collateral Agent in accordance
with the provisions of this Agreement,

 

12

 

and their
respective successors and assigns.

 

“Hazardous
Materials”: any “hazardous substances,” “pollutants” or “contaminants” as
defined in CERCLA and its implementing regulations, any “hazardous waste,” “hazardous
materials” or “regulated substances” as defined in RCRA and its implementing
regulations and any toxic substance, hazardous or other waste, hazardous
constituent, petroleum, including crude oil and any fractions thereof,
chemicals, materials or substances regulated under any Environmental Laws.

 

“Hedging
Obligations”: with respect to any specified Person, the obligations of such
Person under:

 

(c)           interest rate swap agreements, interest rate cap
agreements and interest rate collar agreements; and

 

(d)           other agreements or arrangements designed to protect
such Person against fluctuations in interest rates.

 

“incur”:
as defined in Section 7.1(a).

 

“Indebtedness”:  with respect to any specified Person, any
indebtedness of such Person, whether or not contingent:

 

(e)           in respect of borrowed money;

 

(f)            evidenced by bonds, notes, debentures or similar
instruments or letters of credit (or reimbursement agreements in respect
thereof);

 

(g)           in respect of banker’s acceptances;

 

(h)           representing Capital Lease Obligations;

 

(i)            representing the balance deferred and unpaid of the
purchase price of any property or services due more than six months after such
property is acquired or such services are completed, except (i) any such
balance that constitutes an accrued expense or trade payable not overdue by
more than 90 days incurred in the ordinary course of such Person’s business, (ii) any
such balance due that is being contested in good faith by appropriate
proceedings promptly instituted and diligently conducted and for which adequate
reserves or other appropriate provisions have been made in accordance with
GAAP, and (iii) any such obligation incurred under ERISA; or

 

(j)            representing any Hedging Obligations;

 

if and to the
extent any of the preceding items (other than letters of credit and Hedging
Obligations) would appear as a liability upon a balance sheet of the specified
Person prepared in accordance with GAAP. 
In addition, the term “Indebtedness” includes all indebtedness of others

 

13

 

secured by a
Lien on any asset of the specified Person (whether or not such indebtedness is
assumed by the specified Person) and, to the extent not otherwise included, the
Guarantee by the specified Person of any indebtedness of any other Person.

 

The amount of
any Indebtedness outstanding as of any date will be the principal amount of the
Indebtedness (including all amounts capitalized to principal and all other
payments in kind), together with any interest on the Indebtedness that is more
than 30 days past due, in the case of any other Indebtedness.

 

“Information”:
all information, other than financial projections of the Borrower, AskMen or
their respective Subsidiaries, provided to the Lenders by the Borrower, AskMen
or their Agents or Affiliates in connection with the transactions contemplated
by this Agreement.

 

“Initial
Public Offering”: the initial public offering of Capital Stock of the
Borrower or any direct or indirect parent of the Borrower registered after the
date of this Agreement under the Securities Act.

 

“Insolvency”:  with respect to any Multiemployer Plan, the
condition that such Plan is insolvent within the meaning of Section 4245
of ERISA.

 

“Insolvent”:  pertaining to a condition of Insolvency.

 

“Intellectual
Property”:  any or all of the
following and all rights in, arising out of, or associated therewith:  (i) all United States, international and
foreign patents and applications therefor and all reissues, divisions,
divisionals, renewals, extensions, provisionals, continuations and continuations-in-part
thereof, and all patents, applications, documents and filings claiming priority
to or serving as a basis for priority thereof; (ii) all inventions
(whether or not patentable), invention disclosures, improvements, trade
secrets, proprietary information, know how, computer software programs (in both
source code and object code form), technology, technical data and customer
lists, tangible or intangible proprietary information, and all documentation
relating to any of the foregoing; (iii) all copyrights, copyrights
registrations and applications therefor, and all other rights corresponding
thereto throughout the world; (iv) all industrial designs and any
registrations and applications therefor throughout the world; (v) all
trade names, logos, common law trademarks and service marks, trademark and
service mark registrations and applications therefor throughout the world; (vi) all
proprietary databases and data collections and all rights therein throughout
the world; (vii) all moral and economic rights of authors and inventors,
however denominated, throughout the world; (viii) all Web addresses, sites
and domain names and numbers; (ix) goodwill and remedies against
infringement thereof and rights of protection of an interest therein under the
laws of all jurisdictions; or (x) any similar or equivalent rights to any of
the foregoing anywhere in the world.

 

“Intellectual
Property Rights”: as defined in Section 4.14.

 

“Investments”:
with respect to any Person, all direct or indirect investments by such Person
in other Persons (including Affiliates) in the forms of loans (including
Guarantees or other obligations), advances or capital contributions (excluding
commission, travel and similar advances to directors, officers and employees
made in the ordinary course of business), purchases or other acquisitions for
consideration of Indebtedness, Equity Interests or other

 

14

 

securities,
together with all items that are or would be classified as investments on a
balance sheet prepared in accordance with GAAP. 
If the Borrower or any of its Subsidiaries sells or otherwise disposes
of any Equity Interests of any direct or indirect Subsidiary of the Borrower
such that, after giving effect to any such sale or disposition, such Person is
no longer a Subsidiary of the Borrower, the Borrower will be deemed to have
made an Investment on the date of any such sale or disposition equal to the
fair market value of the Borrower’s Investments in such Subsidiary that were
not sold or disposed of in an amount determined as provided in the final
paragraph of Section 7.4. 
The acquisition by the Borrower or any of its Subsidiaries of a Person
that holds an Investment in a third Person will be deemed to be an Investment
by the Borrower or such Subsidiary in such third Person in an amount equal to
the fair market value of the Investments held by the acquired Person in such
third Person in an amount determined as provided in the final paragraph of Section 7.4.

 

“Junior
Debt”: as defined in Section 7.4.

 

“Legal
Holiday”:  a Saturday, Sunday or day
on which banks and trust companies in the principal place of business of the
Borrower or in New York are not required to be open.  If a payment date is a Legal Holiday, payment
may be made on the next succeeding day that is not a Legal Holiday, and
interest shall accrue for the intervening period.

 

“Lenders”:  as defined in the preamble hereto.

 

“Leverage
Ratio”: as defined in Section 8.4.

 

“LIBOR
Determination Date”: as defined in Section 2.7(b).

 

“LIBOR
Reset Date”: each March 31, June 30, September 30, and December 31,
unless such day is not a Business Day, in which case the applicable LIBOR Reset
Date will be the immediately preceding Business Day.

 

“Lien”:  any material mortgage, pledge, lien,
encumbrance, charge or adverse claim affecting title or resulting in a charge
against real or personal property, or security interest of any kind (including,
without limitation, any lien in favor of the PBGC or any Plan under ERISA or
the Code or any conditional sale or other title retention agreement, any lease
in the nature thereof, any option or other agreement to sell and any filing of
or agreement to give any financing statement under the Uniform Commercial Code
(or equivalent statutes) of any jurisdiction).

 

“Loan”:  as defined in Section 2.1.

 

“Loan
Documents”:  this Agreement, the
Security Documents and the Notes.

 

“Loan
Guarantees”:  the guarantee of the
Obligations of the Borrower made by each Guarantor.

 

“Loan
Parties”:  the Borrower, each Guarantor
and each Subsidiary of the Borrower that is a party to a Loan Document.

 

15

 

“London
Banking Day”: a day on which commercial banks are open for business,
including dealing in United States dollars, in London.

 

“Majority Lenders”:
Lenders holding an aggregate principal amount of Loans representing more than
50% of the aggregate principal amount of Loans then outstanding.

 

“Mandatory
Prepayment Amount”: as defined in Section 2.9(b).

 

“Material
Adverse Effect”:

 

(k)           any material adverse effect on the business results of
operations, cash flows, properties, assets, liabilities or condition (financial
or otherwise) of the Borrower and AskMen and their respective Subsidiaries
taken as a whole; or

 

(l)            any material adverse effect on the ability of the
Borrower, AskMen or any Guarantor, as applicable, to fulfill their respective
obligations under the Loan Documents, the AskMen Financing Documents or the
AskMen Acquisition Documents or any document contemplated hereby or thereby; or

 

(m)          any material adverse effect on the ability of the
Lenders or the Administrative Agent to enforce in any material respect their
rights purported to be granted hereunder or under any of the other Loan
Documents or the Obligations of the Borrower or any Guarantor under a Loan
Document (including realizing on the Collateral).

 

“Material
Contracts”: all contracts, agreements, licenses and commitments to which
the Borrower or any of its Subsidiaries is a party or to which any of their
respective assets or properties is bound, the breach or termination of which
would, either individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect.

 

“Mortgage”:  each of the mortgages and deeds of trust made
by any Loan Party in favor of, or for the benefit of, the Collateral Agent for
the benefit of the Secured Parties, which shall in each case be in form and
substance satisfactory to the Collateral Agent, as the same may be amended,
supplemented, replaced or otherwise modified from time to time.

 

“Mortgaged
Property”: as defined in Section 6.10(e).

 

“Multiemployer
Plan”: a Plan which is a multiemployer plan as defined in Section 4001(a)(3) or
3(37)(A) of ERISA which covers any of the employees of the Borrower or any
Commonly Controlled Entity.

 

“Net Asset
Sale Proceeds”: with respect to any sale or other disposition of any assets
or stock:

 

16

 

(n)           cash (freely convertible into United States dollars)
received by the Borrower or any of its Subsidiaries from such sale or other
disposition, after:

 

(i)            provision for all income or other taxes measured by or
resulting from such sale or other disposition,

 

(ii)           payment of all brokerage commissions and other fees
and expenses related to such sale or other disposition, and

 

(iii)          deduction of appropriate amounts as a reserve, in
accordance with GAAP, against any liabilities associated with such assets or
stock and retained by the Borrower or any of its Subsidiaries after such sale
or other disposition thereof, including, without limitation, pension and other
post-employment benefit liabilities and liabilities related to environmental
matters or against any indemnification obligations associated with the sale or
other disposition of such assets or stock; and

 

(o)           any non-cash consideration received by the Borrower or
any of its Subsidiaries from such sale or other disposition upon the
liquidation or conversion of such non-cash consideration into cash.

 

“Net
Financing Proceeds”: Financing Proceeds, net of underwriting discounts and
commissions, loan fees and other reasonable direct expenses of the transaction
and net of taxes (including income taxes) currently paid or payable in cash as
a result thereof in the current year or in the next succeeding year with
respect to the current year as a result of the transaction generating Net
Financing Proceeds.

 

“Net Income”:  with respect to any specified Person, the net
income (loss) of such Person, determined in accordance with GAAP and before any
reduction in respect of preferred stock dividends, excluding, however,

 

(p)           any gain or loss, together with any related provision
for taxes on such gain or loss, realized in connection with: (a) any Asset
Sale; or (b) the disposition of any securities by such Person or any of
its Subsidiaries or the extinguishment of any Indebtedness of such Person or
any of its Subsidiaries;

 

(q)           any extraordinary gain or loss, together with any
related provision for taxes on such extraordinary gain or loss; and

 

(r)            the cumulative effect of a change in accounting
principles.

 

“Non-Excluded
Taxes”:  as defined in Section 2.11(a).

 

“Non-U.S.
Lender”:  as defined in Section 2.11(d).

 

17

 

“Note”:  any promissory note evidencing any Loan.

 

“Note
Purchase Agreement”: that certain Note Purchase Agreement, dated as of March 3,
2004, by and among the Borrower, the purchasers listed on the signature pages thereto
and US Bank National Association, as the collateral agent thereunder, as
amended by that certain Amendment and Waiver No. 1 dated as of July 9,
2004, that certain Amendment No. 2 to Note Purchase Agreement dated February 4,
2005, that certain Amendment No. 3 to Note Purchase Agreement dated March 31,
2005, and that certain Amendment No. 4 to Note Purchase Agreement dated May [   ],
2005.

 

“Obligations”:
any principal, interest, penalties, fees, indemnifications, expenses,
reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness.

 

“Officers’
Certificate”: a certificate signed by any two officers, one of whom must be
the chairman of the board, the president, the controller, the treasurer or a
vice president of the Borrower.

 

“Operating
Lease”: any lease other than a Capital Lease.

 

“Other Taxes”:  any and all present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar
levies arising from any payment made hereunder or from the execution, delivery
or enforcement of, or otherwise with respect to, this Agreement or any other
Loan Document.

 

“Participant”:
as defined in Section 11.3(b).

 

“Payment
Default”: as defined in Section 9.1(v)(A).

 

“PBGC”:  the Pension Benefit Guaranty Corporation
established pursuant to Subtitle A of Title IV of ERISA (or any successor).

 

“Permitted
Business”: the business engaged in by the Borrower and its Subsidiaries on
the Closing Date and similar or related businesses.

 

“Permitted
Debt”: as defined in Section 7.1(b).

 

“Permitted
Investments”:

 

(i)            any Investment in the Borrower or in a domestic Wholly
Owned Subsidiary of the Borrower;

 

(ii)           any Investment in Cash Equivalents;

 

(iii)          any Investment by the Borrower or any of its
Subsidiaries in a Person that is engaged in a Permitted Business, if as a
result of such Investment:

 

18

 

(A)          such Person becomes a domestic Wholly Owned Subsidiary
of the Borrower; or

 

(B)           such Person is merged, consolidated or amalgamated
with or into, or transfers or conveys substantially all of its assets to, or is
liquidated into, the Borrower or a domestic Wholly Owned Subsidiary of the
borrower,

 

provided,
that

 

(C)           the aggregate amount of such Investments, exclusive of
Investments made pursuant to clause (xiii) of this definition, does not exceed
the lesser of (1) $3.5 million plus 50% of the Excess Cash Flow of the
Borrower that was not required to be applied to prepay the Loan pursuant to Section 6.9
and (2) $7.5 million;

 

(D)          the aggregate amount of all such Investments,
exclusive of Investments made pursuant to clause (xiii) of this definition,
does not exceed $2.0 million in any fiscal year; and

 

(E)           on a pro forma basis, giving effect to such Investment
as if it were made on the first day of the four consecutive completed fiscal
quarters of the Borrower ended immediately preceding such Investment, the
Senior Leverage Ratio for the Company would be no more than,

 

	
  Test Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30,
  2005

  	
   

  	
  2.75:1.00

  	
   

  
	
  September 30,
  2005

  	
   

  	
  2.50:1.00

  	
   

  
	
  December 31,
  2005

  	
   

  	
  2.25:1.00

  	
   

  
	
  March 31,
  2006

  	
   

  	
  2.00:1.00

  	
   

  
	
  June 30,
  2006

  	
   

  	
  2.00:1.00

  	
   

  
	
  September 30,
  2006

  	
   

  	
  1.75:1.00

  	
   

  
	
  December 31,
  2006

  	
   

  	
  1.75:1.00

  	
   

  
	
  March 31,
  2007

  	
   

  	
  1.50:1.00

  	
   

  
	
  June 30,
  2007

  	
   

  	
  1.50:1.00

  	
   

  
	
  September 30,
  2007

  	
   

  	
  1.50:1.00

  	
   

  
	
  December 31,
  2007

  	
   

  	
  1.50:1.00

  	
   

  
	
  March 31,
  2008

  	
   

  	
  1.25:1.00

  	
   

  
	
  June 30,
  2008

  	
   

  	
  1.25:1.00

  	
   

  
	
  September 30,
  2008

  	
   

  	
  1.25:1.00

  	
   

  
	
  December 31,
  2008

  	
   

  	
  1.25:1.00

  	
   

  
	
  March 31,
  2009

  	
   

  	
  1.25:1.00

  	
   

  

 

19

 

(iv)          any Investment made as a result of the receipt of
non-cash consideration from an Asset Sale that was made pursuant to and in
compliance with Section 7.5;

 

(v)           any acquisition of assets that constitute Collateral
solely in exchange for the issuance of Equity Interests (other than
Disqualified Stock) of the Borrower;

 

(vi)          any Investments received in compromise of obligations
of such Persons incurred in the ordinary course of trade creditors or customers
that were incurred in the ordinary course of business, including pursuant to
any plan of reorganization or similar arrangement upon the bankruptcy or
insolvency of any trade creditor or customer;

 

(vii)         Hedging Obligations otherwise permitted to be incurred
pursuant to this Agreement;

 

(viii)        Investments of a Person or any of its Subsidiaries
existing at the time such Person becomes a Subsidiary of the Borrower or at the
time such Person merges or consolidates with the Borrower or any of its
Subsidiaries, in either case in compliance with this Agreement; provided that such Investments were not made by such Person
in connection with, or in anticipation or contemplation of, such Person
becoming a Subsidiary of the Borrower or such merger or consolidation;

 

(ix)           Investments made by the Borrower or any Subsidiary in
connection with purchase price adjustments, contingent purchase price payments or
other earn-out payments required in connection with Investments otherwise
permitted under this Agreement;

 

(x)            negotiable instruments held for deposit or collection
in the ordinary course of business;

 

(xi)           prepaid expenses and workers compensation, utility,
and similar deposits in the ordinary course of business;

 

(xii)          intercompany loans that constitute Permitted Debt; and

 

(xiii)         Investments made pursuant to the AskMen Acquisition
Documents.

 

“Permitted Liens”:
with respect to any Person:

 

20

 

(i)            Liens on assets owned by the Borrower or any of its
Subsidiaries in favor of any Lender under the Loan Documents;

 

(ii)           pledges or deposits by such Person under workers
compensation laws, unemployment insurance laws or similar legislation, or good
faith deposits in connection with bids, tenders, contracts (other than for the
payment of Indebtedness) or leases to which such Person is a party, or deposits
to secure public or statutory, contractual 
or warranty obligations of such Person or deposits of cash or United
States Government bonds to secure surety or appeal bonds to which such Person
is a party, or deposits as security for contested taxes or import duties or for
the payment of rent;

 

(iii)          Liens imposed by law, such as carriers, warehousemen’s
and mechanics’ Liens or Liens arising out of judgments or awards against such
Person with respect to which such Person shall then be prosecuting appeal or
other proceedings for review;

 

(iv)          Liens securing the payment of taxes, assessments and
governmental charges or levies which are not yet subject to penalties for non-payment
or which are being contested in good faith and by appropriate proceedings
provided that such proceedings stay the applicable tax or charge;

 

(v)           Liens in favor of issuers of surety bonds or letters
of credit issued pursuant to the request of and for the account of such Person
in the ordinary course of its business;

 

(vi)          minor survey exceptions, minor encumbrances, easements
or reservations of, or rights of others for, rights of way, sewers, electric
lines, telegraph and telephone lines and other similar purposes, or zoning of
other restrictions as to the use of real properties or Liens incidental to the
conduct of the business of such Person or to the ownership of its properties
which were not incurred in connection with Indebtedness or other extensions of
credit and which do not in the aggregate materially adversely affect the value
of said properties or materially impair their use in the operation of the
business of such Person;

 

(vii)         judgment Liens not giving rise to an Event of Default;

 

(viii)        Liens arising from filing Uniform Commercial Code
financing statements regarding leases and contractual landlord’s Liens not
securing Indebtedness;

 

(ix)           Liens in favor of customs and revenue authorities
arising as a matter of law to secure payment of customs duties in connection
with the importation of goods; and

 

21

 

(x)            Liens listed on Schedule 4.8.

 

“Permitted
Refinancing Indebtedness”: any Indebtedness of the Borrower or any of its
Subsidiaries issued in exchange for, or the net proceeds of which are used to
renew, refund, refinance, replace, defease or discharge other Indebtedness of
the Borrower or any of its Subsidiaries (other than intercompany Indebtedness);
provided that:

 

(s)           the principal amount (or accreted value, if
applicable) of such Permitted Refinancing Indebtedness does not exceed the
principal amount (or accreted value, if applicable) of the Indebtedness
renewed, refunded, refinanced, replaced, defeased or discharged (plus all
accrued interest on the Indebtedness and the amount of all fees and expenses,
including premiums, incurred in connection therewith);

 

(t)            such Permitted Refinancing Indebtedness has a final
maturity date later than the final maturity date of, and has a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life to Maturity
of, the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged;

 

(u)           if the Indebtedness being renewed, refunded,
refinanced, replaced, defeased or discharged is subordinated in right of
payment to the Loans, such Permitted Refinancing Indebtedness has a final
maturity date later than the final maturity date of, and is subordinated in
right of payment to, the Loans on terms at least as favorable to the Lenders as
those contained in the documentation governing the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged;

 

(v)           such Indebtedness is incurred either by the Borrower
or by the Subsidiary who is the obligor on the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged; and

 

(w)          after giving effect to the incurrence of such
Indebtedness, the Borrower would be in compliance on a pro-forma basis with the
covenants in Section 8.

 

“Person”:  an individual, partnership, corporation,
trust or unincorporated organization or a government or agency or political
subdivision thereof.

 

“Plan”:  at a particular time, any employee benefit
plan that is covered by ERISA and in respect of which the Borrower or a
Commonly Controlled Entity is (or, if such plan were terminated at such time,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined
in Section 3(5) of ERISA.

 

“Prepayment
Date”: as defined in Section 2.9(b).

 

“Prepayment
Premium”: as defined
in Section 2.6(a).

 

22

 

“Projections”: as defined in Section 4.9(b).

 

“Property”:  any right or interest in or to property of
any kind whatsoever, whether real, personal or mixed and whether tangible or
intangible, including, without limitation, Capital Stock.

 

“Qualified
Public Offering”: the consummation of a firmly underwritten public offering
pursuant to the Securities Act, on Form S-1 (as defined in the Securities
Act) or any successor form, provided, however, that the aggregate gross
proceeds to the Company are not less than $50,000,000.

 

“RCRA”:
Resource Conservation and Recovery Act of 1976, as amended (42 U.S.C. § 6901
et seq.) and any regulations promulgated thereunder.

 

“Real Property”:  the
offices, stores, warehouses, distribution facilities factories and all real
property and related facilities that are currently owned, leased, operated,
used, controlled, managed or occupied by the Borrower or any of its
Subsidiaries.

 

“Reorganization”:
with respect to any Multiemployer Plan, the condition that such plan is in
reorganization within the meaning of Section 4241 of ERISA.

 

“Reportable
Event”: any of the events set forth in Section 4043(c) of ERISA.

 

“Required Leverage
Ratio”: for each date listed in Section 8.4, the
corresponding Leverage Ratio for such date.

 

“Requirement
of Law”:  as to any Person, the
Charter Documents of such Person, and any law, treaty, rule or regulation
or determination of an arbitrator or a court or other Governmental Authority,
in each case applicable to or binding upon such Person or any of its property
or to which such Person or any of its property is subject, including, without
limitation, the Securities Act, the Exchange Act, Regulations U and X, ERISA,
the Fair Labor Standards Act, the Worker Adjustment and Retraining Notification
Act, Americans with Disabilities Act of 1990, the Social Security Act, and
Environmental Laws (including, without limitation, those applicable to the
disposal of medical waste).

 

“Responsible
Officer”:  as to any Person, the
chief executive officer, president or chief financial officer of such Person,
but in any event, with respect to financial matters, the chief financial
officer of such Person.  Unless otherwise
qualified, all references to a “Responsible Officer” shall refer to a
Responsible Officer of the Borrower.

 

“Restricted
Investment”: any investment other than a Permitted Investment.

 

“Restricted
Payments”:  as defined in Section 7.4.

 

“SEC”:  the Securities and Exchange Commission (or
successors thereto or an analogous Governmental Authority).

 

“Secured
Parties”:  as defined in the
Guarantee and Collateral Agreement.

 

23

 

“Security
Documents”:  the collective reference
to the Guarantee and Collateral Agreement, the Mortgages, any intellectual
property security agreements or control agreements required to be delivered
pursuant to the Guarantee and Collateral Agreement or any other Loan Document
and all other security documents hereafter delivered to the Administrative
Agent granting a Lien on any Property of any Person to secure the obligations
and liabilities of any Loan Party under any Loan Document.

 

“Securities
Act”: the Securities Act of 1933, as amended from time to time, and any
successor statute or law thereto and the rules and regulations of the SEC
thereunder.

 

“Securities
Purchase Agreement”: the Securities Purchase Agreement, dated as of March 3,
2004, among the Borrower and the purchasers named therein, pursuant to which
the Borrower issued $20.0 million in aggregate principal amount of its Senior
Subordinated Notes due March 3, 2010, 56,298 shares of its Series B
Preferred Stock, and warrants to purchase 56,298 shares of its Common Stock.

 

“Senior Leverage
Ratio”: equals, as of any date of measurement, the ratio of (a) the
aggregate principal amount of secured Indebtedness of the Borrower and its
Subsidiaries under the Notes and Indebtedness of the Borrower and its
Subsidiaries that is pari passu in right of payment with the Notes on such date
to (b) the Consolidated EBITDA of the Borrower and its Subsidiaries for
the 12-month period ending on such date.

 

“Senior
Notes”: the notes outstanding on the date hereof pursuant to the Note
Purchase Agreement.

 

“Senior
Subordinated Notes”: the notes outstanding on the date hereof pursuant to
the Securities Purchase Agreement.

 

“Senior
Subordinated Note Waiver”: that certain Amendment and Waiver No. 4
to Securities Purchase Agreement dated as of May [   ],
2005, by and among IGN Entertainment, Inc., the Guarantors, and Banc of
America Capital Investors, L.P.

 

“Series A
Preferred Stock”: the Borrower’s Series A Preferred Stock.

 

“Series B
Preferred Stock”: the Borrower’s Series B Preferred Stock.

 

“Series of
First Lien Debt”: has the meaning given to such term in the Collateral
Trust Agreement.

 

“Significant
Subsidiary”: with respect to any Person, any Subsidiary of such
Person that satisfies the criteria for a “significant subsidiary” set forth in Rule 1.02(w)
of Regulation S-X under the Securities Act.

 

“Single
Employer Plan”:  any Plan which is a
single employer plan as defined in Section 4001(a)(15) of ERISA and which
is covered by Title IV of ERISA, but which is not a Multiemployer Plan.

 

24

 

“Solvent”:  with respect to any Person, as of any date of
determination, (a) the amount of the “present fair saleable value” of the
assets of such Person will, as of such date, exceed the amount of all “liabilities
of such Person, contingent or otherwise”, as of such date, as such quoted terms
are determined in accordance with applicable federal and state laws governing
determinations of the insolvency of debtors, (b) the present fair saleable
value of the assets of such Person will, as of such date, be greater than the
amount that will be required to pay the liability of such Person on its debts
as such debts become absolute and matured, (c) such Person will not have,
as of such date, an unreasonably small amount of capital with which to conduct
its business, (d) such Person will be able to pay its debts as they mature
and (e) such Person is not insolvent within the meaning of any applicable
Requirements of Law.  For purposes of
this definition, (i) ”debt” means liability on a “claim”, and (ii) ”claim”
means any (x) right to payment, whether or not such a right is reduced to
judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed,
undisputed, legal, equitable, secured or unsecured or (y) right to an equitable
remedy for breach of performance if such breach gives rise to a right to
payment, whether or not such right to an equitable remedy is reduced to
judgment, fixed, contingent, matured or unmatured, disputed, undisputed,
secured or unsecured.

 

“Stockholders
Agreement”: that certain Amended and Restated Stockholders
Agreement, dated as of March 4, 2004, between the Borrower and certain
holders of its Equity Interests.

 

“Subsequent
Acquisition Indebtedness Cap”: with respect to the Rotten Tomatoes Merger
Agreement, $6,500,000 plus up to $100,000 of working capital adjustments made
pursuant to Section 1.11 of the Rotten Tomatoes Merger Agreement; with respect
to the 3D Gamers Agreement, $800,000; and with respect to the AskMen
Acquisition Agreement, $13,500,000.

 

“Subsidiary”:  with respect to any Person, any corporation,
association or other business entity of which securities or other ownership
interests representing more than 50% of the ordinary voting power are, at the
time as of which any determination is being made, owned or controlled by that
Person or one or more subsidiaries of that Person or by that Person and one or
more subsidiaries of that Person.  For
purposes of the representations and warranties set forth in Section 4,
AskMen and each of its Subsidiaries shall be deemed to be Subsidiaries of the
Borrower as of the date hereof and as of the Closing Date.

 

“Survey”:
a survey of any Mortgaged Real Property (and all improvements thereon):  (i) prepared by a surveyor or engineer
licensed to perform surveys in the state where such Mortgaged Real Property is
located, (ii) dated (or redated) not earlier than six months prior to the
date of delivery thereof unless there shall have occurred within six months
prior to such date of delivery any exterior construction on the site of such
Mortgaged Real Property, in which event such survey shall be dated (or redated)
after the completion of such construction or if such construction shall not
have been completed as of such date of delivery, not earlier than 20 days prior
to such date of delivery, (iii) certified by the surveyor (in a manner
reasonably acceptable to the Collateral Agent) to the Collateral Agent and the
Title Company, (iv) complying in all respects with the minimum detail
requirements of the American Land Title Association as such requirements are in
effect on the date of preparation of such survey, and (v) sufficient for
the

 

25

 

Title Company to remove all standard survey exceptions from the title
insurance policy (or commitment) and issue a survey endorsement.

 

“Term Loan”:  as defined in Section 2.1.

 

“Term Note”:
as defined in Section 2.4(e).

 

“Test Period”:
the four consecutive completed fiscal quarters of the Borrower ending on the
applicable date of measurement, including periods prior to the Closing Date; provided that for periods prior to the
Closing Date the financial results of the Borrower and AskMen shall be measured
on a combined basis; and

 

“Title Insurance
Company”: as defined in Section 6.10(g).

 

“Treasury Rate”:
as of any redemption date, the yield to maturity as of such redemption date of
United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519)
that has become publicly available at least two business days prior to the
redemption date (or, if such Statistical Release is no longer published, any
publicly available source of similar market data)) most nearly equal to the
period from the redemption date to March 15, 2005; provided, however,
that if the period from the redemption date to March 15, 2005, is less
than one year, the weekly average yield on actually traded United States
Treasury securities adjusted to a constant maturity of one year will be used.

 

“UCC”:  the Uniform Commercial Code, as in effect
from time to time in any applicable jurisdiction.

 

“Voting
Stock”: of any Person as of any date, the Capital Stock of such Person that
is at the time entitled to vote in the election of the board of directors of
such Person.

 

“Weighted
Average Life to Maturity”:  when
applied to any Indebtedness at any date, the number of years obtained by
dividing:

 

(i)            the sum of the products obtained by multiplying (a) the
amount of each then remaining installment, sinking fund, serial maturity or
other required payments of principal, including payment at final maturity, in
respect of the Indebtedness, by (b) the number of years (calculated to the
nearest one-twelfth) that will elapse between such date and the making of such
payment; by

 

(ii)           the then outstanding principal amount of such
Indebtedness.

 

“Wholly
Owned Subsidiary”:  as to any Person,
any other Person all of the Capital Stock of which (other than directors’
qualifying shares required by law) is owned by such Person directly and/or
through other Wholly Owned Subsidiaries.

 

26

 

 

SECTION 2.  AMOUNT
AND TERMS OF COMMITMENTS

 

2.1           Term
Loan Commitments. 
Subject to the terms and conditions hereof, the Lenders
severally agree to make term loans (each, a “Term Loan” or a “Loan”)
to the Borrower on the Closing Date in an amount for each Lender not to exceed
the amount of the Commitment of such Lender.

 

2.2           Procedure for Term Loan Borrowing.  The Borrower shall deliver to each Lender a
Borrowing Notice (which Borrowing Notice must be received by each Lender prior
to 10:00 A.M., New York City time, one Business Day prior to the anticipated
Closing Date) requesting that the Lenders make the Term Loans on the Closing
Date and specifying the amount to be borrowed. 
Not later than 12:00 Noon, New York City time, on the Closing Date each
Lender shall make available to the Borrower an amount in immediately available
funds equal to the Term Loan to be made by such Lender.

 

2.3           Repayment of Term Loans.  The Term Loan of each Lender shall mature on
September 30, 2009.

 

2.4           Repayment of Loans; Evidence of Debt

 

(a)           The Borrower hereby unconditionally promises to pay to
each Lender the principal amount of each Term Loan of such Lender on the date
set forth in Section 2.3 (or on such earlier date on which the Term
Loans become due and payable pursuant to Section 9).  The Borrower hereby further agrees to pay
interest on the unpaid principal amount of the Term Loans from time to time
outstanding from the date hereof until payment in full thereof at the rates per
annum, and on the dates, set forth in Section 2.7.

 

(b)           Each Lender shall maintain in accordance with its
usual practice an account or accounts evidencing indebtedness of the Borrower
to such Lender resulting from each Term Loan of such Lender, including the
amounts of principal and interest payable and paid to such Lender from time to
time under this Agreement.

 

(c)           The Borrower shall maintain the Register pursuant to Section
11.5(d), and a subaccount therein for each Lender, in which shall be
recorded (i) the amount of each Term Loan
made hereunder and any Note evidencing such Term Loan and (ii) the amount of any principal or interest due
and payable or to become due and payable from the Borrower to each Lender
hereunder.

 

(d)           The entries made in the Register and the accounts of
each Lender maintained pursuant to Section 2.4(b) shall, to the extent
permitted by applicable law, be prima  facie evidence of the
existence and amounts of the obligations of the Borrower therein recorded; provided,
however, that the failure of the Borrower to maintain the Register or
any such account, or any error therein, shall not in any manner affect the
obligation of the Borrower to repay (with applicable interest) the Term Loans
made to the Borrower by such Lender in accordance with the terms of this
Agreement.

 

(e)           The Borrower agrees that, upon the request of any
Lender, the Borrower will promptly execute and deliver to such Lender a
promissory note of the Borrower evidencing any Term Loans of such Lender,
substantially in the forms of Exhibit D (a “Term Note”),
with appropriate insertions as to date and principal amount; provided,
that delivery of Notes shall not

 

27

 

be a condition precedent to the
occurrence of the Closing Date or the making of the Loans on the Closing Date.

 

2.5           Fees

 

(a)           Whether or not any of the Loans are made, the Borrower
agrees:

 

(i)            to pay or reimburse each Lender and the Agents for
their respective reasonable out-of-pocket costs and expenses incurred in
connection with the development, preparation and execution of, and any
amendment, supplement or modification to, this Agreement and the other Loan
Documents and any other documents prepared in connection herewith or therewith,
and the consummation and administration of the transactions contemplated hereby
and thereby, including (A) the reasonable fees and disbursements and other
charges of one counsel to the Lenders (plus any local counsel) and one counsel
to each Agent (plus any local counsel), (B) all reasonable out-of-pocket
expenses incurred by each Lender and each Agents and or their respective
general partners, if applicable, in connection with the transactions
contemplated by this Agreement and the other documents referred to herein,
including travel and lodging expenses and (C) all costs incurred in connection
with its review of the Borrower’s business and operations;

 

(ii)           to pay or reimburse each Lender and each Agent for all
of their respective costs and expenses incurred in connection with the
enforcement or preservation of any rights under this Agreement, the other Loan
Documents and any other documents prepared in connection herewith or therewith,
including the fees and disbursements of counsel (including the allocated fees
and disbursements and other charges of in-house counsel) to each Lender and of
counsel to each Agent;

 

(iii)          to pay, indemnify, or reimburse each Lender and each
Agent for, and hold each Lender and each Agent harmless from, any and all
recording and filing fees and any and all liabilities with respect to, or
resulting from any delay in paying, stamp, excise and other taxes, if any,
which may be payable or determined to be payable in connection with the
execution and delivery of, or consummation or administration of any of the
transactions contemplated by, or any amendment, supplement or modification of,
or any waiver or consent under or in respect of, this Agreement, the other Loan
Documents and any such other documents, and;

 

(iv)          to pay all other reasonable out-of-pocket expenses,
including reasonable fees and expenses of one counsel (plus any local

 

28

 

counsel),
incurred by the Borrower in connection with the transactions contemplated by
this Agreement; and

 

(v)           to pay such fees of each Agent as are agreed from time
to time and the reasonable out-of-pocket expenses of each Agent.

 

2.6           Optional
Prepayments

 

(a)           The Borrower may prepay all of the Term Loans, or any
portion of the Term Loans, upon not less than 10 Business Days nor more than 60
days’ notice, at a prepayment price equal to 100% of the principal amount of
Term Loans prepaid, plus, subject to Section 2.6(b), accrued and unpaid
interest to the date of prepayment, plus the applicable prepayment premium
shown below (expressed as a percentage of principal being redeemed and referred
to herein as the “Prepayment Premium”):

 

	
  Prepayment Date

  	
   

  	
  Prepayment

  Premium

  	
   

  
	
  March 15, 2005 through but excluding March 15, 2006

  	
   

  	
  3.0

  	
  %

  
	
  March 15, 2006 through but excluding March 15, 2007

  	
   

  	
  2.0

  	
  %

  
	
  March 15, 2007 through but excluding March 15, 2008

  	
   

  	
  1.0

  	
  %

  
	
  After March 15, 2008

  	
   

  	
  0.0

  	
  %

  

 

(b)           Any time on or before December 31, 2005, the Borrower
may prepay all of the Term Loans, upon not less than 10 Business Days nor more
than 60 days’ notice, at a redemption price of 101% of the principal amount of
the Term Loan if such prepayment is made immediately prior to the consummation
of an Exit Event.  No Prepayment Premium
will be payable under Section 2.6(a) with regard to any prepayment
under this Section 2.6(b).

 

(c)           Mandatory prepayment required by Section 6.9 or
7.6 shall not be subject to any Prepayment Premium under Section
2.6(a).

 

2.7           Interest Rates and Payment Dates

 

(a)           The Borrower shall pay interest on the principal
amount of each Loan (measured on the date immediately preceding the date such
interest payment is due) at a variable rate that will be reset quarterly
commencing June 30, 2005, from the date of this Agreement until the Loans are
repaid.  The interest rate for any period
beginning from and including a LIBOR Reset Date to but excluding the next LIBOR
Reset Date will be equal to the 3-Month LIBOR Rate plus the Applicable Spread
per annum.  The initial interest rate for
the Loan for the period from and including the Closing Date to but excluding
the first LIBOR Reset Date will be calculated using 3-Month LIBOR as determined
by the Borrower on the second London Banking Day preceding the Closing Date.

 

(b)           The Borrower will determine, and notify the Lenders of
its determination of, 3-Month LIBOR on the second London Banking Day preceding
the related LIBOR Reset Date (the “LIBOR Determination Date”).  The initial LIBOR Determination Date for the
initial interest period will be the second London Banking Day preceding the
Closing Date.

 

29

 

(c)           The Borrower will pay interest quarterly in arrears on
each March 31, June 30, September 30, and December 31 of each year (each, an “Interest
Payment Date”).  Interest on the
Loans will accrue from the most recent date to which interest has been paid or,
if no interest has been paid, from the Closing Date, at the rate in effect for
such period.  Interest will be computed
on the basis of a 360 day year and actual days elapsed in each relevant
interest period.

 

(d)           So long as any Event of Default shall have occurred
and be continuing, the unpaid principal amount of the Loans and, to the extent
not paid when due, each other amount payable hereunder (provided that the
Borrower shall have received notice that such other amount is payable), shall
bear interest (including post-petition interest in any proceeding under any
Bankruptcy Law) at a rate per annum equal to 2% in excess of the rate then in
effect.

 

(e)           Notwithstanding anything to the contrary set forth in
this Agreement, if a court of competent jurisdiction determines in a final
order that the rate of interest payable hereunder exceeds the highest rate of
interest permissible under law (the “Maximum Lawful Rate”), then so long
as the Maximum Lawful Rate would be so exceeded, the rate of interest payable
hereunder shall be equal to the Maximum Lawful Rate; provided, that if
at any time thereafter the rate of interest payable hereunder is less than the
Maximum Lawful Rate, the Borrower shall continue to pay interest hereunder at
the Maximum Lawful Rate until such time as the total interest received by the
Lenders is equal to the total interest which would have been received had the
interest rate payable hereunder been (but for the operation of this paragraph)
the interest rate payable since the Closing Date as otherwise provided in this
Agreement.  Thereafter, interest
hereunder shall be paid at the rate(s) of interest and in the manner provided
in this Agreement, unless and until the rate of interest again exceeds the
Maximum Lawful Rate, and at that time this paragraph shall again apply.  In the event that a court determines that the
Lenders have received interest hereunder in excess of the Maximum Lawful Rate,
the amount of such excess interest shall be applied against (i) any accrued and
unpaid interest on the Loans, (ii) the principal amount and premium, if any,
then outstanding under the Loans, and (iii) any such excess interest payments
remaining with the Lenders after such application shall be refunded to the
Borrower.  In no event shall the total interest
received by any Lender pursuant to the terms hereof exceed the amount which
such Lender could lawfully have received had the interest due hereunder been
calculated for the full term hereof at the Maximum Lawful Rate.  If the Maximum Lawful Rate is calculated
pursuant to this paragraph, such interest shall be calculated at a daily rate
equal to the Maximum Lawful Rate divided by the number of days in the year in
which such calculation is made.

 

2.8           Indemnification.

 

In addition to
any and all obligations to indemnify each Lender pursuant to the Loan
Documents, each Loan Party (collectively, the “Indemnifying Parties”)
hereby agrees, jointly and severally, without limitation as to time, to
indemnify each Lender and its agents and Affiliates, including its officers,
directors, employees, advisors and representatives (collectively, the “Indemnified
Parties”), against, and hold such Lender and them harmless from, all
losses, claims, damages, liabilities and related expenses (including the
expenses of preparation and attorneys’ fees and disbursements) (collectively,
the “Losses”) incurred by such Lender or them and arising out of or in
connection with the Loan Documents or the transactions contemplated hereby or
thereby (or any other document or instrument executed herewith or pursuant
hereto or

 

30

 

thereto), whether or not the
transactions contemplated by this Agreement are consummated and whether or not
any Indemnified Party is a formal party to any claim, litigation, investigation
or proceeding, except to the extent, and only to the extent, that any Losses
directly result from action on the part of any Indemnified Party which is
finally judicially determined to arise primarily from such Indemnified Party’s
or agent’s either gross negligence or willful misconduct.  The Indemnifying Parties agree to reimburse
any Indemnified Party promptly for all such Losses as they are incurred by such
Indemnified Party.  No Indemnified Party
will be liable for:

 

(i)            any
Losses arising from the use by unauthorized Persons of Information or other
materials sent through electronic, telecommunications or other information
transmissions systems that are intercepted by such Persons;

 

(ii)           any
special, indirect, consequential or punitive damages arising out of or in
connection with the Loan Documents or the transactions contemplated hereby or
thereby (or any other document or instrument executed herewith or pursuant
hereto or thereto); or

 

(iii)          any
other Losses except to the extent, and only to the extent, that any Losses
directly result from action or failure to act on the part of any Indemnified
Party which is finally judicially determined to arise primarily from such
Indemnified Party’s either gross negligence or willful misconduct.

 

The
obligations of the Indemnifying Parties to each Indemnified Party hereunder
shall be separate obligations, and the Indemnifying Parties’ liability to any
such Indemnified Party hereunder shall not be extinguished solely because any
other Indemnified Party is not entitled to indemnity hereunder.  The obligations of the Indemnifying Parties
under this Section 2.5 shall survive the payment or prepayment of the Loans at
maturity, upon acceleration or otherwise, any transfer of Loans by any Lender
and the termination of the Loan Documents.

 

In case any
action shall be brought against any Indemnified Party with respect to which
indemnity may be sought against any of the Indemnifying Parties hereunder, such
Indemnified Party shall promptly notify the Borrower in writing and the
Borrower shall, if it desires, assume the defense thereof, including the
employment of counsel reasonably satisfactory to such Indemnified Party and
payment of all reasonable fees and expenses. 
The failure to so notify the Borrower shall not affect any obligation
any of the Indemnifying Parties may have to any Indemnified Party under this
Agreement or otherwise.  Each Indemnified
Party and each group of Indemnified Parties under common control (a “Affiliated
Group”) shall have the right to employ separate counsel in such action and
participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of the Indemnified Party or Affiliated Group, as
applicable, unless:

 

(i)            the
Indemnifying Parties have agreed in writing to pay such expenses;

 

(ii)           the
Indemnifying Parties have failed to assume the defense and employ counsel; or

 

(iii)          the
named parties to any such action (including any impleaded parties) include any
Indemnified Party and any Indemnifying Party, and such Indemnified Party shall

 

31

 

have been advised by outside
counsel that there may be one or more legal defenses available to it which are
inconsistent with or additional to those available to the Indemnifying Party;

 

provided that, if such Indemnified Party
notifies the Indemnifying Party in writing that it elects to employ separate
counsel in the circumstances described in clauses (i), (ii) or (iii) above, the
Borrower shall not have the right to assume the defense of such action or
proceeding; provided, however, that the Indemnifying Parties shall not,
in connection with any one such action or proceeding or separate but
substantially similar or related actions or proceedings in the same jurisdiction
arising out of the same general allegations or circumstances, be responsible
hereunder for the fees and expenses of more than one such firm of separate
counsel (in addition to any necessary local counsel), which counsel shall be
designated by such Indemnified Party. 
The Indemnifying Parties shall not be liable for any settlement of any
such action effected without the written consent of the Borrower (which shall
not be unreasonably withheld).  The
Indemnifying Parties agree that they will not, without the Indemnified Party’s
prior consent, which shall not be unreasonably withheld, settle or compromise
any pending or threatened claim, action or suit in respect of which
indemnification or contribution may be sought hereunder unless the foregoing
contains an unconditional release of the Indemnified Parties from all liability
and obligation arising therefrom.

 

2.9           Pro Rata Treatment; Mandatory Payments

 

(a)           Subject to Section 2.9(b), each mandatory
prepayment in respect of the Term Loans made pursuant to Section 6.9 or 7.6
shall be allocated among the Lenders pro rata according to the respective
outstanding principal amounts of Term Loans held by each such Lender.  Each optional prepayment in respect of the
Term Loans made pursuant to Section 2.6 shall be allocated among the
Lenders pro rata according to the respective outstanding principal amounts of
Term Loans held by each such Lender. 
Amounts prepaid on account of the Term Loans may not be re-borrowed.

 

(b)           Notwithstanding anything to the contrary herein, each
Lender may, at its option, decline up to 100% of the portion of any mandatory
payment applicable to the Term Loans of such Lender; accordingly, with respect
to the amount of any mandatory prepayment described in  Section 6.9 or 7.6 of Term
Loans (such amounts, “Mandatory Prepayment Amount”), the Borrower will,
on the date specified in Section 6.9 or 7.6 for such prepayment,
(A) give the Administrative Agent notice by telephone and fax (promptly
confirmed in writing) requesting that the Administrative Agent prepare and
provide to each Lender a Prepayment Option Notice as described below and (B)
deposit with the Administrative Agent the Mandatory Prepayment Amount.

 

As promptly as practicable after receiving
such notice from the Borrower, the Administrative Agent will send to each
Lender a Prepayment Option Notice, which shall be substantially in the form of Exhibit E,
and shall include an offer by the Borrower to prepay on the Prepayment Date the
Term Loans of such Lender by an amount equal to the portion of the Mandatory
Prepayment Amount indicated in such Lender’s Prepayment Option Notice as being
applicable to such Lender’s Term Loans. 
The “Prepayment Date” in respect of any Prepayment Option Notice
shall be the date which is five Business Days after the date of such Prepayment
Option Notice.

 

32

 

On the Prepayment Date, the Administrative
Agent shall (A) apply the Mandatory Prepayment Amount toward prepayment of
the outstanding Term Loans in respect of which Lenders have accepted such
mandatory prepayment pursuant to the terms of the Prepayment Option Notice and
(B) return any unpaid portion of the Mandatory Prepayment Amount to the
Borrower.  The procedures described above
in this paragraph shall not be applicable in the case of a prepayment in full
of all Term Loans.

 

(c)           All payments (including prepayments) to be made by the
Borrower hereunder, whether on account of principal, interest, fees or
otherwise, shall be made without setoff or counterclaim and shall be made prior
to 12:00 Noon, New York City time, on the due date thereof to the Lenders in
Dollars and in immediately available funds by wire transfer to the bank account
designated by the Lenders on its signature page hereto, or such other account
designated by such Lender.  Any payment
made by the Borrower after 12:00 Noon, New York City time, on any Business Day
shall be deemed to have been on the next following Business Day.  If any payment hereunder becomes due and
payable on a day other than a Business Day, such payment shall be extended to
the next succeeding Business Day.  In the
case of any extension of any payment of principal pursuant to the preceding
sentence, interest thereon shall be payable at the then applicable rate during
such extension.

 

2.10         Requirements
of Law

 

(a)           If the adoption of or any change in any Requirement of
Law or in the interpretation or application thereof or compliance by any Lender
with any request or directive (whether or not having the force of law) from any
central bank or other Governmental Authority made subsequent to the date
hereof:

 

(i)            shall subject any Lender to any tax of any kind
whatsoever with respect to this Agreement, or change the basis of taxation of
payments to such Lender in respect thereof (except for Non-Excluded Taxes
covered by Section 2.11 and changes in the rate of tax on the overall
net income of such Lender);

 

(ii)           shall impose, modify or hold applicable any reserve,
special deposit, compulsory loan or similar requirement against assets held by,
deposits or other liabilities in or for the account of, advances, loans or
other extensions of credit by, or any other acquisition of funds by, any office
of such Lender; or

 

(iii)          shall impose on such Lender any other condition;

 

and the result of any of the
foregoing is to reduce any amount receivable hereunder, then, in any such case,
the Borrower shall promptly pay such Lender, upon its demand, any additional
amounts necessary to compensate such Lender on an after-tax basis for such
increased cost or reduced amount receivable. 
If any Lender becomes entitled to claim any additional amounts pursuant
to this Section, it shall promptly notify the Borrower of the event by reason
of which it has become so entitled.

 

33

 

(b)           If any Lender shall have determined that the adoption
of or any change in any Requirement of Law regarding capital adequacy or in the
interpretation or application thereof or compliance by such Lender or any
corporation controlling such Lender with any request or directive regarding
capital adequacy (whether or not having the force of law) from any Governmental
Authority made subsequent to the date hereof shall have the effect of reducing
the rate of return on such Lender’s or such corporation’s capital as a
consequence of its obligations hereunder to a level below that which such
Lender or such corporation could have achieved but for such adoption, change or
compliance (taking into consideration such Lender’s or such corporation’s
policies with respect to capital adequacy) by an amount deemed by such Lender
to be material, then from time to time, after submission by such Lender to the
Borrower of a written request therefor, the Borrower shall pay to such Lender
such additional amount or amounts as will compensate such Lender or such
corporation for such reduction on an after-tax basis.

 

(c)           A certificate as to any additional amounts payable
pursuant to this Section submitted by any Lender to the Borrower shall be
conclusive in the absence of manifest error. 
The obligations of the Borrower pursuant to this Section shall survive
the termination of this Agreement and the payment of the Loans and all other
amounts payable hereunder.

 

2.11         Taxes

 

(a)           All payments made by the Borrower under this Agreement
or any other Loan Documents shall be made free and clear of, and without
deduction or withholding for or on account of, any present or future income,
stamp or other taxes, levies, imposts, duties, charges, fees, deductions or
withholdings, now or hereafter imposed, levied, collected, withheld or assessed
by any Governmental Authority, excluding net income taxes and franchise taxes
(imposed in lieu of net income taxes) imposed on any Lender as a result of a
present or former connection between such Lender and the jurisdiction of the
Governmental Authority imposing such tax or any political subdivision or taxing
authority thereof or therein (other than any such connection arising solely
from such Lender’s having executed, delivered or performed its obligations or
received a payment under, or enforced, this Agreement or any other Loan
Document).  If any such non-excluded
taxes, levies, imposts, duties, charges, fees, deductions or withholdings (“Non-Excluded
Taxes”) or any Other Taxes are required to be withheld from any amounts
payable to any Lender hereunder (or are required to be withheld or paid by any
Lender), the amounts so payable to such Lender shall be increased to the extent
necessary to yield to such Lender (after payment of all Non-Excluded Taxes and
Other Taxes) interest or any such other amounts payable hereunder at the rates
or in the amounts specified in this Agreement; provided, however,
that the Borrower or any Guarantor shall not be required to increase any such
amounts payable to any Lender with respect to any Non-Excluded Taxes (i) that are attributable to such Lender’s
failure to comply with the requirements of paragraph (d) of this Section or (ii) in the case of any Non-U.S. Lender, that
are United States withholding taxes imposed on amounts payable to such Lender
at the time such Lender becomes a party to this Agreement, except to the extent
that such Lender’s assignor (if any) was entitled, at the time of assignment,
to receive additional amounts from the Borrower with respect to such
Non-Excluded Taxes pursuant to this paragraph (a).  The Borrower or the applicable Guarantor
shall make any required withholding and pay the full amount withheld to the
relevant tax authority or other Governmental Authority in accordance with
applicable Requirements of Law.

 

34

 

(b)           In addition, the Borrower shall pay any Other Taxes to
the relevant Governmental Authority in accordance with applicable law.

 

(c)           Whenever any Non-Excluded Taxes or Other Taxes are
payable by the Borrower, as promptly as possible thereafter the Borrower shall
send to the relevant Lender a certified copy of an original official receipt
received by the Borrower showing payment thereof.  If the Borrower fails to pay any Non-Excluded
Taxes or Other Taxes when due to the appropriate taxing authority or fails to
remit to the relevant Lender the required receipts or other required
documentary evidence, the Borrower shall indemnify the Lenders for any
incremental taxes, interest or penalties that may become payable by any Lender
as a result of any such failure.

 

(d)           Each Lender or Participant that is not a citizen or
resident of the United States of America, a corporation, partnership or other
entity created or organized in or under the laws of the United States of
America (or any jurisdiction thereof), or any estate or trust that is subject
to federal income taxation regardless of the source of its income (a “Non-U.S.
Lender”) shall deliver to the Borrower (or, in the case of a Participant,
to the Lender from which the related participation shall have been purchased)
two copies of either U.S. Internal Revenue Service Form W-8BEN or Form W-8ECI,
or, in the case of a Non-U.S. Lender claiming exemption from U.S. federal
withholding tax under Section 871(h) or 881(c) of the Code with respect to
payments of “portfolio interest” a statement substantially in the form of Exhibit F
to the effect that such Lender is eligible for a complete exemption from
withholding of U.S. taxes under Section 871(h) or 881(c) of the Code and a Form
W-8BEN, or any subsequent versions thereof or successors thereto properly
completed and duly executed by such Non-U.S. Lender claiming complete exemption
from, or a reduced rate of, U.S. federal withholding tax on all payments by the
Borrower under this Agreement and the other Loan Documents.  Such forms shall be delivered by each
Non-U.S. Lender on or before the date it becomes a party to this Agreement (and
in the case of any Participant, on or before the date such Participant
purchases the related participation).  In
addition, each Non-U.S. Lender shall deliver such forms promptly upon the
obsolescence or invalidity of any form previously delivered by such Non-U.S.
Lender.  Notwithstanding any other
provision of this paragraph, a Non-U.S. Lender shall not be required to deliver
any form pursuant to this paragraph that such Non-U.S. Lender is not legally
able to deliver.

 

(e)           The agreements in this Section shall survive the
termination of this Agreement and the payment of the Loans and all other
amounts payable hereunder.

 

SECTION 3.  INTENTIONALLY
OMITTED

 

SECTION 4.  REPRESENTATIONS
AND WARRANTIES

 

The Borrower
hereby represents and warrants on behalf of itself and each of its Subsidiaries
that each of the following statements is true as of the date of this Agreement
and will be true as of the Closing Date (unless related to a specific date, in
which case it shall be true as of such specific date), as if made on and as of
the Closing Date, after giving effect to all the transactions contemplated by
this Agreement to occur on the Closing Date:

 

35

 

4.1           Organization, Standing and Qualification.

 

(a)           Each of the
Borrower and its Subsidiaries is a corporation duly organized, validly existing
and in good standing under the laws of its jurisdiction of organization; has
all requisite corporate and authority to own or lease and operate its
properties and to carry on its business as now conducted and as proposed to be
conducted; and is duly qualified or licensed to do business as a foreign
corporation in good standing in all jurisdictions in which it owns or leases
property or in which the conduct of its business requires it so to qualify or
be licensed, except where the failure to be so qualified or licensed would not,
either individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.  The Borrower
has heretofore delivered to Latham & Watkins LLP complete and correct
copies of the Charter Documents of the Borrower and each of its Subsidiaries as
currently in effect and has identified on Schedule 4.1(a) all
jurisdictions in which the Borrower and each of its Subsidiaries is qualified
or licensed to do business as a foreign corporation.

 

(b)           The Borrower and each Guarantor has all requisite
corporate power and authority to enter into and perform all of its obligations
under the Loan Documents to which it is a party and to carry out the
transactions contemplated hereby and thereby.

 

(c)           The Borrower has identified on Schedule 4.1(c):

 

(i)            the name and jurisdiction of incorporation or
organization of each of its Subsidiaries; and

 

(ii)           the percentage of the issued and outstanding Capital
Stock and other equity securities (including rights, warrants and options to
acquire, and all securities convertible into or exchangeable for, such Capital
Stock) of each such Subsidiary owned by the Borrower or any of its Wholly Owned
Subsidiaries.

 

All such
shares of Capital Stock and other equity securities have been duly authorized
and validly issued and are fully paid and nonassessable and are (or will be, in
the case of AskMen and its Subsidiaries) owned by the Borrower and its Wholly
Owned Subsidiaries beneficially and of record, free and clear of any Lien
except for Permitted Liens.

 

(d)           No Subsidiary of the Borrower is a party to, or
otherwise subject to, any law, restriction or any agreement (other than this
Agreement and the agreements listed on Schedule 4.1(d) and
customary limitations imposed by the applicable law) restricting the ability of
such Subsidiary to pay dividends out of profits or make any other similar
distributions of profits to the Borrower or any of its Subsidiaries that owns
outstanding shares of Capital Stock or similar equity securities of such Subsidiary,
except for such restrictions that would not, either individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

4.2           Capitalization.

 

Immediately
after the closing of the transactions contemplated hereby, the authorized
capital stock of the Borrower shall consist solely of:

 

(i)            28,000,000 shares of Common Stock, of which (A) 20,824,090
shares will be issued and outstanding, owned of record by the

 

36

 

Persons
in the respective amounts set forth on Schedule 4.2, (B) 1,125,960
shares of which are reserved for issuance upon conversion of the Series B
Preferred Stock, (C) no shares of which are reserved for issuance upon exercise
of the Warrant issued pursuant to the Securities Purchase Agreement, and (D) 5,519,168
shares of which are reserved for issuance pursuant to the Equity Incentive
Plan; and

 

(ii)           40,000,000 shares of Preferred Stock, of which (A) 39,922,957
shares will be designated as Series A Preferred Stock, all of which are issued
and outstanding, owned of record by the Persons in the respective amounts set
forth on Schedule 4.2, (B) 56,298 shares will be designated as Series B
Preferred Stock, all of which are issued and outstanding, owned of record by
the Persons in the respective amounts set forth on Schedule 4.2, and (C)
20,745 shares will be undesignated preferred stock, none of which are
outstanding.

 

All such
shares have been duly authorized and validly issued (or validly reserved for
future issuance) and are (or will be, when issued) fully paid and
nonassessable.

 

Except as set
forth in Schedule 4.2:

 

(iii)          there are no outstanding subscriptions, warrants,
options, calls or commitments of any character relating to or entitling any
Person to purchase or otherwise acquire any Capital Stock or other equity
securities of the Borrower or any of its Subsidiaries;

 

(iv)          there are no obligations or securities convertible
into or exchangeable or exercisable for shares of any Capital Stock or other
equity securities of the Borrower or any of its Subsidiaries or any commitments
of any character relating to or entitling any Person to purchase or otherwise
acquire any such obligations or securities; and

 

(v)           there are no preemptive or similar rights to subscribe
for or to purchase any Capital Stock or other equity securities of the Borrower
or any of its Subsidiaries;

 

provided that the representation set forth in
clauses (i) through (iii) above, insofar as it relates to any agreements or
arrangements to which the Borrower is not a party, is qualified by the Borrower’s
knowledge.

 

Schedule 4.2
identifies:

 

(vi)          (x) all holders of Capital Stock of the Borrower, and
(y) holders of outstanding rights, warrants and options to acquire Capital
Stock of the Borrower and all holders of any other obligations or securities

 

37

 

convertible
into or exchangeable or exercisable for shares of Capital Stock, other than
such holders holding less than 5% of the Capital Stock on a fully diluted as-converted
basis;

 

(vii)         the title of the class and series, and amount, of
securities held by each of such holders;

 

(viii)        the number of shares of Common Stock into which the
securities held by each of such holders may be exchanged, exercised or
converted; and

 

(ix)           the total number of shares of Common Stock that are
reserved for future issuance for any purpose.

 

4.3           Directors, Owners and Affiliates of the Borrower.

 

Schedule 4.3
contains (except as noted therein) complete and correct lists:

 

(i)            of the Affiliates controlled by the Borrower, other
than its Subsidiaries; and

 

(ii)           of the Borrower’s directors and senior officers.

 

4.4           Authorization of the Loan Documents

 

The Borrower
has taken all actions necessary to authorize it:

 

(i)            to enter into and perform all of its obligations under
each of the Loan Documents and the AskMen Acquisition Documents; and

 

(ii)           to issue and perform all of its obligations with
respect to the Loan,

 

and to
consummate the transactions contemplated hereby and thereby.  Each of the Loan Documents and the AskMen
Acquisition Documentation is a valid and legally binding obligation of the
Borrower, enforceable against it in accordance with its terms, except for (A)
the effect thereon of bankruptcy, insolvency, reorganization, moratorium and
other similar laws relating to or affecting the rights of creditors generally
and (B) limitations imposed by federal or state law or equitable principles
upon the specific enforceability of any of the remedies, covenants or other
provisions thereof and upon the availability of injunctive relief or other
equitable remedies.

 

Each of the
Guarantors has taken all actions necessary to authorize it:

 

(iii)          to enter into and perform all of its obligations under
this Agreement; and

 

(iv)          to perform all of its obligations with respect to the
Guarantee of the Loan,

 

38

 

and to
consummate the transactions contemplated hereby and thereby.  This Agreement and the Loan Guarantees
constitute valid and legally binding obligations of each of the Guarantors,
enforceable against each of the Guarantors in accordance with their respective
terms, except for (A) the effect thereon of bankruptcy, insolvency,
reorganization, moratorium and other similar laws relating to or affecting the
rights of creditors generally and (B) limitations imposed by federal or state
law or equitable principles upon the specific enforceability of any of the
remedies, covenants or other provisions thereof and upon the availability of
injunctive relief or other equitable remedies.

 

4.5           No
Violation.

 

The execution
and delivery of the Loan Documents and the AskMen Acquisition Documents, the
incurrence of the Loans, the performance by the Borrower and the Guarantors of
their respective obligations under the Loan Documents, the AskMen Acquisition
Documents and the AskMen Financing Documents, and the consummation of the
transactions contemplated hereby and thereby, will not:

 

(i)            violate any provision of the Charter Documents of the
Borrower or any of its Subsidiaries;

 

(ii)           violate any statute, law, rule or regulation or any
judgment, decree, order, regulation or rule of any court or Governmental
Authority to which the Borrower or any of its Subsidiaries or any of their
respective assets or properties may be subject, except for such violations as
would not, either individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect;

 

(iii)          permit or cause the acceleration of the maturity of
any Indebtedness or other obligation of the Borrower or any of its
Subsidiaries; or

 

(iv)          violate, or conflict with, or constitute a default
under, or permit the termination of, or require the consent of any Person
under, or result in the creation of any Lien upon any asset or property of the
Borrower or any of its Subsidiaries under any mortgage, indenture, loan
agreement, note, debenture or other agreement to which the Borrower or any of
its Subsidiaries is a party or by which the Borrower or any of its Subsidiaries
(or the respective assets or properties of any of them) may be bound, other
than such violations, conflicts, defaults, terminations and Liens, or such
failures to obtain consents, as would not, either individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

Except as
disclosed on Schedule 4.5, all required consents, approvals or
authorizations of, or notices to or filings, registrations or qualifications
with, any Governmental Authority or other Person required in connection with
the transactions contemplated by the Loan

 

39

 

Documents, the AskMen
Acquisition Documents, and the AskMen Financing Documents have been obtained or
made.

 

4.6           No
Defaults

 

No event has
occurred or failed to occur that constitutes with respect to the Borrower or
any of its Subsidiaries:

 

(i)            a default or event of default (or that would
constitute a default or event of default with the giving of notice or the
passage of time or both) under this Agreement or any other AskMen Financing
Document; or

 

(ii)           an event of default under any other agreement for
borrowed money, and

 

the conditions
to the closing of the AskMen Acquisition set forth in the AskMen Acquisition
Agreement shall have been satisfied.

 

4.7           Use
of Proceeds

 

The proceeds
of the Term Loans shall be used solely to finance a portion of the AskMen
Acquisition and to pay related fees and expenses.

 

4.8           Outstanding Indebtedness; Liens

 

The
capitalization table on Schedule 4.8 sets forth and identifies in
reasonable detail all outstanding short-term and long-term Indebtedness of the
Borrower and its Subsidiaries as of the Closing Date (other than under this
Agreement and the Senior Notes), including all notes issued by the Borrower to
finance the acquisition of real or personal property, prior to and after giving
effect to the AskMen Acquisition and the other transactions contemplated by
this Agreement.  Schedule 4.8
includes the names of the holders, principal amounts, required interest
payments and maturity dates of all such Indebtedness and specifies all
Indebtedness which is in any way subordinated to the Indebtedness represented
by the Notes.  Set forth on Schedule 4.8
is a list and description of all existing Liens, other than Permitted Liens, on
the property of the Borrower and the Guarantors as of the Closing Date.

 

As of the
Closing Date and after giving effect to the transactions contemplated hereby to
occur on the Closing Date (including the AskMen Acquisition), the Borrower
shall have total Funded Indebtedness (excluding accounts payable and accrued
expenses) on a consolidated basis not in excess of $49,950,000.

 

4.9           Financial Statements; Projections; No Undisclosed
Liabilities

 

(a)           The Borrower has delivered to each Lender copies of
the financial statements of the Borrower and its Subsidiaries listed on Schedule 4.9(a).  All such financial statements (including in
each case the related schedules and notes) fairly present in all material
respects the consolidated financial position of the Borrower and its
Subsidiaries as of the

 

40

 

respective dates specified in
such Schedule and the consolidated results of their operations and cash flows
for the respective periods so specified and have been prepared in accordance
with GAAP consistently applied throughout the periods involved except as set
forth in the notes thereto (subject to the normal year-end adjustments and the
absence of footnotes in the case of the unaudited financial statements).

 

(b)           The Borrower has delivered to each Lender copies of
the financial projections listed on Schedule 4.9(b) (the “Projections”).  All of those financial projections were
prepared by the Borrower in good faith based upon reasonable assumptions.  It is understood and agreed that the
Projections are estimates and not a guarantee of actual results.

 

(c)           Except as set forth on Schedule 4.9(c),
neither the Borrower nor any of its Subsidiaries has any liability (absolute or
contingent) except:

 

(i)            those shown on the most recent balance sheets
described in Section 4.9(a) hereof;

 

(ii)           those incurred in the ordinary course of business
since the date of such balance sheets;

 

(iii)          those incurred under the Loan Documents and the AskMen
Acquisition Documents; and

 

(iv)          those that would not, either individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

4.10         No Material Adverse Change

 

Since December
31, 2004, no event, condition, occurrence or development has occurred that has
had, either individually or in the aggregate, a Material Adverse Effect, on the
Borrower and its Subsidiaries taken as a whole, and no event, condition,
occurrence or development has occurred that would, either individually or in
the aggregate, reasonably be expected to result in a Material Adverse Effect on
the Borrower and its Subsidiaries taken as a whole.

 

4.11         Litigation

 

Except as set
forth on Schedule 4.11, there is no action, proceeding or
investigation commenced or, to the Borrower’s knowledge, threatened, against or
affecting the Borrower or any of its Subsidiaries in any court or before any
governmental or quasi-Governmental Authority or arbitration board or tribunal,
foreign or domestic, except for such actions which would not, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, and there is no such action seeking to restrain, enjoin,
prevent the consummation of or otherwise challenge any of the Loan Documents,
the AskMen Acquisition Documents, or the consummation of any of the other
transactions contemplated hereby or thereby.

 

41

 

Neither the
Borrower nor any of its Subsidiaries is subject to any judgment, order, decree,
rule or regulation of any court, Governmental Authority or arbitration board or
tribunal that has had or that would, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

4.12         Title to and Condition of Properties

 

Except for
Permitted Liens, each of the Borrower and its Subsidiaries has good and
marketable title to all the real properties and other material assets (tangible
or intangible) it purports to own, free and clear of all Liens.

 

All leases and
other material agreements to which the Borrower or any of its Subsidiaries is a
party are valid and binding and in full force and effect, no default has
occurred or is continuing thereunder and no consent need be obtained (other
than consents that have been or will be obtained prior to the closing of the
transactions contemplated hereby) from any Person in respect of any such lease
or agreement in connection with the transactions contemplated by the AskMen
Acquisition Documents or the Loan Documents, except such as would not, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.  Each of the Borrower and
its Subsidiaries enjoys peaceful and undisturbed possession under all leases to
which it is a party as lessee, except for such leases that, both singly and in
the aggregate, are immaterial to the business of the Borrower and its
Subsidiaries taken as a whole.

 

Except for
such assets, plants and facilities as are immaterial in the aggregate to the
business of the Borrower and its Subsidiaries taken as a whole, all tangible
assets, plants and facilities of each of the Borrower and its Subsidiaries are
in good condition and repair and are adequate, in the reasonable opinion of the
Borrower, for the uses to which they are being put or would be put in the
ordinary course of business.

 

4.13         Environmental Compliance

 

(a)           Except as disclosed on Schedule 4.13 and
except as would not, either individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect:

 

(i)            each of the Borrower and its Subsidiaries:

 

(A)          is in compliance with the provisions of all
Environmental Laws relating to its business, properties and assets, including
to the Real Property owned, leased or operated by any of them or the ownership,
use, control, management, operation or occupancy thereof; and

 

(B)           possesses all Environmental Permits that may be
necessary for such ownership, use, control, management, operation or occupancy
as may otherwise be necessary for the operation of its business;

 

(ii)           none of the Borrower or any of its Subsidiaries has
violated any provision of any applicable Environmental Laws; and

 

42

 

(iii)          none of the Borrower or any of its Subsidiaries has
any liability, absolute or contingent, under any Environmental Law, including,
any liability related to the “release” (as defined in CERCLA) of, or any
containment caused by, any Hazardous Materials.

 

(b)           To the knowledge of the Borrower, there have been no
discharges, emissions, or releases of Hazardous Material on, upon, under, into
or from any Real Property, or any real property owned, leased or operated by
any predecessor in interest of the Borrower and any of its Subsidiaries.

 

(c)           To the knowledge of the Borrower, no current or former
Real Property of the Borrower or any of its Subsidiaries or any current or
former Real Property of any predecessor in interest of the Borrower or any of
its Subsidiaries is listed or proposed for listing on the National Priorities
List or the Comprehensive Environmental Response, Compensation, and Liability
Information System, both as promulgated under CERCLA, or any comparable state
list, and none of the Borrower or any of its Subsidiaries has received any
written notification of potential or actual liability, or any written request
for information, with respect to any current or former Real Property of the
Borrower or any of its Subsidiaries pursuant to CERCLA or any comparable state
or local Environmental Laws.

 

4.14         Intellectual Property

 

Except as
disclosed in Schedule 4.14 and except as would not, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, to the Borrower’s knowledge:

 

(i)            the Borrower and its Subsidiaries own, possess or
license all right, title and interest in and to all licenses, permits,
franchises, authorizations, patents, copyrights, service marks, trademarks,
trade dress, trade secrets, know-how, computer software, data source code,
object code and documentation thereof, trade names, domain names and corporate
names and registrations or rights thereto (“Intellectual Property Rights”),
that are required to conduct its business as currently being conducted and as
proposed to be conducted in the future, free and clear of all Liens and of
claims of others;

 

(ii)           there have been no claims made or threatened against
the Borrower or any of its Subsidiaries asserting the invalidity, misuse or
unenforceability of any of the Intellectual Property Rights owned, possessed or
licensed by them, and no product of the Borrower or any of its Subsidiaries
infringes, in any material respect, any license, permit, franchise,
authorization, patent, copyright, service mark, trademark, trade name or other
right owned by any other Person; and

 

43

 

(iii)          the Borrower and its Subsidiaries have taken all
necessary actions to maintain the Intellectual Property Rights that they own,
possess and license, and there is no material violation by any Person of any
right of the Borrower or any of its Subsidiaries with respect to Intellectual
Property Rights owned, possessed, licensed or used by the Borrower or any of
its Subsidiaries.

 

4.15         Taxes

 

Except as
would not, individually or in the aggregate, have a Material Adverse Effect on
the liability of Borrower or its Subsidiaries for taxes:

 

(i)            all tax returns required to be filed by the Borrower
or any of its Subsidiaries in any jurisdiction (including foreign
jurisdictions) have been timely filed, and all such tax returns are true,
correct and are complete;

 

(ii)           all taxes, assessments, fees and other charges due
from the Borrower or any of its Subsidiaries that are due and payable have been
paid other than any taxes being contested in good faith by appropriate
proceedings promptly instituted and diligently conducted and for which adequate
reserves or other appropriate provisions have been made in accordance with
GAAP;

 

(iii)          the Borrower knows of no actual or proposed material
additional tax assessments for any fiscal period against the Borrower or any of
its Subsidiaries;

 

(iv)          none of the Borrower’s or any of its Subsidiaries’ tax
returns are under audit, and no waivers of the statute of limitations or
extensions of time with respect to any tax returns have been granted by the
Borrower or any of its Subsidiaries;

 

(v)           neither the Borrower nor any of its Subsidiaries has
received written notice from any governmental agency in a jurisdiction in which
such entity does not file a tax return stating that such entity is or may be
subject to taxation by that jurisdiction; and

 

(vi)          the charges, accruals and reserves on the books of the
Borrower and its Subsidiaries in respect of federal, state or other taxes for
all fiscal periods are adequate in accordance with GAAP.

 

The Borrower
is not a United States real property holding corporation as defined in Section
897(c)(2) of the Internal Revenue Code.

 

44

 

4.16         ERISA

 

(a)           Schedule 4.16(a) contains a complete list of
Plans.  Neither a Reportable Event nor an
“accumulated funding deficiency” (within the meaning of Section 412 of the Code
or Section 302 of ERISA) has occurred during the five-year period prior to the
Closing Date with respect to any Plan, and each Plan has complied in all
material respects with the applicable provisions of ERISA and the Code.  No termination of a Single Employer Plan has
occurred, and no Lien in favor of the PBGC or a Plan has arisen, during such
five-year period.  The sum of the present
value of all accumulated benefits under all Single Employer Plans (based on the
assumptions used to fund such plans) did not, as reflected in the last annual
actuarial valuation report issued prior to the Closing Date, exceed the
aggregate market value of the assets of such plans.  Except as would not reasonably be expected to
have a Material Adverse Effect, (x) neither the Borrower nor any Commonly
Controlled Entity has had a complete or partial withdrawal from any
Multiemployer Plan that has resulted or could reasonably be expected to result
in any liability under ERISA, and (y) neither the Borrower nor any Commonly
Controlled Entity would become subject to any liability under ERISA if the
Borrower or any Commonly Controlled Entity was to withdraw completely from all
Multiemployer Plans as of the valuation date most closely preceding the Closing
Date.  No such Multiemployer Plan is in
Reorganization or is Insolvent.

 

(b)           Except as listed on Schedule 4.16(b) or as
required under Part 6 of Title I of ERISA and Section 4980B of the Code or
other comparable state or local law, neither the Borrower nor any Commonly Controlled
Entity has an obligation to make any payment to, or with respect to, any former
employee of the Borrower or any Commonly Controlled Entity pursuant to Plans
which are “employee welfare benefits plans” (as defined in Section 3(1) of
ERISA).

 

4.17         Material
Contracts

 

All Material
Contracts are set forth in Schedule 4.17.

 

4.18         Compliance with Laws; Charter Documents; Material
Contracts

 

Except as
would not, either individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect, neither of the Borrower nor any of its
Subsidiaries is in violation of any statutes, laws, ordinances, or governmental
rules or regulations or any judgment, order or decree (federal, state, local or
foreign) to which any of them or any of their respective assets or properties
is subject or has failed to obtain any licenses, permits, franchises or other
governmental authorizations necessary to the ownership or operation of their
respective properties or the conduct of their respective businesses.

 

Additionally,
neither the Borrower nor any of its Subsidiaries is in conflict with, or breach
or violation of, their respective Charter Documents, and except as would not,
either individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, neither the Borrower nor any of its Subsidiaries is in
breach or violation of, or default under, any Material Contract.

 

45

 

4.19         Labor
Relations

 

Neither the
Borrower nor any of its Subsidiaries is, to the knowledge of the Borrower,
engaged in any unfair labor practice. 
Except as would not, either individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, there is:

 

(i)            no unfair labor practice complaint pending or to the
best knowledge of the Borrower threatened against the Borrower or any of its
Subsidiaries before the National Labor Relations Board and no grievance or
arbitration proceeding arising out of or under collective bargaining agreements
is so pending or known to be threatened;

 

(ii)           no strike, labor dispute, slowdown or stoppage pending
or to the best knowledge of the Borrower threatened against the Borrower or any
of its Subsidiaries; and

 

(iii)          no union representation question existing with respect
to the employees of the Borrower or any of its Subsidiaries and no union
organizing activities are taking place.

 

4.20         No Violation of Regulations of Board of Governors of
Federal Reserve System

 

None of the
transactions contemplated by this Agreement (including, without limitation, the
use of the proceeds from the sale of the Notes) will violate or result in a
violation of Section 7 of the Exchange Act or any regulation issued pursuant
thereto or, without limitation, Regulations T, U and X of the Board of Governors
of the Federal Reserve System.

 

4.21         Governmental Regulations

 

Neither the
Borrower nor any of its Subsidiaries is subject to regulation under the
Investment Company Act of 1940, as amended, the Public Utility Holding Borrower
Act of 1935, as amended, the Federal Power Act, the Interstate Commerce Act or
to any federal or state statute or regulation limiting its ability to incur
indebtedness for borrowed money.

 

4.22         Solvency

 

The Borrower
and its Subsidiaries are, and after giving effect to the Acquisition and the
incurrence of all Indebtedness and obligations being incurred in connection
herewith and therewith will be and will continue to be, Solvent.

 

4.23         Full
Disclosure

 

None of the
Loan Documents, any document attached hereto or thereto or contemplated hereby
or thereby, or furnished by or on behalf of the Borrower to any of the Lenders
in connection with the Loan (other than the Projections, the standard for
disclosure of which is set forth in Section 4.9(b)), contains any untrue
statement of a material fact or omits to state a material fact necessary to
make the statements contained herein or therein, in light of the circumstances
under which they were made, not misleading. 
There is no fact known to the

 

46

 

Borrower that has not been
disclosed to each Lender that would, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.  In addition, to the best knowledge of the
Borrower, there is not currently any statute, regulation, rule or requirement
that would have, either individually or in the aggregate, a Material Adverse
Effect on the ability of the Borrower and its Subsidiaries to conduct their
respective businesses as currently conducted.

 

4.24         Survival of Representations and Warranties

 

All statements
contained in any certificate or other document delivered to any Lender by or on
behalf of the Borrower (a) at the closing of the transactions contemplated
hereby, pursuant to the terms of this Agreement, and (b) after the closing of
the transactions contemplated hereby, pursuant to Section 6.2,
shall be deemed to constitute representations and warranties under this
Agreement with the same force and effect as the representations and warranties
expressly set forth herein.  All of the
Borrower’s representations and warranties thereunder and hereunder shall
survive the execution and delivery of the same, any investigation by any Lender
and the Loan.

 

4.25         Security
Documents

 

(a)           The Guarantee and Collateral Agreement is effective to
create in favor of the Collateral Agent, for the benefit of the Secured
Parties, a legal, valid, binding and enforceable security interest in the
Collateral described therein and proceeds and products thereof.  In the case of the Pledged Stock described in
the Guarantee and Collateral Agreement, when any stock certificates
representing such Pledged Stock are delivered to the Administrative Agent (and,
in the case of shares of AskMen, when the hypothec has been executed and
delivered and registration effected in Canada), and in the case of the other
Collateral described in the Guarantee and Collateral Agreement, when financing
statements in appropriate form are filed in the offices specified on Schedule 4.25(a)-1
(which financing statements may be filed by the Administrative Agent acting at
the direction of the Majority Lenders) at any time and such other filings and
actions as are specified on Schedule 3 to the Guarantee and Collateral
Agreement have been completed (all of which filings may be filed by the
Administrative Agent acting at the direction of the Majority Lenders) at any
time, the Guarantee and Collateral Agreement shall constitute a fully perfected
Lien on, and security interest in, all right, title and interest of the Loan
Parties in such Collateral and the proceeds and products thereof, as security
for the Obligations (as defined in the Guarantee and Collateral Agreement), in
each case prior and superior in right to any other Person (except, Permitted
Liens).  Schedule 4.25(a)-2 lists
each UCC Financing Statement that (i) names any Loan Party as debtor and (ii)
will remain on file after the Closing Date. 
Schedule 4.25(a)-3 lists each UCC Financing Statement that (i)
names any Loan Party as debtor and (ii) will be terminated on or prior to the
Closing Date; and on or prior to the Closing Date, the Borrower will have
delivered to the Administrative Agent, or caused to be filed, duly completed
UCC termination statements, signed by the relevant secured party, in respect of
each such UCC Financing Statement.

 

4.26         Real
Property

 

Except as set
forth on Schedule 4.26, neither the Borrower nor any of its
Subsidiaries has any interest in any real property.

 

47

 

SECTION 5.  CONDITIONS PRECEDENT

 

5.1           Conditions to Initial Extension of Credit.  The obligation of each Lender to make the
extension of credit requested to be made by it hereunder is subject to the
satisfaction, prior to or concurrently with the making of such extension of
credit on the Closing Date, of the following conditions precedent:

 

5.2           Representations and Warranties True; No Event of
Default

 

The
representations and warranties of the Borrower contained in Section 4
shall be true at and as of the Closing Date (unless related to a specific date,
in which case it shall be true as of such specific date), after giving effect
to the transactions contemplated by this Agreement to occur on that date, as if
made on and as of that date.

 

5.3           Compliance with this Agreement

 

The Borrower
shall have performed and complied in all material respects with all agreements,
covenants and conditions contained in the Loan Documents or any other document
contemplated hereby or thereby to be performed or complied with by the Borrower
on or before the Closing Date.  Neither
the Borrower nor any of its Subsidiaries shall have entered into any
transaction since the date of this Agreement that would have been prohibited by
any section hereof had such section applied since such date.

 

5.4           AskMen
Acquisition

 

All of the
AskMen Acquisition Documents shall have been completed on terms reasonably
satisfactory to each Lender including those pertaining to representations,
warranties, indemnification rights, and any tax elections by the Borrower in
connection with the AskMen Acquisition. 
Fully executed copies of all of the AskMen Acquisition Documents shall
have been delivered to each Lender simultaneously with the closing of the
transactions contemplated hereby.  The
AskMen Acquisition shall be consummated concurrently with the closing of the
transactions contemplated hereby and on the terms contemplated by the AskMen
Acquisition Documents, and all conditions precedent to such consummation shall
have been satisfied or, with each Lender’s consent, waived.  The purchase price for AskMen shall not
exceed $13,500,000 .

 

5.5           Closing Date Certificates

 

(a)           Officer’s
Certificate.  Each Lender and the Administrative Agent
shall have received a certificate dated the Closing Date and signed by each of
(i) the Chief Executive Officer of the Borrower and (ii) the Chief Financial
Officer or Controller of the Borrower, certifying that the conditions set forth
in Sections 5.2, 5.3,  5.4,  5.8,  5.9(b),
5.10, 5.12 and 5.19 have been satisfied on and as of such
date and further certifying as to such other matters as any Lender may request
in the exercise of its reasonable discretion.

 

(b)           Secretary’s
Certificate.  Each Lender and the Administrative Agent
shall have received a certificate, dated the Closing Date and signed by the
Secretary of the Borrower and each Guarantor (other than Two Cents, Inc.),
certifying as to (i) the board resolutions and Charter Documents attached
thereto, (ii) the incumbency of the Borrower’s or Guarantors’, as

 

48

 

applicable, officers executing
the Loan Documents, and (iii) all other corporate proceedings relating to the
authorization, execution and delivery of the Loans and the Loan Documents.

 

5.6           Opinion
of Counsel

 

Each Lender
and the Administrative Agent shall have received opinions, dated the Closing
Date and addressed to it, from Fenwick & West, United States counsel for
the Borrower, and Fasken Martineau DuMoulin, Quebec counsel to the Borrower,
each in form and substance reasonably satisfactory to such Lenders, as to the
matters set forth on Exhibit G.

 

5.7           Intentionally Omitted

 

5.8           Sources and Uses of Funds

 

Schedule 5.8
sets forth a statement of the sources and uses of funds from the Loan and the
other transactions being undertaken by the Borrower concurrently herewith
including the AskMen Acquisition.

 

5.9           Financial
Statements

 

To the best of
the Company’s knowledge, (a) for the 12-month period ended December 31, 2004,
the unaudited Consolidated EBITDA of AskMen and its Subsidiaries shall be no
less than $1.0 million, and (b) for the 12-month period ended March 31, 2005,
the Consolidated EBITDA of the Borrower and its Subsidiaries shall be no less
than $13.9 million.  For the 12-month
period ended December 31, 2004, the Consolidated EBITDA of the Borrower and its
Subsidiaries shall be no less than $11.6 million.  On a pro forma basis after giving effect to
the transactions contemplated hereby as if such transactions occurred on March
31, 2005, the aggregate cash on the Borrower’s balance sheet shall be at least
$5 million.

 

5.10         Assets and Liabilities

 

Since December
31, 2004, there shall have been (a) no material increase in the liabilities,
contingent or otherwise, of the Borrower and AskMen taken as a whole (other
than in the ordinary course of business consistent with past practice), and (b)
no material decrease in the assets of the Borrower and AskMen taken as a whole.

 

5.11         Proceedings Satisfactory

 

All
proceedings taken in connection with the transactions contemplated by the Loan
Documents, and all documents and papers relating thereto, shall be reasonably
satisfactory to each Lender.  Each Lender
and its counsel shall have received copies of such documents and papers as such
Lender or they may reasonably request in connection therewith, or as a basis for
their opinions, all in form and substance reasonably satisfactory to each
Lender.

 

5.12         Consents
and Permits

 

Each Loan
Party shall have obtained all consents, approvals and authorizations and sent
or made all notices, filings, registrations and qualifications required to be
obtained, sent

 

49

 

or made in connection with the
AskMen Acquisition and the transactions contemplated by the Loan Documents
(including the AskMen Financing Documents), except where the failure to obtain,
send, or make the same would not, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.  There shall have expired all applicable
waiting periods without any action having been taken or threatened by any
competent authority that could restrain, prevent or otherwise impose material
adverse conditions on the AskMen Acquisition or any of the other or the
transactions contemplated by this Agreement.

 

5.13         Solvency
Certificate

 

Each Lender
shall have received a solvency certification for each Loan Party prepared and
executed by the Chief Financial Officer or Controller of such Loan Party in the
form attached hereto as Exhibit H.

 

5.14         Loan
Documents

 

The Borrower
and each Guarantor shall have duly executed and delivered and caused their
respective Subsidiaries party thereto to duly execute and deliver to such
Lender:

 

(a)           this Agreement; and

 

(b)           the Security Documents.

 

5.15         Security

 

The Security
Documents shall have been duly executed and delivered by the respective parties
thereto and there shall have been delivered to the Collateral Agent with
respect to such Security Documents:

 

(c)           certificates representing all Pledged Securities (as
defined in the Guarantee and Collateral Agreement), together with executed and
undated stock powers and/or assignments in blank;

 

(d)           instruments representing all intercompany Indebtedness
that would be required to be evidenced by a demand promissory note if incurred
after the Closing Date, together with executed and undated instruments of
assignment in blank;

 

(e)           certificate of insurance required pursuant to Section
5.3(b) of the Guarantee and Collateral Agreement;

 

(f)            appropriate financing statements or comparable
documents of, and executed by, the appropriate entities in proper form for
filing under the provisions of the UCC and applicable domestic or local laws,
rules or regulations in each of the offices where such filing is necessary or
appropriate, in the Collateral Agent’s sole discretion, to grant to the Secured
Parties a perfected priority Lien on such Collateral superior to and 

 

50

 

prior
to the rights of all third persons other than the holders of Permitted Liens;

 

(g)           UCC, judgment and tax lien search reports listing all
effective financing statements or comparable documents which name the Borrower
or any Guarantor as debtor and which are filed in those jurisdictions in which
any of such Collateral is located and the jurisdictions in which the Borrower’s
or any Guarantor’s principal place of business is located in the United States,
together with copies of such existing financing statements, none of which shall
encumber such Collateral covered or intended or purported to be covered by the
Security Documents other than Permitted Liens;

 

(h)           evidence of the completion of all filings of each such
Security Document, including with the United States Patent and Trademark Office
and the United States Copyright Office, and delivery, recordation and filing,
if necessary, of such other security and other documents, including UCC-3
termination statements with respect to UCC filings that do not constitute
Permitted Liens, as may be necessary or, in the reasonable opinion of the
Collateral Agent (acting at the direction of the Majority Lenders), desirable
to perfect the Liens created, or purported or intended to be created, by such
Security Documents; and

 

(i)            evidence that all other actions necessary or, in the
reasonable opinion of the Collateral Agent (acting at the direction of the
Majority Lenders), desirable to perfect the security interest created by the
Security Documents have been taken.

 

5.16         Payment of Fees and Expenses

 

The Borrower
shall have paid all of the accrued fees and expenses (entitled to be paid
hereunder) of each Lender for which invoices have been submitted at least one
Business Day prior to the closing of the transactions contemplated hereby.

 

5.17         No
New Information

 

No Lender
shall have become aware of any information or other matter affecting the Borrower,
any of its Subsidiaries or the AskMen Acquisition that in its judgment is
inconsistent in a material and adverse manner with the information disclosed to
such Lender prior to the date hereof, taken as a whole.

 

5.18         No Material Adverse Change

 

At and as of
the Closing Date, there shall have been:

 

(j)            since December 31, 2004, no material adverse change
and no event, condition, occurrence or development that, individually or in the
aggregate, could reasonably be expected to result in a material adverse change,
in:

 

51

 

(i)            the business, results of operations, cash flows,
property, assets, liabilities, condition (financial or otherwise), management
or prospects of the Borrower and AskMen and their respective Subsidiaries taken
as a whole,

 

(ii)           the industry of the Borrower or AskMen,

 

(iii)          the projections of the Borrower and its Subsidiaries
(including after the AskMen Acquisition) or the assumptions underlying such
projections as delivered to the Lender, and

 

(k)           no litigation, investigation or other proceeding
pending or threatened that, (i) if adversely determined, could reasonably be
expected to result in material adverse impact on the Borrower, AskMen and their
respective Subsidiaries taken as a whole, or their respective businesses, or
the ability of any of them to repay the Loans or otherwise perform any of their
respective obligations under the AskMen Acquisition Documents (including the
AskMen Financing Documents), or (ii) challenges or purports to challenge any of
the transactions contemplated by this Agreement or the AskMen Acquisition
Documents or on any of the rights or remedies of the Lender under the Loan
Documents or the AskMen Financing Documents.

 

5.19         Disbursement Instructions

 

The Lenders
shall have received written instructions from the Borrower to the Lenders
directing the proceeds of the Loans to be made on the Closing Date.

 

5.20         Other
Assurances

 

The Borrower
shall have delivered to the Lenders such other and further certificates, assurances
and documents as the Lenders or their respective counsel may have reasonably
requested in order to evidence the accuracy of the representations and
warranties thereof, the performance of the covenants and agreements to be
performed at or prior to the closing of the transactions contemplated hereby,
and the fulfillment of the conditions to the Lenders’ obligations.

 

SECTION 6.  AFFIRMATIVE COVENANTS

 

So long as any
Loan or other amount is owing to any Lender hereunder, the Borrower covenants
to the Lenders as follows:

 

6.1           Payment of Obligations

 

The Borrower
will pay or cause to be paid at or before maturity or before they become
delinquent, as the case may be, the Loans.

 

52

 

6.2           Delivery of Financial and Other Statements and Reports

 

(a)           The Borrower will deliver to each Lender the
following:

 

(i)            Monthly Financial Statements. 
As soon as available, but in any event not later than 30 days after the
last day of each month (except for the last month of each fiscal quarter), a
consolidated balance sheet of the Borrower and its Subsidiaries as of the end
of such month and related consolidated statements of operations and cash flows,
of the Borrower and its Subsidiaries for such month and for the portion of the
fiscal year through the end of such month, together with related consolidating
statements for such periods (provided that such consolidating statements are
being prepared for the Borrower’s management or other creditors), all in
reasonable detail and prepared in accordance with GAAP consistently applied,
and accompanied by a comparison of current month and year-to-date results as
reported in such consolidated statements to (A) results for the
corresponding periods of the prior fiscal year and (B) results projected
for such periods in the budget and business plans delivered to Lenders pursuant
to Section 6.2(a)(iv) at the commencement of the then current fiscal
year;

 

(ii)           Quarterly Financial Statements. 
As soon as available, but in any event not later than 45 days after the
last day of each fiscal quarter (except for the last fiscal quarter of each
fiscal year), a consolidated balance sheet of the Borrower and its Subsidiaries
as of the end of such quarter and related consolidated statements of operations,
stockholders’ equity and cash flows, of the Borrower and its Subsidiaries for
such quarter and for the portion of the fiscal year through the end of such
quarter, together with related consolidating statements for such periods
(provided that such consolidating statements are being prepared for the
Borrower’s management or other creditors), all in reasonable detail and
prepared in accordance with GAAP consistently applied, and accompanied by a
comparison of current quarter and year-to-date results as reported in such
consolidated statements to (A) results for the corresponding periods of the
prior fiscal year and (B) results projected for such periods in the budget and
business plans delivered to Agents and Lenders pursuant to Section 6.2(a)(iv)
at the commencement of the then current fiscal year;

 

(iii)          Annual Financial Statements. 
As soon as available, but in any event not later than 90 days after the
close of each fiscal year, an audited consolidated balance sheet of the
Borrower and its Subsidiaries as of the close of such fiscal year, and related
audited consolidated statements of operations, cash flows and changes in
stockholders’ equity of the Borrower and its Subsidiaries for such fiscal year,
reported on (without any material qualification arising from the scope of the
audit or with respect to the continuance of

 

53

 

the
Borrower and its Subsidiaries as going concerns) by a nationally recognized
firm of independent certified public accountants and prepared in accordance
with GAAP consistently applied;

 

(iv)          Budgets. 
As soon as available, but in any event not later than 60 days after the
first day of each fiscal year, a reasonably detailed consolidated monthly
budget for the Borrower and its Subsidiaries for the immediately forthcoming
fiscal year, which plan shall have been approved by the Borrower’s board of
directors;

 

(v)           Auditor Reports. 
Promptly upon receipt thereof (unless restricted by applicable
professional standards), copies of all material reports submitted to the
Borrower by independent certified public accountants in connection with each
annual, interim or special audit of the financial statements of the Borrower
and its Subsidiaries made by such accountants, including any comment letter submitted
by such accountants to management in connection with their annual audit;

 

(vi)          Information Provided to Other
Securityholders.
Concurrently with the provision of the same to or by the holders of Senior
Subordinated Notes, Common Stock, Series A Preferred Stock or Series B
Preferred Stock copies of any financial or other report or notice delivered to,
or received from, any such holders, in each case as a class;  and

 

(vii)         Other Information. 
On an as requested basis, any other information reasonably requested by
any Agent or any Lender.

 

(b)           Compliance Certificates. 
The Borrower will deliver to each Agent and to each Lender, together (in
the case of the Lenders) with the financial statements under Section 6.2(a)(ii),
within 45 days after the end of each fiscal quarter, a Compliance Certificate
stating that a review of the activities of the Borrower and its Subsidiaries
during the preceding fiscal quarter has been made under the supervision of the
signing officers with a view to determining whether the Borrower has kept,
observed, performed and fulfilled its obligations under this Agreement, and
further stating, as to each such Officer signing such certificate, that to the
best of his or her knowledge the Borrower has kept, observed, performed and fulfilled
each and every covenant contained in this Agreement and is not in Default in
the performance or observance of any of the terms, provisions and conditions of
this Agreement (or, if a Default or Event of Default has occurred, describing
all such Defaults or Events of Default of which he or she may have knowledge
and what action the Borrower is taking or proposes to take with respect
thereto) and that to the best of his or her knowledge no event has occurred and
remains in existence by reason of which payments on account of the principal
of, or interest and premium, if any, on the Loans is prohibited or if such
event has occurred, a description of the event and what action the Borrower is
taking or proposes to take with respect thereto.

 

54

 

(c)           Accountant Letters. 
So long as not contrary to the then current recommendations of the
American Institute of Certified Public Accountants, the year-end financial
statements delivered pursuant to Section 6.2(iii) will be
accompanied by a written statement of the Borrower’s independent public
accountants (who shall be a firm of established national reputation or
otherwise approved by the Majority Lenders) that in making the examination
necessary for certification of such financial statements, nothing has come to
their attention that would cause them to believe that any Default or Event of
Default has occurred or, if any such Default or Event of Default has occurred,
specifying the nature and period of existence thereof, it being understood that
such accountants shall not be liable directly or indirectly to any Person for
any failure to obtain knowledge of any such Default or Event of Default.

 

(d)           Notice of Defaults. 
So long as any of the Loans are outstanding, the Borrower will deliver
to each Agent and to each Lender, forthwith upon any officer becoming aware of
any Default or Event of Default, an Officers’ Certificate specifying such
Default or Event of Default and what action the Borrower is taking or proposes
to take with respect thereto.

 

6.3           Taxes

 

The Borrower
will timely pay, and will cause each of its Subsidiaries to timely pay, all
material taxes, assessments, and governmental levies except such as are
contested in good faith and by appropriate proceedings or where the failure to
effect such payment is not adverse in any material respect to the Agents or to
the Lenders.

 

6.4           Insurance

 

The Borrower
will maintain liability, casualty, business continuity and other insurance with
a reputable insurer or insurers in such amounts and against such risks as is
carried by responsible companies engaged in similar businesses and owning
similar assets.

 

6.5           Corporate
Existence

 

The Borrower
will do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence and the corporate or other entity
existence of each of its Subsidiaries in accordance with the respective
organizational documents of each of them and the corporate or other entity
rights (charter and statutory), licenses and franchises of the Borrower and its
Subsidiaries; provided, however, that with respect to any
Subsidiary of the Borrower, the Borrower will not be required to preserve any
such right, license or franchise, or corporate or other entity existence, if
the board of directors of the Borrower determines that the preservation thereof
is no longer desirable in the conduct of the business of the Borrower and its
Subsidiaries taken as a whole and that the loss thereof is not adverse in any
material respect to any Agent or to any Lender.

 

6.6           Books
and Records

 

The Borrower
will, and will cause each of its Subsidiaries to, keep proper books of record
and account, in which full and materially correct entries shall be made in
accordance

 

55

 

with GAAP of all financial
transactions and the assets and business of Borrower and each of its
Subsidiaries.

 

6.7           Compliance
with Laws

 

The Borrower
will, and will cause each of its Subsidiaries to, comply with all statutes,
ordinances, governmental rules and regulations, judgments, orders and decrees
(including all Environmental Laws and Environmental Permits) to which any of
them is subject, and obtain and keep in effect all licenses, permits (including
Environmental Permits), franchises and other governmental authorizations
necessary to the ownership or operation of their respective properties or the
conduct of their respective businesses, except to the extent that the failure
to so comply or obtain and keep in effect would not, either individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

 

6.8           Use
of Proceeds

 

The Borrower
will apply the proceeds of the Loans only for purposes specified in Section 4.7.

 

6.9           Mandatory Prepayments with Excess Cash and Net
Financing Proceeds

 

Within 30 days
of the receipt of any Net Financing Proceeds, and within 90 days of the end of
each fiscal year in which the Borrower generated Excess Cash Flow, the Borrower
will make mandatory prepayments of the Aggregate Required Prepayment Amount as
follows:

 

(a)           to
the Term Loans, subject to Section 2.9, in an amount equal to the Term
Loans’ applicable First Lien Percentage of the Aggregate Required Prepayment
Amount; and

 

(b)           to
each other Series of First Lien Debt, in an amount equal to each Series of
First Lien Debt’s applicable First Lien Percentage of the Aggregate Required
Prepayment Amount;

 

provided, that if a Series of First Lien Debt
requires the Borrower to make an offer to purchase, redeem or prepay such
Series of First Lien Debt with such Net Financing Proceeds or Excess Cash Flow,
then in lieu of making a mandatory prepayment of such First Lien Debt pursuant
to clause (b) above, the Borrower shall use such Series of First Lien Debt’s
First Lien Percentage of such Net Financing Proceeds or Excess Cash Flow to
make such offer concurrent with the mandatory prepayment of the Aggregate
Required Prepayment Amount payable to any other Series.  For the avoidance of doubt, the Borrower will
prepay Term Loans pursuant to this Section 6.9 only with the Term
Loan’s First Lien Percentage of any Net Financing Proceeds and Excess Cash Flow
applied as set forth above.

 

Any mandatory
prepayment of Term Loans will be made by paying to the Lenders an amount equal
to the principal amount of such Terms Loans prepaid plus accrued and unpaid
interest to the date of prepayment, and will be payable in cash.  If any Net Financing Proceeds or Excess Cash
Flow remains after prepayment of the Term Loans and other Series of First Lien
Debt, the Borrower may use such Net Financing Proceeds or Excess Cash Flow for
any purpose not otherwise prohibited by this Agreement.

 

56

 

6.10         Additional Collateral, etc. 

 

(a)           With respect to any Property acquired after the
Closing Date by the Borrower or any of its Subsidiaries (other than (i) any Property described in Section 6.10(b) or
Section 6.10(c) and (ii) Property acquired by an Excluded
Foreign Subsidiary) as to which the Collateral Agent, for the benefit of the
Secured Parties, does not have a perfected Lien, the Borrower shall promptly (i) execute and deliver to the Administrative Agent
such amendments to the Guarantee and Collateral Agreement or such other
documents as may be required under any applicable law or as the Administrative
Agent deems necessary or advisable (acting at the direction of the Majority
Lenders) to grant to the Collateral Agent, for the benefit of the Secured
Parties, a security interest in such Property and (ii) take all actions
necessary or advisable to grant to the Collateral Agent, for the benefit of the
Secured Parties, a perfected first priority security interest in such Property
subject only to Permitted Liens, including the filing of UCC
financing statements in such jurisdictions as may be required by the Guarantee
and Collateral Agreement or by law or as may be requested by the Administrative
Agent (acting at the direction of the Majority Lenders).

 

(b)           With respect to any new Subsidiary (other than an
Excluded Foreign Subsidiary) created or acquired after the Closing Date (which,
for the purposes of this paragraph, shall include any existing Subsidiary that
ceases to be an Excluded Foreign Subsidiary), by the Borrower or any of its
Subsidiaries, the Borrower shall promptly (i) execute
and deliver to the Administrative Agent such amendments to the Guarantee and
Collateral Agreement as may be required under any applicable law or as the
Administrative Agent deems necessary or advisable (acting at the direction of
the Majority Lenders) to grant to the Administrative Agent, for the benefit of
the Secured Parties, a perfected first priority security interest in the
Capital Stock of such new Subsidiary that is owned by the Borrower or any of
its Subsidiaries, (ii) deliver to the Administrative Agent the
certificates representing such Capital Stock, together with undated stock
powers, in blank, executed and delivered by a duly authorized officer of the
Borrower or such Subsidiary, as the case may be, (iii) cause such new
Subsidiary (A) to become a party to the Guarantee and Collateral Agreement
and (B) to take such actions necessary or advisable to grant to the
Administrative Agent for the benefit of the Secured Parties a perfected first
priority security interest in the Collateral described in the Guarantee and
Collateral Agreement with respect to such new Subsidiary, including the
recording of instruments in the United States Patent and Trademark Office and the
United States Copyright Offices, the execution and delivery by all necessary
persons of control agreements, and the filing of UCC
financing statements in such jurisdictions as may be required by the Guarantee
and Collateral Agreement or by law or as may be requested by the Administrative
Agent (acting at the direction of the Majority Lenders), and (iv) if
requested by the Administrative Agent (acting at the direction of the Majority
Lenders), deliver to the Administrative Agent legal opinions relating to the
matters described above, which opinions shall be in form and substance, and
from counsel, reasonably satisfactory to the Administrative Agent (acting at
the direction of the Majority Lenders).

 

(c)           With respect to any new Excluded Foreign Subsidiary created
or acquired after the Closing Date by the Borrower or any of its Subsidiaries
(other than any Excluded Foreign Subsidiaries), the Borrower shall promptly (i) execute and deliver to the Administrative Agent
such amendments to the Guarantee and Collateral Agreement or such other
documents as may be required under any applicable law or as the Administrative
Agent deems necessary or

 

57

 

advisable
in order to grant to the Administrative Agent, for the benefit of the Secured
Parties, a perfected first priority security interest in the Capital Stock of
such new Subsidiary that is owned by the Borrower or any of its Subsidiaries
(other than any Excluded Foreign Subsidiaries), (provided that in no event shall more than 65% of the total
outstanding Capital Stock of any such new Excluded Foreign Subsidiary be
required to be so pledged), (ii) deliver to the Administrative Agent the
certificates representing such Capital Stock, together with undated stock
powers, in blank, executed and delivered by a duly authorized officer of the
Borrower or such Subsidiary, as the case may be, and take such other action as
may be necessary or, in the opinion of the Administrative Agent, desirable to
perfect the Lien of the Administrative Agent thereon, and (iii) if
requested by the Administrative Agent, deliver to the Administrative Agent
legal opinions relating to the matters described above, which opinions shall be
in form and substance, and from counsel, reasonably satisfactory to the
Administrative Agent.

 

(d)           Notwithstanding anything to the contrary in this Section 6.10,
paragraphs (a), (b), (c) and (e) of this Section 6.10
shall not apply to any Property, new Subsidiary or new Excluded Foreign
Subsidiary created or acquired after the Closing Date, as applicable, as to
which the Administrative Agent has determined in its sole discretion (acting at
the direction of the Majority Lenders) that the collateral value thereof is
insufficient to justify the difficulty, time and/or expense of obtaining a
perfected security interest therein.

 

(e)           With respect to any fee interest (or leasehold
interest, to the extent such leasehold is created under a triple net ground
lease or similar transaction) in any real property having a value (together
with improvements thereof) of at least $100,000 (the “Mortgaged Property”)
acquired after the Closing Date by the Borrower or any of its Subsidiaries
(other than any such real property owned by an Excluded Foreign Subsidiary),
the Borrower shall promptly (i) execute and
deliver a first priority Mortgage in favor of the Collateral Agent, for the
benefit of the Secured Parties, covering such real property, (ii) if
requested by the Administrative Agent (acting at the direction of the Majority
Lenders), provide the Secure Parties with (A) title and extended coverage
insurance, complying with the provisions of Section 6.10(f),
covering such real property in an amount at least equal to the purchase price
of such real property (or such other amount as shall be reasonably specified by
the Administrative Agent acting at the direction of the Majority Lenders) as
well as a current ALTA survey thereof complying with the provisions of Section 6.10(g) together
with a surveyor’s certificate, (B) flood insurance complying with the
provisions of Section 6.10(h) and (C) any consents or
estoppels reasonably deemed necessary or advisable by the Administrative Agent (acting
at the direction of the Majority Lenders) in connection with such Mortgage,
each of the foregoing in form and substance reasonably satisfactory to the
Administrative Agent and (iii) if requested by the Administrative Agent
(acting at the direction of the Majority Lenders), deliver to the
Administrative Agent legal opinions relating to the matters described above,
which opinions shall be in form and substance, and from counsel, reasonably
satisfactory to the Administrative Agent (acting at the direction of the
Majority Lenders).

 

(f)            If requested by the Administrative Agent pursuant to Section 6.10(e),
the Administrative Agent shall receive in respect of each Mortgaged Property a
mortgagee’s title insurance policy (or policies) or marked up unconditional
binder for such insurance.  Each such
policy shall (A) be in an amount satisfactory to the Administrative Agent;
(B) be issued at ordinary rates; (C) insure that the Mortgage insured
thereby creates a valid first Lien on, and

 

58

 

security
interest in, such Mortgaged Property free and clear of all defects and encumbrances,
except for Permitted Liens disclosed therein; (D) name the Administrative
Agent for the benefit of the Secured Parties as the insured thereunder;
(E) be in the form of ALTA Loan Policy – 1970 form B (Amended 10/17/70 and
10/17/84) (or equivalent policies); (F) contain such endorsements and
affirmative coverage as the Administrative Agent may reasonably request in form
and substance acceptable to the Administrative Agent (in each case, acting at
the direction of the Majority Lenders), including (to the extent applicable
with respect to such Mortgaged Property and available in the jurisdiction in
which such Mortgaged Property is located), the following: variable rate
endorsement; survey endorsement; comprehensive endorsement; zoning (ALTA 3.1
with parking added) endorsement; first loss, last dollar and tie-in
endorsement; access coverage; separate tax parcel coverage; contiguity
coverage; usury; closing business; subdivision; environmental protection lien; CLTA 119.2 and CLTA 119.3 (for
leased Real Estate, only); and such other endorsements as the Administrative
Agent shall reasonably require (acting at the direction of the Majority
Lenders) in order to provide insurance against specific risks identified by the
Administrative Agent (acting at the direction of the Majority Lenders) in
connection with such Mortgaged Property, and (G) be issued by title
companies satisfactory to the Administrative Agent acting at the direction of
the Majority Lenders (including any such title companies acting as co-insurers
or reinsurers, at the option of the Administrative
Agent acting at the direction of the Majority Lenders).  Also, the Administrative Agent shall receive (i) evidence satisfactory to it that all premiums in
respect of each such policy, all charges for mortgage recording tax, and all
related expenses, if any, have been paid and (ii) a copy of all recorded
documents referred to, or listed as exceptions to title in, the title policy or
policies referred to above and a copy of all other material documents affecting
the mortgaged properties.

 

(g)           If requested by the Administrative Agent pursuant to Section 6.10(e),
the Administrative Agent shall receive, and the title insurance company issuing
the policy referred to in Section 6.10(e) (the “Title Insurance
Company”) shall have received, maps or plats of an as-built survey
of the sites of the Mortgaged Properties certified to the Administrative Agent
and the Title Insurance Company in a manner satisfactory to them (in the case
of the Administrative Agent, acting at the direction of the Majority Lenders),
dated not more than 30 days prior to the acquisition of an interest in such
property unless the Title Insurance Company has agreed to delete its survey
disclosure exception on the basis of an earlier survey and such survey is, in
any event, dated not more than 2 years prior to such date by an independent
professional licensed land surveyor satisfactory to the Administrative Agent (acting
at the direction of the Majority Lenders) and the Title Insurance Company,
which maps or plats and the surveys on which they are based shall be made in
accordance with the Minimum Standard Detail Requirements for Land Title Surveys
jointly established and adopted by the American Land Title Association and the
American Congress on Surveying and Mapping in 1997 or 1999 and meeting the
accuracy requirements as defined therein, and, without limiting the generality
of the foregoing, there shall be surveyed and shown on such maps, plats or
surveys the following:  each survey shall
(A) be a current “as-built” survey showing the location of any adjoining
streets (including their widths and any pavement or other improvements),
easements (including the recorded information with respect to all recorded
instruments), the mean high water base line or other legal boundary lines of
any adjoining bodies of water, fences, zoning or restriction setback lines,
rights-of-way, utility lines to the points of connection and any encroachments;
(B) locate all means of ingress and egress, certifying the amount of
acreage and square footage, indicate the address of the property, contain the
legal description of the property, and also contain a location sketch of the
property;

 

59

 

(C) show
the location of all improvements as constructed on the property, all of which
shall be within the boundary lines of the property and conform to all
applicable zoning ordinances, set-back lines and restrictions and the surveyor
shall certify compliance with the foregoing; (D) indicate the location of
any improvements on the property with the dimensions in relations to the lot
and building lines; (E) show measured distances from the improvements to
be set back and specified distances from street or property lines in the event
that deed restrictions, recorded plats or zoning ordinances require same; (F) designate
all courses and distances referred to in the legal description, and indicate
the names of all adjoining owners on all sides of the property, to the extent
available; and (G) indicate the flood zone designation, if any, in which
the property is located.  The legal
description of the applicable property shall be shown on the face of each
survey, and the same shall conform to the legal description contained in the
title policy described below.

 

(h)           If requested by the Administrative Agent pursuant to Section 6.10(e),
the Administrative Agent shall receive, (A) a policy of flood insurance
that (1) covers any parcel of improved real property that is encumbered by
any Mortgage (2) is written in an amount not less than the outstanding
principal amount of the indebtedness secured by such Mortgage that is
reasonably allocable to such real property or the maximum limit of coverage
made available with respect to the particular type of property under the
National Flood Insurance Act of 1968, whichever is less, and (3) has a
term ending not later than the maturity of the indebtedness secured by such
Mortgage or that may be extended to such maturity date and (B) confirmation
that the Borrower has received the notice required pursuant to Section 208(e)(3) of
Regulation H of the Board.

 

6.11         Security Interests

 

The Borrower,
each Guarantor and each of their respective Domestic Subsidiaries will perform
any and all acts and execute any and all documents (including, the execution,
amendment or supplementation of any financing statement and continuation
statement) for filing in any appropriate jurisdiction under the provisions of
the UCC, local law or any statute, rule or
regulation of any applicable jurisdiction which are necessary in order to
maintain or confirm in favor of the Administrative Agent a valid and perfected
Lien on the Collateral and any additional Collateral, subject to no Liens
except for Permitted Liens.  Upon request
of the Administrative Agent (acting at the direction of the Majority Lenders),
the Borrower shall, as promptly as practicable after the filing of any
financing statements, deliver to the Administrative Agent acknowledgment copies
of, or copies of lien search reports confirming the filing of, financing
statements duly filed under the UCC of all
jurisdictions as may be necessary or desirable to perfect the Lien created, or
purported or intended to be created, by each Security Document.

 

6.12         Post-Closing
Covenants

 

Within 5 Business
Days of any merger, amalgamation or other combination of Acquisition Co. and
AskMen, the Borrower shall cause a legal opinion to be delivered to the Lenders
and the Collateral Agent in form and substance substantially similar to the
legal opinion from Canadian counsel delivered pursuant to Section 5.6 hereof.

 

Within 5
Business Days of the Closing Date, the Borrower shall cause a certificate dated
such date showing the amount and types of insurance coverage as of such date as
required by Section 5.3(b) of the Guarantee and Collateral Agreement.

 

SECTION 7.  NEGATIVE COVENANTS

 

So long as any
Loan or other amount is owing to any Lender hereunder, the Borrower hereby
covenants to the Lenders as follows:

 

60

 

7.1           Incurrence of Indebtedness and
Issuance of Preferred Stock

 

(a)           The Borrower will not, and will not permit any of its
Subsidiaries to, directly or indirectly, create, incur, issue, assume,
Guarantee or otherwise become directly or indirectly liable, contingently or
otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and the
Borrower will not issue any Disqualified Stock and will not permit any of its
Subsidiaries to issue any shares of preferred stock.

 

(b)           The provisions of Section 7.1(a) hereof
will not prohibit the incurrence of, or prohibit the Borrower and its
Subsidiaries from remaining liable with respect to, any of the following items
of Indebtedness (collectively, “Permitted
Debt”):

 

(i)            Existing Debt;

 

(ii)           the incurrence by the Borrower of
Indebtedness represented by the Loan pursuant to this Agreement;

 

(iii)          the incurrence by the Borrower of
Indebtedness represented by the Senior Subordinated Notes pursuant to the
Securities Purchase Agreement;

 

(iv)          the incurrence by the Borrower of
Permitted Refinancing Indebtedness in exchange for, or the net proceeds of
which are used to refund, refinance or replace Indebtedness that is described
in Section 7.1(b)(ii) and Section 7.1(b)(iv);

 

(v)           the incurrence by the Borrower or
any of its Subsidiaries of intercompany Indebtedness
owed to the Borrower or any of its Wholly Owned Subsidiaries; provided, however, that:

 

(A)          if the Borrower or any Guarantor is the obligor on
such Indebtedness, such Indebtedness must be unsecured and expressly
subordinated to the prior payment in full in cash of all Obligations with
respect to the Loans, in the case of the Borrower, or the Loan Guarantee, in
the case of a Guarantor;

 

(B)           in each case where the Borrower or
any Guarantor is the creditor, such Indebtedness is evidenced by a demand
promissory note pledged to the Administrative Agent for the ratable benefit of
the Lenders pursuant to the Guarantee and Collateral Agreement;

 

(C)           the following will be deemed, in each case, to
constitute an incurrence of Indebtedness by the Borrower or one of its
Subsidiaries, as the case may be, that was not permitted by this Section 7.1(b)(v);

 

(1)   any subsequent issuance or transfer of Equity
Interests that result in any 

 

61

 

Indebtedness
originally incurred pursuant to this Section 7.1(b)(v) being
held by a Person other than the Borrower or a Subsidiary thereof, and

 

(2)   any sale or other transfer of any Indebtedness
originally incurred pursuant to this Section 7.1(b)(v) to a
Person that is not either the Borrower or a Wholly Owned Subsidiary thereof;

 

(vi)          the
issuance by any of the Borrower’s Subsidiaries to the Borrower or to any of its
Wholly Owned Subsidiaries of shares of preferred stock; provided, however,
that the following will be deemed, in each case, to constitute an issuance
of preferred stock by such Subsidiary that was not permitted by this Section 7.1(b)(vi):

 

(A)          any
subsequent issuance or transfer of Equity Interests that results in any
preferred stock originally issued pursuant to this Section 7.1(b)(vi) being
held by a Person other than the Borrower or a Wholly Owned Subsidiary of the
Borrower; and

 

(B)           any
sale or transfer of any preferred stock originally issued pursuant to this Section 7.1(b)(vi) to
a Person that is not either the Borrower or a Wholly-Owned Subsidiary of the
Borrower;

 

(vii)         the
incurrence by the Borrower or any of its Subsidiaries of Hedging Obligations in
the ordinary course of business;

 

(viii)        the Guarantee by the Borrower or any
of its Subsidiaries of Indebtedness of the Borrower or a Subsidiary of the
Borrower that was permitted to be incurred by another provision of this Section 7.1;
provided that if the Indebtedness
being guaranteed is subordinated to or pari  passu with the Loans, then the Guarantee shall be
subordinated or pari  passu,
as applicable, to the same extent as the Indebtedness guaranteed;

 

(ix)           the incurrence by the Borrower or any of its
Subsidiaries of Indebtedness in respect of workers compensation claims,
self-insurance obligations, bankers’ acceptances, performance and surety bonds
in the ordinary course of business;

 

(x)            the incurrence by the Borrower of any Indebtedness
represented by the Series A Preferred Stock and Series B Preferred
Stock outstanding or issued on the Closing Date;

 

62

 

(xi)           the incurrence by the Borrower or any of its
Subsidiaries of Indebtedness arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument inadvertently
drawn against insufficient funds, so long as such Indebtedness is covered
within five Business Days; and

 

(xii)          Indebtedness incurred pursuant to the AskMen Acquisition Documents; provided that the aggregate amount of such Indebtedness does
not exceed the Subsequent Acquisition Indebtedness Cap applicable to such AskMen Acquisition Documents.

 

The accrual of
interest, the accretion or amortization of original issue discount on any
Indebtedness, the payment of interest on any Indebtedness in the form of
additional Indebtedness with the same terms, and the payment of dividends on
Disqualified Stock in the form of additional shares of the same class of
Disqualified Stock shall not be deemed to be an incurrence of Indebtedness or
an issuance of Disqualified Stock for purposes of this Section 7.1.

 

7.2           No Layering.

 

The Borrower
will not incur, and will not permit any Guarantor to incur, any Indebtedness
(including Permitted Debt) that is contractually subordinated in right of
payment to any other Indebtedness of the Borrower or such Guarantor unless such
Indebtedness is also contractually subordinated in right of payment to the
Loans and the applicable Guarantee of the Loan on substantially identical
terms; provided, however, that no Indebtedness of the
Borrower shall be deemed to be contractually subordinated in right of payment
to any other Indebtedness of the Borrower solely by virtue of being unsecured
or by virtue of being secured on a first or junior Lien basis.

 

7.3           Restrictions on Liens

 

The Borrower
will not, and will not permit any of its Subsidiaries to, directly or
indirectly create, incur, assume or suffer to exist any Lien of any kind
securing Indebtedness, Attributable Debt, or trade payables on any asset now
owned or hereafter acquired, except Permitted Liens.

 

7.4           Limitation on Restricted Payments

 

The Borrower
will not, and will not permit any of its Subsidiaries to, directly or
indirectly:

 

(i)            declare or pay any dividend or make any other payment
or distribution on account of the Borrower’s or any of its Subsidiaries’ Equity
Interests (including any payment in connection with any merger or consolidation
involving the Borrower or any of its Subsidiaries) or to the direct or indirect
holders of the Borrower’s or any of its Subsidiaries’ Equity Interests in their
capacity as such (other than dividends or

 

63

 

distributions payable in Equity Interests
(other than Disqualified Stock) of the Borrower or to the Borrower or a
Subsidiary of the Borrower);

 

(ii)           purchase, redeem or otherwise acquire or retire for
value (including in connection with any merger or consolidation involving the
Borrower or any of its Subsidiaries) any Equity Interests of the Borrower or
any direct or indirect parent of the Borrower;

 

(iii)          make any payment (whether or not in cash) on or with
respect to, or purchase, redeem, defease or otherwise
acquire or retire for value any unsecured Indebtedness or Indebtedness that is
subordinated in right of payment to the Loans or any of the Guarantees of the
Loan (collectively “Junior Debt”); or

 

(iv)          make any Restricted Investment,

 

(all such
payments and other actions set forth in these clauses (i) through
(iv) above being collectively referred to as “Restricted Payments”).

 

The foregoing
provisions will not prohibit:

 

(v)           so long as (A) no bankruptcy, insolvency or
liquidation proceeding is pending and (B) no Default in the payment of an
amount due under the Loan Documents has occurred and is continuing or would be
caused thereby, the payment of regularly scheduled interest payments on the
Senior Subordinated Notes pursuant to their terms on the date hereof;

 

(vi)          so long as no Default has occurred and is continuing
or would be caused thereby, the payment of any dividend (or, in the case of any
partnership or limited liability company, any similar distribution) by a
Subsidiary of the Borrower to the holders of its Equity Interests on a pro rata
basis;

 

(vii)         so long as no Default has occurred and is continuing
or would be caused thereby, the repurchase, redemption or other acquisition or
retirement for value of any Equity Interests of the Borrower or any Subsidiary
of the Borrower held by any current or former officer, director or employee of
the Borrower or any of its Subsidiaries pursuant to any equity subscription
agreement, stock option agreement, shareholders’ agreement or similar
agreement; provided, that the aggregate price paid for all such
repurchased, redeemed, acquired or retired Equity Interests may not exceed
$750,000; provided  further that the aggregate price paid for all
such repurchased, redeemed, acquired or retired Equity Interests may not exceed
$250,000 in any twelve-month period;

 

64

 

(viii)        so long as no Default has occurred and is continuing
or would be caused thereby, and so long as the Lenders have waived in writing,
pursuant to Section 10.1, any Default or Event of Default that
would result from such Change of Control or Initial Public Offering (such
waiver to be in the Lenders’ sole and absolute discretion), the redemption of
the Senior Subordinated Notes upon a Change of Control or Initial Public
Offering pursuant to the terms of the Senior Subordinated Notes as in effect on
the date hereof;

 

(ix)           regularly scheduled payments of interest and principal
on the Senior Subordinated Notes; and

 

(x)            so long as no Default has occurred and is continuing
or would be caused thereby, the repurchase of Equity Interests deemed to occur
upon the exercise of stock options to the extent such Equity Interests
represent a portion of the exercise price of those stock options.

 

The amount of
all Restricted Payments (other than cash) shall be the fair market value on the
date of the Restricted Payment of the asset(s) or securities proposed to be
transferred or issued to or by the Borrower or such Subsidiary, as the case may
be, pursuant to the Restricted Payment. 
The fair market value of any assets or securities that are required to
be valued by this shall be determined by the board of directors of the Borrower
whose resolution with respect thereto shall be conclusive.

 

7.5           No
Amendment to Certain Documents

 

Without the
consent of the Majority Lenders, the Borrower will not amend, waive, modify or
alter, or take any action that could cause to be amended, waived, modified or
altered, the terms of the Securities Purchase Agreement, the Series A
Preferred Stock Purchase Agreement, the Borrower’s Charter Documents, any
Senior Subordinated Note, any share of Series A Preferred Stock, any share
of Series B Preferred Stock, or any AskMen
Acquisition Document, in any way to:

 

(i)            alter the terms of any of the Borrower’s Equity
Securities, if, pursuant to the terms of the Borrower’s Equity Securities, as
altered, the Borrower or any of its Subsidiaries could be required to take an
action, whether upon the occurrence of an event, delivery of notice, on any
date, or otherwise, that would, directly or indirectly, result in a Default or
Event of Default or entitle the holder or holders of any Indebtedness of the
Borrower or any of its Subsidiaries (with or without the giving of notice or
lapse of time) to accelerate the maturity of such Indebtedness;

 

65

 

(ii)           increase the rate of or change the time for payment of
interest on any Senior Subordinated Notes or any Permitted Refinancing
Indebtedness;

 

(iii)          increase the principal of, advance the final maturity
date of or shorten the Weighted Average Life to Maturity of the Senior
Subordinated Notes or any Permitted Refinancing Indebtedness;

 

(iv)          tighten the redemption provisions or increase the
price or terms at which the Borrower is required to offer to purchase any
Senior Subordinated Notes or any Permitted Refinancing Indebtedness;

 

(v)           amend the provisions of Article XI of the
Securities Purchase Agreement;

 

(vi)          except for the Senior Subordinated Note Waiver, amend,
restate, or modify (a “Financing Change”) any document related to the
Senior Subordinated Notes (collectively, the “Subordinated Debt Documents”)
in a manner that imposes covenants or events of default upon the Borrower or
its Subsidiaries which are more restrictive than the covenants contained in
such documents prior to such Financing Change, unless the Borrower and the
Majority Lenders shall, within 10 Business Days after such Financing Change,
execute and deliver an amendment to this Agreement or any other applicable Loan
Document for the purpose of effecting a change similar and in proportion to the
changes to the Subordinated Debt Documents; provided, that upon any
failure of the Borrower or the Majority Lenders to do so, this Agreement shall
be deemed automatically amended to effect such similar and proportionate
amendment;

 

(vii)         waive, amend, restate, or modify an AskMen Acquisition Document to the extent that such waiver,
amendment, restatement or modification would either (a) waive, amend,
restate, or modify an AskMen Acquisition Document in
any material way, or (b) waive, amend, restate, or modify any term
relating to a payment due to any Person.

 

7.6           Asset Sales; Casualty Proceeds

 

(a)           The Borrower will not, and will not permit any of its
Subsidiaries to, consummate any other Asset Sale unless:

 

(i)            the Borrower (or the Subsidiary, as
the case may be) receives consideration at the time of such Asset Sale at least
equal to the fair market value of the assets or Equity Interests issued or sold
or otherwise disposed of;

 

66

 

(ii)           the fair market value is determined
by the Borrower’s board of directors and evidenced by a resolution of the board
of directors set forth in an Officers’ Certificate delivered to the
Administrative Agent; and

 

(iii)          at least 80% of the consideration therefor received by the Borrower or such Subsidiary is in
the form of cash.  For purposes of this
provision, any securities, notes or other obligations received by the Borrower
or any such Subsidiary from such transferee that are substantially
contemporaneously (subject to ordinary settlement periods) converted by the
Borrower or such Subsidiary into cash (to the extent of the cash received in
that conversion) shall be deemed to be cash.

 

(b)           Within 120 days after the receipt of any Net Asset
Sale Proceeds from an Asset Sale or any Casualty Proceeds, the Borrower may
apply such Net Asset Sale Proceeds or Casualty Proceeds at its option:

 

(i)            to acquire all or substantially all
of the assets of, or a majority of the voting stock of, another Permitted
Business, if such assets or voting stock constitute Collateral;

 

(ii)           to make a capital expenditure;

 

(iii)          to reinvest in equipment or other productive assets of
the general type that are used or useful in a Permitted Business, if such
equipment or assets constitute Collateral;

 

(iv)          to repay Indebtedness ranking pari
passu with the Loans that is secured by a Permitted
Lien having priority over the Liens securing the Loans; provided that (a) such Indebtedness
was permitted pursuant to the terms of this Agreement to be incurred, (b) the
aggregate amount of such repayment does not exceed the fair market value of the
Property subject to the Permitted Lien, as determined in good faith by the
Borrower’s Board of Directors, and (c) no Default or Event of Default has
occurred and is continuing; or

 

(v)           in
the case of Casualty Proceeds, to restore or replace damaged or destroyed
assets.

 

Pending the
final application of any such Net Asset Sale Proceeds or Casualty Proceeds, the
Borrower may temporarily reduce revolving credit borrowings or otherwise invest
such Net Asset Sale Proceeds or Casualty Proceeds in any manner that is not
prohibited by this Agreement.

 

Any Net Asset
Sale Proceeds or Casualty Proceeds that are not applied or invested in the
manner and within the time limits provided in the preceding paragraph will

 

67

 

constitute “Excess Proceeds.”  When the aggregate amount of Excess Proceeds
exceeds $500,000, within five days thereof, the Borrower will use such Excess
Proceeds to make mandatory prepayments as follows:

 

(a)           to
the Term Loans, subject to Section 2.9, in an amount equal to the
Term Loans’ applicable First Lien Percentage of the Excess Proceeds; and

 

(b)           to
each other Series of First Lien Debt, in an amount equal to each Series of
First Lien Debt’s applicable First Lien Percentage of the Excess Proceeds;

 

provided,
that if a Series of First Lien Debt requires the Borrower to make an offer
to purchase, redeem or prepay such Series of First Lien Debt with such
Excess Proceeds, then, in lieu of making a mandatory prepayment of such First
Lien Debt pursuant to clause (b) above, the Borrower shall use such Series of
First Lien Debt’s First Lien Percentage of such Excess Proceeds to make such
offer concurrent with the mandatory prepayment of the Excess Proceeds payable
to any other Series.  For the avoidance
of doubt, the Borrower will prepay Term Loans pursuant to this Section 6.9
only with the Term Loan’s First Lien Percentage of any Excess Proceeds applied
as set forth above.

 

Any prepayment
made pursuant to this Section 7.6 will be made by paying to the
Lenders an amount equal to the principal amount of such Terms Loans prepaid
plus accrued and unpaid interest to the date of prepayment, and will be payable
in cash.  If any Excess Proceeds remain
after completion of the foregoing prepayments, the Borrower may use such Excess
Proceeds for any purpose not otherwise prohibited by this Agreement and the
amount of Excess Proceeds will be reset to zero.

 

7.7           Limitation on Sale and Leaseback
Transactions

 

The Borrower
will not, and will not permit any of its Subsidiaries to, enter into any sale
and leaseback transaction.

 

7.8           Limitation on Issuances and Sales of
Capital Stock of Wholly Owned Subsidiaries 

 

The Borrower
will not, and will not permit any of its Subsidiaries to, transfer, convey,
sell, lease or otherwise dispose of any Equity Interests in any Wholly Owned
Subsidiary of the Borrower to any Person (other than the Borrower or a Wholly
Owned Subsidiary of the Borrower), unless:

 

(i)            such transfer, conveyance, sale, lease or other
disposition is of all the Equity Interests in such Wholly Owned Subsidiary; and

 

(ii)           the Net Proceeds from such transfer, conveyance, sale,
lease or other disposition are applied in accordance with Section 7.6.

 

In addition,
the Borrower will not permit any Wholly Owned Subsidiary of the Borrower to
issue any of its Equity Interests (other than, if necessary, shares of its
Capital Stock

 

68

 

constituting
directors’ qualifying shares) to any Person other than to the Borrower or a
Wholly Owned Subsidiary of the Borrower.

 

7.9           Business Activities

 

The Borrower
will not, and will not permit any of its Subsidiaries to, engage in any
business other than Permitted Businesses, except to such extent as would not be
material to the Borrower and its Subsidiaries taken as a whole.

 

7.10         Stay, Extension and Usury Laws

 

The Borrower
and each of the Guarantors covenants (to the extent that it may lawfully do so)
that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law
wherever enacted, now or at any time hereafter in force, that may affect the
covenants or the performance of this Agreement or the Loans; and the Borrower
and each of the Guarantors (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that
it will not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Lenders, but will suffer and permit the
execution of every such power as though no such law has been enacted.

 

7.11         Investment Company Act; United
States Real Property Holding Corporation

 

The Borrower
will not, and will not permit any of its Subsidiaries to, become an investment
company subject to registration under the Investment Company Act of 1940, as
amended.  Neither the Borrower nor any of
its Subsidiaries will become a United States real property holding corporation
as defined in Section 897(c)(2) of the Internal Revenue Code.

 

7.12         No Merger, etc.

 

The Borrower
shall not, directly or indirectly, consolidate or merge with or into another
Person (whether or not the Borrower is the surviving corporation), or sell,
assign, transfer, convey or otherwise dispose of all or substantially all of
the properties or assets of the Borrower and its Subsidiaries taken as a whole,
in one or more related transactions, to another Person; unless:

 

(a)           either:

 

(i)            the Borrower is the surviving corporation; or

 

(ii)           the Person formed by or surviving any such
consolidation or merger (if other than the Borrower) or to which such sale,
assignment, transfer, conveyance or other disposition has been made is a
corporation organized or existing under the laws of the United States, any
state of the United States or the District of Columbia;

 

69

 

(b)           the Person formed by or surviving any such
consolidation or merger (if other than the Borrower) or the Person to which
such sale, assignment, transfer, conveyance or other disposition has been made
assumes all the obligations of the Borrower under the Loans, this Agreement and
the other Loan Documents pursuant to agreements reasonably satisfactory to the
Administrative Agent;

 

(c)           immediately after such transaction, no Default or
Event of Default exists; and

 

(d)           the Leverage Ratio of (i) the
Borrower, (ii) the Person formed by or surviving any such consolidation or
merger (if other than the Borrower), or (iii) to which such sale,
assignment, transfer, conveyance or other disposition has been made, as
applicable, for its most recently ended four full fiscal quarters for which
internal financial statements are available immediately preceding the date on
which such transaction is consummated would have been no more than 80% of the
Required Leverage Ratio for such period, determined on a pro forma basis (in
accordance with the accounting requirements of Rule 11-02 of Regulation
S-X), as if such transaction (including any related incurrence of Indebtedness)
had occurred at the beginning of such four-quarter period.

 

In addition,
the Borrower will not, directly or indirectly, lease all or substantially all
of its properties or assets, in one or more related transactions, to any other
Person.  This Section 7.12
will not apply to:

 

(i)            a merger of the Borrower with an Affiliate solely for
the purpose of reincorporating the Borrower in another jurisdiction; and

 

(ii)           any sale, transfer, assignment, conveyance, lease or
other disposition of assets between or among the Borrower and its Subsidiaries.

 

Upon any
consolidation or merger, or any sale, assignment, transfer, lease, conveyance
or other disposition of all or substantially all of the assets of the Borrower
in a transaction that is subject to, and that complies with the provisions of,
this Section 7.12, the successor corporation formed by such
consolidation or into or with which the Borrower is merged or to which such
sale, assignment, transfer, lease, conveyance or other disposition is made
shall succeed to, and be substituted for (so that from and after the date of
such consolidation, merger, sale, lease, conveyance or other disposition, the
provisions of this Agreement referring to the “Borrower” shall refer instead to
the successor corporation and not to the Borrower), and may exercise every
right and power of the Borrower under this Agreement with the same effect as if
such successor Person had been named as the Borrower herein; provided, however,
that the predecessor Borrower shall not be relieved from the obligation to pay
the principal of and interest on the Loans except in the case of a sale of all
of the Borrower’s assets in a transaction that is subject to, and that complies
with the provisions of, this Section 7.12.

 

70

 

7.13         Limitation on Transactions With
Affiliates

 

(a)           The Borrower will not, and will not permit any of its
Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or
assets from, or enter into or make or amend any transaction, contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit
of, any Affiliate of the Borrower (each an “Affiliate Transaction”), unless:

 

(i)            such Affiliate Transaction is on terms that are no
less favorable to the Borrower or the relevant Subsidiary than those that would
have been obtained in a comparable transaction by the Borrower or such
Subsidiary with an unrelated Person; and

 

(ii)           the Borrower delivers to the Agents:

 

(A)          with respect to any Affiliate Transaction or series of
related Affiliate Transactions involving aggregate consideration in excess of
$500,000, a resolution of the Borrower’s Board of Directors set forth in an
Officers’ Certificate certifying that such Affiliate Transaction complies with
clause (i) of this Section 7.13(a) and
that such Affiliate Transaction has been approved by a majority of the
disinterested members of the Board of Directors; and

 

(B)           with respect to any Affiliate Transaction or series of
related Affiliate Transactions involving aggregate consideration in excess of
$1.0 million, an opinion as to the fairness to the Borrower or such Subsidiary
of such Affiliate Transaction from a financial point of view issued by an
accounting, appraisal or investment banking firm of national standing.

 

(b)           The following items will not be deemed to be Affiliate
Transactions and, therefore, will not be subject to the provisions of Section 7.13(a):

 

(i)            any employment agreement, employee benefit plan,
officer and director indemnification agreement or any similar arrangement
entered into by the Borrower or any of its Subsidiaries in the ordinary course
of business;

 

(ii)           transactions between or among the Borrower and/or its
Subsidiaries;

 

(iii)          transactions with a Person that is an Affiliate of the
Borrower solely because the Borrower owns, directly or through a Subsidiary, an
Equity Interest in such Person;

 

(iv)          payment of reasonable directors’ fees to Persons who
are not otherwise Affiliates of the Borrower;

 

71

 

(v)           any issuance of Equity Interests (other than
Disqualified Stock) of the Borrower to Affiliates of the Borrower;

 

(vi)          Restricted Payments (other than Permitted Investments)
that do not violate Section 7.4.

 

7.14         Limitation on Dividends and Other
Payment Restrictions Affecting Subsidiaries

 

(a)           The Borrower will not, and will not permit any of its
Subsidiaries to, directly or indirectly, create or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any
Subsidiary to:

 

(i)            pay dividends or make any other distributions on its
Capital Stock to the Borrower or any of its Subsidiaries or with respect to any
other interest or participation in, or measured by, its profits, or pay any
indebtedness owed to the Borrower or any of its Subsidiaries;

 

(ii)           make loans or advances to the Borrower or any of its
Subsidiaries; or

 

(iii)          transfer any of its properties or assets to the
Borrower or any of its Subsidiaries.

 

(b)           The restrictions in Section 7.14(a) will
not apply to encumbrances or restrictions existing under or by reason of:

 

(i)            Existing Indebtedness as in effect on the date of this
Agreement and any amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings thereof, provided that such amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings
are no more restrictive, taken as a whole, with respect to such dividend and
other payment restrictions than those contained in such Existing Indebtedness,
as in effect on the date of this Agreement;

 

(ii)           this Agreement, the Loans and the Guarantees of the
Loan;

 

(iii)          applicable law, rule, regulation or order;

 

(iv)          customary non-assignment provisions in contracts and
licenses entered into in the ordinary course of business;

 

(v)           any agreement for the sale or other disposition of a
Subsidiary that restricts distributions by that Subsidiary pending the sale or
other disposition;

 

72

 

(vi)          Permitted Refinancing Indebtedness; provided that the
restrictions contained in the agreements governing such Permitted Refinancing
Indebtedness are not materially more restrictive, taken as a whole, than those
contained in the agreements governing the Indebtedness being refinanced;

 

(vii)         Liens permitted to be incurred under the provisions of
Section 7.3 that limit the right of the debtor to dispose of the
assets subject to such Liens;

 

(viii)        provisions limiting the disposition or distribution of
assets or property in joint venture agreements, asset sale agreements,
sale-leaseback agreements, stock sale agreements and other similar agreements
entered into with the approval of the Borrower’s Board of Directors, which
limitation is applicable only to the assets that are the subject of such
agreements; and

 

(ix)           restrictions on cash or other deposits or net worth
imposed by customers under contracts entered into in the ordinary course of
business.

 

7.15         Payments for Consent 

 

The Borrower
will not, and will not permit any of its Subsidiaries to, directly or
indirectly, pay or cause to be paid any consideration to or for the benefit of
any Lender for or as an inducement to any consent, waiver or amendment of any
of the terms or provisions of this Agreement or any of the Loan Documents
unless such consideration is paid to all Lenders.

 

7.16         Employee Plans

 

Except as
would not reasonably be expected to result in a Material Adverse Effect, either
individually or in the aggregate, the Borrower will not, and will not permit
any of its Subsidiaries to:

 

(i)            terminate any Employee Pension Plan subject to Title
IV of ERISA;

 

(ii)           make a complete or partial withdrawal (within the
meaning of Section 4201 of ERISA) from any
Multiemployer Plan;

 

(iii)          (A) adopt,
establish, maintain or enter into any obligation to contribute to any new Plan
or Multiemployer Plan, (B) modify
any existing Plan so as to increase its obligations thereunder,
or (C) increase a
contribution obligation to any Multiemployer Plan;

 

(iv)          engage in any “prohibited
transaction” (as defined in Section 406 of ERISA
or Section 4975 of the Code) involving any Plan for which a statutory or
class exemption is not available or a private

 

73

 

exemption
has not previously been obtained from the Department of Labor;

 

(v)           incur any “accumulated funding
deficiency” (as defined in Section 302 of ERISA),
whether or not waived, with respect to any Plan; or

 

(vi)          incur a Reportable Event
with respect to, or commence a proceeding to have a trustee appointed, or have
a trustee appointed, to administer or to terminate, any Single Employer Plan.

 

This Section 7.16
shall not be deemed to prohibit the Borrower from modifying a medical, dental
or other “employee welfare benefit plan” (as defined in Section 3(1) of
ERISA) in the ordinary course of business.

 

7.17         ERISA Notices

 

Promptly, but
in any event within 30 days therafter, the Borrower
will deliver to each of the Lenders, if and when the Borrower or any Commonly
Controlled Entity:

 

(i)            gives or is required to give notice to the PBGC of any Reportable Event with respect to any Employee
Pension Plan which might constitute grounds for a termination of such plan
under Title IV of ERISA or the imposition of a tax
under Section 4971 of the Code, or knows that the plan administrator of
any such plan has given or is required to give notice of any such Reportable
Event, a copy of the notice of such Reportable Event given or required to be
given to the PBGC;

 

(ii)           receives written notice of complete or partial
Withdrawal Liability under Title IV of ERISA or
written notice that any Multiemployer Plan is in Reorganization or has been
terminated, a copy of such notice;

 

(iii)          receives notice from the PBGC
under Title IV of ERISA of an intent to terminate or
appoint a trustee to administer any Employee Pension Plan, a copy of such
notice;

 

(iv)          applies for a waiver of the minimum funding standard
under Section 412 of the Code, a copy of such application;

 

(v)           gives notice of intent to terminate any Employee
Pension Plan under Title IV of ERISA, a copy of such
notice and, if reasonably requested by any of the Lenders and permitted under
applicable law, related financial information; or

 

(vi)          fails to make any payment or contribution to any
Employee Pension Plan (or Multiemployer Plan or in respect of any benefit
arrangement) or makes any amendment to any Plan or benefit

 

74

 

arrangement, in either case, which would
reasonably be expected to result in the imposition of a Lien or the posting of
a bond or other security, a certificate of the Chief Financial Officer or
Controller of the Borrower setting forth details as to such occurrence and
action, if any, which the Borrower is required or proposes to take.

 

SECTION 8.  FINANCIAL COVENANTS

 

8.1           Minimum Consolidated EBITDA.

 

The Borrower
will maintain a Consolidated EBITDA set forth below
of at least the amount set forth below for the Test Period ending on each date
listed below:

 

	
  Test Period

  	
   

  	
  Minimum EBITDA

  	
   

  
	
   

  	
   

  	
  ($ thousands)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30,
  2005

  	
   

  	
  12,225.00

  	
   

  
	
  September 30,
  2005

  	
   

  	
  12,875.00

  	
   

  
	
  December 31,
  2005

  	
   

  	
  15,075.00

  	
   

  
	
  March 31,
  2006

  	
   

  	
  15,725.00

  	
   

  
	
  June 30,
  2006

  	
   

  	
  16,275.00

  	
   

  
	
  September 30,
  2006

  	
   

  	
  16,700.00

  	
   

  
	
  December 31,
  2006

  	
   

  	
  18,000.00

  	
   

  
	
  March 31,
  2007

  	
   

  	
  18,675.00

  	
   

  
	
  June 30,
  2007

  	
   

  	
  19,350.00

  	
   

  
	
  September 30,
  2007

  	
   

  	
  19,500.00

  	
   

  
	
  December 31,
  2007

  	
   

  	
  19,850.00

  	
   

  
	
  March 31,
  2008

  	
   

  	
  20,000.00

  	
   

  
	
  June 30,
  2008

  	
   

  	
  20,400.00

  	
   

  
	
  September 30,
  2008

  	
   

  	
  20,750.00

  	
   

  
	
  December 31,
  2008

  	
   

  	
  21,150.00

  	
   

  
	
  March 31,
  2009 and thereafter

  	
   

  	
  21,450.00

  	
   

  

 

8.2           Minimum EBITDA
to Consolidated Interest Expense

 

The Borrower
will not permit the ratio of (a) its Consolidated EBITDA
for the Test Period ending on each date listed below to (b) its
Consolidated Interest Expense for the Test Period ending on each date listed
below to be less than the ratio set forth below:

 

	
  Test Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30,
  2005

  	
   

  	
  2.60:1.00

  	
   

  
	
  September 30,
  2005

  	
   

  	
  2.60:1.00

  	
   

  
	
  December 31,
  2005

  	
   

  	
  2.60:1.00

  	
   

  
	
  March 31,
  2006

  	
   

  	
  2.60:1.00

  	
   

  
	
  June 30,
  2006

  	
   

  	
  2.75:1.00

  	
   

  

 

75

 

	
  Test Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  September 30,
  2006

  	
   

  	
  2.75:1.00

  	
   

  
	
  December 31,
  2006

  	
   

  	
  3.00:1.00

  	
   

  
	
  March 31,
  2007

  	
   

  	
  3.25:1.00

  	
   

  
	
  June 30,
  2007

  	
   

  	
  3.50:1.00

  	
   

  
	
  September 30,
  2007

  	
   

  	
  3.50:1.00

  	
   

  
	
  December 31,
  2007

  	
   

  	
  3.50:1.00

  	
   

  
	
  March 31,
  2008

  	
   

  	
  3.60:1.00

  	
   

  
	
  June 30,
  2008

  	
   

  	
  3.60:1.00

  	
   

  
	
  September 30,
  2008

  	
   

  	
  3.70:1.00

  	
   

  
	
  December 31,
  2008

  	
   

  	
  3.70:1.00

  	
   

  
	
  March 31,
  2009 and thereafter

  	
   

  	
  3.70:1.00

  	
   

  

 

8.3           Limitation on Capital Expenditures.

 

The Borrower
will not, and will not permit its Subsidiaries to, make Consolidated Capital
Expenditures for any purpose, in excess of the amounts set forth below for Test
Period ending on the date set forth below:

 

	
  Date

  	
   

  	
  Capital Expenditures

  	
   

  
	
   

  	
   

  	
  ($thousands)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  December 31,
  2005

  	
   

  	
  5,000

  	
   

  
	
  December 31,
  2006

  	
   

  	
  5,000

  	
   

  
	
  December 31,
  2007

  	
   

  	
  5,000

  	
   

  
	
  December 31,
  2008

  	
   

  	
  5,000

  	
   

  
	
  December 31,
  2009

  	
   

  	
  5,000

  	
   

  

 

76

 

In addition,
the amount of Consolidated Capital Expenditures permitted by this Section 8.3
for any fiscal year shall be increased by an amount equal to the excess of (a) the
permitted Consolidated Capital Expenditures for the immediately preceding
fiscal year (without giving effect to this sentence) over (b) the amount
of Consolidated Capital Expenditures permitted by the applicable clause
actually made in such immediately preceding fiscal year; provided the aggregate amount of such
excess does not exceed $250,000 in any fiscal year; provided  further
that any amount that is carried forward to any subsequent fiscal year which is
not so expended shall not be available for any further subsequent fiscal year
and the amount of Consolidated Capital Expenditures made in any fiscal year
shall first be applied against the permitted amount set forth on the schedule above
and thereafter applied to the amount available from the prior year.

 

8.4           Leverage Ratio.

 

The Borrower
will not permit the ratio (the “Leverage Ratio”) of (a) Funded
Indebtedness of Borrower and its Subsidiaries on each date listed below to (b) Consolidated
EBITDA of the Borrower for the Test Period ending on
each date listed below to be more than the ratio set forth below:

 

	
  Test Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30,
  2005

  	
   

  	
  4.75:1.00

  	
   

  
	
  September 30,
  2005

  	
   

  	
  4.50:1.00

  	
   

  
	
  December 31,
  2005

  	
   

  	
  4.00:1.00

  	
   

  
	
  March 31,
  2006

  	
   

  	
  3.75:1.00

  	
   

  
	
  June 30,
  2006

  	
   

  	
  3.50:1.00

  	
   

  
	
  September 30,
  2006

  	
   

  	
  3.25:1.00

  	
   

  
	
  December 31,
  2006

  	
   

  	
  3.00:1.00

  	
   

  
	
  March 31,
  2007

  	
   

  	
  2.60:1.00

  	
   

  
	
  June 30,
  2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  September 30,
  2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  December 31,
  2007

  	
   

  	
  2.40:1.00

  	
   

  
	
  March 31,
  2008

  	
   

  	
  2.30:1.00

  	
   

  
	
  June 30,
  2008

  	
   

  	
  2.30:1.00

  	
   

  
	
  September 30,
  2008

  	
   

  	
  2.25:1.00

  	
   

  
	
  December 31,
  2008

  	
   

  	
  2.20:1.00

  	
   

  
	
  March 31,
  2009 and thereafter

  	
   

  	
  2.15:1.00

  	
   

  

 

77

 

SECTION 9.  DEFAULTS AND REMEDIES

 

9.1           Event of Default  

 

The occurrence
of one or more of the following events shall constitute an “Event of Default”:

 

(i)            The Borrower defaults for two days in the payment when
due of interest on the Loan;

 

(ii)           The Borrower defaults in the payment when due (at
maturity, upon redemption or otherwise) of the principal of, or premium, if
any, on the Loan;

 

(iii)          Any representation, warranty or statement made or
deemed made by the Borrower or its respective Subsidiaries herein or in any
other Loan Document or in any statement or certificate delivered or required to
be delivered pursuant hereto or thereto shall prove to be untrue in any
material respect on the date as of which made or deemed made;

 

(iv)          The Borrower or any of its Subsidiaries shall,

 

(A)          default in the due performance or observance by it of
any term, covenant or agreement contained in Section 6.9, Section 6.10,
Section 6.11, Section 7 or Section 8;

 

(B)           default in the due performance or observance by it of
any other term, covenant or agreement contained in this Agreement or any Loan
Document (other than those referred to in Section 9.1(i), 9.1(ii) or 9.1(iv)(A) hereof)
and such default shall continue unremedied for a
period of at least thirty days after the date of such default;

 

(v)           A default occurs under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Borrower or any of its
Subsidiaries (or the payment of which is Guaranteed by the Borrower or any of
its Subsidiaries), whether such Indebtedness or Guarantee now exists, or is
created after the date of this Agreement, if that default:

 

(A)          is caused by a failure to pay principal of, or
interest or premium, if any, on such Indebtedness prior to the expiration of
the grace period provided in such Indebtedness on the date of such default,
which default has not been waived by the holders of such Indebtedness (a “Payment Default”);

 

(B)           results in the acceleration of such Indebtedness prior
to its express maturity, or

 

78

 

(C)           entitles the holder or holders thereof (with or
without the giving of notice or lapse of time) to accelerate the maturity of
such Indebtedness,

 

and,
in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness (1) under which there has
been a Payment Default, (2) the maturity of which has been so accelerated,
or (3) the maturity of which, the holder or holders are entitled to
accelerate, aggregates to $750,000 or more;

 

(vi)          Any Indebtedness described in Section 9.1(v) shall
be declared to be due and payable, or required to be prepaid other than by a
regularly scheduled required prepayment, prior to the stated maturity thereof;

 

(vii)         A final judgment or final judgments for the payment of
money are entered by a court or courts of competent jurisdiction against the
Borrower or any of its Subsidiaries, which judgment or judgments are not paid,
discharged or stayed for a period of 60 days; provided
that the aggregate of all such undischarged judgments
(exclusive of any applicable insurance coverage) exceeds $750,000;

 

(viii)        The Borrower or any of its Significant Subsidiaries:

 

(A)          commences a voluntary case under any Bankruptcy Law;

 

(B)           consents to the entry of an order for relief against
it in an involuntary case under any Bankruptcy Law;

 

(C)           consents to the appointment of a custodian of it or
for all or substantially all of its property;

 

(D)          makes a general assignment for the benefit of its
creditors; or

 

(E)           generally is not paying its debts as they become due;

 

(ix)           a court of competent jurisdiction enters an order or
decree under any Bankruptcy Law that:

 

(A)          is an order for relief against the Borrower or any of
its Significant Subsidiaries;

 

(B)           appoints a custodian of the Borrower or any of its Significant
Subsidiaries or for all or substantially all of the property of the Borrower or
any of its Subsidiaries; or

 

79

 

(C)           orders the liquidation of the Borrower or any of its
Significant Subsidiaries;

 

and
the order or decree remains unstayed and in effect
for 60 consecutive days;

 

(x)            The Borrower repudiates any of its material
obligations under this Agreement or the Loan Documents or this Agreement or the
Loans Documents are held to be unenforceable against the Borrower in any
material respect for any reason;

 

(xi)           Any Guarantee of the Loan is held in any judicial
proceeding to be unenforceable or invalid or shall cease for any reason to be
in full force and effect or any Guarantor, or any Person acting on behalf of
any Guarantor, shall deny or disaffirm its Guarantee of the Loan;

 

(xii)          Any Security Document shall cease to be in full force
and effect, or shall cease to give the Collateral Agent for the ratable benefit
of the Secured Parties the Liens, rights, powers and privileges created thereby
(including a perfected security interest in, and Lien on, all of the
Collateral), in favor of the Lenders, superior to and prior to the rights of
all third Persons other than the holders of Permitted Liens and subject to no
Liens other than Permitted Liens;

 

(xiii)         A Change of Control or an Initial Public Offering
shall occur;

 

(xiv)        The Borrower or any Commonly Controlled Entity shall
incur any liability in connection with the Insolvency or Reorganization of a Multiemployer
Plan;

 

(xv)         All or any portion of any Acquisition Consideration is
not paid when due (without giving effect to any grace periods) pursuant to the
terms of an AskMen Acquisition Document, or any event
occurs or circumstance exists that entitles any Person to accelerate the
payment of all or any portion of any Acquisition Consideration;

 

(xvi)        The Borrower or any of its Subsidiaries shall be
obligated to make any payment or shall have made any payment pursuant to the
terms of an AskMen Acquisition Document, if (a) after
giving pro forma effect to such payment as if such payment were made on the
last day of the most recently ended fiscal quarter, the Borrower is or would be
in violation of any provision of Section 8 hereof or (b) immediately
prior to making such payment the Borrower fails to deliver to the
Administrative Agent an Officers’ Certificate certifying that the officers
executing such certificate have no reason to believe, and do not believe, that
the Borrower will be in violation of any provision of Section 8 on
the last day of the fiscal

 

80

 

quarter in which such payment is made after
giving effect to such payment; or

 

(xvii)       A default occurs under the Notes, the Note Purchase
Agreement or any other First Lien Document (as defined in the Collateral Trust
Agreement).

 

9.2           Acceleration 

 

In the case of
an Event of Default specified in clause (ix) or (x) of Section 9.1,
all outstanding Loans will become due and payable immediately without further
action or notice.  If any other Event of
Default occurs and is continuing, the Lenders of at least 50% in aggregate
principal amount of the then outstanding Loans may declare all the Loans  to be due and payable immediately.  Upon
the effectiveness of an Event of Default specified in clause (viii) or (ix) of
Section 9.1 or any such declaration, the outstanding principal and
accrued but unpaid interest on the Notes, together with a premium equal to the
premium that the Borrower would have had to pay if the Borrower had elected to
repay the Loans pursuant to Section 2.6 on the date of such Event
of Default, will become due and payable immediately.

 

9.3           Other Remedies

 

If an Event of
Default occurs and is continuing, the Lenders and Agents may pursue any
available remedy to collect the payment of principal, premium, and interest on
the Loan or to enforce the performance of any provision of the Loan Documents.

 

A delay or
omission by any Lender or Agent in exercising any right or remedy accruing upon
an Event of Default shall not impair the right or remedy or constitute a waiver
of or acquiescence in the Event of Default. 
All remedies are cumulative to the extent permitted by law.

 

9.4           Waiver of Past Defaults

 

The Majority
Lenders may on behalf of all the Lenders waive an existing Default or Event of
Default and its consequences hereunder, except a continuing Default or Event of
Default in the payment of the principal of, premium or interest on, the Notes; provided, however,
that the Majority Lenders may rescind an acceleration and its consequences,
including any related payment default that resulted from such
acceleration.  Upon any such waiver, such
Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every
purpose of this Agreement; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon.

 

9.5           Rights of Lenders to Receive Payment 

 

Notwithstanding
any other provision of this Agreement, the right of any Lender  to receive payment of principal, premium
(other than a premium resulting from an acceleration of the Loan) and interest
on the Loan, on or after the respective due dates expressed in the Loan, or to
bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Lender.

 

81

 

SECTION 10.  THE AGENTS

 

10.1         Appointment

 

Each Lender
hereby irrevocably designates and appoints the Collateral Agent and the
Administrative Agent as the collateral agent and administrative agent as the
case may be of such Lender under this Agreement and the other Loan Documents,
and each Lender irrevocably authorizes each Agent to take such action on its
behalf under the provisions of this Agreement and the other Loan Documents and
to exercise such powers and perform such duties as are expressly delegated to each
Agent by the terms of this Agreement and the other Loan Documents, together
with such other powers as are reasonably incidental thereto.  Notwithstanding any provision to the contrary
elsewhere in this Agreement, the Agents shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary relationship
with any Lender, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities shall be read into this Agreement or any other Loan
Document or otherwise exist against the Agents.

 

10.2         Delegation of Duties

 

The Collateral
Agent and the Administrative Agent may each execute any duties under this
Agreement and the other Loan Documents by or through agents or
attorneys-in-fact and shall be entitled to advice of counsel concerning all
matters pertaining to such duties.  The Agents’
responsibilities, if any, for misconduct of any such agent or attorney-in-fact
shall be governed by Section 10.3.

 

10.3         Exculpatory Provisions

 

Neither of the
Agents nor any of their officers, directors, employees, agents,
attorneys-in-fact or affiliates shall be (i) liable
for any action lawfully taken or omitted to be taken by it or such Person under
or in connection with this Agreement or any other Loan Document (except to the
extent that any of the foregoing are found by a final and nonappealable
decision of a court of competent jurisdiction to have resulted solely and
proximately from its or such Person’s or its agent’s own gross negligence or
willful misconduct) or (ii) responsible in any manner to any of the
Lenders for any recitals, statements, representations or warranties made by the
Borrower or any Guarantor or any officer thereof contained in this Agreement or
any other Loan Document or in any certificate, report, statement or other
document referred to or provided for in, or received by the Agents under or in
connection with, this Agreement or any other Loan Document or for the value,
validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other Loan Document or for any failure of the Borrower or any
Guarantor to perform its obligations hereunder or thereunder.  Neither of the Agents shall be under any
obligation to any Lender to ascertain or to inquire as to the observance or
performance of any of the agreements contained in, or conditions of, this
Agreement or any other Loan Document, or to inspect the properties, books or
records of the Borrower or any Guarantor.

 

10.4         Reliance by Collateral Agent and
Administrative Agent

 

The Collateral
Agent and the Administrative Agent shall be entitled to rely, and shall be
fully protected in relying, upon any instrument, writing, resolution, notice,
consent,

 

82

 

certificate,
affidavit, letter, telecopy, telex or teletype message, statement, order or
other document or conversation believed by it to be genuine and correct and to
have been signed, sent or made by the proper Person or Persons and upon advice
and statements of legal counsel (including counsel to the Borrower or any
Guarantor), independent accountants and other experts selected by either Agent.  Each of the Agents may deem and treat the
payee of any Note as the owner thereof for all purposes unless the Agents have
been advised that such Note shall have been transferred in accordance with Section 11.3
and all actions required by such Section in connection with such transfer
shall have been taken.  Each of the Agents
shall be fully justified in failing or refusing to take any action under this
Agreement or any other Loan Document unless it shall first receive such advice
or concurrence of the Majority Lenders (or, if so specified by this Agreement,
all Lenders or any other instructing group of Lenders specified by this
Agreement) as it deems appropriate or it shall first be indemnified to its
satisfaction by the Lenders against any and all liability and expense that may
be incurred by it by reason of taking or continuing to take any such
action.  Each of the Agents shall in all
cases be fully protected in acting, or in refraining from acting, under this Agreement
and the other Loan Documents in accordance with a request of the Majority
Lenders (or, if so specified by this Agreement, all Lenders or any other
instructing group of Lenders specified by this Agreement), and such request and
any action taken or failure to act pursuant thereto shall be binding upon all
the Lenders and all future holders of the Loans.

 

10.5         Notice of Default

 

Neither Agent
shall be deemed to have knowledge or notice of the occurrence of any Default or
Event of Default hereunder unless such Agent shall have received notice (at the
address set forth in Section 11.1(b) hereof) from a Lender or
the Borrower referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a “notice of default”.  In the event that an Agent shall receive such
a notice, such Agent shall give notice thereof to the Lenders.  The Agents shall take such action with
respect to such Default or Event of Default as shall be reasonably directed by
the Majority Lenders (or, if so specified by this Agreement, all Lenders or any
other instructing group of Lenders specified by this Agreement); provided that unless and until an Agent
shall have received such directions, that Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, with respect to such
Default or Event of Default as it shall deem advisable in the best interests of
the Lenders.

 

10.6         Non-Reliance on the Agents and
Lenders

 

Each Lender
expressly acknowledges that neither the Agents nor any of their officers,
directors, employees, agents, attorneys and other advisors, partners,
attorneys-in-fact or affiliates have made any representations or warranties to
it and that no act by the Agents hereafter taken, including any review of the
affairs of the Borrower or any Guarantor or any affiliate of any of them, shall
be deemed to constitute any representation or warranty by the Agents to any
Lender.  Each Lender represents to the
Agents that it has, independently and without reliance upon the Agents or any
other Lender, and based on such documents and information as it has deemed
appropriate, made its own appraisal of and investigation into the business,
operations, property, financial and other condition and creditworthiness of the
Borrower and each Guarantor and their affiliates and made its own decision to
extend the Loans hereunder and enter into this Agreement.  Each Lender also represents that it will,
independently

 

83

 

and without
reliance upon the Agents or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking action under
this Agreement and the other Loan Documents, and to make such investigation as
it deems necessary to inform itself as to the business, operations, property,
financial and other condition and creditworthiness of the Borrower, the
Guarantors and their respective affiliates. 
Except for notices, reports and other documents expressly required to be
furnished to the Lenders by the Agents hereunder, the Agents shall not have any
duty or responsibility to provide any Lender with any credit or other
information concerning the business, operations, property, condition (financial
or otherwise), prospects or creditworthiness of the Borrower or any Guarantor
or any affiliate of any of them that may come into the possession of the Agents
or any of their officers, directors, employees, agents, attorneys and other
advisors, partners, attorneys-in-fact or affiliates.

 

10.7         Indemnification

 

The Lenders
agree to indemnify the Collateral Agent and the Administrative Agent in their
respective capacities as such (to the extent not reimbursed by the Borrower and
without limiting the obligation of the Borrower to do so), ratably according to
the aggregate principal amount of Notes held by each on the date on which
indemnification is sought under this Section 10.7 (or, if
indemnification is sought after the date upon which the Commitments shall have
been terminated and the Loans shall have been paid in full, ratably in
accordance with the aggregate principal amount of Loans held by each
immediately prior to such date), for, and to save the Agents harmless from and
against, any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses (including, without limitation,
reasonable legal fees and expenses) or disbursements of any kind whatsoever
that may at any time (including at any time following the payment of the Loans)
be imposed on, incurred by or asserted against the Agents in any way relating
to or arising out of this Agreement, any of the other Loan Documents, the AskMen Acquisition Agreement, or any documents contemplated
by or referred to herein or therein or the transactions contemplated hereby or
thereby or any action taken or omitted by the Agents under or in connection
with any of the foregoing; provided that no Lender shall be liable for the
payment of any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements that are
found by a final and nonappealable decision of a
court of competent jurisdiction to have resulted solely and proximately from
the Collateral Agent’s or the Administrative Agent’s gross negligence or
willful misconduct.  The agreements in
this Section 10.7 shall survive the payment of the Loans and all
other amounts payable hereunder.

 

10.8         Collateral Agent and Administrative in
Individual Capacity

 

The Collateral
Agent or the Administrative Agent and their respective affiliates may make
loans to, accept deposits from and generally engage in any kind of business
with any Loan Party as though the Collateral Agent were not the Collateral
Agent or as though the Administrative Agent were not the Administrative Agent
as appropriate.  With respect to any
Loans made or renewed by them, the Agents shall have the same rights and powers
under this Agreement and the other Loan Documents as any Lender and may
exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders”
shall include the Collateral Agent or Administrative Agent as appropriate in
its individual capacity.

 

84

 

10.9         Successor Agents

 

The Collateral
Agent may resign as Collateral Agent or the Administrative Agent may resign as
Administrative Agent upon 10 days’ notice to the Lenders and the Borrower.  If an Agent shall resign as Agent under this
Agreement and the other Loan Documents, then the Majority Lenders shall appoint
a successor agent for the Lenders, which successor agent shall (unless an Event
of Default under Section 9.1(i), Section 9.1(viii),
or Section 9.1(ix) with respect to the Borrower shall have
occurred and be continuing) be subject to approval by the Borrower (which
approval shall not be unreasonably withheld or delayed), whereupon such
successor agent shall succeed to the rights, powers and duties of the
Collateral Agent or Administrative Agent, and the term “Collateral Agent” or “Administrative
Agent,” as appropriate, shall mean such successor agent effective upon such
appointment and approval, and the former Agent’s rights, powers and duties as
Collateral Agent or Administrative Agent, as appropriate shall be terminated,
without any other or further act or deed on the part of such former Agent or
any of the parties to this Agreement or any Lenders.  If no successor agent has accepted
appointment as Collateral Agent or Administrative Agent, as appropriate, by the
date that is 10 days following a retiring Agent’s notice of resignation, the
retiring Agent’s resignation shall nevertheless thereupon become effective, and
the Lenders shall assume and perform all of the duties of the Agent hereunder
until such time, if any, as the Majority Lenders appoint a successor agent as
provided for above.  After any retiring
Agent’s resignation as Collateral Agent or Administrative Agent, the provisions
of this Section 10 shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was an Agent under this Agreement
and the other Loan Documents.  If the
Agent consolidates, merges or converts into, or transfers all substantially all
of its corporate trust business to, another corporation, the successor
corporation without any further act shall be the successor Collateral Agent or
Administrative Agent as appropriate.

 

10.10       Authorization to Release Liens and
Guarantees

 

The Collateral
Agent is hereby irrevocably authorized by each of the Lenders to effect any
release of Liens or guarantee obligations contemplated by Section 11.5.

 

10.11       Withholding Tax

 

(a)           To the extent required by any applicable law, the
Agents may withhold from any interest payment to any Lender an amount
equivalent to any applicable withholding tax. 
If the forms or other documentation required by Section 2.11
are not delivered to the Collateral Agent, then the Collateral Agent may
withhold from any interest payment to any Lender not providing such forms or
other documentation, a maximum amount of the applicable withholding tax.

 

(b)           If the Internal Revenue Service or any authority of
the United States or other jurisdiction asserts a claim that the Agents did not
properly withhold tax from amounts paid to or for the account of any Lender
(because the appropriate form was not delivered, was not properly executed, or
because such Lender failed to notify the Agents of a change in circumstances
which rendered the exemption from, or reduction of, withholding tax
ineffective, or for any other reason), such Lender shall indemnify the Agents
fully for all amounts paid, directly or indirectly, by the Agents as tax or
otherwise, including penalties and interest, together

 

85

 

with
all expenses incurred, including legal expenses, allocated staff costs and any
out of pocket expenses.

 

SECTION 11.  MISCELLANEOUS

 

11.1         Notices

 

Except as
otherwise expressly provided herein, all notices and other communications
provided for hereunder shall be in writing and personally delivered, delivered
by nationally-recognized overnight courier, mailed, or sent by facsimile, if to
the Borrower or any Guarantor, to:

 

(a)           if to the Borrower or any Guarantor,

 

c/o IGN
Entertainment, Inc.

8000 Marina Boulevard

2nd Floor

Brisbane, CA 
94005

Attention: 
Chief Executive Officer

Telephone No.:  415-508-2077

Telecopier
No.:  415-508-2777

 

with copies to:

 

Great Hill Partners GP II, LLC.

One Liberty Square

Boston, MA 
02109

Attention: 
Michael A. Kumin

Telephone No.:  617-790-9435

Telecopier
No.:  617-790-9416

 

and to:

 

Fenwick & West LLP

275 Battery Street, 16th Floor

San Francisco, CA 94114

Attention: Robert Dellenbach

Telephone No.:  415-875-2300

Telecopier
No.:  415-281-1350

 

(b)           if to the Collateral Agent or the Administrative Agent,

 

86

 

US Bank, Corporate Trust Services

225 Asylum Street, 23rd Floor

Hartford, Connecticut 06103

Attention: 
Michael M. Hopkins, Vice President

Telephone No.:  (860) 241-6820

Telecopier
No.:  (860) 241-6897, (503) 258-5939

 

(c)           if to any Lender, to such Lender’s address as set
forth on such Lender’s signature page hereto.

 

Any notice,
demand or request so delivered shall constitute valid notice under this
Agreement and shall be deemed to have been received (i) on
the day of actual delivery in the case of personal delivery, if delivered on a
Business Day (otherwise on the next Business Day), (ii) on the next
Business Day after the date when sent in the case of delivery by
nationally-recognized overnight courier, (iii) on the fifth Business Day
after the date of deposit in the U.S. mail in the case of mailing, or (iv) upon
receipt in the case of a facsimile transmission if received on a Business Day
(otherwise on the next Business Day).  Any
notice, demand or request not so delivered shall not be effective for any
purpose hereunder.  Any party hereto may
from time to time by notice in writing served upon the other as aforesaid
designate a different mailing address or a different Person to which all such
notices, demands or requests thereafter are to be addressed.

 

11.2         Survival of Agreement

 

All
agreements, representations and warranties contained herein or made in writing
by or on behalf of the Borrower or any Guarantor in connection with the
transactions contemplated hereby shall survive the execution and delivery of
this Agreement and the other Loan Documents. 
No termination or cancellation (regardless of cause or procedure) of this
Agreement shall in any way affect or impair the powers, obligations, duties,
rights and liabilities of the parties hereto in any way with respect to any
transaction or event occurring prior to such termination or cancellation, or
any of the representations contained in this Agreement and the other Loan
Documents and all such undertakings, agreements, covenants, warranties and
representations shall survive such termination or cancellation until payment in
full of the Loans and payment in full of all other monetary amounts due under
each Loan Document, except to the extent expressly set forth herein.  The Borrower and each Guarantor further
agrees that to the extent the Borrower or such Guarantor makes a payment or
payments to the Lenders or the Collateral Agent under this Agreement or any
other Loan Document, which payment or payments or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside
or required to be repaid to a trustee, receiver or any other party under any
bankruptcy, insolvency or similar state or United States federal or foreign
law, common law or equitable cause, then, to the extent of such payment or
repayment, the Obligation or part thereof intended to be satisfied shall be
revived and continued in full force and effect as if such payment had not been
received by the Lenders or the Collateral Agent.  The Lenders shall be entitled to rely upon,
and shall be deemed to have relied upon, all representations, warranties and
covenants to be performed prior to the Closing Date contained in any Loan
Document, notwithstanding any

 

87

 

knowledge of
the Lenders to the contrary, or any contrary information delivered to the
Lender by the Borrower, any Guarantor or any other Person.

 

11.3         Transfers

 

(a)           This Agreement shall be binding upon and inure to the
benefit of the Borrower, the Lenders, the Agents, all future holders of the
Loans and its successors and assigns, except that the Borrower may not assign
or transfer any of their respective rights or obligations under this Agreement
without the prior written consent of each Lender.

 

(b)           Any Lender may, without the consent of the Borrower or
any other Person, in accordance with applicable law, at any time sell to one or
more banks, financial institutions or other entities (each, a “Participant”)
participating interests in any Loan owing to such Lender, any Commitment of
such Lender or any other interest of such Lender hereunder and under the other
Loan Documents.  In the event of any such
sale by a Lender of a participating interest to a Participant, such Lender’s
obligations under this Agreement to the other parties to this Agreement shall
remain unchanged, such Lender shall remain solely responsible for the
performance thereof, such Lender shall remain the holder of any such Loan for
all purposes under this Agreement and the other Loan Documents, and the
Borrower and the Agents shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement
and the other Loan Documents.  In no
event shall any Participant under any such participation have any right to
approve any amendment or waiver of any provision of any Loan Document, or any
consent to any departure by any Loan Party therefrom,
except to the extent that such amendment, waiver or consent would require the
consent of all Lenders pursuant to Section 11.5.  The Borrower agrees that if amounts
outstanding under this Agreement and the Loans are due or unpaid, or shall have
been declared or shall have become due and payable upon the occurrence of an
Event of Default, each Participant shall, to the maximum extent permitted by
applicable law, be deemed to have the right of setoff in respect of its
participating interest in amounts owing under this Agreement to the same extent
as if the amount of its participating interest were owing directly to it as a
Lender under this Agreement, provided that, in purchasing such
participating interest, such Participant shall be deemed to have agreed to
share with the Lenders the proceeds thereof as fully as if such Participant
were a Lender hereunder.

 

(c)           Any Lender (an “Assignor”) may, in accordance
with applicable law and upon written notice to the Borrower, at any time and
from time to time assign to any bank, financial institution or other entity (an
“Assignee”) all or any part of its rights and obligations under this
Agreement pursuant to an Assignment and Acceptance, substantially in the form
of Exhibit I (an “Assignment and Acceptance”), executed by such
Assignee and such Assignor and delivered to the Borrower for recording in the
Register.  Upon such execution, delivery,
acceptance and recording, from and after the effective date determined pursuant
to such Assignment and Acceptance, (x) the Assignee thereunder
shall be a party hereto and, to the extent provided in such Assignment and
Acceptance, have the rights and obligations of a Lender hereunder with
Commitments and/or Loans as set forth therein, and (y) the Assignor thereunder shall, to the extent provided in such Assignment
and Acceptance, be released from its obligations under this Agreement (and, in
the case of an Assignment and Acceptance covering all of an Assignor’s rights
and obligations under this Agreement, such Assignor shall cease to be a party

 

88

 

hereto,
except as to Section 2.8 in respect of the period prior to such
effective date).  Notwithstanding any
provision of this Section, the consent of the Borrower shall not be required
for any assignment that occurs at any time when any Event of Default shall have
occurred and be continuing.

 

(d)           The Borrower shall maintain a copy of each Assignment
and Acceptance delivered to it and a register (the “Register”) for the
recordation of the names and addresses of the Lenders and the Commitment of,
and principal amount of the Loans owing to, each Lender from time to time.  The entries in the Register shall be
conclusive, in the absence of manifest error, and the Borrower, each Agent and
the Lenders shall treat each Person whose name is recorded in the Register as
the owner of the Loans and any Notes evidencing such Loans recorded therein for
all purposes of this Agreement.  Any
assignment of any Loan, whether or not evidenced by a Note, shall be effective
only upon appropriate entries with respect thereto being made in the Register
(and each Note shall expressly so provide). 
Any assignment or transfer of all or part of a Loan evidenced by a Note
shall be registered on the Register only upon surrender for registration of
assignment or transfer of the Note evidencing such Loan, accompanied by a duly
executed Assignment and Acceptance; thereupon one or more new Notes in the same
aggregate principal amount shall be issued to the designated Assignee, and the
old Notes shall be returned by the Administrative Agent to the Borrower marked “canceled”.  The Register shall be available for
inspection by the Borrower or any Lender (with respect to any entry relating to
such Lender’s Loans) or any Agent at any reasonable time and from time to time
upon reasonable prior notice.

 

(e)           Upon its receipt of an Assignment and Acceptance
executed by an Assignor and an Assignee, the Borrower shall (i) promptly accept such Assignment and Acceptance and
notify the Agents and (ii) on the effective date determined pursuant
thereto record the information contained therein in the Register.

 

(f)            For the avoidance of doubt, the parties to this
Agreement acknowledge that the provisions of this Section concerning
assignments of Loans and Notes relate only to absolute assignments and that
such provisions do not prohibit assignments creating security interests in
Loans and Notes, including, without limitation, any pledge or assignment by a
Lender of any Loan or Note to any Federal Reserve Bank in accordance with
applicable law.

 

(g)           Notwithstanding anything to the contrary contained
herein, any Lender (a “Granting Lender”) may grant to a special purpose
funding vehicle (an “SPC”), identified as such
in writing from time to time by the Granting Lender to the Administrative Agent
and the Borrower, the option to provide to the Borrower all or any part of any
Loan that such Granting Lender would otherwise be obligated to make to the
Borrower pursuant to this Agreement; provided that (i) nothing
herein shall constitute a commitment by any SPC to
make any Loan and (ii) if an SPC elects not to
exercise such option or otherwise fails to provide all or any part of such
Loan, the Granting Lender shall be obligated to make such Loan pursuant to the
terms hereof.  The making of a Loan by an
SPC hereunder shall utilize the Commitment of the
Granting Lender to the same extent, and as if, such Loan were made by such
Granting Lender.  Each party hereto
hereby agrees that no SPC shall be liable for any
indemnity or similar payment obligation under this Agreement (all liability for
which shall remain with the Granting Lender). 
In furtherance of the foregoing, each party hereto hereby agrees (which
agreement shall survive

 

89

 

the
termination of this Agreement) that, prior to the date that is one year and one
day after the payment in full of all outstanding commercial paper or other
indebtedness of any SPC, it will not institute
against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings under the laws of the United States or any state
thereof.  In addition, notwithstanding
anything to the contrary in this Section 11.3(g), any SPC
may (A) with notice to, but without the prior written consent of, the
Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any
Loans to the Granting Lender, or with the prior written consent of the Borrower
and the Administrative Agent (which consent shall not be unreasonably withheld)
to any financial institutions providing liquidity and/or credit support to or
for the account of such SPC to support the funding or
maintenance of Loans, and (B) disclose on a confidential basis any
non-public information relating to its Loans to any rating agency, commercial
paper dealer or provider of any surety, guarantee or credit or liquidity
enhancement to such SPC; provided that non-public
information with respect to the Borrower may be disclosed only with the
Borrower’s consent which will not be unreasonably withheld.  This paragraph (g) may not be amended
without the written consent of any SPC with Loans
outstanding at the time of such proposed amendment.

 

11.4         Successors and Assigns

 

Whenever in
this Agreement any of the parties hereto or any Lender is referred to, such
reference shall be deemed to include the successors and permitted assigns of
such party, and all covenants, promises and agreements by or on behalf of the
Borrower and each Guarantor or the Lenders that are contained in this Agreement
or any other Loan Document shall bind and inure to the benefit of their
respective successors and permitted assigns, except that neither the Borrower
nor any Guarantor shall assign its rights or obligations under any Loan
Document without the prior written consent of the Majority Lenders.  Each Lender shall have the right, subject to
the provisions of Section 11.3, to assign or otherwise transfer its
rights under this Agreement or any Loan held by it.

 

11.5         Amendment and Waiver

 

Prior to the
Closing Date, the Loan Documents may be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may be given; provided that the same are in writing and
signed by each Agent, each Lender and the Borrower.  Thereafter, except as expressly provided
otherwise, each Loan Document may be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may be given; provided that the same are in writing and
signed by the Borrower, each Agent and the Majority Lenders; provided further, however, that no such waiver and no such
amendment, supplement or modification shall:

 

(a)           amend, modify or waive any provision of this Section 11.5,

 

(b)           reduce any percentage specified in the definition of
Majority Lenders,

 

(c)           consent to the assignment or transfer by the Borrower
of any of its rights and obligations under this Agreement and the other Loan Documents,

 

90

 

(d)           release all or substantially all of the Collateral or
release all or substantially all of the Guarantors from their guarantee
obligations under the Guarantee and Collateral Agreement,

 

(e)           make or propose to make any Loan payable in money or
property other than United States Dollars, or make or propose to make any
change in Sections 6.9, 6.10, 6.11, 7.6, 9.4,
9.5 or 11.5 (or any related defined terms), or

 

(f)            affect or propose to affect the rate or time for
payment of interest on any Loan (including default interest) or the amount of
premium or principal or the principal maturity date of any Loan or the
redemption or prepayment provisions,

 

in each case
without the consent of all Lenders; provided
further, however, that
no such waiver and no such amendment, supplement or modification shall amend,
modify or waive any provision of Section 10 or any other provision
affecting the rights, duties and obligations of any Agent without the consent
of such Agent.

 

No failure or
delay of any Lender in exercising any power or right hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any
other right or power.  The rights and
remedies of the Lenders hereunder are cumulative and not exclusive of any
rights or remedies which they would otherwise have.  No waiver of any provision of this Agreement
or any other Loan Document or consent to any departure by the Borrower or any
Guarantor therefrom shall in any event be effective
unless the same shall be authorized as provided in this Section 11.5,
and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. 
No notice or demand on the Borrower or any Guarantor in any case shall
entitle the Borrower or any Guarantor to any other or further notice or demand
in similar or other circumstances.

 

11.6         Independence of Covenants

 

All covenants
hereunder shall be given in any jurisdiction independent effect so that if a
particular action or condition is not permitted by any of such covenants, the
fact that it would be permitted by an exception to, or be otherwise within the
limitations of, another covenant shall not avoid the occurrence of a breach of
such covenant or a Default or an Event of Default if such action is taken or
condition exists.

 

11.7         No Fiduciary Relationship

 

No provision
in this Agreement or in any of the other Loan Documents and no course of
dealing between the parties shall be deemed to create any fiduciary duty by any
Lender to any of the Loan Parties.

 

91

 

 

11.8         No Duty

 

All attorneys, accountants, appraisers, and other professional Persons
and consultants retained by any Lender shall have the right to act exclusively
in the interest of the Lenders, as applicable, and shall have no duty of
disclosure, duty of loyalty, duty of care, or other duty or obligation of any
type or nature whatsoever to the Borrower or any Guarantor or any of their
respective shareholders or any other Person.

 

11.9         Counterparts

 

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

 

11.10       Calculations; Computations

 

The financial statements to be furnished to the Lenders pursuant to
this Agreement shall be made and prepared in accordance with GAAP consistently
applied throughout the periods involved (except as set forth in the notes
thereto); provided that all
computations determining compliance with Section 8 and all
definitions used herein for any purpose shall utilize accounting principles and
policies in effect at the time of the preparation of, and in conformity with
those used to prepare, the historical financial statements delivered pursuant
to Section 4.9 and Section 6.2(a).

 

11.11       Interpretation

 

The Borrower, the Guarantors and the Lenders acknowledge that each of
them has had the benefit of legal counsel of its own choice and has been
afforded an opportunity to review this Agreement and the other Loan Documents
with its legal counsel and that this Agreement and the other Loan Documents
shall be construed as if jointly drafted by the Lenders, the Borrower and the
Guarantors.  The definitions in Section 1
and elsewhere throughout this Agreement shall apply equally to the singular and
plural forms of the terms defined. 
Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”.  Terms defined in this Agreement and used in
any Exhibit, Schedule, Certificate, Annex or any other Loan Document or other
document delivered in connection with this Agreement, shall have the meanings
assigned herein unless otherwise defined therein or the context otherwise
requires.  Unless otherwise specified,
references in this Agreement or any other Loan Document to any Article or Section are
references to such Article or Section of this Agreement or such Loan
Document, as the case may be, and references in any Article, Section or
definition to any clause are references to such clause of such Section, Article or
definition.  Any accounting term used in
this Agreement shall have, unless otherwise specifically provided herein, the
meaning customarily given such term in accordance with GAAP.  All references herein to statutes and rules promulgated
under statutes are to be construed as including all statutory provisions and rules consolidating,
amending or replacing the statute or rules referred to.

 

92

 

11.12       Governing Law; Jurisdiction; Venue;
Waiver of Jury Trial

 

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS
OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF
LAW PROVISION OR RULE OTHER THAN MANDATORY PROVISIONS OF ARTICLE 9 OF THE
UCC THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN
THE STATE OF NEW YORK).  ANY LEGAL ACTION
OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER DOCUMENT MAY BE
BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, THE BORROWER, EACH GUARANTOR AND THEIR RESPECTIVE SUBSIDIARIES
HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY
AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.  THE BORROWER, EACH GUARANTOR, AND THEIR
RESPECTIVE SUBSIDIARIES FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS
BY REGISTERED OR CERTIFIED MAIL (RETURN RECEIPT REQUESTED) TO CT CORPORATION
SYSTEM, 1633 BROADWAY, NEW YORK, NEW YORK 10019, ITS AGENT FOR SERVICE OF
PROCESS, SHALL CONSTITUTE SUFFICIENT NOTICE. 
NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE LENDERS TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE
PROCEED AGAINST ANY OBLIGOR OR ITS RESPECTIVE SUBSIDIARIES IN ANY OTHER
JURISDICTION.

 

THE BORROWER, EACH GUARANTOR AND THEIR RESPECTIVE SUBSIDIARIES HEREBY
IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF
OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER DOCUMENT BROUGHT IN THE
COURTS REFERRED TO IN THE CLAUSE ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES
AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL
TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND
EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY,
THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
APPLICABLE LAWS.  THEREFORE, THE PARTIES
HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING
BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT AND
THE LOAN DOCUMENTS

 

11.13       Entire Agreement

 

The Loan Documents are intended by the parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the
agreement and 

 

93

 

understanding of the parties hereto in respect of the subject matter
contained herein and therein.  There are
no restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein and therein. 
The Loan Documents supersede all prior agreements and understandings
between the parties with respect to such subject matter.  Nothing in any of the Loan Documents shall
confer upon any other Person other than the parties hereto any right, remedy or
claim under this Agreement.

 

11.14       Severability

 

In the event that any one or more of the provisions contained herein,
or the application thereof in any circumstances, is held invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the
remaining provisions hereof shall not be in any way impaired or affected, it
being intended that all of each Lenders’ rights and privileges shall be
enforceable to the fullest extent permitted by law.

 

94

 

IN WITNESS WHEREOF, each of the undersigned has caused this Agreement
to be duly executed and delivered as of the date first above written.

 

	
   

  	
  IGN Entertainment, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  US Bank National Association,

  
	
   

  	
  as Collateral Agent and as Administrative
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael M. Hopkins

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Michael M. Hopkins

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
					

 

95

 

GoldenTree Capital Solutions Fund Financing

 

	
  By:

  	
  GoldenTree Asset Management, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Thomas H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Wire Transfer Instructions:

 

	
  Bank Name:

  	
  JP Morgan Chase & Co.

  
	
  City and State:

  	
  Houston, Texas 77002

  
	
  ABA Routing Number:

  	
  113-000-609

  
	
  Account Name:

  	
  Asset Backed/Structure #2

  
	
  Account Number:

  	
  00102619468

  
	
  Sub-Account Name:

  	
  GoldenTree Capital Solutions Fund Financing

  
	
  Sub-Account Number:

  	
  10221967.1

  
	
  Attention:

  	
  Joann Young/Joanna Willars

  

 

	
  Address:

  	
   

  
	
  c/o GoldenTree Asset Management, L.P.

  	
   

  
	
  300 Park Avenue

  	
   

  
	
  New York, New York 10022

  	
   

  

 

 

Counterpart Signature Page

Credit Agreement

 

1

 

GoldenTree Capital Opportunities, L.P.

 

	
  By:

  	
  GoldenTree Asset Management, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Thomas H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Wire Transfer Instructions:

 

	
  Bank Name:

  	
  JP Morgan Chase & Co.

  
	
  City and State:

  	
  Houston, Texas 77002

  
	
  ABA Routing Number:

  	
  113-000-609

  
	
  Account Name:

  	
  Asset Backed/Structure #2

  
	
  Account Number:

  	
  00102619468

  
	
  Sub-Account Name:

  	
  GoldenTree Capital Opportunities, LP

  
	
  Sub-Account Number:

  	
  10221945

  
	
  Attention:

  	
  Joanna Willars

  

 

	
  Address:

  	
   

  
	
  c/o GoldenTree Asset Management, LP, as Investment Advisor

  	
   

  
	
  300 Park Avenue

  	
   

  
	
  New York, New York 10022

  	
   

  

 

1

 

SCHEDULE 1

 

	
  Lender

  	
   

  	
  Term Loan Commitment

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GoldenTree Capital Opportunities, LP

  	
   

  	
  $

  	
  4,000,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GoldenTree Capital Solutions Fund Financing

  	
   

  	
  $

  	
  9,500,000.00

  	
   

  

 

1

 

Borrower
Disclosure Schedules

To

Credit Agreement

Dated as of May       ,
2005

 

[Disclosure Schedules have been omitted. A
copy of these schedules will be furnished supplementally to 

the Commission upon request.]

 

 

 

EXHIBIT A

 

FORM OF
NOTICE OF BORROWING

 

NOTICE
OF BORROWING

 

[Date]

 

[LENDER]

Attention:  [                            ]

 

IGN Entertainment, Inc.

 

Ladies and Gentlemen:

 

Pursuant to Section 2.2 of that certain Credit
Agreement, dated as of May [   ], 2005, as amended,
supplemented or modified from time to time (the “Credit Agreement”),
among IGN Entertainment, Inc., a Delaware corporation (the “Borrower”),
the several banks and other financial institutions or entities from time to
time parties to the Credit Agreement (the “Lenders”), and US Bank
National Association as administrative agent (in such capacity, the “Administrative
Agent”) and as collateral agent (in such capacity, the “Collateral Agent”),
the Borrower hereby gives the Lender listed above irrevocable notice that the
Borrower hereby requests a Term Loan under the Credit Agreement, and in that
connection sets forth below the information relating to such Term Loan:

 

1.                                       The
Business Day of the proposed Term Loan is                   
      ,         .

 

2.                                       The
aggregate amount of the proposed Term Loan is $                        .

 

This Borrower hereby irrevocably authorizes and
instructs the Lender to pay the proceeds of its Term Loan to the Borrower in
the amount specified opposite such Lender’s name on the signature page hereto
and in accordance with the wire transfer instructions for the Borrower set
forth on the signature page hereto. 
The Company acknowledges that the Term Loan will be funded at 98.0% of
its principal amount.

 

The Borrower hereby certifies that the following
statements are true and correct on the date hereof, and will be true and
correct on the date of the proposed Term Loan:

 

(a)                                  Each
of the representations and warranties made by any Loan Party in or pursuant to
the Loan Documents is true and correct on and as of the date hereof as if made
on and as of the date hereof, except for representations and warranties
expressly stated to relate to a specific earlier date, in which case such
representations and warranties are true and correct as of such earlier date.

 

(b)                                 No
Default or Event of Default has occurred and is continuing on the date hereof,
or would result from the proposed Revolving Credit Loan or the application of
the proceeds thereof.

 

A-1

 

(c)                                  Such
proposed Term Loan is permitted to be incurred under the Note Purchase
Agreement and Securities Purchase Agreement.

 

The Borrower agrees that, if prior to the time of the
proposed Term Loan any of the foregoing certifications shall cease to be true
and correct, the Borrower shall forthwith notify the Lender listed above
thereof in writing (any such notice, a “Non-Compliance Notice”).  Except to the extent, if any, that prior to
the time of the proposed Term Loan, the Borrower shall deliver a Non-Compliance
Notice to each Lender, each of the foregoing certifications shall be deemed to
be made additionally on the date of the proposed Term Loan as if made on such
date.

 

	
  TRANSFER INSTRUCTIONS

  	
   

  	
  AMOUNT

  
	
  Bank Name:

  	
   

  	
   

  
	
  ABA Number:

  	
   

  	
  $

  
	
  Account Number:

  	
   

  	
   

  
	
  Account Name:

  	
   

  	
   

  

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  IGN Entertainment, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT B

 

FORM OF
COMPLIANCE CERTIFICATE

 

This Compliance Certificate is delivered pursuant to Section 6.2(b) of
the Credit Agreement, dated as of May [   ], 2005, as
amended, supplemented or modified from time to time (the “Credit Agreement”),
among IGN Entertainment, Inc., a Delaware corporation (the “Borrower”),
the several banks and other financial institutions or entities from time to
time parties to the Credit Agreement (the “Lenders”), and US Bank
National Association as administrative agent (in such capacity, the “Administrative
Agent”) and as collateral agent (in such capacity, the “Collateral Agent”).  Terms defined in the Credit Agreement and not
otherwise defined herein are used herein with the meanings so defined.

 

1.                                       I
am the duly elected, qualified and acting Chief Financial Officer of the
Borrower.  I have reviewed and am
familiar with the contents of this Certificate.

 

2.                                       I
have reviewed the terms of the Credit Agreement and the Loan Documents and have
made, or caused to be made under my supervision, a review of the transactions
and condition of the Borrower and its Subsidiaries during the accounting period
covered by the financial statements attached hereto as Attachment 1 (the
“Financial Statements”) with a view to determining whether the Borrower
has kept, observed, performed and fulfilled its obligations under this
Agreement.

 

3.                                       Such
review did not disclose the existence during or at the end of the accounting
period covered by the Financial Statements, and I have no knowledge of the
existence, as of the date of this Certificate, of any condition or event which
constitutes a Default or Event of Default.

 

4.                                       To
the best of my knowledge the Borrower has kept, observed, performed and
fulfilled each and every covenant contained in this Agreement and is not in
Default in the performance or observance of any of the terms, provisions and
conditions of the Credit Agreement.(1)  To the best of my knowledge no
event has occurred and remains in existence by reason of which payments on
account of the principal of, or interest and premium, if any, on the Loans is
prohibited.(2)

 

5.                                       Attached
hereto as Attachment 2 are the computations showing compliance with the
covenants set forth in Section 8.1, 8.2, 8.3 and 8.4 of the Credit
Agreement.

 

(1)                                  If
a Default or Event of Default has occurred, describe all such Defaults or
Events of Default of which you may have knowledge and what action the Borrower
is taking or proposes to take with respect thereto.

(2)                                  If
such event has occurred, describe the event and what action the Borrower is
taking or proposes to take with respect thereto.

 

B-1

 

IN WITNESS WHEREOF, I execute this Certificate this            day
of         , 200  .

 

	
   

  	
  IGN Entertainment, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  

 

 

Attachment 2

to EXHIBIT B

 

The information described herein is as of                         
    , 200  , and pertains to the period from                     
    , 20     to                         
    , 20    .

 

[Set forth Covenant Calculations]

 

B-3

 

EXHIBIT D

 

FORM OF TERM NOTE

 

THIS NOTE AND THE
OBLIGATIONS REPRESENTED HEREBY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE
WITH THE TERMS AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO BELOW.  TRANSFERS OF THIS NOTE AND THE OBLIGATIONS
REPRESENTED HEREBY MUST BE RECORDED IN THE REGISTER MAINTAINED BY THE
ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT.

 

	
  $

  	
   

  	
  New
  York, New York

  
	
   

  	
   

  	
  May     ,
  2005

  

 

FOR VALUE RECEIVED, the undersigned, IGN Entertainment, Inc.,
a Delaware corporation (the “Borrower”), hereby unconditionally promises
to pay to                 
(the “Lender”) or its registered assigns in lawful money of
the United States and in immediately available funds, the principal amount of (a)                         
DOLLARS ($          ),
or, if less, (b) the unpaid principal amount of the Term Loan made by the
Lender pursuant to Section 2.1 of the Credit Agreement (as defined
below).  The principal amount shall be
paid in the amounts and on the dates specified in Section 2.3 of the
Credit Agreement.  The Borrower further
agrees to pay interest in like money on the unpaid principal amount hereof from
time to time outstanding at the rates and on the dates specified in Section 2.7
of the Credit Agreement.

 

The holder of this Note is authorized to endorse on
the schedules annexed hereto and made a part hereof or on a continuation
thereof which shall be attached hereto and made a part hereof the date and
amount of the Term Loan and the date and amount of each payment or prepayment
of principal with respect thereto.  Each
such endorsement shall constitute prima  facie evidence of the
accuracy of the information endorsed. 
The failure to make any such endorsement or any error in any such
endorsement shall not affect the obligations of the Borrower in respect of the
Term Loan.

 

This Note (a) is one of the Term Notes referred
to in the Credit Agreement (the “Credit Agreement”) dated as of May       ,
2005, among IGN Entertainment, Inc., a Delaware corporation, the several
banks and other financial institutions or entities from time to time parties to
this Agreement, and US Bank National Association as administrative agent and as
collateral agent, (b) is subject to the provisions of the Credit Agreement
and (c) is subject to optional and mandatory prepayment in whole or in
part as provided in the Credit Agreement. 
This Note is secured and guaranteed as provided in the Loan
Documents.  Reference is hereby made to
the Loan Documents for a description of the properties and assets in which a
security interest has been granted, the nature and extent of the security and
the guarantees, the terms and conditions upon which the security interests and
each guarantee were granted and the rights of the holder of this Note in
respect thereof.

 

Upon the occurrence of any one or more of the Events
of Default, all principal and all accrued interest then remaining unpaid on
this Note shall become, or may be declared to be, immediately due and payable,
all as provided in the Credit Agreement.

 

D-1

 

All parties now and hereafter liable with respect to
this Note, whether maker, principal, surety, guarantor, endorser or otherwise,
hereby waive presentment, demand, protest and all other notices of any kind.

 

Unless otherwise defined herein, terms defined in the
Credit Agreement and used herein shall have the meanings given to them in the
Credit Agreement.

 

NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED
HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT
PURSUANT TO AND IN ACCORDANCE WITH THE REGISTRATION AND OTHER PROVISIONS OF SECTION 11.3
OF THE CREDIT AGREEMENT.

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

	
   

  	
  Entertainment, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

D-2

 

Schedule A

to Term Note

 

LOANS AND REPAYMENTS

 

	
  Date

  	
   

  	
  Amount of

  Loans

  	
   

  	
   

  	
   

  	
  Amount of Principal of

  Loans Repaid

  	
   

  	
   

  	
   

  	
  Unpaid Principal Balance

  of Loans

  	
   

  	
  Notation Made By

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

D-3

 

EXHIBIT E

 

FORM OF

PREPAYMENT OPTION NOTICE

 

US Bank National Association

 

Attention of [LENDER]:

 

[Date]

 

Ladies and Gentlemen:

 

The undersigned, US Bank National Association, as
administrative agent (in such capacity, the “Administrative Agent”) for
the Lenders, refers to the Credit Agreement, dated as of May [   ],
2005, as amended, supplemented or modified from time to time (the “Credit
Agreement”), among IGN Entertainment, Inc., a Delaware corporation
(the “Borrower”), the several banks and other financial institutions or
entities from time to time parties to the Credit Agreement (the “Lenders”),
and US Bank National Association as administrative agent (in such capacity, the
“Administrative Agent”) and as collateral agent (in such capacity, the “Collateral
Agent”).  Capitalized terms used
herein and not otherwise defined herein shall have the meanings assigned to
such terms in the Credit Agreement.  The
Administrative Agent hereby gives notice of an offer of prepayment made by the
Borrower pursuant to Sections 6.9 or 7.6 of the Credit Agreement
of the Mandatory Prepayment Amount. 
Amounts applied to prepay the Term Loans shall be applied pro rata to
the Term Loan held by you.  The portion
of the prepayment amount to be allocated to the Term Loan held by you and the
date on which such prepayment will be made to you (should you elect to receive
such prepayment) are set forth below:

 

	
  (A)

  	
   

  	
  Total Term Loan
  Prepayment Amount

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (B)

  	
   

  	
  Portion of Term
  Loan Prepayment Amount to be received by you

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (C)

  	
   

  	
  Prepayment Date
  (five Business Days after the date of this Prepayment Option Notice)

  	
   

  	
   

  	
   

  

 

IF YOU DO NOT WISH TO RECEIVE ALL OF THE TERM LOAN
PREPAYMENT AMOUNT TO BE ALLOCATED TO YOU ON THE MANDATORY PREPAYMENT DATE
INDICATED IN PARAGRAPH (B) ABOVE, please sign this
notice in the space provided below and indicate the percentage of the Term Loan
Prepayment Amount otherwise payable which you do not wish to receive.  Please return this notice as so completed via
telecopy to the attention of [                      ]
at                                                   ,
no later than

 

E-1

 

10:00 a.m., New York
City time, on the Prepayment Date, at Telecopy No. [                          ].  IF YOU DO NOT RETURN THIS
NOTICE, YOU WILL RECEIVE 100% OF THE TERM LOAN PREPAYMENT ALLOCATED TO YOU ON
THE MANDATORY PREPAYMENT DATE.

 

	
   

  	
  US BANK NATIONAL ASSOCIATION,

  
	
   

  	
  as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [                                ],
  as Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

Percentage of

Prepayment Amount

Declined:           %

 

E-2

 

EXHIBIT F

 

FORM OF EXEMPTION CERTIFICATE

 

Reference is made to the Credit Agreement, dated as of
May [   ], 2005, as amended, supplemented or modified from
time to time (the “Credit Agreement”), among IGN Entertainment, Inc.,
a Delaware corporation (the “Borrower”), the several banks and other
financial institutions or entities from time to time parties to the Credit
Agreement (the “Lenders”), and US Bank National Association as
administrative agent (in such capacity, the “Administrative Agent”) and
as collateral agent (in such capacity, the “Collateral Agent”).  Capitalized terms used herein that are not
defined herein shall have the meanings ascribed to them in the Credit
Agreement.                                                
(the “Non-U.S. Lender”) is providing this certificate pursuant to subsection 2.11(d) of
the Credit Agreement.  The Non-U.S.
Lender hereby represents and warrants that:

 

1.                                       The Non-U.S. Lender is the sole record and beneficial owner of the
Loans or the obligations evidenced by Note(s) in respect of which it is
providing this certificate.

 

2.                                       The
Non-U.S. Lender is not a “bank” for purposes of Section 881(c)(3)(A) of
the Internal Revenue Code of 1986, as amended (the “Code”).  In this regard, the Non-U.S. Lender further
represents and warrants that:

 

(a)                                  the
Non-U.S. Lender is not subject to regulatory or other legal requirements as a
bank in any jurisdiction; and

 

(b)                                 the
Non-U.S. Lender has not been treated as a bank for purposes of any tax,
securities law or other filing or submission made to any Governmental
Authority, any application made to a rating agency or qualification for any
exemption from tax, securities law or other legal requirements;

 

3.                                       The
Non-U.S. Lender is not a 10-percent shareholder of the Borrower within the
meaning of Section 881(c)(3)(B) of the Code; and

 

4.                                       The
Non-U.S. Lender is not a controlled foreign corporation receiving interest from
a related person within the meaning of Section 881(c)(3)(C) of the
Code.

 

IN WITNESS WHEREOF, the undersigned has duly executed
this certificate.

 

	
   

  	
  [NAME OF NON-U.S. LENDER]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  

 

F-1

 

EXHIBIT G

 

FORM OF
LEGAL OPINIONS

 

Terms defined in the Credit Agreement or the Guarantee
and Collateral Agreement, as the case may be, are used herein as therein
defined. For purposes hereof, the following terms have the meanings set forth
below:

 

“Applicable State” means Delaware [please confirm that each subsidiary is organized under Delaware law].

 

“Applicable State Financing Statements” means
the UCC-1 financing statements to be filed in the Applicable States, copies of
which are attached hereto as Exhibit A.

 

“Collateral” means all assets of the Loan
Parties, now owned or hereinafter acquired, upon which a Lien is purported to
be created by any Security Document, including, without limitation, the Pledged
Stock, the Pledged Debt Securities, the Pledged Notes and the Intellectual
Property Collateral.

 

“Court Orders” means court and governmental
orders, writs, judgments and decrees identified to us by a Responsible Officer
of each Loan Party as the only governmental orders, writs, judgments and
decrees applicable to such Loan Party including.

 

“Designated State” means each state (other than
an Applicable State) in which the fair market value of the personal property
Collateral located in such state exceeds $100,000 in the aggregate.

 

“Designated State Filing Offices” means the
offices listed on Schedule I attached hereto in which the Designated State
Financing Statements are to be filed.

 

“Designated State UCC” means Articles 8 and 9
(as denominated therein) of the Uniform Commercial Code as in effect on the
date hereof in each Designated State as set forth in the CCH Secured Transactions Guide as in effect on the date hereof.

 

“Designated State Financing Statements” means
the UCC-1 financing statements to be filed in the Designated States, copies of
which are attached hereto as Exhibit B.

 

“Documents” means, collectively, the Loan
Documents, the Financing Statements and the AskMen Acquisition Documentation.

 

“Financing Statements” means the Applicable
State Financing Statements and the Designated State Financing Statements.

 

“Governing Documents” means the articles or
certificate of incorporation, bylaws, shareholders agreement, certificate of
formation, limited liability company agreement, partnership agreement or other
formation or constituent documents of each Loan Party.

 

“Material Agreements” means the agreements and
other instruments to which any Loan Party is a party or by which it or any of
its property is bound, identified to us by a Responsible Officer of each Loan
Party as the only debt instruments and other material agreements of such

 

G-1

 

Loan Party including, without limitation, the Note
Purchase Agreement and Securities Purchase Agreement.

 

1.                                       Each
Loan Party (a) is a corporation duly organized, validly existing and in
good standing under the laws of its jurisdiction of incorporation, (b) is
duly qualified and in good standing as a foreign corporation in each other
jurisdiction in which it owns or leases property or in which the conduct of its
business requires it to so qualify or be licensed, and (c) has all
requisite corporate power and authority to own or lease and operate its
properties and to carry on its business as now conducted and as proposed to be
conducted.(1)

 

2.                                       The
execution, delivery and performance by the Borrower of the Credit Agreement,
the Notes and the other Documents to which it is party, the execution, delivery
and performance by each other Loan Party of each Document to which it is a
party, and the consummation of the AskMen Acquisition and the other
transactions contemplated by the Credit Agreement and the other Documents are
within such Loan Party’s corporate or organizational powers, have been duly
authorized by all necessary corporate or organizational action, and do not and
will not (A) result in (i) any violation
or breach of any provision of any of
the Governing Documents, (ii) any violation
of any federal, New York, Applicable State or [jurisdiction
of organization of each Loan Party] statute, rule or regulation
(including, without limitation, Regulations T, U and X of the Federal Reserve
Board and the Securities Exchange Act of 1934), (iii) any breach of or any default under, or give rise to any
right to accelerate or to require the repayment, repurchase or redemption of
any Indebtedness or Disqualified Stock under, any of the Material Agreements or
Court Orders, or (iv) except for the Liens created by the Security
Documents, the imposition under any Material Agreement of any Lien on any
asset, property or revenues of any Loan Party, or (B) require any
consents, approvals, authorizations, registrations, declarations or filings
under any federal, New York, Applicable State or [jurisdiction
of organization of each Loan Party] statute, rule or regulation
applicable to any Loan Party or under any of the Material Agreements or Court
Orders.

 

3.                                       No
authorization or approval or other action by, and no notice to or filing with,
any federal, New York, Applicable State or [jurisdiction of
organization of each Loan Party] governmental authority or
regulatory body, or any third party that is party to any of the Material
Agreements, is required for (a) the due execution, delivery, recordation,
filing or performance by any Loan Party of the Credit Agreement, the Notes or
any other Document to which it is a party, or for the consummation of the
AskMen Acquisition or the other transactions contemplated by the AskMen
Acquisition Documentation and the other Documents, (b) the grant by any
Loan Party of the Liens granted by it or the guaranties given by it pursuant to
the Security Documents, (c) the perfection or maintenance of the Liens
created by the Security Documents (including the first priority nature
thereof), or (d) the exercise by any Secured Party of its rights under the
Documents or the remedies in respect of the Collateral pursuant to the Security
Documents, except for: (i) as may be required in connection with any
disposition of any portion of the Collateral consisting of securities by laws
affecting the offering and sale of securities generally, (ii) in the case
of the exercise of remedies in respect of Collateral subject to the Mortgages,
the exercise of such remedies requiring prior court approval, (iii) in the
case of clause (a) above, filings required by the Hart-Scott-Rodino
Antitrust Improvements Act, and (iv) in the case of

 

(1)                                  Conforming
changes should be made to this opinion with respect to any Loan Party which is
not a corporation.

 

G-2

 

clauses (b), (c) and (d) above, the
matters referred to in paragraphs 7, 8, 12, 15 and 17 below.  All applicable waiting periods in connection
with the AskMen Acquisition and the other transactions contemplated by the
Credit Agreement and the other Documents have expired without any action having
been taken by any competent authority restraining, preventing or imposing materially
adverse conditions upon the AskMen Acquisition or the rights of the Loan
Parties freely to give guaranties or to transfer or otherwise dispose of, or to
create any Lien on, any properties now owned or hereafter acquired by any of
them.

 

4.                                       The
Credit Agreement, each of the Notes, and each other Document has been duly
executed and delivered by each Loan Party party thereto.  The Credit Agreement, each of the Notes and
each other Document is the legal, valid and binding obligation of each Loan
Party party thereto, enforceable against such Loan Party in accordance with its
terms.

 

5.                                       To
the best of our knowledge, there is no action, suit, investigation, litigation
or proceeding affecting any Loan Party pending or threatened before any court,
governmental agency or arbitrator that (A) enjoins, prohibits, restricts
or in any way purports to modify, restrict or otherwise affect the terms,
performance, validity or enforceability of (i) any Document or the AskMen
Acquisition, or (ii) the rights and remedies of any Secured Party
thereunder or in respect thereof, or (B) could have a material adverse
effect on (i) the business, condition (financial or otherwise),
operations, management, value, performance, properties or prospects of any Loan
Party, or (ii) the rights and remedies of any Secured Party under the Loan
Documents.

 

6.                                       The
provisions of the Guarantee and Collateral Agreement are effective to create
valid security interests in favor of the Administrative Agent for the ratable
benefit of the Secured Parties in the Collateral which is subject to
Articles 8 and 9 of the New York UCC, as security, to the extent set forth
therein, for the payment of the Obligations as defined therein.

 

7.                                       The
Applicable State Financing Statements are in appropriate form for filing in the
Office of the Secretary of State [and/or other applicable
filing offices] of the
Applicable State.  Upon the proper filing
of the Applicable State Financing Statements in the Office of the Secretary of
State [and/or other applicable filing offices] of the Applicable State, the security
interest in favor of the Administrative Agent for the ratable benefit of the
Secured Parties in the Collateral will be perfected to the extent a security
interest in the Collateral can be perfected by filing a financing statement
under the Applicable State UCC.

 

8.                                       Based
upon our review of each Designated State UCC, the Designated State Financing
Statements are in appropriate form for filing in the Designated State Filing
Offices.  Upon the proper filing of the
Designated State Financing Statements in the Designated State Filing Offices, the security interest in favor of the Administrative Agent
for the ratable benefit of the Secured Parties in the Collateral will be
perfected to the extent a security interest in the Collateral can be perfected
by filing a financing statement under each Designated State UCC.

 

9.                                       Upon
delivery of the certificates representing the certificated securities listed on
Schedule 2 to the Guarantee and Collateral Agreement (collectively, the “Pledged
Certificated Securities”) to the Administrative Agent in the State of New
York, pursuant to the Guarantee and Collateral Agreement, with undated stock or
bond powers, as applicable, duly endorsed in blank by an effective endorsement,
the security interest in favor of the Administrative Agent for the

 

G-3

 

ratable benefit of the Secured Parties in the Pledged
Certificated Securities will be perfected, free of any adverse claim.

 

10.                                 The
provisions of the Intellectual Property Security Agreement are effective to
create valid security interests in favor of the Administrative Agent for the
ratable benefit of the Secured Parties in the Intellectual Property Collateral
as security, to the extent set forth therein, for the payment of the
Obligations as defined therein.

 

11.                                 Upon
the proper filing of the Applicable State Financing Statements in the Office of
the Secretary of State [and/or other specified
filing offices] of the Applicable State(2) and upon the proper
recording of the Intellectual Property Security Agreement in the United States
Patent and Trademark Office and the United States Copyright Office, the
security interest in favor of the Administrative Agent for the ratable benefit
of the Secured Parties in the Intellectual Property Collateral will be
perfected.

 

12.                                 The
Intellectual Property Security Agreement is in proper form for recordation and
is recordable with the United States Patent and Trademark Office and the United
States Copyright Office pursuant to 15 U.S.C. §1060, 35 U.S.C. §261, 17 U.S.C.
§205 and other applicable law.

 

13.                                 Each
Loan Party is the owner of the entire right, title and interest, under the name
of such Loan Party, in and to the Intellectual Property Collateral of such Loan
Party including, without limitation, (i) the trademark and service mark
registrations and applications listed on Schedule 1 to the Intellectual
Property Security Agreement, (ii) the patents and patent applications
listed on Schedule 1 to the Intellectual Property Security Agreement, (iii) the
copyright applications and registrations listed on Schedule 1 to the
Intellectual Property Security Agreement, (iv) the licenses listed on Schedule 1
to the Intellectual Property Security Agreement, and (v) any after acquired
intellectual property in which a security interest is purported to be granted
under the Intellectual Property Security Agreement.

 

14.                                 The
Intellectual Property Collateral is free and clear of any Lien, security
interest or other encumbrance and there are no effective financing or
continuation statements or other instruments similar in effect covering any of
the Intellectual Property Collateral on file in the United States Patent and
Trademark Office, the United States Copyright Office or any Applicable State
filing office identified in paragraph 11 above.

 

15.                                 None
of the Intellectual Property Collateral has been adjudged invalid,
unregistrable or unenforceable, in whole or in part, and the Intellectual
Property Collateral is in full force and effect.

 

16.                                 There
are no claims, encumbrances, or judgments, existing or pending against any of
the Intellectual Property Collateral.

 

(2)                                  For
purposes of this paragraph, the Applicable State means the state in which each
Loan Party is located, i.e., the
location of its place of business, or if it has more than place of business,
its chief executive office.

 

G-4

 

17.                                 There
are no taxes or governmental fees or charges required to be paid in connection
with the execution, delivery, recording or filing or enforcement in the
Applicable State of the Documents, including, without limitation, the Financing
Statements and the Mortgages.

 

18.                                 No
Loan Party is (i) an “investment company,” as such term is defined in the
Investment Company Act of 1940, as amended, or (ii) a “holding company”, a
“subsidiary company” of a holding company, or an “affiliate” of a holding
company, as such terms are defined in the Public Utility Holding Company Act of
1935, as amended.

 

19.                                 The
AskMen Acquisition has become effective in accordance with the terms of the
AskMen Acquisition Agreement.

 

20.                                 The
authorized and outstanding capital stock of each Loan Party is as set forth in Schedule 4.2
to the Credit Agreement.  There are (i) to
the best of our knowledge no outstanding warrants, options, conversion
privileges, preemptive rights or other rights or agreements to purchase or
otherwise acquire or issue any equity securities of the Borrower or any other
Loan Party and (ii) no restrictions upon the voting or transfer of any
shares of capital stock of the Borrower or any other Loan Party pursuant to any
of their Governing Documents or any Material Agreement or Court Order.

 

21.                                 The
Borrower or a wholly-owned Subsidiary of the Borrower owns
of record in the aggregate 100% of the capital stock and other equity
securities of each Subsidiary of the Borrower. 
All such capital stock and other equity securities have been duly
authorized and validly issued and are fully paid and nonassessable.

 

22.                                 A
federal or state court sitting in each Applicable State will honor the parties’
choice of the internal laws of the State of New York as the law applicable to
the Documents (to the extent set forth in such Documents) and to the
determination of whether the obligations created by the Documents are usurious.

 

G-5

 

EXHIBIT H

SOLVENCY CERTIFICATE

This Solvency Certificate (this “Certificate”)
is delivered in connection with that certain Credit Agreement, dated as of May
27, 2005, as amended, supplemented or modified from time to time (the “Credit
Agreement”), among IGN Entertainment, Inc., a Delaware corporation (the “Borrower”),
the several banks and other financial institutions or entities from time to
time parties to the Credit Agreement (the “Lenders”), and US Bank
National Association as administrative agent (in such capacity, the “Administrative
Agent”) and as collateral agent (in such capacity, the “Collateral Agent”).  Capitalized terms used but not defined herein
have the meanings given such terms in the Credit Agreement.

For purposes of this Certificate, “Transactions”
means (i) the fulfillment of all conditions to the making of Loans under the
Credit Agreement and the funding of such Loans on the Closing Date and the use
of the proceeds thereof, (ii) the execution and delivery of the Loan Documents,
(iii) the AskMen Acquisition, and (iv) the payment of all fees, costs and
expenses associated with the foregoing. 
In addition, for purposes of this Certificate, Two Cents Inc. is not
considered a “Loan Party.”

I hereby certify on behalf of the Loan Parties as
follows:

1.             I am the duly qualified and acting Chief Financial
Officer of each Loan Party and in such capacity is a senior financial officer
with responsibility for the management of the financial affairs of such Loan
Party and the preparation of financial statements of such Loan Party.  I, together with other officers of the Loan
Parties, acted on behalf of each Loan Party in connection with the negotiation
and execution of the Credit Agreement and the other Loan Documents and the
AskMen Acquisition Documentation, in each case, to which any Loan Party is a
party.  In connection with the following
certifications, I have reviewed the financial statements of the Loan Parties.

2.             I have carefully reviewed the contents of this
Certificate, and I have conferred with counsel for the Loan Parties for the
purpose of discussing the meaning of its contents and the purpose for which it
is to be used.  I have made such
investigations and inquiries as I have deemed to be necessary and prudent, and
have reviewed the Credit Agreement, the Notes and the other Loan Documents and
the AskMen Acquisition Documentation, in each case, to which any Loan Party is
a party.  I am providing this certificate
solely in my capacity as an officer of each Loan Party.

3.             The unaudited consolidated and consolidating balance
sheets of the Borrower and its consolidated Subsidiaries as at December 31,
2004, and the related consolidated and consolidating statements of income and
of cash flows for the fiscal years ended on such dates present fairly the
consolidated and consolidating financial condition of the Borrower and its
consolidated Subsidiaries as at such date, and the consolidated and
consolidating results of its operations and its consolidated and consolidating
cash flows for the respective fiscal years then ended. All such financial
statements, including the related schedules and notes thereto, have been
prepared in accordance with GAAP applied consistently throughout the periods
involved (except as approved by the aforementioned firm of accountants and
disclosed therein).  After due 

 

 

inquiry, I have concluded that the Borrower and its
Subsidiaries do not have any material Guarantee Obligations, contingent
liabilities and liabilities for taxes, or any long-term leases or unusual
forward or long-term commitments, including, without limitation, any interest
rate or foreign currency swap or exchange transaction or other obligation in
respect of derivatives, that are not reflected in the most recent financial
statements referred to in this paragraph. 
After due inquiry, I have concluded that during the period from December
31, 2004 to and including the date hereof there has been no Disposition by the
Borrower or any of its Subsidiaries of any material part of their respective
businesses or Properties.

4.             In connection with the negotiation and execution of the
Credit Agreement and the other Loan Documents and the AskMen Acquisition
Documentation to which any Loan Party is a party, I have caused the preparation
of financial projections for Borrower, its present Subsidiaries and AskMen on a
consolidated basis, for the period commencing on the Closing Date and ending on
December 31, 2005 and the period commencing on December 31, 2005 and ending on
December 31, 2006 (collectively, the “Projections”). All of the
Projections were prepared by the Borrower in good faith based upon reasonable
assumptions.  It is understood and agreed
that the Projections are estimates and not a guarantee of actual results.  The Projections attached hereto as Exhibit A
give effect to the consummation of the transactions contemplated by the Credit
Agreement, including the AskMen Acquisition (the “Transactions”).

5.             For purposes of delivering this Certificate, including
the preparation of the Projections delivered herewith, I have:

(a)           consulted
with counsel for the Loan Parties concerning, among other matters, pending and
threatened litigation, uninsured risks, guaranties of obligations of other
Persons and other contingent obligations and have included as a liability in my
conclusions my best judgment as to the maximum realistic exposure of each Loan
Party to liabilities which would not be included in reserves otherwise
reflected on the consolidated and consolidating balance sheet of the Borrower
and its consolidated Subsidiaries as of December 31, 2004;

(b)           consulted
with the chief executive officer and controller of each Loan Party and reviewed
the financial statements of each Loan Party;

(c)           consulted
with the Borrower’s accountants with respect to the financial statements of the
Loan Parties and their respective assets and liabilities; and

(f)            made
such other investigations and inquiries as I have deemed appropriate and have
taken into account the nature of the particular business anticipated to be
conducted by the Loan Parties after consummation of the Transactions.

Based upon the foregoing, I have reached the following
conclusions:

(A)          No Loan Party is now, and the
consummation of the Transactions will not render any Loan Party, “insolvent” as
defined below. I understand that in this context, “insolvent” means that the
present fair salable value of assets of each Loan Party is less than the amount
that will be required to pay its probable liability on its existing debts as
they become absolute and matured. I have assumed that in this context “fair
salable value” means the price available upon the sale of such assets by a
willing seller to a willing buyer, where material information as to the 

 

H-2

 

asset and the market for such asset is known to both,
and where the sale is executed with commercially reasonable promptness. I also
understand that (i) the term “debts” includes any liability on a “claim”, and
(ii) “claim” means any (x) right to payment, whether or not such a right is
reduced to judgment, liquidated, unliquidated, fixed, contingent, matured,
unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y)
right to an equitable remedy for breach of performance if such breach gives
rise to a right to payment, whether or not such right to an equitable remedy is
reduced to judgment, fixed, contingent, matured or unmatured, disputed,
undisputed, secured or unsecured.

(B)           No Loan Party will incur, and no Loan
Party intended to incur or believed that it would incur, debts beyond its
ability to pay as they mature as a result of the consummation of the
Transactions.  I have based my conclusion
in part on the Projections which demonstrate that each Loan Party will have
sufficient cash flow and cash resources after paying all of its scheduled
anticipated indebtedness (including, without limitation, in the case of the
Borrower, scheduled payments by the Borrower under (i) the Credit Agreement and
the Notes and (ii) the Notes issued under the Senior Notes and Senior
Subordinated Notes) and other indebtedness and liabilities permitted under the
Credit Agreement.  I have concluded that
the realization of the current assets in the ordinary course of business of
each Loan Party will be sufficient to pay recurring current debt, short-term
debt and long-term debt service of such Loan Party as such debts mature and
that the cash flow and cash resources (including earnings plus non-cash charges
to earnings and, to the extent permitted under the Credit Agreement, the
disposition of assets held for sale) of such Loan Party will be sufficient to
provide cash necessary to repay indebtedness and liabilities of such Loan Party
(including, in the case of the Borrower, the indebtedness and liabilities of
the Borrower under (i) the Credit Agreement and the Notes, and (ii) the Senior
Notes and Senior Subordinated Notes) as such debts and liabilities mature.

(C)           The consummation of the Transactions
will not leave any Loan Party with property remaining in its hands constituting
“unreasonably small capital.” I have assumed for purposes of reaching this
conclusion that “unreasonably small capital” depends upon the nature of the
particular business or businesses conducted or to be conducted, and I have
reached my conclusion based on the needs and anticipated needs for capital of
the businesses conducted or anticipated to be conducted by each Loan Party in
light of the Projections and available credit capacity.

(D)          No Loan Party has executed the Credit
Agreement, the Notes, any other Loan Documents or any AskMen Acquisition
Documentation, in each case, to which such Loan Party is a party or made any
transfer or incurred any obligations in connection with the Transactions, with
actual intent to hinder, delay or defraud either present or future creditors.

I understand that the Secured Parties are relying on
the truth and accuracy of the foregoing in connection with each extension of
credit to the Borrower pursuant to the Credit Agreement and the other Loan
Documents.

I represent the foregoing information to be, to the
best of my knowledge and belief, after diligent inquiry, true, correct and
complete and execute this Solvency Certificate as the Chief Financial Officer
of each Loan Party as of May _, 2005.

[Signature page follows]

 

H-3

 

IN WITNESS WHEREOF, the undersigned has duly executed
this Solvency Certificate as of the date first written above.

	
   

  	
  IGN
  ENTERTAINMENT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Michael
  J. Sheridan

  
	
   

  	
  Title:

  	
  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  GAMESPY
  INDUSTRIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Mark
  A. Jung

  
	
   

  	
  Title:

  	
  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  INCFUSION
  CORPORATION

  
	
   

  	
  D.B.A.
  ROTTEN TOMATOES

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Michael
  J. Sheridan

  
	
   

  	
  Title:

  	
  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  

 

 

[SIGNATURE PAGE TO THE SOLVENCY CERTIFICATE]

 

H-4

 

Exhibit A

Projections

 

 

 

EXHIBIT I

 

FORM OF

ASSIGNMENT AND ACCEPTANCE

 

Reference is made to the Credit Agreement , dated as
of May [   ], 2005, as amended, supplemented or modified
from time to time (the “Credit Agreement”), among IGN Entertainment, Inc.,
a Delaware corporation (the “Borrower”), the several banks and other
financial institutions or entities from time to time parties to the Credit
Agreement (the “Lenders”), and US Bank National Association as
administrative agent (in such capacity, the “Administrative Agent”) and
as collateral agent (in such capacity, the “Collateral Agent”).  Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given
to them in the Credit Agreement.

 

The Assignor identified on Schedule 1 hereto (the
“Assignor”) and the Assignee identified on Schedule 1 hereto (the “Assignee”)
agree as follows:

 

1.                                       The
Assignor hereby irrevocably sells and assigns to the Assignee without recourse
to the Assignor, and the Assignee hereby irrevocably purchases and assumes from
the Assignor without recourse to the Assignor, as of the Effective Date (as
defined below), the interest described in Schedule 1 hereto (the “Assigned
Interest”) in and to the Assignor’s rights and obligations under the Credit
Agreement with respect to the credit facility contained in the Credit Agreement
(the “Assigned Facility”), in a principal amount for the Assigned
Facility as set forth on Schedule 1 hereto.

 

2.                                       The
Assignor (a) makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations
made in or in connection with the Credit Agreement or with respect to the
execution, legality, validity, enforceability, genuineness, sufficiency or
value of the Credit Agreement, any other Loan Document or any other instrument
or document furnished pursuant thereto, other than that the Assignor has not
created any adverse claim upon the interest being assigned by it hereunder and
that such interest is free and clear of any such adverse claim; (b) makes
no representation or warranty and assumes no responsibility with respect to the
financial condition of the Borrower, any of its Subsidiaries or any other
obligor or the performance or observance by the Borrower, any of its
Subsidiaries or any other obligor of any of their respective obligations under
the Credit Agreement or any other Loan Document or any other instrument or
document furnished pursuant hereto or thereto; and (c) attaches any Notes
held by it evidencing the Assigned Facility and (i) requests that the
Administrative Agent, upon request by the Assignee, exchange the attached Notes
for a new Note or Notes payable to the Assignee and (ii) if the Assignor
has retained any interest in the Assigned Facility, requests that the
Administrative Agent exchange the attached Notes for a new Note or Notes
payable to the Assignor, in each case in amounts which reflect the assignment
being made hereby (and after giving effect to any other assignments which have
become effective on the Effective Date).

 

3.                                       The
Assignee (a) represents and warrants that it is legally authorized to
enter into this Assignment and Acceptance; (b) confirms that it has
received a copy of the Credit Agreement, together with copies of the financial
statements delivered pursuant to subsection 4.9 thereof and such other
documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Assignment and Acceptance; (c) agrees
that it will,

 

I-1

 

independently and without reliance upon the Assignor,
the Agents, or any other Lender and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Credit Agreement, the other
Loan Documents or any other instrument or document furnished pursuant hereto or
thereto; (d) appoints and authorizes the Agents to take such action as
agent on its behalf and to exercise such powers and discretion under the Credit
Agreement, the other Loan Documents or any other instrument or document
furnished pursuant hereto or thereto as are delegated to the Agents by the
terms thereof together with such powers as are incidental thereto; and (e) agrees
that it will be bound by the provisions of the Credit Agreement and will
perform in accordance with its terms all the obligations which by the terms of
the Credit Agreement are required to be performed by it as a Lender including,
if it is organized under the laws of a jurisdiction outside the United States,
its obligation pursuant to subsection 2.11(d) of the Credit
Agreement.

 

4.                                       The
effective date of this Assignment and Acceptance shall be the Effective Date of
Assignment described in Schedule 1 hereto (the “Effective Date”).  Following the execution of this Assignment
and Acceptance, it will be delivered to the Borrower for acceptance by it and
recording by the Borrower pursuant to the Credit Agreement, effective as of the
Effective Date (which shall not, unless otherwise agreed to by the Borrower, be
earlier than five Business Days after the date of such acceptance and recording
by the Borrower).

 

5.                                       Upon
such acceptance and recording, from and after the Effective Date, the Borrower
shall make all payments in respect of the Assigned Interest (including payments
of principal, interest, fees and other amounts) [to the Assignor for amounts
which have accrued to the Effective Date and to the Assignee for amounts which
have accrued subsequent to the Effective Date] [to the Assignee whether such
amounts have accrued prior to the Effective Date or accrue subsequent to the
Effective Date.  The Assignor and the
Assignee shall make all appropriate adjustments in payments by the Agent for
periods prior to the Effective Date or with respect to the making of this
assignment directly between themselves.]

 

6.                                       From
and after the Effective Date, (a) the Assignee shall be a party to the
Credit Agreement and, to the extent provided in this Assignment and Acceptance,
have the rights and obligations of a Lender thereunder and under the other Loan
Documents and shall be bound by the provisions thereof and (b) the
Assignor shall, to the extent provided in this Assignment and Acceptance,
relinquish its rights and be released from its obligations under the Credit
Agreement.

 

7.                                       This
Assignment and Acceptance shall be governed by and construed in accordance with
the laws of the State of New York.

 

IN WITNESS WHEREOF, the parties hereto have caused
this Assignment and Acceptance to be executed as of the date first above
written by their respective duly authorized officers on Schedule 1 hereto.

 

I-2

 

Schedule 1

to Assignment and Acceptance

 

	
  Name of Assignor:

  	
   

  	
   

  
	
   

  	
   

  
	
  Name of Assignee:

  	
   

  	
   

  
	
   

  	
   

  
	
  Effective Date of Assignment:

  	
   

  	
   

  
				

 

	
  Principal
  Amount Assigned

  	
   

  	
  Commitment Percentage Assigned(4)

  
	
   

  	
   

  	
   

  
	
  $

  	
   

  	
   

  	
            .          %

  
				

 

 

	
  [Name of
  Assignor]

  	
  [Name of
  Assignee]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Title

  	
   

  	
  Title

  
	
   

  	
   

  	
   

  	
   

  
						

 

(4)                                  Calculate the Commitment Percentage that is assigned
to at least 15 decimal places and show as a percentage of the aggregate commitments
of all Lenders.

 

I-3

 

EXHIBIT M

 

	
   

  	
  Acknowledged:

  
	
   

  	
   

  
	
   

  	
  IGN Entertainment, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  

 

I-4

 

AMENDMENT AND WAIVER NO. 1 TO CREDIT
AGREEMENT

 

This AMENDMENT
AND WAIVER NO. 1 (the “Amendment”) is made as of June 7, 2005 by and among
IGN Entertainment, Inc., a Delaware corporation (the “Company”),
those entities listed on the signature pages hereto under the heading “Lenders”
(the “Lenders”),
those entities listed on the signature pages hereto under the heading “Guarantors”
(the “Guarantors”),
and US Bank National Association as administrative agent (in such capacity, the
“Administrative Agent”) and as
collateral agent (in such capacity, the “Collateral Agent”). This Amendment is made
with reference to that certain Credit Agreement dated as of May 27, 2005,
by and among the Company, the Lenders, the Administrative Agent and the
Collateral Agent (the “Credit
Agreement”).  All
capitalized terms used herein and not otherwise defined shall have the meanings
assigned to such terms in the Credit Agreement.

 

WHEREAS, the
Company, the Administrative Agent, the Collateral Agent and the Lenders entered
into the Credit Agreement;

 

WHEREAS, the Company is in default on certain
financial covenants set forth in the Credit Agreement;

 

WHEREAS,
pursuant to Section 11.5 of the Credit Agreement, the Company, the Agents,
and the Majority Lenders desire to make certain amendments to the Credit
Agreement as set forth below and the Guarantors desire to acknowledge such
amendments;

 

WHEREAS,
pursuant to Section 11.5 of the Credit Agreement, the Majority Lenders
desire to waive certain provisions of the Credit Agreement as set forth below
and the Guarantors desire to acknowledge such waivers;

 

WHEREAS, the
holders of Senior Subordinated Notes have agreed to amend the Securities
Purchase Agreement pursuant to that certain Amendment and Waiver No. 5 to
Securities Purchase Agreement attached hereto as Exhibit A;

 

WHEREAS, the
holders of Senior Secured Notes have agreed to amend the Senior Note Purchase
Agreement pursuant to that certain Amendment No. 5 to Note Purchase
Agreement attached hereto as Exhibit B;

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION 1.                                               WAIVER

 

The Majority Lenders hereby waive any and all rights and remedies they
may have, including those pursuant to Article IX of the Credit Agreement
arising directly from the Defaults and Events of Default described on Exhibit C
hereto and the Lenders and each Agent hereby waive any rights to notice
required in the Credit Agreement with respect to such Defaults.

 

 

SECTION 2.                                               AMENDMENTS
TO THE CREDIT AGREEMENT

 

2.1.                              Section 8.2
of the Credit Agreement is amended and restated in its entirety as follows:

 

“Minimum
EBITDA to Consolidated Interest Expense.

 

The Borrower
will not permit the ratio of (a) its Consolidated EBITDA for the Test
Period ending on each date listed below to (b) its Consolidated Interest
Expense for the Test Period ending on each date listed below to be less than
the ratio set forth below:

 

	
  Test Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30,
  2005

  	
   

  	
  1.80:1.00

  	
   

  
	
  September 30,
  2005

  	
   

  	
  1.80:1.00

  	
   

  
	
  December 31,
  2005

  	
   

  	
  2.00:1.00

  	
   

  
	
  March 31,
  2006

  	
   

  	
  2.00:1.00

  	
   

  
	
  June 30,
  2006

  	
   

  	
  2.00:1.00

  	
   

  
	
  September 30,
  2006

  	
   

  	
  2.10:1.00

  	
   

  
	
  December 31,
  2006

  	
   

  	
  2.35:1.00

  	
   

  
	
  March 31,
  2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  June 30,
  2007

  	
   

  	
  2.60:1.00

  	
   

  
	
  September 30,
  2007

  	
   

  	
  2.60:1.00

  	
   

  
	
  December 31,
  2007

  	
   

  	
  2.65:1.00

  	
   

  
	
  March 31,
  2008

  	
   

  	
  2.75:1.00

  	
   

  
	
  June 30,
  2008

  	
   

  	
  3.00:1.00

  	
   

  
	
  September 30,
  2008

  	
   

  	
  3.25:1.00

  	
   

  
	
  December 31,
  2008

  	
   

  	
  3.25:1.00

  	
   

  
	
  March 31,
  2009

  	
   

  	
  3.25:1.00”

  	
   

  

 

2.2.                              Section 8.4
of the Credit Agreement is amended and restated in its entirety as follows:

 

“Leverage
Ratios.

 

The Borrower
will not permit the ratio (the “Leverage Ratio”) of (a) Funded
Indebtedness of Borrower and its Subsidiaries on each date listed below to (b) Consolidated
EBITDA of the Borrower for the Test Period ending on each date listed below to
be more than the ratio set forth below:

 

	
  Test Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 30,
  2005

  	
   

  	
  4.75:1.00

  	
   

  
	
  September 30,
  2005

  	
   

  	
  4.25:1.00

  	
   

  
	
  December 31,
  2005

  	
   

  	
  3.65:1.00

  	
   

  
	
  March 31,
  2006

  	
   

  	
  3.50:1.00

  	
   

  
	
  June 30,
  2006

  	
   

  	
  3.35:1.00

  	
   

  

 

2

 

	
  Test Period

  	
   

  	
  Ratio

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  September 30,
  2006

  	
   

  	
  3.15:1.00

  	
   

  
	
  December 31,
  2006

  	
   

  	
  2.90:1.00

  	
   

  
	
  March 31,
  2007

  	
   

  	
  2.60:1.00

  	
   

  
	
  June 30,
  2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  September 30,
  2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  December 31,
  2007

  	
   

  	
  2.40:1.00

  	
   

  
	
  March 31,
  2008

  	
   

  	
  2.30:1.00

  	
   

  
	
  June 30,
  2008

  	
   

  	
  2.30:1.00

  	
   

  
	
  September 30,
  2008

  	
   

  	
  2.25:1.00

  	
   

  
	
  December 31,
  2008

  	
   

  	
  2.20:1.00

  	
   

  
	
  March 31,
  2009

  	
   

  	
  2.15:1.00”

  	
   

  

 

SECTION 3.                                               CONSENT

 

The Majority
Lenders hereby consent to the amendment to the Securities Purchase Agreement in
the form of Exhibit A hereto pursuant to Section 7.5 of the
Credit Agreement.

 

SECTION 4.                                               CONDITIONS
PRECEDENT

 

The
effectiveness of the waiver to the Credit Agreement contemplated by Section 1
hereof and the amendments to the Credit Agreement contemplated by Section 2
hereof are subject to the receipt by each Lender delivering a signature page to
this Amendment of the following:

 

(a)                                  counterparts hereof
duly executed by the Company, the Guarantors, each Agent and the Majority
Lenders;

 

(b)                                 an amendment to the
Securities Purchase Agreement in the form of Exhibit A hereto (the “SPA Amendment”), duly executed by
the holders of the requisite principal amount of Senior Subordinated Notes and
the holders of the requisite number of shares of Series B Preferred Stock;

 

(c)                                  an amendment to the
Note Purchase Agreement in the form of Exhibit B hereto (the “NPA Amendment”), duly executed by
the holders of the requisite principal amount of Senior Secured Notes; and

 

(d)                                 all costs, fees and
expenses payable to the Agents and the Lenders by the Company, including
without limitation the reasonable fees and disbursements of Latham &
Watkins LLP.

 

SECTION 5.                                               COUNTERPARTS

 

This Amendment
may be executed in any number of counterparts, and all such counterparts taken
together shall be deemed to constitute one and the same instrument.  Signature

 

3

 

pages may
be detached from counterpart documents and reassembled to form duplicate executed
originals.

 

SECTION 6.                                               RATIFICATION
OF AGREEMENT

 

6.1.                              To
induce the Majority Lenders to enter into this Amendment, the Company and the
Guarantors jointly and severally represent and warrant that after giving effect
to this Amendment no violation of the terms of the Credit Agreement or any
Security Document exists and all representations and warranties contained in
this Amendment and the Credit Agreement (including, after giving effect to this
Amendment, the SPA Amendment and the NPA Amendment, Section 4.6 of the
Credit Agreement), as amended by this Amendment, are true, correct and complete
in all material respects on and as of the date hereof except to the extent such
representations and warranties specifically relate to an earlier date in which
case they were true, correct and complete in all material respects on and as of
such earlier date and except for the representations and warranties contained
in Section 4.2(iii) in which case they were true, correct and
complete in all material respects on and as of the Closing Date.

 

6.2.                              Except
as expressly set forth in this Amendment, the terms, provisions and conditions
of the Credit Agreement and each Security Document are unchanged, and said agreements,
as amended, shall remain in full force and effect and are hereby confirmed and
ratified.

 

SECTION 7.                                               GOVERNING
LAW; JURISDICTION; VENUE; WAIVER OF JURY TRIAL.

 

THIS AMENDMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK (WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE
THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE OF NEW YORK).  ANY LEGAL ACTION OR
PROCEEDING WITH RESPECT TO THIS AMENDMENT OR ANY OTHER DOCUMENT MAY BE
BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS
AMENDMENT, THE COMPANY, EACH GUARANTOR AND THEIR RESPECTIVE SUBSIDIARIES HEREBY
IRREVOCABLY ACCEPT FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.  THE COMPANY, EACH GUARANTOR, AND THEIR
RESPECTIVE SUBSIDIARIES IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS BY REGISTERED
OR CERTIFIED MAIL (RETURN RECEIPT REQUESTED) TO CT CORPORATION SYSTEM, 1633
BROADWAY, NEW YORK, NEW YORK 10019, ITS AGENT FOR SERVICE OF PROCESS, WHICH
SHALL CONSTITUTE SUFFICIENT NOTICE. 
NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE HOLDERS OR THE COLLATERAL
AGENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE
LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY OR ANY GUARANTOR OR
ANY OF THEIR RESPECTIVE SUBSIDIARIES IN ANY OTHER JURISDICTION.

 

4

 

EACH OF THE
COMPANY, THE GUARANTORS AND THEIR RESPECTIVE SUBSIDIARIES HEREBY IRREVOCABLY
WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN
CONNECTION WITH THIS AMENDMENT OR ANY OTHER DOCUMENT BROUGHT IN THE COURTS
REFERRED TO IN THIS SECTION AND HEREBY FURTHER IRREVOCABLY WAIVES AND
AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

BECAUSE
DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST
QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE
PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY, THE PARTIES DESIRE
THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.  THEREFORE, THE PARTIES HERETO WAIVE ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND
ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT AND THE NOTE DOCUMENTS.

 

SECTION 8.                                               ACKNOWLEDGMENT
AND CONSENT BY THE GUARANTORS

 

Each Guarantor
hereby acknowledges that it has read this Amendment and consents to the terms
hereof and further confirms and agrees that, notwithstanding the effectiveness
of this Amendment, its obligations under its Guarantee shall not be impaired or
affected and such Guarantee is, and shall continue to be, in full force and
effect and is hereby confirmed and ratified in all respects.

 

[SIGNATURE PAGES FOLLOW]

 

5

 

IN WITNESS
WHEREOF, each of the parties hereto has caused a counterpart of this Amendment
to be duly executed and delivered as of the date first above written.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  IGN
  ENTERTAINMENT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  Jung

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GUARANTORS:

  
	
   

  	
   

  	
   

  
	
   

  	
  GAMESPY
  INDUSTRIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  Jung

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TWO CENTS,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  Jung

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  INCFUSION
  CORPORATION (D.B.A. ROTTEN

  TOMATOES)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  Jung

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

[Counterpart Signature Pages Follow]

 

 

	
   

  	
  ADMINISTRATIVE AGENT:

  
	
   

  	
   

  	
   

  
	
   

  	
  US BANK
  NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael
  M. Hopkins

  	
   

  
	
   

  	
   

  	
  Name:
  Michael M. Hopkins

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COLLATERAL AGENT:

  
	
   

  	
   

  
	
   

  	
  US BANK
  NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael
  M. Hopkins

  	
   

  
	
   

  	
   

  	
  Name:
  Michael M. Hopkins

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

 

	
  LENDERS:

  
	
   

  
	
  GoldenTree Capital Solutions Fund Financing

  
	
   

  
	
  By:

  	
  GoldenTree
  Asset Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas Shandell

  
	
   

  	
   

  	
  Title:

  	
  Portfolio Manager

  
					

 

 

Address:

c/o
GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Counterpart
Signature Page

Amendment And Waiver No. 1 to

Credit Agreement

 

 

	
  LENDERS (continued):

  
	
   

  
	
  GoldenTree Capital Opportunities, LP

  
	
   

  
	
  By:

  	
  GoldenTree
  Asset Management, LP, as Investment Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas H. Shandell

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Thomas Shandell

  
	
   

  	
   

  	
  Title:

  	
  Portfolio Manager

  
					

 

 

Address:

c/o GoldenTree Asset Management, LP, as Investment Advisor

300 Park Avenue

New York, New York 10022

 

 

Exhibit A

Amendment
and Waiver to Securities Purchase Agreement

 

[See
Amendment No. 5 to Securities Purchase Agreement in Exhibit 10.15 to this Form
S-1.]

 

 

Exhibit B

Amendment
and Waiver to Note Purchase Agreement  

 

[See
Amendment and Waiver No. 5 to Note Purchase Agreement in Exhibit 10.16 to this
Form S-1.]

 

 

Exhibit C

Existing
Defaults

 

[Exhibit C
has been omitted. A copy of this exhibit will be furnished supplementally to
the Commission upon request.]

 

EXECUTION COPY

 

 

AMENDED
AND RESTATED

 

GUARANTEE
AND COLLATERAL AGREEMENT

 

made
by

 

IGN
ENTERTAINMENT, INC.

 

and
certain of its Subsidiaries

 

in
favor of

 

US
Bank National Association

as Collateral Agent

 

Dated
as of May 27, 2005

 

 

 

TABLE
OF CONTENTS

 

	
  SECTION 1.

  	
  DEFINED TERMS

  	
   

  
	
   

  	
   

  	
   

  
	
  1.1.

  	
  Definitions

  	
   

  
	
  1.2.

  	
  Other Definitional Provisions

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.

  	
  GUARANTEE

  	
   

  
	
   

  	
   

  	
   

  
	
  2.1.

  	
  Guarantee

  	
   

  
	
  2.2.

  	
  Rights of Reimbursement, Contribution and Subrogation

  	
   

  
	
  2.3.

  	
  Amendments, etc. with respect to the First Lien Debt

  	
   

  
	
  2.4.

  	
  Guarantee Absolute and Unconditional

  	
   

  
	
  2.5.

  	
  Reinstatement

  	
   

  
	
  2.6.

  	
  Payments

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.

  	
  GRANT
  OF SECURITY INTEREST; CONTINUING LIABILITY UNDER COLLATERAL

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.

  	
  REPRESENTATIONS
  AND WARRANTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  4.1.

  	
  Representations in Note Purchase Agreement and in the Credit
  Agreement

  	
   

  
	
  4.2.

  	
  Title;
  No Other Liens

  	
   

  
	
  4.3.

  	
  Perfected First Priority Liens

  	
   

  
	
  4.4.

  	
  Name; Jurisdiction of Organization, etc.

  	
   

  
	
  4.5.

  	
  Inventory and Equipment

  	
   

  
	
  4.6.

  	
  Farm
  Products

  	
   

  
	
  4.7.

  	
  Investment
  Property

  	
   

  
	
  4.8.

  	
  Receivables

  	
   

  
	
  4.9.

  	
  Intellectual Property

  	
   

  
	
  4.10.

  	
  Vehicles

  	
   

  
	
  4.11.

  	
  Letter of Credit Rights

  	
   

  
	
  4.12.

  	
  Commercial Tort Claims

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.

  	
  COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  5.1.

  	
  Covenants in the Note Purchase Agreement and the Credit Agreement

  	
   

  
	
  5.2.

  	
  Delivery and Control of Instruments, Chattel Paper, Negotiable
  Documents, Investment Property and Deposit Accounts

  	
   

  
	
  5.3.

  	
  Maintenance of Insurance

  	
   

  
	
  5.4.

  	
  Payment of Obligations

  	
   

  
	
  5.5.

  	
  Maintenance of Perfected Security Interest; Further Documentation

  	
   

  
	
  5.6.

  	
  Changes in Locations, Name, Jurisdiction of Incorporation, etc.

  	
   

  
	
  5.7.

  	
  Notices

  	
   

  
	
  5.8.

  	
  Investment
  Property

  	
   

  
	
  5.9.

  	
  Receivables

  	
   

  
	
  5.10.

  	
  Intellectual Property

  	
   

  

 

i

 

	
  5.11.

  	
  Vehicles

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.

  	
  REMEDIAL
  PROVISIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  6.1.

  	
  Certain Matters Relating to Receivables

  	
   

  
	
  6.2.

  	
  Communications with Obligors; Grantors
  Remain Liable

  	
   

  
	
  6.3.

  	
  Pledged Securities

  	
   

  
	
  6.4.

  	
  Proceeds to be Turned Over To Collateral
  Agent

  	
   

  
	
  6.5.

  	
  Application of Proceeds

  	
   

  
	
  6.6.

  	
  Code and Other Remedies

  	
   

  
	
  6.7.

  	
  Registration Rights

  	
   

  
	
  6.8.

  	
  Waiver; Deficiency

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.

  	
  THE COLLATERAL AGENT

  	
   

  
	
   

  	
   

  	
   

  
	
  7.1.

  	
  Collateral Agent’s Appointment as
  Attorney-in-Fact, etc.

  	
   

  
	
  7.2.

  	
  Duty of Collateral Agent

  	
   

  
	
  7.3.

  	
  Execution of Financing Statements

  	
   

  
	
  7.4.

  	
  Authority of Collateral Agent

  	
   

  
	
  7.5.

  	
  Appointment of Co-Collateral Agents

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.

  	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  8.1.

  	
  Amendments in Writing

  	
   

  
	
  8.2.

  	
  Notices

  	
   

  
	
  8.3.

  	
  No Waiver by Course of Conduct; Cumulative
  Remedies

  	
   

  
	
  8.4.

  	
  Enforcement Expenses; Indemnification

  	
   

  
	
  8.5.

  	
  Successors and Assigns

  	
   

  
	
  8.6.

  	
  Set-Off

  	
   

  
	
  8.7.

  	
  Counterparts

  	
   

  
	
  8.8.

  	
  Severability

  	
   

  
	
  8.9.

  	
  Section Headings

  	
   

  
	
  8.10.

  	
  Integration

  	
   

  
	
  8.11.

  	
  GOVERNING LAW

  	
   

  
	
  8.12.

  	
  Submission to Jurisdiction; Waivers

  	
   

  
	
  8.13.

  	
  Acknowledgments

  	
   

  
	
  8.14.

  	
  Additional Grantors

  	
   

  
	
  8.15.

  	
  Releases

  	
   

  
	
  8.16.

  	
  WAIVER OF JURY TRIAL

  	
   

  

 

ii

 

AMENDED
AND RESTATED

GUARANTEE AND COLLATERAL AGREEMENT

 

AMENDED AND RESTATED GUARANTEE AND COLLATERAL
AGREEMENT, dated as of May 27, 2005, made by each of the signatories hereto
(together with any other entity that may become a party hereto as provided
herein, the “Grantors”), in favor of US Bank National Association, as
Collateral Agent (in such capacity, the “Collateral Agent”) for (i) the
holders of Senior Secured Notes due March 31, 2009 (the “Notes”),
issued by IGN Entertainment, Inc., a Delaware corporation ( “IGN”),
pursuant to a Note Purchase Agreement (as amended, supplemented or otherwise
modified from time to time, the “Note Purchase Agreement”), dated as of March 3,
2004, by and among IGN, the Collateral Agent and the purchasers listed on the
signature pages thereto (the “Purchasers”), (ii) the banks and
other financial institutions or entities (the “Lenders”) from time to
time parties to the Credit Agreement, dated as of May 27, 2005 (as
amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among IGN, the Lenders party thereto and the Collateral Agent,
and (iii) the other Secured Parties (as hereinafter defined).

 

W  I
T  N  E  S  S  E  T  H:

 

WHEREAS, pursuant to the Note Purchase Agreement, on March 3,
2004 the Purchasers purchased the Notes from IGN upon the terms and subject to
the conditions set forth therein;

 

WHEREAS, the Grantors are currently in default under
the Note Purchase Agreement and contemporaneously with the execution of this
Agreement the Grantors, the Holders of Notes and the Collateral Agent are
executing Amendment and Waiver No. 4 (the “NPA Waiver”) pursuant to
which such defaults will be waived by the Holders;

 

WHEREAS, pursuant to the Credit Agreement, the Lenders
have severally agreed to make extensions of credit to IGN upon the terms and
subject to the conditions set forth therein;

 

WHEREAS, IGN is a member of an affiliated group of
companies that includes each other Grantor;

 

WHEREAS, the proceeds of the extensions of credit
under the Credit Agreement will be used in part, to enable IGN to finance the
purchase of the outstanding capital stock of AskMen.com Solutions Canada Inc.
pursuant to the Share Transfer Agreement dated as of May 27, 2005, including
related fees and expenses;

 

WHEREAS, IGN and the other Grantors are engaged in
related businesses, and each Grantor will derive or has derived substantial
direct and indirect benefit from the issuance of Notes pursuant to the Note
Purchase Agreement and from the extensions of credit pursuant to the Credit Agreement;

 

 

WHEREAS, on March 3, 2004, the Grantors, the
Collateral Agent and the Grantors entered into a Guarantee and Collateral
Agreement (the “Old Guarantee and Collateral Agreement”) providing for
the guarantee of, and the grant of a lien securing obligations under the Notes;

 

WHEREAS, it is a condition precedent (a) to the
obligation of the Lenders to make their respective extensions of credit to IGN
under the Credit Agreement and (b) to the amendments and waivers
contemplated by the NPA Waiver that the Grantors shall have amended and restated
the Old Guarantee and Collateral Agreement in its entirety as set forth herein
and shall have executed and delivered this Agreement to the Collateral Agent
for the ratable benefit of the Secured Parties;

 

WHEREAS, pursuant to Section 8.1 of the Old Guarantee
and Collateral Agreement, the Old Guarantee and Collateral Agreement may be amended
and restated as set forth herein only if this Agreement is signed by IGN, the
Collateral Agent and holders of Notes holding in the aggregate more than 50% of
outstanding Notes (the “Majority Holders”); and

 

WHEREAS, IGN, the Collateral Agent and the Majority
Holders wish to amend and restate the Old Guarantee and Collateral Agreement as
set forth herein;

 

NOW, THEREFORE, in consideration of the premises, to
induce the Lenders to enter into the Credit Agreement and to make their
respective extensions of credit to IGN thereunder, to induce the Holders to
enter into the NPA Waiver, and in light of the Collateral Agent and the
Purchasers having entered into the Note Purchase Agreement and the Purchasers
having purchased Notes thereunder, each Grantor hereby agrees with the
Collateral Agent, for the ratable benefit of the Secured Parties, as follows:

 

SECTION 1.   DEFINED TERMS

 

1.1.          Definitions.  (a)  Unless otherwise defined
herein, terms defined in the Note Purchase Agreement and used herein shall have
the meanings given to them in the Note Purchase Agreement unless those terms
are also defined in the Credit Agreement, in which case they shall have the meanings
given them in the Credit Agreement.  The
following terms which are defined in the Uniform Commercial Code in effect in
the State of New York on the date hereof are used herein as so defined:  Accounts, Account Debtor, Authenticate,
Certificated Security, Chattel Paper, Commercial Tort Claim, Commodity Account,
Commodity Contract, Commodity Intermediary, Documents, Electronic Chattel Paper,
Entitlement Order, Equipment, Farm Products, Financial Asset, Fixtures, Goods,
Instruments, Inventory, Letter of Credit Rights, Money, Payment Intangibles,
Securities Account, Securities Intermediary, Security, Security Entitlement,
Supporting Obligations, Tangible Chattel Paper and Uncertificated Security.

 

(b)           The
following terms shall have the following meanings:

 

“Agreement”: 
this Amended and Restated Guarantee and Collateral Agreement, as the
same may be amended, supplemented, replaced or otherwise modified from time to
time.

 

S-2

 

“Bankruptcy
Law”: Title 11, U.S. Code or any similar federal or state law for the
relief of debtors.

 

“Collateral”: 
as defined in Section 3.

 

“Collateral Account”:  any collateral account established by the
Collateral Agent as provided in Section 6.1 or 6.4.

 

“Copyright Licenses”:  any written agreement naming any Grantor as
licensor or licensee (including those listed in Schedule 6),
granting any right under any Copyright, including the grant of rights to
manufacture, print, publish, copy, import, export, distribute, exploit and sell
materials derived from any Copyright.

 

“Copyrights”: 
(i) all domestic and foreign copyrights, whether or not the
underlying works of authorship have been published, including but not limited
to copyrights in software and databases, all Mask Works (as defined in 17
U.S.C. § 901 of the U.S. Copyright Act) and all works of authorship and
other intellectual property rights therein, all copyrights of works based
on,  incorporated in, derived from or
relating to works covered by such copyrights, all right, title and interest to
make and exploit all derivative works based on or adopted from works covered by
such copyrights, and all copyright registrations and copyright applications,
mask works registrations, and mask works applications, and any renewals or
extensions thereof, including each registration and application identified in Schedule 6,
(ii) the rights to print, publish and distribute any of the foregoing, (iii) the
right to sue or otherwise recover for any and all past, present and future
infringements and misappropriations thereof, (iv) all income, royalties,
damages and other payments now and hereafter due and/or payable with respect
thereto (including payments under all Copyright Licenses entered into in
connection therewith, payments arising out of any other sale, lease, license or
other disposition thereof and damages and payments for past, present or future
infringements thereof), and (v) all other rights of any kind whatsoever
accruing thereunder or pertaining thereto.

 

“Deposit Account”:  (i) all “deposit accounts” as defined in Article 9 of the
UCC, (ii) all other accounts maintained with any financial institution
(other than Securities Accounts or Commodity Accounts) and (iii) shall
include all of the accounts listed on Schedule 2 hereto under the
heading “Deposit Accounts” (as such schedule may be amended from time to
time) together, in each case, with all funds held therein and all certificates
or instruments representing any of the foregoing.

 

“Disposition”: 
with respect to any property, any sale, lease, sale and leaseback,
assignment, conveyance, transfer or other disposition thereof; and the terms “Dispose”
and “Disposed of” shall have correlative meanings.

 

“Excluded Assets”:  any lease, license, contract, property right
or agreement to which any Grantor is a party or any of its rights or interests
thereunder if and only for so long as the grant of a security interest
hereunder shall constitute or result in a breach, termination or default under
any such lease, license, contract, property right or agreement  (other
than to the extent that any such term would be rendered ineffective pursuant to

 

S-3

 

Sections
9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction or any
other applicable law or principles of equity); provided, however,
that such security interest shall attach immediately to any portion of such
lease, license, contract, property rights or agreement that does not result in
any of the consequences specified above.

 

“Excluded Foreign Subsidiary Voting Stock”:  the voting Capital Stock of any Excluded
Foreign Subsidiary.

 

“First Lien Debt”:  means all obligations and liabilities of IGN
to pay the unpaid principal of and interest and premium on (including interest
accruing after the maturity of the Notes and the Loans and interest accruing
after the filing of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to IGN or any Grantor, whether or
not a claim for post-filing or post-petition interest is allowed in such
proceeding) the Notes and Loans and all other obligations and liabilities of
IGN to the Collateral Agent or to any Holder or Lender, as the case may be,
whether direct or indirect, absolute or contingent, due or to become due, or
now existing or hereafter incurred, which may arise in each case under, out of,
or in connection with, this Agreement, any other Note Document or Loan Document
or any other document made, delivered or given in connection herewith or
therewith, whether on account of principal, interest, reimbursement
obligations, fees, indemnities, costs, expenses (including all fees and disbursements
of counsel to the Collateral Agent and each Secured Party that are required to
be paid by IGN pursuant to the terms of this Agreement or any other Note
Document or Loan Document) or otherwise.

 

“General Intangibles”:  all “general intangibles” as such term is
defined in Section 9-102(a)(42) of the Uniform Commercial Code in effect
in the State of New York on the date hereof and, in any event, including with
respect to any Grantor, all rights of such Grantor to receive any tax refunds,
all agreements governing hedging obligations and all contracts, agreements,
instruments and indentures and all licenses, permits, concessions, franchises
and authorizations issued by Governmental Authorities in any form, and portions
thereof, to which such Grantor is a party or under which such Grantor has any
right, title or interest or to which such Grantor or any property of such
Grantor is subject, as the same may from time to time be amended, supplemented,
replaced or otherwise modified, including (i) all rights of such Grantor
to receive moneys due and to become due to it thereunder or in connection
therewith, (ii) all rights of such Grantor to receive proceeds of any
insurance, indemnity, warranty or guaranty with respect thereto, (iii) all
rights of such Grantor to damages arising thereunder, and (iv) all rights
of such Grantor to terminate and to perform, compel performance and to exercise
all remedies thereunder.

 

“Grantors”: as defined in the preamble to this
Agreement.

 

“Guarantor Obligations”:  with respect to any Guarantor, all
obligations and liabilities of such Guarantor which may arise under or in
connection with this Agreement (including Section 2) or any other Note
Documents or Loan Document to which such Guarantor is a party, in each case
whether on account of guarantee obligations, reimbursement obligations, fees,
indemnities, costs, expenses or otherwise (including all fees and disbursements
of counsel to any Secured Party that are required to be paid by

 

S-4

 

such Guarantor pursuant
to the terms of this Agreement or any other Note Document or Loan Document).

 

“Guarantors”: 
the collective reference to each Grantor other than IGN.

 

“Holder” or “Holders”:  an individual, partnership, corporation,
trust or unincorporated organization or a government or agency or political
subdivision thereof in whose name a Note is registered.

 

“IGN”: as defined in the preamble to this
Agreement.

 

“Insurance”: shall mean:  (i) all insurance policies covering any
or all of the Collateral (regardless of whether the Collateral Agent is the
loss payee thereof) and (ii) any
key man life insurance policies.

 

“Intellectual Property”:  the collective reference to all rights,
priorities and privileges relating to intellectual property, whether arising
under United States, multinational or foreign laws or otherwise, including the
Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the
Trademarks, the Trademark Licenses, the Trade Secrets and the Trade Secret
Licenses, and all rights to sue at law or in equity for any past, present and
future infringement or other impairment thereof, including the right to receive
all proceeds and damages therefrom.

 

“Intercompany Note”:  any promissory note evidencing loans made by
any Grantor to any other Grantor or any of their respective Subsidiaries.

 

“Investment Property”:  the collective reference to (i) all “investment
property” as such term is defined in Section 9-102(a)(49) of the Uniform
Commercial Code in effect in the State of New York on the date hereof including
all Certificated Securities and Uncertificated Securities, all Security
Entitlements, all Securities Accounts, all Commodity Contracts and all
Commodity Accounts (other than any Excluded Foreign Subsidiary Voting Stock
excluded from the definition of “Pledged Equity Interests”), (ii) security
entitlements, in the case of any United States Treasury book-entry securities,
as defined in 31 C.F.R. section 357.2, or, in the case of any United
States federal agency book-entry securities, as defined in the corresponding
United States federal regulations governing such book-entry securities, and (iii) whether
or not constituting “investment property” as so defined, all Pledged Notes, all
Pledged Equity Interests, all Pledged Security Entitlements and all Pledged
Commodity Contracts.

 

“Issuers”: 
the collective reference to each issuer of a Pledged Security.

 

“Lenders”: as defined in the preamble to this
Agreement.

 

“Majority Holders”: as defined in the preamble
to this Agreement.

 

“Loan Document”: this Agreement, the Credit
Agreement, and the Notes.

 

S-5

 

“New York UCC”: 
the Uniform Commercial Code as from time to time in effect in the State
of New York.

 

“Notes”: as defined in the preamble to this
Agreement.

 

“Note Document”: this Agreement, the Note
Purchase Agreement, and the Notes.

 

“NPA Waiver”: as defined in the preamble to
this Agreement.

 

“Obligations”: 
(i) in the case of IGN, the First Lien Debt, and (ii) in the
case of each Guarantor, its Guarantor Obligations.

 

“Old Guarantee and Collateral Agreement”: as
defined in the preamble to this Agreement.

 

“Patent License”:  all agreements, whether written or oral,
providing for the grant by or to any Grantor of any right to manufacture, use,
import, export, distribute or sell any invention covered in whole or in part by
a Patent, including any of the foregoing referred to in Schedule 6.

 

“Patents”: 
(i) all domestic and foreign patents, patent applications and
patentable inventions, including each issued patent and patent application
identified in Schedule 6, all certificates of invention or similar
property rights, (ii) all inventions and improvements described and
claimed therein, (iii) the right to sue or otherwise recover for any and
all past, present and future infringements and misappropriations thereof, (iv) all
income, royalties, damages and other payments now and hereafter due and/or
payable with respect thereto (including payments under all Patent Licenses
entered into in connection therewith, payments arising out of any other sale,
lease, license or other disposition thereof and damages and payments for past,
present or future infringement thereof), and (v) all reissues, divisions,
continuations, continuations-in-part, substitutes, renewals, and extensions
thereof, all improvements thereon and all other rights of any kind whatsoever
accruing thereunder or pertaining thereto.

 

“Pledged Alternative
Equity Interests”: shall mean all interests of any Grantor in participation
or other interests in any equity or profits of any business entity and the
certificates, if any, representing such interests and all dividends,
distributions, cash, warrants, rights, options, instruments, securities and
other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such interests and
any other warrant, right or option to acquire any of the foregoing; provided,
however, that Pledged Alternative Equity Interests shall not include any
Pledged Stock, Pledged Partnership Interests, Pledged LLC Interests and Pledged
Trust Interests.

 

“Pledged Commodity Contracts”:  all commodity contracts listed on Schedule 2
(as such Schedule may be amended from time to time) and all other
commodity contracts to which any Grantor is party from time to time.

 

S-6

 

“Pledged Debt Securities”:  all debt securities now owned or hereafter
acquired by any Grantor, including the debt securities listed on Schedule 2
(as such Schedule may be amended from time to time) together with any
other certificates, options, rights or security entitlements of any nature
whatsoever in respect of the debt securities of any Person that may be issued
or granted to, or held by, any Grantor while this Agreement is in effect.

 

“Pledged Equity Interests”: shall mean all Pledged Stock, Pledged LLC
Interests, Pledged Partnership Interests, Pledged Trust Interests and Pledged
Alternative Equity Interests.

 

“Pledged LLC Interests”: shall mean all interests of any Grantor
now owned or hereafter acquired in any limited liability company including all
limited liability company interests listed on Schedule 2 hereto
under the heading “Pledged LLC Interests” (as such schedule may be amended
from time to time) and the certificates, if any, representing such limited
liability company interests and any interest of such Grantor on the books and
records of such limited liability company and all dividends, distributions,
cash, warrants, rights, options, instruments, securities and other property or
proceeds from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all of such limited liability company
interests and any other warrant, right or option to acquire any of the
foregoing.

 

“Pledged Notes”:  all promissory notes now owned or hereafter
acquired by any Grantor including those listed on Schedule 2 (as
such Schedule may be amended from time to time) and, all Intercompany
Notes at any time issued to any Grantor.

 

“Pledged Partnership
Interests”:  shall mean all interests of any
Grantor now owned or hereafter acquired in any general partnership, limited
partnership, limited liability partnership or other partnership including all
partnership interests listed on Schedule 2 hereto under the heading
“Pledged Partnership Interests” (as such schedule may be amended from time
to time) and the certificates, if any, representing such partnership interests
and any interest of such Grantor on the books and records of such partnership
and all dividends, distributions, cash, warrants, rights, options, instruments,
securities and other property or proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
of such partnership interests and any other warrant, right or option to acquire
any of the foregoing.

 

“Pledged Securities”:  the collective reference to the Pledged Debt
Securities, the Pledged Notes and the Pledged Equity Interests.

 

“Pledged Security Entitlements”:  all security entitlements with respect to the
financial assets listed on Schedule 2 (as such Schedule may be
amended from time to time) and all other security entitlements of any Grantor.

 

“Pledged Stock”:  shall mean all shares of capital stock now
owned or hereafter acquired by such Grantor, including all shares of capital
stock described on Schedule 2 hereto under the heading “Pledged
Stock” (as such schedule may be amended from time

 

S-7

 

to
time), and the certificates, if any, representing such shares and any interest
of such Grantor in the entries on the books of the issuer of such shares and
all dividends, distributions, cash, warrants, rights, options, instruments,
securities and other property or proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
of such shares and any other warrant, right or option to acquire any of the
foregoing; provided, however, that in no event shall more than
65% of the total outstanding Excluded Foreign Subsidiary Voting Stock be
required to be pledged hereunder.  For
the avoidance of doubt, AskMen, Acquisition Sub and each subsidiary of AskMen
shall be an Excluded Foreign Subsidiary.

 

“Pledged Trust Interests”:  shall mean all interests of any Grantor now
owned or hereafter acquired in a Delaware business trust or other trust
including all trust interests listed on Schedule 2 hereto under the
heading “Pledged Trust Interests” (as such schedule may be amended from
time to time) and the certificates, if any, representing such trust interests
and any interest of such Grantor on the books and records of such trust or on
the books and records of any securities intermediary pertaining to such
interest and all dividends, distributions, cash, warrants, rights, options,
instruments, securities and other property or proceeds from time to time
received, receivable or otherwise distributed in respect of or in exchange for
any or all of such trust interests and any other warrant, right or option to
acquire any of the foregoing.

 

“Proceeds”: 
all “proceeds” as such term is defined in Section 9-102(a)(64) of
the Uniform Commercial Code in effect in the State of New York on the date
hereof and, in any event, shall include all dividends or other income from the
Pledged Securities, collections thereon or distributions or payments with
respect thereto.

 

“Receivable”: 
all Accounts and any other right to payment for goods or other property
sold, leased, licensed or otherwise disposed of or for services rendered,
whether or not such right is evidenced by an Instrument or Chattel Paper or
classified as a Payment Intangible and whether or not it has been earned by
performance.  References herein to Receivables shall
include any Supporting Obligation or collateral securing such Receivable.

 

“Secured Parties”:  collectively
the Collateral Agent, each Holder, and each Lender.

 

“Securities Act”:  the Securities Act of 1933, as amended.

 

“Trademark License”:  any agreement, whether written or oral,
providing for the grant by or to any Grantor of any right to use any Trademark,
including any of the foregoing referred to in Schedule 6.

 

“Trademarks”: 
(i) all domestic and foreign trademarks, service marks, trade
names, corporate names, company names, business names, trade dress, trade
styles, logos, or other indicia of origin or source identification, Internet
domain names, trademark and service mark registrations, and applications for
trademark or service mark registrations and any renewals thereof, including
each registration and application

 

S-8

 

identified in Schedule 6,
(ii) the right to sue or otherwise recover for any and all past, present
and future infringements and misappropriations thereof, (iii) all income,
royalties, damages and other payments now and hereafter due and/or payable with
respect thereto (including payments under all Trademark Licenses entered into
in connection therewith, and damages and payments for past, present or future
infringements thereof), and (iv) all other rights of any kind whatsoever
accruing thereunder or pertaining thereto, together in each case with the
goodwill of the business connected with the use of, and symbolized by, each of
the above.

 

“Trade Secret License”:  any agreement, whether written or oral,
providing for the grant by or to any Grantor of any right to use any Trade
Secret, including any of the foregoing referred to in Schedule 6.

 

“Trade Secrets”:  (i) all trade secrets and all confidential
and proprietary information, including know-how, manufacturing and production
processes and techniques, inventions, research and development information,
technical data, financial, marketing and business data, pricing and cost
information, business and marketing plans, and customer and supplier lists and
information, including any of the foregoing referred to in Schedule 6,
(ii) the right to sue or otherwise recover for any and all past, present
and future infringements and misappropriations thereof, (iii) all income,
royalties, damages and other payments now and hereafter due and/or payable with
respect thereto (including payments arising out of the sale, lease, license,
assignment or other disposition thereof, and damages and payments for past,
present or future infringements thereof), and (iv) all other rights of any
kind whatsoever of any Grantor accruing thereunder or pertaining thereto.

 

“Vehicles”: 
all cars, trucks, trailers, construction and earth moving equipment and
other Equipment of any nature covered by a certificate of title law of any
jurisdiction and, in any event including the vehicles listed on Schedule 7
and all tires and other appurtenances to any of the foregoing.

 

1.2.          Other Definitional Provisions.

 

(a)           The
words “hereof”, “herein”, “hereto” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to
any particular provision of this Agreement, and Section and Schedule references
are to this Agreement unless otherwise specified.  The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”.

 

(b)           The
meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

 

(c)           Where
the context requires, terms relating to the Collateral or any part thereof,
when used in relation to a Grantor, shall refer to such Grantor’s Collateral or
the relevant part thereof.

 

(d)           The
expressions “payment in full,” “paid in full” and any other similar terms or
phrases when used herein or in any other document with respect to the First
Lien Debt

 

S-9

 

or the Guarantor Obligations shall mean the unconditional, final and
irrevocable payment in full, in immediately available funds, of all of the First
Lien Debt or the Guarantor Obligations, as the case may be.

 

SECTION 2.   GUARANTEE

 

2.1.          Guarantee.

 

(a)           Each of the Guarantors hereby,
jointly and severally, unconditionally and irrevocably, guarantees to the
Collateral Agent, for the ratable benefit of the Secured Parties and their
respective successors, indorsees, transferees and assigns, the prompt and
complete payment and performance by IGN when due (whether at the stated
maturity, by acceleration or otherwise) of the First Lien Debt.

 

(b)           If and to the extent required
in order for the Obligations of any Guarantor to be enforceable under
applicable federal, state and other laws relating to the insolvency of debtors,
the maximum liability of such Guarantor hereunder shall be limited to the
greatest amount which can lawfully be guaranteed by such Guarantor under such
laws, after giving effect to any rights of contribution, reimbursement and
subrogation arising under Section 2.2.  Each Guarantor acknowledges and agrees that,
to the extent not prohibited by applicable law, (i) such Guarantor (as
opposed to its creditors, representatives of creditors or bankruptcy trustee,
including such Guarantor in its capacity as debtor in possession exercising any
powers of a bankruptcy trustee) has no personal right under such laws to
reduce, or request any judicial relief that has the effect of reducing, the
amount of its liability under this Agreement, (ii) such Guarantor (as
opposed to its creditors, representatives of creditors or bankruptcy trustee,
including such Guarantor in its capacity as debtor in possession exercising any
powers of a bankruptcy trustee) has no personal right to enforce the limitation
set forth in this Section 2.1(b) or to reduce, or request judicial
relief reducing, the amount of its liability under this Agreement, and (iii) the
limitation set forth in this Section 2.1(b) may be enforced
only to the extent required under such laws in order for the obligations of
such Guarantor under this Agreement to be enforceable under such laws and only
by or for the benefit of a creditor, representative of creditors or bankruptcy
trustee of such Guarantor or other Person entitled, under such laws, to enforce
the provisions thereof.

 

(c)           Each Guarantor agrees that First
Lien Debt may at any time and from time to time be incurred or permitted in an
amount exceeding the maximum liability of such Guarantor under Section 2.1(b) without
impairing the guarantee contained in this Section 2 or affecting
the rights and remedies of any Secured Party hereunder.

 

(d)           The guarantee contained in
this Section 2 shall remain in full force and effect until payment
in full of the Obligations, notwithstanding that from time to time during the
terms of the Note Purchase Agreement or the Credit Agreement, IGN may be free
from any First Lien Debt.

 

(e)           No payment made by IGN, any of
the Guarantors, any other guarantor or any other Person or received or collected
by any Secured Party from IGN, any of the Guarantors, any other guarantor or
any other Person by virtue of any action or proceeding or any set-off or

 

S-10

 

appropriation or application at any time or from time to time in
reduction of or in payment of the First Lien Debt shall be deemed to modify,
reduce, release or otherwise affect the liability of any Guarantor hereunder
which shall, notwithstanding any such payment (other than any payment made by
such Guarantor in respect of the First Lien Debt or any payment received or
collected from such Guarantor in respect of the First Lien Debt), remain liable
for the First Lien Debt up to the maximum liability of such Guarantor hereunder
until the First Lien Debt are paid in full.

 

2.2.          Rights
of Reimbursement, Contribution and Subrogation.  In case any payment is made on account of the
Obligations by any Grantor or is received or collected on account of the
Obligations from any Grantor or its property:

 

(a)           If
such payment is made by IGN or from its property, then, if and to the extent such
payment is made on account of Obligations arising from or relating to either a
Note or a Loan or other extension of credit made to IGN, IGN shall not be
entitled (A) to demand or enforce reimbursement or contribution in respect
of such payment from any other Grantor or (B) to be subrogated to any
claim, interest, right or remedy of any Secured Party against any other Person,
including any other Grantor or its property until payment in full in cash of
the Obligations.

 

(b)           If
such payment is made by a Guarantor or from its property, such Guarantor shall
be entitled, subject to and upon payment in full of the Obligations, (A) to
demand and enforce reimbursement for the full amount of such payment from IGN and
(B) to demand and enforce contribution in respect of such payment from
each other Guarantor which has not paid its fair share of such payment, as
necessary to ensure that (after giving effect to any enforcement of
reimbursement rights provided hereby) each Guarantor pays its fair share of the
unreimbursed portion of such payment. For this purpose, the fair share of each
Guarantor as to any unreimbursed payment shall be determined based on an
equitable apportionment of such unreimbursed payment among all Guarantors based
on the relative value of their assets and any other equitable considerations
deemed appropriate by the court.

 

(c)           If
and whenever (after payment in full of the Obligations) any right of
reimbursement or contribution becomes enforceable by any Grantor against any
other Grantor under Sections 2.2(a) and 2.2(b), such
Grantor shall be entitled, subject to and upon payment in full of the
Obligations, to be subrogated (equally and ratably with all other Grantors
entitled to reimbursement or contribution from any other Grantor as set forth
in this Section 2.2) to any security interest that may then be held
by the Collateral Agent upon any Collateral granted to it in this
Agreement.  Such right of subrogation
shall be enforceable solely against the Grantors, and not against the Secured
Parties, and neither the Collateral Agent nor any other Secured Party shall
have any duty whatsoever to warrant, ensure or protect any such right of
subrogation or to obtain, perfect, maintain, hold, enforce or retain any
Collateral for any purpose related to any such right of subrogation.  If subrogation is demanded by any Grantor,
then (after payment in full of the Obligations) the Collateral Agent shall
deliver to the Grantors making such demand, or to a representative of such
Grantors or of the Grantors generally, an instrument satisfactory to the
Collateral Agent transferring, on a quitclaim basis without any recourse,
representation, warranty or obligation whatsoever, whatever security interest
the Collateral Agent then may hold in whatever Collateral may then exist that
was not previously released or disposed of by the Collateral Agent.

 

S-11

 

(d)           All
rights and claims arising under this Section 2.2 or based upon or
relating to any other right of reimbursement, indemnification, contribution or
subrogation that may at any time arise or exist in favor of any Grantor as to
any payment on account of the Obligations made by it or received or collected
from its property shall be fully subordinated in all respects to the prior
payment in full of all of the Obligations. 
Until payment in full of the Obligations, no Grantor shall demand or
receive any collateral security, payment or distribution whatsoever (whether in
cash, property or securities or otherwise) on account of any such right or
claim.  If any such payment or
distribution is made or becomes available to any Grantor in any bankruptcy case
or receivership, insolvency or liquidation proceeding, such payment or
distribution shall be delivered by the person making such payment or
distribution directly to the Collateral Agent, for application to the payment
of the Obligations.  If any such payment
or distribution is received by any Grantor, it shall be held by such Grantor in
trust, as trustee of an express trust for the benefit of the Secured Parties,
and shall forthwith be transferred and delivered by such Grantor to the
Collateral Agent, in the exact form received and, if necessary, duly endorsed.

 

(e)           The
obligations of the Grantors under the Note Documents and the Loan Documents,
including their liability for the Obligations and the enforceability of the
security interests granted thereby, are not contingent upon the validity,
legality, enforceability, collectibility or sufficiency of any right of
reimbursement, contribution or subrogation arising under this Section 2.2.  The invalidity, insufficiency,
unenforceability or uncollectibility of any such right shall not in any respect
diminish, affect or impair any such obligation or any other claim, interest,
right or remedy at any time held by any Secured Party against any Guarantor or
its property.  The Secured Parties make
no representations or warranties in respect of any such right and shall have no
duty to assure, protect, enforce or ensure any such right or otherwise relating
to any such right.

 

(f)            Each
Grantor reserves any and all other rights of reimbursement, contribution or
subrogation at any time available to it as against any other Grantor, but (i) the
exercise and enforcement of such rights shall be subject to Section 2.2(d) and
(ii) neither the Collateral Agent nor any other Secured Party shall ever
have any duty or liability whatsoever in respect of any such right, except as
provided in Section 2.2(c).

 

2.3.          Amendments,
etc. with respect to the First Lien Debt.  Each Guarantor shall remain obligated
hereunder notwithstanding that, without any reservation of rights against any
Guarantor and without notice to or further assent by any Guarantor, any demand
for payment of any of the First Lien Debt made by any Secured Party may be
rescinded by such Secured Party and any of the First Lien Debt continued, and
the First Lien Debt, or the liability of any other Person upon or for any part
thereof, or any collateral security or guarantee therefor or right of offset
with respect thereto, may, from time to time, in whole or in part, be renewed,
increased, extended, amended, modified, accelerated, compromised, waived,
surrendered or released by any Secured Party, and the Note Purchase Agreement,
the Credit Agreement and the other Note Documents and Loan Documents and any
other documents executed and delivered in connection therewith may be amended,
modified, supplemented or terminated, in whole or in part, as the parties
thereto may deem advisable from time to time, and any collateral security,
guarantee or right of offset at any time held by any Secured Party for the
payment of the First Lien Debt may be sold, exchanged, waived, surrendered or
released.  Except to the extent required
by any non-waivable

 

S-12

 

provisions of the New York UCC, no Secured Party shall have any
obligation to protect, secure, perfect or insure any Lien at any time held by
it as security for the First Lien Debt or for the guarantee contained in this Section 2
or any property subject thereto.

 

2.4.          Guarantee Absolute and
Unconditional.  Each
Guarantor waives any and all notice of the creation, renewal, extension or
accrual of any of the First Lien Debt and notice of or proof of reliance by any
Secured Party upon the guarantee contained in this Section 2 or
acceptance of the guarantee contained in this Section 2; the First
Lien Debt shall conclusively be deemed to have been created, contracted or
incurred, or renewed, extended, amended or waived, in reliance upon the
guarantee contained in this Section 2; and all dealings between IGN
and any of the Guarantors, on the one hand, and the Secured Parties, on the
other hand, likewise shall be conclusively presumed to have been had or
consummated in reliance upon the guarantee contained in this Section 2.  Each Guarantor waives diligence, presentment,
protest, demand for payment and notice of default or nonpayment to or upon IGN or
any of the Guarantors with respect to the First Lien Debt.  Each Guarantor understands and agrees that
the guarantee contained in this Section 2 shall be construed as a
continuing, absolute and unconditional guarantee of payment and performance
without regard to (a) the validity or enforceability of the Note Purchase
Agreement, the Credit Agreement, the Note Documents or any Loan Documents, any
of the First Lien Debt or any other collateral security therefor or guarantee
or right of offset with respect thereto at any time or from time to time held
by any Secured Party, (b) any defense, set-off or counterclaim (other than
a defense of payment or performance hereunder) which may at any time be
available to or be asserted by IGN or any other Person against any Secured
Party, or (c) any other circumstance whatsoever (with or without notice to
or knowledge of IGN or such Guarantor) which constitutes, or might be construed
to constitute, an equitable or legal discharge of IGN for the First Lien Debt,
or of such Guarantor under the guarantee contained in this Section 2,
in bankruptcy or in any other instance. 
When making any demand hereunder or otherwise pursuing its rights and
remedies hereunder against any Guarantor, any Secured Party may, but shall be
under no obligation to, make a similar demand on or otherwise pursue such
rights and remedies as it may have against IGN, any other Guarantor or any
other Person or against any collateral security or guarantee for the First Lien
Debt or any right of offset with respect thereto, and any failure by any
Secured Party to make any such demand, to pursue such other rights or remedies
or to collect any payments from IGN, any other Guarantor or any other Person or
to realize upon any such collateral security or guarantee or to exercise any
such right of offset, or any release of IGN, any other Guarantor or any other
Person or any such collateral security, guarantee or right of offset, shall not
relieve any Guarantor of any obligation or liability hereunder, and shall not
impair or affect the rights and remedies, whether express, implied or available
as a matter of law, of any Secured Party against any Guarantor.  For the purposes hereof “demand” shall
include the commencement and continuance of any legal proceedings.

 

2.5.          Reinstatement.  The guarantee contained in this Section 2
shall continue to be effective, or be reinstated, as the case may be, if at any
time payment, or any part thereof, of any of the First Lien Debt is rescinded
or must otherwise be restored or returned by any Secured Party upon the
insolvency, bankruptcy, dissolution, liquidation or reorganization of IGN or
any Guarantor, or upon or as a result of the appointment of a receiver,
intervenor or conservator of, or trustee or similar officer for, IGN or any
Guarantor or any substantial part of its property, or otherwise, all as though
such payments had not been made.

 

S-13

 

2.6.          Payments.  Each Guarantor hereby guarantees that
payments hereunder will be paid to the Collateral Agent without set-off or
counterclaim in United States dollars in immediately available funds.

 

SECTION 3.   GRANT OF SECURITY INTEREST;

CONTINUING LIABILITY UNDER COLLATERAL

 

(a)           Each
Grantor hereby assigns and transfers to the Collateral Agent, and hereby grants
to the Collateral Agent, for the ratable benefit of the Secured Parties, a
security interest in, all of the personal property of such Grantor, including
the following property, in each case, wherever located and now owned or at any
time hereafter acquired by such Grantor or in which such Grantor now has or at
any time in the future may acquire any right, title or interest (collectively,
the “Collateral”), as collateral security for the prompt and complete
payment and performance when due (whether at the stated maturity, by
acceleration or otherwise) of such Grantor’s Obligations:

 

(i)            all Accounts;

 

(ii)           all Chattel Paper;

 

(iii)          all Contracts;

 

(iv)          all Deposit Accounts;

 

(v)           all Documents;

 

(vi)          all Equipment;

 

(vii)         all General Intangibles;

 

(viii)        all Instruments;

 

(ix)           Insurance;

 

(x)            all Intellectual Property;

 

(xi)           all Inventory;

 

(xii)          all Investment Property;

 

(xiii)         all Letter of Credit Rights;

 

(xiv)        all Money;

 

(xv)         all Vehicles;

 

(xvi)        all Goods not otherwise described above;

 

(xvii)       any Collateral Account;

 

S-14

 

(xviii)      all books, records, ledger cards, files, correspondence, customer lists,
blueprints, technical specifications, manuals, computer software, computer
printouts, tapes, disks and other electronic storage media and related data
processing software and similar items that at any time evidence or contain
information relating to any of the Collateral or are otherwise necessary or
helpful in the collection thereof or realization thereupon; and

 

(xix)         to the extent not otherwise included,
all other property of the Grantor and all Proceeds, products, accessions, rents
and profits of any and all of the foregoing and all collateral security,
Supporting Obligations and guarantees given by any Person with respect to any
of the foregoing.

 

Notwithstanding anything to the contrary in this
Agreement, none of the Excluded Assets shall constitute Collateral.

 

(b)           Notwithstanding
anything herein to the contrary, (i) each Grantor shall remain liable for all obligations under the Collateral
and nothing contained herein is intended or shall be a delegation of duties to
the Collateral Agent or any Secured Party, (ii) each Grantor shall remain
liable under each of the agreements included in the Collateral, including any
Receivables and any agreements relating to Pledged Partnership Interests or
Pledged LLC Interests, to perform all of the obligations undertaken by it
thereunder all in accordance with and pursuant to the terms and provisions
thereof and neither the Collateral Agent nor any Secured Party shall have any
obligation or liability under any of such agreements by reason of or arising
out of this Agreement or any other document related thereto nor shall the
Collateral Agent nor any Secured Party have any obligation to make any inquiry
as to the nature or sufficiency of any payment received by it or have any
obligation to take any action to collect or enforce any rights under any
agreement included in the Collateral, including any agreements relating to any
Receivables, Pledged Partnership Interests or Pledged LLC Interests and (iii) the
exercise by the Collateral Agent of any of its rights hereunder shall not
release any Grantor from any of its duties or obligations under the contracts
and agreements included in the Collateral.

 

SECTION 4.   REPRESENTATIONS AND WARRANTIES

 

In light of the Collateral Agent and the Purchasers
having entered into the Note Purchase Agreement and the Purchasers having
purchased Notes thereunder and to induce the Collateral Agent and the Lenders to
enter into the Credit Agreement, the Lenders to make their respective
extensions of credit to IGN thereunder and the Holders to enter into the NPA
Waiver, each Grantor hereby represents and warrants to the Secured Parties
that:

 

4.1.          Representations in Note Purchase
Agreement and in the Credit Agreement.  In the case of (a) each Guarantor that
was a party to the Note Purchase Agreement, the representations and warranties
set forth in Article IV of the Note Purchase Agreement as they
relate to such Guarantor or to the Note Documents to which such Guarantor is a
party, each of which is hereby incorporated herein by reference were true and
correct when made under the Note Purchase Agreement and (b) as to each
Guarantor, the representations and warranties in Section 4 of the Credit
Agreement as they relate to such Guarantor or to the Loan Documents to which
such Guarantor is a party, each of which is hereby incorporated herein by
reference, are

 

S-15

 

true and correct, and the Secured Parties shall be entitled to rely on
each of them as if they were fully set forth herein, provided that each
reference in each such representation and warranty to IGN’s knowledge shall,
for the purposes of this Section 4.l, be deemed to be or have been a
reference to such Guarantor’s knowledge.

 

4.2.          Title;
No Other Liens.  Such
Grantor owns each item of the Collateral free and clear of any and all Liens or
claims, including liens arising as a result of such Grantor becoming bound (as
a result of merger or otherwise) as Grantor under a security agreement entered
into by another Person, except for Permitted Liens.  No financing statement, mortgage or other
public notice with respect to all or any part of the Collateral is on file or
of record in any public office, except such as have been filed in favor of the
Collateral Agent, for the ratable benefit of the Secured Parties, pursuant to the
Old Guarantee and Collateral Agreement or this Agreement or as are permitted by
the Note Purchase Agreement and the Credit Agreement.

 

4.3.          Perfected First Priority Liens.  The security interests granted pursuant to
this Agreement (i) upon completion of the filings and other actions
specified on Schedule 3 (all of which, in the case of all filings
and other documents referred to on said Schedule, have been delivered to the
Collateral Agent in duly completed and duly executed form, as applicable, and
may be filed by the Collateral Agent at any time) and payment of all filing
fees, will constitute  valid fully perfected security interests in
all of the Collateral in favor of the Collateral Agent, for the ratable benefit
of the Secured Parties, as collateral security for such Grantor’s Obligations,
enforceable in accordance with the terms hereof and (ii) are prior to all
other Liens on the Collateral except for Permitted Liens.  Without limiting the foregoing, each Grantor has taken all actions necessary or
desirable, including those specified in Section 5.2 to:  (i) establish the Collateral Agent’s “control”
(within the meanings of Sections 8-106 and 9-106 of the UCC) over any
portion of the Investment Property constituting Certificated Securities,
Uncertificated Securities, Securities Accounts, Securities Entitlements or
Commodity Accounts (each as defined in the UCC), (ii) establish the
Collateral Agent’s “control” (within the meaning of Section 9-104 of the
UCC) over all Deposit Accounts,  (iii) establish
the Collateral Agent’s “control” (within the meaning of Section 9-107 of
the UCC) over all Letter of Credit Rights, (iv) establish the Collateral
Agent’s control (within the meaning of Section 9-105 of the UCC) over all
Electronic Chattel Paper and (v) establish the Collateral Agent’s “control”
(within the meaning of Section 16 of the Uniform Electronic Transaction
Act as in effect in the applicable jurisdiction “UETA”) over all “transferable
records” (as defined in UETA).

 

4.4.          Name; Jurisdiction of Organization,
etc.  On the date
hereof, such Grantor’s exact legal name (as indicated on the public record of
such Grantor’s jurisdiction of formation or organization), jurisdiction of
organization, organizational identification number, if any, and the location of
such Grantor’s chief executive office or sole place of business are specified
on Schedule 4.  Each Grantor
is organized solely under the law of the jurisdiction so specified and has not
filed any certificates of domestication, transfer or continuance in any other
jurisdiction.  Except as otherwise
indicated on Schedule 4, the jurisdiction of each such Grantor’s
organization of formation is required to maintain a public record showing the
Grantor to have been organized or formed. 
Except as specified on Schedule 4, it has not changed its
name, jurisdiction of organization, chief executive office or sole place of
business or its corporate structure in any way (e.g. by merger, consolidation,
change in corporate form or otherwise) within the past five years and has not within the last five years become
bound (whether as a

 

S-16

 

result of merger or otherwise) as Grantor under a security agreement
entered into by another Person, which has not heretofore been terminated.

 

4.5.          Inventory
and Equipment.  (a)  On
the date hereof, the Inventory and the Equipment (other than mobile goods) are
kept at the locations listed on Schedule 5.  Within the five years preceding execution of
this agreement, such Grantor has not changed the location of its Equipment and
Inventory except as otherwise disclosed on Schedule 5;

 

(b)           any
Inventory now or hereafter produced by any Grantor included in the Collateral
have been and will be produced in compliance with the requirements of the Fair
Labor Standards Act, as amended; and

 

(c)           none
of the Inventory or Equipment is in the possession of an issuer of a negotiable
document (as defined in Section 7-104 of the UCC) therefor or is otherwise
in the possession of any bailee or warehouseman.

 

4.6.          Farm Products.  None of the Collateral constitutes, or is the
Proceeds of, Farm Products.

 

4.7.          Investment
Property.

 

(a)           Schedule 2
hereto (as such schedule may be amended from time to time) sets forth
under the headings “Pledged Stock,” “Pledged LLC Interests,” “Pledged
Partnership Interests” and “Pledged Trust Interests,” respectively, all of the
Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged
Trust Interests owned by any Grantor and such Pledged Equity Interests
constitute the percentage of issued and outstanding shares of stock, percentage
of membership interests, percentage of partnership interests or percentage of
beneficial interest of the respective issuers thereof indicated on such
Schedule.  Schedule 2 hereto
(as such schedule may be amended from time to time) sets forth under the
heading “Pledged Debt Securities” or “Pledged Notes” all of the Pledged Debt
Securities and Pledged Notes owned by any Grantor and all of such Pledged Debt
Securities and Pledged Notes has been duly authorized, authenticated or issued,
and delivered and is the legal, valid and binding obligation of the issuers
thereof enforceable in accordance with their terms and is not in default and
constitutes all of the issued and outstanding inter-company indebtedness
evidenced by an instrument or certificated security of the respective issuers
thereof owing to such Grantor.  Schedule 2
hereto (as such schedule may be amended from time to time) sets forth
under the headings “Securities Accounts,” 
“Commodities Accounts,” and “Deposit Accounts” respectively, all of the
Securities Accounts, Commodities Accounts and Deposit Accounts in which each Grantor has an interest.  Each Grantor
is the sole entitlement holder or customer of each such account, and such
Grantor has not consented to, and is not otherwise aware of, any Person (other
than the Collateral Agent pursuant hereto) having “control” (within the
meanings of Sections 8-106, 9-106 and 9-104 of the New York UCC) over, or any
other interest in, any such Securities Account, Commodity Account or Deposit
Account or any securities, commodities or other property credited thereto.

 

(b)           The
shares of Pledged Equity Interests pledged by such Grantor hereunder constitute
all of the issued and outstanding shares of all classes of the Capital Stock of
each

 

S-17

 

Issuer owned by such Grantor or, in the case of Excluded Foreign
Subsidiary Voting Stock, if less, 65% of the outstanding Excluded Foreign
Subsidiary Voting Stock of each relevant Issuer.

 

(c)           All
the shares of the Pledged Equity Interests have been duly and validly issued
and are fully paid and nonassessable.

 

(d)           The
terms of any uncertificated Pledged LLC Interests and Pledged Partnership
Interests expressly provide that they are securities governed by Article 8
of the Uniform Commercial Code in effect from time to time in the “issuer’s
jurisdiction” of each Issuer thereof (as such term is defined in the Uniform
Commercial Code in effect in such jurisdiction).

 

(e)           The
terms of any certificated Pledged LLC Interests and Pledged Partnership
Interests expressly provide that they are securities governed by Article 8
of the Uniform Commercial Code in effect from time to time in the State of New
York.

 

(f)            Such
Grantor is the record and beneficial owner of, and has good and marketable
title to, the Investment Property and Deposit Accounts pledged by it hereunder,
free of any and all Liens or options in favor of, or claims of, any other
Person, except Permitted Liens and there are no outstanding warrants, options or other rights to
purchase, or shareholder, voting trust or similar agreements outstanding with
respect to, or property that is convertible into, or that requires the issuance
or sale of, any Pledged Equity Interests.

 

(g)           Each
Issuer that is not a Grantor hereunder has executed and delivered to the
Collateral Agent an Acknowledgment and Agreement, in substantially the form of Exhibit A,
to the pledge of the Pledged Securities pursuant to this Agreement.

 

4.8.          Receivables.

 

(a)           No
amount payable to such Grantor under or in connection with any Receivable is
evidenced by any Instrument or Tangible Chattel Paper which has not been
delivered to the Collateral Agent or constitutes Electronic Chattel Paper that has not been subjected to
the control (within the meaning of Section 9-105 of the New York UCC) of
the Collateral Agent.

 

(b)           None
of the obligors on any Receivables is a Governmental Authority.

 

(c)           Each
Receivable (i) is and will be the legal, valid and binding obligation of
the Account Debtor in respect thereof, representing an unsatisfied obligation
of such Account Debtor, (ii) is and will be enforceable in accordance with
its terms, (iii) is not and will not be subject to any setoffs, defenses,
taxes, counterclaims (except with respect to refunds, returns and allowances in
the ordinary course of business with respect to damaged merchandise) and (iv) is
and will be in compliance with all applicable laws and regulations.

 

4.9.          Intellectual
Property.

 

(a)           Schedule 6
lists all registered Intellectual Property owned by such Grantor in its own
name on the date hereof.  Except as set
forth in Schedule 6, such Grantor is the

 

S-18

 

exclusive owner of the entire and unencumbered right, title and
interest in and to such Intellectual Property and is otherwise entitled to use
all such Intellectual Property subject only to the license terms of the
licensing or franchise agreements referred to in paragraphs 4.9(c) and (f) below.

 

(b)           On
the date hereof, all material Intellectual Property is valid, subsisting,
unexpired and enforceable, has not been abandoned and neither the operation of such Grantor’s
business as currently conducted or as contemplated to be conducted nor the use
if the Intellectual Property in connection therewith conflict with, infringe,
misappropriate, dilute, misuse or otherwise violate the intellectual property
rights of any other Person.

 

(c)           Except
as set forth in Schedule 6, on the date hereof (i) none of the
Intellectual Property is the subject of any licensing or franchise agreement
pursuant to which such Grantor is the licensor or franchisor, and (ii) there
are no other agreements, obligations, orders or judgments which affect the use
of any Intellectual Property.

 

(d)           To
its knowledge after due inquiry, the rights of such Grantor in or to the
Intellectual Property do not conflict with or infringe upon the rights of any
third party.  No claim has been asserted
that the use of such Intellectual Property does or may infringe upon the rights
of any third party.

 

(e)           No
holding, decision or judgment has been rendered by any Governmental Authority
which would limit, cancel or question the validity or enforceability of, or
such Grantor’s rights in, any Intellectual Property in any respect that could
reasonably be expected to have a Material Adverse Effect.  Such Grantor is not aware of any uses of any
item of Intellectual Property that could reasonably be expected to lead to such
item becoming invalid or unenforceable including unauthorized uses by third
parties and uses which were not supported by the goodwill of the business
connected with Trademarks and Trademark Licenses.

 

(f)            No
action or proceeding is pending, or, to the knowledge of such Grantor,
threatened, on the date hereof (i) seeking to limit, cancel or question
the validity of any Intellectual Property or such Grantor’s ownership interest
therein, (ii) alleging that any services provided by, processes used by,
or products manufactured or sold by such Grantor infringe any patent,
trademark, copyright, or any other right of any third party, (iii) alleging
that any material Intellectual Property is being licensed, sublicensed or used
in violation of any patent, trademark, copyright or any other right of any
third party, or (iv) which, if adversely determined, would have a material
adverse effect on the value of any Intellectual Property.  To the knowledge of such Grantor, no Person
is engaging in any activity that infringes upon the Intellectual Property or
upon the rights of such Grantor therein. 
Except as set forth in Schedule 6 hereto, such Grantor has
not granted any license, release, covenant not to sue, non-assertion assurance,
or other right to any person with respect to any part of the Intellectual
Property.  The consummation of the
transactions contemplated by this Agreement will not result in the termination
or impairment of any of the Intellectual Property.

 

(g)           With
respect to each Copyright License, Trademark License and Patent License:  (i) such license is valid and binding
and in full force and effect and represents the entire agreement between the
respective licensor and licensee with respect to the subject matter of such

 

S-19

 

license; (ii) such license will not cease to be valid and binding
and in full force and effect on terms identical to those currently in effect as
a result of the rights and interests granted herein, nor will the grant of such
rights and interests constitute a breach or default under such license or
otherwise give the licensor or licensee a right to terminate such license; (iii) such
Grantor has not received any notice of termination or cancellation under such
license; (iv) such Grantor has not received any notice of a breach or
default under such license, which breach or default has not been cured; (v) such
Grantor has not granted to any other third party any rights, adverse or
otherwise, under such license; and (vi) such Grantor is not in breach or
default in any material respect, and no event has occurred that, with notice
and/or lapse of time, would constitute such a breach or default or permit
termination, modification or acceleration under such license.

 

(h)           Except
as set forth in Schedule 6, such Grantor has performed all acts and
has paid all required fees and taxes to maintain each and every item of
material Intellectual Property in full force and effect and to protect and
maintain its interest therein.  Such
Grantor has used proper statutory notice in connection with its use of each
material Patent, Trademark and Copyright included in the Intellectual Property. 

 

(i)            To
its knowledge after due inquiry, none of the Trade Secrets of such Grantor has
been used, divulged, disclosed or appropriated to the detriment of such Grantor
for the benefit of any other Person; no employee, independent contractor or
agent of such Grantor has misappropriated any trade secrets of any other Person
in the course of the performance of his or her duties as an employee,
independent contractor or agent of such Grantor; and no employee, independent
contractor or agent of such Grantor is in default or breach of any term of any
employment agreement, non-disclosure agreement, assignment of inventions
agreement or similar agreement or contract relating in any way to the
protection, ownership, development, use or transfer of such Grantor’s
Intellectual Property.

 

(j)            Such
Grantor has made all filings and recordations that its management deems in IGN’s
commercial interest to adequately protect its interest in its material
Intellectual Property including such recordation of its interests in the
Patents and Trademarks with the United States Patent and Trademark Office and
in corresponding national and international patent offices, and recordation of
any of its interests in the Copyrights with the United States Copyright Office
and in corresponding national and international copyright offices.

 

(k)           Such
Grantor has taken all reasonable steps to use consistent standards of quality
in the manufacture, distribution and sale of all products sold and provision of
all services provided under or in connection with any item of Intellectual
Property and has taken all reasonable steps to ensure that all licensed users
of any kind of Intellectual Property use such consistent standards of quality.

 

(l)            No
Grantor is subject to any settlement or consents, judgment, injunction, order,
decree, covenants not to sue, non-assertion assurances or releases that would
impair the validity or enforceability of, or such Grantor’s rights in, any
Intellectual Property.

 

4.10.        Vehicles.  Schedule 7 is a complete and
correct list of all Vehicles owned by such Grantor on the date hereof.  The aggregate book value of all Vehicles
owned by all Grantors is less than $75,000.

 

S-20

 

4.11.        Letter
of Credit Rights. 
No Grantor is a beneficiary or assignee under any letter of credit other
than the letters of credit described on Schedule 8 hereto.  Each Grantor has instructed all issuers and
nominated persons under letters of credit in which the Grantor is the
beneficiary or assignee to make all payments thereunder to the Collateral Account.

 

4.12.        Commercial
Tort Claims.  No
Grantor has any Commercial Tort Claims.

 

SECTION 5.   COVENANTS

 

Each Grantor covenants and agrees with the Secured
Parties that, from and after the date of this Agreement until the Obligations
shall have been paid in full:

 

5.1.          Covenants in the Note Purchase
Agreement and the Credit Agreement.  Each Guarantor shall take, or shall refrain
from taking, as the case may be, each action that is necessary to be taken or
not taken, as the case may be, so that no Default or Event of Default under the
Note Purchase Agreement or Credit Agreement is caused by the failure to take
such action or to refrain from taking such action by such Guarantor or any of
its Subsidiaries.

 

5.2.          Delivery and Control of
Instruments, Chattel Paper, Negotiable Documents, Investment Property and
Deposit Accounts.

 

(a)           If
any of the Collateral is or shall become evidenced or represented by any
Instrument, Certificated Security, Negotiable Document or Tangible Chattel
Paper, such Instrument (other than checks received in the ordinary course of
business), Certificated Security, Negotiable Documents or Tangible Chattel
Paper shall be immediately delivered to the Collateral Agent, duly endorsed in
a manner satisfactory to the Collateral Agent, to be held as Collateral
pursuant to this Agreement.

 

(b)           If
any of the Collateral is or shall become “Electronic Chattel Paper” such
Grantor shall ensure (i) that a single authoritative copy exists which is
unique, identifiable, unalterable (except as provided in clauses (iii), (iv) and
(v) of this paragraph), (ii) that such authoritative copy identifies
the Collateral Agent as the assignee and is communicated to and maintained by
the Collateral Agent or its designee, (iii) that copies or revisions that
add or change the assignee of the authoritative copy can only be made with the
participation of the Collateral Agent, (iv) that each copy of the
authoritative copy and any copy of a copy is readily identifiable as a copy and
not the authoritative copy and (v) any revision of the authoritative copy
is readily identifiable as an authorized or unauthorized revision.

 

(c)           If
any of the Collateral is or shall become evidenced or represented by an
Uncertificated Security, such Grantor shall cause the Issuer thereof either (i) to
register the Collateral Agent as the registered owner of such Uncertificated
Security, upon original issue or registration of transfer or (ii) to agree
in writing with such Grantor and the Collateral Agent that such Issuer will
comply with instructions with respect to such Uncertificated Security
originated by the Collateral Agent without further consent of such Grantor,
such agreement to be in substantially the form of Exhibit C.

 

(d)           Each
Grantor shall maintain Securities Entitlements, Securities Accounts and Deposit
Accounts only with financial institutions that have agreed to comply with

 

S-21

 

entitlement orders and instructions issued or originated by the
Collateral Agent without further consent of such Grantor, such agreement to be
substantially in the form of Exhibit D.

 

(e)           If
any of the Collateral is or shall become evidenced or represented by a
Commodity Contract, such Grantor shall cause the Commodity Intermediary with
respect to such Commodity Contract to agree in writing with such Grantor and
the Collateral Agent that such Commodity Intermediary will apply any value
distributed on account of such Commodity Contract as directed by the Collateral
Agent without further consent of such Grantor, such agreement to be in
substantially the form of Exhibit E.

 

(f)            In addition to and not in lieu of the
foregoing, if any Issuer of any Investment Property is organized under the law
of, or has its chief executive office in, a jurisdiction outside of the United
States, each Grantor shall take
such additional actions, including, if legally effective to create or perfect
the equivalent of a security interest therein, causing the issuer to register
the pledge on its books and records, as may be necessary or advisable or as may
be reasonably requested by the Collateral Agent, under the laws of such
jurisdiction to insure the validity, perfection and priority of the security
interest of the Collateral Agent.

 

5.3.          Maintenance
of Insurance.

 

(a)           Such
Grantor will maintain, with financially sound and reputable insurance
companies, insurance on all its property (including all Inventory, Equipment
and Vehicles) in at least such amounts and against at least such risks as are
usually insured against in the same general area by companies engaged in the
same or a similar business; and furnish to the Collateral Agent with copies for
each Secured Party, upon written request, full information as to the insurance
carried; provided that in any event such Grantor will maintain, to the
extent obtainable on commercially reasonable terms, (i) property and
casualty insurance on all real and personal property on an all risks basis
(including the perils of loss by fire, explosion and theft), covering the
repair or replacement cost of all such property and consequential loss coverage
for business interruption and extra expense (which shall include construction
expenses and such other business interruption expenses as are otherwise
generally available to similar businesses), and (ii) public liability
insurance.  All such insurance with
respect to such Grantor shall be provided by insurers or reinsurers which (x)
in the case of United States insurers and reinsurers, have an A.M. Best
policyholders rating of not less than A- with respect to primary insurance and
B+ with respect to excess insurance and (y) in the case of non-United States
insurers or reinsurers, the providers of at least 80% of such insurance have
either an ISI policyholders rating of not less than A, an A.M. Best
policyholders rating of not less than A- or a surplus of not less than
$500,000,000 with respect to primary insurance, and an ISI policyholders rating
of not less than BBB with respect to excess insurance, or, if the relevant
insurance is not available from such insurers, such other insurers as the
Collateral Agent may approve in writing. 
All insurance shall (i) if reasonably requested by the Collateral
Agent, include a breach of warranty clause and (ii) be reasonably
satisfactory in all other respects to the Collateral Agent.  IGN agrees that it will not cancel or effect
a material reduction in amount or material change in coverage in any insurance
until at least 30 days after receipt by the Collateral Agent of written notice
thereof.

 

S-22

 

(b)           Such
Grantor will deliver to the Collateral Agent on behalf of the Secured Parties, (i) on
the Closing Date, a certificate dated such date showing the amount and types of
insurance coverage as of such date, (ii) upon request of any Secured Party
from time to time, full information as to the insurance carried, (iii) promptly
following receipt of notice from any insurer, a copy of any notice of
cancellation or material change in coverage from that existing on the Closing
Date, (iv) forthwith, notice of any cancellation or nonrenewal of coverage
by such Grantor, and (v) promptly after such information is available to
such Grantor, full information as to any claim for an amount in excess of
$1,000,000 with respect to any property and casualty insurance policy
maintained by such Grantor.  Each Secured
Party shall be named as additional insured on all such liability insurance
policies of such Grantor and the Collateral Agent shall be named as loss payee
on all property and casualty insurance policies of such Grantor.

 

(c)           IGN
shall deliver to the Secured Parties a report of a reputable insurance broker
with respect to such insurance substantially concurrently with the delivery by IGN
to the Holders and the Lenders of its audited financial statements for each
fiscal year and such supplemental reports with respect thereto as the
Collateral Agent may from time to time reasonably request.

 

5.4.          Payment
of Obligations. 
Such Grantor will pay and discharge or otherwise satisfy at or before
maturity or before they become delinquent, as the case may be, all taxes,
assessments and governmental charges or levies imposed upon the Collateral or
in respect of income or profits therefrom, as well as all claims of any kind
(including claims for labor, materials and supplies) against or with respect to
the Collateral, except that no such charge need be paid if the amount or
validity thereof is currently being contested in good faith by appropriate
proceedings, reserves in conformity with GAAP with respect thereto have been
provided on the books of such Grantor and such proceedings would not reasonably
be expected to result in the sale, forfeiture or loss of any material portion
of the Collateral or any interest therein.

 

5.5.          Maintenance of Perfected
Security Interest; Further Documentation.

 

(a)           Such
Grantor shall maintain the security interest created by this Agreement as a
perfected security interest having at least the priority described in Section 4.3
and shall defend such security interest against the claims and demands of all
Persons whomsoever.

 

(b)           Such
Grantor will furnish to the Secured Parties from time to time statements and
schedules further identifying and describing the Collateral and such other
reports in connection with the assets and property of such Grantor as the
Collateral Agent may reasonably request, all in reasonable detail.

 

(c)           At
any time and from time to time, upon the written request of the Collateral
Agent, and at the sole expense of such Grantor, such Grantor will promptly and
duly authorize, execute and deliver, and have recorded, such further
instruments and documents and take such further actions as the Collateral Agent
may reasonably request for the purpose of obtaining or preserving the full
benefits of this Agreement and of the rights and powers herein granted,
including (i) the filing of any financing or continuation statements under
the Uniform Commercial Code (or other similar laws) in effect in any
jurisdiction with respect to the security

 

S-23

 

interests created hereby and (ii) in the case of Investment
Property, Deposit Accounts and any other relevant Collateral, taking any
actions necessary to enable the Collateral Agent to obtain “control” (within
the meaning of the applicable Uniform Commercial Code) with respect thereto,
including executing and delivering and causing the relevant depositary bank or
securities intermediary to execute and deliver a Control Agreement in the form
attached hereto as Exhibit D.

 

5.6.          Changes in Locations, Name,
Jurisdiction of Incorporation, etc.  Such Grantor will not, except upon 15 days’
prior written notice to the Collateral Agent and delivery to the Collateral
Agent of duly authorized and, where required, executed copies of (a) all
additional financing statements and other documents reasonably requested by the
Collateral Agent to maintain the validity, perfection and priority of the
security interests provided for herein and (b) if applicable, a written
supplement to Schedule 5 showing any additional location at which
Inventory or Equipment (other than mobile goods) shall be kept:

 

(i)            permit any of the
Inventory or Equipment (other than mobile goods) to be kept at a location other
than those listed on Schedule 5;

 

(ii)           without limiting the
prohibitions on mergers involving the Grantors contained in the Note Purchase
Agreement and the Credit Agreement, change its legal name, jurisdiction of
organization or the location of its chief executive office or sole place of
business from that referred to in Section 4.4; or

 

(iii)          change its legal
name, identity or structure to such an extent that any financing statement
filed by the Collateral Agent in connection with this Agreement would become
misleading.

 

5.7.          Notices.  Such Grantor will advise the Secured Parties
promptly, in reasonable detail, of:

 

(a)           any
Lien (other than any Permitted Lien) on any of the Collateral which would
adversely affect the ability of the Collateral Agent to exercise any of its
remedies hereunder; and

 

(b)           of
the occurrence of any other event which could reasonably be expected to have a
material adverse effect on the aggregate value of the Collateral or on the
security interests created hereby.

 

5.8.          Investment
Property.

 

(a)           If
such Grantor shall become entitled to receive or shall receive any stock or
other ownership certificate (including any certificate representing a stock
dividend or a distribution in connection with any reclassification, increase or
reduction of capital or any certificate issued in connection with any
reorganization), option or rights in respect of the Capital Stock or other
Pledged Equity Interest of any Issuer, whether in addition to, in substitution
of, as a conversion of, or in exchange for, any shares of or other ownership
interests in the Pledged Securities, or otherwise in respect thereof, such
Grantor shall accept the same as the agent of the Secured Parties, hold the
same in trust for the Secured Parties and deliver the same forthwith to

 

S-24

 

the Collateral Agent in the exact form received, duly endorsed by such
Grantor to the Collateral Agent, if required, together with an undated stock
power covering such certificate duly executed in blank by such Grantor and
with, if the Collateral Agent so requests, signature guaranteed, to be held by
the Collateral Agent, subject to the terms hereof, as additional collateral
security for the Obligations.  Any
property (other than cash) paid upon or in respect of the Pledged Securities
upon the liquidation or dissolution of any Issuer shall be paid over to the
Collateral Agent to be held by it hereunder as additional collateral security
for the Obligations, and in case any distribution of capital shall be made on
or in respect of the Pledged Securities or any property shall be distributed
upon or with respect to the Pledged Securities pursuant to the recapitalization
or reclassification of the capital of any Issuer or pursuant to the
reorganization thereof, the property so distributed shall, unless otherwise subject
to a perfected security interest in favor of the Collateral Agent, be delivered
to the Collateral Agent to be held by it hereunder as additional collateral
security for the Obligations.  If any
sums of money or property so paid or distributed in respect of the Pledged
Securities shall be received by such Grantor, such Grantor shall, until such
money or property is paid or delivered to the Collateral Agent, hold such money
or property in trust for the Secured Parties, segregated from other funds of such
Grantor, as additional collateral security for the Obligations.

 

(b)           Except
as permitted by the Note Purchase Agreement or the Credit Agreement, without
the prior written consent of the Collateral Agent, such Grantor will not (i) vote
to enable, or take any other action to permit, any Issuer to issue any stock,
partnership interests, limited liability company interests or other equity
securities of any nature or to issue any other securities convertible into or
granting the right to purchase or exchange for any stock, partnership
interests, limited liability company interests or other equity securities of
any nature of any Issuer, (ii) sell, assign, transfer, exchange, or
otherwise dispose of, or grant any option with respect to, any of the
Investment Property or Proceeds thereof or any interest therein (except, in
each case, pursuant to a transaction expressly permitted by the Note Purchase
Agreement or the Credit Agreement), (iii) create, incur or permit to exist
any Lien or option in favor of, or any claim of any Person with respect to, any
of the Investment Property or Proceeds thereof, or any interest therein, except
for the security interests created by this Agreement, (iv) enter into any
agreement or undertaking restricting the right or ability of such Grantor or
the Collateral Agent to sell, assign or transfer any of the Investment Property
or Proceeds thereof or any interest therein, or (v) without the prior
written consent of the Collateral Agent, cause or permit any Issuer of any
Pledged Partnership Interests or Pledged LLC Interests which are not securities
(for purposes of the New York UCC) on the date hereof to elect or otherwise
take any action to cause such Pledged Partnership Interests or Pledged LLC
Interests to be treated as securities for purposes of the New York UCC; provided,
however, notwithstanding the foregoing, if any Issuer of any Pledged
Partnership Interests or Pledged LLC Interests takes any such action in
violation of the foregoing in this clause (v), such Grantor shall promptly
notify the Collateral Agent in writing of any such election or action and, in
such event, shall take all steps necessary or advisable to establish the
Collateral Agent’s “control” thereof.

 

(c)           In
the case of each Grantor which is an Issuer, such Issuer agrees that (i) it
will be bound by the terms of this Agreement relating to the Pledged Securities
issued by it and will comply with such terms insofar as such terms are
applicable to it, (ii) it will notify the Collateral Agent promptly in
writing of the occurrence of any of the events described in Section 5.8(a) with
respect to the Pledged Securities issued by it and (iii) the terms of

 

S-25

 

Sections 6.3(c) and 6.7
shall apply to it, mutatis  mutandis, with respect to all actions
that may be required of it pursuant to Section 6.3(c) or 6.7
with respect to the Pledged Securities issued by it.  In addition, each Grantor which is either an
Issuer or an owner of any Pledged Security hereby consents to the grant by each
other Grantor of the security interest hereunder in favor of the Collateral
Agent and to the transfer of any Pledged Security to the Collateral Agent or its nominee following an Event of Default
and to the substitution of the Collateral Agent or its nominee as a partner,
member or shareholder of the Issuer of the related Pledged Security.

 

5.9.          Receivables.

 

(a)           Other
than in the ordinary course of business consistent with its past practice and
so long as no Event of Default shall have occurred and be continuing, such
Grantor will not (i) grant any extension of the time of payment of any
Receivable, (ii) compromise or settle any Receivable for less than the
full amount thereof, (iii) release, wholly or partially, any Person liable
for the payment of any Receivable, (iv) allow any credit or discount
whatsoever on any Receivable or (v) amend, supplement or modify any
Receivable in any manner that could adversely affect the value thereof.

 

(b)           Such
Grantor will deliver to the Collateral Agent a copy of each material demand,
notice or document received by it that questions or calls into doubt the
validity or enforceability of more than 5% of the aggregate amount of the then
outstanding Receivables.

 

(c)           Each
Grantor shall perform and comply in all material respects with all of its
obligations with respect to the Receivables.

 

5.10.        Intellectual
Property.

 

(a)           Such
Grantor (either itself or through licensees) will (i) continue to use each
material Trademark on each and every trademark class of goods applicable to its
current line as reflected in its current catalogs, brochures and price lists in
order to maintain such Trademark in full force free from any claim of
abandonment for non-use, (ii) maintain as in the past the quality of
products and services offered under such Trademark and take all necessary steps
to ensure that all licensed users of such Trademark maintain as in the past
such quality, (iii) use such Trademark with the appropriate notice of
registration and all other notices and legends required by applicable
Requirements of Law, (iv) not adopt or use any mark which is confusingly
similar or a colorable imitation of such Trademark unless the Collateral Agent,
for the ratable benefit of the Secured Parties, shall obtain a perfected
security interest in such mark pursuant to this Agreement and the Intellectual
Property Security Agreement, and (v) not (and not permit any licensee or
sublicensee thereof to) do any act or knowingly omit to do any act whereby such
Trademark may become invalidated or impaired in any way.

 

(b)           Such
Grantor (either itself or through licensees) will not do any act, or omit to do
any act, whereby any material Patent may become forfeited, abandoned or
dedicated to the public.

 

(c)           Such
Grantor (either itself or through licensees) (i) will employ each material
Copyright and (ii) will not (and will not permit any licensee or
sublicensee thereof to) do any act or knowingly omit to do any act whereby any
material portion of the Copyrights may

 

S-26

 

become invalidated or otherwise impaired.  Such Grantor will not (either itself or
through licensees) do any act whereby any material portion of the Copyrights
may fall into the public domain.

 

(d)           Such
Grantor (either itself or through licensees) will not do any act that knowingly
uses any material Intellectual Property to infringe the intellectual property
rights of any other Person.

 

(e)           Such
Grantor (either itself or through licensees) will use proper statutory notice
in connection with the use of each material Patent, Trademark and Copyright
included in the Intellectual Property.

 

(f)            Such
Grantor will notify the Secured Parties immediately if it knows, or has reason
to know, that any application or registration relating to any material Intellectual
Property may become forfeited, abandoned or dedicated to the public, or of any
adverse determination or development (including the institution of, or any such
determination or development in, any proceeding in the United States Patent and
Trademark Office, the United States Copyright Office or any court or tribunal
in any country) regarding such Grantor’s ownership of, or the validity of, any
material Intellectual Property or such Grantor’s right to register the same or
to own and maintain the same.

 

(g)           Promptly upon such Grantor’s acquisition or
creation of any copyrightable work, invention, trademark or other similar
property that is material to the business of Grantor, apply for registration
thereof with the United States Copyright Office, the United States Patent and
Trademark Office and other appropriate office to the extent IGN management
deems such registration commercially and reasonably necessary for the
protection of its material assets and its business.  Whenever such Grantor, either by
itself or through any agent, employee, licensee or designee, shall file an
application for the registration of any Intellectual Property with the United
States Patent and Trademark Office, the United States Copyright Office or any
similar office or agency in any other country or any political subdivision
thereof, such Grantor shall report such filing to the Collateral Agent within
five Business Days after the last day of the fiscal quarter in which such
filing occurs.  Upon request of the
Collateral Agent, such Grantor shall execute and deliver, and have recorded,
any and all agreements, instruments, documents, and papers as the Collateral
Agent may request to evidence the Secured Parties’ security interest in any
Copyright, Patent, Trademark or other Intellectual Property and the goodwill
and general intangibles of such Grantor relating thereto or represented
thereby.

 

(h)           Except
as provided in Section 5.10(i), such Grantor will take all reasonable and
necessary steps, including in any proceeding before the United States Patent
and Trademark Office, the United States Copyright Office or any similar office
or agency in any other country or any political subdivision thereof, to
maintain and pursue each application (and to obtain the relevant registration)
and to maintain each registration of material Intellectual Property, including
the payment of required fees and taxes, the filing of responses to office
actions issued by the United States Patent and Trademark Office and the United
States Copyright Office, the filing of applications for renewal or extension,
the filing of affidavits of use and affidavits of incontestability, the filing
of divisional, continuation, continuation-in-part, reissue, and renewal
applications or extensions, the payment of maintenance fees, and the participation
in

 

S-27

 

interference, reexamination, opposition, cancellation, infringement and
misappropriation proceedings.

 

(i)            Such
Grantor (either itself or through licensees) will not, without the prior
written consent of the Collateral Agent, discontinue use of or otherwise
abandon any Intellectual Property, or abandon any application or any right to
file an application for letters patent, trademark, or copyright, unless such
Grantor shall have previously determined that such use or the pursuit or
maintenance of such Intellectual Property is no longer desirable in the conduct
of such Grantor’s business and that the loss thereof would not reasonably be
expected to have a Material Adverse Effect and, in which case, such Grantor
shall give prompt notice of any such abandonment to the Collateral Agent in
accordance herewith.

 

(j)            In
the event that any material Intellectual Property is infringed, misappropriated
or diluted by a third party, such Grantor shall (i) take such actions as
such Grantor shall reasonably deem appropriate under the circumstances to
protect such Intellectual Property and (ii) if such Intellectual Property
is of material economic value, promptly notify the Collateral Agent after it
learns thereof and sue for infringement, misappropriation or dilution, to seek
injunctive relief where appropriate and to recover any and all damages for such
infringement, misappropriation or dilution.

 

(k)           Such
Grantor agrees that, should it obtain an ownership interest in any item of
intellectual property which is not now a part of the Intellectual Property
Collateral (the “After-Acquired Intellectual Property”), (i) the
provisions of Section 3 shall automatically apply thereto, (ii) any
such After-Acquired Intellectual Property, and in the case of trademarks, the
goodwill of the business connected therewith or symbolized thereby, shall
automatically become part of the Intellectual Property Collateral, (iii) it
shall give prompt (and, in any event within Five Business Days after the last
day of the fiscal quarter in which such Grantor acquires such ownership
interest) written notice thereof to the Collateral Agent in accordance
herewith, and (iv) it shall provide the Collateral Agent promptly (and, in
any event within Five Business Days after the last day of the fiscal quarter in
which such Grantor acquires such ownership interest) with an amended Schedule 6
hereto and take the actions specified in Section 5.10(m).

 

(l)            Such
Grantor agrees to execute an Intellectual Property Security Agreement with
respect to its Intellectual Property in substantially the form of Exhibit B-1
in order to record the security interest granted herein to the Collateral Agent
for the ratable benefit of the Secured Parties with the United States Patent
and Trademark Office, the United States Copyright Office, and any other
applicable Governmental Authority.  For
the avoidance of doubt, nothing in this section (l) shall require the
registration of any previously unregistered Intellectual Property.

 

(m)          Such
Grantor agrees to execute an After-Acquired Intellectual Property Security
Agreement with respect to its After-Acquired Intellectual Property in
substantially the form of Exhibit B-2 in order to record the
security interest granted herein to the Collateral Agent for the ratable
benefit of the Secured Parties with the United States Patent and Trademark
Office, the United States Copyright Office, and any other applicable
Governmental Authority.

 

S-28

 

(n)           Such
Grantor shall take all steps reasonably necessary to protect the secrecy of all
material Trade Secrets, including entering into confidentiality agreements with
employees, to the extent commercially reasonable, labeling such secret
information and documents, and restricting access to secret information and
documents.

 

5.11.        Vehicles.

 

(a)           No
Vehicle shall be removed from the state which has issued the certificate of
title or ownership therefor for a period in excess of four months.

 

SECTION 6.   REMEDIAL PROVISIONS

 

6.1.          Certain Matters Relating to
Receivables

 

(a)           The
Collateral Agent shall have the right to make test verifications of the
Receivables in any manner and through any medium that it reasonably considers
advisable, and each Grantor shall furnish all such assistance and information
as the Collateral Agent may require in connection with such test
verifications.  At any time during which
an Event of Default has occurred and is continuing, upon the Collateral Agent’s
request and at the expense of the relevant Grantor, such Grantor shall cause
independent public accountants or others satisfactory to the Collateral Agent
to furnish to the Collateral Agent reports showing reconciliations, aging and
test verifications of, and trial balances for, the Receivables.

 

(b)           The
Collateral Agent hereby authorizes each Grantor to collect such Grantor’s
Receivables in the ordinary course of its business, subject to the Collateral
Agent’s direction and control, and each Grantor hereby agrees to continue to collect all amounts due
or to become due to such Grantor under the Receivables and any Supporting
Obligation and diligently exercise each material right it may have under any
Receivable and any Supporting Obligation, in each case, at its own expense; provided,
however, that the Collateral Agent may curtail or terminate said
authority at any time after the occurrence and during the continuance of an
Event of Default.  If required by the
Collateral Agent at any time after the occurrence and during the continuance of
an Event of Default, any payments of Receivables, when collected by any
Grantor, (i) shall be forthwith (and, in any event, within two Business
Days) deposited by such Grantor in the exact form received, duly endorsed by
such Grantor to the Collateral Agent if required, in a Collateral Account
maintained under the sole dominion and control of the Collateral Agent, subject
to withdrawal by the Collateral Agent for the account of the Secured Parties
only as provided in Section 6.5, and (ii) until so turned
over, shall be held by such Grantor in trust for the Secured Parties,
segregated from other funds of such Grantor. 
Each such deposit of Proceeds of Receivables shall be accompanied by a
report identifying in reasonable detail the nature and source of the payments
included in the deposit.

 

(c)           At
the Collateral Agent’s request, at any time during which an Event of Default
has occurred and is continuing, each Grantor shall deliver to the Collateral
Agent all original and other documents evidencing, and relating to, the
agreements and transactions which gave rise to the Receivables, including all
original orders, invoices and shipping receipts.

 

S-29

 

6.2.          Communications with Obligors;
Grantors Remain Liable.

 

(a)           The
Collateral Agent in its own name or in the name of others may at any time after
the occurrence and during the continuance of an Event of Default communicate
with obligors under the Receivable to verify with them to the Collateral Agent’s
satisfaction the existence, amount and terms of any Receivables.

 

(b)           The
Collateral Agent may at any time during which an Event of Default has occurred
and is continuing notify, or require any Grantor to so notify, the Account
Debtor or counterparty on any Receivable of the security interest of the
Collateral Agent therein.  In addition,
after the occurrence and during the continuance of an Event of Default, the
Collateral Agent may upon written notice to the applicable Grantor, notify, or
require any Grantor to notify, the Account Debtor or counterparty to make all
payments under the Receivables directly to the Collateral Agent.

 

(c)           Anything
herein to the contrary notwithstanding, each Grantor shall remain liable under
each of the Receivables to observe and perform all the conditions and
obligations to be observed and performed by it thereunder, all in accordance
with the terms of any agreement giving rise thereto.  No Secured Party shall have any obligation or
liability under any Receivable (or any agreement giving rise thereto) by reason
of or arising out of this Agreement or the receipt by any Secured Party of any
payment relating thereto, nor shall any Secured Party be obligated in any
manner to perform any of the obligations of any Grantor under or pursuant to
any Receivable (or any agreement giving rise thereto), to make any payment, to
make any inquiry as to the nature or the sufficiency of any payment received by
it or as to the sufficiency of any performance by any party thereunder, to
present or file any claim, to take any action to enforce any performance or to
collect the payment of any amounts which may have been assigned to it or to
which it may be entitled at any time or times.

 

6.3.          Pledged Securities.

 

(a)           Unless
an Event of Default shall have occurred and be continuing and the Collateral
Agent shall have given notice to the relevant Grantor of the Collateral Agent’s
intent to exercise its corresponding rights pursuant to Section 6.3(b),
each Grantor shall be permitted to receive all cash dividends paid in respect
of the Pledged Equity Interests and all payments made in respect of the Pledged
Notes, in each case paid in the normal course of business of the relevant
Issuer and consistent with past practice and to exercise all voting and
corporate rights with respect to the Pledged Securities; provided, however,
that no vote shall be cast or corporate or other ownership right exercised or
other action taken which, in the Collateral Agent’s reasonable judgment, would
impair the Collateral or which would be inconsistent with or result in any
violation of any provision of the Note Purchase Agreement, the Credit Agreement,
this Agreement, any Note Documents or any Loan Document.

 

(b)           If
an Event of Default shall occur and be continuing:  (i)  all rights
of each Grantor to exercise or
refrain from exercising the voting and other consensual rights which it would
otherwise be entitled to exercise pursuant hereto shall cease and all such
rights shall thereupon become vested in the Collateral Agent who shall
thereupon have the sole right, but shall be under no obligation, to exercise or
refrain from exercising such voting and other 

 

S-30

 

consensual rights and (ii) the
Collateral Agent shall have the right, without notice to any Grantor, to
transfer all or any portion of the Investment Property to its name or the name
of its nominee or agent.  In addition,
the Collateral Agent shall have the right at any time when an Event of Default
has occurred and is continuing, without notice to any Grantor, to exchange any
certificates or instruments representing any Investment Property for
certificates or instruments of smaller or larger denominations.  In
order to permit the Collateral Agent to exercise the voting and other
consensual rights which it may be entitled to exercise pursuant hereto and to
receive all dividends and other distributions which it may be entitled to
receive hereunder each Grantor
shall promptly execute and deliver (or cause to be executed and delivered) to
the Collateral Agent all proxies, dividend payment orders and other instruments
as the Collateral Agent may from time to time reasonably request and each Grantor acknowledges that the Collateral
Agent may utilize the power of attorney set forth herein.

 

(c)           Each
Grantor hereby authorizes and instructs each Issuer of any Pledged Securities
pledged by such Grantor hereunder to (i) comply with any instruction
received by it from the Collateral Agent in writing that (x) states that an
Event of Default has occurred and is continuing and (y) is otherwise in
accordance with the terms of this Agreement, without any other or further
instructions from such Grantor, and each Grantor agrees that each Issuer shall
be fully protected in so complying, and (ii) unless otherwise expressly
permitted hereby, pay any dividends or other payments with respect to the
Pledged Securities directly to the Collateral Agent.

 

6.4.          Proceeds to be Turned Over To
Collateral Agent.  In addition
to the rights of the Secured Parties specified in Section 6.1 with
respect to payments of Receivables, if an Event of Default shall occur and be
continuing, all Proceeds received by any Grantor consisting of cash, Cash
Equivalents, checks and other near-cash items shall be held by such Grantor in
trust for the Secured Parties, segregated from other funds of such Grantor, and
shall, forthwith upon receipt by such Grantor, be turned over to the Collateral
Agent in the exact form received by such Grantor (duly endorsed by such Grantor
to the Collateral Agent, if required). 
All Proceeds received by the Collateral Agent hereunder shall be held by
the Collateral Agent in a Collateral Account maintained under its sole dominion
and control.  All Proceeds while held by
the Collateral Agent in a Collateral Account (or by such Grantor in trust for
the Secured Parties) shall continue to be held as collateral security for all
the Obligations and shall not constitute payment thereof until applied as provided
in Section 6.5.

 

6.5.          Application
of Proceeds.  At
such intervals as may be agreed upon by IGN and the Collateral Agent, or, if an
Event of Default shall have occurred and be continuing, at any time at the
Collateral Agent’s election, the Collateral Agent may apply all or any part of
the net Proceeds (after deducting fees and expenses as provided in Section 6.6)
constituting Collateral realized through the exercise by the Collateral Agent
of its remedies hereunder, whether or not held in any Collateral Account, and
any proceeds of the guarantee set forth in Section 2, in payment of
the Obligations in the following order:

 

First, ratably to (i) the
Collateral Agent, to pay incurred and unpaid fees and expenses of the Secured
Parties under the Loan Documents and (ii) the Collateral Agent, to pay
incurred and unpaid fees and expenses of the Secured Parties under the Note
Documents;

 

S-31

 

Second, to the Collateral Agent, for
application by it towards payment of amounts then due and owing and remaining
unpaid in respect of the Obligations, pro  rata among the Secured
Parties according to the amounts of the Obligations then due and owing and
remaining unpaid to the Secured Parties; and

 

Third, to the Collateral Agent, for
application by it towards prepayment of the Obligations ratably, pro  rata
among the Holders and Lenders according to the amounts of the Obligations then unpaid
to the Holders and Lenders as the case may be; and

 

Fourth, any balance of such Proceeds
remaining after the Obligations shall have been paid in full shall be paid over
to IGN or to whosoever may be lawfully entitled to receive the same.

 

6.6.          Code
and Other Remedies.

 

(a)           If
an Event of Default shall occur and be continuing, the Collateral Agent, on
behalf of the Secured Parties, may exercise, in addition to all other rights
and remedies granted to them in this Agreement and in any other instrument or
agreement securing, evidencing or relating to the Obligations, all rights and
remedies of a secured party under the New York UCC (whether or not the New York
UCC applies to the affected Collateral) or its rights under any other
applicable law or in equity.  Without
limiting the generality of the foregoing, the Collateral Agent, without demand
of performance or other demand, presentment, protest, advertisement or notice
of any kind (except any notice required by law referred to below) to or upon
any Grantor or any other Person (all and each of which demands, defenses,
advertisements and notices are hereby waived), may in such circumstances
forthwith collect, receive, appropriate and realize upon the Collateral, or any
part thereof, and/or may forthwith sell, lease, license, assign, give option or
options to purchase, or otherwise dispose of and deliver the Collateral or any
part thereof (or contract to do any of the foregoing), in one or more parcels
at public or private sale or sales, at any exchange, broker’s board or office
of any Secured Party or elsewhere upon such terms and conditions as it may deem
advisable and at such prices as it may deem best, for cash or on credit or for
future delivery without assumption of any credit risk.  Each Secured Party shall have the right upon
any such public sale or sales, and, to the extent permitted by law, upon any
such private sale or sales, to purchase the whole or any part of the Collateral
so sold, free of any right or equity of redemption in any Grantor, which right
or equity is hereby waived and released. 
Each purchaser at any such sale shall hold the property sold absolutely
free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent
permitted by applicable law) all rights of redemption, stay and/or appraisal
which it now has or may at any time in the future have under any rule of
law or statute now existing or hereafter enacted.  Each Grantor
agrees that, to the extent notice of sale shall be required by law, at least 10
days notice to such Grantor of the time and place of any public sale or the
time after which any private sale is to be made shall constitute reasonable
notification.  The Collateral Agent shall
not be obligated to make any sale of Collateral regardless of notice of sale
having been given.  The Collateral Agent
may adjourn any public or private sale from time to time by announcement at the
time and place fixed therefor, and such sale may, without further notice, be
made at the time and place to which it was so adjourned.  The Collateral Agent may sell the Collateral
without giving any warranties as to the Collateral.  The Collateral Agent may specifically
disclaim or modify any warranties of title or the like.  This procedure will not be

 

S-32

 

considered to adversely affect
the commercial reasonableness of any sale of the Collateral.  Each Grantor
agrees that it would not be commercially unreasonable for the Collateral Agent
to dispose of the Collateral or any portion thereof by using Internet sites
that provide for the auction of assets of the types included in the Collateral
or that have the reasonable capability of doing so, or that match buyers and
sellers of assets.  Each Grantor hereby waives any claims against
the Collateral Agent arising by reason of the fact that the price at which any
Collateral may have been sold at such a private sale was less than the price
which might have been obtained at a public sale, even if the Collateral Agent
accepts the first offer received and does not offer such Collateral to more
than one offeree.  Each Grantor further
agrees, at the Collateral Agent’s request, to assemble the Collateral and make
it available to the Collateral Agent at places which the Collateral Agent shall
reasonably select, whether at such Grantor’s premises or elsewhere.  The
Collateral Agent shall have the right to enter onto the property where any
Collateral is located and take possession thereof with or without judicial
process.

 

(b)           The
Collateral Agent shall apply the net proceeds of any action taken by it
pursuant to this Section 6.6, after deducting all reasonable costs
and expenses of every kind incurred in connection therewith or incidental to
the care or safekeeping of any of the Collateral or in any way relating to the
Collateral or the rights of the Secured Parties hereunder, including reasonable
attorneys’ fees and disbursements, to the payment in whole or in part of the
Obligations and only after such application and after the payment by the
Collateral Agent of any other amount required by any provision of law,
including Section 9-615(a) of the New York UCC, need the Collateral
Agent account for the surplus, if any, to any Grantor.  If the Collateral Agent sells any of the
Collateral upon credit, the Grantor will be credited only with payments actually
made by the purchaser and received by the Collateral Agent and applied to
indebtedness of the purchaser.  In the
event the purchaser fails to pay for the Collateral, the Collateral Agent may
resell the Collateral, and the Grantor shall be credited with proceeds of the
sale.  To the extent permitted by
applicable law, each Grantor waives all claims, damages and demands it may
acquire against any Secured Party arising out of the exercise by them of any
rights hereunder.

 

(c)           In
the event of any Disposition of any of the Intellectual Property, the goodwill
of the business connected with and symbolized by any Trademarks subject to such
Disposition shall be included, and the applicable Grantor shall supply the
Collateral Agent or its designee with such Grantor’s know-how and expertise,
and with documents and things embodying the same, relating to the manufacture,
distribution, advertising and sale of products or the provision of services
relating to any Intellectual Property subject to such Disposition, and such
Grantor’s customer lists and other records and documents relating to such
Intellectual Property and to the manufacture, distribution, advertising and
sale of such products and services.

 

6.7.          Registration
Rights.

 

(a)           If
the Collateral Agent shall determine to exercise its right to sell any or all
of the Pledged Equity Interests or the Pledged Debt Securities pursuant to Section 6.6,
and if in the opinion of the Collateral Agent it is necessary or advisable to
have the Pledged Equity Interests or the Pledged Debt Securities, or that
portion thereof to be sold, registered under the provisions of the Securities
Act, the relevant Grantor will cause the Issuer thereof to (i) execute and
deliver, and cause the directors and officers of such Issuer to execute and
deliver, all such instruments and documents, and do or cause to be done all
such other acts as may be, in the

 

S-33

 

opinion of the Collateral Agent, necessary or advisable to register the
Pledged Equity Interests or the Pledged Debt Securities, or that portion
thereof to be sold, under the provisions of the Securities Act, (ii) use
its best efforts to cause the registration statement relating thereto to become
effective and to remain effective for a period of one year from the date of the
first public offering of the Pledged Equity Interests or the Pledged Debt
Securities, or that portion thereof to be sold, and (iii) make all
amendments thereto and/or to the related prospectus which, in the opinion of
the Collateral Agent, are necessary or advisable, all in conformity with the
requirements of the Securities Act and the rules and regulations of the
SEC applicable thereto.  Each Grantor
agrees to cause such Issuer to comply with the provisions of the securities or “Blue
Sky” laws of any and all jurisdictions which the Collateral Agent shall
designate and to make available to its security holders, as soon as
practicable, an earnings statement (which need not be audited) which will
satisfy the provisions of Section 11(a) of the Securities Act.

 

(b)           Each
Grantor recognizes that the Collateral Agent may be unable to effect a public
sale of any or all the Pledged Equity Interests or the Pledged Debt Securities,
by reason of certain prohibitions contained in the Securities Act and
applicable state securities laws or otherwise, and may be compelled to resort
to one or more private sales thereof to a restricted group of purchasers which
will be obliged to agree, among other things, to acquire such securities for
their own account for investment and not with a view to the distribution or
resale thereof.  Each Grantor
acknowledges and agrees that any such private sale may result in prices and
other terms less favorable than if such sale were a public sale and, notwithstanding
such circumstances, agrees that any such private sale shall be deemed to have
been made in a commercially reasonable manner. 
The Collateral Agent shall be under no obligation to delay a sale of any
of the Pledged Equity Interests or the Pledged Debt Securities for the period
of time necessary to permit the Issuer thereof to register such securities for
public sale under the Securities Act, or under applicable state securities
laws, even if such Issuer would agree to do so.

 

(c)           Each
Grantor agrees to use its all commercially reasonable efforts to do or cause to
be done all such other acts as may be necessary to make such sale or sales of
all or any portion of the Pledged Equity Interests or the Pledged Debt
Securities pursuant to this Section 6.7 valid and binding and in
compliance with any and all other applicable Requirements of Law.  Each Grantor further agrees that a breach of
any of the covenants contained in this Section 6.7 will cause
irreparable injury to the Secured Parties, that the Secured Parties have no
adequate remedy at law in respect of such breach and, as a consequence, that
each and every covenant contained in this Section 6.7 shall be
specifically enforceable against such Grantor, and such Grantor hereby waives
and agrees not to assert any defenses against an action for specific
performance of such covenants except for a defense that no Event of Default has
occurred and is continuing under the Note Purchase Agreement and Credit Agreement
or a defense of payment.

 

6.8.          Waiver; Deficiency.  Each Grantor shall remain liable for any
deficiency if the proceeds of any sale or other disposition of the Collateral
are insufficient to pay its Obligations and the fees and disbursements of any
attorneys employed by any Secured Party to collect such deficiency.

 

S-34

 

SECTION 7.   THE COLLATERAL AGENT

 

7.1.          Collateral Agent’s Appointment as
Attorney-in-Fact, etc.

 

(a)           Each
Grantor hereby irrevocably constitutes and appoints the Collateral Agent and
any officer or agent thereof, with full power of substitution, as its true and
lawful attorney-in-fact with full irrevocable power and authority in the place
and stead of such Grantor and in the name of such Grantor or in its own name,
for the purpose of carrying out the terms of this Agreement, to take any and
all appropriate action and to execute any and all documents and instruments
which may be necessary or desirable to accomplish the purposes of this
Agreement, and, without limiting the generality of the foregoing, each Grantor
hereby gives the Collateral Agent the power and right, on behalf of such
Grantor, without notice to or assent by such Grantor, to do any or all of the
following:

 

(i)                                     in
the name of such Grantor or its own name, or otherwise, take possession of and
endorse and collect any checks, drafts, notes, acceptances or other instruments
for the payment of moneys due under any Receivable or with respect to any other
Collateral and file any claim or take any other action or proceeding in any
court of law or equity or otherwise deemed appropriate by the Collateral Agent
for the purpose of collecting any and all such moneys due under any Receivable
or Contract or with respect to any other Collateral whenever payable;

 

(ii)                                  in
the case of any Intellectual Property, execute and deliver, and have recorded,
any and all agreements, instruments, documents and papers as the Collateral
Agent may request to evidence the Secured Parties’ security interest in such
Intellectual Property and the goodwill and general intangibles of such Grantor
relating thereto or represented thereby;

 

(iii)                               pay
or discharge taxes and Liens levied or placed on or threatened against the
Collateral, effect any repairs or any insurance called for by the terms of this
Agreement and pay all or any part of the premiums therefor and the costs
thereof;

 

(iv)                              execute,
in connection with any sale provided for in Section 6.6 or 6.7,
any endorsements, assignments or other instruments of conveyance or transfer
with respect to the Collateral; and

 

(v)                                 (1) direct
any party liable for any payment under any of the Collateral to make payment of
any and all moneys due or to become due thereunder directly to the Collateral
Agent or as the Collateral Agent shall direct; (2) ask or demand for,
collect, and receive payment of and receipt for, any and all moneys, claims and
other amounts due or to become due at any time in respect of or arising out of
any Collateral; (3) sign and endorse any invoices, freight or express
bills, bills of lading, storage or warehouse receipts, drafts against debtors,
assignments, verifications, notices and other documents in connection with any
of the Collateral; (4) commence and prosecute any suits, actions or
proceedings at law or in equity in any court of competent jurisdiction to
collect the Collateral or any portion thereof and to enforce any other right in
respect of any Collateral; (5) defend any suit, action or proceeding
brought against such Grantor

 

S-35

 

with respect to any
Collateral; (6) settle, compromise or adjust any such suit, action or
proceeding and, in connection therewith, give such discharges or releases as
the Collateral Agent may deem appropriate; (7) assign any Copyright,
Patent or Trademark (along with the goodwill of the business to which any such
Copyright, Patent or Trademark pertains), throughout the world for such term or
terms, on such conditions, and in such manner, as the Collateral Agent shall in
its sole discretion determine; and (8) generally, sell, transfer, pledge
and make any agreement with respect to or otherwise deal with any of the
Collateral as fully and completely as though the Collateral Agent were the
absolute owner thereof for all purposes, and do, at the Collateral Agent’s
option and such Grantor’s expense, at any time, or from time to time, all acts
and things which the Collateral Agent deems necessary to protect, preserve or
realize upon the Collateral and the Secured Parties’ security interests therein
and to effect the intent of this Agreement, all as fully and effectively as
such Grantor might do.

 

Anything in this Section 7.1(a) to
the contrary notwithstanding, the Collateral Agent agrees that, except as
provided in Section 7.1(b), it will not exercise any rights under
the power of attorney provided for in this Section 7.1(a) unless
an Event of Default shall have occurred and be continuing.

 

(b)           If
any Grantor fails to perform or comply with any of its agreements contained
herein, the Collateral Agent, at its option, but without any obligation so to
do, may perform or comply, or otherwise cause performance or compliance, with
such agreement; provided, however, that unless an Event of
Default has occurred and is continuing or time is of the essence, the
Collateral Agent shall not exercise this power without first making demand on
the Grantor and the Grantor failing to immediately comply therewith.

 

(c)           The
expenses of the Collateral Agent incurred in connection with actions undertaken
as provided in this Section 7.1, together with interest thereon at
a rate per annum equal to the rate per annum at which interest would then be
payable on past due payments of principal or interest under the Note Purchase
Agreement or the Credit Agreement, as the case may be, from the date of payment
by the Collateral Agent to the date reimbursed by the relevant Grantor, shall
be payable by such Grantor to the Collateral Agent on demand.

 

(d)           Each
Grantor hereby ratifies all that said attorneys shall lawfully do or cause to
be done by virtue hereof.  All powers,
authorizations and agencies contained in this Agreement are coupled with an
interest and are irrevocable until this Agreement is terminated and the
security interests created hereby are released.

 

7.2.          Duty
of Collateral Agent. 
The Collateral Agent’s sole duty with respect to the custody,
safekeeping and physical preservation of the Collateral in its possession,
under Section 9-207 of the New York UCC or otherwise, shall be to deal
with it in the same manner as the Collateral Agent deals with similar property
for its own account.  Neither the
Collateral Agent, nor any other Secured Party nor any of their respective
officers, directors, partners, employees, agents, attorneys and other advisors,
attorneys-in-fact or affiliates shall be liable for failure to demand, collect
or realize upon any of the Collateral or for any delay in doing so or shall be
under any obligation to sell or otherwise dispose of any Collateral upon the
request of any Grantor or any other Person or to take any other action
whatsoever with regard to the

 

S-36

 

Collateral or any part thereof.  The powers conferred on the Secured Parties
hereunder are solely to protect the Secured Parties’ interests in the
Collateral and shall not impose any duty upon any Secured Party to exercise any
such powers.  The Secured Parties shall
be accountable only for amounts that they actually receive as a result of the
exercise of such powers, and neither they nor any of their officers, directors,
partners, employees, agents, attorneys and other advisors, attorneys-in-fact or
affiliates shall be responsible to any Grantor for any act or failure to act
hereunder, except to the extent that any such act or failure to act is found by
a final and nonappealable decision of a court of competent jurisdiction to have
resulted solely and proximately from their own gross negligence or willful
misconduct in breach of a duty owed to such Grantor.

 

7.3.          Execution of Financing Statements.  Each Grantor acknowledges that pursuant to Section 9-509(b) of
the New York UCC and any other applicable law, the Collateral Agent is
authorized to file or record financing or continuation statements, and
amendments thereto, and other filing or recording documents or instruments with
respect to the Collateral in such form and in such offices as the Collateral
Agent reasonably determines appropriate to perfect or maintain the perfection
of the security interests of the Collateral Agent under this Agreement.  Each Grantor agrees that such financing
statements may describe the collateral in the same manner as described in the
Security Documents or as “all assets” or “all personal property” of the
undersigned, whether now owned or hereafter existing or acquired by the
undersigned or such other description as the Collateral Agent, in its sole
judgment, determines is necessary or advisable. 
A photographic or other reproduction of this Agreement shall be
sufficient as a financing statement or other filing or recording document or
instrument for filing or recording in any jurisdiction.

 

7.4.          Authority of Collateral Agent.  Each Grantor acknowledges that the rights and
responsibilities of the Collateral Agent under this Agreement with respect to
any action taken by the Collateral Agent or the exercise or non-exercise by the
Collateral Agent of any option, voting right, request, judgment or other right
or remedy provided for herein or resulting or arising out of this Agreement
shall, as between the Collateral Agent and the other Secured Parties, be
governed by the Note Purchase Agreement, by the Credit Agreement and by such
other agreements with respect thereto as may exist from time to time among
them, but, as between the Collateral Agent and the Grantors, the Collateral
Agent shall be conclusively presumed to be acting as agent for the Secured
Parties with full and valid authority so to act or refrain from acting, and no
Grantor shall be under any obligation, or entitlement, to make any inquiry
respecting such authority.

 

7.5.          Appointment of Co-Collateral Agents.  At any
time or from time to time, in order to comply with any Requirement of Law, the
Collateral Agent may appoint another bank or trust company or one of more other
persons, either to act as co-agent or agents on behalf of the Secured Parties
with such power and authority as may be necessary for the effectual operation
of the provisions hereof and which may be specified in the instrument of
appointment (which may, in the discretion of the Collateral Agent, include
provisions for indemnification and similar protections of such co-agent or
separate agent).

 

S-37

 

SECTION 8.   MISCELLANEOUS

 

8.1.          Amendments
in Writing.  None
of the terms or provisions of this Agreement may be waived, amended,
supplemented or otherwise modified except in accordance with the consent of the
Collateral Agent and the holders of a majority in aggregate principal amount of
First Lien Debt.

 

8.2.          Notices.  All notices, requests and demands to or upon
the Collateral Agent or any Grantor hereunder shall be effected in the manner
provided for in Section 12.1 of the Note Purchase Agreement and Section 11.1
of the Credit Agreement; provided that any such notice, request or
demand to or upon any Guarantor shall be addressed to such Guarantor at its
notice address set forth on Schedule 1.

 

8.3.          No Waiver by Course of Conduct;
Cumulative Remedies. 
No Secured Party shall by any act (except by a written instrument
pursuant to Section 8.1), delay, indulgence, omission or otherwise
be deemed to have waived any right or remedy hereunder or to have acquiesced in
any Default or Event of Default.  No
failure to exercise, nor any delay in exercising, on the part of any Secured
Party, any right, power or privilege hereunder shall operate as a waiver
thereof.  No single or partial exercise
of any right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege.  A waiver by any Secured Party of any right or
remedy hereunder on any one occasion shall not be construed as a bar to any
right or remedy which such Secured Party would otherwise have on any future
occasion.  The rights and remedies herein
provided are cumulative, may be exercised singly or concurrently and are not
exclusive of any other rights or remedies provided by law.

 

8.4.          Enforcement Expenses;
Indemnification.

 

(a)           Each
Grantor agrees to pay or reimburse each Secured Party for all its costs and
expenses incurred in collecting against such Grantor under the guarantee
contained in Section 2 or otherwise enforcing or preserving any
rights under this Agreement and the Note Documents and Loan Documents to which
such Grantor is a party, including the fees and disbursements of counsel
(including the allocated fees and expenses of in-house counsel) to each Secured
Party and of counsel to the Collateral Agent.

 

(b)           Each
Grantor agrees to pay, and to save the Secured Parties harmless from, any and
all liabilities with respect to, or resulting from any delay in paying, any and
all stamp, excise, sales or other taxes which may be payable or determined to
be payable with respect to any of the Collateral or in connection with any of
the transactions contemplated by this Agreement.

 

(c)           Each
Grantor agrees to pay, and to save the Secured Parties harmless from, any and
all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever with
respect to the execution, delivery, enforcement, performance and administration
of this Agreement to the extent IGN would be required to do so pursuant to Section 1.6
of the Note Purchase Agreement and Section 2.5 of the Credit Agreement.

 

S-38

 

(d)           The
agreements in this Section shall survive repayment of the Obligations and
all other amounts payable under the Credit Agreement, the Note Purchase
Agreement and the other Loan Documents and Note Documents.

 

(e)           Each
Grantor agrees that the provisions of Section 1.11 of the Note Purchase
Agreement and Section 2.11 of the Credit Agreement are hereby incorporated
herein by reference, mutatis  mutandis, and each Secured Party
shall be entitled to rely on each of them as if they were fully set forth
herein.

 

8.5.          Successors
and Assigns.  This
Agreement shall be binding upon the successors and assigns of each Grantor and
shall inure to the benefit of the Secured Parties and their successors and
assigns; provided that no Grantor may assign, transfer or delegate any
of its rights or obligations under this Agreement without the prior written
consent of the Collateral Agent.

 

8.6.          Set-Off.  Each Grantor hereby irrevocably authorizes
each Secured Party at any time and from time to time while an Event of Default
pursuant either to Section 8.1(i) of the Note Purchase Agreement or
to Section 9.1(i) of the Credit Agreement shall have occurred and be
continuing, without notice to such Grantor or any other Grantor, any such
notice being expressly waived by each Grantor, to set-off and appropriate and
apply any and all deposits (general or special, time or demand, provisional or
final), in any currency, and any other credits, indebtedness or claims, in any
currency, in each case whether direct or indirect, absolute or contingent,
matured or unmatured, at any time held or owing by such Secured Party to or for
the credit or the account of such Grantor, or any part thereof in such amounts
as such Secured Party may elect, against and on account of the obligations and
liabilities of such Grantor to such Secured Party hereunder and claims of every
nature and description of such Secured Party against such Grantor, in any
currency, whether arising hereunder, under the Note Purchase Agreement, the Credit
Agreement, any Note Document, any Loan Document or otherwise, as such Secured
Party may elect, whether or not any Secured Party has made any demand for
payment and although such obligations, liabilities and claims may be contingent
or unmatured.  Each Secured Party shall
notify such Grantor promptly of any such set-off and the application made by
such Secured Party of the proceeds thereof, provided that the failure to
give such notice shall not affect the validity of such set-off and
application.  The rights of each Secured
Party under this Section are in addition to other rights and remedies
(including other rights of set-off) which such Secured Party may have.

 

8.7.          Counterparts.  This Agreement may be executed by one or more
of the parties to this Agreement on any number of separate counterparts
(including by telecopy), and all of said counterparts taken together shall be
deemed to constitute one and the same instrument.

 

8.8.          Severability.  Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

S-39

 

8.9.          Section Headings.  The Section headings used in this
Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

 

8.10.        Integration.  This Agreement amends and restates and
supersedes the Old Guarantee and Collateral Agreement in its entirety.  This Agreement and the other Note Documents
and Loan Documents represent the agreement of the Grantors, the Collateral Agent
and the other Secured Parties with respect to the subject matter hereof and
thereof, and there are no promises, undertakings, representations or warranties
by any Secured Party relative to subject matter hereof and thereof not
expressly set forth or referred to herein or in the other Note Documents.

 

8.11.        GOVERNING LAW.  THIS AGREEMENT (INCLUDING ANY
CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT) SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES (OTHER THAN MANDATORY
PROVISIONS OF THE UCC) THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER
THAN THE LAW OF THE STATE OF NEW YORK.

 

8.12.        Submission to Jurisdiction; Waivers.  Each Grantor hereby irrevocably and
unconditionally:

 

(a)                                  submits
for itself and its property in any legal action or proceeding relating to this
Agreement and the other Loan Documents to which it is a party, or for
recognition and enforcement of any judgment in respect thereof, to the
non-exclusive general jurisdiction of the Courts of the State of New York, the
courts of the United States of America for the Southern District of New York,
and appellate courts from any thereof;

 

(b)                                 consents
that any such action or proceeding may be brought in such courts and waives any
objection that it may now or hereafter have to the venue of any such action or
proceeding in any such court or that such action or proceeding was brought in
an inconvenient court and agrees not to plead or claim the same;

 

(c)                                  agrees
that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to such Grantor at its address referred
to in Section 8.2 or at such other address of which the Collateral Agent
shall have been notified pursuant thereto;

 

(d)                                 agrees
that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to sue in any other
jurisdiction; and

 

(e)                                  waives, to the maximum extent not prohibited by law, any
right it may have to claim or recover in any legal action or proceeding
referred to in this Section any special, exemplary, punitive or consequential
damages.

 

S-40

 

8.13.        Acknowledgments.  Each Grantor hereby acknowledges that:

 

(a)                                  it has been advised by counsel in the negotiation, execution
and delivery of this Agreement and the other Note Documents and Loan Documents
to which it is a party;

 

(b)                                 no
Secured Party has any fiduciary relationship with or duty to any Grantor
arising out of or in connection with this Agreement or any of the other Note
Documents or Loan Documents, and the relationship between the Grantors, on the
one hand, and the Secured Parties, on the other hand, in connection herewith or
therewith is solely that of debtor and creditor; and

 

(c)                                  no joint venture is created hereby or by the other Note
Documents or Loan Documents or otherwise exists by virtue of the transactions
contemplated hereby among the Secured Parties or among the Grantors and the
Secured Parties.

 

8.14.        Additional
Grantors.  Each
Subsidiary of IGN that is required to become a party to this Agreement pursuant
to Section 5.10 of the Note Purchase Agreement and Section 6.10 of
the Credit Agreement shall become a Grantor for all purposes of this Agreement
upon execution and delivery by such Subsidiary of an Assumption Agreement in
the form of Annex 1 hereto.

 

8.15.        Releases.

 

(a)           At
such time as the Notes and Loans and the other Obligations shall have been paid
in full, the Collateral shall be released from the Liens created hereby, and
this Agreement and all obligations (other than those expressly stated to
survive such termination) of the Collateral Agent and each Grantor hereunder
shall terminate, all without delivery of any instrument or performance of any
act by any party, and all rights to the Collateral shall revert to the
Grantors.  At the request and sole expense
of any Grantor following any such termination, the Collateral Agent shall
deliver to such Grantor any Collateral held by the Collateral Agent hereunder,
and execute and deliver to such Grantor such documents as such Grantor shall
reasonably request to evidence such termination.

 

(b)           If
any of the Collateral shall be Disposed of by any Grantor in a transaction
permitted by the Note Purchase Agreement and the Credit Agreement, then the
Collateral Agent, at the request and sole expense of such Grantor, shall
execute and deliver to such Grantor all releases or other documents reasonably
necessary or desirable for the release of the Liens created hereby on such
Collateral.  At the request and sole
expense of IGN, a Guarantor shall be released from its obligations hereunder in
the event that all the Capital Stock of such Guarantor shall be Disposed of in
a transaction permitted by the Note Purchase Agreement and the Credit Agreement;
provided that IGN shall have delivered to the Collateral Agent, at least
ten Business Days prior to the date of the proposed release, a written request
for release identifying the relevant Guarantor and the terms of the Disposition
in reasonable detail, including the price thereof and any expenses in
connection therewith, together with a certification by IGN stating that such
transaction is in compliance with the Note Purchase

 

S-41

 

Agreement and the Credit Agreement and the other Note
Documents and Loan Documents and that the Proceeds of such Disposition will be
applied in accordance therewith.

 

(c)           Each
Grantor acknowledges that it is not authorized to file any financing statement
or amendment or termination statement with respect to any financing statement
originally filed in connection herewith without the prior written consent of
the Collateral Agent subject to such Grantor’s rights under Section 9-509(d)(2) of
the New York UCC.

 

8.16.        WAIVER OF JURY TRIAL.  EACH GRANTOR AND THE
COLLATERAL AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN
ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER DOCUMENT
AND FOR ANY COUNTERCLAIM THEREIN.

 

S-42

 

IN WITNESS WHEREOF, each of the undersigned has caused
this Amended and Restated Guarantee and Collateral Agreement to be duly
executed and delivered as of the date first above written.

 

	
   

  	
  IGN Entertainment, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GameSpy Industries, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Mark Jung

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Two Cents, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Incfusion Corporation (d.b.a. Rotten Tomatoes)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Jung

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
						

 

S-1

 

	
   

  	
  US Bank National Association,

  as Collateral Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael M. Hopkins

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael M. Hopkins

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

S-2

 

Schedule 1

 

NOTICE ADDRESSES
OF GUARANTORS

 

1-1

 

Schedule 2

 

DESCRIPTION OF PLEDGED
INVESTMENT PROPERTY

 

Pledged
Stock:

 

	
  Grantor

  	
   

  	
  Issuer

  	
   

  	
  Issuer’s Jurisdiction

  Under New York

  UCC Section 9-

  305(a)(2)

  	
   

  	
  Class of

  Stock

  	
   

  	
  Stock

  Certificate No.

  	
   

  	
  Percentage of

  Shares

  	
   

  	
  No. of Shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Pledged Notes:

 

	
  Grantor

  	
   

  	
  Issuer

  	
   

  	
  Payee

  	
   

  	
  Principal Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Pledged Debt Securities:

 

	
  Grantor

  	
   

  	
  Issuer

  	
   

  	
  Issuer’s Jurisdiction

  Under New York UCC

  Section 9-305(a)(2)

  	
   

  	
  Payee

  	
   

  	
  Principal Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

2-1

 

Pledged Security Entitlements:

 

	
  Grantor

  	
   

  	
  Issuer of

  Financial Asset

  	
   

  	
  Description of

  Financial Asset

  	
   

  	
  Securities

  Intermediary

  (Name and

  Address)

  	
   

  	
  Securities Account

  (Number and

  Location)

  	
   

  	
  Securities Intermediary’s

  Jurisdiction Under New York

  UCC Section 9-305(a)(3)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Pledged Commodity Contracts:

 

	
  Grantor

  	
   

  	
  Description of

  Commodity Contract

  	
   

  	
  Commodity

  Intermediary

  (Name and Address)

  	
   

  	
  Commodity Account

  (Number and Location)

  	
   

  	
  Commodity

  Intermediary’s

  Jurisdiction Under New

  York UCC Section 9-

  305(a)(4)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

2-2

 

Pledged Partnership Interests:

 

	
  Grantor

  	
   

  	
  Issuer

  	
   

  	
  Type of

  Partnership Interest

  (e.g., General or

  Limited)

  	
   

  	
  Certificated

  (Y/N)

  	
   

  	
  Certificate No.

  (if any)

  	
   

  	
  % of Outstanding

  Partnership Interests of the

  Partnership

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Pledged LLC Interests:

 

	
  Grantor

  	
   

  	
  Issuer

  	
   

  	
  Certificated

  (Y/N)

  	
   

  	
  Certificate No.

  (if any)

  	
   

  	
  No. of

  Pledged Units

  	
   

  	
  % of Outstanding LLC

  Interests of the Issuer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Pledged Trust Interests:

 

	
  Grantor

  	
   

  	
  Issuer

  	
   

  	
  Class of Trust

  Interests

  	
   

  	
  Certificated

  (Y/N)

  	
   

  	
  Certificate No.

  (if any)

  	
   

  	
  % of Outstanding Trust

  Interests of the Issuer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

2-3

 

Deposit Accounts:

 

	
  Grantor

  	
   

  	
  Name of

  Depositary Bank

  	
   

  	
  Account Number

  	
   

  	
  Account Name

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

2-4

 

Schedule 3

 

FILINGS
AND OTHER ACTIONS

REQUIRED TO PERFECT SECURITY INTERESTS

 

Uniform
Commercial Code Filings

 

[List
each office where a financing statement is to be filed]

 

Copyright,
Patent and Trademark Filings

 

[List
all filings]

 

Actions
with respect to Investment Property

 

[Describe
all actions required to obtain “control” of Investment Property]

 

Other
Actions

 

[Describe
other actions to be taken]

 

3-1

 

Schedule 4

 

EXACT
LEGAL NAME, LOCATION OF JURISDICTION OF ORGANIZATION AND

CHIEF EXECUTIVE OFFICE

 

	
  Exact Legal Name

  	
   

  	
  Jurisdiction of Organization

  	
   

  	
  Organizational I.D.

  	
   

  	
  Location

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

4-1

 

Schedule 5

 

LOCATION OF
INVENTORY AND EQUIPMENT

 

	
  Grantor

  	
   

  	
  Locations

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

5-1

 

Schedule 6

 

COPYRIGHTS

 

PATENTS

 

TRADEMARKS

 

TRADE
SECRETS

 

INTELLECTUAL
PROPERTY LICENSES

 

OTHER
INTELLECTUAL PROPERTY

 

6-1

 

Schedule 7

 

VEHICLES

 

A-1

 

Schedule 8

 

LETTERS OF CREDIT RIGHTS

 

 

Exhibit A to

Guarantee and Collateral Agreement

 

FORM OF
ACKNOWLEDGMENT AND CONSENT

 

The undersigned hereby acknowledges receipt of a copy
of the Guarantee and Collateral Agreement dated as of [             ],
2005 (the “Agreement”), made by the Grantors parties thereto for the
benefit of US Bank National Association, as collateral agent; capitalized terms
used but not defined herein have the meanings given such terms therein.  The undersigned agrees for the benefit of the
Collateral Agent and the Secured Parties as follows:

 

1.                                       The
undersigned will be bound by the terms of the Agreement and will comply with
such terms insofar as such terms are applicable to the undersigned.

 

2.                                       The
undersigned confirms the statements made in the Agreement with respect to the
undersigned including, without limitation, in Section 4.7 and Schedule 2.

 

3.                                       The
undersigned will notify the Collateral Agent promptly in writing of the
occurrence of any of the events described in Section 5.8(a) of
the Agreement.

 

4.                                       The
terms of Sections 6.3(c) and 6.7 of the Agreement shall
apply to it, mutatis  mutandis, with respect to all actions that
may be required of it pursuant to Section 6.3(c) or 6.7
of the Agreement.

 

	
   

  	
  [NAME OF ISSUER]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Fax:

  	
   

  	
   

  
							

 

A-1

 

Exhibit B-1
to

Amended and Restated Guarantee and Collateral Agreement

 

FORM OF AMENDED AND
RESTATED INTELLECTUAL PROPERTY SECURITY

AGREEMENT

 

This AMENDED AND RESTATED INTELLECTUAL PROPERTY
SECURITY AGREEMENT, dated as of [                  ]
(as amended, supplemented or otherwise modified from time to time, the “Intellectual
Property Security Agreement”), is made by each of the signatories hereto
(collectively, the “Grantors”) in favor of US Bank National Association,
as collateral agent (in such capacity, the “Collateral Agent”) for the
Secured Parties (as defined in the Amended and Restated Guarantee and
Collateral Agreement referred to below).

 

WHEREAS, IGN Entertainment, Inc., a Delaware
corporation (“IGN”), US Bank National Association, as Collateral Agent,
and the purchasers listed on the signature pages thereto (the “Purchasers”)
entered into a Note Purchase Agreement dated as of March 3, 2004 (as
amended, supplemented, replaced or otherwise modified from time to time, the “Note
Purchase Agreement”) according to which the Purchasers purchased IGN’s
Senior Secured Notes due March 31, 2009 (the “Notes”) from IGN upon
the terms and subject to the conditions set forth therein;

 

WHEREAS IGN, US Bank National Association, as
Collateral Agent, and the lenders listed on the signature pages thereto
(the “Lenders”) have entered into a Credit Agreement, dated as of [             ],
2005 (as amended, supplemented, replaced or otherwise modified from time to
time, the “Credit Agreement”). 
Capitalized terms used and not defined herein have the meanings given
such terms in the Note Purchase Agreement unless those terms are also defined
in the Credit Agreement, in which case they shall have the meanings given them
in the Credit Agreement.

 

WHEREAS, it was a condition precedent to the
obligation of the Purchasers to purchase Notes under the Note Purchase
Agreement that the Grantors shall have executed and delivered that certain
Guarantee and Collateral Agreement, dated as of March 3, 2004, in favor of
the Collateral Agent (the “Old Guarantee and Collateral Agreement”)
providing for the guarantee of, and the grant of a lien securing obligations
under the Notes;

 

WHEREAS, it is a condition precedent to the
obligations of the Lenders to make their respective extensions of credit to IGN
under the Credit Agreement that Grantors shall have executed that certain
Amended and Restated Guarantee and Collateral Agreement, dated as of [            ],
2005, in favor of the Collateral Agent (as amended, supplemented, replaced or
otherwise modified from time to time, the “Guarantee and Collateral Agreement”);

 

WHEREAS, the Grantors are currently in default under
the Note Purchase Agreement and contemporaneously with the execution of this
Agreement the Grantors, the Collateral Agent and the Holders are executing
Amendment and Waiver No. 4 (the “NPA Waiver”) pursuant to which
such defaults will be waived by the Holders, provided that the Grantors have
executed the Amended and Restated Guarantee and Collateral Agreement, which
amends and restates the Old Guarantee and Collateral Agreement;

 

B-1-1

 

WHEREAS, under the terms of the Amended and Restated Guarantee
and Collateral Agreement, the Grantors have granted a security interest in
certain Property, including certain Intellectual Property of the Grantors to
the Collateral Agent for the ratable benefit of the Secured Parties, and have
agreed as a condition thereof to execute this Intellectual Property Security
Agreement for recording with the United States Patent and Trademark Office, the
United States Copyright Office, and other applicable Governmental Authorities.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Grantors
agree as follows:

 

SECTION 1.                                Grant of Security. 
Each Grantor hereby grants to the Collateral Agent for the ratable
benefit of the Secured Parties a security interest in and to all of such
Grantor’s right, title and interest in and to the following (the “Intellectual
Property Collateral”), as collateral security for the prompt and complete
payment and performance when due (whether at the stated maturity, by
acceleration or otherwise) of such Grantor’s Obligations:

 

(a)                                  (i) all
trademarks, service marks, trade names, corporate names, company names,
business names, trade dress, trade styles, logos, or other indicia of origin or
source identification, trademark and service mark registrations, and
applications for trademark or service mark registrations and any new renewals
thereof, including each registration and application identified in Schedule 1,
(ii) the right to sue or otherwise recover for any and all past, present
and future infringements and misappropriations thereof, (iii) all income,
royalties, damages and other payments now and hereafter due and/or payable with
respect thereto (including payments under all licenses entered into in
connection therewith, and damages and payments for past, present or future
infringements thereof), and (iv) all other rights of any kind whatsoever
of such Grantor accruing thereunder or pertaining thereto, together in each
case with the goodwill of the business connected with the use of, and
symbolized by, each of the above (collectively, the “Trademarks”);

 

(b)                                 (i) all
patents, patent applications and patentable inventions, including each issued
patent and patent application identified in Schedule 1, (ii) all
inventions and improvements described and claimed therein, (iii) the right
to sue or otherwise recover for any and all past, present and future
infringements and misappropriations thereof, (iv) all income, royalties,
damages and other payments now and hereafter due and/or payable with respect
thereto (including payments under all licenses entered into in connection
therewith, and damages and payments for past, present or future infringements
thereof), and (v) all reissues, divisions, continuations,
continuations-in-part, substitutes, renewals, and extensions thereof, all
improvements thereon and all other rights of any kind whatsoever of such
Grantor accruing thereunder or pertaining thereto (collectively, the “Patents”);

 

(c)                                  (i) all
copyrights, whether or not the underlying works of authorship have been
published, including, but not limited to copyrights in software and databases
all Mask Works (as defined in 17 U.S.C. § 901 of the Copyright Act) and
all works of authorship and other intellectual property rights therein, all
copyrights of works based on, incorporated in, derived from or relating to
works covered by such copyrights, all right, title and interest to make and
exploit all derivative works based on or adopted from works covered by such
copyrights, and all copyright registrations and copyright applications, mask
works and mask work applications,

 

B-1-2

 

and any renewals or extensions thereof, including each
registration and application identified in Schedule 1, (ii) the
rights to print, publish and distribute any of the foregoing, (iii) the
right to sue or otherwise recover for any and all past, present and future
infringements and misappropriations thereof, (iv) all income, royalties,
damages and other payments now and hereafter due and/or payable with respect
thereto (including payments under all licenses entered into in connection
therewith, and damages and payments for past, present or future infringements
thereof), and (v) all other rights of any kind whatsoever of such Grantor
accruing thereunder or pertaining thereto (“Copyrights”);

 

(d)                                 (i) all
trade secrets and all confidential and proprietary information, including know-how,
manufacturing and production processes and techniques, inventions, research and
development information, technical data, financial, marketing and business
data, pricing and cost information, business and marketing plans, and customer
and supplier lists and information, including, any of the foregoing identified
in Schedule 1, (ii) the right to sue or otherwise recover for
any and all past, present and future infringements and misappropriations
thereof, (iii) all income, royalties, damages and other payments now and
hereafter due and/or payable with respect thereto (including payments under all
licenses entered into in connection therewith, and damages and payments for
past, present or future infringements thereof), and (iv) all other rights
of any kind whatsoever of such Grantor accruing thereunder or pertaining
thereto (collectively, the “Trade Secrets”);

 

(e)                                  (i) all
licenses or agreements, whether written or oral, providing for the grant by or
to any Grantor of:  (A) any right to
use any Trademark or Trade Secret, (B) any right to manufacture, use,
import, export, distribute, offer for sale or sell any invention covered in
whole or in part by a Patent, and (C) any right under any Copyright
including, without limitation, the grant of rights to manufacture, distribute,
exploit and sell materials derived from any Copyright including any of the
foregoing identified in Schedule 1, (ii) the right to sue or
otherwise recover for any and all past, present and future infringements and
misappropriations of any of the foregoing, (iii) all income, royalties,
damages and other payments now and hereafter due and/or payable with respect
thereto (including payments under all licenses entered into in connection
therewith, and damages and payments for past, present or future infringements
thereof), and (iv) all other rights of any kind whatsoever of such Grantor
accruing thereunder or pertaining thereto; and

 

(f)                                    any and all proceeds of the foregoing.

 

SECTION 2.                                Recordation.  Each Grantor
authorizes and requests that the Register of Copyrights, the Commissioner of
Patents and Trademarks and any other applicable government officer record this
Intellectual Property Security Agreement.

 

SECTION 3.                                Execution
in Counterparts.  This
Agreement may be executed in any number of counterparts (including by
telecopy), each of which when so executed shall be deemed to be an original and
all of which taken together shall constitute one and the same agreement.

 

SECTION 4.                                Governing
Law.  This Intellectual
Property Security Agreement (including any claim or controversy arising out of
or relating to this Agreement shall be

 

B-1-3

 

governed by, and
construed and interpreted in accordance with, the law of the State of New York
without regard to conflict of law principles that would result in the
application of any law other than the law of the State of New York.

 

SECTION 5.                                Conflict
Provision.  This
Intellectual Property Security Agreement has been entered into in conjunction
with the provisions of the Amended and Restated Guarantee and Collateral
Agreement, Note Purchase Agreement and the Credit Agreement.  The rights and remedies of each party hereto
with respect to the security interest granted herein are without prejudice to,
and are in addition to those set forth in the Amended and Restated Guarantee
and Collateral Agreement, Note Purchase Agreement and the Credit Agreement, all
terms and provisions of which are incorporated herein by reference.  In the event that any provisions of this
Intellectual Property Security Agreement are in conflict with the Amended and
Restated Guarantee and Collateral Agreement, Note Purchase Agreement or the Credit
Agreement, the provisions of the Amended and Restated Guarantee and Collateral
Agreement, Note Purchase Agreement or the Credit Agreement shall govern.

 

B-1-4

 

IN WITNESS WHEREOF, each of the undersigned has caused
this Intellectual Property Security Agreement to be duly executed and delivered
as of the date first above written.

 

	
   

  	
  IGN Entertainment, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  STATE
  OF CALIFORNIA

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
  ss:

  	
   

  
	
   

  	
  )

  	
   

  
	
  COUNTY
  OF

  	
  )

  	
   

  	
   

  

 

On the
         day of        
in the year 2005 before me, the undersigned, a Notary Public in and for said State,
personally appeared                                        ,
personally known to me or proved to me on the basis of satisfactory evidence to
be the individual who executed this instrument as                                   
of IGN ENTERTAINMENT, INC. and acknowledged to me that said corporation
executed it pursuant to its by-laws or a resolution of its board of directors.

 

	
  Notary Public

  	
   

  
	
   

  	
  GameSpy Industries, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  STATE
  OF CALIFORNIA

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
  ss:

  	
   

  
	
   

  	
  )

  	
   

  
	
  COUNTY
  OF

  	
  )

  	
   

  	
   

  

 

On the
          day of           
in the year 2005 before me, the undersigned, a Notary Public in and for said
State, personally appeared                                         ,
personally known to me or proved to me on the basis of satisfactory evidence to
be the individual who executed this instrument as                                           
of GAMESPY INDUSTRIES, INC. and acknowledged to me that said corporation
executed it pursuant to its by-laws or a resolution of its board of directors.

 

Notary Public

 

B-1-5

 

	
   

  	
  Two Cents, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  STATE
  OF CALIFORNIA

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
  ss:

  	
   

  
	
   

  	
  )

  	
   

  
	
  COUNTY
  OF

  	
  )

  	
   

  	
   

  

 

On the
          day of          
in the year 2005 before me, the undersigned, a Notary Public in and for said
State, personally appeared                                             ,
personally known to me or proved to me on the basis of satisfactory evidence to
be the individual who executed this instrument as                                      
of TWO CENTS, INC. and acknowledged to me that said corporation executed it
pursuant to its by-laws or a resolution of its board of directors.

 

	
  Notary Public

  	
   

  
	
   

  	
  Incfusion Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  STATE
  OF CALIFORNIA

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
  ss:

  	
   

  
	
   

  	
  )

  	
   

  
	
  COUNTY
  OF

  	
  )

  	
   

  	
   

  

 

On the
          day of       
in the year 2005 before me, the undersigned, a Notary Public in and for said
State, personally appeared                                            ,
personally known to me or proved to me on the basis of satisfactory evidence to
be the individual who executed this instrument as                       
of INCFUSION CORPORATION and acknowledged to me that said corporation executed
it pursuant to its by-laws or a resolution of its board of directors.

 

Notary Public

 

B-1-6

 

Schedule 1

 

COPYRIGHTS

 

PATENTS

 

TRADEMARKS

 

TRADE
SECRETS

 

INTELLECTUAL
PROPERTY LICENSES

 

 

 

Exhibit B-2 to

Amended and Restated Guarantee and Collateral Agreement

 

AMENDED
AND RESTATED FORM OF AFTER-ACQUIRED INTELLECTUAL PROPERTY

SECURITY AGREEMENT

 

(FIRST
SUPPLEMENTAL FILING)

 

This AMENDED AND
RESTATED INTELLECTUAL PROPERTY SECURITY AGREEMENT (FIRST SUPPLEMENTAL FILING),
dated as of                          ,
2005 (as amended, supplemented or otherwise modified from time to time, the “First
Supplemental Intellectual Property Security Agreement”), is made by each of
the signatories hereto (collectively, the “Grantors”) in favor of US
Bank National Association, as collateral agent (in such capacity, the “Collateral
Agent”) for the Secured Parties (as defined in the Amended and Restated Guarantee
and Collateral Agreement referred to below).

 

WHEREAS, IGN
Entertainment, Inc., a Delaware corporation (“IGN”), US Bank National
Association, as Collateral Agent, and the purchasers listed on the signature
pages thereto (the “Purchasers”) entered into a Note Purchase Agreement
dated as of March 3, 2004 (as amended, supplemented, replaced or otherwise
modified from time to time, the “Note Purchase Agreement”) according to
which the Purchasers purchased IGN’s Senior Secured Notes due March 31, 2009
(the “Notes”) from IGN upon the terms and subject to the conditions set
forth therein;

 

WHEREAS IGN, US
Bank National Association, as Collateral Agent, and the lenders listed on the
signature pages thereto (the “Lenders”) have entered into a Credit
Agreement, dated as of [              ],
2005 (as amended, supplemented, replaced or otherwise modified from time to
time, the “Credit Agreement”). 
Capitalized terms used and not defined herein have the meanings given
such terms in the Note Purchase Agreement unless those terms are also defined
in the Credit Agreement, in which case they shall have the meanings given them
in the Credit Agreement.

 

WHEREAS, it was a
condition precedent to the obligation of the Purchasers to purchase Notes under
the Note Purchase Agreement that the Grantors shall have executed and delivered
that certain Guarantee and Collateral Agreement, dated as of March 3, 2004, in
favor of the Collateral Agent (the “Old Guarantee and Collateral Agreement”)
providing for the guarantee of, and the grant of a lien securing obligations
under the Notes;

 

WHEREAS, it is a
condition precedent to the obligations of the Lenders to make their respective
extensions of credit to IGN under the Credit Agreement that Grantors shall have
executed that certain Amended and Restated Guarantee and Collateral Agreement,
dated as of [              ],
2005, in favor of the Collateral Agent (as amended, supplemented, replaced or
otherwise modified from time to time, the “Guarantee and Collateral
Agreement”);

 

WHEREAS, the
Grantors are currently in default under the Note Purchase Agreement and
contemporaneously with the execution of this Agreement the Grantors, the
Collateral Agent and the Holders are executing Amendment and Waiver No. 3 (the “NPA
Waiver”) pursuant to which such defaults will be waived by the Holders,
provided that the

 

B-2-1

 

Grantors
have executed the Amended and Restated Guarantee and Collateral Agreement,
which amends and restates the Old Guarantee and Collateral Agreement;

 

WHEREAS, under the
terms of the Amended and Restated Guarantee and Collateral Agreement, the
Grantors have granted a security interest in certain Property, including
After-Acquired Intellectual Property of the Grantors to the Collateral Agent
for the ratable benefit of the Secured Parties, and have agreed as a condition
thereof to execute this First Supplemental Intellectual Property Security
Agreement for recording with the United States Patent and Trademark Office, the
United States Copyright Office, and other applicable Governmental Authorities.

 

WHEREAS, the
Intellectual Property Security Agreement was recorded against certain United
States Intellectual Property at [INSERT REEL/FRAME NUMBER] [IF SECOND OR LATER
SUPPLEMENTAL, ADD PRIOR REEL/FRAME NUMBERS].

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Grantors agree as follows:

 

SECTION
1.           Grant of Security. 
Each Grantor hereby grants to the Collateral Agent for the ratable
benefit of the Secured Parties a security interest in and to all of such
Grantor’s right, title and interest in and to the following (the “Intellectual
Property Collateral”), as collateral security for the prompt and complete
payment and performance when due (whether at the stated maturity, by
acceleration or otherwise) of such Grantor’s Obligations:

 

(a)           (i) all trademarks, service marks,
trade names, corporate names, company names, business names, trade dress, trade
styles, logos, or other indicia of origin or source identification, trademark
and service mark registrations, and applications for trademark or service mark
registrations and any new renewals thereof, including each registration and
application identified in Schedule 1, (ii) the right to sue or
otherwise recover for any and all past, present and future infringements and
misappropriations thereof, (iii) all income, royalties, damages and other
payments now and hereafter due and/or payable with respect thereto (including
payments under all licenses entered into in connection therewith, and damages and
payments for past, present or future infringements thereof), and (iv) all
other rights of any kind whatsoever of such Grantor accruing thereunder or
pertaining thereto, together in each case with the goodwill of the business
connected with the use of, and symbolized by, each of the above (collectively,
the “Trademarks”);

 

(b)           (i) all patents, patent applications
and patentable inventions, including each issued patent and patent application
identified in Schedule 1, (ii) all inventions and improvements described
and claimed therein, (iii) the right to sue or otherwise recover for any
and all past, present and future infringements and misappropriations thereof,
(iv) all income, royalties, damages and other payments now and hereafter
due and/or payable with respect thereto (including payments under all licenses
entered into in connection therewith, and damages and payments for past,
present or future infringements thereof), and (v) all reissues, divisions,
continuations, continuations-in-part, substitutes, renewals, and extensions
thereof, all improvements thereon and all other rights of any kind whatsoever
of such Grantor accruing thereunder or pertaining thereto (collectively, the “Patents”);

 

B-2-2

 

(c)           (i) all copyrights, whether or not
the underlying works of authorship have been published, including copyrights in
software and databases, all Mask Works (as defined in 17 U.S.C. § 901 of the
Copyright Act) and all works of authorship and other intellectual property
rights therein, all copyrights of works based on, incorporated in, derived from
or relating to works covered by such copyrights, all right, title and interest
to make and exploit all derivative works based on or adopted from works covered
by such copyrights, and all copyright registrations and copyright applications,
mask works registrations and mask works applications, and any renewals or
extensions thereof, including each registration and application identified in Schedule
1, (ii) the rights to print, publish and distribute any of the
foregoing, (iii) the right to sue or otherwise recover for any and all
past, present and future infringements and misappropriations thereof,
(iv) all income, royalties, damages and other payments now and hereafter
due and/or payable with respect thereto (including payments under all licenses
entered into in connection therewith, and damages and payments for past,
present or future infringements thereof), and (v) all other rights of any
kind whatsoever of such Grantor accruing thereunder or pertaining thereto (“Copyrights”);

 

(d)           (i) all trade secrets and all
confidential and proprietary information, including know-how, manufacturing and
production processes and techniques, inventions, research and development
information, technical data, financial, marketing and business data, pricing
and cost information, business and marketing plans, and customer and supplier
lists and information, (ii) the right to sue or otherwise recover for any
and all past, present and future infringements and misappropriations thereof,
(iii) all income, royalties, damages and other payments now and hereafter
due and/or payable with respect thereto (including payments under all licenses
entered into in connection therewith, and damages and payments for past,
present or future infringements thereof), and (iv) all other rights of any
kind whatsoever of such Grantor accruing thereunder or pertaining thereto
(collectively, the “Trade Secrets”);

 

(e)           (i) all licenses or agreements,
whether written or oral, providing for the grant by or to any Grantor of:  (A) any right to use any Trademark or
Trade Secret, (B) any right to manufacture, use, import, export,
distribute, offer for sale or sell any invention covered in whole or in part by
a Patent, and (C) any right under any Copyright including the grant of
rights to manufacture, distribute, print, publish, copy, import, export,
exploit and sell materials derived from any Copyright including any of the
foregoing identified in Schedule 1, (ii) the right to sue or
otherwise recover for any and all past, present and future infringements and
misappropriations of any of the foregoing, (iii) all income, royalties,
damages and other payments now and hereafter due and/or payable with respect
thereto (including payments under all licenses entered into in connection
therewith, and damages and payments for past, present or future infringements
thereof), and (iv) all other rights of any kind whatsoever of such Grantor
accruing thereunder or pertaining thereto; and

 

(f)            any and all
proceeds of the foregoing.

 

SECTION
2.           Recordation. 
Each Grantor authorizes and requests that the Register of Copyrights,
the Commissioner of Patents and Trademarks and any other applicable government
officer record this First Supplemental Intellectual Property Security
Agreement.

 

B-2-3

 

SECTION
3.           Execution in Counterparts.  This Agreement may be executed in any number
of counterparts (including by telecopy), each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute
one and the same agreement.

 

SECTION
4.           Governing Law. 
This First Supplemental Intellectual Property Security Agreement (including
any claim or controversy arising out of or relating to this Agreement) shall be
governed by, and construed and interpreted in accordance with, the law of the
State of New York without regard of conflict of law principles that would
result in the application of any law other than the law of the State of New
York.

 

SECTION
5.           Conflict Provision. 
This First Supplemental Intellectual Property Security Agreement has
been entered into in conjunction with the provisions of the Amended and
Restated Guarantee and Collateral Agreement, Note Purchase Agreement and the Credit
Agreement.  The rights and remedies of
each party hereto with respect to the security interest granted herein are
without prejudice to, and are in addition to those set forth in the Amended and
Restated Guarantee and Collateral Agreement, Note Purchase Agreement and the Credit
Agreement, all terms and provisions of which are incorporated herein by
reference.  In the event that any
provisions of this Intellectual Property Security Agreement are in conflict
with the Amended and Restated Guarantee and Collateral Agreement, Note Purchase
Agreement or the Credit Agreement, the provisions of the Amended and Restated Guarantee
and Collateral Agreement, Note Purchase Agreement or the Credit Agreement shall
govern.

 

B-2-4

 

IN WITNESS
WHEREOF, each of the undersigned has caused this Intellectual Property Security
Agreement (first supplemental filing) to be duly executed and delivered as of
the date first above written.

 

 

	
   

  	
  [NAME OF GRANTOR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

B-2-5

 

Schedule 1

 

COPYRIGHTS

 

PATENTS

 

TRADEMARKS

 

TRADE
SECRETS

 

INTELLECTUAL
PROPERTY LICENSES

 

 

Exhibit C to

Amended and Restated Guarantee and Collateral Agreement

 

FORM
OF AMENDED AND RESTATED CONTROL AGREEMENT

 

This AMENDED AND
RESTATED CONTROL AGREEMENT (as amended, supplemented or otherwise modified from
time to time, the “Control Agreement”) dated as of                   ,
200  , is made by and among                       ,
a                   
corporation (the “Grantor”), US Bank National Association, as collateral
agent (in such capacity, the “Collateral Agent”) for the Secured Parties
(as defined in the Amended and Restated Guarantee and Collateral Agreement
referred to below), and                        ,
a                          
corporation (the “Issuer”).

 

WHEREAS, the
Grantor has granted to the Collateral Agent for the benefit of the Secured
Parties a security interest in the uncertificated securities of the Issuer
owned by the Grantor from time to time (collectively, the “Pledged
Securities”), and all additions thereto and substitutions and proceeds
thereof (collectively, with the Pledged Securities, the “Collateral”)
pursuant to an Amended and Restated Guarantee and Collateral Agreement, dated
as of [                 ],
2005 (as amended, supplemented, replaced or otherwise modified from time to
time, the “Guarantee and Collateral Agreement”), among the Grantor and
the other persons party thereto as grantors in favor of the Collateral Agent.

 

WHEREAS, the
following terms which are defined in Articles 8 and 9 of the Uniform Commercial
Code in effect in the State of New York on the date hereof (the “UCC”)
are used herein as so defined:  Adverse
Claim, Control, Instruction, Proceeds and Uncertificated Security.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

SECTION
1.           Notice of Security Interest.  The Grantor, the Collateral Agent and the
Issuer are entering into this Control Agreement to perfect, and to confirm the
priority of, the Collateral Agent’s security interest in the Collateral.  The Issuer acknowledges that this Control
Agreement constitutes written notification to the Issuer of the Collateral
Agent’s security interest in the Collateral. 
The Issuer agrees to promptly make all necessary entries or notations in
its books and records to reflect the Collateral Agent’s security interest in
the Collateral and, upon request by the Collateral Agent, to register the
Collateral Agent as the registered owner of any or all of the Pledged
Securities.  The Issuer acknowledges that
the Collateral Agent has control over the Collateral.

 

SECTION
2.           Collateral. 
The Issuer hereby represents and warrants to, and agrees with the
Grantor and the Collateral Agent that (i) the terms of any limited
liability company interests or partnership interests included in the Collateral
from time to time shall expressly provide that they are securities governed by
Article 8 of the Uniform Commercial Code in effect from time to time in the
State of [                    ],
(ii) the Pledged Securities are uncertificated securities, (iii) the
issuer’s jurisdiction is, and during the term of this Control Agreement shall
remain, the State of [                    ],
(iv) Schedule 1 contains a true and

 

C-1

 

complete description of the
Pledged Securities as of the date hereof and (v) except for the claims and
interests of the Collateral Agent and the Grantor in the Collateral, the Issuer
does not know of any claim to or security interest or other interest in the
Collateral.

 

SECTION
3.           Control.  The
Issuer hereby agrees, upon written direction from the Collateral Agent and
without further consent from the Grantor, (a) to comply with all instructions
and directions of any kind originated by the Collateral Agent concerning the
Collateral, to liquidate or otherwise dispose of the Collateral as and to the
extent directed by the Collateral Agent and to pay over to the Collateral Agent
all proceeds without any setoff or deduction, and (b) except as otherwise
directed by the Collateral Agent, not to comply with the instructions or
directions of any kind originated by the Grantor or any other person.

 

SECTION
4.           Other Agreements. 
The Issuer shall notify promptly the Collateral Agent and the Grantor if
any other person asserts any lien, encumbrance, claim (including any adverse
claim) or security interest in or against any of the Collateral.  In the event of any conflict between the
provisions of this Control Agreement and any other agreement governing the
Pledged Securities or the Collateral, the provisions of this Control Agreement
shall control.

 

SECTION
5.           Protection of Issuer. 
The Issuer may rely and shall be protected in acting upon any notice,
instruction or other communication that it reasonably believes to be genuine
and authorized.

 

SECTION
6.           Termination. 
This Control Agreement shall terminate automatically upon receipt by the
Issuer of written notice executed by the Collateral Agent that (i) all of the
obligations secured by the Collateral have been paid in full in immediately
available funds, or (ii) all of the Collateral has been released,
whichever is sooner, and the Issuer shall thereafter be relieved of all duties
and obligations hereunder.

 

SECTION
7.           Notices.  All
notices, requests and demands to or upon the respective parties hereto to be
effective shall be in writing (including by telecopy), and, unless otherwise
expressly provided herein, shall be deemed to have been duly given or made when
delivered, or three days after being deposited in the mail, postage prepaid,
or, in the case of telecopy notice, when received, to the Grantor’s and the
Collateral Agent’s addresses as set forth in the Guarantee and Collateral
Agreement, and to the Issuer’s address as set forth below, or to such other
address as any party may give to the others in writing for such purpose:

 

[Name of Issuer]

[Address of Issuer]

Attention:

Telephone: 
(      )       -

Telecopy:  (      )       -

 

SECTION
8.           Amendments in Writing.  None of the terms or provisions of this
Control Agreement may be waived, amended, supplemented or otherwise modified
except by a written instrument executed by the parties hereto.

 

SECTION
9.           Entire Agreement. 
This Control Agreement and the Guarantee and Collateral Agreement
constitute the entire agreement and supersede all other prior agreements

 

C-2

 

and understandings, both written
and oral, among the parties with respect to the subject matter hereof.

 

SECTION
10.         Execution in Counterparts.  This Control Agreement may be executed in any
number of counterparts (including by telecopy), each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute
one and the same agreement.

 

SECTION
11.         Successors and Assigns.  This Control Agreement will be binding upon
and inure to the benefit of the parties hereto and their respective successors
and assigns, except that the Grantor may not assign, transfer or delegate any
of its rights or obligations under this Control Agreement without the prior
written consent of the Collateral Agent.

 

SECTION
12.         Governing Law and Jurisdiction.  This Control Agreement has been delivered to
and accepted by the Collateral Agent and will be deemed to be made in the State
of New York.  THIS CONTROL
AGREEMENT (INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO
THIS AGREEMENT) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF
LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE
LAW OF THE STATE OF NEW YORK.  Each
of the parties hereto submits for itself and its property in any legal action
or proceeding relating to this Control Agreement, or for recognition and
enforcement of any judgment in respect thereof, to the non-exclusive general
jurisdiction of the Courts of the State of New York, the courts of the United
States of America for the Southern District of New York, and appellate courts
from any thereof.

 

SECTION
13.       WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS CONTROL AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

C-3

 

IN WITNESS
WHEREOF, each of the undersigned has caused this Control Agreement to be duly
executed and delivered as of the date first above written.

 

 

	
   

  	
  [NAME OF GRANTOR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [                                                                                 ],
  as Collateral

  
	
   

  	
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [NAME OF ISSUER]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

C-4

 

Exhibit D to

Amended and Restated Guarantee and Collateral Agreement

 

FORM
OF AMENDED AND RESTATED CONTROL AGREEMENT

 

This AMENDED AND
RESTATED CONTROL AGREEMENT (as amended, supplemented or otherwise modified from
time to time, the “Control Agreement”) dated as of [                      ],
200[_], is made by and among                                   ,
a                       
corporation (the “Grantor”), US Bank National Association, as collateral
agent (in such capacity, the “Collateral Agent”) for the Secured Parties
(as defined in the Guarantee and Collateral Agreement referred to below), and                          ,
a                       
corporation (the “Bank”).

 

WHEREAS, the Bank
maintains for the Grantors securities accounts and deposit accounts, including
without limitation, the accounts listed on Schedule 1 hereto (the “Pledged
Accounts”), in the name of the Grantor.

 

WHEREAS, the
Grantor has granted to the Collateral Agent for the benefit of the Secured
Parties a security interest in the Pledged Accounts, all cash, instruments,
financial assets carried therein, all security entitlements with respect
thereto, all cash checks, instruments and other items of value of the Grantor
now or hereafter paid, deposited, credited, held or otherwise in the possession
or under the control of, or in transit to, the Bank or any agent, bailee or
custodian thereof, and all additions thereto and substitutions and proceeds
thereof (collectively, the “Collateral”) pursuant to an Amended and
Restated Guarantee and Collateral Agreement, dated as of [            ],
2005 (as amended, supplemented, replaced or otherwise modified from time to
time, the “Guarantee and Collateral Agreement”), among the Grantor and
the other persons party thereto as grantors in favor of the Collateral Agent.

 

WHEREAS, the
following terms which are defined in Articles 8 and 9 of the Uniform Commercial
Code in effect in the State of New York on the date hereof (the “UCC”)
are used herein as so defined:  adverse
claim, bank’s jurisdiction, commodity account, commodity contract, control,
deposit account, entitlement order, financial asset, instruction, investment
property, proceeds, securities account, securities intermediary, securities
intermediary’s jurisdiction, and security entitlement.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

SECTION
1.           Notice of Security Interest.  The Grantors, the Collateral Agent and the
Bank are entering into this Control Agreement to perfect, and to confirm the
priority of, the Collateral Agent’s security interest in the Collateral.  The Bank acknowledges that this Control
Agreement constitutes written notification to the Bank of the Collateral Agent’s
security interest in the Collateral.  The
Bank agrees to promptly make all necessary entries or notations in its books
and records to reflect the Collateral Agent’s security interest in the
Collateral.  The Bank acknowledges that
the Collateral Agent has control over the Pledged Accounts, all cash,
instruments, and financial assets contained therein from time to time, and all security
entitlements with respect thereto.  The
Collateral Agent hereby appoints the Bank as the 

 

D-1

 

Collateral Agent’s bailee and pledgee in possession for the Pledged
Accounts and the Bank hereby accepts such appointment and agrees to be bound by
the terms of this Agreement.

 

SECTION
2.           Collateral;
Pledged Accounts.

 

(a)           Each Grantor hereby represents and
warrants to, and agrees with the Collateral Agent and the Bank that, all cash,
instruments and investment property (other than any commodity contract or
commodity account) held by the Bank for the Grantor is and shall be credited to
the Pledged Accounts.

 

(b)           The Bank hereby represents and
warrants to, and agrees with the Grantor and the Collateral Agent that
(i) the Bank is a securities intermediary with respect to the Grantor and,
to the extent permitted by applicable law, the Pledged Accounts are securities
accounts, (ii) to the extent permitted by applicable law, all assets,
property and items from time to time carried in the Pledged Accounts,
including, without limitation, any investment property, are, and will continue
to be, financial assets, (iii) the securities intermediary’s jurisdiction
is, and during the term of this Control Agreement shall remain, the State of
New York, (iv) the Bank’s jurisdiction is, and during the term of this
Control Agreement shall remain, the State of New York, (v) Schedule 1
contains a true and complete statement of the Pledged Accounts as of the date
hereof (including, without limitation, the financial assets, cash and
instruments carried therein or with respect thereto), (vi) no financial
asset included in the Collateral is registered in the name of, payable to the
order of, or specially indorsed to, the Grantor, which has not been indorsed to
the Bank or in blank, and (vii) the Pledged Accounts are and shall remain
a cash account, and the Bank will not extend, directly or indirectly, any “purpose
credit” (within the meaning of such term under Regulation T of the Board of
Governors of the Federal Reserve System of the United States) to the Grantor in
respect of the Pledged Accounts.

 

(c)           The Collateral Agent hereby instructs
the Bank, and the Bank hereby confirms and agrees that, unless the Collateral
Agent shall otherwise direct the Bank in writing, any cash, instruments or
investment property (other than any commodity contract or commodity account)
from time to time held by the Bank for the Grantor shall be credited only to,
and carried only in, the Pledged Accounts.

 

SECTION
3.           Control.  The
Bank hereby agrees that, at any time that an Event of Default exists and is
continuing, upon written direction from the Collateral Agent and without
further consent from the Grantor, (a) to comply with all instructions,
entitlement orders and directions of any kind originated by the Collateral
Agent concerning the Collateral, to liquidate or otherwise dispose of the
Collateral as and to the extent directed by the Collateral Agent and to pay
over to the Collateral Agent all cash Collateral and proceeds without any setoff
or deduction, and (b) except as otherwise directed by the Collateral
Agent, not to comply with the instructions, entitlement orders or directions of
any kind originated by the Grantor or any other person until such time as the
Collateral Agent sends written notice to the Bank that such Event of Default
has been cured or waived.

 

SECTION
4.           Statements and Other Information.  Upon the Collateral Agent’s request, the Bank
shall send to the Collateral Agent copies of all the regular monthly account
statements provided to the Grantor and such other information relating to the
Pledged Accounts 

 

D-2

 

as shall be reasonably requested
by the Collateral Agent.  The Bank shall
also deliver to the Collateral Agent a copy of all notices and statements
required to be sent to the Grantor pursuant to any agreement governing or
related to the Pledged Accounts to the Collateral Agent at such times as any
such notice is sent to the Grantor.

 

SECTION
5.           Other Agreements; Termination; Successor Banks.  The Bank shall notify promptly the Collateral
Agent and the Grantor if any other person asserts any lien, encumbrance, claim
(including any adverse claim) or security interest in or against any of the
Collateral.  As long as the Guarantee and
Collateral Agreement remains in effect, neither the Grantor nor the Bank shall
terminate any Pledged Account without 30 days’ prior written notice to the
other party and the Collateral Agent.  In
the event of any conflict between the provisions of this Control Agreement and
any other agreement governing the Pledged Accounts or the Collateral, the
provisions of this Control Agreement shall control.  In the event the Bank no longer serves as
bank for the Collateral, the Pledged Accounts and the cash, instruments and
financial assets carried therein or held with respect thereto shall be
transferred to a successor bank or custodian satisfactory to the Collateral
Agent, provided, that prior to such transfer, such successor bank or
custodian shall execute an agreement that is substantially in the form of this
Control Agreement or is otherwise in form and substance reasonably satisfactory
to the Collateral Agent.

 

SECTION
6.           Protection of Bank. 
The Bank may rely and shall be protected in acting upon any notice,
instruction or other communication that it reasonably believes to be genuine
and authorized.

 

SECTION
7.           Termination. 
This Control Agreement shall terminate automatically upon receipt by the
Bank of written notice executed by the Collateral Agent that (i) all of
the obligations (excluding unmatured contingent reimbursement and
indemnification obligations) secured by the Collateral have been paid in full
in immediately available funds, or (ii) all of the Collateral has been
released, whichever is sooner, and the Bank shall thereafter be relieved of all
duties and obligations hereunder.

 

SECTION 8.           Waiver; Priority of Collateral Agent’s Interests.  Other than with respect to its fees and
customary commissions with respect to the Pledged Accounts, the Bank hereby
waives its right to set off any obligations of the Grantor to the Bank against
any or all of the Collateral, and hereby agrees that any and all liens,
encumbrances, claims or security interests which the Bank may have against the
Collateral, either now or in the future in connection with any Pledged Account
are and shall be subordinate and junior to the prior payment in full in
immediately available funds of all obligations of the Grantor now or hereafter
existing under the Credit Agreement and Note Purchase Agreement, the Guarantee
and Collateral Agreement, and all other documents related thereto, whether for
principal, interest (including, without limitation, interest as provided in the
Credit Agreement and Note Purchase Agreement, whether or not such interest
accrues after the filing of such petition for purposes of the federal
Bankruptcy Law or is an allowed claim in such proceeding), indemnities, fees,
premiums, expenses or otherwise.  Except
for the foregoing and claims and interests of the Collateral Agent and the
Grantor in the Collateral, the Bank does not know of any claim to or security
interest or other interest in the Collateral.

 

D-3

 

SECTION
9.           Miscellaneous. 
(a)              Irrevocable
Agreement.  The Grantor acknowledges
that the agreements made by it and the authorizations granted by it in Sections
1, 2 and 3 hereof are irrevocable and that the authorizations
granted in Sections 1, 2 and 3 hereof are powers coupled
with an interest.

 

(b)           Notices.  All notices, requests and demands to or upon
the respective parties hereto to be effective shall be in writing (including by
telecopy), and, unless otherwise expressly provided herein, shall be deemed to
have been duly given or made when delivered, or three days after being
deposited in the mail, postage prepaid, or, in the case of telecopy notice,
when received, to the address as set forth below, or to such other address as
any party may give to the others in writing for such purpose:

 

[Name of Bank]

[Address of Bank]

Attention:

Telephone:  (     )

Telecopy:  (     )

 

[Collateral Agent]

[Address of Collateral Agent]

Attention:

Telephone:  (     )

Telecopy:  (     )

 

[Name of Grantor]

[Address]

Attention:

Telephone:  (     )

Telecopy:  (     )

 

(c)           Amendments in Writing.  None of the terms or provisions of this
Control Agreement may be waived, amended, supplemented or otherwise modified
except by a written instrument executed by the parties hereto.

 

(d)           Entire Agreement.  This Control Agreement and the Guarantee and
Collateral Agreement constitute the entire agreement and supersede all other
prior agreements and understandings, both written and oral, among the parties
with respect to the subject matter hereof.

 

(e)           Execution in Counterparts.  This Control Agreement may be executed in any
number of counterparts (including by telecopy), each of which when so executed
shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement.

 

(f)            Successors and Assigns.  This Control Agreement will be binding upon
and inure to the benefit of the parties hereto and their respective successors
and assigns, except that the Grantor may not assign, transfer or delegate any
of its rights or obligations under this Control Agreement without the prior
written consent of the Collateral Agent.

 

D-4

 

(g)           Governing Law and Jurisdiction.  This Control Agreement has been delivered to
and accepted by the Collateral Agent and will be deemed to be made in the State
of New York.  THIS CONTROL
AGREEMENT (INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO
THIS AGREEMENT) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF
LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE
LAW OF THE STATE OF NEW YORK.  Each
of the parties hereto submits for itself and its property in any legal action
or proceeding relating to this Control Agreement, or for recognition and
enforcement of any judgment in respect thereof, to the non-exclusive general
jurisdiction of the Courts of the State of New York, the courts of the United
States of America for the Southern District of New York, and appellate courts
from any thereof.

 

(h)           WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS CONTROL AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

D-5

 

IN WITNESS
WHEREOF, each of the undersigned has caused this Control Agreement to be duly
executed and delivered as of the date first above written.

 

	
   

  	
  [NAME OF GRANTOR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [                                         ],
  as Collateral Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [NAME OF BANK]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

D-6

 

SCHEDULE
1

[LIST OF BANK ACCOUNTS]

 

 

Exhibit E to

Amended and Restated Guarantee and Collateral Agreement

 

FORM
OF AMENDED AND RESTATED CONTROL AGREEMENT

 

This AMENDED AND
RESTATED CONTROL AGREEMENT (as amended, supplemented or otherwise modified from
time to time, the “Control Agreement”) dated as of                          ,
200   , is made by and among                               ,
a                         
corporation (the “Grantor”), US Bank National Association, as collateral
agent (in such capacity, the “Collateral Agent”) for the Secured Parties
(as defined in the Amended and Restated Guarantee and Collateral Agreement
referred to below), and                         ,
a                         
corporation (the “Broker”).

 

WHEREAS, the
Broker maintains for the Grantor a commodity account, Account No.                                
(the “Pledged Account”), in the name of the
Grantor.

 

WHEREAS, the
Grantor has granted to the Collateral Agent for the benefit of the Secured
Parties a security interest in the Pledged Account, the commodity contracts and
any free credit balance carried therein, and all additions thereto and
substitutions and proceeds thereof (collectively, the “Collateral”)
pursuant to a Guarantee and Collateral Agreement, dated as of [              ],
2005 (as amended, supplemented, replaced or otherwise modified from time to
time, the “Guarantee and Collateral Agreement”), among the Grantor and
the other persons party thereto as grantors in favor of the Collateral Agent.

 

WHEREAS, the
following terms which are defined in Articles 8 and 9 of the Uniform Commercial
Code in effect in the State of New York on the date hereof (the “UCC”)
are used herein as so defined:  Commodity
Account, Commodity Contract, Commodity Intermediary’s Jurisdiction, Control and
Proceeds.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

SECTION
1.           Notice of Security Interest.  The Grantor, the Collateral Agent and the
Broker are entering into this Control Agreement to perfect, and to confirm the
priority of, the Collateral Agent’s security interest in the Collateral.  The Broker acknowledges that this Control
Agreement constitutes written notification to the Broker of the Collateral
Agent’s security interest in the Collateral. 
The Broker agrees to promptly make all necessary entries or notations in
its books and records to reflect the Collateral Agent’s security interest in
the Collateral.  The Broker acknowledges
that the Collateral Agent has control over the Pledged Account and all
commodity contracts and any free credit balance carried therein from time to
time.

 

SECTION 2.           Collateral; Pledged Account.

 

(a)           The
Grantor hereby represents and warrants to, and agrees with the Collateral Agent
and the Broker that, all commodity contracts carried by the Broker on its books
for the Grantor are and shall be credited to the Pledged Account.

 

E-1

 

(b)           The
Broker hereby represents and warrants to, and agrees with the Grantor and the
Collateral Agent that (i) the Broker is a commodity intermediary with
respect to the Grantor and the Pledged Account is a commodity account,
(ii) the commodity intermediary’s jurisdiction is, and during the term of
this Control Agreement shall remain, the State of New York, (iii) Schedule 1
contains a true and complete statement of the Pledged Account and the commodity
contracts and any free credit balance carried therein as of the date hereof,
and (iv) the Pledged Account is and shall remain a cash account, and the
Broker will not extend, directly or indirectly, any “purpose credit” (within
the meaning of such term under Regulation T of the Board of Governors of the
Federal Reserve System of the United States) to the Grantor in respect of the
Pledged Account.

 

(c)           The
Collateral Agent hereby instructs the Broker, and the Broker hereby confirms
and agrees that, unless the Collateral Agent shall otherwise direct the Broker
in writing, all commodity contracts carried by the Broker on its books for the
Grantor shall be credited only to, and carried only in, the Pledged Account.

 

SECTION
3.           Control.  The
Broker hereby agrees, upon written direction from the Collateral Agent and
without further consent from the Grantor, (a) to apply any value distributed on
account of the commodity contracts carried in the Pledged Account as directed
by the Collateral Agent, to liquidate or otherwise dispose of the Collateral as
and to the extent directed by the Collateral Agent and to pay over to the
Collateral Agent all proceeds and other value therefrom or otherwise
distributed with respect thereto without any setoff or deduction, and (b)
except as otherwise directed by the Collateral Agent, not to apply any value
distributed on account of any commodity contract carried in the Pledged Account
as directed by the Grantor or any other person.

 

SECTION
4.           Other Agreements; Termination; Successor Brokers.  The Broker shall simultaneously send to the
Collateral Agent copies of all notices given and statements rendered pursuant
to the Pledged Account.  The Broker shall
notify promptly the Collateral Agent and the Grantor if any other person
asserts any lien, encumbrance, claim or security
interest in or against any of the Collateral. 
As long as the Guarantee and Collateral Agreement remains in effect,
neither the Grantor nor the Broker shall terminate the Pledged Account without
thirty (30) days’ prior written notice to the other party and the Collateral
Agent.  In the event of any conflict
between the provisions of this Control Agreement and any other agreement
governing the Pledged Account or the Collateral, the provisions of this Control
Agreement shall control.  In the event
the Broker no longer serves as Broker for the Collateral, the Pledged Account,
the commodity contracts and any free credit balance carried therein shall be
transferred to a successor broker, custodian or futures commission merchant
satisfactory to the Collateral Agent, provided, that prior to such
transfer, such successor broker, custodian or futures commission merchant shall
execute an agreement that is substantially in the form of this Control
Agreement or is otherwise in form and substance satisfactory to the Collateral
Agent.

 

SECTION
5.           Protection of Broker. 
The Broker may rely and shall be protected in acting upon any notice,
instruction or other communication that it reasonably believes to be genuine
and authorized.

 

E-2

 

SECTION
6.           Termination. 
This Control Agreement shall terminate automatically upon receipt by the
Broker of written notice executed by the Collateral Agent that (i) all of the
obligations secured by the Collateral have been paid in full in immediately
available funds, or (ii) all of the Collateral has been released, whichever is
sooner, and the Broker shall thereafter be relieved of all duties and
obligations hereunder.

 

SECTION
7.           Waiver;
Priority of Collateral Agent’s Interests. 
Other than with respect to its fees and customary commissions with
respect to the Pledged Account, the Broker hereby waives its right to set off
any obligations of the Grantor to the Broker against any or all of the
Collateral, and hereby agrees that any and all liens, encumbrances, claims or
security interests which the Broker may have against the Collateral, either now
or in the future in connection with the Pledged Account are and shall be
subordinate and junior to the prior payment in full in immediately available
funds of all obligations of the Grantor now or hereafter existing under the Credit
Agreement, the Guarantee and Collateral Agreement, and all other documents
related thereto, whether for principal, interest (including, without
limitation, interest as provided in the Credit Agreement, whether or not such
interest accrues after the filing of such petition for purposes of the federal
Bankruptcy Law or is an allowed claim in such proceeding), indemnities, fees,
premiums, expenses or otherwise.  Except
for the foregoing and claims and interests of the Collateral Agent and the
Grantor in the Collateral, the Broker does not know of any claim to or security
interest or other interest in the Collateral.

 

SECTION
8.           Notices.  All
notices, requests and demands to or upon the respective parties hereto to be
effective shall be in writing (including by telecopy), and, unless otherwise
expressly provided herein, shall be deemed to have been duly given or made when
delivered, or three days after being deposited in the mail, postage prepaid,
or, in the case of telecopy notice, when received, to the Grantor’s and the
Collateral Agent’s addresses as set forth in the Guarantee and Collateral
Agreement, and to the Broker’s address as set forth below, or to such other
address as any party may give to the others in writing for such purpose:

 

[Name of Broker]

[Address of Broker]

Attention:

Telephone:  (     )

Telecopy:  (     )

 

SECTION
9.           Amendments in Writing.  None of the terms or provisions of this
Control Agreement may be waived, amended, supplemented or otherwise modified
except by a written instrument executed by the parties hereto.

 

SECTION
10.         Entire Agreement. 
This Control Agreement and the Guarantee and Collateral Agreement
constitute the entire agreement and supersede all other prior agreements and
understandings, both written and oral, among the parties with respect to the
subject matter hereof.

 

SECTION
11.         Execution in Counterparts.  This Control Agreement may be executed in any
number of counterparts (including by telecopy), each of which when so executed 

 

E-3

 

shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

 

SECTION
12.         Successors and Assigns.  This Control Agreement will be binding upon
and inure to the benefit of the parties hereto and their respective successors
and assigns, except that the Grantor may not assign, transfer or delegate any
of its rights or obligations under this Control Agreement without the prior
written consent of the Collateral Agent.

 

SECTION
13.         Governing Law and Jurisdiction.  This Control Agreement has been delivered to
and accepted by the Collateral Agent and will be deemed to be made in the State
of New York.  THIS CONTROL
AGREEMENT (INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO
THIS AGREEMENT) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF
LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE
LAW OF THE STATE OF NEW YORK.  Each
of the parties hereto submits for itself and its property in any legal action
or proceeding relating to this Control Agreement, or for recognition and
enforcement of any judgment in respect thereof, to the non-exclusive general
jurisdiction of the Courts of the State of New York, the courts of the United
States of America for the Southern District of New York, and appellate courts
from any thereof.

 

SECTION 14.       WAIVER
OF JURY TRIAL.  EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN
ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS CONTROL AGREEMENT AND FOR ANY
COUNTERCLAIM THEREIN.

 

E-4

 

IN WITNESS
WHEREOF, each of the undersigned has caused this Control Agreement to be duly
executed and delivered as of the date first above written.

 

 

	
   

  	
  [NAME OF GRANTOR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [                                                                        ],
  as Collateral 

  
	
   

  	
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [NAME OF BROKER]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

E-5

 

Annex 1 to

Amended and Restated Guarantee and Collateral Agreement

 

ASSUMPTION
AGREEMENT, dated as of                        ,  200   , made by                                            ,
a                      
corporation (the “Additional Grantor”), in favor of US Bank National
Association, as collateral agent (in such capacity, the “Collateral Agent”)
for (i) the holders of Senior Secured Notes due March 31, 2009 (the “Notes”),
issued by IGN Entertainment, Inc., a Delaware Corporation (“IGN”),
pursuant to a Note Purchase Agreement, dated as of March 3, 2004 (as amended,
supplemented or otherwise modified from time to time, the “Note Purchase
Agreement”), by and among IGN, the Collateral Agent and the purchasers
listed on the signature pages thereto (the “Purchasers”), (ii) the
banks and other financial institutions or entities (the “Lenders”) from
time to time parties to the Credit Agreement, dated as of [              ],
2005 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among IGN, the Lenders party thereto, the Collateral Agent,
and (iii) the other Secured Parties (as defined in the Amended and
Restated Guarantee and Collateral Agreement (as hereinafter defined)).

 

W  I
T  N  E  S  S  E  T  H:

 

WHEREAS, IGN, US
Bank National Association, the Collateral Agent, and the Purchasers have
entered into the Note Purchase Agreement;

 

WHEREAS, IGN, US
Bank National Association, the Collateral Agent, and the Lenders have entered
into the Credit Agreement;

 

WHEREAS, in
connection with the Note Purchase Agreement and the Credit Agreement, IGN and
certain of its Affiliates (other than the Additional Grantor) have entered into
the Amended and Restated Guarantee and Collateral Agreement, dated as of [               ],
2005 (as amended, supplemented or otherwise modified from time to time, the “Guarantee
and Collateral Agreement”) in favor of the Collateral Agent for the benefit
of the Secured Parties;

 

WHEREAS, the Credit
Agreement requires the Additional Grantor to become a party to the Guarantee
and Collateral Agreement; and

 

WHEREAS, the
Additional Grantor has agreed to execute and deliver this Assumption Agreement
in order to become a party to the Guarantee and Collateral Agreement;

 

NOW, THEREFORE, IT
IS AGREED:

 

1.             Guarantee and Collateral
Agreement.  By executing and
delivering this Assumption Agreement, the Additional Grantor, as provided in Section
8.14 of the Guarantee and Collateral Agreement, hereby becomes a party to
the Guarantee and Collateral Agreement as a Grantor thereunder with the same
force and effect as if originally named therein as a Grantor and, without
limiting the generality of the foregoing, hereby expressly assumes all obligations
and liabilities of a Grantor thereunder. 
The information set forth in Annex 1-A hereto is hereby added to
the information set forth in Schedules                     
to the Guarantee and Collateral Agreement. 
The Additional Grantor hereby represents and warrants that each of the
representations and warranties contained in Section 4 of the Guarantee
and Collateral Agreement

 

 

is true and correct on and as the
date hereof (after giving effect to this Assumption Agreement) as if made on
and as of such date.

 

2.             GOVERNING LAW.  THIS ASSUMPTION AGREEMENT (INCLUDING ANY
CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT) SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD
RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW
YORK.

 

IN WITNESS
WHEREOF, the undersigned has caused this Assumption Agreement to be duly
executed and delivered as of the date first above written.

 

	
   

  	
  [ADDITIONAL GRANTOR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

2

 

EXECUTION COPY

 

 

 

COLLATERAL
TRUST AGREEMENT

 

dated as of May
27, 2005

 

 

among

 

 

IGN
Entertainment, Inc.,

 

the other
Pledgors from time to time party hereto,

 

US Bank
National Association,

as Collateral Agent under the Credit
Agreement,

 

US Bank National Association,

as Collateral Agent under the Note Purchase Agreement,

 

and

 

US Bank National Association,

as Collateral Trustee

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1. DEFINITIONS; PRINCIPLES OF
  CONSTRUCTION

  	
   

  
	
  SECTION 1.1

  	
  Defined Terms

  	
   

  
	
  SECTION 1.2

  	
  Rules of Interpretation

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2. THE TRUST ESTATE

  	
   

  
	
  SECTION 2.1

  	
  Declaration of First Lien Trust

  	
   

  
	
  SECTION 2.2

  	
  Collateral Shared Equally and Ratably

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3. OBLIGATIONS AND POWERS OF
  COLLATERAL TRUSTEE

  	
   

  
	
  SECTION 3.1

  	
  Undertaking of the Collateral Trustee

  	
   

  
	
  SECTION 3.2

  	
  Release or Subordination of Liens

  	
   

  
	
  SECTION 3.3

  	
  Enforcement of Liens

  	
   

  
	
  SECTION 3.4

  	
  Application of Proceeds

  	
   

  
	
  SECTION 3.5

  	
  Powers of the Collateral Trustee

  	
   

  
	
  SECTION 3.6

  	
  Documents and Communications

  	
   

  
	
  SECTION 3.7

  	
  For Sole and Exclusive Benefit of Holders
  of First Lien Obligations

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4. OBLIGATIONS ENFORCEABLE BY IGN
  AND THE OTHER PLEDGORS

  	
   

  
	
  SECTION 4.1

  	
  Release of Liens on Collateral

  	
   

  
	
  SECTION 4.2

  	
  Delivery of Copies to First Lien
  Representatives

  	
   

  
	
  SECTION 4.3

  	
  Collateral Trustee not Required to Serve,
  File or Record

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5. IMMUNITIES OF THE COLLATERAL
  TRUSTEE

  	
   

  
	
  SECTION 5.1

  	
  No Implied Duty

  	
   

  
	
  SECTION 5.2

  	
  Appointment of Agents and Advisors

  	
   

  
	
  SECTION 5.3

  	
  Other Agreements

  	
   

  
	
  SECTION 5.4

  	
  Solicitation of Instructions

  	
   

  
	
  SECTION 5.5

  	
  Limitation of Liability

  	
   

  
	
  SECTION 5.6

  	
  Documents in Satisfactory Form

  	
   

  
	
  SECTION 5.7

  	
  Entitled to Rely

  	
   

  
	
  SECTION 5.8

  	
  First Lien Debt Default

  	
   

  
	
  SECTION 5.9

  	
  Actions by Collateral Trustee

  	
   

  
	
  SECTION 5.10

  	
  Security or Indemnity in favor of the
  Collateral Trustee

  	
   

  
	
  SECTION 5.11

  	
  Rights of the Collateral Trustee

  	
   

  
	
  SECTION 5.12

  	
  Limitations on Duty of Collateral Trustee
  in Respect of Collateral

  	
   

  
	
  SECTION 5.13

  	
  Assumption of Rights, Not Assumption of
  Duties

  	
   

  
	
  SECTION 5.14

  	
  No Liability for Clean Up of Hazardous
  Materials

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6. RESIGNATION AND REMOVAL OF THE
  COLLATERAL TRUSTEE

  	
   

  
	
  SECTION 6.1

  	
  Resignation or Removal of Collateral
  Trustee

  	
   

  
	
  SECTION 6.2

  	
  Appointment of Successor Collateral Trustee

  	
   

  
	
  SECTION 6.3

  	
  Succession

  	
   

  
	
  SECTION 6.4

  	
  Merger, Conversion or Consolidation of
  Collateral Trustee

  	
   

  

 

i

 

	
  ARTICLE 7. MISCELLANEOUS PROVISIONS

  	
   

  
	
  SECTION 7.1

  	
  Amendment

  	
   

  
	
  SECTION 7.2

  	
  Voting

  	
   

  
	
  SECTION 7.3

  	
  Further Assurances; Insurance

  	
   

  
	
  SECTION 7.4

  	
  Successors and Assigns

  	
   

  
	
  SECTION 7.5

  	
  Delay and Waiver

  	
   

  
	
  SECTION 7.6

  	
  Notices

  	
   

  
	
  SECTION 7.7

  	
  Notice Following Discharge of First Lien
  Obligations

  	
   

  
	
  SECTION 7.8

  	
  Entire Agreement

  	
   

  
	
  SECTION 7.9

  	
  Compensation; Expenses

  	
   

  
	
  SECTION 7.10

  	
  Indemnity

  	
   

  
	
  SECTION 7.11

  	
  Severability

  	
   

  
	
  SECTION 7.12

  	
  Headings

  	
   

  
	
  SECTION 7.13

  	
  Obligations Secured

  	
   

  
	
  SECTION 7.14

  	
  Governing Law

  	
   

  
	
  SECTION 7.15

  	
  Consent to Jurisdiction

  	
   

  
	
  SECTION 7.16

  	
  Waiver of Jury Trial

  	
   

  
	
  SECTION 7.17

  	
  Counterparts

  	
   

  
	
  SECTION 7.18

  	
  Effectiveness

  	
   

  
	
  SECTION 7.19

  	
  Additional Pledgors

  	
   

  
	
  SECTION 7.20

  	
  Continuing Nature of this Agreement

  	
   

  
	
  SECTION 7.21

  	
  Insolvency

  	
   

  
	
  SECTION 7.22

  	
  Rights and Immunities of First Lien
  Representatives

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT
  A – Form of Collateral Trust Joinder

  	
   

  

 

ii

 

COLLATERAL TRUST AGREEMENT

 

This Collateral
Trust Agreement (this “Agreement”) is dated as of May
27, 2005 and is by and among IGN Entertainment, Inc., a Delaware corporation (“IGN”), the Pledgors
from time to time party hereto, the Credit Agreement Collateral Agent (as
defined below), the Notes Collateral Agent (as defined below), and US Bank
National Association, as Collateral Trustee (in such capacity and together with
its successors in such capacity, the “Collateral Trustee”).

 

RECITALS

 

On May 2, 2004, IGN
issued $22.5 million in aggregate principal amount of its Senior Secured Notes
due March 31, 2009 (the “Notes”) pursuant to a Note Purchase Agreement (as amended, supplemented,
amended and restated or otherwise modified and in effect from time to time, the
“Note
Purchase Agreement”) among IGN, the purchasers listed on
the signature pages thereto, and US Bank National Association, as Collateral
Agent (in such capacity and together with its successors in such capacity, the “Notes Collateral
Agent”).

 

IGN intends to enter into a Credit Agreement dated as of the date hereof
(as amended, supplemented, amended and restated or otherwise modified and in
effect from time to time, the “Credit Agreement”) among IGN, the lenders party thereto, and US
Bank National Association, as Administrative Agent and as Collateral Agent (in
such capacity and together with its successors, the “Credit
Agreement Collateral Agent”), which will
provide for $13.5 million of term loans.

 

Capitalized terms
used in this Agreement have the meanings assigned to them above or in Article 1
below.

 

IGN and the other
Pledgors intend to secure the Obligations under the Credit Agreement, the Notes
and all future First Lien Debt on an equal and ratable basis with Liens on all
present and future Collateral to the extent that such Liens have been provided
for in the applicable Security Documents.

 

This Agreement sets forth the terms on which each Secured Party appoints
the Collateral Trustee to act as the trustee for the present and future holders
of the First Lien Obligations to receive, hold, maintain, administer and
distribute the Collateral at any time delivered to the Collateral Trustee or
the subject of the Security Documents, and to enforce the Security Documents
and all interests, rights, powers and remedies of the Collateral Trustee with
respect thereto or thereunder and the proceeds thereof.

 

AGREEMENT

 

In consideration
of the premises and the mutual agreements herein set forth, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement
hereby agree as follows:

 

 

ARTICLE 1. 
DEFINITIONS; PRINCIPLES OF CONSTRUCTION

 

SECTION 1.1         Defined Terms. 
The following terms will have the following meanings:

 

“Act of Required Debtholders” means,
as to any matter at any time, a direction in writing delivered to the
Collateral Trustee by or with the written consent of the holders of more than
50% of the aggregate outstanding principal amount of First Lien Debt (including
outstanding letters of credit whether or not then available or drawn).  For purposes of this definition, (a) First
Lien Debt registered in the name of, or beneficially owned by, IGN or any
Affiliate of IGN will be deemed not to be outstanding and (b) votes will
be determined in accordance with Section 7.2.

 

“Affiliate” means, with
respect to any specified Person, any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person; provided that
beneficial ownership of 10% or more of the voting securities of a Person shall
be deemed to be control.  For the
purposes of this definition, “control” (including, with correlative meanings,
the terms “controlled by” and “under common control with”), as used with
respect to any Person, shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of
such Person, whether in the capacity of officer or director of such Person,
through the ownership of voting securities, by agreement or otherwise.

 

“Agreement” has the
meaning set forth in the preamble.

 

“Board of Directors” means
(a) with respect to a corporation, the board of directors of the corporation or
any committee thereof duly authorized to act on behalf of such board, (b) with
respect to a partnership, the Board of Directors of the general partner of the
partnership, (c) with respect to a limited liability company, the managing
member or members or any controlling committee of managing members thereof and
(d) with respect to any other Person, the board or committee of such Person
serving a similar function.

 

“Business Day” means any
day other than a Saturday, a Sunday or a day on which banking institutions in
the City of New York or at a place of payment are authorized by law, regulation
or executive order to remain closed.

 

“Capital Lease” means any lease of
any property which would in accordance with GAAP be required to be classified
and accounted for on the balance sheet of the lessee as a capital lease.

 

“Capitalized Lease Obligation” means,
with respect to any Person for any period, any obligation of such Person to pay
rent or other amounts under a Capital Lease, including the amount of such
obligation that is capitalized.

 

2

 

“Capital Stock” means any
and all shares, interests, participation or other equivalents (however
designated) of corporate stock, including without limitation all common stock
and preferred stock.

 

“Collateral” means, in
the case of each Series of First Lien Debt, all properties and assets of IGN
and the other Pledgors now owned or hereafter acquired in which Liens have been
granted to the Collateral Trustee to secure the First Lien Obligations, and
shall exclude any properties and assets in which the Collateral Trustee is
required to release its Liens pursuant to Section 3.2; provided, that, if such Liens are required to be released as a result of the
sale, transfer or other disposition of any properties or assets of IGN or any
other Pledgor, such assets or properties will cease to be excluded from the
Collateral if IGN or any other Pledgor thereafter acquires or reacquires such
assets or properties.

 

“Collateral Trustee” has
the meaning set forth in the preamble.

 

“Collateral Trust Joinder”
means an agreement substantially in the form of Exhibit A.

 

“Credit Agreement” has
the meaning set forth in the recitals.

 

“Discharge of First Lien Obligations”
means the occurrence of all of the following:

 

(1)           termination or expiration of all commitments to extend
credit that would constitute First Lien Debt;

 

(2)           payment in full in cash of the principal of and interest and
premium (if any) on all First Lien Debt (other than any undrawn letters of
credit);

 

(3)           discharge or cash collateralization of all outstanding
letters of credit constituting First Lien Debt; and

 

(4)           payment
in full in cash of all other First Lien Obligations that are outstanding and
unpaid at the time the First Lien Debt is paid in full in cash (other than any
obligations for taxes, costs, indemnifications, reimbursements, damages and
other liabilities in respect of which no claim or demand for payment has been
made at such time).

 

“equally and ratably” means, in
reference to sharing of Liens or proceeds thereof as between holders of First
Lien Debt, that such Liens or proceeds:

 

(1)           will
be allocated and distributed first to the First Lien Representative for each
outstanding Series of First Lien Debt for the account of the holders of such
Series of First Lien Debt, ratably in proportion to the principal of, and
interest and premium (if any) and reimbursement obligations (contingent or
otherwise) with respect to letters of credit, if any, outstanding (whether or
not drawings have been made under such letters of credit) on each outstanding
Series of First Lien Debt when the allocation or distribution is made, and
thereafter

 

3

 

(2)           will
be allocated and distributed (if any remain after payment in full of all of the
principal of, and interest and premium (if any) and reimbursement obligations
(contingent or otherwise) with respect to letters of credit, if any,
outstanding (whether or not drawings have been made on such letters of credit)
on all outstanding First Lien Obligations) to the First Lien Representative for
each outstanding Series of First Lien Obligations, for the account of the
holders of any remaining First Lien Obligations, ratably in proportion to the aggregate
unpaid amount of such remaining First Lien Obligations due and demanded (with
written notice to the applicable First Lien Representative and the Collateral
Trustee) prior to the date such distribution is made.

 

“Fair Market
Value”  means the value that would be paid by a
willing buyer to a willing seller in a transaction not involving distress or
necessity of either party, (1) determined in good faith by an officer of IGN
and evidenced by an Officers’ Certificate delivered to the Collateral Trustee,
if such value is less than or equal to $500,000, or (2) determined in good
faith by the Board of Directors of IGN and evidenced by a resolution delivered
to the Collateral Trustee, if such value is greater than $500,000.

 

“First Lien” means a Lien
granted by a Security Document to the Collateral Trustee, at any time, upon any
property of IGN or any other Pledgor to secure First Lien Obligations.

 

“First Lien Debt” means Indebtedness
under the Notes, the Note Purchase Agreement and the Credit Agreement that was
permitted to be incurred and secured under each applicable First Lien Document.

 

“First Lien  Debt Default”
means any event or condition which, under the terms of any credit agreement,
indenture or other agreement governing any Series of First Lien Debt causes, or
permits holders of First Lien Debt outstanding thereunder (with or without the
giving of notice or lapse of time, or both, and whether or not notice has been
given or time has lapsed) to cause, the First Lien Debt outstanding thereunder
to become immediately due and payable.

 

“First  Lien Documents”
means the Notes, Note Purchase Agreement, the Credit
Agreement and any other instrument, agreement or document pursuant to which any
First Lien Debt is incurred and the Security Documents.

 

“First  Lien Obligations”
means the First Lien Debt and all other Obligations in
respect of First Lien Debt.

 

“First Lien Representative” means:

 

(a)           in
the case of the Credit Agreement, the Credit Agreement Collateral Agent;  and

 

(b)           in
the case of the Notes, the Notes Collateral Agent.

 

“First Lien Trust Estate”
has the meaning set forth in Section 2.1.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public

 

4

 

Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect from time to time.

 

“Guarantee”
means a guarantee other than by endorsement of negotiable instruments for
collection in the ordinary course of business, direct or indirect, in any
manner including, without limitation, by way of a pledge of assets or through
letters of credit or reimbursement agreements in respect thereof, of all or any
part of any Indebtedness. The term “Guarantee” used as a verb (and the
participle formed therefrom) will have a correlative meaning.

 

“Guarantors”
means each of:

 

(a)           the
guarantors listed on the signature pages hereto; and

 

(b)           any other Subsidiary
of IGN that executes a Guarantee of any Series of First Lien Debt or grants a
Lien in favor of the Collateral Agent to Secure any Series of First Lien Debt,

 

and their
respective successors and assigns.

 

“Guarantee and Collateral Agreement”
means that certain Amended and Restated Guarantee and Collateral Agreement
dated the date hereof between IGN, each Guarantor, each holder of Senior Notes
and the Collateral Agent under the Note Purchase Agreement and the Credit
Agreement.

 

“Hedging Obligations” means with
respect to any specified Person, the obligations of such Person under:

 

(a)           interest rate swap
agreements, interest rate cap agreements and interest rate collar agreements;
and

 

(b)           other
agreements or arrangements designed to protect such Person against fluctuations
in interest rates.

 

“IGN” has the meaning set forth in
the preamble.

 

“Indebtedness” means, with respect to
any specified Person, any indebtedness of such Person, whether or not
contingent:

 

(a)           in
respect
of borrowed money;

 

(b)           evidenced
by bonds, notes, debentures or similar instruments or letters of credit (or
reimbursement agreements in respect thereof);

 

(c)           inrespect
of banker’s acceptances;

 

(d)           representing
Capital Lease Obligations;

 

5

 

(e)           representing the
balance deferred and unpaid of the purchase price of any property or services
due more than six months after such property is acquired or such services are
completed, except (i) any such balance that constitutes an accrued expense or
trade payable not overdue by more than 90 days incurred in the ordinary course
of such Person’s business, (ii) any such balance due that is being contested in
good faith by appropriate proceedings promptly instituted and diligently
conducted and for which adequate reserves or other appropriate provisions have
been made in accordance with GAAP, and (iii) any such obligation incurred under
ERISA; or

 

(f)            representing
any Hedging Obligations;

 

if and to the extent any of the preceding
items (other than letters of credit and Hedging Obligations) would appear as a
liability upon a balance sheet of the specified Person prepared in accordance
with GAAP.  In addition, the term “Indebtedness”
includes all indebtedness of others secured by a Lien on any asset of the
specified Person (whether or not such indebtedness is assumed by the specified
Person) and, to the extent not otherwise included, the Guarantee by the
specified Person of any Indebtedness of any other Person.

 

“Indemnified Liabilities”
means any and all liabilities (including all environmental liabilities),
obligations, losses, damages, penalties, actions, judgments, suits, costs, taxes,
expenses or disbursements of any kind or nature whatsoever with respect to the
execution, delivery, performance, administration or enforcement of this
Agreement or any of the other Security Documents, including any of the
foregoing relating to the use of proceeds of any First Lien Debt or the
violation of, noncompliance with or liability under, any law (including
environmental laws) applicable to or enforceable against IGN any of its
Subsidiaries or any other Pledgor or any of the Collateral and all reasonable
costs and expenses (including reasonable fees and expenses of legal counsel
selected by the Indemnitee) incurred by any Indemnitee in connection with any
claim, action, investigation or proceeding in any respect relating to any of
the foregoing, whether or not suit is brought.

 

“Indemnitee” has the
meaning set forth in Section 7.10(a).

 

“Insolvency or Liquidation Proceeding” means:

 

(1)           any
case commenced by or against IGN or any other Pledgor under Title 11, U.S. Code
or any similar federal or state law for the relief of debtors, any other
proceeding for the reorganization, recapitalization or adjustment or
marshalling of the assets or liabilities of IGN or any other Pledgor, any
receivership or assignment for the benefit of creditors relating to IGN or any
other Pledgor or any similar case or proceeding relative to IGN or any other
Pledgor or its creditors, as such, in each case whether or not voluntary;

 

(2)           any
liquidation, dissolution, marshalling of assets or liabilities or other winding
up of or relating to IGN or any other Pledgor, in each case whether or not
voluntary and whether or not involving bankruptcy or insolvency; or

 

6

 

(3)           any
other proceeding of any type or nature in which substantially all claims of
creditors of IGN or any other Pledgor are determined and any payment or
distribution is or may be made on account of such claims.

 

“Lien” means any security
interest, mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or otherwise), charge against or interest in
property, in each case of any kind, to secure payment of a debt or performance
of an obligation.

 

“Moody’s” means Moody’s
Investors Service, a division of Dun & Bradstreet Corporation, and its
successors and assigns.

 

“Notes” has the meaning
set forth in the recitals.

 

“Note Documents” means
the Note Purchase Agreement, the Notes and the Security Documents that create a
Lien Securing Obligations under the Notes.

 

“Note
Purchase Agreement” has the meaning set forth in the
recitals.

 

“Obligations” means any principal, interest (including all
interest accrued thereon after the commencement of any Insolvency or
Liquidation Proceeding at the rate, including any applicable post-default rate,
specified in the First Lien Documents, even if such interest is not
enforceable, allowable or allowed as a claim in such proceeding), premium (if
any), fees, indemnifications, reimbursements, expenses and other liabilities
payable under the documentation governing any Indebtedness.

 

“Officers’ Certificate” means
a certificate with respect to compliance with a condition or covenant provided
for in this Agreement, signed on behalf of IGN by two officers of IGN, one of
whom must be the principal executive officer, the principal financial officer,
the treasurer or the principal accounting officer of IGN, including:

 

(a)           a
statement that the Person making such certificate has read such covenant or
condition;

 

(b)           a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate are based;

 

(c)           a statement that, in
the opinion of such Person, he or she has made such examination or
investigation as is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been satisfied; and

 

(d)           a
statement as to whether or not, in the opinion of such Person, such condition
or covenant has been satisfied.

 

7

 

“Permitted Prior Liens” means:

 

(1)           Liens
on property of a Person existing at the time such Person is merged with or into
or consolidated with IGN or any Subsidiary of IGN; provided
that such Liens were in existence prior to the contemplation of such merger or
consolidation and do not extend to any assets other than those of the Person
merged into or consolidated with IGN or the Subsidiary;

 

(2)           Liens
on property (including Capital Stock) existing at the time of acquisition of
the property by IGN or any Subsidiary of IGN; provided
that such Liens were in existence prior to, such acquisition, and not incurred
in contemplation of, such acquisition;

 

(3)           Liens
to secure Indebtedness (including Capital Lease Obligations) permitted by each
First Lien Document covering only the assets acquired with or financed by such
Indebtedness;

 

(4)           Liens
existing on the date that the Notes were first issued; and

 

(5)           Liens
that arise by operation of law and are not voluntarily granted, to the extent
entitled by law to priority over the Liens created by the security documents.

 

“Person” means any
natural person, corporation, partnership, limited liability company, firm,
association, trust, government, governmental agency or any other entity,
whether acting in an individual, fiduciary or other capacity.

 

“Pledgors” means IGN and
the Guarantors.

 

“S&P” means Standard
& Poor’s Ratings Services and its successors and assigns.

 

“Secured Parties”  means the holders of First Lien Obligations and the First
Lien Representatives.

 

“Security Documents” means
this Agreement, the Guarantee and Collateral Agreement, and all security
agreements, pledge agreements, collateral assignments, mortgages, collateral
agency agreements, control agreements, deeds of trust or other grants or
transfers for security executed and delivered by IGN or any other Pledgor
creating (or purporting to create) a Lien upon Collateral in favor of the
Collateral Trustee, for the benefit of the Secured Parties, in each case, as
amended, modified, renewed, restated or replaced, in whole or in part, from
time to time, in accordance with its terms and Section 7.2.

 

“Series of First Lien Debt” means
First Lien Debt for which a single transfer register is maintained, including
the following series: (a) First Lien Debt under the Credit Agreement and (b)
First Lien Debt under the Notes.

 

“UCC” means the Uniform
Commercial Code as in effect in the State of New York or any other applicable
jurisdiction.

 

8

 

SECTION 1.2         Rules of Interpretation.

 

(a)           All terms
used in this Agreement that are defined in Article 9 of the UCC and not
otherwise defined herein have the meanings assigned to them in Article 9 of the
UCC.

 

(b)           Unless otherwise indicated, any
reference to any agreement or instrument will be deemed to include a reference
to that agreement or instrument as assigned, amended, supplemented, amended and
restated, or otherwise modified and in effect from time to time or replaced in
accordance with the terms of this Agreement.

 

(c)           The use in this Agreement or any of
the other Security Documents of the word “include” or “including,” when
following any general statement, term or matter, will not be construed to limit
such statement, term or matter to the specific items or matters set forth
immediately following such word or to similar items or matters, whether or not
nonlimiting language (such as “without limitation” or “but not limited to” or
words of similar import) is used with reference thereto, but will be deemed to
refer to all other items or matters that fall within the broadest possible
scope of such general statement, term or matter.  The word “will” shall
be construed to have the same meaning and effect as the word “shall.”

 

(d)           References
to “Sections,” “clauses,” “recitals” and the “preamble” will be to Sections,
clauses, recitals and the preamble, respectively, of this Agreement unless
otherwise specifically provided. 
References to “Articles” will be to Articles of this Agreement unless
otherwise specifically provided.  References
to “Exhibits” and “Schedules” will be to Exhibits and Schedules, respectively,
to this Agreement unless otherwise specifically provided.

 

(e)           This Agreement
and the other Security Documents will be construed without regard to the
identity of the party who drafted it and as though the parties participated
equally in drafting it.  Consequently,
each of the parties acknowledges and agrees that any rule of construction that
a document is to be construed against the drafting party will not be applicable
either to this Agreement or the other Security Documents.

 

ARTICLE 2.  THE TRUST ESTATE

 

SECTION 2.1         Declaration of First Lien Trust.

 

To secure the
payment of the First Lien Obligations and in consideration of the mutual
agreements set forth in this Agreement, each of the Pledgors hereby grants to
the Collateral Trustee, and the Collateral Trustee hereby accepts and agrees to
hold, in trust under this Agreement for the benefit of all present and future
holders of First Lien Obligations, all
of such Pledgor’s right, title and interest in, to and under all Collateral granted to the Collateral
Trustee under any Security Document for the benefit of the holders of First
Lien Obligations (collectively, together
with all of the Collateral Trustee’s right, title and interest in, to
and under the Security Documents, and
all interests, rights, powers and remedies of the Collateral Trustee thereunder
or in respect thereof (other than with respect to amounts payable to the
Collateral Agent for its own account) and all cash and non-cash proceeds
thereof, the “First Lien
Trust Estate”).

 

The Collateral Trustee and its successors and assigns under this
Agreement will hold the First Lien Trust Estate in trust for the benefit solely
and exclusively of all present and future

 

9

 

holders
of First Lien Obligations as security for the payment of all present and future
First Lien Obligations.

 

Notwithstanding
the foregoing, if at any time:

 

(1)           all
Liens securing the First Lien Obligations
have been released as provided in Section 4.1;

 

(2)           the
Collateral Trustee holds no other property in trust as part of the First Trust
Estate;

 

(3)           no monetary
obligation (other than indemnification and other contingent obligations not
then due and payable) is outstanding and payable under this Agreement to the
Collateral Trustee or any of its co-trustees or agents (whether in an
individual or representative capacity); and

 

(4)           IGN delivers to the
Collateral Trustee an Officers’ Certificate stating that all First Liens of the
Collateral Trustee have been released in compliance with all applicable
provisions of the First Lien Documents and that the Pledgors are not required
by any First Lien Document to grant any First Lien upon any property,

 

then the trust arising hereunder
will terminate, except that all provisions set forth in Sections 7.09 and 7.10
that are enforceable by the Collateral Trustee or any of its co-trustees or
agents (whether in an individual or representative capacity), will remain enforceable
in accordance with their terms.

 

The parties
further declare and covenant that the First Lien Trust Estate will be held and
distributed by the Collateral Trustee subject to the further agreements herein.

 

SECTION 2.2         Collateral Shared Equally and Ratably.  The parties to this Agreement agree that the
payment and satisfaction of all of the First Lien Obligations will be secured
equally and ratably by the Liens established in favor of the Collateral Trustee
for the benefit of the Secured Parties.

 

ARTICLE 3.  OBLIGATIONS
AND POWERS OF COLLATERAL TRUSTEE

 

SECTION 3.1         Undertaking of the Collateral Trustee.

 

(a)           Subject
to, and in accordance with, this Agreement, the Collateral Trustee will, as
trustee, for the benefit solely and exclusively of the present and future
Secured Parties:

 

(1)           perform
its obligations under the Security Documents;

 

(2)           deliver
and receive notices pursuant to the Security Documents;

 

(3)           remit as provided in
Section 3.4 all cash proceeds received by the Collateral Trustee from the
collection, foreclosure or enforcement of its interest in the

 

10

 

Collateral under the Security Documents or
any of its other interests, rights, powers or remedies;

 

(4)           execute and deliver
amendments to the Security Documents as from time to time authorized pursuant
to Section 7.1 and that are accompanied by an Officers’ Certificate to the
effect that the amendment is permitted under Section 7.1; and

 

(5)           release any Lien
granted to it by any Security Document upon any Collateral if and as required
by Section 4.1(b).

 

(b)           Each party
to this Agreement acknowledges and consents to the undertaking of the
Collateral Trustee set forth in Section 3.1(a) and agrees to each of the other
provisions of this Agreement applicable to the Collateral Trustee.

 

(c)           Notwithstanding
anything to the contrary contained in this Agreement, the Collateral Trustee
will not commence any exercise of remedies or any foreclosure actions or
otherwise take any action or proceeding against any of the Collateral unless
and until it shall have been directed by written notice of an Act of Required
Debtholders and then only in accordance with the provisions of this Agreement.

 

SECTION 3.2         Release or Subordination
of Liens.  The Collateral Trustee
will not release or subordinate any Lien of the Collateral Trustee or consent
to the release or subordination of any Lien of the Collateral Trustee, except:

 

(a)           as directed
by an Act of Required Debtholders accompanied by an Officers’ Certificate to the
effect that the release or subordination was permitted by each applicable First
Lien Document;

 

(b)           as required
by Article 4; or

 

(c)           as ordered
pursuant to applicable law under a final and nonappealable order or judgment of
a court of competent jurisdiction.

 

SECTION 3.3         Enforcement of Liens.  If the Collateral Trustee at any time
receives written notice that any event has occurred that constitutes a default
under any First Lien Document entitling the Collateral Trustee to foreclose
upon, collect or otherwise enforce its Liens hereunder, the Collateral Trustee
will promptly deliver written notice thereof to each First Lien
Representative.  Thereafter, the
Collateral Trustee may await direction by an Act of Required Debtholders and
will act, or decline to act, as directed by an Act of Required Debtholders, in
the exercise and enforcement of the Collateral Trustee’s interests, rights,
powers and remedies in respect of the Collateral or under the Security
Documents or applicable law and, following the initiation of such exercise of
remedies, the Collateral Trustee will act, or decline to act, with respect to
the manner of such exercise of remedies as directed by an Act of Required
Debtholders.  Unless it has been directed
to the contrary by an Act of Required Debtholders, the Collateral Trustee in
any event may (but will not be obligated to) take or refrain from taking such
action with respect to any default under any First Lien Document as it may deem
advisable and in the best interest of the holders of First Lien Obligations.

 

11

 

SECTION 3.4         Application of Proceeds.

 

(a)           The Collateral
Trustee will apply the proceeds of any collection, sale, foreclosure or other
realization upon any Collateral and the proceeds of any title insurance policy
required under any First Lien Document in accordance with Section 6.5 of the
Guarantee and Collateral Agreement.

 

(b)           If any First
Lien Representative or any holder of a First Lien Obligation collects or
receives any proceeds of such foreclosure, collection or other enforcement that
should have been applied to the payment of the First Lien Obligations in
accordance with Section 3.4(a) above, whether after the commencement of an
Insolvency or Liquidation Proceeding or otherwise, such First Lien
Representative or such holder of a First Lien Obligation, as the case may be,
will forthwith deliver the same to the Collateral Trustee, for the account of all
holders of First Lien Obligations and other Obligations secured by a Permitted
Prior Lien, to be applied in accordance with Section 3.4(a).  Until so delivered, such proceeds will be
held by that First Lien Representative or that holder of a First Lien
Obligation, as the case may be, for the benefit of all holders of First Lien
Obligations and other Obligations secured by a Permitted Prior Lien.

 

(c)           This section
3.4 is intended for the benefit of, and will be enforceable as a third party
beneficiary by, each present and future holder of First Lien Obligations, each
present and future First Lien Representative and the Collateral Trustee as
holder of First Liens.

 

(d)           In connection with the application of
proceeds pursuant to Section 3.4(a), except as otherwise directed by an Act of
Required Debtholders, the Collateral Trustee may sell any non-cash proceeds for
cash prior to the application of the proceeds thereof.

 

SECTION 3.5         Powers of the Collateral Trustee.

 

(a)           The Collateral
Trustee is irrevocably authorized and empowered to enter into and perform its
obligations and protect, perfect, exercise and enforce its interest, rights,
powers and remedies under the Security Documents and applicable law and in
equity and to act as set forth in this Article 3 or as requested in any
lawful directions given to it from time to time in respect of any matter by an
Act of Required Debtholders.

 

(b)           No First
Lien Representative or holder of First Lien Obligations will have any liability
whatsoever for any act or omission of the Collateral Trustee.

 

SECTION 3.6         Documents and Communications.  The Collateral Trustee will permit each First
Lien Representative and each holder of First Lien Obligations upon reasonable
written notice from time to time to inspect and copy, at the cost and expense
of the party requesting such copies, any and all Security Documents and other
documents, notices, certificates, instructions or communications received by
the Collateral Trustee in its capacity as such.

 

SECTION 3.7         For Sole and Exclusive Benefit of Holders of First Lien
Obligations.  The Collateral Trustee
will accept, hold, administer and enforce all Liens on the Collateral at any
time transferred or delivered to it and all other interests, rights, powers and
remedies at any time granted to or enforceable by the Collateral Trustee and
all other property of the First Lien Trust Estate solely and exclusively for
the benefit of the present and future holders of present and

 

12

 

future First Lien Obligations,
and will distribute all proceeds received by it in realization thereon or from
enforcement thereof solely and exclusively pursuant to the provisions of
Section 3.4.

 

ARTICLE 4.  OBLIGATIONS
ENFORCEABLE BY IGN AND THE 

OTHER PLEDGORS

 

SECTION 4.1         Release of Liens on
Collateral.

 

(a)           The Collateral
Trustee’s Liens upon the Collateral will be released upon receipt of the
Collateral Trustee of the documents required by Section 4.1(b):

 

(1)           in whole, upon (A)
payment in full and discharge of all outstanding First Lien Debt and all other First
Lien Obligations that are outstanding, due and payable at the time all of the First
Lien Debt is paid in full and discharged and (B) termination or expiration of
all commitments to extend credit under all First Lien Documents and the
cancellation or termination or cash collateralization of all outstanding
letters of credit issued pursuant to any First Lien Documents;

 

(2)           as to any Collateral
that is sold, transferred or otherwise disposed of by IGN or any other Pledgor
to a Person that is not (either before or after such sale, transfer or disposition)
IGN or a Subsidiary of IGN in a transaction or other circumstance that complies
with Section 6.6 of the Note Purchase Agreement and Section 7.6 of the Credit
Agreement and is permitted by all of the other First Lien Documents, at the
time of such sale, transfer or other disposition or to the extent of the
interest sold, transferred or otherwise disposed of;

 

(3)           as to a release of
less than all or substantially all of the Collateral, if consent to the release
of all First Liens has been given by an Act of Required Debtholders; and

 

(4)           as to a release of
all or substantially all of the Collateral, if (A) consent to release of
that Collateral has been given by the requisite percentage or number of holders
of each Series of First Lien Debt at the time outstanding as provided for in
the applicable First Lien Documents and (B) IGN has delivered an Officers’
Certificate to the Collateral Trustee certifying that any such necessary
consents have been obtained.

 

(b)           The Collateral
Trustee agrees for the benefit of IGN and the other Pledgors that if the
Collateral Trustee at any time receives:

 

(1)           an Officers’
Certificate stating that (A) the signing officer has read Article 4 of
this Agreement and understands the provisions and the definitions relating hereto,
(B) such officer has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not the
conditions precedent in this Agreement and all other First Lien Documents, if
any, relating to the release of the Collateral have been complied with and (C)
in the opinion of such officer, such conditions precedent, if any, have been
complied with; and

 

13

 

(2)           the
proposed instrument or instruments releasing such Lien as to such property in
recordable form, if applicable.

 

(3)           in
the case of a release pursuant to Section 4.1(a)(3) or (4), the documents
referred to therein;

 

then the Collateral Trustee will execute
(with such acknowledgements and/or notarizations as are required) and deliver
such release to IGN or other applicable
Pledgor on or before the later of (x) the date specified in such request
for such release and (y) the fifth Business Day after the date of receipt of
the items required by this Section 4.1(b) by the Collateral Trustee.

 

(c)           The Collateral Trustee hereby agrees
that:

 

(1)           in the case of any
release pursuant to clause (2) of Section 4.1(a), if the terms of any
such sale, transfer or other disposition require the payment of the purchase
price to be contemporaneous with the delivery of the applicable release, then,
at the written request of and at the expense of IGN or other applicable
Pledgor, the Collateral Trustee will either (A) be present at and deliver the
release at the closing of such transaction or (B) deliver the release under
customary escrow arrangements that permit such contemporaneous payment and
delivery of the release; and

 

(2)           within one Business
Day of the receipt by it of any Act of Required Debtholders pursuant to Section 4.1(a)(3),
the Collateral Trustee will deliver a copy of such Act of Required Debtholders
to each First Lien Representative.

 

(d)           Each First
Lien Representative hereby agrees that:

 

(1)           as soon as
reasonably practicable after receipt of an Officers’ Certificate from IGN pursuant
to Section 4.1(b)(1) it will, to the extent required by such Section,
either provide (A) the written confirmation required by Section 4.1(b)(3),
(B) a written statement that such release is not permitted by
Section 4.1(a), or (C) a request for further information from IGN reasonably
necessary to determine whether the proposed release is permitted by
Section 4.1(a) and after receipt of such information such First Lien Representative
will as soon as reasonably practicable
either provide the written confirmation or statement required pursuant to
clause (A) or (B), as applicable; and

 

(2)           within one Business Day
of the receipt by it of any notice from the Collateral Trustee pursuant to
Section 4.1(c)(2), such First Lien Representative will deliver a copy of
such notice to each registered holder of the Series of First Lien Debt for
which it acts as First Lien Representative.

 

SECTION 4.2         Delivery of Copies to First
Lien Representatives.  IGN will
deliver to each First Lien Representative a copy of each Officers’ Certificate
delivered to the Collateral Trustee pursuant to Section 4.1(b), together
with copies of all documents delivered to the Collateral Trustee with such
Officers’ Certificate.  The First Lien Representatives
will not be obligated to take notice thereof or to act thereon, subject to
Section 4.1(d).

 

14

 

SECTION 4.3         Collateral Trustee not Required to
Serve, File or Record.  The
Collateral Trustee is not required to serve, file, register or record any
instrument releasing or subordinating its Liens on any Collateral; provided, however, that if IGN or any
other Pledgor shall make a written demand for a termination statement under
Section 9-513(c) of the UCC, the Collateral Trustee shall comply with the
written request of IGN or such Pledgor to comply with the requirements of such
UCC provision; provided, further, that the Collateral Trustee must
first confirm with the First Lien Representatives that the requirements of such
UCC provisions have been satisfied.

 

ARTICLE 5.  IMMUNITIES
OF THE COLLATERAL TRUSTEE

 

SECTION 5.1         No Implied Duty. 
The Collateral Trustee will not have any fiduciary duties nor will it
have responsibilities or obligations other than those expressly assumed by it
in this Agreement and the other Security Documents.  The Collateral Trustee will not be required
to take any action that is contrary to applicable law or any provision of this
Agreement or the other Security Documents.

 

SECTION 5.2         Appointment of Agents and
Advisors.  The Collateral Trustee may
execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents, attorneys, accountants, appraisers or
other experts or advisors selected by it in good faith as it may reasonably
require and will not be responsible for any misconduct or negligence on the
part of any of them.

 

SECTION 5.3         Other Agreements. 
The Collateral Trustee has accepted and is bound by the Security
Documents executed by the Collateral Trustee as of the date of
this Agreement and, as directed by an Act of Required Debtholders, the
Collateral Trustee shall execute additional Security Documents delivered to it
after the date of this Agreement; provided,
however, that such additional Security Documents do not adversely
affect the rights, privileges, benefits and immunities of the Collateral
Trustee.  The Collateral Trustee will not otherwise be bound by, or be
held obligated by, the provisions of any credit agreement, indenture or other agreement
governing First Lien Debt (other than this Agreement and the other Security
Documents).

 

SECTION 5.4         Solicitation of
Instructions.

 

(a)           The Collateral Trustee may at any
time solicit written confirmatory instructions, in the form of an Act of
Required Debtholders, an Officers’ Certificate or an order of a court of
competent jurisdiction, as to any action that it may be requested or required
to take, or that it may propose to take, in the performance of any of its
obligations under this Agreement or the other Security Documents.

 

(b)           No written direction given to the
Collateral Trustee by an Act of Required Debtholders that in the sole judgment
of the Collateral Trustee imposes, purports to impose or might reasonably be
expected to impose upon the Collateral Trustee any obligation or liability not
set forth in or arising under this Agreement and the other Security Documents
will be binding upon the Collateral Trustee unless the Collateral Trustee
elects, at its sole option, to accept such direction.

 

15

 

SECTION 5.5         Limitation of Liability.  The Collateral Trustee will not be
responsible or liable for any action taken or omitted to be taken by it
hereunder or under any other Security Document, except for its own negligence,
bad faith or willful misconduct as determined by a court of competent
jurisdiction.

 

SECTION 5.6         Documents in Satisfactory Form.  The Collateral Trustee will be entitled to
require that all agreements, certificates, opinions, instruments and other
documents at any time submitted to it, including those expressly provided for
in this Agreement, be delivered to it in a form and with substantive provisions
reasonably satisfactory to it.

 

SECTION 5.7         Entitled to Rely. 
The Collateral Trustee may seek and rely upon, and shall be fully
protected in relying upon, any judicial order or judgment, upon any advice,
opinion or statement of legal counsel, independent consultants and other
experts selected by it in good faith and upon any certification, instruction,
notice or other writing delivered to it by IGN or any other Pledgor in
compliance with the provisions of this Agreement or delivered to it by any First
Lien Representative as to the holders of First Lien Obligations for whom it
acts, without being required to determine the authenticity thereof or the
correctness of any fact stated therein or the propriety or validity of service
thereof.  The Collateral Trustee may act
in reliance upon any instrument comporting with the provisions of this
Agreement or any signature reasonably believed by it to be genuine and may
assume that any Person purporting to give notice or receipt or advice or make
any statement or execute any document in connection with the provisions hereof
or the other Security Documents has been duly authorized to do so. To the
extent an Officers’ Certificate or opinion of counsel is required or permitted
under this Agreement to be delivered to the Collateral Trustee in respect of
any matter, the Collateral Trustee may rely conclusively on Officers’
Certificate or opinion of counsel as to such matter and such Officers’
Certificate or opinion of counsel shall be full warranty and protection to the
Collateral Trustee for any action taken, suffered or omitted by it under the
provisions of this Agreement and the other Security Documents.

 

SECTION 5.8         First Lien Debt Default.  The Collateral Trustee will not be required
to inquire as to the occurrence or absence of any First Lien Debt Default and
will not be affected by or required to act upon any notice or knowledge as to
the occurrence of any First Lien Debt Default unless and until it is directed
by an Act of Required Debtholders.

 

SECTION 5.9         Actions by Collateral Trustee.  As to any matter not expressly provided for
by this Agreement or the other Security Documents, the Collateral Trustee will
act or refrain from acting as directed by an Act of Required Debtholders and
will be fully protected if it does so, and any action taken, suffered or
omitted pursuant to hereto or thereto shall be binding on the holders of First
Lien Obligations.

 

SECTION 5.10       Security
or Indemnity in favor of the Collateral Trustee.  The Collateral Trustee will not be required
to advance or expend any funds or otherwise incur any financial liability in
the performance of its duties or the exercise of its powers or rights hereunder
unless it has been provided with security or indemnity reasonably satisfactory
to it against any and all liability or expense which may be incurred by it by
reason of taking or continuing to take such action.

 

16

 

SECTION 5.11       Rights of the Collateral Trustee.  In the event of any conflict between any
terms and provisions set forth in this Agreement and those set forth in any
other Security Document, the terms and provisions of this Agreement shall
supersede and control the terms and provisions of such other Security
Document.  In the event there is any bona
fide, good faith disagreement between the other parties to this Agreement or
any of the other Security Documents resulting in adverse claims being made in
connection with Collateral held by the Collateral Trustee and the terms of this
Agreement or any of the other Security Documents do not unambiguously mandate
the action the Collateral Trustee is to take or not to take in connection
therewith under the circumstances then existing, or the Collateral Trustee is
in doubt as to what action it is required to take or not to take hereunder or
under the other Security Documents, it will be entitled to refrain from taking
any action (and will incur no liability for doing so) until directed otherwise
in writing by a request signed jointly by the parties hereto entitled to give
such direction or by order of a court of competent jurisdiction.

 

SECTION 5.12       Limitations on Duty of Collateral Trustee in Respect of
Collateral.

 

(a)           Beyond the exercise of reasonable
care in the custody of Collateral in its possession, the Collateral Trustee
will have no duty as to any Collateral in its possession or control or in the possession
or control of any agent or bailee or any income thereon or as to preservation
of rights against prior parties or any other rights pertaining thereto and the
Collateral Trustee will not be responsible for filing any financing or
continuation statements or recording any documents or instruments in any public
office at any time or times or otherwise perfecting or maintaining the
perfection of any Liens on the Collateral. 
The Collateral Trustee will be deemed to have exercised reasonable care
in the custody of the Collateral in its possession if the Collateral is
accorded treatment substantially equal to that which it accords its own
property, and the Collateral Trustee will not be liable or responsible for any
loss or diminution in the value of any of the Collateral by reason of the act
or omission of any carrier, forwarding agency or other agent or bailee selected
by the Collateral Trustee in good faith.

 

(b)           The Collateral Trustee will not be
responsible for the existence, genuineness or value of any of the Collateral or
for the validity, perfection, priority or enforceability of the Liens in any of
the Collateral, whether impaired by operation of law or by reason of any action
or omission to act on its part hereunder, except to the extent such action or
omission constitutes negligence, bad faith or willful misconduct on the part of
the Collateral Trustee, for the validity or sufficiency of the Collateral or
any agreement or assignment contained therein, for the validity of the title of
any Pledgor to the Collateral, for insuring the Collateral or for the payment
of taxes, charges, assessments or Liens upon the Collateral or otherwise as to
the maintenance of the Collateral.  The
Collateral Trustee hereby disclaims any representation or warranty to the
present and future holders of the First Lien Obligations concerning the
perfection of the Liens granted hereunder or in the value of any of the
Collateral.

 

SECTION 5.13       Assumption of Rights, Not
Assumption of Duties. 
Notwithstanding anything to the contrary contained herein:

 

(1)           each
of the parties thereto will remain liable under each of the Security Documents
(other than this Agreement) to the extent set forth therein to perform

 

17

 

all of their respective duties and
obligations thereunder to the same extent as if this Agreement had not be
executed;

 

(2)           the exercise by the
Collateral Trustee of any of its rights, remedies or powers hereunder will not
release such parties from any of their respective duties or obligations under
the other Security Documents; and

 

(3)           the
Collateral Trustee will not be obligated to perform any of the obligations or
duties of any of the parties thereunder other than the Collateral Trustee.

 

SECTION 5.14       No Liability for Clean Up of Hazardous Materials.  In the event that the Collateral Trustee is
required to acquire title to an asset for any reason, or take any managerial
action of any kind in regard thereto, in order to carry out any fiduciary or
trust obligation for the benefit of another, which in the Collateral Trustee’s
sole discretion may cause the Collateral Trustee to be considered an “owner or
operator” under any environmental laws or otherwise cause the Collateral
Trustee to incur, or be exposed to, any environmental liability or any
liability under any other federal, state or local law, the Collateral Trustee
reserves the right, instead of taking such action, either to resign as
Collateral Trustee or to arrange for the transfer of the title or control of
the asset to a court appointed receiver. 
The Collateral Trustee will not be liable to any Person for any
environmental liability or any environmental claims or contribution actions
under any federal, state or local law, rule or regulation by reason of the
Collateral Trustee’s actions and conduct as authorized, empowered and directed
hereunder or relating to any kind of discharge or release or threatened
discharge or release of any hazardous materials into the environment.

 

ARTICLE 6.  RESIGNATION
AND REMOVAL OF THE COLLATERAL TRUSTEE

 

SECTION 6.1         Resignation or Removal of
Collateral Trustee.  Subject to the
appointment of a successor Collateral Trustee as provided in Section 6.2
and the acceptance of such appointment by the successor Collateral Trustee:

 

(a)           the Collateral Trustee may resign at
any time by giving not less than 30 days’ notice of resignation to each First
Lien Representative and IGN; and

 

(b)           the
Collateral Trustee may be removed at any time, with or without cause, by an Act
of Required Debtholders.

 

SECTION 6.2         Appointment of Successor Collateral Trustee.  Upon any such resignation or removal, a
successor Collateral Trustee may be appointed by an Act of Required
Debtholders.  If no successor Collateral
Trustee has been so appointed and accepted such appointment within 30 days
after the predecessor Collateral Trustee gave notice of resignation or was
removed, the retiring Collateral Trustee may (at the expense of IGN), at its
option, appoint a successor Collateral Trustee, or petition a court of
competent jurisdiction for appointment of a successor Collateral Trustee, which
must be a bank or trust company:

 

(1)           authorized
to exercise corporate trust powers;

 

(2)           having
a combined capital and surplus of at least $50,000,000;

 

18

 

(3)           that is not a First
Lien Representative.

 

The Collateral
Trustee will fulfill its obligations hereunder until a successor Collateral
Trustee meeting the requirements of this Section 6.2 has accepted its
appointment as Collateral Trustee and the provisions of Section 6.3 have been
satisfied.

 

SECTION 6.3         Succession.  When the Person so appointed as successor
Collateral Trustee accepts such appointment:

 

(1)           such Person will
succeed to and become vested with all the rights, powers, privileges and duties
of the predecessor Collateral Trustee, and the predecessor Collateral Trustee
will be discharged from its duties and obligations hereunder; and

 

(2)           the predecessor
Collateral Trustee will (at the expense of IGN) promptly transfer all Liens and
collateral security and other property of the First Lien Trust Estate within
its possession or control to the possession or control of the successor
Collateral Trustee and will execute instruments and assignments as may be
necessary or desirable or reasonably requested by the successor Collateral
Trustee to transfer to the successor Collateral Trustee all Liens, interests,
rights, powers and remedies of the predecessor Collateral Trustee in respect of
the Security Documents or the First Lien Trust Estate.

 

Thereafter the predecessor Collateral Trustee
will remain entitled to enforce the immunities granted to it in Article 5
and the provisions of Sections 7.10 and 7.11.

 

SECTION 6.4         Merger, Conversion or
Consolidation of Collateral Trustee. 
Any Person into which the Collateral Trustee may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which the Collateral Trustee shall be a party,
or any Person succeeding to the corporate trust business of the Collateral
Trustee shall be the successor of the Collateral Trustee pursuant to Section
6.3 without the execution or filing of any paper with any party hereto or any
further act on the part of any of the parties hereto, except where an
instrument of transfer or assignment is required by law to effect such
succession, anything herein to the contrary notwithstanding, such Person
satisfies the eligibility requirements specified in clauses (1) through (4) of
Section 6.2.  The Collateral Trustee
shall promptly notify IGN of any such merger, consolidation or consolidation.

 

ARTICLE 7. MISCELLANEOUS PROVISIONS

 

SECTION 7.1         Amendment.

 

(a)           No amendment or supplement to the
provisions of any Security Document will be effective without the approval of
the Collateral Trustee acting as directed by an Act of Required Debtholders,
except that:

 

(1)           any amendment or
supplement that has the effect solely of adding or maintaining Collateral, or
preserving, perfecting or establishing the Liens thereon or the rights of the
Collateral Trustee therein will become effective when executed and

 

19

 

delivered
by IGN or any other applicable Pledgor party thereto and the Collateral
Trustee;

 

(2)           no
amendment or supplement that reduces, impairs or adversely affects the right of
any holder of First Lien Obligations:

 

(A)          to
vote its outstanding First Lien Debt as to any matter described as subject to
an Act of Required Debtholders (or amends the provisions of this clause (2)
or the definition of “Act of Required
Debtholders”),

 

(B)           to
share in the order of application described in Section 3.4 in the proceeds
of enforcement of or realization on any Collateral that has not been released
in accordance with the provisions described in Section 4.1, or

 

(C)           to require that Liens securing First Lien Obligations be
released only as set forth in the provisions described in Section 4.1,

 

will become effective without
the consent of the requisite percentage or number of holders of each Series of First
Lien Debt so affected under the applicable First Lien Documents; and

 

(3)           no
amendment or supplement that imposes any obligation upon the Collateral Trustee
or any First Lien Representative or adversely affects the rights of the Collateral
Trustee or any First Lien Representative, respectively, in its capacity as such
will become effective without the consent of the Collateral Trustee or such First
Lien Representative, respectively.

 

(b)           The Collateral Trustee will not enter
into any amendment or supplement unless it has received an Officers’
Certificate to the effect that such amendment or supplement will not result in
a breach of any provision or covenant contained in any of the First Lien Documents.  Prior to executing any amendment or
supplement pursuant to this Section 7.1, the Collateral Trustee will be
entitled to receive an opinion of counsel of IGN to the effect that the
execution of such document is authorized or permitted hereunder, and with
respect to amendments adding Collateral, an opinion of counsel of IGN addressing
customary perfection, and if such additional Collateral consists of equity
interests of any Person, priority matters with respect to such additional
Collateral.

 

SECTION 7.2         Voting.  In connection with any matter under this
Agreement requiring a vote of holders of First Lien Debt, each Series of First
Lien Debt will cast its votes in accordance with the First Lien Documents
governing such Series of First Lien Debt. 
The amount of First Lien Debt to be voted by a Series of First Lien Debt
will equal (1) the aggregate principal amount of First Lien Debt held by such
Series of First Lien Debt, plus
(2) other than in connection with an exercise of remedies, the aggregate
unfunded commitments to extend credit which, when funded, would constitute
Indebtedness of such Series of First Lien Debt. 
Following and in accordance with the outcome of the applicable vote
under its First Lien Documents, the

 

20

 

First Lien Representative of
each Series of First Lien will cast all of its votes as a block in respect of
any vote under this Agreement.

 

SECTION 7.3         Further Assurances; Insurance.

 

(a)           IGN and each of the other Pledgors
will do or cause to be done all acts and things that may be required, or that
the Collateral Trustee from time to time may reasonably request, to assure and
confirm that the Collateral Trustee holds, for the benefit of the holders of First
Lien Obligations, duly created and enforceable and perfected Liens upon the
Collateral, (including any property or assets that are acquired or otherwise
become Collateral after the date hereof), in each case as contemplated by, and
with the Lien priority required under, the First Lien Documents.

 

(b)           Upon the reasonable request of the
Collateral Trustee or any First Lien Representative at any time and from time
to time, IGN and each of the other Pledgors will promptly execute, acknowledge
and deliver such security documents, instruments, certificates, notices and
other documents, and take such other actions as may be reasonably required, or
that the Collateral Trustee may reasonably request, to create, perfect,
protect, assure or enforce the Liens and benefits intended to be conferred, in
each case as contemplated by the First Lien Documents for the benefit of
holders of First Lien Obligations.

 

(c)           IGN and the other Pledgors will
maintain insurance as required by the Guarantee and Collateral Agreement.

 

(d)           Upon the request of the Collateral
Trustee, IGN and the other Pledgors will furnish to the Collateral Trustee full
information as to their property and liability insurance carriers.

 

(e)           Upon the request of the Collateral
Trustee, IGN and the other Pledgors will permit the Collateral Trustee or any
of its agents or representatives, at reasonable times and intervals upon
reasonable prior notice, to visit their offices and sites and inspect any of
the Collateral and to discuss matters relating to the Collateral with their
respective officers and independent public accountants.  IGN and the other Pledgors shall, at any
reasonable time and from time to time upon reasonable prior notice, permit the
Collateral Trustee or any of its agents or representatives to examine and make
copies of and abstracts from the records and books of account of IGN and the
other Pledgors and their Subsidiaries, all at IGN’s expense.

 

21

 

SECTION 7.4         Successors and Assigns.

 

(a)           Except as provided in
Section 5.2 or Article 6, the Collateral Trustee may not, in its capacity
as such, delegate any of its duties or assign any of its rights hereunder, and
any attempted delegation or assignment of any such duties or rights will be
null and void.  All obligations of the
Collateral Trustee hereunder will inure to the sole and exclusive benefit of,
and be enforceable by, each First Lien Representative and each present and
future holder of First Lien Obligations, each of whom will be entitled to
enforce this Agreement as a third-party beneficiary hereof, and all of their
respective successors and assigns.

 

(b)           Neither IGN nor any other Pledgor may
delegate any of its duties or assign any of its rights hereunder, and any
attempted delegation or assignment of any such duties or rights will be null
and void.  All obligations of IGN and the
other Pledgors hereunder will inure to the sole and exclusive benefit of, and
be enforceable by, the Collateral Trustee, each First Lien Representative and
each present and future holder of First Lien Obligations, each of whom will be
entitled to enforce this Agreement as a third-party beneficiary hereof, and all
of their respective successors and assigns.

 

SECTION 7.5         Delay and Waiver.  No failure to exercise, no course of dealing
with respect to the exercise of, and no delay in exercising, any right, power
or remedy arising under this Agreement or any of the other Security Documents
will impair any such right, power or remedy or operate as a waiver
thereof.  No single or partial exercise
of any such right, power or remedy will preclude any other or future exercise
thereof or the exercise of any other right, power or remedy.  The remedies herein are cumulative and are
not exclusive of any remedies provided by law.

 

SECTION 7.6         Notices.  Any
communications, including notices and instructions, between the parties hereto
or notices provided herein to be given may be given to the following addresses:

 

If to the
Collateral Trustee:

 

US Bank,
Corporate Trust Services 

225 Asylum Street, 23rd Floor 

Hartford, Connecticut 06103 

Attention:  Michael M. Hopkins, Vice
President 

Telephone No.:  (860) 241-6820

Telecopier No.:  (860) 241-6897, (503)
258-5939

 

If to IGN or
any other 

Pledgor:                                                                                                                                  c/o
IGN Entertainment, Inc.

8000 Marina
Boulevard

2nd Floor

Brisbane, CA  94005

Attention:  Chief Executive Officer

Telephone No.:  415-508-2077

Telecopier No.:  415-508-2777

 

22

 

with
copies to:

 

Great Hill
Partners GP II, LLC.

One Liberty Square

Boston, MA  02109

Attention:  Michael A. Kumin

Telephone No.:  617-790-9435

Telecopier No.:  617-790-9416

 

and
to:

 

Fenwick &
West LLP

275 Battery Street, 16th Floor

San Francisco, CA 94114

Attention: Robert Dellenbach

Telephone No.:  415-875-2300

Telecopier No.:  415-281-1350

 

If to the Credit
Agreement

Collateral Agent:

 

US Bank,
Corporate Trust Services 

225 Asylum Street, 23rd Floor 

Hartford, Connecticut 06103 

Attention:  Michael M. Hopkins, Vice
President 

Telephone No.:  (860) 241-6820

Telecopier
No.:  (860) 241-6897, (503) 258-5939

 

If to the
Notes Collateral

Agent:

 

US Bank,
Corporate Trust Services 

225 Asylum Street, 23rd Floor 

Hartford, Connecticut 06103 

Attention:  Michael M. Hopkins, Vice
President 

Telephone No.:  (860) 241-6820

Telecopier No.:  (860) 241-6897, (503)
258-5939

 

and if to any
other First Lien Representative, to such address as it may specify by written
notice to the parties named above.

 

All notices and
communications will be mailed by first class mail, certified or registered,
return receipt requested, or by overnight air courier guaranteeing next day
delivery, to the relevant address set forth above or, as to holders of First
Lien Debt, its address shown on the register kept by the office or agency where
the relevant First Lien Debt may be presented for registration of transfer or
for exchange.  Failure to mail a notice
or communication to a holder of First Lien Debt or any defect in it will not
affect its sufficiency with respect to other holders of First Lien Debt.

 

If a notice or
communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it.  Any notice or communication not sent as set
forth above shall be ineffective for any purpose hereunder.

 

23

 

SECTION 7.7         Notice Following Discharge of First Lien Obligations.  Promptly following the Discharge of First Lien
Obligations with respect to one or more Series of First Lien Debt, each First Lien
Representative with respect to each applicable Series of First Lien Debt that
is so discharged will provide written notice of such discharge to the
Collateral Trustee and to each other First Lien Representative.

 

SECTION 7.8         Entire Agreement.  This Agreement states the complete agreement
of the parties relating to the undertaking of the Collateral Trustee set forth
herein and supersedes all oral negotiations and prior writings in respect of
such undertaking.

 

SECTION 7.9         Compensation; Expenses.  The Pledgors jointly and severally agree to
pay, promptly upon demand:

 

(1)           such
compensation to the Collateral Trustee and its agents as IGN and the Collateral
Trustee may agree in writing from time to time;

 

(2)           all reasonable costs
and expenses incurred by the Collateral Trustee and its agents in the
preparation, execution, delivery, filing, recordation, administration or
enforcement of this Agreement or any other Security Document or any consent,
amendment, waiver or other modification relating hereto or thereto;

 

(3)           all reasonable fees,
expenses and disbursements of legal counsel and any auditors, accountants,
consultants or appraisers or other professional advisors and agents engaged by
the Collateral Trustee or any First Lien Representative incurred in connection
with the negotiation, preparation, closing, administration, performance or
enforcement of this Agreement and the other First Lien Documents or any
consent, amendment, waiver or other modification relating hereto or thereto and
any other document or matter requested by IGN or any other Pledgor;

 

(4)           all reasonable costs
and expenses incurred by the Collateral Trustee and its agents in creating,
perfecting, preserving, releasing or enforcing the Collateral Trustee’s Liens
on the Collateral, including filing and recording fees, expenses and taxes,
stamp or documentary taxes, search fees, and title insurance premiums;

 

(5)           all other reasonable
costs and expenses incurred by the Collateral Trustee and its agents in
connection with the negotiation, preparation and execution of the Security
Documents and any consents, amendments, waivers or other modifications thereto
and the transactions contemplated thereby or the exercise of rights or
performance of obligations by the Collateral Trustee thereunder; and

 

(6)           after the occurrence
of any First Lien Debt Default, all costs and expenses incurred by the
Collateral Trustee, its agents and any First Lien Representative in connection
with the preservation, collection, foreclosure or enforcement of the Collateral
subject to the Security Documents or any interest, right, power or remedy of
the Collateral Trustee or in connection with the collection or enforcement of
any of the First Lien Obligations or the proof, protection, administration or
resolution of any claim based upon the First Lien Obligations in any Insolvency
or Liquidation Proceeding, including all fees and disbursements of attorneys,
accountants, auditors, consultants,

 

24

 

appraisers
and other professionals engaged by the Collateral Trustee, its agents or the First
Lien Representatives.

 

The agreements in this Section 7.09 will
survive repayment of all other First Lien Obligations and the removal or
resignation of the Collateral Trustee.

 

SECTION 7.10       Indemnity.

 

(a)           The Pledgors jointly and severally
agree to defend, indemnify, pay and hold harmless the Collateral Trustee, each First
Lien Representative, each holder of First Lien Obligations and each of their
respective Affiliates and each and all of the directors, officers, partners,
trustees, employees, attorneys and agents, and (in each case) their respective
heirs, representatives, successors and assigns (each of the foregoing, an “Indemnitee”)
from and against any and all Indemnified Liabilities; provided, no Indemnitee will be entitled
to indemnification hereunder with respect to any Indemnified Liability to the
extent such Indemnified Liability is found by a final and nonappealable
decision of a court of competent jurisdiction to have resulted from the gross
negligence or willful misconduct of such Indemnitee.

 

(b)           All amounts due under this
Section 7.10 will be payable upon demand.

 

(c)           To the extent that the undertakings
to defend, indemnify, pay and hold harmless set forth in Section 7.10(a)
may be unenforceable in whole or in part because they violate any law or public
policy, each of the Pledgors will contribute the maximum portion that it is
permitted to pay and satisfy under applicable law to the payment and
satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of
them.

 

(d)           The agreements in this
Section 7.10 will survive repayment of all other First Lien Obligations
and the removal or resignation of the Collateral Trustee.

 

SECTION 7.11       Severability. 
If any provision of this Agreement is invalid, illegal or unenforceable
in any respect or in any jurisdiction, the validity, legality and
enforceability of such provision in all other respects and of all remaining
provisions, and of such provision in all other jurisdictions, will not in any
way be affected or impaired thereby.

 

SECTION 7.12       Headings. 
Section headings herein have been inserted for convenience of reference
only, are not to be considered a part of this Agreement and will in no way
modify or restrict any of the terms or provisions hereof.

 

SECTION 7.13       Obligations Secured. 
All obligations of the Pledgors set forth in or arising under this
Agreement will be First Lien Obligations and are secured by all Liens granted
by the Security Documents.

 

SECTION 7.14       Governing Law. 
THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO
CONSTRUE THIS AGREEMENT (INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR
RELATING TO THIS AGREEMENT) WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

 

25

 

SECTION 7.15       Consent to Jurisdiction.  All judicial proceedings brought against any
party hereto arising out of or relating to this Agreement or any of the other
Security Documents may be brought in any state or federal court of competent
jurisdiction in the State, County and City of New York.  By executing and delivering this Agreement,
each Pledgor, for itself and in connection with its properties, irrevocably:

 

(1)           accepts generally
and unconditionally the nonexclusive jurisdiction and venue of such courts;

 

(2)           waives
any defense of forum non conveniens;

 

(3)           agrees that service
of all process in any such proceeding in any such court may be made by
registered or certified mail, return receipt requested, to such party at its
address provided in accordance with Section 7.6;

 

(4)           agrees that service
as provided in clause (3) above is sufficient to confer personal
jurisdiction over such party in any such proceeding in any such court and
otherwise constitutes effective and binding service in every respect; and

 

(5)           agrees
each party hereto retains the right to serve process in any other manner
permitted by law or to bring proceedings against any party in the courts of any
other jurisdiction.

 

SECTION 7.16       Waiver of Jury Trial.  Each party to this Agreement waives its
rights to a jury trial of any claim or cause of action based upon or arising
under this Agreement or any of the other Security Documents or any dealings
between them relating to the subject matter of this Agreement or the intents
and purposes of the other Security Documents. 
The scope of this waiver is intended to be all-encompassing of any and
all disputes that may be filed in any court and that relate to the subject
matter of this Agreement and the other Security Documents, including contract
claims, tort claims, breach of duty claims and all other common law and
statutory claims.  Each party to this
Agreement acknowledges that this waiver is a material inducement to enter into
a business relationship, that each party hereto has already relied on this
waiver in entering into this Agreement, and that each party hereto will
continue to rely on this waiver in its related future dealings.  Each party hereto further
warrants and represents that it has reviewed this waiver with its legal counsel
and that it knowingly and voluntarily waives its jury trial rights following
consultation with legal counsel. 
This waiver is irrevocable, meaning that it may not be modified either
orally or in writing (other than by a mutual written waiver specifically
referring to this Section 7.16 and executed by each of the parties
hereto), and this waiver will apply to any subsequent amendments, renewals,
supplements or modifications of or to this Agreement or any of the other
Security Documents or to any other documents or agreements relating
thereto.  In the event of litigation,
this Agreement may be filed as a written consent to a trial by the court.

 

SECTION 7.17       Counterparts. 
This Agreement may be executed in any number of counterparts (including
by facsimile), each of which when so executed and delivered will be deemed an
original, but all such counterparts together will constitute but one and the
same instrument.

 

26

 

SECTION 7.18       Effectiveness. 
This Agreement will become effective upon the execution of a counterpart
hereof by each of the parties hereto and receipt by each party of written
notification of such execution and written or telephonic authorization of
delivery thereof.

 

SECTION 7.19       Additional Pledgors. 
IGN will cause each Person that becomes a Pledgor or is required by any First
Lien Document to become a party to this Agreement to become a party to this
Agreement, for all purposes of this Agreement, by causing such Person to
execute and deliver to the parties hereto a Collateral Trust Joinder, whereupon
such Person will be bound by the terms hereof to the same extent as if it had
executed and delivered this Agreement as of the date hereof.  IGN shall promptly provide each First Lien Representative
with a copy of each Collateral Trust Joinder executed and delivered pursuant to
this Section 7.19.

 

SECTION 7.20       Continuing Nature of this
Agreement.  This Agreement will be
reinstated if at any time any payment or distribution in respect of any of First
Lien Obligations is rescinded or must otherwise be returned in an Insolvency or
Liquidation Proceeding or otherwise by any holder of First Lien Obligations or First
Lien Representative or any representative of any such party (whether by demand,
settlement, litigation or otherwise).

 

SECTION 7.21       Insolvency. 
This Agreement will be applicable both before and after the commencement
of any Insolvency or Liquidation Proceeding by or against any Pledgor.  The relative rights, as provided for in this
Agreement, will continue after the commencement of any such Insolvency or
Liquidation Proceeding on the same basis as prior to the date of the
commencement of any such case, as provided in this Agreement.

 

SECTION 7.22       Rights and Immunities of First Lien Representatives.  The Notes Collateral Agent and the Credit
Agreement Agent will be entitled to all of the rights, protections, immunities
and indemnities set forth in the Note Purchase Agreement and Credit Agreement
respectively, and any future First Lien Representative will be entitled to all
of the rights, protections, immunities and indemnities set forth in the credit
agreement, indenture or other agreement governing the applicable First Lien Debt
with respect to which such Person will act as representative, in each case as
if specifically set forth herein.  In no
event will any First Lien Representative be liable for any act or omission on
the part of the Pledgors or the Collateral Trustee hereunder.

 

27

 

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

 

	
   

  	
  IGN

  
	
   

  	
  IGN ENTERTAINMENT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  Jung

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GUARANTORS

  
	
   

  	
  TWO CENTS
  INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  Jung

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GAMESPY
  INDUSTRIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  Jung

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  INCFUSION
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  Jung

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 

S-1

 

	
   

  	
  US BANK NATIONAL ASSOCIATION, as

  Collateral Agent under the Note Purchase

  Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael
  M. Hopkins

  	
   

  
	
   

  	
   

  	
  Name:
  Michael M. Hopkins

  	
   

  
	
   

  	
   

  	
  Title: Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  US BANK NATIONAL ASSOCIATION, as

  Collateral Agent under the Credit Agreement

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael
  M. Hopkins

  	
   

  
	
   

  	
   

  	
  Name:
  Michael M. Hopkins

  	
   

  
	
   

  	
   

  	
  Title: Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  US BANK
  NATIONAL ASSOCIATION, as Collateral Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael
  M. Hopkins

  	
   

  
	
   

  	
   

  	
  Name:
  Michael M. Hopkins

  	
   

  
	
   

  	
   

  	
  Title: Vice
  President

  	
   

  

 

S-2

 

EXHIBIT A

to Collateral Trust Agreement

 

[FORM OF]

COLLATERAL TRUST JOINDER

 

The undersigned,                                    ,
a                             ,
hereby agrees to become party as [a
Pledgor] [a First Lien Representative] under the Collateral Trust
Agreement dated as of                   ,
2005 (the “Collateral
Trust Agreement”) among IGN Entertainment, Inc., the Pledgors from
time to time party thereto, US Bank National Association, as Collateral Agent
under the Credit Agreement (as defined therein), US Bank National Association,
as Collateral Agent under the Note Purchase Agreement (as defined therein) and
US Bank National Association, as Collateral Trustee, as amended, supplemented,
amended and restated or otherwise modified and in effect from time to time, for
all purposes thereof on the terms set forth therein, and to be bound by the
terms of the Collateral Trust Agreement as fully as if the undersigned had
executed and delivered the Collateral Trust Agreement as of the date thereof.

 

The provisions of
Article 7 of the Collateral Trust Agreement will apply with like effect to
this Joinder.

 

IN WITNESS
WHEREOF, the parties hereto have caused this Collateral Trust Joinder to be
executed by their respective officers or representatives as of                                          ,
20     .

 

[                                                         ]

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]