Document:

Credit Agreement

 Exhibit 4.1 

 
  

 
 $425,000,000 

CREDIT AGREEMENT 
 Dated as of November 23, 2011 
 among 

ENTERCOM RADIO, LLC 
 as the Borrower, 
 ENTERCOM COMMUNICATIONS CORP., 

as the Parent, 

BANK OF AMERICA, N.A 
 as Administrative Agent, Swing Line Lender and L/C Issuer, 
 CREDIT SUISSE
SECURITIES (USA) LLC and MORGAN STANLEY SENIOR 
 FUNDING, INC., 

as Co-Syndication Agents, 
 DEUTSCHE BANK SECURITIES and SUNTRUST BANK  
 as Co-Documentation Agents

 and 

The Other Lenders Party Hereto 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 
 CREDIT
SUISSE SECURITIES (USA) LLC 
 AND 
 MORGAN STANLEY SENIOR FUNDING, INC., 
 as Joint Lead Arrangers and Joint Book
Managers 
  
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	  
		 	 1.01
	  	 Defined Terms
	  	 	1	  
		 	 1.02
	  	 Other Interpretive Provisions
	  	 	43	  
		 	 1.03
	  	 Accounting Terms
	  	 	44	  
		 	 1.04
	  	 Rounding
	  	 	45	  
		 	 1.05
	  	 Times of Day
	  	 	45	  
		 	 1.06
	  	 Letter of Credit Amounts
	  	 	45	  
		 	 1.07
	  	 Pro Forma Calculations
	  	 	45	  
		
	 ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	46	  
		 	 2.01
	  	 Loans
	  	 	46	  
		 	 2.02
	  	 Borrowings, Conversions and Continuations of Loans
	  	 	47	  
		 	 2.03
	  	 Letters of Credit
	  	 	49	  
		 	 2.04
	  	 Swing Line Loans
	  	 	60	  
		 	 2.05
	  	 Prepayments
	  	 	63	  
		 	 2.06
	  	 Termination or Reduction of Commitments
	  	 	68	  
		 	 2.07
	  	 Repayment of Obligations
	  	 	69	  
		 	 2.08
	  	 Interest
	  	 	70	  
		 	 2.09
	  	 Fees
	  	 	70	  
		 	 2.10
	  	 Computation of Interest and Fees
	  	 	71	  
		 	 2.11
	  	 Evidence of Debt
	  	 	71	  
		 	 2.12
	  	 Payments Generally; Administrative Agent’s Clawback
	  	 	72	  
		 	 2.13
	  	 Sharing of Payments by Lenders
	  	 	74	  
		 	 2.14
	  	 Collateral Documents and Guaranty Agreements
	  	 	76	  
		 	 2.15
	  	 Cash Collateral and Other Credit Support
	  	 	76	  
		 	 2.16
	  	 Defaulting Lenders
	  	 	77	  
		 	 2.17
	  	 Discounted Voluntary Prepayments
	  	 	80	  
		 	 2.18
	  	 Incremental Facility
	  	 	81	  
		 	 2.19
	  	 Extensions of Term Loans and Revolving Commitments
	  	 	84	  
		
	 ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	87	  
		 	 3.01
	  	 Taxes
	  	 	87	  
		 	 3.02
	  	 Illegality
	  	 	92	  
		 	 3.03
	  	 Inability to Determine Rates
	  	 	92	  
		 	 3.04
	  	 Increased Costs; Reserves on Eurodollar Rate Loans
	  	 	93	  
		 	 3.05
	  	 Compensation for Losses
	  	 	95	  
		 	 3.06
	  	 Mitigation Obligations; Replacement of Lenders
	  	 	95	  
		 	 3.07
	  	 Survival
	  	 	96	  
		
	 ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	 	96	  
		 	 4.01
	  	 Conditions of Initial Credit Extension
	  	 	96	  
		 	 4.02
	  	 Conditions to all Credit Extensions
	  	 	99	  

									
	 ARTICLE V. REPRESENTATIONS AND WARRANTIES
	  	 	100	  
		 	 5.01
	  	 Existence, Qualification and Power; Compliance with Laws
	  	 	100	  
		 	 5.02
	  	 Authorization; No Contravention
	  	 	100	  
		 	 5.03
	  	 Governmental Authorization; Other Consents
	  	 	100	  
		 	 5.04
	  	 Binding Effect
	  	 	101	  
		 	 5.05
	  	 Financial Statements; No Material Adverse Effect
	  	 	101	  
		 	 5.06
	  	 Litigation
	  	 	102	  
		 	 5.07
	  	 No Default
	  	 	102	  
		 	 5.08
	  	 Ownership of Property; Liens
	  	 	102	  
		 	 5.09
	  	 Environmental Compliance
	  	 	102	  
		 	 5.10
	  	 Insurance
	  	 	102	  
		 	 5.11
	  	 Taxes
	  	 	102	  
		 	 5.12
	  	 ERISA Compliance
	  	 	103	  
		 	 5.13
	  	 Subsidiaries; Equity Interests
	  	 	103	  
		 	 5.14
	  	 Margin Regulations; Investment Company Act
	  	 	103	  
		 	 5.15
	  	 Disclosure
	  	 	104	  
		 	 5.16
	  	 Compliance with Laws
	  	 	104	  
		 	 5.17
	  	 License Subsidiaries
	  	 	104	  
		 	 5.18
	  	 The Parent
	  	 	105	  
		 	 5.19
	  	 Solvent
	  	 	105	  
		 	 5.20
	  	 Collateral Documents
	  	 	105	  
		 	 5.21
	  	 Intellectual Property; Licenses, Etc.
	  	 	106	  
		 	 5.22
	  	 Patriot Act
	  	 	106	  
		
	 ARTICLE VI. AFFIRMATIVE COVENANTS
	  	 	107	  
		 	 6.01
	  	 Financial Statements
	  	 	107	  
		 	 6.02
	  	 Certificates; Other Information
	  	 	108	  
		 	 6.03
	  	 Notices
	  	 	110	  
		 	 6.04
	  	 Payment of Certain Obligations
	  	 	110	  
		 	 6.05
	  	 Preservation of Existence, Etc.
	  	 	111	  
		 	 6.06
	  	 Maintenance of Properties
	  	 	111	  
		 	 6.07
	  	 Maintenance of Insurance
	  	 	111	  
		 	 6.08
	  	 Compliance with Laws
	  	 	111	  
		 	 6.09
	  	 Books and Records
	  	 	111	  
		 	 6.10
	  	 Inspection Rights
	  	 	111	  
		 	 6.11
	  	 Use of Proceeds
	  	 	112	  
		 	 6.12
	  	 Additional Guarantors and Covenant to Give Security
	  	 	112	  
		 	 6.13
	  	 FCC Consents
	  	 	113	  
		 	 6.14
	  	 Collateral
	  	 	113	  
		 	 6.15
	  	 Further Assurances
	  	 	114	  
		 	 6.16
	  	 Cash Collateral Accounts
	  	 	114	  
		 	 6.17
	  	 Ratings
	  	 	114	  
		
	 ARTICLE VII. NEGATIVE COVENANTS
	  	 	115	  
		 	 7.01
	  	 Liens
	  	 	115	  
		 	 7.02
	  	 Investments
	  	 	116	  
		 	 7.03
	  	 Indebtedness
	  	 	117	  

									
		 	 7.04
	  	 Fundamental Changes
	  	 	119	  
		 	 7.05
	  	 Dispositions
	  	 	120	  
		 	 7.06
	  	 Restricted Payments
	  	 	121	  
		 	 7.07
	  	 Acquisitions
	  	 	123	  
		 	 7.08
	  	 Change in Nature of Business
	  	 	125	  
		 	 7.09
	  	 Transactions with Affiliates
	  	 	125	  
		 	 7.10
	  	 Negative Pledge Clauses; Limitations on Subsidiary Distributions
	  	 	125	  
		 	 7.11
	  	 Use of Proceeds
	  	 	127	  
		 	 7.12
	  	 Amendment of Material Documents and Agreements
	  	 	127	  
		 	 7.13
	  	 Financial Covenants
	  	 	127	  
		 	 7.14
	  	 License Subsidiaries
	  	 	129	  
		 	 7.15
	  	 Sale and Leaseback Transactions
	  	 	129	  
		 	 7.16
	  	 Unrestricted Subsidiaries
	  	 	129	  
		 	 7.17
	  	 Change in Status of Subsidiaries
	  	 	130	  
		 	 7.18
	  	 Prepayments, Etc. of Indebtedness
	  	 	131	  
		
	 ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES
	  	 	132	  
		 	 8.01
	  	 Events of Default
	  	 	132	  
		 	 8.02
	  	 Remedies Upon Event of Default
	  	 	135	  
		 	 8.03
	  	 Application of Funds
	  	 	136	  
		
	 ARTICLE IX. ADMINISTRATIVE AGENT
	  	 	137	  
		 	 9.01
	  	 Appointment and Authority
	  	 	137	  
		 	 9.02
	  	 Rights as a Lender
	  	 	138	  
		 	 9.03
	  	 Exculpatory Provisions
	  	 	138	  
		 	 9.04
	  	 Reliance by Administrative Agent
	  	 	139	  
		 	 9.05
	  	 Delegation of Duties
	  	 	139	  
		 	 9.06
	  	 Resignation of Administrative Agent
	  	 	140	  
		 	 9.07
	  	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	141	  
		 	 9.08
	  	 No Other Duties, Etc.
	  	 	141	  
		 	 9.09
	  	 Administrative Agent May File Proofs of Claim
	  	 	141	  
		 	 9.10
	  	 Collateral and Guaranty Matters
	  	 	142	  
		 	 9.11
	  	 Secured Hedge Agreements
	  	 	143	  
		 	 9.12
	  	 No Fiduciary Relationships
	  	 	144	  
		
	 ARTICLE X. MISCELLANEOUS
	  	 	144	  
		 	 10.01
	  	 Amendments, Etc.
	  	 	144	  
		 	 10.02
	  	 Notices; Effectiveness; Electronic Communication
	  	 	147	  
		 	 10.03
	  	 No Waiver; Cumulative Remedies; Enforcement
	  	 	149	  
		 	 10.04
	  	 Expenses; Indemnity; Damage Waiver
	  	 	150	  
		 	 10.05
	  	 Payments Set Aside
	  	 	152	  
		 	 10.06
	  	 Successors and Assigns
	  	 	153	  
		 	 10.07
	  	 Treatment of Certain Information; Confidentiality
	  	 	158	  
		 	 10.08
	  	 Right of Setoff
	  	 	159	  
		 	 10.09
	  	 Interest Rate Limitation
	  	 	160	  
		 	 10.10
	  	 Counterparts; Integration; Effectiveness
	  	 	160	  
		 	 10.11
	  	 Survival of Representations and Warranties
	  	 	160	  

									
		 	 10.12
	  	 Severability
	  	 	161	  
		 	 10.13
	  	 Replacement of Lenders
	  	 	161	  
		 	 10.14
	  	 Governing Law; Jurisdiction; Etc.
	  	 	162	  
		 	 10.15
	  	 Waiver of Jury Trial
	  	 	163	  
		 	 10.16
	  	 FCC Compliance
	  	 	164	  
		 	 10.17
	  	 USA PATRIOT Act Notice
	  	 	164	  
		 	 10.18
	  	 Time of the Essence
	  	 	165	  
		 	 10.19
	  	 Designation as Senior Indebtedness
	  	 	165	  
		 	 10.20
	  	 No Advisory or Fiduciary Responsibility
	  	 	165	  
		 	 10.21
	  	 Electronic Execution of Assignments and Certain Other Documents
	  	 	165	  
		 	 10.22
	  	 ENTIRE AGREEMENT
	  	 	166	  

							
	 SCHEDULES
	  	
				
		 	 1.01
	  	 Existing Letters of Credit
	  	
		 	 2.01
	  	 Commitments and Applicable Percentages
	  	
		 	 5.05
	  	 Supplement to Interim Financial Statements
	  	
		 	 5.13
	  	 Subsidiaries and Other Equity Investments
	  	
		 	 7.01
	  	 Existing Liens
	  	
		 	 7.03
	  	 Existing Indebtedness
	  	
		 	 10.02
	  	 Administrative Agent’s Office, Certain Addresses for Notices
	  	
		
	 EXHIBITS
	  	
				
		 		  	 Form of
	  	
				
		 	 A
	  	 Loan Notice
	  	
		 	 B-1
	  	 Committed Loan Note
	  	
		 	 B-2
	  	 Term Loan Note
	  	
		 	 B-3
	  	 Swing Line Note
	  	
		 	 C
	  	 Compliance Certificate
	  	
		 	 D
	  	 Assignment and Assumption
	  	
		 	 E
	  	 Guaranty
	  	
		 	 F
	  	 Security Agreement
	  	
		 	 G
	  	 Swing Line Loan Notice
	  	
		 	 H
	  	 Auction Procedures
	  	
		 	 I
	  	 Forms of U.S Tax Certificates
	  	

 ENTERCOM RADIO, LLC 

CREDIT AGREEMENT 
 This CREDIT AGREEMENT (“Agreement”) is entered into as of November 23, 2011, among Entercom Radio, LLC, a Delaware limited liability company (the “Borrower”),
Entercom Communications Corp., a Pennsylvania corporation (the “Parent”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”) and BANK OF AMERICA,
N.A. (“Bank of America”), as Administrative Agent, Swing Line Lender and L/C Issuer. 
 The Borrower has
requested that the Lenders provide a revolving credit facility and a term loan facility and the Lenders are willing to do so on the terms and conditions set forth herein. 
 In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 
 ARTICLE I. 
 DEFINITIONS AND ACCOUNTING TERMS 

1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Acquisition” means (whether by purchase, exchange, issuance of stock or other equity or debt securities, merger,
reorganization or any other method) (a) any acquisition by the Parent, the Borrower or any of their Restricted Subsidiaries of any other Person, which Person shall then become consolidated with the Parent, the Borrower or any such Restricted
Subsidiary in accordance with GAAP, or (b) any acquisition by the Parent, the Borrower or any of their Restricted Subsidiaries of one or more stations, other business unit or all or any substantial amount of the assets of any other Person. In
no event shall the following be deemed an “Acquisition”: (a) any acquisition of assets (or of a Person with assets) having a fair market value less than or equal to $5,000,000 and (b) the purchase of assets in the ordinary course
of business and consistent with past practices. The terms “Acquire” “Acquired” and “Acquisition of” shall have correlative meanings. 

“Additional Indebtedness Documents” means the Senior Notes Documents and any other documents evidencing Indebtedness
that is pari passu with, or senior or subordinated to, the Obligations. 
 “Administrative Agent” means Bank of
America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent or servicing agent engaged in accordance with the terms of Section 9.06. 

“Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set
forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders. 

  
 1 

 “Administrative Questionnaire” means an Administrative Questionnaire in a
form supplied by the Administrative Agent. 
 “Adverse Tax Consequence” means, for the Parent, the Borrower or
any Restricted Subsidiary, a tax assessment, fee or charge in an amount equal to or in excess of $25,000. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agents”
means the Administrative Agent and the Co-Syndication Agents. 
 “Aggregate Commitments” means the sum of the
Revolving Commitments of all the Revolving Lenders. On the Closing Date, the Aggregate Commitments are $50,000,000. 

“Agreement” means this Credit Agreement. 
 “Applicable Percentage” means (a) in respect of the Term B Facility, with respect to any Term B Lender at any time, the percentage (carried out to the ninth decimal place) of the
Term B Facility represented by (i) on or prior to the Closing Date, such Term B Lender’s Term B Commitment at such time and (ii) thereafter, the principal amount of such Term B Lenders Term B Loans at such time and (b) in respect
of the Revolving Credit Facility, with respect to any Revolving Lender at any time, the percentage (carried out to the ninth decimal place) of the Revolving Lender’s Revolving Commitment at such time. If the commitment of each Revolving Lender
to make Committed Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Revolving Commitments have expired, then the Applicable Percentage of each Revolving
Lender in respect of the Revolving Credit Facility shall be determined based on the Applicable Percentage of such Revolving Lender in respect of the Revolving Credit Facility most recently in effect, giving effect to any subsequent assignments. The
initial Applicable Percentage of each Lender in respect of each Facility is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as
applicable. 
 “Applicable Rate” means (a) in respect of the Revolving Credit Facility and Commitment Fee,
the following percentages per annum, based upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a): 

 

															
	Applicable Rate	 
	 Pricing Level
	  	Consolidated Leverage Ratio	 	Commitment Fee	 	 	Eurodollar Rate and
Letters of Credit	 	 	Base Rate	 
	1	  	£ 4.00	 	 	0.50	% 	 	 	4.50	% 	 	 	3.50	% 
	2	  	> 4.00:1 but £ 5.00:1	 	 	0.50	% 	 	 	4.75	% 	 	 	3.75	% 
	3	  	> 5.00:1	 	 	0.50	% 	 	 	5.00	% 	 	 	4.00	% 

  
 2 

 (b) in respect of the Term B Facility, 5.00% per annum with respect to the Eurodollar Rate
and 4.00% per annum with respect to the Base Rate; provided, however, as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a) showing the
Consolidated Leverage Ratio is equal to or less than 5.00:1, the Applicable Rate in respect of the Term B Facility shall be 4.75% per annum with respect to the Eurodollar Rate and 3.75% per annum with respect to the Base
Rate. 
 Any increase or decrease in the Applicable Rate in respect of the Revolving Credit Facility and Commitment Fee resulting from a change
in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however, that if a
Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level 3 set forth above shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered,
and in each case shall remain in effect until the first Business Day after such Compliance Certificate is delivered. The Applicable Rate in respect of the Revolving Credit Facility and Commitment Fee in effect from the Closing Date until the date
that an adjustment in the Applicable Rate would otherwise be made pursuant to the terms hereof shall be determined based upon Pricing Level 3. Notwithstanding the foregoing, the Applicable Rate in respect of any tranche of Extended Revolving
Commitments or any Extended Term Loans or Committed Loans made pursuant to any Extended Revolving Commitments shall be the applicable percentages per annum set forth in the relevant Extension Offer. 

“Applicable Revolving Percentage” means with respect to any Revolving Lender at any time, such Revolving Lender’s
Applicable Percentage in respect of the Revolving Credit Facility at such time. 
 “Application Date” has the
meaning set forth in Section 2.05(d). 
 “Appropriate Lender” means, at any time, (a) with
respect to any of the Term B Facility or the Revolving Credit Facility, a Lender that has a Commitment with respect to such Facility or holds a Term B Loan or a Committed Loan, respectively, at such time, (b) with respect to the
Letter of Credit Sublimit, (i) the L/C Issuer and (ii) if any Letters of Credit have been issued pursuant to Section 2.03(a), the Revolving Lenders and (c) with respect to the Swing Line Sublimit, (i) the Swing Line
Lender and (ii) if any Swing Line Loans are outstanding pursuant to Section 2.04(a), the Revolving Lenders. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender
or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arrangers” means
MLPF&S, Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding, Inc. in their capacity as joint lead arrangers and joint book managers. 
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by
Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit D or any other form approved by the Administrative Agent. 

  
 3 

 “Attributable Indebtedness” means, on any date, (a) in respect of any
capital lease or similar obligation of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the
capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease. 

“Auction Manager” shall mean (a) MLPF&S or (b) a financial institution, advisor or other Person of
recognized standing selected by the Borrower and reasonably satisfactory to the Administrative Agent (which such Person shall not be a Lender, the Borrower or an Affiliate of the Borrower), in each case that will manage the Discounted Voluntary
Prepayment Offer. 
 “Auction Procedures” shall mean the auction procedures with respect to Discounted
Voluntary Prepayment Offers set forth in Exhibit H hereto. 
 “Audited Financial Statements” means the
audited consolidated balance sheet of the Parent (including accounts of the Borrower and its Restricted Subsidiaries) for the fiscal year ended December 31, 2010, and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such fiscal year of the Parent, including the notes thereto. 

“Auto-Extension Letter of Credit” has the meaning specified in Section 2.03(b)(iii). 

“Availability Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date
for the Revolving Credit Facility, (b) the date of termination of the Revolving Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of each Revolving Lender to make Committed Loans and of the
obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02. 
 “Available
Amount” means at any time (the “Available Amount Reference Time”), an amount which is initially equal to zero but never less than zero, and that is equal to the difference between 

(a) the sum of: 
 (i) 100% of Cumulative Retained Excess Cash Flow for all fiscal years prior to the Available Amount Reference Time, 
 (ii) 100% of the Eligible Equity Proceeds received by the Parent during the period from and including the Business Day immediately following the Closing Date through and including the Available Amount
Reference Time, but only to the extent such Eligible Equity Proceeds have been contributed by the Parent in cash to the Borrower as common equity prior to the Available Amount Reference Time. 

(iii) if during the period from and including the Business Day immediately following the Closing Date through and
including the Available Amount Reference Time, the Borrower has designated and converted an Unrestricted Subsidiary to a Restricted Subsidiary in accordance with the terms of this Agreement and such Person remains a Restricted Subsidiary, without
duplication, an amount equal to the lesser of (i) the 

  
 4 

 
original amount of any investment by the applicable Loan Party in such Unrestricted Subsidiary prior to the Available Amount Reference Time and (ii) the fair market value of the investment
of the applicable Loan Party in such Unrestricted Subsidiary at the time of such designation or conversion. 
 Notwithstanding
any provision in the foregoing to the contrary, to the extent that any amounts which would be included in the calculation of the Available Amount for any fiscal year pursuant to subsections (i), (ii) or (iii) preceding are required by
any provision of any other agreement entered into by any Loan Party with respect to other Indebtedness of any Loan Party, or any other Subsidiary of any Loan Party, to repay or prepay obligations or liabilities under such Indebtedness, such amounts
may not be included in the calculation of the Available Amount: 
 (b) minus the sum of: 

(i) the aggregate amount of Investments (including (x) Investments in Unrestricted Subsidiaries and
(y) Investments deemed made in Unrestricted Subsidiaries upon the designation or conversion of any Restricted Subsidiary as an Unrestricted Subsidiary) made relying on the permitted basket in Section 7.02(g) during the period
commencing on the Closing Date and ending on the Available Amount Reference Time without taking into account of the intended usage of the Available Amount at such Available Amount Reference Time, plus 

(ii) the aggregate amount of Restricted Payments made relying on the permitted basket in Section 7.06(d)
during the period commencing on the Closing Date and ending on the Available Amount Reference Time without taking into account of the intended usage of the Available Amount at such Available Amount Reference Time, plus 

(iii) the aggregate amount of prepayments, redemption, defeasance, repurchase or cancellation of Indebtedness, made
relying on the permitted basket in Section 7.18(d) during the period commencing on the Closing Date and ending on the Available Amount Reference Time without taking into account of the intended usage of the Available Amount at such
Available Amount Reference Time; provided that if such Indebtedness is purchased at a discount to par or cancelled, only the actual amount of cash U.S. dollars spent to retire or cancel such Indebtedness shall be included in such calculation.

 “Bank of America” means Bank of America, N.A. and its successors. 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus
1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by the Administrative Agent as its “prime rate,” and (c) the Eurodollar Rate plus 1.00%. The “prime rate” is a rate set
by the Administrative Agent based upon various factors including Administrative Agent’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at,
above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. 

  
 5 

 “Base Rate Committed Loan” means a Committed Loan that is a Base Rate Loan.

 “Base Rate Loan” means a Committed Loan or a Term B Loan that bears interest based on the Base Rate.

 “Borrower” has the meaning specified in the introductory paragraph hereto. 

“Borrower Materials” has the meaning specified in Section 6.02. 

“Borrower Restricted Information” shall mean any non-public information with respect to Borrower, Parent or any other
Loan Party that could reasonably be expected to have a material effect upon, or otherwise be material, (a) to a Lender’s decision to participate in any assignment pursuant to Section 10.06(b) or (b) to the market price of
the Term B Loans. 
 “Borrowing” means a Committed Borrowing, a Swing Line Borrowing or a Term B Borrowing, as
the context may require. 
 “Business” means any business similar in nature to any business conducted or
proposed to be conducted by the Borrower and the Restricted Subsidiaries on the Closing Date and any business reasonably ancillary, incidental, complementary or related to the business conducted or proposed to be conducted by the Borrower and the
Restricted Subsidiaries on the Closing Date or a reasonable extension, development or expansion thereof, in each case, as determined in good faith by the Borrower. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the
Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank Eurodollar market. 

“Capital Expenditures” means with respect to any Person for any period, any expenditure in respect of the purchase or
other acquisition of any fixed or capital asset which is required to be capitalized in accordance with GAAP. 
 “Cash
Collateral Account” means a blocked, interest bearing deposit account of one or more of the Loan Parties at Bank of America (or another commercial bank selected in compliance with Section 6.16) in the name of the Administrative
Agent and under the sole dominion and control of the Administrative Agent, and otherwise established in a manner reasonably satisfactory to the Administrative Agent. 
 “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the L/C Issuer or the Revolving Lenders, as collateral for
L/C Obligations or obligations of the Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the L/C Issuer shall agree in their sole discretion, other credit support, in
each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the L/C Issuer. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such
cash collateral and other credit support. 

  
 6 

 “Cash Equivalents” means any of the following types of Investments, to the
extent owned by any Loan Party: 
 (a) United States dollars; 

(b) securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government or any agency
or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition; 

(c) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date
of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $300,0000,000; 

(d) repurchase obligations for underlying securities of the types described in clauses (b) and (c) entered into
with any financial institution meeting the qualifications specified in clause (c) above and in U.S. dollars; 
 (e) commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each case maturing within 24 months after the date of creation thereof, in U.S. dollars; 

(f) marketable short term money market and similar securities having a rating of at least P-2 or A-2 from either
Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case maturing within 24 months after the date of creation
thereof and in U.S. dollars; 
 (g) investment funds investing substantially all of their assets in securities of
the types described in clauses (a) through (f) above; 
 (h) readily marketable direct obligations
issued by any state, commonwealth or territory of the United States or any political subdivision or taxing authority thereof having an investment grade rating from either Moody’s or S&P with maturities of 24 months or less from the date of
acquisition; 
 (i) Indebtedness or preferred stock issued by Persons with a rating of “A” or higher
from S&P or “A2” or higher from Moody’s with maturities of 24 months or less from the date of acquisition and in each case in U.S. dollars; 
 (j) Investments with weighted average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the
equivalent thereof) or better by Moody’s and in each case in U.S. dollars; and 

  
 7 

 (k) credit card receivables and debit card receivables so long as such are
considered cash equivalents under GAAP and are so reflected on the Borrower’s balance sheet. 
 Notwithstanding the
foregoing, Cash Equivalents shall include amounts denominated in currencies other than U.S. dollars; provided that such amounts are converted into U.S. dollars as promptly as practicable and in any event within ten Business Days following the
receipt of such amounts. 
 “Change in Law” means the occurrence, after the date of this Agreement, of any of
the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or
(c) the making or issuance of any guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform
and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the
date enacted, adopted or issued. 
 “Change of Control” means an event or series of events by which:

 (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, but excluding the Permitted Holders and any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such
plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person
or group has the right to acquire (such right, an “option right”), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 35% or more of the weighted voting power of the equity
securities of the Parent entitled to vote for members of the board of directors or equivalent governing body of the Parent on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire
pursuant to any option right); or 
 (b) a majority of the seats on the board of directors or other governing
body of the Parent or the Borrower shall be occupied by Persons who were not (i) nominated by the board of directors or other governing body of the Parent (in the case of the Parent’s board) or the Borrower (in the case of the
Borrower’s board), (ii) appointed by directors so nominated or (iii) in the case of the Parent, nominated by Permitted Holders; or 
 (c) except as permitted by the terms of this Agreement, the Parent shall cease to own 100% of the issued and outstanding membership interests and other Equity Interests and securities of the Borrower,
free and clear of liens (other than those granted 

  
 8 

 
to secure the Obligations), or the Borrower shall cease to own, directly or indirectly, the issued and outstanding membership interests, capital stock, partnership interests or other Equity
Interests of each Restricted Subsidiary, free and clear of liens (other than those granted to secure the Obligations); or 
 (d) any Person or two or more Persons acting in concert (other than Permitted Holders) shall have acquired by contract or otherwise the power to exercise, directly or indirectly, a controlling influence
over the management or policies of the Parent or the Borrower, or control over the equity securities of the Parent or the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Parent or the Borrower,
respectively, on a fully-diluted basis (and taking into account all such securities that such Person or group has the right to acquire pursuant to any option right) representing 35% or more of the combined weighted voting power of such securities.

 “Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied
or waived in accordance with Section 10.01 and the initial funding of the Committed Loans and Term B Loan occurs. 

“Co-Syndication Agents” means Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding, Inc. or any
successor syndication agents. 
 “Code” means the Internal Revenue Code of 1986. 

“Collateral” means (a) all of the “Collateral” referred to in the Security Agreements and all of
the other property that is or is intended under the terms of the Security Agreements to be subject to Liens in favor of the Administrative Agent for the benefit of the Secured Parties, (b) all present and future Equity Interests of the
Borrower, (c) all Equity Interests of all of the direct and indirect Subsidiaries of the Borrower and the Parent in existence on the Closing Date and (d) all present and future Equity Interests owned by the Borrower, the Parent and their
direct and indirect Restricted Subsidiaries of all present and future direct and indirect Restricted Subsidiaries of the Parent and the Borrower, except in the case of each Subsidiary that is a “controlled foreign corporation” under
Section 957 of the Internal Revenue Code, or exclusively a holding company of a foreign controlled corporation (“Subject Subsidiary”), “Collateral” shall be limited to a pledge of 66% of the Equity Interests of each
Subject Subsidiary, to the extent the pledge of any greater percentage would result in an Adverse Tax Consequence to the Borrower and (e) all proceeds and products of the Collateral described in subsections (a), (b), (c) and
(d) preceding; provided, however, in each case that “Collateral” shall not include the Excluded Collateral. 
 “Collateral Documents” means the Security Agreement, each of the Security Agreement Supplements, each of the Pledge Agreements, security agreements, pledge agreements or other similar
agreements delivered to the Administrative Agent pursuant to Section 6.12, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent for the benefit of the
Secured Parties. 
 “Commitment” means a Term B Commitment or a Revolving Commitment, and any Extended
Revolving Commitment, as the context may require. 

  
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 “Commitment Date” has the meaning set forth in Section 2.05(d).

 “Committed Borrowing” means a borrowing consisting of one or more Committed Loans made on the same day of
the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Revolving Lenders pursuant to Section 2.01(a). 
 “Committed Loan” has the meaning specified in Section 2.01(a). 
 “Committed Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the other, or (c) a continuation of Committed
Loans that are Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A, or any other form approved by the Administrative Agent. 

“Communications Act” shall mean the Communications Act of 1934, as amended, and any similar or successor federal
statute. 
 “Compliance Certificate” means a certificate substantially in the form of Exhibit C, or
any other form approved by the Administrative Agent. 
 “Connection Income Taxes” means Other Connection Taxes
that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Consolidated Funded Indebtedness” means, as of any date of determination, for the Parent, the Borrower and their
Restricted Subsidiaries on a consolidated basis (which shall specifically exclude Indebtedness of the Unrestricted Subsidiaries, except indebtedness to the extent set forth in subclause (i) below), the sum of (without duplication) (a) the
outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all
purchase money Indebtedness, (c) all direct and indirect obligations arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments, (d) all obligations
in respect of the deferred purchase price of property or services (except trade accounts payable in the ordinary course of business not past due for more than 180 days unless disputed in good faith), (e) Attributable Indebtedness in respect of
capital leases and similar obligations, and Synthetic Lease Obligations, (f) indebtedness (excluding prepaid interest thereon) secured by (or for which the holder of such debt has an existing right, contingent or otherwise, to be secured by)
any Lien on property owned or acquired by the Parent, the Borrower or any of their Restricted Subsidiaries, whether or not the obligations secured thereby have been assumed by such Person or is limited in recourse (provided that, if such
Indebtedness is non-recourse, the amount of such Indebtedness for purposes hereof shall be limited to the lesser of the principal amount of such Indebtedness and the fair market value of the property serving as collateral therefor), (g) at any
time after the occurrence and during the continuance of an Event of Default under any agreement of any Loan Party governing Swap Contracts, the aggregate amount payable by such Loan Party under such agreement, (h) all Disqualified Stock,
(i) all Guarantees with respect to outstanding Indebtedness of the types specified in subsections (a) through (h) above of Persons other than the Parent, the Borrower or any Restricted Subsidiary, and (j) the aggregate amount of
Indebtedness 

  
 10 

 
of Unrestricted Subsidiaries of the types referred to in subsections (a) through (i) above for which any Loan Party has direct liability. The amount of any capital lease, similar
obligation or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. Notwithstanding anything herein to the contrary, in no event will any of the following be
included in the calculation of Consolidated Funded Indebtedness: (i) the EPLLC Deemed Debt and (ii) any “earn-out” obligation payable in connection with the purchase of any assets or any Permitted Acquisition to the extent not
past due.  
 “Consolidated Interest Charges” means, for any period, for the Parent, the Borrower and
their Restricted Subsidiaries on a consolidated basis, the sum of (a) all cash interest (excluding interest with respect to EPLLC Deemed Debt), fees, charges (excluding fees and charges related to the Loans) and related cash expenses of the
Parent, the Borrower and their Restricted Subsidiaries in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with
GAAP, (b) dividends paid in cash with respect to any Disqualified Stock and (c) the portion of rent expense of the Parent, the Borrower and their Restricted Subsidiaries paid in cash during such period under capital leases that is treated
as interest in accordance with generally accepted accounting principles, in the case of (a) and (c) preceding, net of (i) consolidated interest income of the Parent, the Borrower and their Restricted Subsidiaries for such period and
(ii) interest accrued on the Attributable Indebtedness and other obligations described in subsection (e) of the definition of Consolidated Funded Indebtedness. 
 “Consolidated Interest Coverage Ratio” means (a) for purposes of determining compliance with Section 7.13 as of any date of determination, the ratio of
(i) Consolidated Operating Cash Flow for the four fiscal quarter period then last ended to (ii) Consolidated Interest Charges for such period and (b) for purposes of any calculation made with reference to a Measurement Period, as of
any date of determination, the ratio of (i) Consolidated Operating Cash Flow for such period to (ii) Consolidated Interest Charges for such period. 
 “Consolidated Leverage Ratio” means (a) for purposes of determining compliance with Section 7.13, as of any date of determination, the ratio of (i) Consolidated
Funded Indebtedness as of such date to (ii) Consolidated Operating Cash Flow for the four fiscal quarter period then last ended and (b) for purposes of any calculation made with reference to a Measurement Period, as of any date of
determination the ratio of (i) Consolidated Funded Indebtedness as of such date to (ii) Consolidated Operating Cash Flow for the four fiscal quarter period then last ended. For purposes of calculating the Consolidated Leverage Ratio as of
any date of determination, Consolidated Funded Indebtedness shall be reduced by the amount of unrestricted cash and Cash Equivalents on hand of the Parent, the Borrower and its Restricted Subsidiaries as of such date, provided that, in no
event shall Consolidated Funded Indebtedness be so reduced by an amount greater than $40,000,000 plus amounts on deposit in a Funding Account. 
 “Consolidated Net Income” means, for any period, for the Parent (including the accounts of the Borrower and their Restricted Subsidiaries) on a consolidated basis (but excluding the
Unrestricted Subsidiaries), the pre-tax income of the Parent, the Borrower and their Restricted Subsidiaries for that period, including, without duplication, income and losses from discontinued operations. 

  
 11 

 “Consolidated Operating Cash Flow” means, for any period of determination,
for the Parent, the Borrower and their Restricted Subsidiaries (which shall specifically exclude the Unrestricted Subsidiaries, except OCF to the extent set forth in subclause (x) below): 

(a) Consolidated Net Income plus the sum of (in each case, without duplication): 

(i) to the extent deducted in determining Consolidated Net Income for such period, interest expense (excluding interest
expense in connection with EPLLC Deemed Debt), depreciation and amortization, plus 
 (ii) to the extent deducted
in determining Consolidated Net Income for such period, non-cash charges and other expenses (including, without limitation, impairment charges and any charges and expenses relating to the abandonment of assets) which do not represent a cash expense
in such period or any future period (except in the case of non-cash charges from a loss on the write-down of any multi-year agreement (e.g., lease termination charge) where the Borrower elects to include such charge within this clause (a)(ii)
subject to corresponding future reductions pursuant to clause (c) below), plus 
 (iii) to the extent
deducted in determining Consolidated Net Income for such period, non-cash equity based compensation expenses (including, without limitation, compensation expenses arising from stock dividends and stock dividend equivalents on unvested shares), if
any, plus 
 (iv) up to $5,000,000 in the aggregate for all Permitted Acquisitions consummated over the term of
this Agreement in connection with pro forma cost savings of the Borrower (the “Add Back”), but only to the extent that (i) such cost savings are reflected in good faith projections delivered to the Administrative Agent,
(ii) the Borrower has commenced such necessary action to generate such annualized cost savings no later than 180 days after the consummation of the Permitted Acquisitions, and (iii) such Add Back is reduced each consecutive fiscal quarter
of the Borrower after its initial use by up to $1,250,000 (or such lesser amount equal to one-fourth of the total Add-Back), plus 
 (v) to the extent deducted in determining Consolidated Net Income for such period, all non-cash losses incurred in connection with the disposition of assets, plus 

(vi) to the extent deducted in determining Consolidated Net Income for such period, all costs relating to hedging
arrangements or the unwinding of hedging agreements, plus 
 (vii) to the extent deducted in determining
Consolidated Net Income for such period, other non-cash expenses or charges, including asset retirement obligations and supplemental executive retirement obligations; provided that such non-cash expenses or charges do not represent a cash
expense in such period or any future period, plus 

  
 12 

 (viii) to the extent deducted in determining Consolidated Net Income for
such period, non-recurring expenses recognized for restructuring or similar costs, including but not limited to severance costs, relocation costs, integration and facilities costs, signing costs, retention or completion bonuses, transition costs and
litigation expenses (including judgment and settlement amounts relating to a Permitted Acquisition), provided that any such costs added back pursuant to this clause (viii) (1) shall not exceed $2,500,000 in any four fiscal quarter
period and (2) in respect of litigation expenses shall not exceed $1,000,000 in the aggregate during the term of this Agreement commencing on the Closing Date, plus 

(ix) to the extent deducted in determining Consolidated Net Income for such period, to the extent covered by insurance
under which the insurer has been properly notified and has not denied or contested coverage, expenses with respect to liability or casualty events or business interruption, plus 

(x) to the extent not already included in Consolidated Net Income, the Parent’s, the Borrower’s and any
Restricted Subsidiary’s pro rata share (based on equity ownership) of the OCF of any Unrestricted Subsidiary or other Person that is not a Restricted Subsidiary, but not more than the aggregate amount of cash Dollars actually distributed by
such Person during such period of determination to the Borrower or a Restricted Subsidiary as a dividend or other distribution, plus 
 (xi) to the extent deducted in determining Consolidated Net Income for such period and except to the extent capitalized, fees and expenses incurred in connection with (A) this Agreement and the
Senior Notes Documents and invoiced no later than 90 days after the Closing Date, including fees and expenses of advisors and legal counsel, (B) the costs incurred in connection with the requirements under the Loan Documents with respect to the
Collateral and (C) any Specified Equity Contribution, plus 
 (xii) to the extent deducted in determining
Consolidated Net Income for such period, loss from early extinguishment of debt as a result of the acceleration or amortization of deferred financing costs associated with the Loans, Senior Notes and/or other Indebtedness permitted under this
Agreement, plus 
 (xiii) to the extent deducted in determining Consolidated Net Income for such period,
transaction costs paid in Dollars by the Loan Parties during such period and required by GAAP to be expensed, in each case in connection with Permitted Acquisitions consummated after the Closing Date or Acquisitions attempted after the Closing Date,
provided that all such transaction costs for all Loan Parties that are added back under this clause (xiii) shall not exceed a cumulative maximum aggregate amount of $5,000,000 for the period from the Closing Date through any date of
determination, 
 provided that, notwithstanding the foregoing, in no event shall Consolidated Operating Cash Flow include
(x) any gain or loss as a result of the purchase, forgiveness or other cancellation of Indebtedness of the Parent, the Borrower or any Subsidiary and (y) any add back for any bad debt expense; 

  
 13 

 (b) EXCLUDING, to the extent included in Consolidated Net Income, the sum
of: 
 (i) extraordinary as well as unusual gains, including net gains on the sales of assets other than asset
sales in the ordinary course of business, 
 (ii) any items of extraordinary as well as unusual losses and
charges, including net losses on the sale of assets other than asset sales in the ordinary course of business, 

(iii) expenses relating to any minority interests, 

(iv) any benefit or loss for Federal, state, local and foreign income taxes payable, 

(v) any gain or loss as a result of any (non-cash) fair value measurement of any asset or liability, and 

(vi) any gain or loss as a result of any mark-to-market changes in the fair value of any Swap Contract-related asset or
liability; 
 (c) MINUS, to the extent a non-cash charge from a loss on the write-down of a multi-year agreement
was added back since the Closing Date pursuant to the parenthetical at the end of clause (a)(ii) above, cash payments pursuant to such agreement(s) made in the period of determination with respect to such non-cash charge. 

“Consolidated Senior Secured Indebtedness” means, as of any date of determination, the aggregate principal amount of all
Consolidated Funded Indebtedness secured by the assets of the Parent, the Borrower or any Restricted Subsidiary and other than Consolidated Funded Indebtedness that is subordinated to the Obligations on terms and in a manner satisfactory to the
Administrative Agent. 
 “Consolidated Senior Secured Leverage Ratio” means, as of any date of determination,
the ratio of (a) Consolidated Senior Secured Indebtedness as of such date to (b) Consolidated Operating Cash Flow for the Measurement Period. For purposes of calculating the Consolidated Senior Secured Leverage Ratio as of any date of
determination, Consolidated Senior Secured Indebtedness shall be reduced by the amount of unrestricted cash and Cash Equivalents on hand of the Parent, the Borrower and its Restricted Subsidiaries as of such date, provided that, in no event
shall Consolidated Senior Secured Indebtedness be so reduced by an amount greater than $40,000,000 plus amounts on deposit in a Funding Account. 
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise
voting power, by contract or otherwise, provided that, the directors, officers and employees of a Person shall not be deemed to control such Person as a result of their role as such. “Controlling” and “Controlled” have meanings
correlative thereto. 

  
 14 

 “Credit Extension” means each of the following: (a) a Borrowing and
(b) an L/C Credit Extension. 
 “Cumulative Retained Excess Cash Flow” means an amount equal to
(a) the cumulative amount of Excess Cash Flow for each fiscal year of the Borrower ending after January 1, 2012 (commencing with the fiscal year ending December 31, 2012), including any reduction resulting from the addition of a
negative amount of Excess Cash Flow for each fiscal year during such period, minus (b) the sum of (i) the portion of such Excess Cash Flow that has been (or is required to be) applied to the prepayment of Term Loans in accordance
with Section 2.05(b)(iv) for such fiscal years, (ii) the portion of such Excess Cash Flow that has been previously used to prepay Term B Loans in accordance with Section 2.17 and (iii) solely to the extent not
funded by the proceeds of Indebtedness (x) the aggregate principal amount of all optional prepayments of Term Loans pursuant to Section 2.05(a)(i) made during such fiscal years and (y) the aggregate principal amount of all
optional repayments of Committed Loans pursuant to Section 2.05(a)(i) made during such fiscal years that are accompanied by an equivalent permanent reduction in the Revolving Credit Facility. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting
the rights of creditors generally. 
 “Default” means any event or condition that constitutes an Event of
Default or that, with the giving of any notice, the passage of time, or both, in each case as specified in Section 8.01, would be an Event of Default. 
 “Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate,
if any, applicable to Base Rate Loans under the applicable Facility plus (iii) 2% per annum; provided, however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the
interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum. 

“Defaulting Lender” means, subject to Section 2.16(b), any Lender that (a) has failed to (i) fund
all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such
Lender’s determination that one or more of the conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay
to the Administrative Agent, the L/C Issuer, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two Business Days
of the date when due, (b) has 

  
 15 

 
notified the Borrower, the Administrative Agent, the L/C Issuer or the Swing Line Lender in writing that it does not intend to comply with any such funding obligations hereunder, or has made a
public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to
funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the
Administrative Agent or the Borrower, to confirm in a writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender
pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any
Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including
the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity
interest in such Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States
or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to
Section 2.16(b)) upon delivery of written notice of such determination to the Borrower, the L/C Issuer, the Swing Line Lender and each other Lender. 
 “Discounted Voluntary Prepayment” has the meaning specified in Section 2.17(a). 
 “Discounted Voluntary Prepayment Offer” has the meaning specified in Section 2.17(a). 
 “Disposition” or “Dispose” means the sale, assignment, transfer in full, conveyance, or other disposition (including dispositions pursuant to Local Marketing Agreements,
Joint Sales Agreements or Shared Services Agreements or pursuant to any sale and leaseback transaction) of any property by the Parent, the Borrower or any of their Restricted Subsidiaries, including any such disposition or other disposal, with or
without recourse, of any notes or accounts receivable or any rights and claims associated therewith, but excluding property disposed of in the ordinary course of business of such Person. For avoidance of doubt, a disposition pursuant to a Local
Marketing Agreement, Joint Sales Agreement or Shared Services Agreement is any such transaction where a majority of the material benefits and burdens of ownership are transferred in exchange for the purchase price, or equivalent thereof, for such
transferred assets. 
 “Disqualified Lender” means the direct and known competitors of the Parent, the Borrower
of any of their Subsidiaries which are disclosed to the Administrative Agent and the Lenders in writing on or before the Closing Date. 

  
 16 

 “Disqualified Stock” means any Equity Interest of the Parent which, by its
terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable by the holder thereof, or upon the happening of any event, matures, requires prepayment, triggers a put option, is mandatorily redeemable
or otherwise required to be repaid or secured (other than solely as a result of a change of control or a sale of substantially all assets) pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof
(other than solely as a result of a change of control or a sale of substantially all assets), in whole or in part, in each case prior to the date that is 180 days after the Term B Loan Maturity Date (or, if later, the maturity date of any Extended
Term Loan); provided, however, that if such Equity Interest is issued to any plan for the benefit of employees of the Borrower or its Subsidiaries or by any such plan to such employees, such Equity Interest shall not constitute
Disqualified Stock solely because it may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 
 “Dollar” and “$” mean lawful money of the United States. 
 “Domestic Subsidiary” means any Restricted Subsidiary that is organized under the laws of any political subdivision of the United States, unless the direct or indirect parent of such
Subsidiary is not so organized. 
 “ECF Percentage” means 50%; provided, that, with respect to
any fiscal year of the Borrower, the ECF Percentage shall be reduced to (a) 25% if the Consolidated Leverage Ratio as of the last day of such fiscal year is less than or equal to 4.25 to 1.00 but greater than 3.50 to 1.00 and (b) 0% if the
Consolidated Leverage Ratio as of the last day of such fiscal year is less than or equal to 3.50 to 1.0. 

“EDGAR”, means the Electronic Data Gathering, Analysis, and Retrieval system or any similar system used by the SEC for
electronic SEC filings. 
 “Eligible Assignee” means any Person that meets the requirements to be an assignee
under Section 10.06(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)); provided that notwithstanding the foregoing, “Eligible
Assignee” shall not include (x) the Parent, the Borrower or any of the Parent’s or the Borrower’s Affiliates or Subsidiaries or (y) any Disqualified Lender. 

“Eligible Equity Proceeds” means, at any date of determination after the Closing Date, the Net Issuance Proceeds from
the sale after the Closing Date of Equity Interests of the Parent that are not Disqualified Stock or Specified Equity Contributions; provided that Net Issuance Proceeds from any such sales to a Person that is a Loan Party, an
Unrestricted Subsidiary or a Subsidiary of a Loan Party or Unrestricted Subsidiary, or any Person that is owned in whole or in part by a Loan Party, an Unrestricted Subsidiary, or a Subsidiary of a Loan Party or an Unrestricted Subsidiary, may not
be included in Eligible Equity Proceeds. 
 “Environmental Laws” means any and all applicable federal, state,
local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any Hazardous
Materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 

  
 17 

 “Environmental Liability” means any liability, contingent or otherwise
(including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Parent, the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon
(a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release
of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“EPLLC” means Entercom Properties, LLC, a Delaware limited liability company. 

“EPLLC Deemed Debt” means that certain indebtedness of EPLLC, listed on Schedule 7.03, arising from the sale
of certain tower assets, which sale did not qualify as a “sale” for accounting purposes because EPLLC’s ability to share in future profits relating to such tower assets is considered a continuing involvement under accounting guidance.
As a result, EPLLC is required to deem such sale proceeds as “debt” and classify the transaction as financing. 

“Equity Interests” means, with respect to any Person, all of the shares of capital stock or membership or partnership
interests of (or other ownership interests in) such Person, all of the warrants, options or other rights for the purchase or Acquisition from such Person of shares of capital stock or membership or partnership interests of (or other ownership
interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership interests in) such Person or warrants, rights or options for the purchase or Acquisition from such Person of such
shares (or such other interests), and all of the other ownership interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other
interests are outstanding on any date of determination. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with the Parent or the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by the Parent or
the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as
such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Parent or the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization;
(d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the 

  
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commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the determination that any Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections
430, 431 or 432 of the Code or Sections 303, 304 and 305 of ERISA; or (g) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Parent, the
Borrower or any ERISA Affiliate. 
 “Eurodollar Rate” means: 

(a) For any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to (i) the British
Bankers Association LIBOR Rate (“BBA LIBOR”) as published by Reuters (or other commercially available source providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time), at approximately 11:00
a.m., London time, two London Banking Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period or (ii) if such rate is not
available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the
Eurodollar Loan being made, continued or converted by the Administrative Agent and with a term equivalent to such Interest Period would be offered by the Administrative Agent’s London Branch to major banks in the London interbank Eurodollar
market at their request at approximately 11:00 a.m. (London time) two London Banking Days prior to the commencement of such Interest Period; and 
 (b) For any interest rate calculation with respect to a Base Rate Loan, the rate per annum equal to (i) BBA LIBOR, at approximately 11:00 a.m., London time determined two London Banking Days prior to
such Date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day or (ii) if such published rate is not available at such time for any reason, the rate determined by the Administrative
Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same day funds in the approximate amount of the Base Rate Loan being made, continued or converted by the Administrative Agent and with a term equal to one
month would be offered by the Administrative Agent’s London Branch to major banks in the London interbank Eurodollar market at their request at the date and time of determination; 

provided that in respect of any Term Loans that are (i) Eurodollar Rate Loans or (ii) Base Rate Loans the interest rate
on which is determined by reference to the Eurodollar Rate component of the Base Rate, the Eurodollar Rate shall be at all times not less than 1.25%. 
 “Eurodollar Rate Loan” means a Loan that bears interest at a rate based on subsection (a) of the definition of Eurodollar Rate. 

“Event of Default” has the meaning specified in Section 8.01. 

  
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 “Excess Cash Flow” means, for each fiscal year of the Parent, the excess
(if any) of (a) Consolidated Operating Cash Flow for such fiscal year less (b) the sum (for such fiscal year) of (i) Consolidated Interest Charges actually paid in cash by the Parent, Borrower and their Restricted Subsidiaries,
(ii) scheduled principal repayments, to the extent actually made, of Term Loans pursuant to Section 2.07(b) or other Indebtedness permitted under this Agreement, (iii) mandatory principal repayments, to the extent actually
made, of Term Loans pursuant to Section 2.05(b)(iii) or other Indebtedness permitted under this Agreement, (iv) voluntary prepayments of Indebtedness permitted under Sections 7.03(b), (d) and (e),
(v) all income taxes actually paid in cash by the Parent, the Borrower and their Restricted Subsidiaries and (vi) the aggregate amount incurred by the Parent, the Borrower and their Restricted Subsidiaries during such period on account of
Capital Expenditures (excluding the principal amount of Indebtedness (other than from proceeds of a Committed Loan) incurred in connection with such expenditures). 
 “Exchange Notes” means those certain senior notes issued by the Borrower in exchange for the Original Senior Notes pursuant to the terms and conditions of that certain Registration Rights
Agreement, in a principal amount not more than the original principal amount of the Original Senior Notes, and on the terms and conditions, and subject to documentation, acceptable to each of the Arrangers. 

“Excluded Collateral” means (i) Equity Interests owned by the Parent, the Borrower or any of its Subsidiaries in
the Unrestricted Subsidiaries, (ii) real property and (iii) any other assets or property which are specifically excluded from Collateral in accordance with terms of the Security Agreement (but only to the extent of such exclusion).

 “Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to
be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income or net profits (in each case, however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of
such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other
Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date
on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 10.13) or (ii) such Lender changes its Lending Office, except in each case to
the extent that, pursuant to Section 3.01(a)(ii) or (c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately
before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Existing Credit Agreement” means the Credit Agreement, dated as of June 18, 2007, among the Borrower, the Parent,
Bank of America, N.A., as administrative agent and letter of credit issuer, JPMorgan Chase Bank, N.A., as syndication agent, BMO Capital Markets, Corp., BNP Paribas, Mizuho Corporate Bank, Ltd., and SunTrust Bank as co-documentation agents, and the
several banks parties thereto (as amended through the date hereof). 

  
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 “Existing Letters of Credit” means those letters of credit listed on
Schedule 1.01. 
 “Extended Revolving Commitment” has the meaning specified in
Section 2.19(a). 
 “Extended Term Loans” has the meaning specified in Section 2.19(a).

 “Extension” has the meaning specified in Section 2.19(a). 

“Extension Offer” has the meaning specified in Section 2.19(a). 

“Extraordinary Receipts” means any cash received by or paid to or for the account of any Person arising from tax
refunds, pension plan reversions, proceeds of insurance (other than proceeds of business interruption insurance to the extent such proceeds constitute compensation for lost revenues or earnings), condemnation awards (and payments in lieu thereof)
(but in each case excluding cash paid for the account of a Person to the extent (a) the right to receive such cash is solely attributable to a corresponding obligation that is being paid with such cash received and (b) such obligation is
paid with such cash) and net of (i) any taxes paid or payable as a result of the receipt of such cash (or reasonably and in good faith reserved for the payment of any such taxes after taking into account all available credits and deductions)
and (ii) reasonable out-of-pocket transaction costs incurred in connection with obtaining such cash and the right to such cash), provided, however, that Extraordinary Receipts shall not include cash receipts received from proceeds
of insurance or payments in respect of judgments or settlements of claims, litigation or proceedings to the extent that such proceeds, awards or payments are received by such Person in respect of a related claim made by an unrelated third-party
against, or loss by, such Person and are promptly applied to pay (or to reimburse such Person for its prior payment of) such claim or loss (and the costs and expenses of such Person with respect thereto). Notwithstanding anything to the contrary
provided herein, in no event shall Extraordinary Receipts include any payments received on account of an “earn-out” obligation arising in connection with any Disposition. 

“Facility” means the Term B Facility or the Revolving Credit Facility, as the context may require. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof. 
 “FCC” shall mean the Federal Communications Commission and any successor or substitute governmental commission, agency, department, board or authority performing functions similar to
those performed by the Federal Communications Commission on the date hereof. 
 “FCC Regulations” shall mean
all rules, regulations, written policies, orders and decisions of the FCC under the Communications Act. 
 “Federal
Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal 

  
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Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if
such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such
next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the Administrative Agent on such day on such transactions as determined by the
Administrative Agent. 
 “Fee Letters” means (i) the letter agreement dated November 21, 2011, among
the Borrower, the Administrative Agent and the Arrangers and (ii) any other fee letter entered into by the Borrower and any Agent, Arranger or Lender in connection with this Agreement. 

“Final Order” means an action or order issued by the FCC (a) which has not been reversed, stayed, enjoined, set
aside, annulled or suspended, and (b) with respect to which (i) no requests or petitions have been filed for administrative or judicial review, reconsideration, rehearing, appeal or stay, and the time for filing any such requests or
petitions and for the FCC to set aside the action on its own motion has expired, (ii) in the event of review, reconsideration or appeal, the time for further review, reconsideration or appeal has expired, and (iii) no appeal to a court or
request for stay by a court of such action is pending or in effect, and, if any deadline for filing any such appeal or request is designated by statute or rule, it has passed. 
 “Foreign Lender” means a Lender that is a resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this
definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
 “FRB” means the Board of Governors of the Federal Reserve System of the United States. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such Defaulting Lender’s Applicable Revolving Percentage of the
outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to
the Swing Line Lender, such Defaulting Lender’s Applicable Revolving Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders in
accordance with the terms hereof. 
 “Fund” means any Person (other than a natural person) that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 
 “Funding Account” means (i) a blocked, interest bearing account of the Borrower at the Administrative Agent in the name of the Administrative Agent and under the sole dominion and
control of the Administrative Agent, and otherwise established in a manner reasonably satisfactory to the Administrative Agent that is (x) not a Cash Collateral Account and (y) holding Permitted Net Funds for no more than four Business
Days. 

  
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 “GAAP” means generally accepted accounting principles in the United States
set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may
be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other governmental entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of
or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Granting Lender” has the meaning specified in Section 10.06(g). 

“Guarantee” means, as to any Person, any (a) any obligation, contingent or otherwise, of such Person guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person,
direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the
obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or
level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such
Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation
of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to
be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, for which such Person is liable under such Guarantee or, if not stated or determinable, the maximum reasonably anticipated liability in
respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 
 “Guarantors” means, collectively, the Parent and each existing and future direct and indirect Domestic Subsidiary and, to the extent no Adverse Tax Consequence would result, foreign
Subsidiary of the Parent and the Borrower, except (i) any Domestic Subsidiary of the Borrower that exclusively holds all the Equity Interests of one or more foreign Subsidiaries and the Guaranty of which would cause Adverse Tax Consequence to
the Borrower and (ii) Unrestricted Subsidiaries. 

  
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 “Guaranty” means the Guaranty made by the Guarantors in favor of the
Administrative Agent and the Lenders, substantially in the form of Exhibit E. 
 “Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 

“Hedge Bank” means any Person that, at the time it enters into a Swap Contract permitted under Article VI or
VII, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Swap Contract. 

“IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable
to the relevant financial statements delivered under or referred to herein. 
 “Increase Effective Date” has
the meaning set forth in Section 2.18(d). 
 “Incremental Facility” has the meaning set forth in
Section 2.18(a). 
 “Incremental Loan Amendment” has the meaning set forth in
Section 2.18(e). 
 “Incremental Revolver Increase” has the meaning set forth in
Section 2.18(a). 
 “Incremental Term Loan” has the meaning set forth in
Section 2.18(a). 
 “Indebtedness” means, as to any Person at a particular time, without
duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments, including, without limitation,
all Disqualified Stock; 
 (b) all direct or contingent obligations of such Person arising under letters of
credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 
 (c) net obligations of such Person under any Swap Contract; 
 (d)
all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business and deferred compensation), excluding any “earn-out” obligation payable in
connection with the purchase of any assets or any Permitted Acquisition to the extent not past due; 
 (e)
indebtedness (excluding prepaid interest thereon) secured by (or for which the holder of such debt has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by the Parent, the Borrower or any of their

  
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Restricted Subsidiaries, whether or not the obligations secured thereby have been assumed by such Person or is limited in recourse (provided that, if such Indebtedness is non-recourse, the amount
of such Indebtedness for purposes hereof shall be limited to the lesser of the principal amount of such Indebtedness and the fair market value of the property serving as collateral therefor); 

(f) capital leases and similar obligations, and Synthetic Lease Obligations; and 

(g) all Guarantees of such Person in respect of any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a
joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer to the extent a Loan Party is liable therefor. The amount of any net obligation under any Swap Contract on any
date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any capital lease or similar obligation or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in
respect thereof as of such date. 
 “Indemnified Taxes” means (a) Taxes other than Excluded Taxes, imposed
on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitees” has the meaning specified in Section 10.04(b). 

“Information” has the meaning specified in Section 10.07. 

“Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period
applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three
months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each March, June, September and December and the Maturity Date of
the Facility under which such Loan was made (with Swing Line Loans being deemed made under the Revolving Credit Facility for purposes of this definition). 
 “Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan
and ending on the date one, two, three or six months thereafter, as selected by the Borrower in its Committed Loan Notice or Term Loan Notice, or such other period that is twelve months or less requested by the Borrower and consented to by all the
Appropriate Lenders; provided that: 
 (a) any Interest Period that would otherwise end on a day that is
not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

  
 25 

 (b) any Interest Period that begins on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(c) no Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made (or, with
respect to any Extended Loan, the maturity date with respect thereto). 
 “Investment” means, as to any Person,
any direct or indirect investment by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of
debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor
Guaranties Indebtedness of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit, provided that, notwithstanding any
provision of this Agreement to the contrary, (i) any Acquisition that is a Permitted Acquisition is specifically excluded from this definition of “Investment” and (ii) any Acquisition of any Equity Interests of (A) an
Unrestricted Subsidiary (which does not become a Loan Party immediately upon giving effect to such transaction), or (B) any joint venture, partnership or any other Person that is not a Loan Party (immediately upon giving effect to such
transaction), in each case will be specifically included in this definition of “Investment”. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent
increases or decreases in the value of such Investment. 
 “IP Rights” has meaning set forth in
Section 5.21. 
 “IRS” means the United States Internal Revenue Service. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 
 “Issuer Documents” means with respect to any Letter of Credit, the Letter Credit Application, and any other document, agreement and instrument entered into by the L/C Issuer and the
Borrower (or any Subsidiary) in favor of the L/C Issuer and relating to any such Letter of Credit. 
 “Joint Sales
Agreement” means an agreement for the sale of commercial or advertising time or any similar arrangement pursuant to which a Person obtains the right to (i) sell at least a majority of the time for commercial spot announcements,
and/or resell to advertisers such time on, (ii) provide the sales staff for the sale of the advertising time or the collection of accounts receivable with respect to commercial advertisements broadcast on, (iii) set the rates for
advertising on and/or (iv) provide the advertising material for broadcast on, a radio broadcast station the FCC License of which is held by a Person other than an Affiliate of such Person. 

  
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 “Laws” means, collectively, all international, foreign, Federal, state and
local statutes, treaties, rules, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all applicable administrative orders, directed duties, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law,
including, when used with respect to the Parent, the Borrower and their Subsidiaries, the Communications Act and all FCC Regulations. 
 “L/C Advance” means, with respect to each Revolving Lender, such Revolving Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Revolving
Percentage. 
 “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit
which has not been reimbursed on the date required to be so reimbursed pursuant to this Agreement or refinanced as a Committed Borrowing. 
 “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof. 

“L/C Issuer” means Bank of America, in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of
Letters of Credit hereunder. 
 “L/C Obligations” means, as at any date of determination, the aggregate amount
available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including (without duplication) all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of
Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be
drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“Lender” has the meaning specified in the introductory paragraph hereto and, unless the context requires otherwise,
includes the Swing Line Lender. 
 “Lending Office” means, as to any Lender, the office or offices of such
Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 

“Letter of Credit” means any standby letter of credit issued hereunder and shall include the Existing Letters of Credit.

 “Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter
of Credit in the form from time to time in use by the L/C Issuer. 
 “Letter of Credit Expiration Date” means
the day that is three days prior to the Maturity Date then in effect for the Revolving Credit Facility (or, if such day is not a Business Day, the next preceding Business Day). 

  
 27 

 “Letter of Credit Fee” has the meaning specified in
Section 2.03(i). 
 “Letter of Credit Sublimit” means an amount equal to $10,000,000. Letter of
Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility. 
 “License” means any
authorization, permit, consent, franchise, ordinance, registration, certificate, license, agreement or other right filed with, granted by, or entered into by a federal, state or local Governmental Authority which permits or authorizes the
acquisition, construction or operation of a radio broadcasting station, or any part of a radio broadcasting station or which is required for the acquisition, ownership or operation of any Station. 

“License Subsidiary” means any Subsidiary of the Borrower and the Parent formed or acquired solely for the purpose of
holding Licenses issued by the FCC. 
 “Licensing Authority” means a Governmental Authority which has granted
or issued a License. 
 “Lien” means any mortgage, pledge, hypothecation, encumbrance, lien (statutory or
other) or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance
on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Like Kind Exchange” means an exchange of like-kind property qualifying under Section 1031 of the Code. 

“Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a Committed Loan,
Term Loan, a Swing Line Loan or Incremental Term Loan. 
 “Loan Documents” means this Agreement, each Note,
each Issuer Document, each Fee Letter, each Collateral Document and the Guaranty, and each other document or agreement executed by any Loan Party in connection with this Agreement from time to time and any amendment or modification entered into in
connection with any Incremental Facility or Extension; excluding Swap Contracts. 
 “Loan Notice” means a
Committed Loan Notice or a Term Loan Notice, or both, as applicable in the context used. 
 “Loan Parties”
means, collectively, the Borrower, the Parent and each Guarantor. 
 “Local Marketing Agreement” means a local
marketing arrangement, time brokerage agreement, management agreement or similar arrangement pursuant to which a Person, subject to customary preemption rights and other limitations, obtains the right to exhibit programming and sell all advertising
time during more than fifty percent (50%) of the air time of a radio broadcast station licensed to another Person. 

“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London
interbank Eurodollar market. 

  
 28 

 “Material Adverse Effect” means (a) a material adverse change in, or a
material adverse effect upon, the business, assets, properties, liabilities, operations or financial condition of either (i) the Parent, the Borrower and their Subsidiaries taken as a whole or (ii) the Parent, the Borrower and the
Restricted Subsidiaries taken as a whole; (b) a material adverse effect upon the ability of the Borrower to perform its material obligations under this Agreement; (c) a material adverse effect upon the legality, validity, binding effect or
enforceability against the Borrower of this Agreement or (d) a material adverse effect upon (i) the ability of the Loan Parties taken as a whole to perform their material obligations under the Loan Documents or (ii) the legality,
validity, binding effect or enforceability against the Loan Parties taken as a whole of the Loan Documents. 
 “Material
Contractual Obligation” means, as to the Parent, the Borrower and their Subsidiaries, any provision of any security issued by such Person, or of any agreement, instrument or other undertaking (other than Material Operating Agreements) to
which such Person is a party or by which it or any of its property is bound, in each case set forth above, the termination or adverse modification of which could reasonably be expected to have a Material Adverse Effect. 

“Material Operating Agreement” means any programming agreement, time brokerage, Local Marketing Agreement or similar
agreement, franchise agreement, lease or other agreement relating to the operation of a Station by the Parent, the Borrower or any of their Subsidiaries, in each case set forth above, the termination or adverse modification of which could reasonably
be expected to have a Material Adverse Effect. 
 “Material Subsidiary” means any Restricted Subsidiary of the
Borrower whose operating cash flow (using the determination set forth in Consolidated Operating Cash Flow for such Subsidiary only) for the most recently completed twelve month period was greater than ten percent of the Consolidated Operating Cash
Flow for the Parent, the Borrower and their Restricted Subsidiaries on a consolidated basis, or whose assets comprised more than ten percent of the total assets of the Parent, the Borrower and its Restricted Subsidiaries, on a consolidated basis, as
of the fiscal quarter most recently ended. 
 “Maturity Date” means (a) with respect to the Revolving
Credit Facility, the Revolving Maturity Date, and (b) with respect to the Term B Facility, the Term B Loan Maturity Date; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the
next preceding Business Day. 
 “Measurement Period” means, with respect to any date, the period of the four
most recently completed fiscal quarters for which financial statements have been or were required to have been delivered to the Administrative Agent pursuant to Section 6.01(a) or (b). 

“Minimum Collateral Amount” means, at any time, (i) with respect to Cash Collateral consisting of cash or deposit
account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 100% of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time,
(ii) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.15(a)(i), (a)(ii) or (a)(iii), an amount equal to 100% of the Outstanding
Amount of all L/C Obligations, and (iii) otherwise, an amount determined by the Administrative Agent and the L/C Issuer in their sole discretion. 

  
 29 

 “Minimum Extension Condition” has the meaning set forth in
Section 2.19(b). 
 “Minimum Tranche Amount” has the meaning set forth in
Section 2.19(b). 
 “MLPF&S” means Merrill Lynch, Pierce, Fenner & Smith Incorporated.

 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which
the Parent, the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

“Net Cash Proceeds” means, in connection with any Disposition, the cash proceeds (including any cash payments received
by way of deferred payment pursuant to a promissory note, receivable or otherwise, but only as and when received in cash) of such Disposition net of (i) reasonable transaction costs (including any underwriting, brokerage or other selling
commissions and reasonable legal, advisory and other fees and expenses, including title and recording expenses, associated therewith actually incurred and satisfactorily documented) paid or estimated in good faith to be paid to any Person not an
Affiliate of a Loan Party, (ii) required payments on Indebtedness permitted to exist hereunder related to assets sold in such Disposition (other than payments due with respect to the Obligations), (iii) taxes estimated to be paid as a
result of such Disposition, and (iv) with respect to the Disposition by the Parent, the Borrower or any Restricted Subsidiary of the Equity Interests of any Subsidiary that is an Unrestricted Subsidiary, the portion of the gross proceeds of
such Disposition payable to the minority holder(s) of the Equity Interests in such Unrestricted Subsidiary in accordance with the applicable percentage ownership of such Equity Interests. 

“Net Debt Proceeds” means, in connection with any incurrence or issuance of any Indebtedness by any Loan Party, the cash
proceeds received in connection with such incurrence or issuance, as and when received, net of all reasonable transaction costs (including any underwriting, investment banking and reasonable legal, advisory and other fees and expenses associated
therewith actually incurred and satisfactorily documented) paid or estimated in good faith to be paid to any Person not an Affiliate of a Loan Party. 
 “Net Issuance Proceeds” means, in connection with any sale or issuance of Equity Interests of, or any capital contribution to, any Loan Party from a source other than a Loan Party, the
cash proceeds received by a Loan Party in connection with such sale or issuance or such capital contribution, as and when received net of all reasonable transaction costs (including any underwriting, investment banking and reasonable legal, advisory
and other fees and expenses associated therewith actually incurred and satisfactorily documented) paid or estimated in good faith to be paid to any Person not an Affiliate of a Loan Party. 

  
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 “Non-Consenting Lender” means any Lender that does not approve any consent,
waiver or amendment that (i) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 10.01 and (ii) has been approved by the Required Lenders. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 

“Non-Perfected Collateral” means (a) intercompany promissory notes, (b) any other promissory notes or Equity
Interests of Persons that are not Restricted Subsidiaries to the extent they aggregate in value less than $5,000,000 and (c) other Collateral (except Equity Interests in Restricted Subsidiaries, promissory notes and securities) for which
perfection of the security interest in such Collateral cannot be obtained by filing a UCC-1 financing statement, including, without limitation, vehicles, rolling stock, and intellectual property. For the avoidance of doubt, (i) promissory notes
(other than intercompany promissory notes) and securities to the extent they aggregate in value $5,000,000 or more, and (ii) Equity Interests in Restricted Subsidiaries, shall not be deemed to be “Non-Perfected Collateral”.

 “Notes” means promissory notes made by the Borrower in favor of a Lender evidencing (a) Committed Loans
made by such Lender, (b) Term Loans made by such Lender and/or (c) Swing Line Loans made by the Swing Line Lender, substantially in the form of Exhibit B-1, B-2 and B-3, as applicable, and “Note” shall
mean any one or more of the Notes, as applicable in the context used. 
 “Obligations” means all advances to,
and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document with respect to any Loan or Letter of Credit, or with respect to a Secured Hedge Agreement, in each case whether direct or indirect
(including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees with respect to any of the foregoing that accrue after the commencement by or against any Loan
Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

“OCF” means for any period of determination, for each Unrestricted Subsidiary and any other Person other than a Loan
Party in which a Loan Party owns Equity Interests: 
 (a) Consolidated net income of such Person (determined in
accordance with the definition of Consolidated Net Income but for such Person and not for the Parent, the Borrower and the Restricted Subsidiaries), plus the sum of (in each case for such Person and without duplication): 

(i) to the extent deducted in determining consolidated net income for such period, interest expense, depreciation and
amortization, plus 
 (ii) to the extent deducted in determining consolidated net income for such period,
non-cash charges and other expenses (including, without limitation, impairment charges and any charges and expenses relating to the abandonment of assets) which do not represent a cash expense in such period or any future period (except in the case
of non-cash charges from a loss on the write-down of any 

  
 31 

 
multi-year agreement (e.g., lease termination charge) where the Borrower elects to include such charge within this clause (a)(ii) subject to corresponding future reductions pursuant to clause
(c) below), plus 
 (iii) to the extent deducted in determining consolidated net income for such period,
non-cash equity based compensation expenses (including, without limitation, compensation expenses arising from stock dividends and stock dividend equivalents on unvested shares), if any, plus 

(iv) to the extent deducted in determining consolidated net income for such period, all non-cash losses incurred in
connection with the disposition of assets, plus 
 (v) to the extent deducted in determining consolidated net
income for such period, all costs relating to hedging arrangements or the unwinding of hedging agreements, plus 

(vi) to the extent deducted in determining consolidated net income for such period, other non-cash expenses or charges,
including asset retirement obligations and supplemental executive retirement obligations; provided that such non-cash expenses or charges do not represent a cash expense or cash charge in such period or any future period, plus 

(vii) to the extent deducted in determining consolidated net income for such period, to the extent covered by insurance
under which the insurer has been properly notified and has not denied or contested coverage, expenses with respect to liability or casualty events or business interruption, plus 

(viii) to the extent deducted in determining consolidated net income for such period, loss from early extinguishment of
debt as a result of the acceleration or amortization of deferred financing costs associated with indebtedness, plus 
 (ix) to the extent deducted in determining consolidated net income for such period, transaction costs paid in Dollars by the Unrestricted Subsidiaries during such period and required by GAAP to be
expensed, in each case in connection with acquisitions consummated after the Closing Date or acquisitions attempted after the Closing Date, provided that all such transaction costs for all Unrestricted Subsidiaries that are added back under
this clause (ix) shall not exceed a cumulative maximum aggregate amount of $2,500,000 for the period from the Closing Date through any date of determination, 
 provided that, notwithstanding the foregoing, in no event shall OCF (1) include any gain or loss as a result of the purchase, forgiveness or other cancellation of any Indebtedness of such Person or
any of its subsidiaries for less than the face value of such Indebtedness, and (2) include any add back for any bad debt expense; 

  
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 (b) EXCLUDING, to the extent included in such Person’s consolidated net
income, the sum of: 
 (i) extraordinary as well as unusual gains, including net gains on the sales of assets
other than asset sales in the ordinary course of business, 
 (ii) any items of extraordinary as well as unusual
losses and charges, including net losses and charges on the sale of assets other than asset sales in the ordinary course of business, 
 (iii) expenses relating to any minority interests, 
 (iv) any
benefit or loss for Federal, state, local and foreign income taxes payable, 
 (v) any gain or loss as a result
of any (non-cash) fair value measurement of any asset or liability, and 
 (vi) any gain or loss as a result of
any mark-to-market changes in the fair value of any Swap Contract-related asset or liability; 
 (c) MINUS, to
the extent a non-cash charge from a loss on the write-down of a multi-year agreement was added back since the Closing Date pursuant to the parenthetical at the end of clause (a)(ii) above, cash payments pursuant to such agreement(s) made in the
period of determination with respect to such non-cash charge. 
 “OID” means original issue discount.

 “Organization Documents” means, (a) with respect to any corporation, the certificate or articles of
incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and
operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing
or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or
organization of such entity. 
 “Original Senior Notes” means the $220,000,000 aggregate principal amount of
the Borrower’s 10.5% Senior Notes due 2019 issued pursuant to the Senior Notes Indenture and the other Senior Notes Documents. 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax
(other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant
to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

  
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 “Other Taxes” means all present or future stamp, court or documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06). 

“Outstanding Amount” means (i) with respect to Committed Loans and Swing Line Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Loans and Swing Line Loans, as the case may be, occurring on such date; (ii) with respect to Term Loans on any date, the
aggregate outstanding principal amount thereof after giving effect to any prepayments or repayments of Term Loans occurring on such date; and (iii) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date
after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts, as
applicable in the context used. 
 “Parent” has the meaning specified in the introductory paragraph hereto.

 “Parent/Borrower Pledge Agreement” has the meaning specified in Section 4.01(a)(iii).

 “Participant” has the meaning specified in Section 10.06(d). 

“Participant Register” has the meaning specified in Section 10.06(d). 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any
installment payment thereof) to Plans and set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 
 “Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of
ERISA and is sponsored or maintained by the Parent, the Borrower or any ERISA Affiliate or to which the Parent, the Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan
described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years. 
 “Permitted Acquisitions” means Acquisitions by the Parent, the Borrower and their Restricted Subsidiaries of Stations, any other Business or any other assets useful in the Business,
provided that each such Acquisition satisfies one of two following qualifications: (a) such Acquisition consists of assets (i) acquired by the Parent, the Borrower or a Restricted Subsidiary and (ii) that are or will be, in accordance
with the provisions of Section 6.12, subject to Liens in favor of the Administrative Agent for the benefit of the Secured Parties to secure the Obligations 

  
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in accordance with the terms of this Agreement or (b) such Acquisition consists of Equity Interests acquired by a Loan Party and such Subsidiary is a Restricted Subsidiary that has complied
or will comply with the provisions of Section 6.12 with respect to Restricted Subsidiaries. 
 “Permitted
Holders” means, collectively, (a) Joseph M. Field and David J. Field and their immediate families, including their wives, their children or grandchildren, the spouses of their children and their grandchildren, or trusts created for the
benefit of any of, or the estates of, the foregoing or (b) entities controlled by Joseph M. Field or David J. Field by virtue of their beneficial ownership of more than 50% of the weighted voting power of the Equity Interests of such entities.

 “Permitted Net Funds” means cash of the Borrower which is deposited by the Borrower into a Funding Account,
and is 
 (a) the proceeds of a borrowing of Committed Loans intended by the Borrower to be applied to reduce Consolidated
Funded Indebtedness of the Borrower within four Business Days after the deposit thereof, or 
 (b) the proceeds of a borrowing
of Committed Loans intended by the Borrower to be applied within four Business Days after the deposit thereof to the consummation of a Permitted Acquisition previously disclosed to the Administrative Agent; 

provided that (i) in connection with any such Permitted Acquisition, (A) prior to the deposit of such Permitted Net Funds the Borrower
shall have delivered a pro forma compliance certificate calculating Consolidated Funded Indebtedness on a Pro Forma Basis for the applicable Measurement Period (but excluding the effects of the proposed Permitted Acquisition), and (B) on the
date of withdrawal of any such Permitted Net Funds, the Borrower shall have delivered a pro forma compliance certificate calculating Consolidated Operating Cash Flow on a Pro Forma Basis for the applicable Measurement Period (including the effects
of the proposed Permitted Acquisition and the use of the Permitted Net Funds in connection therewith) together with evidence satisfactory to the Administrative Agent of the concurrent consummation of such proposed Permitted Acquisition and
(ii) in connection with any repayment of Indebtedness, the Borrower’s withdrawal of such Permitted Net Funds from the Funding Account is applied or paid by the Administrative Agent at the direction of the Borrower to reduce Consolidated
Funded Indebtedness as permitted by, and in accordance with, the terms of this Agreement. 
 “Permitted Senior Notes
Refinancing” means any unsecured refinancing, refunding, renewal or extension of the Senior Notes so long as (i) the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except
by an amount equal to a reasonable premium paid, and fees, OID and expenses reasonably incurred, in connection with such refinancing, (ii) the final maturity date of such refinancing, refunding, renewing or extending Indebtedness shall be no
earlier than 180 days after the latest Maturity Date, (iii) the terms and conditions of any such refinancing, refunding, renewal or extension are market terms on the date of issuance (as determined in good faith by the Borrower) or are not,
taken as a whole, materially more restrictive than the covenants and events of default contained in this Agreement (as determined in good faith by the Borrower), provided that if such 

  
 35 

 
Indebtedness contains any financial maintenance covenants, such covenants shall not be tighter than those contained in this Agreement, and (iv) the interest rate applicable to any such
refinancing, refunding, renewing or extending Indebtedness does not exceed the then applicable market interest rate and (v) with respect to any guaranties by License Subsidiaries of such Indebtedness, such guaranties are subordinated on terms
at least as favorable on the whole to the Lenders as those subordinated guaranties of the Senior Notes by the License Subsidiaries. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established
by the Parent or the Borrower or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate. 
 “Platform” has the meaning specified in Section 6.02. 

“Pledge Agreements” means the Parent/Borrower Pledge Agreement and the Subsidiary Pledge Agreement. 

“Preferred Stock” means any Equity Interests with preferential rights of payment or dividends or upon liquidation,
dissolution or winding up. 
 “Pro Forma Basis” means a method of calculation in accordance with the terms of
Section 1.07. 
 “Public Lender” has the meaning specified in Section 6.02. 

“Recipient” means the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made
by or on account of any obligation of any Loan Party hereunder. 
 “Register” has the meaning specified in
Section 10.06(c). 
 “Registration Rights Agreement” means the “Registration Rights
Agreement” as defined in the Senior Notes Indenture. 
 “Reinvestment Period” has the meaning specified in
Section 2.05(b)(ii). 
 “Related Parties” means, with respect to any Person, such Person’s
Affiliates and directors, officers, employees, agents, trustees, administrators, managers, partners and advisors of such Person and of such Person’s Affiliates. 
 “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived. 

“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Committed Loans
(including Incremental Revolving Loans), a Committed Loan Notice, (b) with respect to a Borrowing, conversion or continuation of Term Loans (including 

  
 36 

 
Incremental Term Loans), a Term Loan Notice, (c) with respect to an L/C Credit Extension, a Letter of Credit Application and (d) with respect to a Swing Line Loan, a Swing Line Loan
Notice. 
 “Required Lenders” means, as of any date of determination, Lenders having more than 50% of the sum
of (i) the Total Outstandings (with the aggregate amount of each Revolving Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Revolving Lender for purposes of
this definition) and (ii) aggregate unused Revolving Commitments; provided that the unused Revolving Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of
making a determination of Required Lenders. 
 “Required Revolving Lenders” means, as of any date of
determination, Revolving Lenders holding more than 50% of the sum of the (a) Total Revolving Outstandings (with the aggregate amount of each Revolving Lender’s risk participation and funded participation in L/C Obligations and Swing Line
Loans being deemed “held” by such Revolving Lender for purposes of this definition) and (b) aggregate unused Revolving Commitments; provided that the unused Revolving Commitment of, and the portion of the Total Revolving
Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Lenders. 
 “Required Term B Lenders” means, as of any date of determination, Term B Lenders holding more than 50% of the Term B Facility on such date; provided that the portion of the Term B
Facility held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Term B Lenders. 

“Responsible Officer” means the chief executive officer, president, chief financial officer, executive vice president,
treasurer or assistant treasurer of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other
action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. For the avoidance of doubt, any certificate executed by any officer pursuant to or in connection with any
Loan Document shall be deemed executed by such officer in his or her capacity as an officer of the applicable Loan Party and not in his or her individual capacity, and such officer shall have no individual or personal liability with respect thereto.

 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other
property) with respect to any capital stock or other Equity Interest of the Parent, the Borrower or any Restricted Subsidiary, or any payment (whether in cash, securities or other property) including (a) any sinking fund or similar deposit, on
account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such capital stock or other Equity Interest or on account of any return of capital to the Parent’s or the Borrower’s stockholders, partners or
members (or the equivalent Person thereof) and (b) any interest or other cash payment with respect to any Preferred Stock (other than Disqualified Stock). 

  
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 “Restricted Subsidiary” means (unless designated an “Unrestricted
Subsidiary” in accordance with the terms of the definition of “Unrestricted Subsidiary”), each Subsidiary of the Parent and the Borrower, provided that in each case Restricted Subsidiaries that are (x) Domestic
Subsidiaries must be Guarantors and have all the Equity Interests owned by the Parent, the Borrower and their direct and indirect Restricted Subsidiaries in such Restricted Subsidiary pledged to secure the Obligations and (y) foreign
Subsidiaries, to the extent no Adverse Tax Consequence would result, must be Guarantors and have all the Equity Interests owned by the Parent, the Borrower and their direct and indirect Restricted Subsidiaries in such Restricted Subsidiary pledged
to secure the Obligations; provided that such pledge shall be limited to a pledge of 66% of the Equity Interests of such foreign Restricted Subsidiary, to the extent the pledge of any greater percentage would result in an Adverse Tax
Consequence to the Borrower. To the extent that (a) there exists no Default prior to and/or after giving effect thereto, (b) any Unrestricted Subsidiary (i) executes a Guarantee of the Obligations, (ii) has 100% of its Equity
Interests pledged to secure the Obligations, (iii) grants a Lien in its assets (except Excluded Collateral) to secure the Obligations, and (iv) has no existing Indebtedness or Liens at the time of designation as a Restricted Subsidiary
that would not have been permitted to be incurred under Sections 7.01 and 7.03 if such Unrestricted Subsidiary had been a Restricted Subsidiary at the time of its incurrence, and (c) such (A) Guarantee of the Obligations,
(B) pledge of Equity Interests and (C) grant of Liens in its assets are in each case pursuant to documentation substantially similar in terms, conditions and form to the Guaranty, the Subsidiary Pledge Agreement and the Security Agreement,
respectively (or in each case such other form agreed to by the Administrative Agent and the Borrower), then after notice to the Administrative Agent that such conditions have been met, such Unrestricted Subsidiary shall thereafter be included in the
definition of Restricted Subsidiaries and treated as such, and shall not be included in the definition of Unrestricted Subsidiary. 
 “Revolving Commitment” means, as to each Revolving Lender, its obligation to (a) make Committed Loans to the Borrower pursuant to Section 2.01(b), (b) purchase
participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01
under the caption “Revolving Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with
this Agreement. 
 “Revolving Credit Exposure” means, as to any Lender at any time, the aggregate principal
amount at such time of its outstanding Committed Loans and such Lender’s participation in L/C Obligations and Swing Line Loans at such time. 
 “Revolving Credit Facility” means, at any time, the aggregate amount of the Revolving Lenders’ Revolving Commitments at such time. 

“Revolving Lender” means, at any time, any Lender that has a Revolving Commitment at such time. 

  
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 “Revolving Maturity Date” means (a) November 23, 2016 or
(b) such earlier date as the Obligations become due and payable pursuant to this Agreement (whether by acceleration, scheduled reduction or otherwise). 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto. 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Secured Hedge Agreement” means any Swap Contract permitted under Article VI or VII
that is entered into by and between any Loan Party and any Hedge Bank. 
 “Secured Parties” means,
collectively, the Administrative Agent, the Lenders, the L/C Issuer, the Hedge Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05, and the other Persons the Obligations
owing to which are or are purported to be secured by the Collateral under the terms of the Collateral Documents. 

“Security Agreement” means one or more Security Agreements executed by each of the Loan Parties in favor of the
Administrative Agent for the benefit of the Secured Parties, substantially in the form of Exhibit F. 
 “Security
Agreement Supplement” has the meaning assigned to such term in the Security Agreement. 
 “Senior
Notes” means, as applicable, (i) the Original Senior Notes and (ii) if issued, and upon the issuance of same, the Exchange Notes. 
 “Senior Notes Documents” means the Senior Notes, the Senior Notes Indenture, and all agreements, guaranty and instruments executed by the Parent, the Borrower or any other Guarantor in
connection with the Senior Notes and the Senior Notes Indenture. 
 “Senior Notes Indenture” means the
Indenture dated as of November 23, 2011 between the Borrower and Wilmington Trust National Association, as Trustee, pursuant to which the Senior Notes were issued. 
 “Series” means, with respect to a Term B Loan, its character as (a) a Term B Loan, (b) a distinct tranche of Incremental Term Loans issued pursuant to and in accordance with
Section 2.18 hereof or (c) a distinct tranche of Extended Term Loans issued pursuant to and in accordance with Section 2.19 hereof. 
 “Shared Services Agreement” means a shared services arrangement or other similar arrangement pursuant to which two Persons owning separate radio broadcast stations agree to share the
costs of certain services and procurements which they individually require in connection with the ownership and operation of one radio broadcast station, whether through the form of joint or cooperative buying arrangements or the performance of
certain functions relating to the operation of one radio broadcast station by employees of the owner and operator of the other radio broadcast station, including, but not limited to, the co-location of the studio, non-managerial administrative
and/or master control and technical facilities of such radio broadcast station and/or the sharing of maintenance, security and other services relating to such facilities. 

  
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 “Solvent” means, with respect to any Person, as of any date of
determination, that the fair value of the assets of such Person (at fair valuation) is, on the date of determination, greater than the total amount of liabilities (including contingent and unliquidated liabilities) of such Person as of such date,
that 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 probable liability of such Person on its debts as such debts become absolute and matured, and that,
as of such date, such Person will be able to pay all liabilities of such Person as such liabilities mature and such Person does not have unreasonably small capital with which to carry on its business. In computing the amount of contingent or
unliquidated liabilities at any time, such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured
liability discounted to present value at rates believed to be reasonable by such Person acting in good faith. 

“SPC” has the meaning specified in Section 10.06(g). 

“Specified Equity Contributions” has the meaning specified in Section 7.13. 

“Station Contracts” means contracts entered into in good faith and in the ordinary course of business by the Parent on
behalf of the Borrower or one or more Restricted Subsidiaries with respect to the ordinary course of operating the radio stations or another Business of the Borrower or any Restricted Subsidiaries. 

“Stations” means, as of any date, the radio broadcasting stations owned by the Borrower and their Restricted
Subsidiaries as of such date, all auxiliary stations owned or operated by the Borrower and their Restricted Subsidiaries in connection with the foregoing, all television or other broadcasting stations owned by the Borrower and their Restricted
Subsidiaries, or any other communications station owned or operated at such time by the Borrower or any of their Restricted Subsidiaries. 
 “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the
management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall
refer to a Subsidiary or Subsidiaries of the Borrower and the Parent. 
 “Subsidiary Pledge Agreement” has the
meaning specified in Section 4.01(a)(iv). 
 “Swap Contract” means (a) any and all rate swap
transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor 

  
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transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any
of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations,
which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc. or any International Foreign Exchange Master Agreement (any such master agreement,
together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 
 “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out (and any obligations arising thereunder have not been paid) and termination value(s) determined in accordance therewith, such termination value(s), and
(b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any
recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
 “Swing Line
Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04. 
 “Swing Line
Lender” means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder. 
 “Swing Line Loan” has the meaning specified in Section 2.04(a). 
 “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in writing, shall be substantially in the form of
Exhibit G. 
 “Swing Line Sublimit” means an amount equal to the lesser of (a) $10,000,000 and
(b) the Revolving Credit Facility. The Swing Line Sublimit is part of, and not in addition to, the Revolving Credit Facility. 
 “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use
or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to
accounting treatment); provided however, that no programming agreement, time brokerage agreement, Local Marketing Agreement or similar agreement shall constitute a Synthetic Lease Obligation. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

  
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 “Term B Borrowing” means a borrowing consisting of simultaneous Term B
Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Term B Lenders pursuant to Section 2.01(b). 
 “Term B Commitment” means, as to each Term B Lender, its obligation to make Term B Loans to the Borrower pursuant to Section 2.01(b) in an aggregate principal amount at any
one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 under the caption “Term B Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Term B
Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 
 “Term B Facility” means, at any time, (a) on or prior to the Closing Date, the aggregate amount of the Term B Commitments at such time and (b) thereafter, the aggregate
principal amount of the Term B Loans of all Term B Lenders outstanding at such time. 
 “Term B Lender” means
at any time, (a) on or prior to the Closing Date, any Lender that has a Term B Commitment at such time and (b) at any time after the Closing Date, any Lender that holds Term B Loans at such time. 

“Term B Loan” has the meaning specified in Section 2.01(b). 

“Term B Loan Maturity Date” means (a) November 23, 2018 or (b) such earlier date as the Obligations
become due and payable pursuant to this Agreement (whether by acceleration, scheduled reduction or otherwise). 
 “Term
B Repayment Amounts” has the meaning set forth in Section 2.07(b). 
 “Term Loan” means
the Term B Loan and any Incremental Term Loan, as applicable. 
 “Term Loan Notice” means a notice of
(a) a Term B Borrowing, (b) a conversion of Term Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of
Exhibit A, or any other form approved by the Administrative Agent. 
 “Total Outstandings” means the
aggregate Outstanding Amount of all Loans and all L/C Obligations. 
 “Total Revolving Outstandings” means the
aggregate Outstanding Amount of all Committed Loans, Swing Line Loans and all L/C Obligations. 
 “Tranche”
means, as applicable, either (a) the Committed Loans and L/C Credit Extensions or (b) the Term B Loan, as applicable. 

“Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 

“United States” and “U.S.” mean the United States of America. 

  
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 “Unreimbursed Amount” has the meaning specified in
Section 2.03(c)(i). 
 “Unrestricted Subsidiary” means a direct or indirect Subsidiary of the
Parent or the Borrower which the Borrower has designated as an “Unrestricted Subsidiary” by delivering five days prior written notice to the Administrative Agent (or such lesser notice as agreed to by the Administrative Agent). Each
Subsidiary of an Unrestricted Subsidiary shall also be an Unrestricted Subsidiary. 
 “U.S. Tax Compliance
Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III). 
 1.02 Other Interpretive
Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 
 (a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be
construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document)
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any
other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder”
and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Recitals,
Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Recitals, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory
provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and
(vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. Derivatives of defined terms have corresponding meanings. Any reference to the knowledge of a non-individual Person shall mean the actual knowledge of an executive officer (or individual holding a similar position) of such Person.
Any reference to “consolidated” in connection with the Parent, the Borrower and their Subsidiaries shall mean eliminating all intercompany accounts. 
 (b) In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and
“until” each mean “to but excluding;” and the word “through” means “to and including.” 

  
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 (c) Section headings herein and in the other Loan Documents are included for
convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 
 1.03
Accounting Terms. 
 (a) Generally. All accounting terms not specifically or completely defined
herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent
basis, as in effect from time to time, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained
herein, Indebtedness of the Parent, the Borrower and their Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be
disregarded. 
 (b) Changes in GAAP. If at any time any change in GAAP (including the adoption of IFRS)
would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith
to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Borrower and the Required Lenders); provided that, until so amended, (A) such ratio or
requirement shall continue to be computed in accordance with GAAP prior to such change therein and (B) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement
or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Without limiting the foregoing, leases shall continue to be classified
and accounted for on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable
amendment addressing such changes, as provided for above. 
 (c) Consolidation of Variable Interest
Entities. All references herein to consolidated financial statements of the Parent, the Borrower and their Subsidiaries shall, in each case, be deemed to include each variable interest entity that the Parent is required to consolidate pursuant
to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein. Notwithstanding the preceding sentence, the parties hereto specifically agree to exclude any impact of the variable interest entities on the Parent, Borrower or
Restricted Subsidiaries’ financial position or results of operations (including, without limitation, Indebtedness, Consolidated Funded Indebtedness, Consolidated Interest Charges, Consolidated Operating Cash Flow, OCF and net income of such
entities) in any calculation made under this Agreement (including, without limitation, the calculation of any component of the financial covenant ratios required to be calculated under the terms of this Agreement and including, without limitation
and for the avoidance 

  
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of doubt, any financial covenant ratios the compliance with which is required in connection with any Acquisition, Disposition, repayment of Indebtedness, the making of any Investment or
Restricted Payment or any other action or event described in this Agreement). 
 1.04 Rounding. Any financial ratios
required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 
 1.05
Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time. 

1.06 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to
be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more
automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in
effect at such time. 
 1.07 Pro Forma Calculations. 

(a) 
 (i) For purposes of making all financial calculations to determine compliance with Section 7.13 or any financial covenant ratios the compliance with which is required in connection with any
Acquisition, Disposition, repayment of Indebtedness, the making of any Investment or Restricted Payment or any other action or event described in this Agreement (x) any Disposition or Acquisition for consideration equal to or less than
$10,000,000 (and any related incurrence or repayment of Indebtedness) by the Borrower, the Parent or their Restricted Subsidiaries, may, at the option of the Borrower upon notice to the Administrative Agent as indicated in the applicable Compliance
Certificate, be deemed to have occurred on the first day of the applicable Measurement Period (or the first day of the applicable period for which compliance with Section 7.13 is being determined) and (y) any Disposition or
Acquisition of any Station or other assets for consideration in excess of $10,000,000 by any of the Parent, the Borrower or any of their Restricted Subsidiaries (and any related incurrence or repayment of Indebtedness) which occurs during any
applicable Measurement Period (or during the applicable period for which compliance with Section 7.13 is being determined) shall be deemed to have occurred on the first day of such Measurement Period (or the first day of the applicable
period for which compliance with Section 7.13 is being determined), 

  
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 (ii) For purposes of determining the (A) Consolidated Leverage Ratio at
any time other than in determining compliance with Section 7.13(b) and (B) Consolidated Senior Secured Leverage Ratio, Consolidated Funded Indebtedness shall be determined as of such date of determination after giving effect to the
applicable proposed transaction, and all other incurrence and repayments of Indebtedness on the same date or prior thereto (to the extent any such repayment is permitted by the Loan Documents), and 

(iii) Notwithstanding the foregoing (i) and (ii) preceding, (A) any Disposition and Acquisition occurring
as part of the same or related transactions shall be treated in a consistent manner, (B) with respect to any financial covenant calculation, Consolidated Senior Secured Leverage Ratio determination, or Consolidated Leverage Ratio determination
for interest rates or any other provision herein, each determination and calculation made with respect to such covenant shall include or exclude financial information in connection with Acquisitions and Dispositions in a consistent manner and
(C) with respect to any period, each financial covenant under Section 7.13 shall include or exclude financial information in connection with Acquisitions and Dispositions in a consistent manner. 

(b) For purposes of calculating OCF, such calculation shall be made in a manner consistent with the methodology described
in the immediately preceding clause (a). 
 (c) Any calculation required or permitted to be made on a pro
forma basis in accordance with the immediately preceding clauses (a) and (b) for any applicable Measurement Period, shall take into account any transaction or event which has occurred after such Measurement Period and on or prior to the
date of such calculation. 
 ARTICLE II. 
 THE COMMITMENTS AND CREDIT EXTENSIONS 
 2.01 Loans. 

(a) Committed Loans. Subject to the terms and conditions set forth herein, each Revolving Lender severally agrees
to make loans (each such loan, a “Committed Loan”) to the Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s
Revolving Commitment; provided, however, that after giving effect to any Committed Borrowing, (i) the Outstanding Amount of Committed Loans shall not exceed the Revolving Credit Facility and (ii) the aggregate Outstanding
Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Revolving Percentage of the Outstanding Amount of all L/C Obligations plus such Lender’s Applicable Revolving Percentage of the Outstanding Amount of
all Swing Line Loans shall not exceed such Revolving Lender’s Revolving Commitment. Within the limits of each Revolving Lender’s Revolving Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this
Section 2.01(a), prepay under Section 2.05, and reborrow under this Section 2.01(a). Committed Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

  
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 (b) Term B Loans. Subject to the terms and conditions set forth
herein, each Term B Lender severally agrees to make a single loan to the Borrower on the Closing Date in an amount not to exceed such Term B Lender’s Applicable Percentage of $345,000,000 (each such loan, a “Term B Loan”). The
Term B Borrowing on the Closing Date shall consist of Term B Loans made simultaneously by the Term B Lenders in accordance with their respective Term B Commitments. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may
not be reborrowed. Term B Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 
 2.02
Borrowings, Conversions and Continuations of Loans. 
 (a) Each Committed Borrowing, the initial Term B
Borrowing each conversion of Term Loans or Committed Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by
telephone. Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans, and (ii) on
the requested date of any Borrowing of Base Rate Loans or conversion of Eurodollar Rate Loans to Base Rate Loans; provided, however, that if the Borrower wishes to request Eurodollar Rate Loans having an Interest Period other than one,
two, three or six months in duration as provided in the definition of “Interest Period”, the applicable notice must be received by the Administrative Agent not later than 11:00 a.m. four Business Days prior to the requested date of such
Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the Appropriate Lenders of such request and determine whether the requested Interest Period is available to all of them. Not later than 11:00 a.m.,
three Business Days before the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period is available to all the
Appropriate Lenders. Each telephonic notice by the Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible
Officer of the Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Except as provided in Section 2.03(c) and
Section 2.04(c), each Borrowing of, or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice (whether telephonic or written) shall specify
(i) whether the Borrower is requesting a Committed Borrowing, a conversion of Committed Loans from one Type to the other, a conversion of Term Loans from one Type to the other, or a continuation of Eurodollar Rate Loans and whether such
Eurodollar Rate Loans are Committed Loans or Term Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Committed Loans to be borrowed
or the principal amount of the Loans to be converted or continued, (iv) the Type of Committed Loans to be borrowed or the Type of Loans to which existing 

  
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Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Loan Notice, or if the
Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Committed Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective
as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to
specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Notwithstanding anything to the contrary herein, a Swing Line Loan may not be converted to a Eurodollar Rate Loan. 

(b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its
Applicable Percentage of the applicable Facility of the applicable Term B Loans or Committed Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details
of any automatic conversion to Base Rate Loans described in the preceding subsection. In the case of a Committed Borrowing and in the case of the initial funding of the Term B Loan on the Closing Date, each Appropriate Lender shall make the amount
of its Committed Loan or Term B Loan, as applicable, available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Loan
Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to
the Borrower by 2:00 p.m. in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of the Administrative Agent with the amount of such funds or (ii) wire transfer of such funds,
in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; provided, however, that if, on the date that a Committed Loan Notice with respect to such Borrowing is
given by the Borrower there are L/C Borrowings outstanding, then the proceeds of such Committed Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower
as provided above. 
 (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or
converted only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of an Event of Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required
Lenders. 
 (d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate
applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in the
Administrative Agent’s prime rate used in determining the Base Rate promptly following the public announcement of such change. 

  
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 (e) After giving effect to all Borrowings, all conversions of Loans from one
Type to the other, and all continuations of Loans as the same Type, there shall not be more than 15 Interest Periods in effect with respect to all of the Loans. 
 2.03 Letters of Credit. 
 (a) The Letter of Credit
Commitment. 
 (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in
reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of
Credit in Dollars for the account of the Borrower or any other Restricted Subsidiaries, and to amend or extend Letters of Credit in Dollars previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under
the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or any other Restricted Subsidiaries and any drawings thereunder; provided that after giving
effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Revolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Loans of any Revolving
Lender, plus such Revolving Lender’s Applicable Revolving Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Lender’s Applicable Revolving Percentage of the Outstanding Amount of all Swing Line
Loans shall not exceed such Lender’s Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of
Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and
conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have
been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof. 

(ii) The L/C Issuer shall not issue any Letter of Credit, if: 

(A) subject to Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would occur more than
twelve months after the date of issuance or last extension, unless the Required Revolving Lenders have approved such expiry date; or 
 (B) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Revolving Lenders (other than Defaulting Lenders) have approved such expiry
date. 

  
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 (iii) The L/C Issuer shall not be under any obligation to issue any Letter
of Credit if: 
 (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its
terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction
over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with respect to such Letter of Credit any
restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) first imposed after the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable
on the Closing Date and, in each case, which the L/C Issuer in good faith deems material to it; 
 (B) except as
otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter of Credit is in an initial stated amount less than $10,000; 
 (C) the issuance of any such Letter of Credit would violate one or more policies of the L/C Issuer, as applicable to all Letters of Credit, generally; or 

(D) any Lender is at that time a Defaulting Lender, unless the L/C Issuer has received Cash Collateral in accordance with
Section 2.15 to eliminate the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.16(a)(iv)) with respect to such Defaulting Lender as to either the Letter of Credit then proposed to be
issued or such Letter of Credit and all other L/C Obligations as to which the L/C Issuer has such actual or potential Fronting Exposure, as it may elect in its sole discretion. 

(iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue
such Letter of Credit in its amended form under the terms hereof. 
 (v) The L/C Issuer shall be under no
obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept
the proposed amendment to such Letter of Credit. 
 (vi) The L/C Issuer shall act on behalf of the Revolving
Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities 

  
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 (A) provided to the Administrative Agent in Article IX with respect to any acts
taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used
in Article IX included the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer. 

(b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 

(i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to
the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application may be sent by facsimile, by
United States mail, by overnight courier, by electronic transmission using the system provided by the L/C Issuer, by personal delivery or by any other means acceptable to the L/C Issuer. Such Letter of Credit Application must be received by the L/C
Issuer and the Administrative Agent not later than 11:00 a.m. at least two Business Days (or such later date and time as the L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of
amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the L/C Issuer: (A) the proposed issuance date
of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in
case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the proposed Letter of Credit; and (H) such other matters as the
L/C Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the L/C Issuer (A) the Letter of
Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may reasonably require. Additionally, the
Borrower shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative
Agent may reasonably require. 
 (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer
will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a
copy thereof. Unless the L/C Issuer has received written notice from any Revolving Lender (provided that, notwithstanding the definition of 

  
 51 

 
“Defaulting Lender” hereunder, any Revolving Lender giving such written notice that is the sole Revolving Lender giving such written notice shall be a Defaulting Lender hereunder), the
Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article IV shall not then be
satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower or such Restricted Subsidiary, or enter into the applicable amendment, as the case may
be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to,
purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Lender’s Applicable Revolving Percentage times the amount of such Letter of Credit. 

(iii) If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and
absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to
prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice
Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer for any such
extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not
later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, at such time to issue such Letter of
Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) of Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before
the day that is five Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Revolving Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Revolving
Lender (provided that any Revolving Lender giving such written notice that is the sole Revolving Lender giving such written notice shall be a Defaulting Lender hereunder) or the Borrower that one or more of the applicable conditions specified in
Section 4.02 is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension. 
 (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to
the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

  
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 (c) Drawings and Reimbursements; Funding of Participations.

 (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of
Credit, the L/C Issuer shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower
shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing (provided that if the L/C Issuer has not provided the Borrower with at least one Business Day’s notice of a drawing under a
Letter of Credit, the Borrower’s reimbursement obligation to the L/C Issuer shall be postponed until the first Business Day following the date that the Borrower receives such notice so long as the Borrower pays interest on the amount paid by
the L/C Issuer at the Base Rate plus the Applicable Rate for such day). If the Borrower fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Lender of the Honor Date, the amount of the
unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Revolving Lender’s Applicable Revolving Percentage thereof. In such event, the Borrower shall be deemed to have requested a Committed Borrowing of Base
Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of
the unutilized portion of the Revolving Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this
Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 

(ii) Each Revolving Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available to the
Administrative Agent for the account of the L/C Issuer at the Administrative Agent’s Office in an amount equal to its Applicable Revolving Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such
notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Revolving Lender that so makes funds available shall be deemed to have made a Base Rate Committed Loan to the Borrower in such amount.
The Administrative Agent shall remit the funds so received to the L/C Issuer. 
 (iii) With respect to any
Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from
the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C 

  
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Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Lender’s payment to the Administrative Agent
for the account of the L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Revolving Lender in satisfaction of its
participation obligation under this Section 2.03. 
 (iv) Until each Revolving Lender funds its
Committed Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Lender’s Applicable Revolving Percentage of such
amount shall be solely for the account of the L/C Issuer. 
 (v) Each Revolving Lender’s obligation to make
Committed Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including
(A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Lender may have against the L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or
(C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Revolving Lender’s obligation to make Committed Loans pursuant to this Section 2.03(c) is
subject to the conditions set forth in Section 4.02 (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the L/C
Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. 
 (vi) If any Revolving Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required to be paid by such Revolving Lender pursuant to the foregoing
provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), the L/C Issuer shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with
interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C
Issuer in accordance with banking industry rules on interbank compensation. A certificate of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be
presumptively correct absent manifest error. 
 (d) Repayment of Participations. 

(i) At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving
Lender such Revolving 

  
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Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of the L/C Issuer any payment in respect
of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its
Applicable Revolving Percentage thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s L/C Advance was outstanding) in the same funds as those received by the Administrative
Agent. 
 (ii) If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to
Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by the L/C Issuer in its discretion), each Revolving Lender shall pay
to the Administrative Agent for the account of the L/C Issuer its Applicable Revolving Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Revolving
Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Revolving Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

 (e) Obligations Absolute. The obligation of the Borrower to reimburse the L/C Issuer for each
drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances (it being understood that any
such payment by the Borrower is without prejudice to, and does not constitute a waiver of, any rights the Borrower might have or might otherwise acquire as a result of the payment by any L/C Issuer of any draft or the reimbursement by the Borrower
thereof), including the following: 
 (i) any lack of validity or enforceability of such Letter of Credit, this
Agreement, or any other Loan Document; 
 (ii) the existence of any claim, counterclaim, setoff, defense or other
right that the Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person,
whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged,
fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of
Credit, IN ALL CASES, 

  
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WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE L/C ISSUER, other than in each case, arising from or as a result of
the willful misconduct, bad faith or gross negligence of the L/C Issuer; 
 (iv) waiver by the L/C Issuer of any
requirement that exists for the L/C Issuer’s protection and not the protection of the Borrower or any waiver by the L/C Issuer which does not in fact materially prejudice the Borrower; 

(v) honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the
form of a draft; 
 (vi) any payment made by the L/C Issuer in respect of an otherwise complying item presented
after the date specified as the expiration date of, or the date by which documents must be received under such Letter of Credit if presentation after such date is permitted by the UCC or the ISP, as applicable; 

(vii) any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does
not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors,
liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law, IN ALL CASES, WHETHER OR NOT CAUSED
BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE L/C ISSUER, other than, in each case, arising from or as a result of the willful misconduct, bad faith or gross negligence of the L/C Issuer; or

 (viii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing,
including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any Subsidiary, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE,
CONTRIBUTORY OR SOLE NEGLIGENCE OF THE L/C ISSUER, other than, in each case, arising from or as a result of the willful misconduct, bad faith or gross negligence of the L/C Issuer. 

The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it
and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the L/C Issuer. 

(f) Role of L/C Issuer. Each Revolving Lender and the Borrower agree that, in paying any drawing under a
Letter of Credit, the L/C Issuer shall not have any 

  
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responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy
of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer
shall be liable to any Revolving Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Lenders or the Required Revolving Lenders, as applicable; (ii) any action taken or
omitted in the absence of gross negligence, bad faith or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document, AND IN ALL
CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF SUCH PERSON other than, in each case, arising from or as a result of willful misconduct, bad faith or gross negligence of
the L/C Issuer. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not,
preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor
any correspondent, participant or assignee of the L/C Issuer, shall be liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.03(e), IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING,
IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF ANY SUCH PERSON; provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against the L/C
Issuer, and the L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which were determined by a final, nonappealable judgment by a
court of competent jurisdiction to be caused by the L/C Issuer’s willful misconduct, bad faith or gross negligence or the willful misconduct, bad faith or gross negligence of such L/C Issuer’s Related Parties, correspondents, participants
or assignees or the L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In
furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C
Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which
may prove to be invalid or ineffective for any reason. The L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message
or overnight courier, or any other commercially reasonable means of communicating with a beneficiary. 
 (g)
Extended Commitments. If the maturity date in respect of any tranche of Revolving Commitments occurs prior to the expiration of any Letter of Credit, then (i) if 

  
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one or more other tranches of Revolving Commitments in respect of which the maturity date shall not have occurred are then in effect, (x) outstanding Committed Loans shall be repaid pursuant
to Section 2.05(a) on such maturity date in an amount sufficient to permit the reallocation of the L/C Obligations relating to the outstanding Letters of Credit contemplated by clause (y) below and (y) such Letters of Credit
shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Lenders to purchase participations therein and to make Committed Loans and payments in respect thereof pursuant to
Section 2.03(c)) under (and ratably participated in by Lenders pursuant to) the Revolving Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate principal amount of the unutilized
Revolving Commitments thereunder at such time (it being understood that (A) the participations therein of Revolving Lenders under the maturing tranche shall be correspondingly released and (B) no partial face amount of any Letter of Credit
may be so reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i), but without limiting the obligations with respect thereto, the Borrower shall Cash Collateralize any such Letter of Credit no later than
five Business Days prior to such maturity date. If, for any reason, such Cash Collateral is not provided or the reallocation does not occur, the Revolving Lenders under the maturing tranche shall continue to be responsible for their participating
interests in the Letters of Credit; provided that, notwithstanding anything to the contrary contained herein, upon any subsequent repayment of the Committed Loans, the reallocation set forth in clause (i) shall automatically occur to the
extent of such repayment (it being understood that no partial face amount of any Letter of Credit may be so reallocated). Except to the extent of reallocations of participations pursuant to clause (i) of the second preceding sentence, the
occurrence of a maturity date with respect to a given tranche of Revolving Commitments shall have no effect upon (and shall not diminish) the percentage participations of the Revolving Lenders in any Letter of Credit issued before such maturity
date. Commencing with the maturity date of any tranche of Revolving Commitments, the sublimit for Letters of Credit under any tranche of Revolving Commitments that has not so then matured shall be as agreed with the Lenders under such extended
tranche; provided that in no event shall such sublimit be less than the sum of (x) the L/C Obligations of the Revolving Lenders under such extended tranche immediately prior to such maturity date and (y) the face amount of the
Letters of Credit reallocated to such extended tranche pursuant to clause (i) above (assuming Committed Loans are repaid in accordance with clause (i)(x)). 
 (h) Applicability of ISP; Limitation of Liability. Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued (including any such agreement applicable to
an Existing Letter of Credit), the rules of the ISP shall apply to each standby Letter of Credit. Notwithstanding the foregoing, the L/C Issuer shall not be responsible to the Borrower for, and the L/C Issuer’s rights and remedies against the
Borrower shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order
of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and
Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice. 

  
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 (i) Letter of Credit Fees. The Borrower shall pay to the
Administrative Agent for the account of each Revolving Lender, subject to Section 2.16, in accordance with its Applicable Revolving Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each standby Letter
of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit
shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) computed on a quarterly basis in arrears and (ii) due and payable on the first Business Day after the end of each March, June, September
and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter within five Business Days of demand therefor. If there is any change in the Applicable
Rate during any quarter, the daily amount available to be drawn under each standby Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.
Notwithstanding anything to the contrary contained herein, upon the request of the Required Revolving Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate. 

(j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrower shall pay directly to
the L/C Issuer for its own account a fronting fee with respect to each standby Letter of Credit, at the rate per annum specified in the Fee Letters, computed on the daily amount available to be drawn under such Letter of Credit on a quarterly basis
in arrears, and due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date
and thereafter within five Business Days of demand therefor. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with
Section 1.06. In addition, the Borrower shall pay directly to the L/C Issuer for its own account such customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating
to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable within ten Business Days of receipt of a reasonably detailed written invoice therefor and are nonrefundable. 

(k) Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any
Issuer Document, the terms hereof shall control, and the grant of a security interest under any Issuer Document shall not be effective with respect to any Excluded Collateral. 

(l) Letters of Credit Issued for Restricted Subsidiaries. Notwithstanding that a Letter of Credit issued or
outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary of the Borrower, the Borrower shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter of Credit.

  
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The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives
substantial benefits from the businesses of such Subsidiaries. 
 2.04 Swing Line Loans. 

(a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender agrees, in reliance
upon the agreements of the other Lenders set forth in this Section 2.04, to make loans (each such loan, a “Swing Line Loan”) to the Borrower from time to time on any Business Day during the Availability Period in an
aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Applicable Revolving Percentage of the Outstanding Amount of Committed Loans
and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Revolving Commitment; provided, however, that (x) after giving effect to any Swing Line Loan, (i) the Total Revolving
Outstandings shall not exceed the Revolving Credit Facility at such time, and (ii) the aggregate Outstanding Amount of the Committed Loans of any Revolving Lender at such time, plus such Revolving Lender’s Applicable Revolving Percentage
of the Outstanding Amount of all L/C Obligations at such time, plus such Revolving Lender’s Applicable Revolving Percentage of the Outstanding Amount of all Swing Line Loans at such time shall not exceed such Lender’s Revolving Commitment,
(y) the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan, and (z) the Swing Line Lender shall not be under any obligation to make a Swing Line Loan if it shall determine in good faith
that it has, or will by such Credit Extension have, Fronting Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.04, prepay under
Section 2.05, and reborrow under this Section 2.04. Each Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Revolving Lender’s Applicable Revolving Percentage times the amount of such Swing Line Loan.

 (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable
notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and
shall specify (i) the amount to be borrowed, which shall be a minimum of $500,000 or a whole multiple of $100,000 in excess thereof, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be
confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Promptly after receipt by the Swing Line Lender of
any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the

  
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Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the
Administrative Agent (including at the request of any Revolving Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set
forth in the first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing
Line Lender will, not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrower either by (i) crediting the account of the Borrower on the books of the
Swing Line Lender in immediately available funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to the Swing Line Lender by the Borrower. 

(c) Refinancing of Swing Line Loans. 

(i) The Swing Line Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby
irrevocably authorizes the Swing Line Lender to so request on its behalf), that each Revolving Lender make a Base Rate Committed Loan in an amount equal to such Revolving Lender’s Applicable Revolving Percentage of the amount of Swing Line
Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the
minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Revolving Credit Facility and the conditions set forth in Section 4.02; provided, however, that
under no circumstance shall the Borrower be deemed to have made any representations or warranties with respect to a Committed Loan requested on its behalf by the Swing Line Lender. The Swing Line Lender shall furnish the Borrower with a copy of the
applicable Committed Loan Notice promptly after delivering such notice to the Administrative Agent. Each Revolving Lender shall make an amount equal to its Applicable Revolving Percentage of the amount specified in such Committed Loan Notice
available to the Administrative Agent in immediately available funds (and the Administrative Agent may apply Cash Collateral available with respect to the applicable Swing Line Loan) for the account of the Swing Line Lender at the Administrative
Agent’s Office not later than 1:00 p.m. on the day specified in such Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Revolving Lender that so makes funds available shall be deemed to have made a Base Rate
Committed Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lender. 
 (ii) If for any reason any Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Committed Loans submitted by the
Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each of the Revolving Lenders fund its risk participation in the relevant Swing Line Loan and

  
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each Revolving Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed payment in respect of such
participation. 
 (iii) If any Revolving Lender fails to make available to the Administrative Agent for the
account of the Swing Line Lender any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lender shall be
entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available
to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation, plus any administrative, processing or
similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Revolving Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Revolving Lender’s Committed
Loan included in the relevant Committed Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line Lender submitted to any Revolving Lender (through the Administrative Agent) with respect
to any amounts owing under this clause (iii) shall be conclusive absent manifest error. 
 (iv) Each
Revolving Lender’s obligation to make Committed Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any
circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Lender may have against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or
continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Revolving Lender’s obligation to make Committed Loans pursuant to this
Section 2.04(c) is subject to the conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swing Line Loans, together with interest
as provided herein. 
 (d) Repayment of Participations. 

(i) At any time after any Revolving Lender has purchased and funded a risk participation in a Swing Line Loan, if the
Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Revolving Lender its Applicable Revolving Percentage thereof in the same funds as those received by the Swing Line Lender.

  
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 (ii) If any payment received by the Swing Line Lender in respect of
principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by the Swing Line Lender in its
discretion), each Revolving Lender shall pay to the Swing Line Lender its Applicable Revolving Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a
rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swing Line Lender. The obligations of the Revolving Lenders under this clause shall survive the payment in full of the Obligations
and the termination of this Agreement. 
 (e) Interest for Account of Swing Line Lender. The Swing Line
Lender shall be responsible for invoicing the Borrower for interest on the Swing Line Loans. Until each Revolving Lender funds its Base Rate Committed Loan or risk participation pursuant to this Section 2.04 to refinance such Revolving
Lender’s Applicable Revolving Percentage of any Swing Line Loan, interest in respect of such Applicable Revolving Percentage shall be solely for the account of the Swing Line Lender. 

(f) Payments Directly to Swing Line Lender. The Borrower shall make all payments of principal and interest in
respect of the Swing Line Loans directly to the Swing Line Lender. 
 (g) Extended Revolving Commitments.
If the maturity date shall have occurred in respect of any tranche of Revolving Commitments at a time when another tranche or tranches of Revolving Commitments is or are in effect with a longer maturity date, then on the earliest occurring maturity
date all then outstanding Swing Line Loans shall be repaid in full on such date (and there shall be no adjustment to the participations in such Swing Line Loans as a result of the occurrence of such maturity date); provided, however,
that if on the occurrence of such earliest maturity date (after giving effect to any repayments of Committed Loans and any reallocation of Letter of Credit participations as contemplated in Section 2.03(g)), there shall exist sufficient
unutilized Extended Revolving Commitments so that the respective outstanding Swing Line Loans could be incurred pursuant the Extended Revolving Commitments which will remain in effect after the occurrence of such maturity date, then there shall be
an automatic adjustment on such date of the participations in such Swing Line Loans and same shall be deemed to have been incurred solely pursuant to the relevant Extended Revolving Commitments, and such Swing Line Loans shall not be so required to
be repaid in full on such earliest maturity date. 
 2.05 Prepayments. 

(a) Voluntary Prepayments. 
 (i) The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Term Loans and Committed Loans in whole or in part without premium or penalty (other than
any prepayment 

  
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premium required to be paid pursuant to Section 2.05(c)(ii)); provided that (A) such notice must be received by the Administrative Agent not later than 11:00 a.m.
(1) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $1,000,000 or a whole
multiple of $500,000 in excess thereof; and (C) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then
outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly
notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment (based on such Lender’s Applicable Percentage in respect of the relevant Facility). If such notice is given by the
Borrower, subject to the last sentence of this subsection, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein, or the Borrower shall compensate the Lenders
to the extent required by the terms of Section 3.05. Each such optional prepayment shall be applied as among the Term Loans (and to the installments thereof, if any) and the Committed Loans at the direction of the Borrower (but applied
ratably within each chosen Tranche in accordance with the respective Applicable Percentages of the Lenders of that Tranche). A notice of a voluntary prepayment under this Section may state that such notice is conditioned upon the effectiveness of
other credit facilities or the receipt of proceeds from the issuance of other Indebtedness or the consummation of another transaction, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the
specified effective date) if such condition is not satisfied; provided that upon such revocation, the Borrower shall compensate the Lenders for any actions the Lenders have taken in reliance upon such notice of voluntary prepayment to the
extent required by the terms of Section 3.05. 
 (ii) The Borrower may, upon notice to the Swing Line
Lender (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (A) such notice must be received by the Swing Line Lender and
the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (B) any such prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount of such prepayment. If such
notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein; provided that, if such notice is given in connection with a
conditional notice of termination of the Commitments as contemplated by Section 2.06, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.06; provided
further that upon such revocation, the Borrower shall compensate the Lenders for any actions the Lenders have taken in reliance upon such notice of voluntary prepayment to the extent required by the terms of Section 3.05.

  
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 (b) Mandatory Prepayments. 

(i) Excess Outstandings. If for any reason the Total Revolving Outstandings at any time exceeds the Revolving
Credit Facility then in effect, the Borrower shall immediately prepay Committed Loans, Swing Line Loans and L/C Borrowings and/or Cash Collateralize the L/C Obligations (other than the L/C Borrowings) in an aggregate amount equal to such excess;
provided, however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b)(i) unless after the prepayment in full of the Committed Loans and the Swing Line Loans
the Total Revolving Outstandings exceeds the Revolving Credit Facility then in effect. 
 (ii) Asset
Dispositions. If, the Parent, the Borrower or any Restricted Subsidiary of the Parent or the Borrower makes any Disposition (other than (i) a Disposition permitted by subsections (a) through (f) of Section 7.05, and
(ii) Dispositions resulting in Net Cash Proceeds of $15,000,000 or less in the aggregate during the term of this Agreement), then the Borrower shall make a mandatory prepayment of the Loans in the amount of the Net Cash Proceeds in excess of
such $15,000,000 of such Disposition if the Consolidated Leverage Ratio is greater than 4.50 to 1.00 at the end of the Reinvestment Period (as defined below); provided that, notwithstanding the foregoing, this requirement for mandatory
prepayment shall be reduced to the extent the Borrower or another Loan Party reinvests such Net Cash Proceeds in assets useful in one or more Businesses of a Loan Party (other than assets of, or Equity Interests in, Unrestricted Subsidiaries) (and
any new Subsidiary shall be a Restricted Subsidiary and shall have executed a Guarantee of the Obligations substantially similar to the Guaranty), during the first 12 months after the date of consummation of such Disposition (such 12 month period is
referred to herein as the “Reinvestment Period”), so long as no payment Default under Section 8.01(a) or Event of Default exists as of the (A) consummation of the applicable Disposition, (B) receipt of the Net
Cash Proceeds by the Borrower (but not including Net Cash Proceeds received as a result of post-closing adjustments, earn-outs and other customary post-closing arrangements), (C) at the time of reinvestment. If (x) any such payment Default
under Section 8.01(a) or Event of Default occurs and is continuing at any such time (unless the Borrower has entered into a written commitment during such Reinvestment Period to reinvest such Net Cash Proceeds prior to the end of such
Reinvestment Period in assets useful in one or more Businesses of a Loan Party), or (y) all of such Net Cash Proceeds are not so reinvested during the Reinvestment Period, then the Borrower shall make a mandatory prepayment of the Loans
promptly following the occurrence of such payment Default under Section 8.01(a) or Event of Default or the end of the Reinvestment Period, whichever is earlier, in an amount equal to the Net Cash Proceeds of such Disposition less any
amounts reinvested during the Reinvestment Period in accordance with the terms of this provision and the other 

  
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terms of this Agreement. Notwithstanding the foregoing, in no event shall this Section 2.05(b)(ii) apply to (a) any dispositions required by any Governmental Authority or
applicable Law in connection with a Permitted Acquisition or other acquisition and (b) any dispositions of any property acquired as part of a strategic Permitted Acquisition or other acquisition of other property in order to effect such
strategic Permitted Acquisition or other acquisition and the property or assets to be disposed of were not part of the property or assets intended to be retained in the long term, as determined in good faith by the Borrower; provided
that, in each case, (i) no Default exists after giving effect to each such disposition, (ii) the Borrower (or the Restricted Subsidiary), as the case may be, receives consideration at the time of such disposition at least equal to
the fair market value of the assets disposed of and (iii) at least 75% of the consideration for such disposition is in the form of cash or Cash Equivalents. 

(iii) Extraordinary Receipts. Within five Business Days of the receipt by the Parent, the Borrower or any
Restricted Subsidiary of any Extraordinary Receipts, the Borrower shall make a mandatory prepayment in an amount equal to 100% of such Extraordinary Receipts in excess of $5,000,000 for any single receipt or series of related receipts,
provided that so long as no Default then exists or occurs at any time prior to the application of such proceeds, this requirement for mandatory prepayment shall be reduced by the amount of such Extraordinary Receipts constituting casualty
insurance or condemnation award proceeds that are applied to the replacement or restoration of the assets subject to the event causing the Extraordinary Receipts on or before the 365th day after the receipt of such Extraordinary Receipts.

 (iv) Excess Cash Flow. Beginning with the fiscal year ending December 31, 2012, within five
Business Days after financial statements have been delivered pursuant to Section 6.01(a) and the related Compliance Certificate has been delivered pursuant to Section 6.02(a), the Borrower shall prepay an aggregate principal
amount of Loans equal to the ECF Percentage of Excess Cash Flow for the fiscal year covered by such financial statements less (solely to the extent not funded by the proceeds of Indebtedness) (x) the aggregate principal amount of all
optional prepayments of Term Loans pursuant to Section 2.05(a)(i) made during such fiscal year and (y) the aggregate principal amount of all optional repayments of Committed Loans pursuant to Section 2.05(a)(i) made
during such fiscal year that are accompanied by an equivalent permanent reduction in the Revolving Credit Facility. 
 (v) Debt Issuances. Within five Business Days of the receipt by the Parent, the Borrower or any Restricted Subsidiary of Net Debt Proceeds from any incurrence or issuance of any Indebtedness by a
Loan Party (except Indebtedness of a Loan Party permitted to be incurred or issued under Section 7.03), the Borrower shall make a mandatory prepayment in an amount equal to 100% of all such Net Debt Proceeds. 

  
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 (c) Prepayments; Generally. 

(i) Each mandatory prepayment required to be made under Section 2.05(b) shall be applied first, to the
next eight installments of the Term Loans scheduled to be paid, second, to the remaining installments on a pro rata basis (other than the repayment to be made on the Term B Loan Maturity Date) and third to the repayment to be made on
the Term B Loan Maturity Date. 
 (ii) In the event of any prepayment of Term Loans made with the proceeds of any
Indebtedness (other than proceeds of Committed Loans) having a lower effective yield (taking into account applicable interest rate, including floors, OID and fees, with OID and fees being equated to interest rate based on a four-year life to
maturity) than the effective yield (taking into account applicable interest rate, including floors, OID and fees, with OID and fees being equated to interest rate based on a four-year life to maturity) for the Term Loans on or prior to the first
anniversary of the Closing Date, the Borrower shall pay to the applicable Term B Lenders with respect to such Term Loans a prepayment premium equal to 1% of the principal amount of the Term Loans so prepaid. 

(iii) Each prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid,
together with any additional amounts required pursuant to Section 3.05. 
 (d) Anything contained in
Section 2.05(b) to the contrary notwithstanding, (i) if, following the occurrence of any “Asset Sale” (as such term is defined in the Senior Notes Indenture or other Additional Indebtedness Documents) by the Parent,
the Borrower or any Restricted Subsidiary, the Borrower is required, pursuant to the Senior Notes Indenture or other Additional Indebtedness Documents, to commit by a particular date (a “Commitment Date”) to apply or cause the
Parent or any Restricted Subsidiary to apply an amount equal to any of the “Net Cash Proceeds” (as defined in the Senior Notes Indenture or any other Additional Indebtedness Documents) thereof in a particular manner, or to apply by
a particular date (an “Application Date”) an amount equal to any such “Net Cash Proceeds” in a particular manner, in either case in order to excuse the Borrower from being required to make an “Offer to
Purchase” (as defined in the Senior Notes Indenture or any other Additional Indebtedness Documents) in connection with such “Asset Sale”, and the Borrower shall have failed to so commit or to so apply an amount equal to
such “Net Cash Proceeds” at least 15 days before the applicable Commitment Date or Application Date, as the case may be, or (ii) if the Borrower at any other time shall have failed to apply or commit or cause to be applied an
amount equal to any such “Net Cash Proceeds”, and, within 15 days thereafter assuming no further application or commitment of an amount equal to such “Net Cash Proceeds” the Borrower would otherwise be required to
make an “Offer to Purchase” in respect thereof, then in either such case the Borrower shall promptly (and in any event within 5 Business Days) pay or cause to be paid to the Administrative Agent an amount equal to such “Net
Cash Proceeds” to be applied to the payment of the Loans and L/C Borrowings and to Cash Collateralize the remaining L/C Obligations in the manner set forth in Section 2.05(b) in such amounts as shall excuse the Borrower from
making any such “Offer to Purchase”. 

  
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 2.06 Termination or Reduction of Commitments. 

(a) Voluntary. The Borrower may, upon notice to the Administrative Agent, terminate the Revolving Credit Facility,
the Letter of Credit Sublimit or the Swing Line Sublimit, or from time to time permanently reduce the Revolving Credit Facility, the Letter of Credit Sublimit or the Swing Line Sublimit; provided that (i) any such notice shall be
received by the Administrative Agent not later than 11:00 a.m. three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $1,000,000 or any whole multiple of $1,000,000
in excess thereof, (iii) the Borrower shall not terminate or reduce (A) the Revolving Credit Facility if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Revolving
Credit Facility, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit and (C) the Swing Line
Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Amount of Swing Line Loans would exceed the Swing Line Sublimit. A notice delivered by the Borrower pursuant to this Section 2.06 may
state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of proceeds from the issuance of other Indebtedness or the consummation of another transaction, in which case such notice may be revoked by the
Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied; provided that upon such revocation, the Borrower shall compensate the Lenders for any actions the Lenders have
taken in reliance upon such notice to the extent required by the terms of Section 3.05. 
 (b)
Mandatory. 
 (i) The aggregate Term B Commitments shall be automatically and permanently reduced to zero
on the date of the Term B Borrowing. 
 (ii) If after giving effect to any reduction or termination of the
Revolving Credit Facility under this Section 2.06, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the Revolving Credit Facility at such time, the Letter of Credit Sublimit or the Swing Line Sublimit, as the case may be,
shall be automatically reduced by the amount of such excess. 
 (c) Application of Commitment Reductions;
Generally; Payment of Fees. Once reduced in accordance with this Section 2.06, the Revolving Credit Facility may not be increased, other than pursuant to Section 2.18. The Administrative Agent will promptly notify the
Lenders of any termination or reduction of the Letter of Credit Sublimit, Swing Line Sublimit or the Revolving Commitment under this Section 2.06. Upon any reduction of the Revolving Commitments, the Revolving Commitment of each
Revolving Lender shall be reduced by such Lender’s Applicable Revolving Percentage of such reduction amount. All fees in respect of the Revolving Credit Facility accrued until the effective date of any termination of the Revolving Credit
Facility shall be paid on the effective date of such termination. 

  
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 2.07 Repayment of Obligations. The Borrower shall: 

(a) Repayment of Committed Loans. Repay to the Revolving Lenders on the Maturity Date for the Revolving Credit
Facility the aggregate principal amount of all Committed Loans outstanding on such date (together with all accrued and unpaid interest thereon). 
 (b) Term B Loans. Repay to the Term B Lenders on the last day of each fiscal quarter (or, in the case of the final principal installment to be repaid on the Term B Loan Maturity Date, as set
forth in the proviso hereto), commencing with the fiscal quarter beginning on January 1, 2012 (with the first such payment being due and payable on March 31, 2012), a quarterly principal installment on the Term B Loans in an amount equal
to 0.25% of the original principal amount of the Term B Facility (the “Term B Repayment Amounts”); provided, however, that the final principal repayment installment of the Term B Loans shall be repaid on the
Maturity Date for the Term B Facility and in any event shall be in an amount equal to the aggregate principal amount of all Term B Loans outstanding on such date (together with all accrued and unpaid interest thereon). 

(c) Repayment of Swing Line Loans. Repay each Swing Line Loan on the earlier to occur of (i) the date ten
Business Days after such Loan is made and (ii) the Maturity Date for the Revolving Credit Facility (together with all accrued and unpaid interest thereon). 
 (d) Repayment of Obligations. Repay to the Lenders on the Maturity Date all other Obligations outstanding on the Maturity Date (together with all accrued and unpaid interest thereon), except to the
extent any Incremental Facility, Extended Revolving Commitment or Extended Term Loan has a later maturity date. 

(e) Repayment of Incremental Facility and Obligations. Repay to the Lenders any Incremental Term Loan on the
maturity date applicable thereto, and repay to the Lenders all remaining outstanding Obligations on the latest maturity date of any Incremental Facility (together with all accrued and unpaid interest thereon). 

(f) Repayment of Extensions and Obligations. Repay to the (i) Revolving Lenders party to an Extension on the
maturity date for the Extended Revolving Commitments the aggregate principal amount of all Committed Loans outstanding on such date (together with all accrued and unpaid interest thereon) and (ii) Term B Lenders party to an Extension in
accordance with the amortization schedule applicable to such Extended Term Loans and on the maturity date applicable to such Extended Term Loans, and (iii) repay to the Lenders all remaining outstanding Obligations on the latest maturity date
of the Extended Revolving Commitments and the Extended Term Loans. 
 (g) Repayment of L/C Borrowing.
Repay to the Lenders within five days after demand therefore the full amount of each L/C Borrowing, unless such L/C Borrowing has been cash collateralized in accordance with the terms of Section 2.15. 

  
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 2.08 Interest. 

(a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan under a Facility shall bear
interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate for such Facility, (ii) each Base Rate Loan under a Facility
shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for such Facility and (iii) each Swing Line Loan shall bear interest
on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for the Revolving Credit Facility. 

(b) 
 (i) If any amount of principal of any Loan is not paid when due (after the expiration of any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall
thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
 (ii) If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (after the expiration of any applicable grace periods), whether at stated
maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by
applicable Laws. 
 (iii) Upon the request of the Required Lenders, while any Event of Default exists (other than
as set forth in clauses (b)(i) and (b)(ii) above), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent
permitted by applicable Laws. 
 (iv) Accrued and unpaid interest on past due amounts (including interest on past
due interest) shall be due and payable upon demand. 
 (c) Interest on each Loan shall be due and payable in
arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the
commencement of any proceeding under any Debtor Relief Law. 
 2.09 Fees. In addition to certain fees described in
subsections (i) and (j) of Section 2.03: 
 (a) Commitment Fee. The Borrower shall
pay to the Administrative Agent for the account of each Revolving Lender that is not a Defaulting Lender in accordance with its Applicable Revolving Percentage, a commitment fee equal to the Applicable Rate for

  
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the Commitment Fee times the actual daily amount (the “Commitment Amount”) by which the Revolving Credit Facility exceeds the sum of (i) the Outstanding Amount of
Committed Loans and (ii) the Outstanding Amount of L/C Obligations. The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article IV is not met,
and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. The
commitment fee shall be calculated quarterly in arrears, and if there is any change in the Commitment Amount or the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for
each period during such quarter that such Applicable Rate was in effect. 
 (b) Other Fees. 

(i) The Borrower shall pay to the Arrangers and the Administrative Agent for their own respective accounts, fees in the
amounts and at the times specified in the Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 
 (ii) The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall
not be refundable for any reason whatsoever. 
 2.10 Computation of Interest and Fees. All computations of interest for
Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be
made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is
made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear
interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be presumptively correct, absent manifest error. 
 2.11 Evidence of Debt. 
 (a) The Credit Extensions made by
each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be
presumptively correct absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise
affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between 

  
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the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall
control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s
Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 

(b) In addition to the accounts and records referred to in subsection (a) above, each Lender and the Administrative
Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing Line Loans. In the event of any conflict between the accounts and
records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. 

2.12 Payments Generally; Administrative Agent’s Clawback. 

(a) General. All payments to be made by the Parent and the Borrower shall be made free and clear of and without
condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Parent and the Borrower hereunder shall be made to the Administrative Agent, for the account of the
respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute
to each Lender its Applicable Percentage in respect of the relevant Facility (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the
Administrative Agent after 3:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Parent and the Borrower shall come due on a day other
than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 

(b) 
 (i) Funding by Lenders; Presumption by Administrative Agent. All payments to be made by a Lender to the Administrative Agent shall be made free and clear of and without condition or deduction for
any counterclaim, defense, recoupment or setoff. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed (A) time, with respect to Base Rate Loans made on a same day basis and (B) date, with respect
to all other Loans, of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender 

  
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has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a corresponding
amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender agrees to pay to the Administrative Agent forthwith on demand such corresponding amount
in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. If the Lender does not pay the Administrative Agent such amount, the Borrower agrees to pay the Administrative Agent any such
amount made available to the Borrower within five Business Days of notice thereof with interest at a rate equal to the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent
for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative
Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such
payment to the Administrative Agent. 
 (ii) Payments by Borrower; Presumptions by Administrative Agent.
Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that the Borrower will not make such
payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Appropriate Lenders or the L/C Issuer, as the case may be, the
amount due. In such event, if the Borrower has not in fact made such payment, then each of the Appropriate Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the
greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall be presumptively correct, absent manifest error. 

(c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for
any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the 

  
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Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the
Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest; provided, however, that if such funds are not returned within one Business Day, such funds shall bear interest
at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Term Loans and Committed Loans, to fund participations in Letters of Credit and Swing Line Loans and to make
payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment under Section 10.04(c) on any date required hereunder shall
not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under
Section 10.04(c). 
 (e) Funding Source. Nothing herein shall be deemed to obligate any Lender
to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

(f) Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative Agent
to pay fully all amounts of principal, L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in
accordance with the amounts of interest and fees then due to such parties, and (ii) second, toward payment of principal and L/C Borrowings then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
principal and L/C Borrowings then due to such parties. 
 2.13 Sharing of Payments by Lenders. If any Lender shall, by
exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of any the Facilities due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its
ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities due and payable to all Lenders
hereunder and under the other Loan Documents at such time) of payments on account of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders at
such time or (b) Obligations in respect of any of the Facilities owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of
(i) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under
the other Loan Parties at such time) of payment on account of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at
such time 

  
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then the Lender receiving such greater proportion shall (x) notify the Administrative Agent of such fact, and (y) purchase (for cash at face value) participations in the Loans and
subparticipations in L/C Obligations and Swing Line Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate
amount of Obligations in respect of the Facilities then due and payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may be, provided that: 

(i) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii) the provisions of this Section shall not be construed to apply to (A) any payment made by the Borrower pursuant
to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) the application of Cash Collateral provided for in Section 2.15, or
(C) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other than an assignment to
the Parent, the Borrower or any Subsidiary thereof (as to which the provisions of this Section shall apply). 
 Notwithstanding
anything to the contrary contained in this Section 2.13 or elsewhere in this Agreement, the Borrower may (i) make prepayments of Term Loans at a discount to the par value of such Loans and on a non pro rata basis in accordance with
Section 2.17 and (iii) extend the final maturity of Term Loans and/or Revolving Commitments in connection with an Extension that is permitted under Section 2.19 without being obligated to effect such extensions on a pro
rata basis among the Lenders (it being understood that no such extension (x) shall constitute a payment or prepayment of any Term Loans or Committed Loans, as applicable, for purposes of this subsection or (y) shall reduce the amount of
any scheduled amortization payment due under Section 2.07(b), except that the amount of any scheduled amortization payment due to a Lender of Extended Term Loans may be reduced to the extent provided pursuant to the express terms of the
respective Extension Offer) without giving rise to any violation of this Section or any other provision of this Agreement. Furthermore, the Borrower may take all actions contemplated by (A) Section 2.17 in connection with the
prepayment of Term Loans at a discount to the par value of such Loans and (B) Section 2.19 in connection with any Extension (including modifying pricing, amortization and repayments or prepayments of Extended Revolving Commitments
or Extended Term Loans) and, in each case, such actions taken in accordance with Section 2.17 and 2.19, as applicable, shall be permitted hereunder, and the differing or non pro rata payments contemplated therein shall be
permitted without giving rise to any violation of this subsection or any other provision of this Agreement. 
 Each Loan Party
consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation. 

  
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 2.14 Collateral Documents and Guaranty Agreements. 

(a) All Obligations under this Agreement and all other Loan Documents shall be secured in accordance with the Collateral
Documents. 
 (b) All Obligations under this Agreement and all other Loan Documents shall be unconditionally
guaranteed by the Guarantors pursuant to one or more Guaranties. 
 2.15 Cash Collateral and Other Credit Support.

 (a) Certain Credit Support Events. If (i) the L/C Issuer has honored any full or partial drawing
request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (iii) the Borrower shall be required to provide
Cash Collateral pursuant to Section 8.02(c) or (iv) there shall exist a Defaulting Lender, the Borrower shall immediately (in the case of clause (iii) above) or within one Business Day (in all other cases) following any request by
the Administrative Agent or the L/C Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause (iv) above, after giving effect to
Section 2.16(a)(iv) and any Cash Collateral provided by the Defaulting Lender). 
 (b) Grant of
Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer
and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as
security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.15(c). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the
Administrative Agent or the L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the
Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, interest bearing deposit
accounts with the Administrative Agent. All interest accrued on any such account shall be for the account of the Borrower and shall be deposited into the applicable cash collateral account until all amounts in such cash collateral accounts have been
released in accordance with the provisions of this Section 2.15(b). The Borrower shall pay on demand therefor from time to time all customary opening, activity and other administrative fees and charges in connection with the maintenance
and disbursement of Cash Collateral. 

  
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 (c) Application. Notwithstanding anything to the contrary contained
in this Agreement, Cash Collateral provided under any of this Section 2.15 or Sections 2.03, 2.04, 2.16, or 8.02 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific
L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any
other application of such property as may otherwise be provided for herein. 
 (d) Release. Cash
Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise
thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 10.06(b)(vi))) or (ii) the determination by the Administrative Agent and
the L/C Issuer that there exists excess Cash Collateral; provided, however, (x) any such release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other
Lien conferred under the Loan Documents and the other applicable provisions of the Loan Documents, and (y) the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall not be released but instead held to support
future anticipated Fronting Exposure or other obligations. 
 2.16 Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the full extent permitted by applicable Law: 
 (i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the
definition of “Required Lenders” and Section 10.01. 
 (ii) Defaulting Lender
Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise)
or received by the Administrative Agent from a Defaulting Lender pursuant to Section 10.08, shall be applied, subject to any applicable requirements of Law, at such time or times as may be determined by the Administrative Agent as
follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, pro rata, to the payment of any amounts owing by such Defaulting Lender to the L/C Issuer or Swing Line Lender
hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect to such Default Lender in accordance with Section 2.15; fourth, as the Borrower may request (so long as no Event of Default
exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the

  
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Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with
respect to Loans under this Agreement and (y) Cash Collateralize the L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with
Section 2.15; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or the Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer or the Swing
Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of
competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a
court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Committed Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and
(y) such Committed Loans or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to prepay the Committed Loans of, and L/C
Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the prepayment of any Committed Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded
participations in L/C Obligations and Swing Line Loans are held by the Lenders pro rata in accordance with the Revolving Commitments hereunder without giving effect to Section 2.16(a)(iv). Any payments, prepayments or other amounts paid
or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and
each Lender (including, without limitation, such Defaulting Lender) irrevocably consents thereto. 
 (iii)
Certain Fees. 
 (A) No Defaulting Lender shall be entitled to receive any fee payable under
Section 2.09(a) for any period during which that Revolving Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

 (B) Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which
that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.15. 

  
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 (C) With respect to any fee payable under Section 2.09(a) or
any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting
Lender with respect to such Defaulting Lender’s participation in L/C Obligations or Swing Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the L/C Issuer and Swing Line
Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s or Swing Line Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to
pay the remaining amount of any such fee. 
 (iv) Reallocation of Applicable Revolving Percentages to Reduce
Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Revolving Percentages
(calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrower shall have
otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit
Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that
Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(v) Cash Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (a)(iv) above cannot,
or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’
Fronting Exposure and (y) second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.15. 

(b) Defaulting Lender Cure. If the Borrower, the Administrative Agent, Swing Line Lender and the L/C Issuer agree
in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include
arrangements with respect to any Cash Collateral), such Lender will, to the extent applicable, purchase at par such portion of outstanding Committed Loans of the other Revolving Lenders or take such other actions as the Administrative Agent may
determine to be necessary to cause the Committed Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held 

  
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on a pro rata basis by the Revolving Lenders in accordance with their Applicable Revolving Percentages (without giving effect to Section 2.16(a)(iv)), whereupon such Revolving Lender
will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Revolving Lender was a Defaulting Lender; and
provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Revolving Lender will constitute a waiver or release of any claim of any party hereunder
arising from such Revolving Lender’s having been a Defaulting Lender. 
 2.17 Discounted Voluntary Prepayments.

 (a) Notwithstanding anything to the contrary in Section 2.05(a) (which shall not be applicable to
this Section 2.17), the Borrower shall have the right at any time and from time to time to offer to prepay Term B Loans under the Term B Facility at a discount to the par value of such Term B Loans and on a non pro rata basis (each,
a “Discounted Voluntary Prepayment” and a “Discounted Voluntary Prepayment Offer”) pursuant to the procedures described in this Section 2.17; provided, however, that (i) any Discounted
Voluntary Prepayment shall be offered to all Term B Lenders with Term B Loans outstanding on a pro rata basis (which such Term B Lenders shall be allowed to offer all or a part of such Term B Lender’s Term B Loans for
prepayment), (ii) no Default has occurred and is continuing or would result from such Discounted Voluntary Prepayment, and (iii) the Borrower shall deliver to the Administrative Agent a certificate stating that (A) no Default has
occurred and is continuing or would result from such Discounted Voluntary Prepayment, (B) each of the conditions to such Discounted Voluntary Prepayment contained in this Section 2.17 has been satisfied, (C) none of Parent,
Borrower or any Loan Party has any Borrower Restricted Information that has not been disclosed to the Lenders generally (other than those Lenders who have elected to not receive any Borrower Restricted Information with respect to the Loan Parties)
and (D) no more than one Discounted Voluntary Prepayment Offer may be issued and pending at any one time. 

(b) The Borrower must terminate any Discounted Voluntary Prepayment Offer if they fail to satisfy one or more of the
conditions set forth above in Section 2.17(a) that are required to be met at the time at which the Term B Loans would have been prepaid pursuant to such Discounted Voluntary Prepayment Offer. If the Borrower commences any Discounted
Voluntary Prepayment Offer (and all relevant requirements set forth above that are required to be satisfied at the time of the commencement of such Discounted Voluntary Prepayment Offer have in fact been satisfied), and if at such time of
commencement the Borrower reasonably believes that all required conditions set forth above that are required to be satisfied at the time of the consummation of such Discounted Voluntary Prepayment Offer shall be satisfied, then the Borrower shall
have no liability to any Term B Lender or any other Person for any termination of such Discounted Voluntary Prepayment Offer as a result of their failure to satisfy one or more of the conditions set forth above that are required to be met at
the time that otherwise would have been the time of consummation of such Discounted Voluntary Prepayment Offer, and any such failure shall not result in any Default or Event of Default hereunder.

  
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All Term B Loans prepaid by the Borrower pursuant to this Section 2.17 shall be accompanied by all accrued interest on the par principal amount so prepaid to, but not including,
the date of the Discounted Voluntary Prepayment. All Term B Loan prepayments conducted pursuant to Discounted Voluntary Prepayment Offers shall not constitute voluntary or mandatory prepayments for purposes of Section 2.05(a)(ii)
hereof. The par principal amount of Term B Loans prepaid pursuant to this Section 2.17(b) shall be applied to reduce the final installment payment of the Term B Repayment Amounts. 

(c) Each Discounted Voluntary Prepayment Offer shall comply with the Auction Procedures and any such other procedures
established by the Administrative Agent in its reasonable discretion and agreed to by the Borrower. 
 (d) The
Auction Manager acting in its capacity as such hereunder shall be entitled to the benefits of the provisions of Article IX and Section 10.04 to the same extent as if each reference therein to the “Administrative Agent”
were a reference to the Auction Manager, and the Administrative Agent shall cooperate with the Auction Manager as reasonably requested by the Auction Manager in order to enable it to perform its responsibilities and duties in connection with each
Discounted Voluntary Prepayment Offer. 
 (e) This Section 2.17 shall not (i) require the
Borrower to undertake any Discounted Voluntary Prepayment Offer, (ii) require any Lender to accept any Discounted Voluntary Prepayment Offer or (ii) limit or restrict the Borrower from making voluntary prepayments of Term B Loans in
accordance with Section 2.05. 
 (f) Notwithstanding anything in this Agreement, any Loan Document or
in Exhibit H to the contrary, in no event may the Borrower use the proceeds of any Committed Loans to purchase any Term B Loans under the auction permitted by this Section 2.17 or otherwise. 

2.18 Incremental Facility. 
 (a) Request for Incremental Facility. Provided (i) there exists no Default both before and after giving effect to any such incurrence of an increase or additional term loan or revolver loan,
(ii) such increase of the revolver loan and/or incurrence of an additional term loan is permitted pursuant to the terms of the Senior Notes Indenture and the other Senior Notes Documents and (iii) upon notice to the Administrative Agent
(which shall promptly notify the Lenders), the Borrower may from time to time, request (x) an increase in the Revolving Credit Facility (an “Incremental Revolver Increase”) or (y) the addition of an incremental term loan
(an “Incremental Term Loan”) (any Incremental Revolver Increase and/or Incremental Term Loans, or both, are herein collectively referred to as an “Incremental Facility”) by an amount (for all such requests in the
aggregate) not exceeding $125,000,000; provided that (A) any such request for any Incremental Facility shall be in a minimum amount of $15,000,000, (B) with respect to any such requests for an Incremental Facility, the Borrower
shall be in compliance with the financial covenants set forth in Section 7.13 for the applicable Measurement Period (determined on a Pro Forma Basis after giving effect to the Incremental Facility) and
(C)

  
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with respect to any such requests for an Incremental Facility in the aggregate in excess of $50,000,000, the Consolidated Senior Secured Leverage Ratio for the applicable Measurement Period
(determined on a Pro Forma Basis after giving effect to the Incremental Facility) shall be less than or equal to 3.5 to 1.0. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time
period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders or such other time period as agreed to by the Borrower and any Lender providing
an Incremental Revolver Increase or an Incremental Term Loan). 
 (b) Lender Elections. Each Revolving
Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Revolving Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Revolving Percentage of such
requested increase. Each Term B Lender shall notify the Administrative Agent within such time period whether or not it agrees to provide an Incremental Term Loan, and, if so, in what amount. Any Lender not responding within such time period shall be
deemed to have declined to increase its Revolving Commitment or provide an Incremental Term Loan. 
 (c)
Notification by Administrative Agent; Additional Lenders. The Administrative Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested Incremental
Revolver Increase or Incremental Term Loan and subject to the approval of the Administrative Agent, the L/C Issuer and the Swing Line Lender, the Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder
agreement in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 
 (d)
Effective Date of Incremental Revolver Increase and Allocations. If the Revolving Credit Facility is increased in accordance with this Section, the Administrative Agent and the Borrower shall determine the effective date (the
“Increase Effective Date”) and the final allocation of such increase. The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation of such increase and the Increase Effective Date. The Borrower
shall prepay any Committed Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Committed Loans ratable with any revised
Applicable Revolving Percentages arising from any nonratable increase in the Revolving Commitments under this Section. To effectuate an Incremental Revolver Increase, the Borrower, the Administrative Agent and each Lender or other approved financial
institution agreeing to provide such Incremental Revolver Increase, shall execute an increase agreement (each, an “Increase Agreement”). Notwithstanding Section 10.01, any waiver, consent or other amendment to any term
or provision of this Agreement necessary or advisable to effectuate any Incremental Revolver Increase or any provisions thereof in accordance with the terms of, or the intent of, this Agreement, shall be effective when executed by the Borrower, the
Administrative Agent and each Lender or other approved financial institution making such Incremental Facility. 

  
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 (e) Incremental Term Loan Amendment. To effectuate the addition of an
Incremental Term Loan, the Borrower, the Administrative Agent and each Lender or other approved financial institution agreeing to provide such Incremental Term Loan, shall execute an amendment (each, an “Incremental Loan
Amendment”). Each such Incremental Loan Amendment shall provide that (i) the scheduled maturity date of the Incremental Term Loan shall not be sooner than the Maturity Date for the Term Loan, and an amortization schedule, if any, that
matches or is later than the scheduled amortization described in Section 2.07(b), (ii) the Incremental Term Loan shall be collateralized on the same basis as the Loans and (iii) the applicable margins for the Incremental Term
Loans shall be determined by Borrower and the Lenders of the Incremental Term Loans; provided that in the event that the applicable margin for the Incremental Term Loans are more than 50 basis points greater than the Applicable Rate for the
Term B Loan Facility, then the Applicable Rate for the Term B Loan Facility shall be increased to the extent necessary so that the applicable margin for the Incremental Term Loans are not more than 50 basis points greater than the Applicable Rate
for the Term B Loan Facility, provided, further, that in determining the Applicable Rate applicable to the Term B Loan Facility and the Incremental Term Loans, (x) any Eurodollar Rate floor applicable to such Term B Facility or
Incremental Term Loans and OID or upfront fees (which shall be deemed to constitute like amounts of OID) payable by the Borrower to the Lenders of the Term B Loan Facility or the Incremental Term Loans in the primary syndication thereof shall be
included (with OID being equated to interest based on an assumed four-year life to maturity) and (y) customary arrangement or commitment fees payable to the Arrangers (or their affiliates) in connection with the Term B Loan Facility or to one
or more arrangers (or their affiliates) in connection with the Incremental Term Loans shall be excluded. Notwithstanding Section 10.01, any waiver, consent or other amendment to any term or provision of this Agreement necessary or
advisable to effectuate any Incremental Term Loan or any provisions thereof in accordance with the terms of, or the intent of, this Agreement, shall be effective when executed by the Borrower, the Administrative Agent and each Lender or other
approved financial institution making such Incremental Facility. So long as any financial institution not theretofore a Lender which is providing an Incremental Term Loan shall have become a Lender under this Agreement pursuant to an Incremental
Loan Amendment, the Incremental Term Loans being requested by the Borrower shall become effective under this Agreement upon the effectiveness of such Incremental Loan Amendment and the Lender or Lenders providing such Incremental Term Loans shall be
deemed to have agreed, severally and not jointly, upon the terms and subject to the conditions of this Agreement, to make an Incremental Term Loan on the effective date of the applicable Incremental Loan Amendment. 

(f) Conditions to Effectiveness of Incremental Revolver Increase or Incremental Loan Amendment. As a condition
precedent to any such Incremental Revolver Increase and any Incremental Term Loan, the Borrower shall deliver to the Administrative Agent a certificate of each Loan Party (as applicable) dated as of the Increase Effective Date or the effective date
of the Incremental Loan Amendment, as applicable, signed by a Responsible Officer of such Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase or Incremental Loan Amendment,
and (ii) in the case of the Borrower, certifying that, before and after giving effect to such increase or Incremental Loan Amendment, (A)

  
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the representations and warranties contained in Article V and the other Loan Documents are true and correct in all material respects (except to the extent that any representation and
warranty is already qualified by materiality in which case such representation and warranty shall be true and correct in all respects) on and as of the Increase Effective Date or the effective date of the Incremental Loan Amendment, as applicable,
except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and except that for purposes of this
Section 2.18, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b),
respectively, of Section 6.01, (B) no Default shall have occurred and be continuing or be caused by the increase in the Revolving Credit Facility or incurrence of the Incremental Term Loan, (C) the Borrower’s compliance
with the financial covenants set forth in Section 7.13 for the applicable Measurement Period (determined on a Pro Forma Basis after giving effect to such incurrence of the Incremental Facility) and (D) if, after giving effect to
such Incremental Facility, the aggregate amount of all Incremental Facilities shall exceed $50,000,000, the Consolidated Senior Secured Leverage Ratio for the applicable Measurement Period (determined on a Pro Forma Basis after giving effect to the
Incremental Facility) is less than or equal to 3.5 to 1.0. 
 (g) Conflicting Provisions. This Section
shall supersede any provisions in Sections 2.13 or 10.01 to the contrary. 
 2.19 Extensions of Term Loans
and Revolving Commitments. 
 (a) Notwithstanding anything to the contrary in this Agreement, pursuant to one
or more offers (each, an “Extension Offer”) made from time to time by the Borrower to all Lenders of Term Loans with a like maturity date or Revolving Commitments with a like maturity date, in each case on a pro rata basis (based on
the aggregate outstanding principal amount of the respective Term Loans or Revolving Commitments with a like maturity date, as the case may be) and on the same terms to each such Lender, the Borrower is hereby permitted to consummate from time to
time transactions with individual Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s Term Loans and/or Revolving Commitments and otherwise modify the terms of such Term Loans
and/or Revolving Commitments pursuant to the terms of the relevant Extension Offer (including by increasing the interest rate or fees payable in respect of such Term Loans and/or Revolving Commitments (and related outstandings) and/or modifying the
amortization schedule in respect of such Lender’s Term Loans) (each, an “Extension”, and each group of Term Loans or Revolving Commitments, as applicable, in each case as so extended, as well as the original Term Loans and the
original Revolving Commitments (in each case not so extended), being a “tranche”; any Extended Term Loans shall constitute a separate tranche of Term Loans from the tranche of Term Loans from which they were converted, and any Extended
Revolving Commitments shall constitute a separate tranche of Revolving Commitments from the tranche of Revolving Commitments from which they were converted), so long as the following terms are satisfied: (i) no Default or Event of Default shall
have occurred and be continuing at the time the offering document in respect of an Extension Offer is 

  
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delivered to the Lenders, (ii) except as to interest rates, fees and final maturity (which shall be determined by the Borrower and set forth in the relevant Extension Offer), the Revolving
Commitment of any Revolving Lender that agrees to an extension with respect to such Revolving Commitment extended pursuant to an Extension (an “Extended Revolving Commitment”), and the related outstandings, shall be a Revolving
Commitment (or related outstandings, as the case may be) with the same terms as the original Revolving Commitments (and related outstandings); provided that (x) subject to the provisions of Sections 2.03(g) and 2.04(g) to
the extent dealing with Swing Line Loans and Letters of Credit which mature or expire after a maturity date when there exist Extended Revolving Commitments with a longer maturity date, all Swing Line Loans and Letters of Credit shall be participated
in on a pro rata basis by all Lenders with Revolving Commitments in accordance with their Applicable Revolving Percentages (and except as provided in Sections 2.03(g) and 2.04(g), without giving effect to changes thereto on an earlier
maturity date with respect to Swing Line Loans and Letters of Credit theretofore incurred or issued) and all borrowings under Revolving Commitments and repayments thereunder shall be made on a pro rata basis (except for (A) payments of interest
and fees at different rates on Extended Revolving Commitments (and related outstandings) and (B) repayments required upon the maturity date of the non-extending Revolving Commitments) and (y) at no time shall there be Revolving Commitments
hereunder (including Extended Revolving Commitments and any original Revolving Commitments) which have more than three different maturity dates, (iii) except as to interest rates, fees, amortization, final maturity date, premium, required
prepayment dates and participation in prepayments (which shall, subject to immediately succeeding clauses (iv), (v) and (vi), be determined between the Borrower and set forth in the relevant Extension Offer), the Term Loans of any Term B Lender
that agrees to an extension with respect to such Term Loans extended pursuant to any Extension (“Extended Term Loans”) shall have the same terms as the tranche of Term Loans subject to such Extension Offer until the maturity of such
Term Loans, (iv) the final maturity date of any Extended Term Loans shall be no earlier than the then latest maturity date hereunder and the amortization schedule applicable to Term Loans pursuant to Section 2.07(b) for periods
prior to the Term B Loan Maturity Date, as applicable, may not be increased, (v) the weighted average life of any Extended Term Loans shall be no shorter than the remaining weighted average life of the Term Loans extended thereby, (vi) any
Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments hereunder, in each case as specified in the respective Extension
Offer, (vii) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Commitments, as the case may be, in respect of which Term B Lenders or Revolving Lenders, as the case may be, shall have accepted
the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Commitments, as the case may be, offered to be extended by the Borrower pursuant to such Extension Offer, then the Term Loans or Committed
Loans, as the case may be, of such Term B Lenders or Revolving Lenders, as the case may be, shall be extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual holdings of record) with respect to
which such Term B Lenders or Revolving Lenders, as the case may be, have accepted such Extension Offer, (viii) all documentation in respect of such Extension shall be 

  
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consistent with the foregoing, (ix) any applicable Minimum Extension Condition shall be satisfied unless waived by the Borrower and (x) the Minimum Tranche Amount shall be satisfied
unless waived by the Administrative Agent. 
 (b) With respect to all Extensions consummated by the Borrower
pursuant to this subsection, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of Sections 2.05 and (ii) no Extension Offer is required to be in any minimum amount or any minimum
increment, provided that (x) the Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to consummating any such Extension that a minimum amount (to be determined and specified in the
relevant Extension Offer in the Borrower’s sole discretion and may be waived by the Borrower) of Term Loans or Revolving Commitments (as applicable) of any or all applicable tranches be tendered and (y) no tranche of Extended Term Loans
shall be in an amount of less than $20,000,000 (or, if less, the then aggregate outstanding amount of the Term Loans) (the “Minimum Tranche Amount”), unless such Minimum Tranche Amount is waived by the Administrative Agent. The
Administrative Agent and the Lenders hereby consent to the transactions contemplated by this subsection (including, for the avoidance of doubt, payment of any interest, fees or premium in respect of any Extended Term Loans and/or Extended Revolving
Commitments on such terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements of any provision of this Agreement (including Sections 2.05, 2.13 and 10.01)) or any other Loan Document that may
otherwise prohibit any such Extension or any other transaction contemplated by this Section. 
 (c) No consent of
any Lender or the Administrative Agent shall be required to effectuate any Extension, other than the consent of each Lender agreeing to such Extension with respect to one or more of its Term Loans and/or Revolving Commitments (or a portion
thereof). Each Lender may, but is not obligated to, extend the maturity date of each such Lender’s Term Loans and/or Revolving Commitments. With respect to any Extension of the Revolving Commitments, if the consent of (i) the L/C Issuer is
not obtained, the L/C Issuer’s commitment to issue Letters of Credit in accordance with Section 2.03 shall terminate on the Revolving Maturity Date and (ii) the Swing Line Lender is not obtained, the Swing Line Lender’s
commitment to extend Swing Line Loans in accordance with Section 2.04 shall terminate on the Revolving Maturity Date. All Extended Term Loans, Extended Revolving Commitments and all obligations in respect thereof shall be Obligations
under this Agreement and the other Loan Documents that are secured by the Collateral on a pari passu basis with all other applicable Obligations under this Agreement and the other Loan Documents. The Lenders hereby irrevocably authorize the
Administrative Agent to enter into amendments to this Agreement and the other Loan Documents with the Borrower as may be necessary in order to establish new tranches or sub-tranches in respect of Revolving Commitments or Term Loans so extended and
such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the establishment of such new tranches or sub-tranches, in each case on terms consistent with this
subsection. 

  
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 (d) In connection with any Extension, the Borrower shall provide the
Administrative Agent at least 5 Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (including regarding timing, rounding and other adjustments
and to ensure reasonable administrative management of the credit facilities hereunder after such Extension), if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of
this subsection. 
 ARTICLE III. 
 TAXES, YIELD PROTECTION AND ILLEGALITY 
 3.01 Taxes. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made
without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the Administrative Agent or a Loan Party) require the deduction or withholding of any Tax
from any such payment by the Administrative Agent or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding, upon the basis of information and documentation to be delivered pursuant to
subsection (e) below. 
 (ii) If any Loan Party or the Administrative Agent shall be required by the Code to
withhold or deduct any Taxes, including both U.S. federal backup withholding and non-resident alien withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the
Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant
Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any
required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no
such withholding or deduction been made. 
 (iii) If any Loan Party or the Administrative Agent shall be required
by any applicable Laws other than the Code to withhold or deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make such deductions as are determined by it to be
required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Loan Party or the Administrative 

  
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Agent, to the extent required by such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent
that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including
deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(b) Payment of Other Taxes by the Loan Parties. Without limiting the provisions of subsection (a) above, the
Loan Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Tax Indemnifications. 
 (i) Each of the Loan Parties
shall, and does hereby jointly and severally indemnify each Recipient, and shall make payment in respect thereof within 30 days after its receipt of a reasonably detailed written invoice therefor, for the full amount of any Indemnified Taxes
(including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties,
interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A duly executed certificate, prepared in good
faith, as to the amount of such payment or liability delivered to the Borrower by a Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C Issuer,
shall be presumptively correct absent manifest error. 
 (ii) Each Lender and the L/C Issuer shall, and does
hereby severally indemnify the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, against (x) any Indemnified Taxes attributable to such Lender or the L/C Issuer (but only to the extent that
any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (y) any Taxes attributable to such Lender’s failure to comply with the
provisions of Section 10.06(d) relating to the maintenance of a Participant Register and (z) any Excluded Taxes attributable to such Lender or the L/C Issuer, in each case, that are payable or paid by the Administrative Agent in
connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to any Lender by the Administrative Agent shall be presumptively correct absent manifest error. Each Lender and the L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all

  
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amounts at any time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this
clause (ii). 
 (d) Evidence of Payments. Upon request by the Borrower or the Administrative Agent,
as the case may be, after any payment of Taxes by the Borrower or the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent or the Administrative Agent
shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such
payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be. 
 (e) Status
of Lenders; Tax Documentation. 
 (i) Any Lender that is entitled to an exemption from or reduction of
withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent,
such properly completed and executed documentation as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall
deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup
withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 3.01(e)(ii)(A), (e)(ii)(B) and (e)(ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost
or expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without
limiting the generality of the foregoing, 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower
and the Administrative Agent on or prior to the date on which such Lender becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form
W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
this 

  
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Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

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

(III) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent
shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and
(y) executed originals of IRS Form W-8BEN; or 
 (IV) to the extent a Foreign Lender is not the beneficial
owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-2 or Exhibit I-3, IRS Form W-9, and/or other certification
documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may
provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-4 on behalf of each such direct and indirect partner; 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or
prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by
applicable law as a basis for claiming exemption 

  
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from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the
Administrative Agent to determine the withholding or deduction required to be made; and 
 (D) if a payment made
to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such
documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower
and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for
purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 (iii) Each Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such
form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 
 (f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C
Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be. If the Administrative Agent, any Lender or the L/C
Issuer determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this
Section 3.01, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 3.01 with respect to the Taxes
giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by the Administrative Agent, such Lender or the L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund), provided that the Borrower, upon the request of the Administrative Agent, such Lender or the L/C Issuer, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other
charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or the L/C Issuer in the event the Administrative Agent, such Lender or the L/C Issuer is required to repay such refund to such Governmental Authority.

  
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Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the Borrower pursuant to this subsection the payment of
which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This subsection shall not be
construed to require the Administrative Agent, any Lender or the L/C Issuer to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. 

(g) Survival. Each party’s obligations under this Section 3.01 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. 

3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender or its Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any
Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the
Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender
making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be
determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no
longer exist, which it shall do promptly. Upon receipt of such notice, (x) the Borrower shall, within 30 days of receipt of a reasonably detailed written invoice therefor from such Lender (with a copy to the Administrative Agent), prepay or, if
applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to
the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully
continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such
suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or
charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. 

3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason in connection with any request for
a Eurodollar Rate Loan or a conversion to or 

  
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continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate
Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with
respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan (as determined by the Required Lenders for borrowers generally), the Administrative Agent will promptly so notify the
Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice, which it shall do
promptly when such circumstances cease to exist or change. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have
converted such request into a request for a Committed Borrowing of Base Rate Loans in the amount specified therein. 
 3.04
Increased Costs; Reserves on Eurodollar Rate Loans. 
 (a) Increased Costs Generally. If any
Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e)) or the L/C Issuer;

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

  
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 (b) Capital Requirements. If any Lender or the L/C Issuer determines
that any Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of
reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the
Loans made by, or participations in Letters of Credit or Swing Line Loans held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C
Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect
to capital adequacy), then from time to time the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C
Issuer’s holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A
certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and
delivered to the Borrower shall be presumptively correct absent manifest error. The Borrower shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within 30 days after receipt thereof.

 (d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand
compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided that the Borrower shall not be required to compensate a
Lender or the L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies the
Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof). 
 (e) Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or
including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by
such Lender (as determined by such Lender in good faith, which determination shall be presumptively correct absent manifest error), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower
shall have received at least 10 Business Days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 10 Business Days prior to the relevant Interest Payment Date,
such additional interest shall be due and payable 10 Business Days from receipt of such notice. 

  
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 3.05 Compensation for Losses. Within 30 days of receipt of a reasonably
detailed written invoice therefor, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss (but not lost profits), cost or expense actually incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the
last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 
 (b) any failure by the Borrower, other than pursuant to Section 3.03 (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other
than a Base Rate Loan on the date or in the amount notified by the Borrower; or 
 (c) any assignment of a
Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 10.13; 
 including any actual loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were
obtained. 
 For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall
be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank Eurodollar market for a comparable amount and for a comparable period, whether or not
such Eurodollar Rate Loan was in fact so funded. 
 3.06 Mitigation Obligations; Replacement of Lenders.  

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04,
or the Borrower is required to pay additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the account of any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to
Section 3.02, then at the request of the Borrower such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate or, if not eliminate, reduce amounts payable pursuant to
Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer, as the
case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C
Issuer in connection with any such designation or assignment. 

  
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 (b) Replacement of Lenders. If (i) any Lender requests
compensation under Section 3.04, (ii) any Lender is unable to fund under Section 3.02 (if such illegality or condition is not generally applicable to the Lenders) or (iii) the Borrower is required to pay additional
amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower may replace such Lender in accordance with Section 10.13. 

3.07 Survival. All of the Borrower’s obligations under this Article III shall survive termination of the
Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 
 ARTICLE
IV. 
 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 

4.01 Conditions of Initial Credit Extension. The obligation of the L/C Issuer and each Lender to make its initial Credit Extension
hereunder is subject to satisfaction or waiver of the following conditions precedent: 
 (a) The Administrative
Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party on behalf of the signing
Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and the Arrangers: 

(i) executed counterparts of this Agreement and the Guaranty, sufficient in number for distribution to the Administrative
Agent, each Lender and the Borrower; 
 (ii) Notes executed by the Borrower in favor of each Lender requesting
Notes, evidencing the Committed Loans and the Term B Loans, as applicable; 
 (iii) a Security Agreement in form
and substance reasonably satisfactory to the Administrative Agent, duly executed by each Loan Party, granting to the Administrative Agent, for the benefit of the Lenders, a first priority security interest in all of the Collateral (other than the
Excluded Collateral); and the Loan Parties shall have delivered to the Administrative Agent all UCC-1s in form appropriate for filing under the Uniform Commercial Code of all jurisdictions that the Administrative Agent may deem necessary in order to
perfect the Liens created under the Security Agreement, covering the Collateral (other than the Non-Perfected Collateral) described in the Security Agreement; and 

(iv) an pledge agreement in form and substance reasonably satisfactory to the Administrative Agent (the
“Parent/Borrower Pledge Agreement”), executed by the Parent and the Borrower granting to the Administrative Agent, for the benefit of the Lenders, a first priority security interest in all of the issued and outstanding Equity
Interests of the Borrower and in the other Collateral described therein; and the Parent and the Borrower shall have delivered to the 

  
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Administrative Agent all certificates, if any, evidencing such Equity Interests, all UCC-1s and all powers, duly endorsed in blank, with respect thereto, to the extent applicable; and the Parent
and the Borrower shall have taken all such other actions as may be reasonably required by the Administrative Agent to effect the grant and first priority perfection of the Administrative Agent’s security interest in such Equity Interests;

 (v) an pledge agreement in form and substance reasonably satisfactory to the Administrative Agent (the
“Subsidiary Pledge Agreement”), executed by each Restricted Subsidiary of the Parent and the Borrower necessary to pledge the Collateral described therein, for the benefit of the Lenders, a first priority security interest in all of
the issued and outstanding Equity Interests of each Restricted Subsidiary owned by such Person; each such Restricted Subsidiary shall have delivered to the Administrative Agent all certificates, if any, evidencing such Equity Interests, all UCC-1s
and all powers, duly endorsed in blank, with respect thereto; each such Restricted Subsidiary shall have taken all actions as may be required by the Administrative Agent to effect the grant and first priority perfection of the Administrative
Agent’s security interest in such Equity Interests; 
 (vi) such certificates of resolutions or other
action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a
Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party; 
 (vii) such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each of the Borrower, the Parent and each
Guarantor is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that
failure to do so could not reasonably be expected to have a Material Adverse Effect; 
 (viii) a favorable
opinion of (i) in-house counsel, (ii) Drinker Biddle and Reath LLP and (iii) Latham & Watkins, LLP, counsel (and FCC counsel) to the Loan Parties, each addressed to the Administrative Agent and each Lender, and each in form
and substance reasonably satisfactory to the Administrative Agent; 
 (ix) a certificate of a Responsible Officer
of each Loan Party either (A) attaching copies of all material consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan
Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required; 

  
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 (x) a certificate of the Borrower certifying (A) that the conditions
specified in Sections 4.02(a) and (b) have been satisfied, and (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to have, either
individually or in the aggregate, a Material Adverse Effect; 
 (xi) a duly completed pro forma Compliance
Certificate determined as of the last day of the fiscal quarter of the Borrower most recently ended prior to the Closing Date, but giving pro forma effect to the initial Credit Extension, and all other incurrence and repayments of Indebtedness on
the same date or prior thereto; 
 (xii) the substantially concurrent issuance of the Original Senior Notes in a
face amount of not less than $220,000,000, and the Senior Notes Indenture and the other Senior Notes Indenture Documents shall have been entered into, and on such other terms and conditions, and pursuant to documentation, in each case acceptable to
the Administrative Agent and each of the Lenders and substantially simultaneously with the execution of this Agreement; 
 (xiii) evidence that the Existing Credit Agreement has been or concurrently with the Closing Date is being terminated and all Liens securing obligations under the Existing Credit Agreement have been or
concurrently with the Closing Date are being released; and 
 (xiv) such other assurances, certificates,
documents, consents or opinions as the Administrative Agent, the L/C Issuer, the Swing Line Lender or the Required Lenders reasonably may require. 
 (b) Any fees required to be paid on or before the Closing Date shall have been paid. 
 (c) Unless waived by the Administrative Agent, the Borrower shall have paid all fees, charges and disbursements of counsel to the Administrative Agent to the extent invoiced prior to or on the Closing
Date, (provided that such invoice shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent). 
 (d) The Closing Date shall have occurred on or before December 31, 2011. 
 (e) There shall not have occurred a material adverse change (i) in the business, assets, properties, liabilities (actual or contingent), operations or financial condition of the Parent, the Borrower
and their Subsidiaries, taken as a whole, since December 31, 2010 or (ii) in the facts and information regarding such entities as represented by the Parent, the Borrower or any of their Subsidiaries, or any representatives of any of them,
to date. 
 (f) The absence of any action, suit, investigation or proceeding pending or, to the actual knowledge
of a member of the executive management of the Parent, the Borrower or any of their Restricted Subsidiaries, threatened, in any court or before any 

  
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arbitrator or Governmental Authority that could reasonably be expected to (i) have a material adverse effect on the business, assets, properties, liabilities (actual and contingent),
operations or financial condition of the Parent, the Borrower and their Subsidiaries, taken as a whole, (ii) materially and adversely affect the ability of the Borrower or any Guarantor to perform its obligations under any material provision of
the Loan Documents or (iii) materially and adversely affect the rights and remedies of the Administrative Agent or the Lenders under the Loan Documents. 
 Without limiting the generality of the provisions of Section 9.04, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has
signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the
Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 
 4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type,
or a continuation of Eurodollar Rate Loans) is subject to the satisfaction of each of the following conditions precedent: 
 (a) The representations and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document, or which are contained in any document furnished at any time
under or in connection herewith or therewith, shall be true and correct in all material respects (except to the extent that any representation and warranty is already qualified by materiality in which case such representation and warranty shall be
true and correct in all respects) on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material
respects as of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most
recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01. 

(b) No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds
thereof. 
 (c) The Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender shall have
received a Request for Credit Extension in accordance with the requirements hereof. 
 (d) If the Indenture is
then in effect and the Total Outstandings are in excess of $445,000,000.00, such proposed Credit Extension would be permitted under Section 4.09 of the Senior Notes Indenture. 

(e) With respect to any Credit Extension, the Borrower shall be in pro forma compliance with the financial covenants set
forth in Section 7.13 for the applicable Measurement Period (determined on a Pro Forma Basis after giving effect to such Credit 

  
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Extension, and all other incurrence and repayments of Indebtedness on the same date or prior thereto (to the extent any such repayment is permitted by the Loan Documents); provided that in
determining such financial covenants, the proceeds of any Revolving Loan or Swing Line Loan to be made on the date of such Credit Extension shall be excluded in calculating cash and Cash Equivalents. 

Each Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type or a continuation of
Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit
Extension. 
 ARTICLE V. 
 REPRESENTATIONS AND WARRANTIES 
 The Borrower represents and warrants to
the Administrative Agent and the Lenders that: 
 5.01 Existence, Qualification and Power; Compliance with Laws. Each
Loan Party and each Restricted Subsidiary thereof (a) is duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and
all requisite governmental licenses, authorizations, consents and approvals to (i) own its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is
duly qualified and is licensed and in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license, and (d) is in compliance with
all Laws; except in each case referred to in clause (b)(i), (c) or (d), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 

5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which
such Person is party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in
any breach or contravention of, or the creation of any Lien under, or require any payment to be made under any Material Contractual Obligation or Material Operating Agreement, (c) conflict with or result in any breach or contravention of, any
order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (d) except as would not have a Material Adverse Effect, violate any Law. On the Closing Date, each Loan
Party and each Subsidiary thereof is in compliance in all material respects with all Material Contractual Obligations and Material Operating Agreements. 
 5.03 Governmental Authorization; Other Consents. Subject to Section 10.16, no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, the FCC or
any other Governmental Authority or any other Person is necessary or required in connection with the (a) execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, (b) the
grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the 

  
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Liens created under the Collateral Documents (including the first priority nature thereof) or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan
Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except routine filings with the FCC (e.g., of the Loan Agreement and the Collateral Documents), filings requesting the consent of the FCC in the event any
action taken under this Agreement or any other Loan Document would result in the assignment or transfer of control of a FCC License as contemplated in Section 10.16 and routine filings with the SEC (e.g., a Form 8-K) and filings of UCC-1
financing statements and any required continuations thereof. 
 5.04 Binding Effect. This Agreement has been, and each
other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and
binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, except to the extent that the enforceability hereof and thereof may be limited by bankruptcy, insolvency or like laws
affecting creditors rights generally and by the application of general equitable principles (whether such enforcement is sought by proceedings in equity or law). 
 5.05 Financial Statements; No Material Adverse Effect. 
 (a)
The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present in all material respects the financial
condition of the Parent, the Borrower and their Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as
otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Parent, the Borrower and their Subsidiaries as of the date thereof, including liabilities for taxes, material
commitments and Indebtedness to the extent required by GAAP to be shown therein. 
 (b) The unaudited
consolidated balance sheet of the Borrower and its Subsidiaries dated September 30, 2011, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter-ended on that date
(i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the Borrower and its Subsidiaries as of
the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to condensed footnotes, the use of GAAP for interim financial statements and to normal year-end audit adjustments.
Schedule 5.05 sets forth all material indebtedness and other liabilities, direct or contingent, of the Parent, the Borrower and their consolidated Subsidiaries as of the date of such financial statements that is not included on such
financial statements, including liabilities for taxes, material commitments and Indebtedness, in each case only to the extent each such indebtedness or each such liability exceeds $20,000,000. 

  
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 (c) Since the date of the Audited Financial Statements, there has been no
event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect. 
 5.06 Litigation. Except for regulatory issues affecting the industry as a whole, there is no action, suit, complaint, proceeding, inquiry or investigation at law or in equity, or by or before any
court or governmental instrumentality or agency, nor any order (including, any order to show cause or order of forfeiture), decree or judgment in effect, pending or, to the best of the Parent’s and the Borrower’s knowledge, threatened
against or affecting any Loan Party, any Station or any of the properties or rights relating to any Station which could reasonably be expected to have a Material Adverse Effect. Except for regulatory issues affecting the industry as a whole and
except for repeat filers that are nuisance filers and their affiliates, agents and representatives, no Person has filed or, to the best of the Borrower’s knowledge, threatened to file, any competing application, petition to deny, petition for
reconsideration or other opposition against any application, including any renewal application, filed or to be filed by any Loan Party, that could in any such case reasonably be expected to have a Material Adverse Effect. 

5.07 No Default. No Default has occurred and is continuing or would result from the execution and/or delivery of any of the Loan
Documents. 
 5.08 Ownership of Property; Liens. Each of the Parent, the Borrower and each Restricted Subsidiary has good
title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not reasonably be expected to have a Material Adverse Effect. The
property of the Parent, the Borrower and their Restricted Subsidiaries is subject to no Liens, except Liens permitted by Section 7.01. 
 5.09 Environmental Compliance. The Parent, the Borrower and their Subsidiaries have obtained all material permits, licenses and other authorizations which are required under applicable
Environmental Laws and are in compliance with such Environmental Laws, except for such failures to obtain and such non compliance as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

5.10 Insurance. The properties of the Parent, the Borrower and their Restricted Subsidiaries are insured with financially sound
and reputable insurance companies not Affiliates of the Borrower, in such amounts (after giving effect to any self-insurance), with such deductibles and covering such risks as comply with Section 6.07. 

5.11 Taxes. The Parent, the Borrower and their Restricted Subsidiaries have filed all Federal income tax and all other material
federal and state tax returns and reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and other governmental charges shown thereon to be owing by them, except those which are being contested in
good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided if and to the extent required in accordance with GAAP. On the Closing Date, there is no proposed tax assessment against the Parent, the
Borrower or any Restricted Subsidiary that would, if made, have a Material Adverse Effect. On the Closing Date, no Loan Party is party to any tax sharing agreement. 

  
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 5.12 ERISA Compliance. 

(a) Except as could not reasonably be expected to have a Material Adverse Effect, each Plan is in compliance with the
applicable provisions of ERISA, the Code and other Federal or state Laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a letter is
currently being processed by the IRS with respect thereto and, to the best knowledge of the Parent and the Borrower, nothing has occurred which would prevent, or cause the loss of, such qualification. The Parent, the Borrower and each ERISA
Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with
respect to any Plan. 
 (b) There are no pending or, to the best knowledge of the Parent and the Borrower,
threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could be reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary
responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect. 
 (c) Except as could not reasonably be expected to have a Material Adverse Effect, (i) No ERISA Event has occurred within the past six years or is reasonably expected to occur; (ii) the Borrower
and each ERISA Affiliate have met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan; (iii) neither the Parent, the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any
liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (iv) neither the Parent, the
Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA. 

5.13 Subsidiaries; Equity Interests. As of the Closing Date, the Parent and the Borrower have no Subsidiaries other than those
specifically disclosed in Part (a) of Schedule 5.13, and all of the outstanding Equity Interests in the Restricted Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by a Loan Party in the amounts
specified on Part (a) of Schedule 5.13 free and clear of all Liens, except Liens securing the Obligations. As of the Closing Date, the Borrower has no equity Investments in any other corporation or entity other than those
specifically disclosed in Part (b) of Schedule 5.13. As of the Closing Date, all of the outstanding Equity Interests in the Borrower have been validly issued, and are fully paid and nonassessable and are owned by the Loan Parties
reflected on such Schedule in the amounts specified on Part (c) of Schedule 5.13 free and clear of all Liens, except Liens securing the Obligations. As of the Closing Date, there are no Unrestricted Subsidiaries. 

5.14 Margin Regulations; Investment Company Act. 

(a) The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of
purchasing or carrying margin stock (within the 

  
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meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. Following the application of the proceeds of each Borrowing or drawing
under each Letter of Credit, not more than 25% of the value of the assets (either of the Borrower only or of the Parent, the Borrower and their Subsidiaries on a consolidated basis) will be margin stock. None of the proceeds of any Borrowing will be
used by the Loan Parties to buy or hold margin stock. 
 (b) None of the Parent, the Borrower, any Person
Controlling the Parent, the Borrower, or any Subsidiary is or is required to be registered as an “investment company” under the Investment Company Act of 1940. 
 5.15 Disclosure. The Borrower has disclosed to the Administrative Agent all agreements, instruments and corporate or other contractual restrictions to which it, the Parent or any of their
Subsidiaries is subject, in each case that would reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate or other written information furnished by any Loan Party to the Administrative Agent or any
Lender in connection with the syndication of this transaction, negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) when taken as a whole
contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected
financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time in light of the circumstances when made it being recognized that projections are not to
be viewed as facts or as guarantees of performance or achievement of any particular results and that actual results during the period or periods covered by the projections may differ significantly and materially from the projected results, and no
assurance can be given that the projected results will be realized. 
 5.16 Compliance with Laws. Each of the Parent, the
Borrower and each Subsidiary is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such
requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect. Each of the Parent, the Borrower and each Subsidiary is in compliance with the rules and regulations of the FCC relating to the operation of television and radio stations, except to the extent that any
failure to file or failure to comply could not reasonably be expected to have a Material Adverse Effect. 
 5.17 License
Subsidiaries. Except (i) for Licenses for the States of Pennsylvania, Louisiana and such other States as agreed to in writing by the Administrative Agent from time to time, (ii) as consented to by the Administrative Agent in connection
with a Permitted Acquisition (for a period of not longer than 45 days or such longer time agreed to by the Administrative Agent), (iii) as held by an Unrestricted Subsidiary in accordance with the terms hereof, no Loan Party (other than a
License Subsidiary) holds any License issued by the FCC. No License Subsidiary (a) has any Indebtedness (other than the Obligations and subordinated Guarantees permitted by Section 7.03(h)), (b) has any assets other than FCC
Licenses, (c) is a party to or 

  
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bound by any operating contract or agreement other than agreements pursuant to which Loan Parties that are not License Subsidiaries manage and operate the Stations, (d) conducts any business
or (e) has any employees, and there are no Liens of any nature whatsoever on any of the property or assets of any License Subsidiary except Liens in favor of the Administrative Agent for the benefit of the Secured Parties. Each License
Subsidiary is a Restricted Subsidiary, unless designated an Unrestricted Subsidiary in accordance with the terms of this Agreement and in accordance with the provisions of Section 7.16. 

5.18 The Parent. 
 (a) Except as otherwise set forth in this Section 5.18, the Parent has no Indebtedness (other than (i) pursuant hereto and the other Loan Documents, (ii) certain trade payables
reasonably incurred in the ordinary course of the operation of the Stations and of the Parent’s corporate headquarters, (iii) pursuant to the Senior Notes Indenture and (iv) pursuant to Section 7.03); 

(b) The Parent has no assets other than intellectual property and furniture, fixtures and equipment located in its
corporate office and certain other non-material assets not used in the operation of any Station and the Equity Interests in its Subsidiaries and contractual rights under contracts described in subsection (c) below; 

(c) Except as otherwise set forth in this Section 5.18, the Parent is not a party to or bound by any contract
or agreement other than the Station Contracts and other contractual arrangements entered into in the ordinary course of business consistent with the restrictions set forth in subsection (d)(iii) below; and 

(d) Except as otherwise set forth in this Section 5.18, the Parent does not conduct any business other than

 (i) holding the Equity Interests in the Borrower, 

(ii) entering into and performing Station Contracts, and 

(iii) entering into and performing contracts and providing services for Subsidiaries in connection with the corporate
office and other corporate overhead items consistent with past practices. 
 There are no Liens of any nature whatsoever on any
of the property or assets of the Parent except Liens permitted by Section 7.01. 
 5.19 Solvent. The Borrower
is, and the Parent, the Borrower and their Subsidiaries are on a GAAP consolidated basis, Solvent. 
 5.20 Collateral
Documents. 
 (a) The provisions of the Collateral Documents are effective to create in favor of the
Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable Lien (subject to Liens permitted by Section 7.01) on all right, title and 

  
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interest of the respective Loan Parties party thereto in the Collateral. Except for Liens permitted by Section 7.01, (a) the Collateral (except for the Non-Perfected Collateral)
is subject to a first and prior Lien in favor of the Administrative Agent for the benefit of the Secured Parties securing the Obligations and (b) the Non-Perfected Collateral is subject to a Lien in favor of the Administrative Agent for the
benefit of the Secured Parties securing the Obligations. Except for (x) UCC filings completed within ten (10) days after the Closing Date and as contemplated hereby and by the Collateral Documents, (y) intellectual property and other
filings which are not required to be made pursuant to the terms of this Agreement and the Collateral Documents and (z) delivery to the Administrative Agent of (i) promissory notes and securities (other than Equity Interests in Restricted
Subsidiaries) created or acquired after the Closing Date to the extent such promissory notes and securities, together with all promissory notes and securities previously delivered to the Administrative Agent, aggregate in value $5,000,000 or more
and (ii) the Equity Interests in Restricted Subsidiaries created or acquired after the Closing Date, no other filing or other action will be necessary to perfect such Liens in Collateral other than Non-Perfected Collateral. 

(b) As of the Closing Date, none of the Parent, the Borrower nor any Restricted Subsidiary has any interest in any
tangible negotiable instruments, instruments (other than Equity Interests and promissory notes) or tangible chattel paper that aggregate in value $200,000 or more. 
 5.21 Intellectual Property; Licenses, Etc. Each of the Parent, the Borrower and each of their Subsidiaries own, or possess the right to use, all of the trademarks, service marks, trade
names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are necessary for the operation of their respective businesses, without conflict with the rights
of any other Person, which either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. To the best knowledge of the Borrower, no slogan or other advertising device, product, process, method, substance,
part or other material now employed, or now contemplated to be employed, by the Parent, the Borrower or any of their Subsidiaries infringes upon any rights held by any other Person which, either individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect. No claim or litigation regarding any of the foregoing is pending or, to the best knowledge of the Borrower, threatened, which, either individually or in the aggregate, could reasonably be expected to have
a Material Adverse Effect. 
 5.22 Patriot Act. To the extent applicable, each of the Parent, the Borrower
and their Restricted Subsidiaries is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B,
Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (ii) the Act. No part of the proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental official or
employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United
States Foreign Corrupt Practices Act of 1977, as amended. 

  
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 ARTICLE VI. 
 AFFIRMATIVE COVENANTS 
 So long as any Lender shall have any Commitment
hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the Borrower and the Parent shall, and shall (except in the case of the covenants set forth in
Sections 6.01, 6.02 and 6.03) cause each Restricted Subsidiary to: 
 6.01 Financial
Statements. Deliver to the Administrative Agent, in form and detail satisfactory to the Administrative Agent: 
 (a) within 90 days after the end of each fiscal year of the Borrower, a consolidated balance sheet of the Parent (including the accounts of the Borrower and their Subsidiaries) as at the end of such
fiscal year, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable
detail and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of one of the “Big Four” certified accounting firms or another independent certified public accountant of
nationally recognized standing or otherwise reasonably acceptable to the Administrative Agent, which report and opinion (as to the financial statements) shall be prepared in accordance with generally accepted auditing standards and shall not be
subject to any qualification not reasonably acceptable to the Administrative Agent; and 
 (b) within 45 days
after the end of each of the first three fiscal quarters of each fiscal year of the Parent, the following financial statements as of the end of such fiscal quarter: (i) condensed consolidated balance sheet as of the fiscal quarter then ended
with a comparison to the balance sheet as of the most recently ended fiscal year; (ii) condensed consolidated statements of income or operations for the most recently ended quarterly period for such fiscal year and for the portion of the fiscal
year then ended, in comparative form; and (iii) condensed consolidated statements of cash flows for the portion of the fiscal year then ended, in comparative form. The condensed consolidated interim unaudited financial statements shall be
prepared in accordance with GAAP for interim financial information and shall be accompanied by the certifications required by the rules and regulations of the SEC. 
 Notwithstanding the foregoing, (i) in the event that the Parent timely files an Annual Report on Form 10-K for such fiscal year with the SEC that is made publicly available through EDGAR that meets
all the requirements set forth in Section 6.01(a) preceding other than the delivery requirement to the Administrative Agent, such filing shall be deemed to have satisfied such delivery requirement of Section 6.01(a);
(ii) in the event that the Parent timely files a Quarterly Report on Form 10-Q for such fiscal quarter with the SEC that is made publicly available through EDGAR that meets all the requirements set forth in Section 6.01(b) preceding
other than the delivery requirement to the Administrative Agent, such filing shall be deemed to have satisfied such delivery requirement of Section 6.01(b); and (iii) so long as the Parent has made filings that satisfy subsections
(i) and (ii) preceding, the Parent and the Borrower shall not have to satisfy the requirement that such information be in form and detail satisfactory to the Administrative Agent and the Required Lenders. 

  
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 6.02 Certificates; Other Information. Deliver to the Administrative Agent:

 (a) concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and
(b), a duly completed Compliance Certificate signed by a Responsible Officer of the Borrower, certifying among other things, (i) as to the compliance by the Borrower with the financial covenants described in Section 7.13,
(ii) the calculation of the remaining amounts available to be utilized under Sections 7.06(c), 7.02(f), 7.18(c) and (iii) the Available Amount, to the extent used during such period; 

(b) promptly after any request by either Agent, copies of any detailed audit reports, management letters or
recommendations submitted to the board of directors (or the audit committee of the board of directors) of the Parent and the Borrower by independent accountants in connection with the accounts or books of the Parent, the Borrower or any Restricted
Subsidiary, or any audit of any of them; 
 (c) promptly after the same are available, notice of copies of each
annual report, proxy or financial statement or other report or communication sent to the stockholders of the Parent, and copies of all annual, regular, periodic and special reports and registration statements which the Parent or the Borrower may
file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto. Notwithstanding the foregoing, in the event that
the Parent or the Borrower timely files such filings in accordance with the requirements of the SEC and such filings are made publicly available through EDGAR, the Parent and the Borrower shall have no delivery requirement under this
Section 6.02(c); 
 (d) promptly after the furnishing thereof, copies of any notice of default or
breach under any material debt securities of any Loan Party or any Subsidiary thereof pursuant to the terms of any indenture, loan or credit or similar agreement; 

(e) promptly, and in any event within five Business Days after receipt thereof by any Loan Party or any Subsidiary
thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry (other than comment letters received
in the ordinary course of business) by such agency regarding financial or other operational results of any Loan Party or any Subsidiary thereof. Notwithstanding the foregoing, in the event that such notice or other correspondence is made publicly
available through EDGAR, the Parent and the Borrower shall have no delivery requirement under this Section 6.02(e); 
 (f) promptly upon their becoming available, the Borrower shall furnish (i) copies of any periodic or special reports filed by any Loan Party with the FCC or any other federal, state or local
Governmental Authority if such reports indicate any material change in the ownership of such Loan Party, or any materially adverse change in the 

  
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business, operations, affairs or condition of any Loan Party, and (ii) copies of any material notices and other material communications from the FCC or any other federal, state or local
Governmental Authority which specifically relate to any Loan Party, any Station or any material License, and the substance of which relates to a matter that could reasonably be expected to have a Material Adverse Effect; and 

(g) promptly, such additional information regarding the business, financial or corporate affairs of the Parent, the
Borrower or any Restricted Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender through the Administrative Agent may from time to time reasonably request. 

Unless made publicly available as set forth in Section 6.01, documents required to be delivered pursuant to Section 6.01(a) or
(b) or Section 6.02 (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on
which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which
each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: the Borrower shall notify the Administrative Agent and each Lender (by facsimile or
electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Except for such Compliance Certificates, the Administrative Agent shall have
no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower, and each Lender shall be solely responsible for maintaining its
copies of such documents. 
 The Borrower and the Parent hereby acknowledge that (a) the Administrative Agent and/or the
Arrangers will make available to the Lenders and the L/C Issuer materials and/or information provided by or at the direction of the Borrower or the Parent hereunder (collectively, “Borrower Materials”) by posting the Borrower
Materials on IntraLinks, Syndtrak or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public
information with respect to the Parent, the Borrower or their Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.
The Borrower hereby agrees that so long as the Borrower or the Parent is the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities it
will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC”
which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent,
the Arrangers, the L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrower, the Parent or any of their securities
for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute 

  
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Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of
the Platform designated “Public Investor;” and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of
the Platform not designated “Public Investor.” Notwithstanding anything in this paragraph, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC”. 

6.03 Notices. Promptly notify the Administrative Agent: 

(a) of the occurrence of any Default; 

(b) of any matter that has resulted or is reasonably expected to result in a Material Adverse Effect, 

(c) of (i) any dispute, litigation, investigation, proceeding or suspension between the Parent, the Borrower or any
Subsidiary and any Governmental Authority that could reasonably be expected to result in a Material Adverse Effect; (ii) the commencement of, or any material development in, any litigation or proceeding affecting the Parent, the Borrower or any
Subsidiary, including pursuant to any applicable Environmental Laws, that could reasonably be expected to result in a Material Adverse Effect; (iii) any material admonition, censure or adverse citation or order by the FCC or any other
Governmental Authority or regulatory agency that could reasonably be expected to result in a Material Adverse Effect; or (iv) any competing application, petition to deny or other opposition to any license renewal application filed by the
Borrower or any of its Subsidiaries with the FCC that would reasonably be expected to result in a Material Adverse Effect, it being understood that, no notice will be required in connection with any litigation, proceeding or filing instituted,
requested or made by a repeat nuisance filer and their affiliates, agents and representatives; 
 (d) of the
occurrence of any ERISA Event that could reasonably be expected to result in a Material Adverse Effect; and 

(e) of any event of default under the Senior Notes and any Permitted Senior Notes Refinancing immediately upon its
occurrence and, in any event, not later than the time at which the Borrower provides notice of such event of default to the holder of any notes or other evidence of Indebtedness under such Senior Notes or Permitted Senior Notes Refinancing.

 Each notice pursuant to this Section shall be accompanied by a statement of the Borrower setting forth details of the
occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe each material provision of this Agreement and the Loan
Documents that may be materially implicated by the occurrence referred to therein (if any) to the knowledge of the Responsible Officers of the Borrower. 
 6.04 Payment of Certain Obligations. Pay and discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all material tax liabilities,

  
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assessments and governmental charges (other than Indebtedness) or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings
diligently conducted and adequate reserves if and to the extent required in accordance with GAAP are being maintained by the Parent, the Borrower or such Subsidiary. 
 6.05 Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect the Borrower’s, the Parent’s and each Material Subsidiary’s legal existence under
the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05; (b) preserve, renew and maintain in full force and effect the Borrower’s, the Parent’s and each Material
Subsidiary’s good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05 and the failure to preserve, review and maintain such good standing could reasonably
be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect.

 6.06 Maintenance of Properties. (a) Maintain, preserve and protect all of its material properties and equipment
necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; and (b) make all necessary repairs thereto and renewals and replacements thereof, except in each case of (a) and
(b) preceding where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 6.07
Maintenance of Insurance. Maintain with financially sound and reputable insurance companies not Affiliates of the Parent or the Borrower, insurance with respect to their properties against loss or damage of the kinds and in the amounts
consistent with prudent business practice, and carry such other insurance as is consistent with prudent business practice (it being understood that self-insurance shall be permitted to the extent consistent with prudent business practice).

 6.08 Compliance with Laws. Comply in all material respects with the requirements of all Laws and all orders, writs,
injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

6.09 Books and Records. (a) Maintain proper books of record and account, in which entries in conformity with GAAP
consistently applied shall be made of all financial transactions and matters involving the assets and business of the Parent (including the accounts of the Borrower or such Subsidiary, as the case may be); and (b) maintain such books of record
and account in conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Parent (including the accounts of the Borrower or such Subsidiary, as the case may be), in each case of (a) and
(b) preceding, except to the extent that noncompliance therewith could reasonably be expected to have Material Adverse Effect. 
 6.10 Inspection Rights. Permit representatives and independent contractors of the Administrative Agent and each Lender at such parties’ own expense (coordinated through the Administrative
Agent) to visit and inspect any of its properties, to examine its corporate, financial 

  
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and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at
reasonable times during normal business hours, upon reasonable advance notice to the Borrower; provided, however, notwithstanding the foregoing, that when an Event of Default exists the Administrative Agent or any Lender (or any of
their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice. 

6.11 Use of Proceeds. Use the proceeds of the Credit Extensions (i) to refinance existing indebtedness under the Existing
Credit Agreement, (ii) for capital expenditures, (iii) for working capital; (iv) for repurchases of Equity Interests and to make dividends as permitted by the terms of this Agreement, (v) to finance Permitted Acquisitions and
Investments, (vi) to pay fees and expenses related to the transactions contemplated hereby, and (vii) for other general corporate purposes not in contravention of any Law or of any Loan Document; provided that in no event shall the
proceeds of Committed Loans be used to purchase any Term B Loans under the auction permitted by Section 2.17. 

6.12 Additional Guarantors and Covenant to Give Security. Notify the Administrative Agent promptly after any Person becomes a
Domestic Subsidiary and whether such Subsidiary is an Unrestricted Subsidiary, and promptly thereafter (and in any event within 30 days or such longer period as the Administrative Agent may agree), cause such Person that is not designated an
Unrestricted Subsidiary to (a) become a Guarantor by executing and delivering to the Administrative Agent a counterpart of the Guaranty or such other document as the Administrative Agent shall deem appropriate for such purpose, (b) execute
and deliver to the Administrative Agent a Security Agreement Supplement or such other document as the Administrative Agent shall deem appropriate for such Person to grant a first and prior perfected Lien (subject only to Liens permitted by
Section 7.01) in all assets (other than Excluded Collateral) of such Person to the Administrative Agent for the benefit of the Secured Parties (notwithstanding the foregoing, such Liens shall not be required to be perfected in
Non-Perfected Collateral) and (c) deliver to the Administrative Agent documents of the types referred to in clauses (iii) and (iv) of Section 4.01(a) and, if requested by the Administrative Agent (provided that no such
request shall be made with respect to any additional Guarantor (and its related License Subsidiary, if any) if such additional Guarantor (together with its related License Subsidiary) would not have been a Material Subsidiary if it had been owned by
the Borrower for the most recently completed 12 month period preceding the date it became a Subsidiary of the Borrower) favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and
enforceability of the documentation referred to in clause (a) and (b)), all in form, content and scope substantially similar to the corporate and FCC opinions (if appropriate) delivered on the Closing Date or otherwise reasonably satisfactory
to the Administrative Agent, provided that, in each case, to the extent such new Subsidiary is created solely for the purpose of consummating a merger transaction pursuant to an Acquisition permitted by this Agreement, and such new
Subsidiary at no time holds any material assets or liabilities (other than liabilities under the merger agreement, and other than any merger consideration contributed to it contemporaneously with the closing of such merger transaction), such new
Subsidiary shall not be required to take the actions set forth above until the respective Acquisition is consummated (at which time the surviving entity of the respective merger transaction shall be required to so comply within seven Business Days)
and, a new Domestic Subsidiary shall not be subject to the provisions of this Section 6.12 if substantially all of the assets of such new Subsidiary consist of stock of one or more Subsidiaries that are not Domestic Subsidiaries.

  
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 6.13 FCC Consents. The Parent and the Borrower acknowledge that certain transactions
contemplated by this Agreement or the Loan Documents, and certain actions which may be taken by the Administrative Agent or the Lenders in the exercise of their rights under this Agreement or the Loan Documents, may require the consent of the FCC.
If counsel to the Administrative Agent reasonably determines that the consent of the FCC is required in connection with the execution, delivery and performance of any of the aforesaid documents or any documents delivered to the Administrative Agent
or the Lenders in connection therewith or as a result of any action which may be taken pursuant thereto, then during the continuance of an Event of Default the Parent and the Borrower, at their sole cost and expense, shall use their commercially
reasonable efforts, and shall cause the Restricted Subsidiaries to use their commercially reasonable efforts, to secure such consent and to cooperate with the Administrative Agent and the Lenders in any action commenced by the Administrative Agent
or the Lenders to secure such consent. Neither the Parent nor the Borrower shall take any action, and they shall not permit any of the Subsidiaries to take any action, that interferes with the exercise or completion of the efforts to obtain the
consent of the FCC as set forth above, provided that, notwithstanding the foregoing, the Borrower, the Parent and each of their Subsidiaries shall at all times comply in all material respects with all material provisions of the
Communications Act and all material FCC Regulations. 
 6.14 Collateral. 

(a) The Parent and the Borrower shall, and shall cause each Restricted Subsidiary to, do all things necessary or
reasonably requested by the Administrative Agent to preserve and (except as to Non-Perfected Collateral) perfect the Liens of the Administrative Agent for the benefit of the Secured Parties, arising pursuant hereto and pursuant to the Collateral
Documents as first Liens (except as to Non-Perfected Collateral), and to insure that the Administrative Agent, for the benefit of the Secured Parties, has a perfected prior and first Lien on all of the Collateral (except as to Non-Perfected
Collateral), including, without limitation, the Equity Interests of the Borrower and each of its direct and indirect Domestic Subsidiaries and the direct and indirect Domestic Subsidiaries of the Borrower and the Parent; provided however that only
65% of the Equity Interests of any Domestic Subsidiary substantially all of the assets of which consist of stock of one or more Subsidiaries that are not Domestic Subsidiaries shall be required to be pledged as collateral under this
Section 6.14. 
 (b) The Parent and the Borrower shall, and shall cause each Restricted Subsidiary to
(i) grant to the Administrative Agent for the benefit of the Secured Parties a Lien on all assets (other than Excluded Collateral, and with respect to FCC Licenses subject to the terms of the Security Agreement) of all Loan Parties which shall
be perfected on all Collateral other than Non-Perfected Collateral and (ii) take such action as is necessary from time to time to cause all such Liens in Collateral to be first and prior Liens (except as to Non-Perfected Collateral, and subject
to Liens permitted by Section 7.01). For the avoidance of doubt, all Equity Interests in the Borrower and all Equity Interests owned by the Borrower or any Restricted Subsidiary in any Restricted Subsidiary will continue to be fully
pledged as Collateral unless and until Disposed of in accordance with the terms of this Agreement. 

  
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 (c) The Parent and the Borrower shall, and shall cause each Restricted
Subsidiary to do all things necessary or reasonably requested by the Administrative Agent to preserve and (except as to Non-Perfected Collateral) perfect the Liens of the Administrative Agent for the benefit of the Secured Parties, arising pursuant
hereto and pursuant to the Pledge Agreements and Security Agreements as first Liens (except as to Non-Perfected Collateral), and to insure that the Administrative Agent, for the benefit of the Secured Parties, has a perfected prior and first Lien on
all of the Collateral other than Non-Perfected Collateral of the Borrower and each of its direct and indirect Domestic Subsidiaries and the direct and indirect Domestic Subsidiaries of the Borrower and the Parent; provided, however, that no
such action shall be required to perfect the Liens in Non-Perfected Collateral. 
 6.15 Further Assurances. Promptly upon
request by the Administrative Agent, (a) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (b) do, execute, acknowledge, deliver,
record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent may reasonably require from time to time in order to (i) carry out more
effectively the purposes of the Loan Documents, (ii) to the fullest extent permitted by applicable law, subject any Loan Party’s properties, assets, rights or interests to the Liens now or hereafter intended to be created by any of the
Collateral Documents to the extent agreed herein or therein to be Collateral, (iii) perfect and maintain the validity, effectiveness and (except as to Non-Perfected Collateral) priority of any of the security interests, Loan Documents and any
of the Liens intended to be created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Administrative Agent on behalf of the Secured Parties the rights granted or now or
hereafter intended to be granted to the Administrative Agent for the benefit of the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which any Loan Party or any of its Restricted
Subsidiaries is or is to be a party, and cause each of its Restricted Subsidiaries to do so. 
 6.16 Cash Collateral
Accounts. Maintain, and cause each of the other Loan Parties to maintain, all Cash Collateral Accounts, if any, with Bank of America or another commercial bank located in the United States, which has accepted the assignment of such accounts to
the Administrative Agent for the benefit of the Secured Parties pursuant to the terms of the Security Agreement. 
 6.17
Ratings. Use commercially reasonable efforts to obtain and maintain a corporate family and/or corporate credit rating, as applicable, and ratings in respect of the Facilities, in each case from each of S&P and Moody’s, so long as the
outstanding principal balance of the Term Loans exceed $35,000,000. 

  
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 ARTICLE VII. 
 NEGATIVE COVENANTS 
 So long as any Lender shall have any Commitment
hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the Borrower and the Parent shall not, nor shall they permit any Restricted Subsidiary to, directly or
indirectly: 
 7.01 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or
revenues, whether now owned or hereafter acquired, other than the following: 
 (a) Liens pursuant to any Loan
Document; 
 (b) Liens existing on the date hereof and listed on Schedule 7.01 and any renewals or
extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased, (iii) the direct or any contingent obligor with respect thereto is not changed,
and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.03(b), or Liens to which the Required Lenders have consented in writing; 

(c) Liens for taxes or assessments and similar charges, which are either not delinquent or being contested diligently and
in good faith by appropriate proceedings, and as to which the applicable Loan Party has set aside any reserves required in accordance with GAAP on its books; 
 (d) statutory Liens, such as mechanic’s, materialmen’s, warehouseman’s, landlord’s, artisan’s, worker’s, contractor’s, carrier’s or other like Liens,
(i) incurred in good faith in the ordinary course of business, (ii) which are either not delinquent or are being contested diligently and in good faith by appropriate proceedings and (iii) as to which the applicable Loan Party has set
aside any reserves on its books required in accordance with GAAP or bonded satisfactorily to the Administrative Agent; 
 (e) encumbrances consisting of zoning restrictions, easements, licenses, reservations, provisions, covenants, conditions, waivers, restrictions on the use of real property or minor irregularities of title
which were not incurred in connection with Indebtedness, provided that none of such encumbrances materially impairs the operation of the applicable Loan Party’s business; 

(f) Liens in respect of judgments or awards with respect to which any Loan Party is, in good faith, prosecuting an appeal
or proceeding for review and with respect to which a stay of execution upon such appeal or proceeding for review has been secured, and as to which judgments or awards such Loan Party has established any reserves on its books required in accordance
with GAAP or has bonded in a manner satisfactory to the Administrative Agent; 
 (g) pledges or deposits made in
the ordinary course of business to secure payment of worker’s compensation, or to participate in any fund in connection with worker’s compensation, unemployment insurance, old-age pensions or other social security programs; 

  
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 (h) Liens granted to secure the performance of bids, tenders, contracts,
leases, public or statutory obligations, surety, customs, appeal and performance bonds and other similar obligations incurred in the ordinary course of business and not incurred in connection with the borrowing of money, the obtaining of advances or
the payment of the deferred purchase price of any property; 
 (i) so long as there exists no Default prior to
and/or after giving effect to the incurrence of such Lien and the related Indebtedness, Liens of the Borrower, the Parent and the Restricted Subsidiaries (except License Subsidiaries) securing (i) Indebtedness in respect of capital leases and
similar obligations, and purchase money obligations for fixed or capital assets permitted by Section 7.03(e), (ii) any Indebtedness of any Person that is assumed in accordance with Section 7.03(e) in connection with a
Permitted Acquisition or other acquisition after the Closing Date, and (iii) any Indebtedness of any Person that is assumed in accordance with Section 7.03(e) in connection with an acquisition of assets (including Equity Interests)
in connection with a Permitted Acquisition or an acquisition; provided that (x) in the case of clause (i), (A) such Liens may only secure Indebtedness of the Parent, the Borrower and the Restricted Subsidiaries in respect of capital
leases and similar obligations and purchase money obligations for fixed or capital assets and (B) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and proceeds thereof and (y) in the
case of clauses (ii) and (iii), (A) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Restricted Subsidiary, as the case may be, (B) such Lien shall not apply to any other
property or assets of the Parent, the Borrower or any Restricted Subsidiary (other than proceeds or products thereof) and (C) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person
becomes a Restricted Subsidiary and refinancing thereof; and 
 (j) so long as there exists no Default prior to
and/or after giving effect to the incurrence of such Lien and the related Indebtedness, other Liens in the aggregate securing up to an aggregate outstanding amount of Indebtedness and other obligations of the Borrower, the Parent and the Restricted
Subsidiaries (except License Subsidiaries) not to exceed $10,000,000. 
 7.02 Investments. Make any Investments, except:

 (a) Investments held by the Parent, the Borrower or such Subsidiary in the form of cash or Cash Equivalents;

 (b) advances to officers, directors and employees of the Parent, the Borrower and their Subsidiaries in an
aggregate amount not to exceed $5,000,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes in accordance with past practices and as permitted by applicable Law; 

  
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 (c) Investments of the Parent and the Borrower in any Guarantors and
Investments of any Restricted Subsidiary in the Borrower or in another Restricted Subsidiary; 
 (d) Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from
financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss; 
 (e)
Guarantees in accordance with the terms of Section 7.03; 
 (f) so long as (i) there exists no
Default prior to and/or after giving effect to each such Investment and (ii) after giving effect to such Investment, the Consolidated Leverage Ratio is less than or equal to the lower of (A) the maximum permitted Consolidated Leverage
Ratio set forth in Section 7.13(b) for the applicable Measurement Period and (B) 6:00 to 1:00 (with the Consolidated Leverage Ratio for such purpose being calculated on a Pro Forma Basis (x) after giving effect to the making of
such Investment and any Indebtedness incurred in connection therewith and (y) excluding the proceeds of such Indebtedness in the determination of unrestricted cash and Cash Equivalents, the Borrower and its Restricted Subsidiaries may make
Investments (including Investments in Unrestricted Subsidiaries) in an aggregate amount during the term of this Agreement not to exceed $40,000,000 minus the sum of (I) the amount of Restricted Payments made pursuant to
Section 7.06(c) and (II) the amount of Indebtedness prepaid, redeemed, defeased, repurchased or canceled in accordance with Section 7.18(c); 

(g) so long as (i) there exists no Default prior to and/or after giving effect to each such Investment and
(ii) after giving effect to each such Investment, the Consolidated Leverage Ratio for the applicable Measurement Period is less than or equal to 5:00 to 1:00 (with the Consolidated Leverage Ratio for such purpose being calculated on a Pro Forma
Basis (A) after giving effect to the making of such Investment and any Indebtedness incurred in connection therewith and (B) excluding the proceeds of such Indebtedness in the determination of unrestricted cash and Cash Equivalents), the
Borrower and its Restricted Subsidiaries may make other Investments (including Investments in Unrestricted Subsidiaries) in an amount not to exceed the Available Amount (calculated on the date of the making of such Investment); 

(h) Investments in Unrestricted Subsidiaries to the extent constituting the contribution of, or paid for with, Equity
Interests of the Parent; and 
 (i) so long as there exists no Default prior to and/or after giving effect to
each such Investment, other Investments not to exceed $10,000,000 in the aggregate in any fiscal year of the Borrower. 
 7.03
Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 
 (a) Indebtedness under
the Loan Documents; 

  
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 (b) (i) Indebtedness outstanding on the Closing Date and listed on
Schedule 7.03, and in each case any refinancings, refundings, renewals or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except
by an amount equal to a reasonable premium or other reasonable amount paid, and fees, OID, and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder; 

(c) Guarantees of (i) the Guarantors (other than the License Subsidiaries) in respect of Indebtedness otherwise
permitted hereunder subordinated to the Obligations on terms acceptable to the Administrative Agent, (ii) the Guarantors (other than the License Subsidiaries) in respect of the Senior Notes and (iii) the Borrower or any Guarantor (other
than a License Subsidiary) in respect of Indebtedness otherwise permitted hereunder of the Parent, the Borrower or any Guarantor (other than Preferred Stock and Disqualified Stock); 

(d) obligations (contingent or otherwise) of the Parent, the Borrower or any Subsidiary (other than License Subsidiaries)
existing or arising under any Swap Contract, provided that such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments,
interest rate spreads, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view;” 

(e) so long as there exists no Event of Default or payment Default under Section 8.01(a) prior to and/or after
giving effect to each such incurrence the Borrower, the Parent and the Restricted Subsidiaries (except License Subsidiaries) may incur (i) Indebtedness in respect of capital leases and similar obligations, and purchase money obligations for
fixed or capital assets, (ii) any Indebtedness of any Person that becomes a Restricted Subsidiary after the Closing Date, and (ii) any Indebtedness of any Person that is assumed by a Restricted Subsidiary in connection with an acquisition
of assets by such Restricted Subsidiary in connection with a Permitted Acquisition after the Closing Date; provided that (x) in the case of clauses (ii) and (iii) such Indebtedness exists at the time of such Permitted
Acquisition or other acquisition and is not created in contemplation of or in connection with such Permitted Acquisition or other acquisition, (y) the aggregate principal amount of all Indebtedness of the Parent, the Borrower and the Restricted
Subsidiaries (except License Subsidiaries) under this clause (e) shall not exceed $25,000,000 at any time outstanding and (z) no Loan Party (other than such Person that becomes a Restricted Subsidiary of the Borrower or the Restricted
Subsidiary, as the case may be, that so assumes such Person’s Indebtedness) shall guarantee or otherwise become liable for the payment of such Indebtedness; 

(f) so long as there exists no Event of Default or payment Default under Section 8.01(a) prior to and/or after
giving effect to each such incurrence, the Borrower and the Parent may incur additional unsecured Indebtedness from time to time provided that, (i) the Consolidated Leverage Ratio is less than or equal to the lower of (A) the
maximum permitted Consolidated Leverage Ratio in effect under Section 7.13(b) for the 

  
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applicable Measurement Period, and (B) 6:00 to 1:00 (with the Consolidated Leverage Ratio for such purpose being calculated on a Pro Forma Basis (x) after giving effect to the
incurrence of such Indebtedness and (y) excluding the proceeds of such Indebtedness in the determination of unrestricted cash and Cash Equivalents), (ii) no such additional Indebtedness has a maturity earlier than six months after the
latest Maturity Date, (iii) no such additional Indebtedness has any scheduled principal payments, prepayments, redemptions, retirements, acquisition of principal, cancellations, repurchases, sinking funds or other principal payments prior to
the latest Maturity Date and (iv) if the principal amount of such Indebtedness is in excess of $20,000,000, the Borrower shall have delivered to the Administrative Agent evidence in form reasonably satisfactory to the Administrative Agent of
compliance on a Pro Forma Basis with the financial covenants set forth in Section 7.13 before and after giving effect to the incurrence of such additional Indebtedness; 

(g) so long as there exists no Event of Default or payment Default under Section 8.01(a) prior to and/or after
giving effect to each such incurrence, the Borrower and the Restricted Subsidiaries (other than the License Subsidiaries) may incur additional unsecured Indebtedness up to an aggregate amount at any one time outstanding of $25,000,000 for all
Restricted Subsidiaries minus the aggregate amount of secured debt incurred by any of the Restricted Subsidiaries permitted by subsection (e) preceding; provided that, (i) no such additional Indebtedness has a maturity earlier than
six months after the latest Maturity Date, (ii) no such additional Indebtedness has any scheduled principal payments, prepayments, redemptions, retirements, acquisition of principal, cancellations, repurchases, sinking funds or other principal
payments prior to the latest Maturity Date; and 
 (h) (i) Indebtedness incurred by the Borrower under the Senior
Notes and the other Senior Notes Documents up to a maximum principal amount of $220,000,000 and any Permitted Senior Notes Refinancing in respect thereof and (ii) subordinated unsecured Guarantees of the License Subsidiaries in respect of the
Senior Notes and any Permitted Senior Notes Refinancing in respect thereof, on subordination terms set forth in the Senior Notes Documents; and 
 (i) so long as there exists no Event of Default or payment Default under Section 8.01(a) prior to and/or after giving effect to each such incurrence, the Borrower, the Parent and the
Restricted Subsidiaries (other than the License Subsidiaries) may incur other Indebtedness in an aggregate principal amount not to exceed $15,000,000 at any time outstanding. 
 7.04 Fundamental Changes. Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of
its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists prior to and/or after giving effect thereto: 

(a) any Subsidiary may merge with (x) the Borrower, provided that the Borrower shall be the continuing or
surviving Person, or (y) any one or more other Restricted Subsidiaries, provided that when any Guarantor is merging with another 

  
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Subsidiary, the Guarantor shall be the continuing or surviving Person, and provided further that, in the case of both clause (x) and (y), any Subsidiary which is an Unrestricted Subsidiary
at the time of the applicable merger (1) must meet the criteria set forth in the definition of “Restricted Subsidiary” for conversion to a Restricted Subsidiary immediately prior to the occurrence of the applicable merger and
(2) shall be treated in all respects as a Restricted Subsidiary during all periods of determination for purposes of calculating Consolidated Operating Cash Flow; 

(b) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or
otherwise) to the Borrower or to another Restricted Subsidiary; provided that if the transferor in such a transaction is a Guarantor, then the transferee must either be the Borrower or a Guarantor; 

(c) Dispositions in accordance with the terms of Section 7.05; and 

(d) any Permitted Acquisition permitted by Section 7.07 may be structured as a merger, consolidation or
amalgamation, so long as the Borrower or a Loan Party is the surviving Person. 
 7.05 Dispositions. Make any Disposition
of any material portion of the assets of the Parent, the Borrower or any of their Restricted Subsidiaries, except: 
 (a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business; 

(b) Dispositions of inventory in the ordinary course of business; 

(c) Dispositions of equipment or real property to the extent that (A) such property is exchanged for credit against
the purchase price of similar replacement property or (B) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property; 

(d) Dispositions of property by (i) any Restricted Subsidiary to the Borrower or to another Restricted Subsidiary or
(ii) the Borrower to any Restricted Subsidiary; provided that if the transferor of such property is a Guarantor, the transferee thereof must either be the Borrower or a Guarantor; 

(e) Dispositions in accordance with the terms of Section 7.04(a), (b) and (d); 

(f) in addition to subsection (g) following, so long as no Default exists prior to and/or after giving effect to any
such Disposition, (A) Dispositions of property in connection with Like Kind Exchanges for a Station acquired in connection with a Permitted Acquisition in accordance with the terms of Section 7.07 and (B) Dispositions in
connection with Station swaps or exchanges, in each case of Stations acquired in connection with a Permitted Acquisition in accordance with the terms of Section 7.07, provided that, notwithstanding the foregoing, if at any time in
connection with a (I) Like Kind Exchange after a property has been Acquired or Disposed of by the Borrower or any of its Subsidiaries in connection with such Like Kind Exchange there shall exist a

  
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Default, such Loan Party shall be permitted to consummate the Like Kind Exchange despite the existence of such Default, and (II) swap or exchange described in subsection (B) preceding, after
a property has been Acquired or Disposed of by the Borrower or any of its Subsidiaries in connection with such swap or exchange there shall exist a Default, and such Loan Party has entered into a contractual arrangement binding such Loan Party to
consummate such swap or exchange with an unaffiliated third party prior to the existence of such Default, such Loan Party shall be permitted to consummate such swap or exchange despite the existence of such Default; 

(g) in addition to subsection (f) preceding, so long as (A) no Default exists prior to and/or after giving
effect to any such Disposition and (B) the Borrower has complied with the provisions of Section 2.05(b)(ii) with respect to each such Disposition, the Borrower may make Dispositions of assets representing not more than 25% of
Consolidated Operating Cash Flow (measured for the most recently completed four fiscal quarters) in the aggregate for all such asset Dispositions over the term of this Agreement commencing on the Closing Date. For the avoidance of doubt, operating
cash flow from assets sold shall be calculated based on the operating cash flow for the four fiscal quarters preceding the date of sale of the assets sold for all assets sold cumulatively from the Closing Date through the date of determination,
measured against Consolidated Operating Cash Flow for the most recently completed four fiscal quarters of the Parent; and 
 (h) (i) dispositions required by any Governmental Authority or applicable Law in connection with a Permitted Acquisition or other acquisition and (ii) any dispositions of any property acquired as
part of a strategic Permitted Acquisition or other acquisition of other property in order to effect such strategic Permitted Acquisition or other acquisition and the property or assets to be disposed of were not part of the property or assets
intended to be retained in the long term, as determined in good faith by the Borrower; provided that, in each case, (i) the Borrower (or the Restricted Subsidiary), as the case may be, receives consideration at the time of such
disposition at least equal to the fair market value of the assets disposed of and (ii) at least 75% of the consideration for such disposition is in the form of cash or Cash Equivalents. 

7.06 Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, provided that,

 (a) each Subsidiary of the Borrower may make Restricted Payments to the Borrower, any other Subsidiary that is
a Guarantor and any other Person that owns an Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made; 

(b) the Borrower and each Restricted Subsidiary may declare and make dividend payments or other distributions payable to
the Parent, the Borrower or another Restricted Subsidiary that is a Guarantor solely in the common stock or other common Equity Interests of such Person; 

  
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 (c) so long as (i) there exists no Default prior to and/or after giving
effect to each such Restricted Payment and (ii) and after giving effect to Restricted Payment, the Consolidated Leverage Ratio is less than or equal to the lower of (A) the maximum permitted Consolidated Leverage Ratio then in effect under
Section 7.13(b) for the applicable Measurement Period, and (B) 6:00 to 1:00 (with the Consolidated Leverage Ratio for such purpose being calculated on a Pro Forma Basis (x) after giving effect to the making of such Restricted
Payment and any Indebtedness incurred in connection therewith and (y) excluding the proceeds of such Indebtedness in the determination of unrestricted cash and Cash Equivalents, the Borrower and its Restricted Subsidiaries may make Restricted
Payments to the Parent (and the Parent may use such funds to make Restricted Payments to its stockholders), in an aggregate amount during the term of this Agreement not to exceed $40,000,000 minus the sum of (I) the amount of Investments
made in accordance with Section 7.02(f) and (II) the amount of Indebtedness prepaid, redeemed, defeased, repurchased or canceled in accordance with Section 7.18(c); 

(d) so long as (i) there exists no Default prior to and/or after giving effect to each such Restricted Payment and
(ii) after giving effect to such Restricted Payment, the Consolidated Leverage Ratio for the applicable Measurement Period (with the Consolidated Leverage Ratio for such purpose being calculated on a Pro Forma Basis (A) after giving effect
to the making of such Restricted Payment and any Indebtedness incurred in connection therewith and (B) excluding the proceeds of such Indebtedness in the determination of unrestricted cash and Cash Equivalents), is less than or equal to 5:00 to
1:00, the Borrower and its Restricted Subsidiaries may make Restricted Payments to the Parent (and the Parent may use such funds to make Restricted Payments to its stockholders) in an amount not to exceed the Available Amount; and 

(e) the Borrower may declare and pay dividends up to the Parent in an aggregate amount over the term of this Agreement
commencing on the Closing Date not to exceed $10,000,000, provided that, such dividends may only be declared and paid so that such funds can be used to make payments relating to the settlement of and expenses relating to, legal or
administrative proceedings of the Parent, the Borrower or the Restricted Subsidiaries that are uninsured, and 

(f) the Borrower may declare and pay dividends to Parent to permit Parent to (i) pay actual cash federal, state and
local income taxes, to the extent such income taxes are attributable to the income of the Borrower and/or its Restricted Subsidiaries, as applicable (and, to the extent of the amount actually received by the Borrower (or its Restricted Subsidiaries)
from Unrestricted Subsidiaries, in amounts required to pay such taxes to the extent attributable to the income of such Unrestricted Subsidiaries); provided, that the amount of such distributions or dividends (plus any taxes payable
directly by the Borrower or its Restricted Subsidiaries) shall not exceed the amount of such taxes that would have been payable directly by the Borrower and/or its Restricted Subsidiaries (and its Unrestricted Subsidiaries to the extent described
above) had the Borrower been the common parent of a separate tax group that included only the Borrower and its Restricted Subsidiaries (and its Unrestricted Subsidiaries to the extent described above); (ii) pay franchise taxes and other fees,
taxes and expenses required to maintain the corporate existence of the Parent and its Subsidiaries; and (iii) so long as there exists no Default 

  
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prior to and/or after giving effect to such dividend, purchase Parent’s common stock or common stock options from present or former officers or employees of Parent, the Borrower or any
Subsidiary upon the death, disability or termination of employment of such officer or employee, provided that the amount of payments made under this clause (f)(iii) shall not exceed $5,000,000 in the aggregate in any fiscal year of the
Parent; (iv) pay other general corporate operating and overhead expenses and costs not described in clause (iii) preceding attributable to the operations of the Borrower and its Restricted Subsidiaries and incurred in the ordinary course
of business in an amount not to exceed the difference between $50,000,000 per fiscal year of the Parent minus any amounts used in such year pursuant to clause (iii) preceding, and (v) pay amounts owed under Station Contracts. 

7.07 Acquisitions. Make any Acquisitions, except so long as there exists no Default prior to and/or after giving effect to each
such Acquisition, the Borrower and its Restricted Subsidiaries may make Permitted Acquisitions, so long as 
 (a)
the Borrower shall be in compliance on a Pro Forma Basis with the financial covenants set forth in Section 7.13 both before and after giving effect to each such Permitted Acquisition, and each consummation of a Permitted Acquisition by
the Borrower shall constitute a representation by the Borrower that it is in such compliance with the covenants set forth in Section 7.13 as described above; 

(b) except with respect to Investments that are also Acquisitions of an Unrestricted Subsidiary, the Borrower shall have
given the Administrative Agent prior written notice regarding each Permitted Acquisition with a cash consideration of $50,000,000 or more; 
 (c) except with respect to Investments that are also Acquisitions of an Unrestricted Subsidiary, with respect to each Permitted Acquisition with a cash consideration of $200,000,000 or more, the Borrower
shall have delivered to the Administrative Agent: 
 (i) within five days prior to the consummation of such
Acquisition (or such lesser time as agreed to by the Administrative Agent), calculations demonstrating on a Pro Forma Basis compliance with the financial covenants set forth in Section 7.13 for the applicable Measurement Period, all in
such detail and in such form as is reasonably acceptable to the Administrative Agent; and 
 (ii) within five
days prior to the consummation of any such Acquisition (or such lesser time as agreed to by the Administrative Agent), projections for the Borrower for a period of the lesser of five years and the maturity of the Loans hereunder after the closing of
such Acquisition (giving effect to such Acquisition) and showing the source of financing for such Acquisition, all in such detail and in such form as is reasonably acceptable to the Administrative Agent; and 

  
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 (d) except with respect to Investments that are also Acquisitions of an
Unrestricted Subsidiary, with respect to each Permitted Acquisition consummated under this Section 7.07, the Borrower shall have complied with each of the following: 

(i) except as permitted by Section 5.17, all FCC Licenses acquired in connection with each such Acquisition
shall be transferred promptly upon consummation of such Acquisition to a License Subsidiary; 
 (ii) with respect
to Permitted Acquisitions with a cash consideration in excess of $100,000,000, unless (A) the Borrower reasonably expects that the Final Order will be granted notwithstanding the filing of any objection and (B) with respect to any
objections filed (except objections filed by repeat nuisance filers (or their affiliates, agents or representatives) that have made a filing on multiple occasions against the Borrower or the Parent, or any Subsidiary of either of them
(“Nuisance Filers”)), the Borrower has given notice to the Administrative Agent of the expectation in clause (A) preceding, the FCC consent to the assignment of the FCC Licenses relating to the Stations being acquired pursuant
to such Permitted Acquisition at such time (the “FCC Consent”) shall have become a Final Order; for the avoidance of doubt, the Borrower may reasonably expect that the Final Order will be granted notwithstanding the filing of any
objections made by Nuisance Filers, which such filing would not reasonably be expected to prevail; 
 (iii) the
Parent, the Borrower or the applicable Subsidiary shall have granted, or will grant in accordance with Section 6.12, a prior and first Lien priority interest in, and pledged to the Administrative Agent on behalf of the Secured Parties,
all of the Equity Interests of each such new Domestic Subsidiary acquired in connection with a Permitted Acquisition hereunder as additional collateral for the Obligations to be held by the Administrative Agent in accordance with the terms of the
Parent/Borrower Pledge Agreement or the Subsidiary Pledge Agreement, and executed and delivered to the Administrative Agent all such documentation for such pledge (including, a supplement to the Subsidiary Pledge Agreement, original stock
certificates and duly executed stock powers, as applicable) as, in the reasonable opinion of the Administrative Agent, is required to perfect or protect such Lien and grant a prior and first Lien; 

(iv) if a new Domestic Subsidiary which is not an Unrestricted Subsidiary is acquired or created in connection with such
Acquisition, the newly created or acquired Domestic Subsidiary shall in accordance with Section 6.12 execute and deliver a Security Agreement Supplement or such other document as requested by the Administrative Agent to grant a Lien on
and security interest in all assets (other than Excluded Collateral) of such new Domestic Subsidiary as additional collateral for the Obligations to be held by the Administrative Agent in accordance with the terms of the Security Agreement, and
executed and delivered to the Administrative Agent all such documentation for such security interest as, in the reasonable opinion of the Administrative Agent, is required to perfect or protect such Lien and grant a prior and first Lien;
provided that in each case no such action shall be required to perfect or provide for the priority of Liens in Non-Perfected Collateral; and 

  
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 (v) to the extent requested by the Administrative Agent, the Borrower shall
have delivered to the Administrative Agent evidence reasonably satisfactory to the Administrative Agent to the effect that all material approvals, consents or authorizations required in connection with such Acquisition (including the formation of
any License Subsidiary and the transfer of FCC Licenses to a License Subsidiary) from any Licensing Authority or other Governmental Authority shall have been obtained, and such opinions as the Administrative Agent may reasonably request as to the
Liens granted to the Administrative Agent, for the benefit of the Secured Parties in the Equity Interest, as required pursuant to this Section, as to any required regulatory approvals for such Acquisition and as to such other matters as the
Administrative Agent may reasonably request. 
 7.08 Change in Nature of Business. Engage in any material line of
business substantially different from the Business. 
 7.09 Transactions with Affiliates. Enter into any transaction of
any kind with any Affiliate of the Parent or the Borrower (including any Unrestricted Subsidiary), whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable (or more favorable) to the
Parent, the Borrower or such Restricted Subsidiary as would be obtainable by the Parent, the Borrower or such Restricted Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate, provided that
the foregoing restriction shall not apply to (a) transactions between or among the Borrower and any of the Restricted Subsidiaries that are Guarantors, or (b) between and among Restricted Subsidiaries that are Guarantors,
(c) Investments permitted by Section 7.16, and (c) Restricted Payments permitted by Section 7.06. For the avoidance of doubt, this Section 7.09 shall not apply to employment arrangements with, and
payments of compensation or benefits to or for the benefit of, management. 
 7.10 Negative Pledge Clauses; Limitations on
Subsidiary Distributions. 
 (a) Negative Pledge Clauses. Enter into or suffer to exist or become
effective any agreement that prohibits or limits (other than a dollar limit, provided that such dollar limit is sufficient in amount to allow at all times the Liens to secure the Obligations, and other than on or in any such agreement) the
ability of the Parent, the Borrower and/or their Restricted Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its property or revenues, whether now owned or hereafter acquired, to secure the Obligations other than
(i) this Agreement, the other Loan Documents, and the Senior Notes (and any agreement governing any Permitted Senior Notes Refinancing, so long as any such prohibition or limitation contained in such refinancing agreement is not materially less
favorable to the Lenders that that which exists as of the Closing Date), (ii) any agreements governing any secured Indebtedness otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets
financed thereby), (iii) pursuant to applicable law, (iv) restrictions by reason of customary 

  
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provisions restricting assignments, subletting or other transfers contained in leases, licenses and other similar agreements entered into in the ordinary course of business (provided that
such restrictions are limited to the property or assets secured by such Liens or the property or assets subject to such leases, licenses, or similar agreements, as the case may be), (v) any prohibition or limitation that consists of customary
restrictions and conditions contained in any agreement relating to the sale or sale leaseback of any property permitted under this Agreement, (vi) customary restrictions in documents, agreements or constituent documents governing joint
ventures, (vii) any agreement in effect at the time a Restricted Subsidiary becomes a Restricted Subsidiary as long as such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary, (viii) agreements
permitted under Section 7.15, and (ix) restrictions arising in connection with cash or other deposits permitted under Sections 7.01 and 7.02 and limited to such cash or deposits. 

(b) Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of
(a) the Parent or any Restricted Subsidiary to Guarantee the Obligations, (b) any Restricted Subsidiary to (x) make Restricted Payments to the Borrower or any other Restricted Subsidiary in respect of any Equity Interest of such
Subsidiary held by, or pay any Indebtedness owed to the Borrower or any other Restricted Subsidiary, (y) make loans or advances to, or other Investments in, the Borrower or any other Restricted Subsidiary or (z) transfer any of its
property or assets to the Borrower or any other Restricted Subsidiary, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents or the Senior Notes Documents (or any
agreement governing any Permitted Senior Notes Refinancing, so long as any such restriction contained in such refinancing agreement is not materially less favorable to the Lenders that that which exists as of the Closing Date), (ii) customary
restrictions and conditions contained in agreements relating to any Disposition pending such Disposition provided, however, that such restrictions and conditions apply only to the Equity Interests or other asset that is to be Disposed,
(iii) any encumbrance or restriction with respect to a Restricted Subsidiary pursuant to an agreement relating to any Equity Interest or Indebtedness incurred by such Restricted Subsidiary on or prior to the date on which such Restricted
Subsidiary was acquired by the Borrower and outstanding on such date as long as such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary, (iv) applicable law or imposed as a condition or term in any
License, (v) restrictions in effect on the date of this Agreement contained in the agreements governing the Indebtedness in effect on the Closing Date and in any agreements governing any refinancing thereof if such restrictions are no more
restrictive than those contained in the agreements as in effect on the date of this Agreement governing the Indebtedness being renewed, extended or refinanced, (vi) customary non assignment provisions with respect to contracts, leases,
licensing or other agreements entered into by the Borrower or any of its Restricted Subsidiaries, in each case entered into in the ordinary course of business, (vii) customary provisions in joint venture agreements and other similar agreements
entered into in the ordinary course of business, (viii) restrictions and conditions contained in the documents governing Indebtedness of any Subsidiary that is not a wholly-owned Subsidiary of the Parent provided, however, that
such restrictions and conditions apply only to such Subsidiary and its assets, or (ix) any restrictions under any Indebtedness permitted by 

  
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Section 7.3 (other than the Senior Notes and any Permitted Senior Notes Refinancing) if such restrictions are no more restrictive to the Borrower and its Restricted Subsidiaries than
those contained under this Agreement. 
 7.11 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly
or indirectly to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

 7.12 Amendment of Material Documents and Agreements. Amend, modify or supplement: 

(a) Organization Documents of the Parent, the Borrower or any Material Subsidiary, unless required by law, in any manner
that is materially adverse to the interests of the Lenders, and other than amendments to provide for the issuance of Equity Interests not otherwise prohibited by this Agreement or 

(b) (i) any indenture, credit agreement or other document entered into evidence or govern the terms of any Indebtedness
permitted to be created, incurred or assumed pursuant to Section 7.03 (including, for the avoidance of doubt, the Senior Notes) and, in each case, any indenture, credit agreement or other document entered into with respect to any
extension, renewal, replacement or refinancing thereof or (ii) any document entered into to evidence or govern the terms of any Preferred Stock, in each case except for any such amendment, modification or waiver that, (x) would not, in any
material respect, adversely affect the interests of the Lenders and (y) would otherwise not be prohibited hereunder. 
 The Parent and the
Borrower shall promptly provide copies of any such amendments, modifications or supplements to the Administrative Agent. 
 7.13
Financial Covenants. 
 (a) Consolidated Interest Coverage Ratio. Permit the Consolidated Interest
Coverage Ratio as of the last day of any fiscal quarter to be less than the ratio set forth below opposite such period: 
  

					
	 Fiscal Quarters Ending
	  	Ratio	 
		
	 Closing Date through December 31, 2012
	  	 	1.50:1.00	  
	 March 31, 2013 through June 30, 2014
	  	 	1.60:1.00	  
	 September 30, 2014 through June 30, 2015
	  	 	1.75:1.00	  
	 September 30, 2015 and thereafter
	  	 	2.00:1.00	  

  
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 (b) Consolidated Leverage Ratio. Permit the Consolidated Leverage
Ratio as of the last day of any fiscal quarter to be greater than the ratio set forth below opposite such period: 
  

					
	 Fiscal Quarters Ending
	  	Ratio	 
		
	 Closing Date through June 30, 2012
	  	 	7.25:1.00	  
	 September 30, 2012 through December 31, 2012
	  	 	7.00:1.00	  
	 March 31, 2013 through June 30, 2013
	  	 	6.75:1.00	  
	 September 30, 2013 through December 31, 2013
	  	 	6.50:1.00	  
	 March 31, 2014
	  	 	6.25:1.00	  
	 June 30, 2014
	  	 	6.00:1.00	  
	 September 30, 2014
	  	 	5.75:1.00	  
	 December 31, 2014
	  	 	5.50:1.00	  
	 March 31, 2015 through June 30, 2015
	  	 	5.25:1.00	  
	 September 30, 2015
	  	 	5.00:1.00	  
	 December 31, 2015
	  	 	4.75:1.00	  
	 March 31, 2016 and thereafter
	  	 	4.50:1.00	  

 Solely for purposes of determining compliance with the financial covenants set forth in this
Section 7.13, any cash equity contribution (which equity shall be common equity or other equity that is not Disqualified Stock) made to the Borrower within ten (10) Business Days after the date which financial statements are
required to be delivered for any fiscal quarter end in accordance with Section 6.01 (the “Cure Fiscal Quarter End”) shall, at the request of Borrower, be included in the calculation of Consolidated Operating Cash Flow
for the purposes of determining compliance with the financial covenants set forth herein for periods including such fiscal quarter (any such equity contribution so included in the calculation of Consolidated Operating Cash Flow, a “Specified
Equity Contribution”); provided that (a) there shall not be more than two Specified Equity Contributions during the term of this Agreement, (b) notwithstanding anything in this Agreement to the contrary, the Borrower shall
be in compliance after giving effect to the addition of such Specified Equity Contribution to Consolidated Operating Cash Flow with (i) the Consolidated Interest Coverage Ratio as of such Cure Fiscal Quarter End (but without adjusting
Consolidated Interest Charges in the denominator of such Consolidated Interest Coverage Ratio) and (ii) the Consolidated Leverage Ratio as of such Cure Fiscal Quarter End (but without reducing the calculation of Consolidated Funded Indebtedness
in the numerator of such Consolidated Leverage Ratio (directly through repayment or indirectly through the netting of additional unrestricted cash and Cash Equivalents on hand as a result of such Specified Equity Contribution of the Parent, the
Borrower and its Restricted Subsidiaries from the calculation of Consolidated Funded Indebtedness)) and (c) in each case, the amount of any Specified Equity Contribution shall be no greater than the amount required to cause the Borrower to be
in compliance with the financial covenants set forth herein. For the avoidance of doubt, all Specified Equity Contributions shall be disregarded for all other purposes of this Agreement. 

  
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 7.14 License Subsidiaries. Except as set forth on Schedule 5.17 or permitted
by the terms of Section 5.17, permit any Subsidiary (other than a License Subsidiary) to hold any FCC Licenses, or permit any License Subsidiary to be an Unrestricted Subsidiary, except strictly in accordance with the terms hereof.
Notwithstanding anything herein to the contrary, the Borrower shall not permit any License Subsidiary to (a) incur, create, assume or permit to exist any Indebtedness other than the Obligations and subordinated guaranties permitted by
Section 7.03, (b) incur, create, assume or permit to exist any Lien of any nature whatsoever on any property or assets now owned or hereafter acquired by it except in favor of the Administrative Agent for the benefit of the Secured
Parties securing the Obligations, (c) make any capital expenditures, (d) acquire any assets other than the Licenses, (e) conduct any business operations other than the holding of the FCC Licenses and rights and activities related
thereto, (f) commingle the property of such License Subsidiary with the property of the Parent, the Borrower or any Subsidiary other than a License Subsidiary or (f) hire or engage any employees. No License Subsidiary shall be an
Unrestricted Subsidiary unless all entities operating and owning a substantial amount of the related Station’s assets are also Unrestricted Subsidiaries. 
 7.15 Sale and Leaseback Transactions. Enter into any arrangement at any time on or after the Closing Date whereby the Parent, the Borrower, or any Restricted Subsidiary sells or transfers any of
its assets, and thereafter rents or leases such assets, provided that, so long as the there exists no Default both before and after giving effect to this transaction and the Borrower is otherwise in compliance with the provisions of
Section 7.05, the Borrower, the Parent and their Restricted Subsidiaries may consummate sales and leasebacks aggregating not more than $20,000,000 in gross sales proceeds for all such transactions over the term of this Agreement
commencing on the Closing Date. 
 7.16 Unrestricted Subsidiaries. 

(a) Invest in any Unrestricted Subsidiary, Acquire any Unrestricted Subsidiary, or create any Unrestricted Subsidiary (in
each case except Investments and Acquisitions in, and the creation of, any Unrestricted Subsidiary to the extent constituting the contribution of, or paid for with, Equity Interests of the Parent), or do any of the foregoing with respect to any
direct or indirect subsidiary of any Unrestricted Subsidiary (whether in cash, or using, contribution of assets or equity interests (except Equity Interests of the Parent) or otherwise), provided that, so long as there exists no
Default prior to and/or after giving effect to any such Investment, the Loan Parties may make Investments in, or make Acquisitions of, or create, any Unrestricted Subsidiary if such Investment is not otherwise prohibited under this Agreement
provided further that in connection with each such Investment or Acquisition the value of the assets and equity interests shall be determined in good faith by the Borrower to be the fair market value of such assets and equity interests
on the date of the applicable Investment or Acquisition. 
 (b) The Parent, the Borrower and the Restricted
Subsidiaries will (i) not conduct any business or enter into any transaction with the Unrestricted Subsidiaries, other than on fair and reasonable terms substantially as favorable (or more favorable) to

  
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the Parent, the Borrower or such Restricted Subsidiary as would be obtainable by the Parent, the Borrower or such Restricted Subsidiary at the time in a comparable arm’s length transaction
with an unrelated third Person (a Person other than a Subsidiary, an Unrestricted Subsidiary or an Affiliate), (ii) keep all deposit accounts, investment accounts and other accounts of the Unrestricted Subsidiaries segregated and apart from the
accounts of the Borrower, the Parent and the Restricted Subsidiaries, (iii) use reasonable methods to (A) not commingle the business, employees and assets of the Parent, the Borrower and the Restricted Subsidiaries (other than servicing
arrangements on fair and reasonable terms substantially as favorable (or more favorable) to the Parent, the Borrower or such Restricted Subsidiary as would be obtainable by the Parent, the Borrower or such Restricted Subsidiary at the time in a
comparable arm’s length transaction with a Person other than an Unrestricted Subsidiary or an Affiliate), and (B) keep the Business of the Parent, the Borrower and the Restricted Subsidiaries separate and apart from the Unrestricted
Subsidiaries. 
 (c) The Borrower may make Investments in Unrestricted Subsidiaries using Equity Interests of the
Parent. 
 7.17 Change in Status of Subsidiaries.  

(a) Unless approved by the Administrative Agent, designate any Subsidiary as an Unrestricted Subsidiary and subsequently
redesignate such Subsidiary as a Restricted Subsidiary more than one time with respect to each such Subsidiary. 

(b) Designate or convert any Restricted Subsidiary as an Unrestricted Subsidiary provided that, the Borrower
may designate a Restricted Subsidiary (other than a License Subsidiary unless such License Subsidiary becomes an Unrestricted Subsidiary strictly in accordance with the terms of Section 7.14 and this Section 7.17(b)) as an
Unrestricted Subsidiary, if the Investment in such Subsidiary (determined as of the date designation) is permitted pursuant to Section 7.02 ̧ provided further, (i) no Subsidiary may be designated as, or converted
to, an Unrestricted Subsidiary if it is party to any agreement or contract with Parent or any of its Restricted Subsidiaries, unless the terms of such agreement are no less favorable to Parent or such Restricted Subsidiary, as applicable, than those
that might be obtained from an unaffiliated third party and (ii) no Subsidiary may be designated as, or converted to, an Unrestricted Subsidiary if such Subsidiary is a Person with respect to which Parent or any of its Restricted Subsidiaries
has any direct or indirect obligation to make capital contributions or to maintain such Subsidiary’s financial condition unless at the time of such designation or conversion the amount of such obligation to make capital contributions or to
maintain such Subsidiary’s financial condition, assuming it would constitute an Investment, would be permitted pursuant to Section 7.02. 
 (c) For the avoidance of doubt, the designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrower therein, at the date of designation in an amount equal to the
fair market value of the Borrower’s investment therein as determined in good faith by the board of directors of the Borrower. 

  
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 (d) The designation of any Unrestricted Subsidiary as a Restricted
Subsidiary shall, at the time of such designation, constitute the incurrence of any Indebtedness or Liens of such Subsidiary existing at such time. 
 7.18 Prepayments, Etc. of Indebtedness. Make any unscheduled payment or prepayment of principal or interest (or any comparable unscheduled reduction of principal or yield provision, or payment of
fees) on any Indebtedness (including, without limitation, any redemption, defeasance, setting aside of funds, cancellation, forgiveness, repurchase, receive an assignment of, issue any notice of redemption or defeasance with respect to, or otherwise
cause any of the foregoing or enter into any other transaction which accomplishes a like result, including pursuant to any change of control, sale of assets, issuance of any equity or otherwise as may be set forth in the terms of or available to the
Borrower or any of its Subsidiaries at its option), nor shall the Borrower or the Parent permit any Affiliate to purchase any of the Obligations, except: 
 (a) the Borrower may make prepayment at par of the Obligations in accordance with the terms of this Agreement or discounted prepayments of the Obligations pursuant to the provisions of
Section 2.17; 
 (b) so long as there exists no Default prior to and/or after giving effect
thereto, and such sale is otherwise permitted by the terms of this Agreement, in connection with the sale of property by a Loan Party, the Parent, the Borrower and the Restricted Subsidiaries may make prepayments of the related capital lease or
similar obligation or purchase money indebtedness of such Loan Party; 
 (c) so long as (i) there exists no
Default prior to and/or after giving effect thereto, (ii) the Consolidated Leverage Ratio is less than or equal to the lower of (A) the maximum permitted Consolidated Leverage Ratio then in effect under Section 7.13(b) for the
applicable Measurement Period, and (B) 6:00 to 1:00 (with the Consolidated Leverage Ratio for such purpose being calculated on a Pro Forma Basis (x) after giving effect to the making of such prepayment and any Indebtedness incurred in
connection therewith and (y) excluding the proceeds of such Indebtedness in the determination of unrestricted cash and Cash Equivalents), the Parent, the Borrower and the Restricted Subsidiaries may make prepayments on Indebtedness (other than
the Obligations) (including, without limitation, any redemption, defeasance, setting aside of funds, cancellation, forgiveness, repurchase or other provision for, or the assurance of, any such unscheduled payment or prepayment including pursuant to
any change of control, sale of assets, issuance of any equity or otherwise as may be set forth in the terms of or available to the Borrower or any of its Subsidiaries at its option) in an aggregate amount during the term of this Agreement not to
exceed $40,000,000 minus the sum of (I) the amount of Investments made in accordance with Section 7.02(f) and (II) the amount of Restricted Payments made in accordance with Section 7.06(d); provided that if
such Indebtedness is prepaid, redeemed, defeased, cancelled, forgiven, or repurchased at a discount to par, the actual amount of Dollars spent to retire or cancel such Indebtedness shall be included in such calculation; 

  
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 (d) so long as (i) there exists no Default prior to and/or after giving
effect thereto and (ii) the Consolidated Leverage Ratio for the applicable Measurement Period is less than or equal to 5:00 to 1:00 (with the Consolidated Leverage Ratio for such purpose being calculated on a Pro Forma Basis (x) after
giving effect to the making of such prepayment and any Indebtedness incurred in connection therewith and (y) excluding the proceeds of such Indebtedness in the determination of unrestricted cash and Cash Equivalents), the Parent, the Borrower
and the Restricted Subsidiaries may make prepayments on Indebtedness (other than the Obligations) (including, without limitation, any redemption, defeasance, setting aside of funds, cancellation, forgiveness, repurchase or other provision for, or
the assurance of, any such unscheduled payment or prepayment including pursuant to any change of control, sale of assets, issuance of any equity or otherwise as may be set forth in the terms of or available to the Borrower or any of its Subsidiaries
at its option) in an aggregate amount not to exceed the Available Amount (calculated on the date of the making of such prepayment); provided that if such Indebtedness is prepaid, redeemed, defeased, cancelled, forgiven, or repurchased at a
discount to par, the actual amount of cash U.S. dollars spent to retire or cancel such Indebtedness shall be included in such calculation; 
 (e) prepayments of Indebtedness owing by (i) any Restricted Subsidiary to the Borrower or any other Restricted Subsidiary and (ii) the Borrower to any Restricted Subsidiary; and 

(f) prepayments of Indebtedness in connection with refinancings otherwise permitted under this Agreement. 

ARTICLE VIII. 
 EVENTS OF DEFAULT AND REMEDIES 
 8.01 Events of Default. Any of the
following shall constitute an Event of Default: 
 (a) Non-Payment. The Borrower or any other Loan Party
fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation or deposit any funds as Cash Collateral in respect of L/C Obligations, or (ii) within three Business Days after the same
becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five Business Days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or 

(b) Specific Covenants. The Parent, the Borrower or any Subsidiary fails to perform or observe any term, covenant
or agreement contained in any of Section 6.03, 6.05(a) or Article VII; or 
 (c)
Other Defaults. (i) The Parent, the Borrower or any Subsidiary fails to perform or observe any term, covenant or agreement contained in either Section 6.10 or 6.11 on its part to be performed or observed and such
failure continues for 10 days after the earlier of actual notice by the Borrower or the Parent of such Default or receipt by such Loan Party of written notice of the existence of such Default from any Lender, or

  
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(ii) any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a), (b) or (c)(i) above) contained in any Loan Document on its part to be
performed or observed and such failure continues for 30 days after the earlier of actual notice by the Borrower or the Parent of such Default or receipt by such Loan Party of written notice of the existence of such Default from any Lender; or

 (d) Representations and Warranties. Any representation, warranty, certification or statement of fact
made or deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made or
deemed made; or 
 (e) Cross-Default. (i) The Parent, the Borrower or any Restricted Subsidiary
(A) fails to make any payment when due (after giving effect to any applicable grace periods) (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Senior Notes or any other Consolidated
Funded Indebtedness (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or
syndicated credit arrangement) of more than $25,000,000, or (B) fails to observe or perform any other agreement or condition relating to any Senior Notes or any other such Consolidated Funded Indebtedness, or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event (including a change of control) occurs, the effect of which default or other event is to cause, or to permit the holder or holders of Senior Notes or such Consolidated Funded
Indebtedness, (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice if required, such Consolidated Funded Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed
(automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Consolidated Funded Indebtedness to be made, prior to its stated maturity, to become payable or cash collateral in respect thereof to be demanded; or
(ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which the Parent, the Borrower or any Restricted Subsidiary is
the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which the Parent, the Borrower or any Restricted Subsidiary is an Affected Party (as so defined) and, in either
event, the Swap Termination Value owed by the Parent, the Borrower or such Restricted Subsidiary as a result thereof is greater than $25,000,000; or 
 (f) Insolvency Proceedings, Etc. The Parent, the Borrower or any Material Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment
for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver,
trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 90 calendar days, or the Parent, the Borrower or

  
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such Material Subsidiary has consented in writing to any of the foregoing; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property
is instituted without the consent of such Person and continues undismissed or unstayed for 90 calendar days, or an order for relief is entered in any such proceeding; or 

(g) Inability to Pay Debts; Attachment. (i) The Parent, the Borrower or any Material Subsidiary admits in
writing its inability to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released,
vacated or fully bonded within 30 days after its issue or levy; or 
 (h) Judgments. There is entered
against the Parent, the Borrower or any Restricted Subsidiary a final judgment or order for the payment of money in an aggregate amount exceeding $25,000,000 (to the extent not covered by independent third-party insurance or indemnity) and
(A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 30 consecutive days during which such judgment remains unpaid and a stay of enforcement of such judgment, by reason of a
pending appeal or otherwise, is not in effect; or 
 (i) ERISA. (i) An ERISA Event occurs with
respect to a Pension Plan or Multiemployer Plan which has resulted or is reasonably expected to result in liability of the Parent, the Borrower or any Subsidiary under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an
aggregate amount in excess of $25,000,000, or (ii) the Parent, the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability
under Section 4201 of ERISA under a Multiemployer Plan which has resulted or is reasonably expected to result in liability of the Parent, the Borrower or any Subsidiary in an aggregate amount in excess of $25,000,000; or 

(j) Invalidity of Loan Documents. Any material provision of any Loan Document, at any time after its execution and
delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in any manner the validity or enforceability of
any material provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any material provision of any Loan Document; or 

(k) Failure to Comply with FCC. (i) The FCC or any other Licensing Authority shall revoke, terminate,
substantially and adversely modify or refuse by final order to renew any License relating to a Station or Stations or (ii) the Borrower or any License Subsidiary shall be required pursuant to a final non-appealable order to sell or otherwise
dispose of any Station; so long as in each case of (i) and (ii) preceding such event or failure is reasonably expected to have a Material Adverse Effect; or 

(l) Change of Control. There occurs any Change of Control; or 

  
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 (m) Unrestricted Subsidiaries. Any event or circumstance described in
the preceding subsections (e), (f), (h) and (k) shall have occurred with respect to any Unrestricted Subsidiary, and such event or circumstance would reasonably be expected to result in an Material Adverse Effect; or 

(n) Collateral Documents. The Collateral Documents shall for any reason (other than pursuant to the terms thereof
or as a direct result of action or inaction of the Administrative Agent or any other Lender) cease to create a (i) valid and perfected first priority Lien (subject to Liens permitted by Section 7.01) on the Collateral (other than
Non-Perfected Collateral) purported to be covered thereby or (ii) valid Lien (subject to Liens permitted by Section 7.01) on the Non-Perfected Collateral; or 

(o) Certain Payments on Indebtedness. The Parent, the Borrower or any Restricted Subsidiaries shall make any
interest or principal payment on any subordinated Indebtedness in violation of any subordinated provision contained in such Indebtedness; or 
 (p) License Subsidiaries Guarantees. The Guarantees by the License Subsidiaries of the Senior Notes (or any Permitted Senior Notes Refinancing) shall not be subordinated to the Obligations. 

 8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall,
at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 

(a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions
to be terminated, whereupon such commitments and obligation shall be terminated; 
 (b) declare the unpaid
principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived by the Parent, the Borrower and each Subsidiary; 

(c) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount
thereof); and 
 (d) exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies
available to it, the Lenders and the L/C Issuer under the Loan Documents; 
 provided, however, that upon the occurrence of an
actual or deemed entry of an order for relief with respect to the Borrower or the Parent under the Bankruptcy Code of the United States, the obligation of each Lender to make Committed Loans and any obligation of the L/C Issuer to make L/C Credit
Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the
L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender. 

  
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 8.03 Application of Funds. After the exercise of remedies provided for in
Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any
amounts received on account of the Obligations shall, subject to the provisions of Section 2.15 and 2.16 be applied by the Administrative Agent in the following order: 

First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts
(including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in their capacity as such; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than
principal and interest and Obligations relating to Swap Contracts) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article
III), ratably among them in proportion to the amounts described in this clause Second payable to them; 
 Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans, L/C Borrowings and other Obligations, except Obligations relating to Swap Contracts,
ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third payable to them; 
 Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, and to the Administrative Agent for the account of each Hedge Bank party to a
Secured Hedge Agreement in the amount of the Swap Termination Value of each such Secured Hedge Agreement, ratably among the Lenders, Affiliates of such Lenders and the L/C Issuer in proportion to the respective amounts described in this clause
Fourth held by them; 
 Fifth, to the Administrative Agent for the account of the L/C Issuer, to
Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent and not otherwise Cash Collateralized by the Borrower pursuant to Section 2.03 or Section 2.15;

 Sixth, to payment of remaining portion of the Obligations, ratably among the Lenders in proportion to
the respective amounts described in this clause Sixth held by them; and 
 Last, the balance, if
any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law. 
 Subject to
Sections 2.03(c) and 2.15, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings

  
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under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be
applied to the other Obligations, if any, in the order set forth above. 
 Notwithstanding the foregoing, Obligations arising under Secured
Hedge Agreements shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable
Hedge Bank. Each Hedge Bank not a party to the Credit Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant
to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto. 
 ARTICLE IX.

 ADMINISTRATIVE AGENT 
 9.01 Appointment and Authority. 
 (a) Each of the Lenders
and the L/C Issuer hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise
such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative
Agent, the Lenders and the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions (other than with respect to consent rights contemplated by Section 9.06 and
the last paragraph of Section 9.10) and the provisions of this Article IX shall not impose any duties or obligations on any Loan Party or provide any benefits to the Administrative Agent, the Lenders or the L/C Issuer with respect
to any Loan Party. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other
implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

 (b) The Administrative Agent shall also act as the collateral agent under the Loan Documents, and each of the
Lenders (including in its capacities as a potential Hedge Bank) and the L/C Issuer hereby irrevocably appoints and authorizes the Administrative Agent to act as the collateral agent of such Lender and the L/C Issuer for purposes of acquiring,
holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent,
as collateral agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under
the Collateral 

  
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Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this Article IX and
Article X (including Section 10.04(c), as though such co-agents, sub-agents and attorneys-in-fact were the collateral agent under the Loan Documents) as if set forth in full herein with respect thereto. 

9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory
capacity for and generally engage in any kind of business with the Parent, the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the
Lenders. 
 9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those
expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers
(except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the
Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the
Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture,
modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and 
 (c)
shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Parent, the Borrower, their Subsidiaries or any of their
Affiliates that is communicated to or obtained by the Person serving as any Agent or any of their Affiliates in any capacity. 

Neither Agent shall be liable for any action taken or not taken by it, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR
IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF ANY SUCH AGENT (i) with the consent or at the request of the Required Lenders (or such other number or 

  
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percentage of the Lenders as shall be necessary, or as such Agent shall believe in good faith shall be necessary), under the circumstances as provided in Sections 10.01 and 8.02 or
(ii) in the absence of its own gross negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any
Default unless and until notice describing such Default is given in writing to such Administrative Agent by the Borrower, a Lender or the L/C Issuer. 
 The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any
other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other
terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or the
creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein,
other than the Administrative Agent’s duty to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper
Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition
hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such condition
is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. Each Agent may
consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts. 
 9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and
exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and
exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of each Agent and any sub-agent, and shall apply to their
respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents
except to the extent that a court of competent jurisdiction determines in a final and non appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

  
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 9.06 Resignation of Administrative Agent. The Administrative Agent may at any time
give notice of its resignation to the Lenders, the L/C Issuer and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower so long as there exists no Event of Default
(such consent not to be unreasonably withheld), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so
appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and the L/C
Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above (including the consent of the Borrower, if applicable); provided further that if the Administrative Agent shall notify the Borrower and the
Lenders that no qualifying Person has accepted such appointment and the Administrative Agent in its reasonable determination have determined that no successor Administrative Agent meeting the qualifications set forth above will accept such
appointment, the Administrative Agent may engage a commercial servicing company to act in the role of Administrative Agent, at the expense of the Borrower (with the consent of the Borrower so long as there exists no Event of Default, such consent
not to be unreasonably withheld). If no successor Administrative Agent has been appointed, and no servicing agent has been engaged by the Administrative Agent within 30 days after commercially reasonable efforts have been made by the Administrative
Agent to engage such servicing agent, the Administrative Agent and the Borrower will negotiate in good faith (the Borrower’s consent not to be unreasonably withheld) a new agency fee for the Administrative Agent based on the market rate under
the circumstances of the Loan, such fee to compensate the Administrative Agent for the administrative duties to be conducted by the Administrative Agent in connection with this Agreement and the other Loan Documents and to supersede any such agency
fee payable to the Administrative Agent under any Fee Letter. Upon the acceptance of the appointment by a successor Administrative Agent or the engagement of a servicing agent, (a) the resignation of the Administrative Agent shall become
effective in accordance with such notice and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents, (b) such successor or servicing agent shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and (c) the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other
Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the
Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect for the benefit of such
retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also constitute its resignation as L/C Issuer
and Swing Line Lender. If Bank of America resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C 

  
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Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto, including the right to
require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c). If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender
provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line
Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer or Swing Line Lender hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring L/C Issuer or Swing Line Lender, as applicable, (b) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C
Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangement satisfactory to Bank of America to effectively assume the obligations of Bank of America
with respect to such Letters of Credit. No servicing agent engaged pursuant to the preceding paragraph shall become L/C Issuer or Swing Line Lender under this Agreement. The Borrower and each Lender agree to the appointment of the servicing agent as
Administrative Agent, if necessary under the terms of, and in accordance with the provisions of, this paragraph and the preceding paragraph. 
 9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other
Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the L/C Issuer also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in
taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the book managers, Arrangers, Co-Syndication Agents or Co-Documentation Agents listed on the cover page hereof
shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C Issuer hereunder. 

9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as
herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered to, and if requested by the Required Lenders shall, by intervention in
such proceeding or otherwise 

  
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 (a) file and prove a claim for the whole amount of the principal and
interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are due and owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C
Issuer and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts
due the Lenders, the L/C Issuer and the Administrative Agent under Sections 2.03(i) and (j), 2.09 and 10.04) allowed in such judicial proceeding; and 

(b) collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Lender and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09 and
10.04. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or
accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or L/C Issuer to authorize the Administrative Agent to vote in respect
of the claim of any Lender or the L/C Issuer in any such proceeding. 
 9.10 Collateral and Guaranty Matters. The Secured
Parties, the Lenders and the L/C Issuer (in each case including in its capacity as a Hedge Bank, if applicable) irrevocably authorize the Administrative Agent, at its option and in its discretion, 

(a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document
(i) upon termination of the Commitments and payment in full of all Obligations (other than (A) contingent indemnification obligations and (B) obligations and liabilities under Secured Hedge Agreements) and the expiration or
termination of all Letters of Credit, (ii) that is Disposed of or conveyed or to be Disposed of as part of or in connection with any Disposition permitted hereunder or under any other Loan Document, or (iii) subject to
Section 10.01, if approved, authorized or ratified in writing by the Required Lenders; and 
 (b) to
subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the Holder of any Lien on such property that is permitted by Section 7.01(i); and 

(c) to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary or ceases to
be a Restricted Subsidiary as a result of a transaction permitted under the Loan Documents. 

  
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 Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the
Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10. In each case as
specified in this Section 9.10, the Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item
of Collateral from the assignment and security interest granted under the Loan Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of
the Loan Documents and this Section 9.10. 
 The Administrative Agent shall not be responsible for or have a duty to ascertain or
inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared by any Loan Party in
connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 
 Subject to the receipt of the Required Lenders confirmation of the Administrative Agent’s authority to release or subordinate its interest in particular types or items of property or to release any
Guarantor from its obligations under the Guaranty, upon the reasonable request of Borrower, and at Borrower’s sole cost and expense, in the event that (i) a Loan Party Disposes of any property as part of or in connection with any
Disposition not prohibited under the Loan Documents, the Administrative Agent shall execute and deliver such documents appropriate to evidence the release of Administrative Agent’s Liens with respect to such sold property (which release shall
be automatic and effective at the time of such Disposition) and (ii) any Guarantor ceases to be required under the Loan Documents to provide its guaranty as a result of a transaction permitted under the Loan Documents (including, without
limitation, in connection with the designation of an Unrestricted Subsidiary or the Disposition of any Restricted Subsidiary), Administrative Agent shall execute and deliver such documents with respect to such Guarantor appropriate to evidence
(x) the release of its guaranty (which release shall be automatic and effective at the time such guaranty is no longer required), (y) the release of Administrative Agent’s Liens with respect to the Equity Interests in, and the assets
of, such Guarantor (which release shall be automatic and effective at the time of such Disposition of such Restricted Subsidiary or upon the designation of such Restricted Subsidiary as an Unrestricted Subsidiary). 

9.11 Secured Hedge Agreements. No Hedge Bank that obtains the benefits of Section 8.03, any Guaranty Agreements or any
Collateral by virtue of the provisions hereof or of any Guaranty Agreement or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or
otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision
of this Article IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Secured Hedge Agreements unless the
Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Hedge Bank. 

  
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 9.12 No Fiduciary Relationships. Without limiting the foregoing, none of the
Lenders shall have or be deemed to have a fiduciary relationship with any Lender. The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as other set forth herein in the case of the
Administrative Agent) authorized to act for, any other Lender. 
 ARTICLE X. 

MISCELLANEOUS 
 10.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall
be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: 
 (a) waive any condition set forth in Section 4.01 (other than Section 4.01(b) or (c)), or, in the case of the initial Credit Extension, Section 4.02, without the
written consent of each Lender; 
 (b) without limiting the generality of clause (a) above, waive any
condition set forth in Section 4.02 as to any Credit Extension under a particular Facility without the written consent of the Required Revolving Lenders or the Required Term B Lenders, as the case may be; 

(c) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
Section 8.02) without the written consent of each such Lender directly and adversely affected thereby; 
 (d) postpone any date fixed by this Agreement or any other Loan Document for (i) any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any
of them) hereunder or under such other Loan Document without the written consent of each Lender entitled to such payment or (ii) any scheduled or mandatory reduction of any Facility hereunder or under any other Loan Document without the written
consent of each Appropriate Lender directly and adversely affected thereby; 
 (e) reduce the principal of, or
the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (v) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document, in each case
without the written consent of each Lender entitled to such amount; provided, however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any
obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate or (ii) to amend any financial covenant 

  
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hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder;

 (f) change (i) Section 2.13 or Section 8.03 in a manner that would alter the pro
rata sharing of payments required thereby without the written consent of each Lender directly and adversely affected thereby or (ii) the order of application of any reduction in the Commitments or any prepayment of Loans among the Facilities
from the application thereof set forth in the applicable provisions of Section 2.05(b) or 2.06(b), respectively, in any manner that materially and adversely affects the Lenders under a Facility without the written consent of
(x) if such Facility is the Term B Facility, the Required Term B Lenders and (y) if such Facility is the Revolving Credit Facility, the Required Revolving Lenders; 

(g) change (i) any provision of this Section 10.01 or the definition of “Required Lenders” or
any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder (other than the definitions specified in
clause (ii) of this Section 10.01(g)), without the written consent of each Lender directly and adversely affected thereby, except as specifically set forth in Section 2.18 or (ii) the definition of “Required
Revolving Lenders,” or “Required Term B Lenders” without the written consent of each Lender under the applicable Facility; 
 (h) (i) release all of, or substantially all of, the value of the guaranties of the Obligations made by the Guarantors without the written consent of each Lender, except to the extent the release of any
Subsidiary from the Guaranty is permitted pursuant to Section 9.10 (in which case such release may be made by the Administrative Agent acting alone) or (ii) release the Parent from the Guaranty without the written consent of each
Lender; 
 (i) release all of, or substantially all of, the Collateral without the written consent of each
Lender; or 
 (j) impose any greater restriction on the ability of any Lender under a Facility to assign any of
its rights or obligations hereunder without the written consent of (i) if such Facility is the Term B Facility, the Required Term B Lenders and (ii) if such Facility is the Revolving Credit Facility, the Required Revolving
Lenders; 
 and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in
addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless
in writing and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by
the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (iv) Section 10.06(g) may not be amended, waived or
otherwise 

  
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modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other modification; (v) the Fee
Letters may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto, (vi) the Letter of Credit Applications may be amended, or rights or privileges thereunder waived, in a writing executed only
by the parties thereto and (vii) this Agreement and the other Loan Documents may be amended solely with the consent of the Administrative Agent to incorporate the terms of any Incremental Facility or to establish an Extension permitted by
Section 2.19. 
 Notwithstanding anything to the contrary herein, (A) no Defaulting Lender shall have any right to approve or
disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than
Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each
affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender and (B) except to the extent there shall then exist an Event of
Default, any waiver, consent or other amendment to any term or provision of this Agreement necessary or advisable to effectuate the intent of Section 2.18 to provide an Incremental Facility or an increase in the Aggregate Commitment
shall be effective when executed by the Borrower, the Administrative Agent and each Lender or other approved financial institution making such Incremental Facility or increase in the Aggregate Commitment. For the avoidance of doubt, it is understood
and agreed that (1) all mandatory prepayments hereunder may be waived by the Required Lenders and (2) all mandatory prepayment provisions hereunder may be amended with the consent of the Required Lenders and the Borrower. 

In addition, subject to Section 2.05(c)(ii) and Section 2.17, this Agreement and the other Loan Documents may be amended (or
amended and restated) with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Term Loans and/or the Replacement Commitments, as applicable, to permit (a) the refinancing of all or a
portion of the outstanding Term Loans (the “Refinanced Term Loans”) or the replacement of the Revolving Credit Facility (the “Refinanced Commitment”) with one or more replacement term loan tranches hereunder which
shall be Loans hereunder (“Replacement Term Loans”) or (b) or the replacement of the Refinanced Commitments with a new tranche of revolving commitments (the “Replacement Commitments”); provided that
(a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans or Refinanced Commitment, as applicable plus any OID with respect thereto, accrued cash interest
payable thereon, premium (if any) thereon, other amounts necessary to accomplish such refinancing or replacement, and fees and reasonable expenses incurred in connection therewith, (b) the weighted average life to maturity of such Replacement
Term Loans shall not be shorter than the weighted average life to maturity of such Refinanced Term Loans, respectively, at the time of such refinancing, (c) the aggregate amount of the Replacement Commitment shall not exceed the Refinanced
Commitment plus any OID with respect thereto, accrued cash interest payable thereon, premium (if any) thereon, other amounts necessary to accomplish such refinancing or replacement, and fees and reasonable expenses incurred in connection therewith,
(d) the borrower of such Replacement Term Loans or 

  
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Replacement Commitment shall be the Borrower and (f) all other terms applicable to such Replacement Term Loans or Replacement Commitments (exclusive of pricing) shall be substantially
identical to, or not materially more favorable to the Lenders providing such Replacement Loans or Replacement Commitments than, those applicable to such Refinanced Term Loans or Refinanced Commitments, except to the extent necessary to provide for
covenants and other terms applicable to any period after the latest final maturity of the Term Loans, as applicable, in effect immediately prior to such refinancing. 
 10.02 Notices; Effectiveness; Electronic Communication. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by
telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent
by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to the Borrower, either Agent, the L/C Issuer or the Swing Line Lender, to the address, facsimile number,
electronic mail address or telephone number specified for such Person on Schedule 10.02 or as otherwise noticed to the Administrative Agent; and 
 (ii) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire. 

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when
received; notices sent by facsimile shall be deemed to have been given when sent if a confirmation from the sender’s facsimile has been generated (except that, if not given during normal business hours for the recipient, shall be deemed to have
been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).

 (b) Electronic Communications. Notices and other communications to the Lenders and the L/C Issuer
hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to
any Lender or the L/C Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The
Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be
limited to particular notices or communications. 

  
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 Unless the Administrative Agent otherwise prescribes, (i) notices and
other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or
other written acknowledgement) and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing
clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during
the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS
DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED
OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR
THE PLATFORM. In no event shall the Administrative Agent, any Co-Syndication Agent or any of their Related Parties (collectively, the “Agent Parties”) have any liability to Parent, the Borrower, any Lender, the L/C Issuer or any
other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of Borrower Materials
through the Internet, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF ANY SUCH AGENT PARTY, except to the extent that such losses, claims, damages, liabilities
or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such Agent Party; provided, however, that in no event
shall any Agent Party have any liability to Parent or the Borrower, any Lender, the L/C Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

(d) Change of Address, Etc. Each of the Parent, the Borrower, the Administrative Agent, the L/C Issuer and the
Swing Line Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and
other communications hereunder by notice to the Borrower, the Administrative Agent, the L/C Issuer and the Swing Line Lender. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative
Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and 

  
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other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public
Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public
Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the
Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities laws. 

(e) Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the L/C Issuer and
the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices and Term Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified
herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the
Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all reasonable out-of-pocket losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on
behalf of the Borrower, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF SUCH PERSON, absent gross negligence, bad faith or willful misconduct of such Person.
All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 

10.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, the L/C Issuer or any Agent to exercise, and no delay
by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law. 
 Notwithstanding anything to the contrary contained herein or
in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with
such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing shall
not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer
or the Swing Line Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case 

  
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may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms of
Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that
if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to
Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any
rights and remedies available to it and as authorized by the Required Lenders. 
 10.04 Expenses; Indemnity; Damage
Waiver. 
 (a) Costs and Expenses. The Borrower shall pay (i) (A) all reasonable
out-of-pocket expenses incurred by each Agent and its Affiliates (but only including the reasonable fees, charges and disbursements of one counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided
for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents through the Effective Date, and (B) all reasonable out-of-pocket expenses incurred by the Administrative Agent and
its Affiliates (including the reasonable fees, charges and disbursements of one counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery
and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, provided that, notwithstanding the foregoing, the
Borrower will not be required to reimburse the Administrative Agent for legal fees incurred on behalf of an Eligible Assignee in connection with any assignment made pursuant to Section 10.06, and (iii) all out-of-pocket expenses
incurred by each Agent, any Lender or the L/C Issuer (including the fees, charges and disbursements of any counsel for each Agent, any Lender or the L/C Issuer), in connection with the enforcement of its rights after the occurrence of an Event of
Default (or, during the continuance of an Event of Default, protection of its rights) (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or
Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) Indemnification by the Borrower. The Borrower shall indemnify each Agent (and any sub-agent thereof), each
Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related
expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of

  
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any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Loan Party) other than such Indemnitee and its Related Parties
arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their
respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this
Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer
to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous
Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, in each case whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is
a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF ANY SUCH INDEMNITEE, provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses (x) are resulting from the gross negligence, bad faith or willful misconduct of such Indemnitee or any Related Party of such Indemnitee or
(y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has
obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. Without limiting the provisions of Section 3.01(c) or Section 3.04(a), this
Section 10.04(b) shall not apply to (x) Indemnified Taxes or Excluded Taxes imposed on any and all payments by or on account of any obligation of any Loan Party under any Loan Document, which Taxes shall be governed exclusively by
Section 3.01 or (y) any other Taxes with respect to which additional amounts are payable under Section 3.04(a)(ii) as a result of a Change in Law. 

(c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount
required under subsection (a) or (b) of this Section to be paid by it to an Agent (or any sub-agent thereof), the L/C Issuer, the Swing Line Lender or any Related Party of any of the foregoing but without affecting the Borrower’s
obligations to pay such amounts, each Lender severally agrees to pay to such Agent (or any such sub-agent), the L/C Issuer, the Swing Line Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such
Lender), such payment to be made severally among them based on such Lenders’ Applicable Percentage (determined 

  
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as of the time that the applicable unreimbursed expense or indemnity payment is sought), provided, further that, the unreimbursed expense or indemnified loss, claim, damage, liability or
related expense, as the case may be, was incurred by or asserted against such Agent (or any such sub-agent), the L/C Issuer or the Swing Line Lender in its capacity as such, or against any Related Party of any of the foregoing acting for such Agent
(or any such sub-agent), the L/C Issuer or the Swing Line Lender in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d). 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the parties hereto
shall not assert, and hereby waives, and the Borrower acknowledges that neither it, the Parent nor any Subsidiary shall have, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as
opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or
Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 

(e) Payments. All amounts due under this Section shall be payable not later than 30 Business Days after demand
therefor after receipt of a reasonably detailed written invoice therefor. 
 (f) Survival. The agreements
in this Section shall survive the resignation of the Administrative Agent, the L/C Issuer and the Swing Line Lender, the replacement of any Lender or Agent, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of
all the other Obligations. 
 10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is
made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party,
in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as
if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from
or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and the L/C
Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 

  
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 10.06 Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower and the Parent may not, nor may any other Loan Party (except to the extent such Loan Party is permitted in a transaction permitted
by the terms of this Agreement) assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or
obligations hereunder except (i) to an assignee in accordance with the provisions of Section 10.06(b), (ii) by way of participation in accordance with the provisions of Section 10.06(d), (iii) by way of pledge
or assignment of a security interest subject to the restrictions of Section 10.06(f), or (iv) to an SPC in accordance with the provisions of Section 10.06(g) (and any other attempted assignment or transfer by any party
hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent
provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by
reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment(s) and the Loans (including for purposes of this Section 10.06(b), participations in L/C Obligations and in Swing
Line Loans) at the time owing to it); provided that (in each case with respect to any Facility) any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 
 (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment under any Facility and/or the Loans at the time owing to it (in each case with respect to any
Facility) or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved
Fund, no minimum amount need be assigned; and 
 (B) in any case not described in subsection (b)(i)(A) of
this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each
such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date,
shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving 

  
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Credit Facility, or $1,000,000, in the case of any assignment in respect of the Term B Facility, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is
continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed). 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not (A) apply to the Swing Line Lender’s rights and obligations in
respect of Swing Line Loans or (B) prohibit any Lender from assigning all or a portion of its rights and obligations among the separate Facilities provided hereunder and any separate revolving credit or term loan facilities provided pursuant to
the last paragraph of Section 10.01 on a non-pro rata basis; 
 (iii) Required Consents. No
consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition: 
 (A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such
assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the
Administrative Agent within five (5) Business Days after having received notice thereof; and provided, further, that the Borrower’s consent shall not be required during the primary syndication of the Facilities with respect
to assignments to Lenders previously consented to by the Borrower; 
 (B) the consent of the Administrative
Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of (1) any unfunded Term Commitment or Revolving Commitment if such assignment is to a Person that is not a Lender with a Commitment in
respect of the applicable Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender or (2) any Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and 

(C) the consent of the L/C Issuer and the Swing Line Lender shall be required for any assignment in respect of the
Revolving Credit Facility. 
 (iv) Assignment and Assumption. The parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, 

  
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together with a processing and recordation fee in the amount of $3,500 and any documentation required under Section 3.10(e); provided, however, that the Administrative
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(v) No Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower or any of the
Borrower’s Affiliates or Subsidiaries, (B) a Disqualified Lender or (C) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described
in this clause (C), or (D) to a natural person. 
 (vi) Certain Additional Payments. In connection
with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such
additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating
actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor
hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the L/C Issuer or any Lender hereunder (and interest accrued thereon) and (y) acquire (and
fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and
obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of
this Agreement until such compliance occurs. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant
to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of
Sections 3.01, 3.04, 3.05 and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the
affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party 

  
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hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with Section 10.06(d). 
 (c) Register. The Administrative Agent, acting solely for this
purpose as an agent of the Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments
of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be presumptively correct,
absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register
shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person, a
Defaulting Lender, a Disqualified Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement
shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 10.04(d) with
respect to any payments made by such Lender to its Participant(s). 
 Any agreement or instrument pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or
instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant. The Borrower
agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section
(it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 10.13 as if it 

  
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were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any
participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except if such participation was acquired by such Participant after an Event of Default has occurred and is continuing, to the
extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired such participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use
reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 10.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as
an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents
(the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s
interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other
obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register. 
 (e) Limitations upon Participant
Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01
unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as though it were a Lender. 

(f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its
rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release
such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (g) Special Purpose Funding Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle
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Lender to the Administrative Agent and the Borrower (an “SPC”) the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make
pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Committed Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of
such Committed Loan, the Granting Lender shall be obligated to make such Committed Loan pursuant to the terms hereof or, if it fails to do so, to make such payment to the Administrative Agent as is required under Section 2.12(b)(ii).
Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this Agreement
(including its obligations under Section 3.04), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all
purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Committed Loan by an SPC hereunder shall utilize the Commitment of the
Granting Lender to the same extent, and as if, such Committed Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive 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 senior debt 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 proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of
the Borrower and the Administrative Agent and with the payment of a processing fee in the amount of $3,500 (which processing fee may be waived by the Administrative Agent in its sole discretion), assign all or any portion of its right to receive
payment with respect to any Loan to the Granting Lender and (ii) subject to Section 10.07, disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or
provider of any surety or Guarantee or credit or liquidity enhancement to such SPC. 
 10.07 Treatment of Certain
Information; Confidentiality. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its
Affiliates’ and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the
extent required by or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to
the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action
or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.18 or

  
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Section 10.01; or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to
the Borrower and its obligations this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the Parent, Borrower or its Restricted Subsidiaries or the credit facilities provided
hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrower or (i) to
the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a
nonconfidential basis from a source other than the a Loan Party. 
 For purposes of this Section, “Information”
means all information received from the Parent, the Borrower or any Subsidiary relating to the Parent, the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative
Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Parent, the Borrower or any Subsidiary, provided that, in the case of information received from the Parent, the Borrower or any Subsidiary after the
date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to
do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
 Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the Information may include material non-public information concerning the Borrower, Parent or any Subsidiary of
either thereof, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including
United States Federal and state securities Laws. 
 10.08 Right of Setoff. If an Event of Default shall have occurred and
be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent, to the fullest extent permitted by
applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency (but not trust accounts)) at any time held and other obligations (in whatever currency) at any time owing by
such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or
any other Loan Document to such Lender or the L/C Issuer or their respective Affiliates, irrespective of whether or not such Lender, L/C Issuer or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such
obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated on such
indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance
with the provisions of Section 2.16 and, pending such payment, shall be segregated 

  
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by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to
the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and their respective Affiliates under this
Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Borrower and the Administrative
Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 
 10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum
rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the
principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to
the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate,
allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 
 10.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent or the L/C Issuer, constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01,
this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties
hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this
Agreement. 
 10.11 Survival of Representations and Warranties. All representations and warranties made hereunder and in
any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon
by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf, and notwithstanding that the Administrative Agent or any Lender have had notice or knowledge of any
Default at the time of any Credit Extension, shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 

  
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 10.12 Severability. If any provision of this Agreement or the other Loan Documents is
held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall
endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity
of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the
enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C Issuer or the Swing Line Lender, as applicable, then such
provisions shall be deemed to be in effect only to the extent not so limited. 
 10.13 Replacement of Lenders. If any of
the following shall occur: 
 (a) any Lender requests compensation under Section 3.04, 

(b) any Lender is unable to fund under Section 3.02, 

(c) any Lender is a Defaulting Lender, 

(d) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of
any Lender pursuant to Section 3.01, 
 (e) any Lender does not vote in favor of an amendment or
waiver that requires the consent or vote of each of the Lenders and is approved by the Required Lenders, 
 (f)
any Lender does not vote in favor of an amendment or waiver described in Section 10.01(c)(ii), or 

(g) any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto,

 then the Borrower may, at its sole expense and effort, upon notice to such Lender and with the consent of the Administrative Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement and the
related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

(i) the Borrower or the new assignee Lender shall have paid to the Administrative Agent the assignment fee specified in
Section 10.06(b); 
 (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to
the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 

  
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 (iii) in the case of any such assignment resulting from a claim for
compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 

(iv) such assignment does not conflict with applicable Laws; and 

(v) in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, (A) if such Non-Consenting
Lender refused to consent to a transaction that would have resulted in a prepayment premium pursuant to Section 2.05(c)(ii), the Borrower shall have paid the Non-Consenting Lender such prepayment premium and (B) the applicable
assignee shall have consented to the applicable amendment, waiver or consent. 
 A Lender shall not be required to make any such
assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

10.14 Governing Law; Jurisdiction; Etc. 
 (a) GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK. 
 (b) SUBMISSION TO JURISDICTION. THE BORROWER, EACH OTHER LOAN PARTY AND EACH OTHER
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT,
ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN
NEW YORK CITY IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE
JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, 

  
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LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT
SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN CONNECTION WITH ANY LOAN DOCUMENT IN THE COURTS
OF ANY JURISDICTION RELATING TO TAKING ENFORCEMENT ACTIONS AGAINST THE COLLATERAL. 
 (c) WAIVER OF VENUE.
THE BORROWER AND EACH OTHER PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (d) SERVICE OF
PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY APPLICABLE LAW. 
 10.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION. 

  
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 10.16 FCC Compliance. 

(a) Notwithstanding anything herein or in any of the Loan Documents to the contrary, but without limiting or waiving any
Loan Party’s obligations hereunder or under any of the Loan Documents, the Administrative Agent’s and the Lenders’ remedies hereunder and under the Loan Documents are subject to compliance with the Communications Act and to all
applicable FCC Regulations, and neither the Administrative Agent nor the Lenders will take any action pursuant to this Agreement or any of the Loan Documents that will constitute or result in any assignment of a License issued by the FCC or any
transfer of control of the Borrower or any of its Subsidiaries which owns any FCC License if such assignment of License or transfer of control would require under then existing law (including the then existing FCC Regulations), the prior approval of
the FCC, without first obtaining such approval of the FCC. This Agreement, the Loan Documents and the transactions contemplated hereby and thereby do not and will not constitute, create, or have the effect of constituting or creating, directly or
indirectly, actual or practical ownership of any Loan Party by the Administrative Agent or the Lenders or control, affirmative or negative, direct or indirect, of any Loan Party by the Administrative Agent or the Lenders, over the management or any
other aspect of the operation of any Loan Party, which ownership and control remain exclusively and at all times in the members, stockholders and directors of the Loan Parties until such time as the Administrative Agent and the Lenders have complied
with such law, rules, regulations and policies. 
 (b) Furthermore, the parties acknowledge their intent that,
upon the occurrence of an Event of Default, the Lenders shall receive, to the fullest extent permitted by applicable law and governmental policy (including, the FCC Regulations), all rights necessary or desirable to obtain, use or sell the Licenses
and the Collateral securing the Obligations, and to exercise all remedies available to them under this Agreement, the Loan Documents, the Uniform Commercial Code or other applicable law. Therefore, the parties agree that, in the event of changes in
law or governmental policy occurring after the date hereof that affect in any manner the Administrative Agent’s or the Lenders’ rights of access to, or use or sale of, the Licenses or such Collateral, or the procedures necessary to enable
the Administrative Agent or the Lenders to obtain such rights of access, use or sale, the Administrative Agent, the Lenders, the Parent and the Borrower shall amend this Agreement and the Loan Documents in such manner as the Administrative Agent
shall reasonably request, in order to provide the Administrative Agent and the Lenders such rights to the greatest extent possible consistent with then applicable Law and governmental policy. 

10.17 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for
itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to
obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the
Borrower in accordance with the Act. 

  
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 10.18 Time of the Essence. Time is of the essence of the Loan Documents. 

10.19 Designation as Senior Indebtedness. All Obligations shall (i) be “Designated Senior Indebtedness” (or any
comparable term in Senior Notes Documents) for purposes of and as defined in that certain Senior Notes Indenture, and all supplemental indentures thereto, at all times and for all purposes of the Senior Notes and all Senior Notes Documents and
(ii) be treated as senior indebtedness at least pari passu with respect to all other indentures and other Indebtedness of the Parent, the Borrower and their Restricted Subsidiaries.  

10.20 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Borrower and Parent acknowledges and agrees, and acknowledges its Affiliates’ understanding, that:
(i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Co-Syndication Agents, the Arrangers and the Lenders are arm’s-length commercial transactions between the Borrower, Parent and
their respective Affiliates, on the one hand, and the Administrative Agent, the Co-Syndication Agents, the Arrangers and the Lenders, on the other hand, (B) each of the Borrower and Parent has consulted its own legal, accounting, regulatory and
tax advisors to the extent it has deemed appropriate, and (C) each of the Borrower and Parent is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan
Documents; (ii) (A) each of the Administrative Agent, the Co-Syndication Agents, the Arrangers and the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been,
is not, and will not be acting as an advisor, agent or fiduciary for the Borrower, Parent or any of their respective Affiliates, or any other Person and (B) none of the Administrative Agent, any Co-Syndication Agent, any Arranger or any Lender
has any obligation to the Borrower, Parent, or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the
Administrative Agent, the Co-Syndication Agents, the Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the Parent and their
respective Affiliates, and none of the Administrative Agent, the Co-Syndication Agents, the Arrangers and the Lenders has any obligation to disclose any of such interests to the Borrower, Parent or any of their respective Affiliates. To the fullest
extent permitted by law, each of the Borrower and Parent hereby waives and releases any claims that it may have against the Administrative Agent, the Co-Syndication Agents, the Arrangers and the Lenders with respect to any breach or alleged breach
of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 
 10.21 Electronic
Execution of Assignments and Certain Other Documents. The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof
(including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use
of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

  
 165

 10.22 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE
FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

THE REMAINDER OF THIS PAGE IS
INTENTIONALLY LEFT BLANK. 

  
 166

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written. 
  

			
	ENTERCOM RADIO, LLC
		
	By:	 	 /s/ John C. Donlevie

		
	Name:	 	 John C. Donlevie

		
	Title:	 	 Executive Vice President

  

			
	Acknowledged and Agreed:
	
	ENTERCOM COMMUNICATIONS CORP.
		
	By:	 	 /s/ John C. Donlevie

		
	Name:	 	 John C. Donlevie

		
	Title:	 	 Executive Vice President

  

 
			
	BANK OF AMERICA, N.A.,
as Administrative Agent
		
	By:	 	 /s/ Antonikia (Toni) Thomas

		
	Name:	 	Antonikia (Toni) Thomas
		
	Title:	 	Vice President
	
	BANK OF AMERICA, N.A.,
as a Lender, L/C Issuer and Swing Line Lender
		
	By:	 	 /s/ Mark Short

		
	Name:	 	 Mark Short

		
	Title:	 	 Director

	
	 CREDIT SUISSE AG, CAYMAN
 ISLANDS BRANCH, as a Lender

		
	By:	 	 /s/ Doreen Barr

		
	Name:	 	 Doreen Barr

		
	Title:	 	 Director

	
	
		
	By:	 	 /s/ Jay Chall

		
	Name:	 	 Jay Chall

		
	Title:	 	 Director

	
	MORGAN STANLEY BANK, N.A.,
as a Lender
		
	By:	 	 /s/ Sherrese Clarke

		
	Name:	 	 Sherrese Clarke

		
	Title:	 	 Authorized Signatory

	
	 DEUTSCHE BANK TRUST
 COMPANY AMERICAS, as a Lender

		
	By:	 	 /s/ Susan L. LeFevre

		
	Name:	 	 Susan LeFevre

		
	Title:	 	 Managing Director

	
	
		
	By:	 	 /s/ Dusan Lazarov

		
	Name:	 	 Dusan Lazarov

		
	Title:	 	 Director

	
	SUNTRUST BANK, as a Lender
		
	By:	 	 /s/ Nicholas Hahn

		
	Name:	 	 Nicholas Hahn

		
	Title:	 	 DirectorIndenture

 Exhibit 4.2 
 ENTERCOM RADIO, LLC 
 as Issuer 

and 
 THE NOTE
GUARANTORS PARTY HERETO 
 10 1/2% SENIOR NOTES DUE 2019 

INDENTURE 
 DATED
AS OF NOVEMBER 23, 2011 
 WILMINGTON TRUST, NATIONAL ASSOCIATION 

as Trustee 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1 Definitions And Incorporation By Reference
	  	 	1	  
			
	 Section 1.01.
	 	Definitions	  	 	1	  
	 Section 1.02.
	 	Other Definitions	  	 	41	  
	 Section 1.03.
	 	Incorporation by Reference of Trust Indenture Act	  	 	41	  
	 Section 1.04.
	 	Rules of Construction	  	 	42	  
		
	 ARTICLE 2 The Notes
	  	 	42	  
			
	 Section 2.01.
	 	Form and Dating	  	 	42	  
	 Section 2.02.
	 	Execution and Authentication	  	 	44	  
	 Section 2.03.
	 	Registrar; Paying Agent	  	 	45	  
	 Section 2.04.
	 	Paying Agent to Hold Money in Trust	  	 	45	  
	 Section 2.05.
	 	Holder Lists	  	 	46	  
	 Section 2.06.
	 	Book-Entry Provisions for Global Securities	  	 	46	  
	 Section 2.07.
	 	Replacement Notes	  	 	51	  
	 Section 2.08.
	 	Outstanding Notes	  	 	51	  
	 Section 2.09.
	 	Treasury Notes	  	 	52	  
	 Section 2.10.
	 	Temporary Notes	  	 	52	  
	 Section 2.11.
	 	Cancellation	  	 	52	  
	 Section 2.12.
	 	Defaulted Interest	  	 	52	  
	 Section 2.13.
	 	Record Date	  	 	53	  
	 Section 2.14.
	 	Computation of Interest	  	 	53	  
	 Section 2.15.
	 	CUSIP Number	  	 	53	  
	 Section 2.16.
	 	Special Transfer Provisions	  	 	53	  
	 Section 2.17.
	 	Issuance of Additional Notes	  	 	55	  
		
	 ARTICLE 3 Redemption and Prepayment
	  	 	56	  
			
	 Section 3.01.
	 	Notices to Trustee	  	 	56	  
	 Section 3.02.
	 	Selection of Notes to Be Redeemed	  	 	56	  
	 Section 3.03.
	 	Notice of Redemption	  	 	57	  
	 Section 3.04.
	 	Effect of Notice of Redemption	  	 	58	  
	 Section 3.05.
	 	Deposit of Redemption of Purchase Price	  	 	58	  
	 Section 3.06.
	 	Notes Redeemed in Part	  	 	58	  
	 Section 3.07.
	 	Optional Redemption	  	 	58	  
	 Section 3.08.
	 	Mandatory Redemption	  	 	59	  
	 Section 3.09.
	 	Offer to Purchase	  	 	59	  
		
	 ARTICLE 4 Covenants
	  	 	60	  
			
	 Section 4.01.
	 	Payment of Notes	  	 	60	  
	 Section 4.02.
	 	Maintenance of Office or Agency	  	 	61	  
	 Section 4.03.
	 	Provision of Financial Information	  	 	61	  

  
 i 

							
	 Section 4.04.
	  	Compliance Certificate	  	 	62	  
	 Section 4.05.
	  	Taxes	  	 	62	  
	 Section 4.06.
	  	Stay, Extension and Usury Laws	  	 	63	  
	 Section 4.07.
	  	Limitation on Restricted Payments	  	 	63	  
	 Section 4.08.
	  	Limitation on Dividends and Other Payments Affecting Restricted Subsidiaries	  	 	69	  
	 Section 4.09.
	  	Limitation on Incurrence of Debt and Issuance of Preferred Interests	  	 	72	  
	 Section 4.10.
	  	Limitation on Asset Sales	  	 	72	  
	 Section 4.11.
	  	Limitation on Transactions with Affiliates	  	 	76	  
	 Section 4.12.
	  	Limitation on Liens	  	 	79	  
	 Section 4.13.
	  	Limitation on Activities of License Subsidiaries	  	 	79	  
	 Section 4.14.
	  	Offer to Purchase Upon Change of Control	  	 	79	  
	 Section 4.15.
	  	Suspension of Covenants	  	 	80	  
	 Section 4.16.
	  	[Reserved]	  	 	82	  
	 Section 4.17.
	  	[Reserved]	  	 	82	  
	 Section 4.18.
	  	Additional Note Guarantees	  	 	82	  
	 Section 4.19.
	  	Limitation on Creation of Unrestricted Subsidiaries	  	 	83	  
		
	 ARTICLE 5 Successors
	  	 	83	  
			
	 Section 5.01.
	  	Consolidation, Merger, Conveyance, Transfer or Lease	  	 	83	  
	 Section 5.02.
	  	Successor Person Substituted	  	 	85	  
		
	 ARTICLE 6 Defaults and Remedies
	  	 	86	  
			
	 Section 6.01.
	  	Events of Default	  	 	86	  
	 Section 6.02.
	  	Acceleration	  	 	88	  
	 Section 6.03.
	  	Other Remedies	  	 	89	  
	 Section 6.04.
	  	Waiver of Past Defaults	  	 	89	  
	 Section 6.05.
	  	Control by Majority	  	 	90	  
	 Section 6.06.
	  	Limitation on Suits	  	 	90	  
	 Section 6.07.
	  	Rights of Holders of Notes to Receive Payment	  	 	91	  
	 Section 6.08.
	  	Collection Suit by Trustee	  	 	91	  
	 Section 6.09.
	  	Trustee May File Proofs of Claim	  	 	91	  
	 Section 6.10.
	  	Priorities	  	 	92	  
	 Section 6.11.
	  	Undertaking for Costs	  	 	92	  
		
	 ARTICLE 7 Trustee
	  	 	93	  
			
	 Section 7.01.
	  	Duties of Trustee	  	 	93	  
	 Section 7.02.
	  	Rights of Trustee	  	 	94	  
	 Section 7.03.
	  	Individual Rights of Trustee	  	 	95	  
	 Section 7.04.
	  	Trustee’s Disclaimer	  	 	96	  
	 Section 7.05.
	  	Notice of Defaults	  	 	96	  
	 Section 7.06.
	  	Reports by Trustee to Holders of the Notes	  	 	96	  

  
 ii 

							
	 Section 7.07.
	  	Compensation and Indemnity	  	 	96	  
	 Section 7.08.
	  	Replacement of Trustee	  	 	97	  
	 Section 7.09.
	  	Successor Trustee by Merger, Etc.	  	 	98	  
	 Section 7.10.
	  	Eligibility; Disqualification	  	 	99	  
	 Section 7.11.
	  	Preferential Collection of Claims Against the Issuer	  	 	99	  
	 Section 7.12.
	  	Trustee’s Application for Instructions from the Issuer	  	 	99	  
	 Section 7.13.
	  	Limitation of Liability	  	 	99	  
		
	 ARTICLE 8 Legal Defeasance and Covenant Defeasance
	  	 	100	  
			
	 Section 8.01.
	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	100	  
	 Section 8.02.
	  	Legal Defeasance	  	 	100	  
	 Section 8.03.
	  	Covenant Defeasance	  	 	100	  
	 Section 8.04.
	  	Conditions to Legal Defeasance or Covenant Defeasance	  	 	101	  
	 Section 8.05.
	  	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	  	 	103	  
	 Section 8.06.
	  	Repayment to Issuer	  	 	103	  
	 Section 8.07.
	  	Reinstatement	  	 	104	  
	 Section 8.08.
	  	Discharge	  	 	104	  
		
	 ARTICLE 9 Amendment, Supplement and Waiver
	  	 	105	  
			
	 Section 9.01.
	  	Without Consent of Holders of the Notes	  	 	105	  
	 Section 9.02.
	  	With Consent of Holders of Notes	  	 	106	  
	 Section 9.03.
	  	Revocation and Effect of Consents	  	 	108	  
	 Section 9.04.
	  	Notation on or Exchange of Notes	  	 	108	  
	 Section 9.05.
	  	Trustee to Sign Amendments, Etc.	  	 	109	  
		
	 ARTICLE 10 [Reserved]
	  	 	109	  
		
	 ARTICLE 11 Note Guarantees
	  	 	109	  
			
	 Section 11.01.
	  	Note Guarantees	  	 	109	  
	 Section 11.02.
	  	Execution and Delivery of Note Guarantee	  	 	111	  
	 Section 11.03.
	  	Severability	  	 	111	  
	 Section 11.04.
	  	Limitation of Guarantors’ Liability	  	 	111	  
	 Section 11.05.
	  	[Reserved.]	  	 	112	  
	 Section 11.06.
	  	No Setoff or Counterclaim	  	 	112	  
	 Section 11.07.
	  	Release of a Note Guarantor	  	 	112	  
	 Section 11.08.
	  	Benefits Acknowledged	  	 	112	  
	 Section 11.09.
	  	Future Guarantors	  	 	113	  

  
 iii

							
	ARTICLE 12 Subordination of Note Guarantees of License Subsidiaries	  	 	113	  
			
	 Section 12.01.
	  	Guarantee Obligations of License Subsidiaries Subordinated to New Credit Facility and Other License Subsidiary Guarantee Obligations	  	 	113	  
	 Section 12.02.
	  	Suspension of License Subsidiary Guarantee Obligations When the New Credit Facility or Other Senior Debt Is in Default	  	 	113	  
	 Section 12.03.
	  	License Subsidiary Guarantee Obligations Subordinated to Prior Payment of All License Subsidiary Guarantor Senior Debt on Dissolution, Liquidation or Reorganization of Such
License Subsidiary Guarantor	  	 	114	  
	 Section 12.04.
	  	Payments May Be Paid Prior to Dissolution	  	 	116	  
	 Section 12.05.
	  	Holders of License Subsidiary Guarantee Obligations To Be Subrogated to Rights of Holders of License Subsidiary Guarantor Senior Debt.	  	 	116	  
	 Section 12.06.
	  	Obligations of the License Subsidiary Guarantors Unconditional	  	 	117	  
	 Section 12.07.
	  	Notice to Trustee	  	 	117	  
	 Section 12.08.
	  	Reliance on Judicial Order or Certificate of Liquidating Agent	  	 	118	  
	 Section 12.09.
	  	Trustee’s Relation to License Subsidiary Guarantor Senior Debt.	  	 	119	  
	 Section 12.10.
	  	Subordination Rights Not Impaired by Acts or Omissions of the License Subsidiary Guarantors or Holders of License Subsidiary Guarantor Senior Debt.	  	 	119	  
	 Section 12.11.
	  	Holders Authorize Trustee To Effectuate Subordination of License Subsidiary Guarantee Obligations	  	 	120	  
	 Section 12.12.
	  	This Article 12 Not To Prevent Events of Default	  	 	120	  
	 Section 12.13.
	  	Trustee’s Compensation Not Prejudiced	  	 	120	  
		
	ARTICLE 13 Miscellaneous	  	 	121	  
			
	 Section 13.01.
	  	Trust Indenture Act Controls	  	 	121	  
	 Section 13.02.
	  	Notices	  	 	121	  
	 Section 13.03.
	  	Communication by Holders of Notes with Other Holders of Notes	  	 	122	  
	 Section 13.04.
	  	Certificate and Opinion as to Conditions Precedent	  	 	123	  
	 Section 13.05.
	  	Statements Required in Certificate or Opinion	  	 	123	  
	 Section 13.06.
	  	Rules by Trustee and Agents	  	 	123	  
	 Section 13.07.
	  	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	123	  
	 Section 13.08.
	  	Governing Law	  	 	124	  
	 Section 13.09.
	  	No Adverse Interpretation of Other Agreements	  	 	124	  
	 Section 13.10.
	  	Successors	  	 	124	  

  
 iv 

							
	 Section 13.11.
	  	Severability	  	 	124	  
	 Section 13.12.
	  	Counterpart Originals	  	 	124	  
	 Section 13.13.
	  	Table of Contents, Headings, Etc.	  	 	124	  
	 Section 13.14.
	  	Acts of Holders	  	 	125	  
			
	 EXHIBITS
	  		  			
	 Exhibit A
	  	FORM OF 10 1/2% SENIOR NOTE	  
	 Exhibit B
	  	FORM OF SUPPLEMENTAL INDENTURE	  
	 Exhibit C
	  	FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A	   
	 Exhibit D
	  	FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S	   

  
 v 

 This Indenture, dated as of November 23, 2011, is by and among Entercom Radio, LLC, a
Delaware corporation (the “Issuer”), the Note Guarantors (as defined herein), including Entercom Communications Corp. (the “Parent”) and Wilmington Trust, National Association, as trustee (in such capacity and not
in its individual capacity, the “Trustee”). 
 Each party agrees as follows for the benefit
of the other parties and for the equal and ratable benefit of the holders of (i) the Issuer’s
10 1/2% Senior Notes due 2019 issued on the date
hereof that contain the restrictive legend in Exhibit A (the “Initial Notes”), (ii) the Issuer’s Exchange Notes to be issued in exchange for the Initial Notes pursuant to the Registration Rights Agreement (as defined
herein) without the restrictive legends in Exhibit A (the “Exchange Notes”) and (iii) any Additional Notes (as defined herein) issued from time to time (together with the Initial Notes and the Exchange Notes, the
“Notes”). 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01. Definitions. 
 “Acquired Debt” means
(x) Debt Incurred by the Issuer or a Restricted Subsidiary to finance an acquisition and (y) Debt of a Person (including an Unrestricted Subsidiary) (i) existing at the time such Person becomes a Restricted Subsidiary of the Issuer or
(ii) assumed by the Issuer or a Restricted Subsidiary in connection with the merger, consolidation or acquisition of such Person or the acquisition of assets from such Person. 

“Additional Interest” means all additional interest then owing pursuant to the Registration Rights Agreement.

 “Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings that correspond to the foregoing. 

“Agent” means any Registrar, Paying Agent or co-registrar. 

“AHYDO Catch Up Payment” means payment in respect of Debt necessary in order to avoid such Debt being characterized as
“applicable high yield discount obligations” within the meaning of the Code. 

  
 1 

 “Applicable Premium” means, as calculated by the Issuer, with respect to
any Note on any applicable redemption date, the greater of: 
  

	 	(i)	1.0% of the then-outstanding principal amount of the Note; and 

  

	 	(ii)	the excess of: 

(a) the present value at such redemption date of (i) the redemption price of the Note at December 1, 2015 (such
redemption price being set forth in the table appearing above under the caption Section 3.07(a) plus (ii) all required interest payments due on the Note through December 1, 2015 (excluding accrued but unpaid interest to, but not
including, the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 
 (b) the then-outstanding principal amount of the Note. 
 “Asset
Acquisition” means: 
 (i) an Investment by the Issuer or any Restricted Subsidiary in any other Person pursuant to
which such Person shall become a Restricted Subsidiary, or shall be merged with or into the Issuer or any Restricted Subsidiary; or 
 (ii) the acquisition by the Issuer or any Restricted Subsidiary of the assets of any Person which constitute all or substantially all of the assets of such Person, any division or line of business of such
Person or any other properties or assets of such Person other than in the ordinary course of business and consistent with past practices. 
 “Asset Sale” means any transfer, conveyance, sale, lease or other disposition (including, without limitation, dispositions pursuant to any consolidation, merger, liquidation or
dissolution) by the Issuer or any of its Restricted Subsidiaries to any Person (other than to the Issuer or one or more of its Restricted Subsidiaries) in any single transaction or series of transactions of: 

(i) Capital Interests in another Person (other than Capital Interests in the Issuer or directors’ qualifying shares or shares or
interests required to be held by foreign nationals pursuant to local law); 
 (ii) any other property or assets (other than in
the ordinary course of business, including any sale or other disposition of obsolete or permanently retired equipment and any sale of inventory in the ordinary course of business); 
 provided, however, that the term “Asset Sale” shall exclude: 

(a) any asset disposition permitted by the paragraphs under Section 5.01 that constitutes a disposition of all or substantially all
of the assets of the Issuer and its Restricted Subsidiaries taken as a whole or any disposition that constitutes a Change of Control pursuant to this Indenture; 

  
 2 

 (b) any transfer, conveyance, sale, lease or other disposition of property or assets, the
gross proceeds of which (exclusive of indemnities) do not exceed in any one or related series of transactions $5.0 million; 

(c) sales or other dispositions of cash, Eligible Cash Equivalents or obsolete or worn-out property or equipment in the ordinary course
of business or any disposition of inventory or goods (or assets) held for sale in the ordinary course of business; 
 (d) sales
of interests in Unrestricted Subsidiaries; 
 (e) the sale/leaseback of any assets within 180 days of the acquisition thereof;

 (f) the disposition of assets that, in the good faith judgment of the Issuer, are no longer used or useful in the business of
such entity; 
 (g) a Restricted Payment or Permitted Investment that is otherwise permitted by this Indenture; 

(h) any trade-in of equipment in exchange for other equipment in the ordinary course; 

(i) the creation of a Lien (but not the sale or other disposition of the property subject to such Lien); 

(j) leases or subleases in the ordinary course of business not interfering in any material respect with the business of the Issuer or any
of its Restricted Subsidiaries and otherwise in accordance with the provisions of this Indenture; 
 (k) dispositions of
accounts receivable in connection with the collection or compromise thereof ; 
 (l) foreclosure, condemnation or similar action
on assets; 
 (m) dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary
buy/sell arrangements between the joint venture parties set forth in joint venture and similar binding agreements; 
 (n) any
liquidation or dissolution of a Restricted Subsidiary; provided, that such Restricted Subsidiary’s direct parent is the Issuer or a Restricted Subsidiary and immediately becomes the owner of such Restricted Subsidiary’s assets;

  
 3 

 (o) sales or dispositions to Unrestricted Subsidiaries permitted pursuant to
Section 4.07; 
 (p) licensing of intellectual property in accordance with industry practice in the ordinary course of
business; 
 (q) to the extent allowable under Section 1031 of the Code, any exchange of like property (excluding any boot
thereon) for use in a Permitted Business; 
 (r) any disposition, whether as part of a single transaction or series of related
transactions, required by any state or federal regulatory authority; provided, however, that such disposition shall comply with Section 4.10(A)(i) and Section 4.10 (A)(ii); and 

(s) any disposition of property or assets acquired as part of a strategic acquisition of other property or assets, whether such strategic
acquisition is effected as a single transaction or series of related transactions, in order to effect such strategic acquisition and the property or assets to be disposed of were not part of the property or assets intended to be retained in the long
term, as determined in good faith by the Issuer; provided, however, that such disposition shall comply with Section 4.10(A)(i) and 4.10(A)(ii). 
 For purposes of this definition, any series of related transactions that, if effected as a single transaction, would constitute an Asset Sale, shall be deemed to be a single Asset Sale effected when the
last such transaction which is a part thereof is effected. 
 “Average Life” means, as of any date of
determination, with respect to any Debt, the quotient obtained by dividing (i) the sum of the products obtained by multiplying (x) the number of years from the date of determination to the date of each remaining successive scheduled
principal payment (including any sinking fund or mandatory redemption payment requirements), including payment at final maturity, of such Debt by (y) the amount of such principal payments by (ii) the sum of all such principal payments.

 “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. 
 “Board of Directors” means (i) with respect to the Parent, the Issuer or any Restricted
Subsidiary, its board of directors or board of managers, as applicable, or, other than for purposes of the definition of “Change of Control,” 

  
 4 

 
any duly authorized committee thereof; (ii) with respect to any other corporation, the board of directors of such corporation or any duly authorized committee thereof; and (iii) with
respect to any other entity, the board of directors or similar body of the general partner or managers of such entity or any duly authorized committee thereof. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Issuer or any Restricted Subsidiary to have been duly adopted by the Board of
Directors and to be in full force and effect on the date of such certification and delivered to the Trustee. 

“Business Day” means each day which is not a Legal Holiday. 

“Capital Interests” in any Person means any and all shares, interests (including Preferred Interests), participations or
other equivalents in the equity interest (however designated) in such Person and any rights (other than Debt securities convertible into an equity interest), warrants or options to acquire an equity interest in such Person. 

“Capital Lease Obligations” means any obligation under a lease that is required to be capitalized for financial
reporting purposes and required to be reflected as a liability on the balance sheet in accordance with GAAP; and the amount of Debt represented by such obligation shall be the capitalized amount of such obligations; and the Stated Maturity thereof
shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For purposes of Section 4.12, a Capital Lease
Obligation shall be deemed secured by a Lien on the property being leased. 
 “Certificated Notes” means
certificated Notes registered in the name of the Holder thereof and issued in accordance with Article 2 hereof that are in the form of Exhibit A attached hereto. 
 “Change of Control” means the occurrence of any of the following: 

(i) the sale, lease or transfer, in one or a series of related transactions (other than by way of merger or consolidation), of all or
substantially all of the assets of the Parent or the Issuer and their Subsidiaries, taken as a whole, to any Person other than to any Note Guarantor or Permitted Holder; or 
 (ii) the Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition by any Person or
group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) other than Permitted Holders, including any group acting for the purpose of

  
 5 

 
acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) in a single transaction or in a related series of transactions, by way of merger,
consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of 50.0% or more of the total weighted voting power of the Voting Interests in
(a) the Issuer or (b) the Parent (or its successor), so long as the Parent (or such successor) holds, directly or indirectly, a majority of the Voting Interests in the Issuer; or 

(iii) the first day on which a majority of the members of the Board of Directors of the Issuer or the Parent are not Continuing
Directors; or 
 (iv) the adoption by the stockholders of the Issuer or the Parent of a plan or proposal for the liquidation or
dissolution of the Issuer. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and
the regulations promulgated thereunder. 
 “Common Interests” of any Person means Capital Interests in such
Person that do not rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to Capital Interests of any other class in such Person.

 “Consolidated Income Tax Expense” means, with respect to any Person for any period, the provision for
federal, state, local and foreign income taxes of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Interest Expense” means, with respect to any Person for any period, without duplication, the sum of: 

(i) the interest expense of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in
accordance with GAAP, including, without limitation: 
 (a) any amortization of debt discount; 

(b) the net payments, if any, under Hedging Obligations (but excluding any non-cash interest expense attributable to
(x) the movement in the mark to market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP or (y) the amortization of gains or losses resulting from the termination of Hedging Obligations prior to or
reasonably contemporaneously with the Issue Date); 
 (c) the interest portion of any deferred payment
obligation; 

  
 6 

 (d) all commissions, discounts and other fees and charges owed with respect
to letters of credit, bankers’ acceptance financing or similar activities; and 
 (e) all accrued interest;
plus 
 (ii) the interest component of Capital Lease Obligations paid, accrued and/or scheduled to be paid or accrued by
such Person and its Restricted Subsidiaries during such period determined on a consolidated basis in accordance with GAAP; plus 
 (iii) the interest expense on any Debt guaranteed by such Person and its Restricted Subsidiaries; plus 
 (iv) all capitalized interest of such Person and its Restricted Subsidiaries for such period; less 
 (v) interest income of such Person and its Restricted Subsidiaries for such period; 
 provided,
however, that Consolidated Interest Expense will exclude (A) the amortization or write-off of debt issuance costs and deferred financing fees, commissions, fees and expenses (including any expenses associated with bridge, commitment and
other financing fees, discounts, yield and other charges) and (B) interest with respect to EPLLC Deemed Debt. 

“Consolidated Net Income” means, with respect to any Person, for any period, the consolidated net income (or loss) of
such Person and its Restricted Subsidiaries for such period, including, without duplication, net income and losses from discontinued operations, in each case as determined in accordance with GAAP, adjusted, to the extent included in calculating such
net income, by: 
 (1) excluding, without duplication: 

(a) all extraordinary, non-recurring or unusual gains or losses (net of fees and expenses relating to the transaction
giving rise thereto), income, expenses, charges, severance, relocation costs and curtailments or modifications to pension and post-retirement benefits plans; 
 (b) the portion of net income of such Person and its Restricted Subsidiaries allocable to any interest in unconsolidated Persons or Investments in Unrestricted Subsidiaries to the extent that cash
dividends or distributions from such unconsolidated Persons or Unrestricted Subsidiaries have not actually been received by such Person or one of its Restricted Subsidiaries; 

  
 7 

 (c) gains or losses in respect of any asset dispositions other than in the
ordinary course of business, as determined in good faith by the Issuer, after the Issue Date by such Person or one of its Restricted Subsidiaries (net of fees and expenses relating to the transaction giving rise thereto); 

(d) the net gain or loss on the disposal of disposed, abandoned or discontinued operations and any charges and expenses
relating to the abandonment of assets; 
 (e) solely for purposes of determining the amount available for
Restricted Payments under Section 4.07(A)(c), the net income of any Restricted Subsidiary (other than a Note Guarantor) or such Person to the extent that the declaration of dividends or similar distributions by that Restricted Subsidiary of
that income is not at the time permitted, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulations applicable to that Restricted Subsidiary or
its stockholders; provided, that Consolidated Net Income of the Issuer shall be increased by the amount of dividends or similar distributions or other payments actually paid in cash (or to the extent converted into cash) to the Issuer or a
Restricted Subsidiary thereof for such period, to the extent not already included therein; 
 (f) any gain or
loss realized as a result of the cumulative effect of a change in accounting principles during such period; 

(g) any fees and expenses, including deferred finance costs, paid in connection with the issuance of the Notes and the
entering into of the New Credit Facility contemplated by this offering memorandum (including, without limitation, fees of the Rating Agencies); 
 (h) any fees and expenses incurred during such period, or any amortization thereof for such period, in connection with any acquisition, Investment, Asset Sale, issuance of Capital Interests, or amendment
or modification of any debt instrument (in each case, including any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction; 

(i) any gain or loss attributable to the early extinguishment of Debt; 

(j) to the extent covered by insurance under which the insurer has been properly notified and has not denied or contested
coverage, expenses with respect to liability or casualty events or business interruption; 

  
 8 

 (k) any gain or loss attributable to the non-cash fair value measurement of
any asset or liability; 
 (l) any expenses relating to minority interests; 

(m) any gain or loss attributable to mark-to-market changes in the fair value of any Hedging Obligation-related asset or
liability; and 
 (n) non-cash equity compensation expense; and 

(2) including, without duplication, dividends from Persons that are not Restricted Subsidiaries actually received in cash by the Issuer
or any Restricted Subsidiary. 
 “Consolidated Total Debt” means, as of any date of determination, an amount
equal to (a) the aggregate principal amount of all outstanding Debt of the Issuer and its Restricted Subsidiaries (excluding (i) Hedging Obligations and (ii) any undrawn letters of credit issued in the ordinary course of business) and
(b) the aggregate amount of all outstanding Preferred Interests of the Issuer’s Restricted Subsidiaries, with the amount of such Preferred Interests equal to the greater of (i) their respective voluntary or involuntary liquidation
preferences and (ii) their maximum fixed repurchase prices, in each case determined on a consolidated basis in accordance with GAAP. For purposes hereof, the “maximum fixed repurchase price” of any Redeemable Capital Interests or
Preferred Interests that do not have a fixed repurchase price shall be calculated in accordance with the terms of such Redeemable Capital Interests or Preferred Interests as if such Redeemable Capital Interests or Preferred Interests were purchased
on any date on which Consolidated Total Debt shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Redeemable Capital Interests or Preferred Interests, such fair
market value shall be determined reasonably and in good faith by the Issuer. 
 “Consolidated Total Debt Ratio”
means, as of any date of determination (the “Determination Date”), the ratio of (a) (i) the Consolidated Total Debt of the Issuer and its Restricted Subsidiaries on the date of determination minus (ii) the aggregate
amount of cash and Eligible Cash Equivalents, in each case, that is held by the Issuers and the Restricted Subsidiaries as of such date free and clear of all Liens, provided that this clause (ii) shall be limited to $40.0 million, to
(b) the aggregate amount of EBITDA for the four full fiscal quarters, treated as one period, for which financial information in respect thereof is available immediately preceding the Determination Date (such four full fiscal quarter period
being referred to herein as the “Four Quarter Period”). For purposes of this 

  
 9 

 
definition, Consolidated Total Debt, EBITDA and Consolidated Interest Expense shall be calculated after giving effect on a pro forma basis for the period of such calculation to: 

(i) the Incurrence of any Debt (other than working capital borrowings under any revolving credit facility in the ordinary course of
business) of the Issuer or any Restricted Subsidiary (and the application of the proceeds thereof) and any repayment of other Debt (other than working capital borrowings under any revolving credit facility in the ordinary course of business)
occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Determination Date, as if such Incurrence or repayment, as the case may be (and the application of the proceeds
thereof), occurred on the first day of the Four Quarter Period; and 
 (ii) any Asset Sale or Asset Acquisition (including,
without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of the Issuer or any Restricted Subsidiary (including any Person who becomes a Restricted Subsidiary as a result of such Asset Acquisition)
Incurring Acquired Debt and also including any EBITDA (including any pro forma expense and cost reductions calculated on a basis in accordance with Regulation S-X under the Exchange Act associated with any such Asset Acquisition or Asset Sale)
occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such Asset Sale or Asset Acquisition (including the Incurrence of, or assumption or
liability for, any such Debt or Acquired Debt) occurred on the first day of the Four Quarter Period; 
 provided, that no pro forma
effect shall be given to the incurrence of any Permitted Debt Incurred on such date of determination or the discharge on such date of determination of any Debt from the proceeds of any such Permitted Debt. 

“Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases,
dividends or other obligations that do not constitute Debt (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such
Person, whether or not contingent, 
 (i) to purchase any such primary obligation or any property constituting direct or
indirect security therefor, 
 (ii) to advance or supply funds 

(a) for the purchase or payment of any such primary obligation, or 

  
 10 

 (b) to maintain working capital or equity capital of the primary obligor or
otherwise to maintain the net worth or solvency of the primary obligor, or 
 (iii) to purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Continuing Director” means, as of any date of determination, any member of the Board of Directors of the Issuer or the
Parent who: (1) was a member of such Board of Directors on the Issue Date, (2) 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 or (3) was nominated for election or elected to such Board of Directors with the affirmative vote of the Permitted Holders holding, directly or indirectly, a majority of the weighted voting
power of the Voting Interests in the Issuer. 
 “Corporate Trust Office” means the office of the Trustee at
which at any time its corporate trust business shall be administered, which office at the date hereof is located at Wilmington Trust, National Association, 50 South Sixth Street, Suite 1290, Minneapolis, MN 55402-1544, Attention: Corporate Capital
Markets, or such other address as the Trustee may designate from time to time by written notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may
designate from time to time by notice to the Holders and the Issuer). 
 “Credit Agreement” means one or more
debt facilities, including the New Credit Facility, together with all related notes, letters of credit, collateral documents, guarantees, and any other related agreements and instruments executed and delivered in connection therewith, in each case
as amended, modified, supplemented, restated, refinanced, refunded or replaced in whole or in part from time to time including by or pursuant to any agreement or instrument that extends the maturity of any Debt thereunder, or increases the amount of
available borrowings or obligations thereunder (whether pursuant to the same agreement or one or more replacement or additional agreements); provided that such increase in borrowings is permitted under Section 4.09, or adds Subsidiaries
of the Issuer as additional borrowers, issuers or guarantors thereunder, in each case with respect to such agreement or any successor or replacement agreement and whether by the same or any other agent, lender, group of lenders, purchasers or debt
holders. 

  
 11 

 “Debt” means at any time (without duplication), with respect to any Person,
the following, if and to the extent such items (other than clauses (iii), (v), and (vi) below) would appear as liabilities on a balance sheet of such Person prepared in accordance with GAAP: (i) all indebtedness of such Person for money
borrowed or for the deferred purchase price of property (excluding any trade payables or other current liabilities incurred in the ordinary course of business and excluding trade accounts payable arising in the ordinary course of business and
accrued expenses and any Contingent Obligations arising in the ordinary course of business as long as such obligations remain contingent); (ii) all obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments;
(iii) all obligations of such Person for the reimbursement of any obligor on any letters of credit (other than letters of credit that are secured by cash or Eligible Cash Equivalents), bankers’ acceptances or similar facilities (other than
obligations with respect to letters of credit securing obligations (other than obligations described under (i) through (iii) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not
drawn upon, or, if and to the extent drawn upon, such drawing is reimbursed no later than the thirtieth Business Day following payment on the letter of credit; (iv) all Capital Lease Obligations of such Person (but excluding obligations under
operating leases); (v) the maximum fixed redemption or repurchase price of Redeemable Capital Interests in such Person at the time of determination (but excluding any accrued dividends); (vi) net Obligations under any Hedging Obligations
of such Person at the time of determination; and (vii) all obligations of the types referred to in clauses (i) through (vi) of this definition of another Person, the payment of which, in either case, (A) such Person has
Guaranteed or (B) is secured by any Lien upon the property or other assets of such Person, even though such Person has not assumed or become liable for the payment of such Debt, dividends or other distributions. For purposes of the foregoing:
(a) the amount outstanding at any time of any Debt issued with original issue discount is the principal amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt at such time as determined in
conformity with GAAP, but such Debt shall be deemed Incurred only as of the date of original issuance thereof; (b) the amount of any Debt described in clause (vi)(A) above shall be the maximum liability under any such Guarantee; (c) the
amount of any Debt described in clause (vi)(B) above shall be the lesser of (I) the maximum amount of the obligations so secured and (II) the Fair Market Value of such property or other assets; (d) interest, fees, premium, and expenses and
additional payments, if any, will not constitute Debt; and (e) the “maximum fixed redemption or repurchase price” of any Redeemable Capital Interests that do not have a fixed repurchase price shall be calculated in accordance with the
terms of such Redeemable Capital Interests as if such Redeemable Capital Interests were purchased on any date on which the amount of Debt is determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market
value of such Redeemable Capital Interests, such fair market value shall be determined reasonably and in good faith by the Issuer. 

  
 12 

 Notwithstanding the foregoing, in connection with the purchase by the Issuer or any
Restricted Subsidiary of any business, the term “Debt” will exclude (x) customary indemnification obligations, (y) post-closing payment adjustments to which the seller may become entitled, including any earn-outs, holdbacks and
contingency payment obligations to which a seller may become entitled, to the extent such payment is determined by a final closing balance sheet or such payment is otherwise contingent, until such obligation becomes due and payable and (z) any
EPLLC Deemed Debt. 
 The amount of Debt of any Person at any date shall be the outstanding balance at such date of all
unconditional obligations as described above; provided, however, that in the case of Debt sold at a discount, the amount of such Debt at any time will be the accreted value thereof at such time. 

“Default” means any event that is, or after notice or passage of time, or both, would be, an Event of Default as defined
in Section 6.01 hereof. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in
part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, until a successor shall have been appointed and become such pursuant to Section 2.06 hereof, and, thereafter,
“Depositary” shall mean or include such successor. 
 “Designated Non-cash Consideration” means the
Fair Market Value of non-cash consideration received by the Issuer or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate setting forth the
basis of such valuation, less the amount of cash received in connection with a subsequent sale of, or collection on, such Designated Non-Cash Consideration. 
 “Designated Preferred Interests” means any Preferred Interests of the Issuer or any direct or indirect parent of the Issuer, including Parent (in each case other than Redeemable Capital
Interests), that are issued for cash (other than to a Restricted Subsidiary or an employee stock ownership plan or trust established by the Issuer or any of its Subsidiaries) and are so designated as Designated Preferred Interests, pursuant to an
Officers’ Certificate, on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in Section 4.07(A)(c). 
 “DTC” means The Depository Trust Company (55 Water Street, New York, New York 10041-0099). 
 “EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period, and, without duplication, 

  
 13 

 (i) increased (to the extent any such amounts were deducted in computing Consolidated Net
Income and not added back in the definition thereof by and without duplication): 
 (a) provision for taxes based
on income or profits or capital, including, without limitation, state, franchise and similar taxes and foreign withholding taxes of such Person paid or accrued during such period (including an amount equal to the tax distributions actually made to
the holders of Capital Interests of such Person or any direct or indirect parent of such Person in respect of such period in accordance with clauses (xii)(a) and (b) of Section 4.07(B), plus 

(b) the Fixed Charges of such Person for such period; plus 

(c) the total amount of depreciation and amortization expense, including the amortization of deferred financing fees, of
such Person and its Restricted Subsidiaries for such period on a consolidated basis and determined in accordance with GAAP; plus 
 (d) any expenses or charges (other than depreciation or amortization expense) related to any Equity Offering, Investment, acquisition, disposition, recapitalization or the incurrence of Debt, in each case
permitted to be made or incurred by this Indenture (including a refinancing thereof) (whether or not successful) or an amendment or modification of any debt instrument, including such fees, expenses or charges related to the offering of the Notes
and the New Credit Facility, and any amendment or other modification of the Notes and the New Credit Facility; 
 plus 

(e) any other non-cash charges, expenses or losses reducing Consolidated Net Income for such period, excluding any such
charge that represents an accrual or reserve for a cash expenditure for a future period (but including any amortization of a prepaid cash item that was paid in and reduced Consolidated Net Income for a prior period); plus 

(f) any costs or expenses incurred by the Issuer, a Restricted Subsidiary or any direct or indirect parent of the Issuer,
including Parent, pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such costs or expenses are funded with
cash proceeds contributed to the capital of the Issuer or net cash proceeds of an issuance of Qualified Capital Interests of the Issuer or any direct or indirect parent of the Issuer, including Parent, solely to the extent that such net cash
proceeds are excluded from the calculation set forth in Section 4.07(A)(c); plus 

  
 14 

 (g) cash receipts (or any netting arrangements resulting in reduced cash
expenditures) not representing EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of EBITDA pursuant to clause (2) below for any previous period and not added
back; plus 
 (h) net realized losses from Hedging Obligations or embedded derivatives that require
similar accounting treatment under GAAP; plus 
 (i) any (i) salary, benefit and other direct savings
resulting from, and the amount of any restructuring charge or reserve and costs related to, workforce reductions or reduction, retirement or consolidation of people, processes, technologies and facilities, in each case by such Person implemented
during such period, (ii) costs and expenses incurred after the Issue Date related to terminated employees incurred by such Person during such period and (iii) the amount of cost savings in connection with any acquisition to be realized as
a result of specified actions taken prior to the last day of such period (calculated on a pro forma basis as though such cost savings had been realized during such period from such actions); provided that (a) in connection with any
acquisition described in clause (i)(iii), such actions have been taken prior to such date of determination and within twelve months after the latest of the Issue Date and the closing date of such acquisition and (b) no cost savings shall be
added pursuant to clause (i)(iii) to the extent duplicative of any expenses or charges relating to such cost savings that are included in clauses (i)(i) and (ii) above with respect to such period; provided, further, that the aggregate
amount of all cost savings added back under clauses (i)(i) and (ii) in the aggregate in any Four Quarter Period will not exceed $5.0 million. 
 (2) decreased (without duplication) by: (a) non-cash gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to the extent they represent the reversal of
an accrual or reserve for a potential cash item that reduced EBITDA in any prior period and any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase EBITDA in such prior period; plus
(b) any net realized income or gains from Hedging Obligations or embedded derivatives that require similar accounting treatment under GAAP; and 
 (3) increased or decreased by (without duplication), as applicable, any adjustments resulting from the application of Accounting Standards Codification Topic 460, Guarantees, and related pronouncements.

  
 15 

 “Eligible Bank” means a bank or trust company that (i) is organized
and existing under the laws of the United States of America, or any state, territory or possession thereof, (ii) as of the time of the making or acquisition of an Investment in such bank or trust company, has combined capital and surplus in
excess of $500.0 million and (iii) the senior Debt of which is rated at least “A-2” by Moody’s or at least “A” by Standard & Poor’s. 

“Eligible Cash Equivalents” means any of the following Investments: (i) securities issued or directly and fully
guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) maturing not more than one year after the date of acquisition;
(ii) time deposits in and certificates of deposit of any Eligible Bank; provided that such Investments have a maturity date not more than two years after date of acquisition and that the Average Life of all such Investments is one year
or less from the respective dates of acquisition; (iii) repurchase obligations with a term of not more than 180 days for underlying securities of the types described in clause (i) above entered into with any Eligible Bank; (iv) direct
obligations issued by any state of the United States or any political subdivision or public instrumentality thereof; provided that such Investments mature, or are subject to tender at the option of the holder thereof, within 365 days after
the date of acquisition and, at the time of acquisition, have a rating of at least A from S&P or A-2 from Moody’s (or an equivalent rating by any other nationally recognized rating agency); (v) commercial paper of any Person other than
an Affiliate of the Issuer; provided that such Investments have one of the two highest ratings obtainable from either Standard & Poor’s or Moody’s and mature within fewer than 365 days after the date of acquisition;
(vi) overnight and demand deposits in and bankers’ acceptances of any Eligible Bank and demand deposits in any bank or trust company to the extent insured by the Federal Deposit Insurance Corporation against the Bank Insurance Fund;
(vii) money market funds substantially all of the assets of which comprise Investments of the types described in clauses (i) through (vi); and (viii) instruments equivalent to those referred to in clauses (i) through
(vi) above or funds equivalent to those referred to in clause (vii) above denominated in Euros or any other foreign currency comparable in credit quality and tender to those referred to in such clauses and customarily used by corporations
for cash management purposes in jurisdictions outside the United States to the extent reasonably required in connection with any business conducted by any Restricted Subsidiary organized in such jurisdiction, all as determined in good faith by the
Issuer. 
 “EPLLC” means Entercom Properties, LLC, a Delaware limited liability company. 

  
 16 

 “EPLLC Deemed Debt” means that certain indebtedness of EPLLC arising from
the sale of certain tower assets, which sale did not qualify as a “sale” for accounting purposes because EPLLC’s ability to share in future profits relating to such tower assets is considered a continuing involvement under accounting
guidance. As a result, EPLLC is required to deem such sale proceeds as “debt” and classify the transaction as financing. 
 “Equity Offering” means (i) an underwritten public equity offering of Qualified Capital Interests pursuant to an effective registration statement under the Securities Act of the
Issuer, or any direct or indirect parent company of the Issuer, including Parent, but only to the extent contributed to the Issuer in the form of Qualified Capital Interests or (ii) a private equity offering of Qualified Capital Interests of
the Issuer, or any direct or indirect parent company of the Issuer, including Parent, but only to the extent contributed to the Issuer in the form of Qualified Capital Interests, other than any public offerings registered on Form S-8. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Notes” has the meaning set forth in the Preamble. 

“Exchange Offer” means an offer that may be made by the Issuer pursuant to the Registration Rights Agreement to exchange
Initial Notes for the Exchange Notes. 
 “Expiration Date” has the meaning set forth in the definition of
“Offer to Purchase.” 
 “Fair Market Value” means, with respect to the consideration received or paid
in any transaction or series of transactions, the fair market value thereof, as determined in good faith by the Issuer. 

“FCC” means the Federal Communications Commission. 

“FCC License” means any license, authorization, approval, or permit granted by the FCC pursuant to the Communications
Act of 1934, as amended, to the Issuer or any Note Guarantor, or assigned or transferred to the Issuer or any Note Guarantor pursuant to FCC consent. 
 “FCC License Rights” means any right, title or interest in, to or under any FCC License, whether directly or indirectly held, including, without limitation, any rights owned, granted,
approved or issued directly or indirectly by the FCC or held, leased, licensed or otherwise acquired from or through any party. 

“Fixed Charges” means, with respect to any Person for any period, the sum, of: 

(i) Consolidated Interest Expense of such Person for such period; and 

  
 17 

 (ii) all cash dividends or other distributions paid (excluding items eliminated in
consolidation) on any series of Preferred Interests or Redeemable Capital Interests during such period. 
 “Four Quarter
Period” has the meaning set forth in the definition of Consolidated Total Debt Ratio. 
 “GAAP” means
generally accepted accounting principles in the United States, consistently applied, as 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 may be approved by a significant segment of the accounting profession of the United States, which are in effect as of the Issue Date.

 “Global Note Legend” means the legend identified as such in Exhibit A hereto. 

“Global Notes” means the Notes in global form that are in the form of Exhibit A hereto. 

“Guarantee” means, as applied to any Debt of another Person, (i) a guarantee (other than by endorsement of
negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner, of any part or all of such Debt, (ii) any direct or indirect obligation, contingent or otherwise, of a Person guaranteeing or having
the effect of guaranteeing the Debt of any other Person in any manner and (iii) an agreement of a Person, direct or indirect, contingent or otherwise, the practical effect of which is to assure in any way the payment or performance (or payment
of damages in the event of non-performance) of all or any part of such Debt of another Person (and “Guaranteed” and “Guaranteeing” shall have meanings that correspond to the foregoing. 

“Hedging Obligations” of any Person means the obligations of such person pursuant to any non-speculative interest rate
agreement, currency agreement or commodity agreement. 
 “Holder” means a Person in whose name a Note is
registered in the security register. 
 “Incur” means, with respect to any Debt or other obligation of any
Person, to create, issue, incur (by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Debt or other obligation or the recording, as required pursuant to GAAP or otherwise, of any such Debt or other
obligation on the balance sheet of such Person; provided, however, that a 

  
 18 

 
change in GAAP that results in an obligation of such Person that exists at such time becoming Debt shall not be deemed an Incurrence of such Debt. Debt otherwise Incurred by a Person before it
becomes a Subsidiary of the Issuer shall be deemed to be Incurred at the time at which such Person becomes a Subsidiary of the Issuer. “Incurrence,” “Incurred,” “Incurrable” and
“Incurring” shall have meanings that correspond to the foregoing. A Guarantee by the Issuer or a Restricted Subsidiary of Debt Incurred by the Issuer or a Restricted Subsidiary, as applicable, shall not be a separate Incurrence of
Debt. In addition, the following shall not be deemed a separate Incurrence of Debt: 
 (i) amortization of debt discount or
accretion of principal with respect to a non-interest bearing or other discount security; 
 (ii) the payment of regularly
scheduled interest in the form of additional Debt of the same instrument or the payment of regularly scheduled dividends on Capital Interests in the form of additional Capital Interests of the same class and with the same terms; 

(iii) the obligation to pay a premium in respect of Debt arising in connection with the issuance of a notice of redemption or making of a
mandatory offer to purchase such Debt; and 
 (iv) unrealized losses or charges in respect of Hedging Obligations. 

“Initial Purchasers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA)
LLC, Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., SunTrust Robinson Humphrey, Inc. and any such other initial purchasers party to the purchase agreement entered into in connection with the offer and sale of the Notes.

 “Investment” by any Person means any direct or indirect loan, advance (or other extension of credit) or
capital contribution to (by means of any transfer of cash or other property or assets to another Person or any other payments for property or services for the account or use of another Person) another Person, including, without limitation, the
following: (i) the purchase or acquisition of any Capital Interest or other evidence of beneficial ownership in another Person; and (ii) the purchase, acquisition or Guarantee of the obligations of another Person or the issuance of a
“keep-well” with respect thereto; but shall exclude: (a) accounts receivable and other extensions of trade credit on commercially reasonable terms in accordance with normal trade practices; (b) the acquisition of property and
assets from suppliers and other vendors in the ordinary course of business; and (c) prepaid expenses and workers’ compensation, utility, lease and similar deposits, in the ordinary course of business. For the avoidance of doubt, any
payments pursuant to any Guarantee previously incurred in compliance with this Indenture shall not be deemed to be Investments by the Issuer or any of its Restricted Subsidiaries. 

  
 19 

 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or
the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or, in either case, an equivalent rating by any other Rating Agency. 
 “Issue Date” means November 23, 2011. 

“Issuer” has the meaning set forth in the preamble hereto until a successor replaces it in accordance with the
applicable provisions of this Indenture and, thereafter, means the successor. 
 “Issuer Order” means any
written instruction by the Issuer and executed by an Officer of the Issuer. 
 “Legal Holiday” means a
Saturday, a Sunday or a day on which commercial banking institutions in the State of New York, the place of payment, or the Commonwealth of Pennsylvania are authorized by law to remain closed. If a payment date is a Legal Holiday at a place of
payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 
 “License Subsidiary” means a Subsidiary of the Issuer that (x) owns no material assets other than FCC Licenses and related rights and (y) has no material liabilities other than
(i) trade payables incurred in the ordinary course of business, (ii) tax liabilities, other governmental charges and other liabilities incidental to ownership of such rights and (iii) Debt permitted pursuant to Section 4.13.

 “License Subsidiary Guarantor” means (i) any License Subsidiary that is required to provide a Note
Guarantee hereunder or (ii) any Subsidiary Guarantor that was a License Subsidiary and thereafter ceased to satisfy the definition thereof (x) until such time as it provides an unsubordinated Guarantee of the Notes pursuant to
Section 4.18 with the consent of the holders of the License Subsidiary Guarantor Senior Debt, if any, or (y) unless it is not required by the terms of the License Subsidiary Guarantor Senior Debt, if any, to subordinate its Guarantee of
the Notes to such License Subsidiary Guarantor Senior Debt, if any. 
 “License Subsidiary Guarantee” means any
Note Guarantee of a License Subsidiary Guarantor. 
 “Lien” means, with respect to any property or other asset,
any mortgage, deed of trust, deed to secure debt, pledge, hypothecation, assignment, deposit arrangement, security interest, lien (statutory or otherwise), charge, easement, 

  
 20 

 
encumbrance or other security agreement on or with respect to such property or other asset (including, without limitation, any conditional sale or other title retention agreement having
substantially the same economic effect as any of the foregoing); provided, that in no event shall a lease accounted for under GAAP as an operating lease be deemed to constitute a Lien. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“Net Cash Proceeds” means, with respect to Asset Sales of any Person, cash and Eligible Cash Equivalents received, net
of: (i) all out-of-pocket costs and expenses of such Person incurred in connection with such a sale, including, without limitation, all legal, accounting, financial advisors, investment banking, brokerage, commission and sale, title and
recording tax expenses, commissions and other fees and expenses incurred and all federal, state, foreign and local taxes arising in connection with such an Asset Sale that are paid or required to be accrued as a liability under GAAP by such Person;
(ii) amounts provided as a reserve, in accordance with GAAP, against any liabilities under any indemnification obligations associated with such Asset Sale, including indemnification obligations in respect of pension and other post-employment
benefit liabilities and liabilities related to environmental matters; (iii) all payments made by such Person on any Debt that is secured by such properties or other assets in accordance with the terms of any Lien upon or with respect to such
properties or other assets or that must, by the terms of such Lien or such Debt, or in order to obtain a necessary consent to such transaction or by applicable law, be repaid to any other Person (other than the Issuer or a Restricted Subsidiary
thereof) in connection with such Asset Sale (but excluding, for the avoidance of doubt, any payments required pursuant to Section 4.10(B)(i); and (iv) all contractually required distributions and other payments made to minority interest
holders in Restricted Subsidiaries of such Person as a result of such transaction; provided, however, that: (a) in the event that any consideration for an Asset Sale (which would otherwise constitute Net Cash Proceeds) is required by
(I) contract to be held in escrow pending determination of whether a purchase price adjustment will be made or (II) GAAP to be reserved against other liabilities in connection with such Asset Sale, such consideration (or any portion thereof)
shall become Net Cash Proceeds only at such time as it is released to such Person from escrow or otherwise and (b) any non-cash consideration received in connection with any transaction, which is subsequently converted to cash, shall become Net
Cash Proceeds only at such time as it is so converted. 
 “New Credit Facility” means the credit facility to be
entered on or around the Issue Date by and among the Issuer, the Note Guarantors, the lenders party thereto in their capacities as lenders thereunder and Bank of America, N.A., as administrative agent, including any guarantees, collateral documents,
instruments 

  
 21 

 
and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, refundings or refinancings thereof and any indentures or
credit facilities or commercial paper facilities with banks or other institutional lenders or investors that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such
replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof (provided that such increase in borrowings is permitted under Section 4.09). 

“Note Custodian” means the Trustee when serving as custodian for the Depositary with respect to the Global Notes, or any
successor entity thereto. 
 “Note Guarantee” means any guarantee of the Notes by any Note Guarantor pursuant
to this Indenture. 
 “Note Guarantor” means the Parent and each Subsidiary Guarantor. 

“Notes” has the meaning set forth in the preamble to this Indenture. 

“Obligations” means any principal, premium, interest (including any interest accruing subsequent to the filing of a
petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), penalties, fees,
indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Debt. 

“Offer” has the meaning set forth in the definition of “Offer to Purchase.” 

“Offer to Purchase” means a written offer (the “Offer”) sent by the Issuer by first-class mail, postage
prepaid, to each Holder at his or her address appearing in the security register on the date of the Offer, offering to purchase up to the aggregate principal amount of Notes set forth in such Offer at the purchase price set forth in such Offer (as
determined pursuant to this Indenture). Unless otherwise required by applicable law, the offer shall specify an expiration date (the “Expiration Date”) of the Offer to Purchase which shall be, subject to any contrary requirements of
applicable law, not less than 30 days or more than 60 days after the date of mailing of such Offer and a settlement date (the “Purchase Date”) for purchase of Notes within five Business Days after the Expiration Date. The Issuer
shall notify the Trustee at least 10 days (or such shorter period as is acceptable to the Trustee) prior to the mailing of the Offer of the Issuer’s 

  
 22 

 
obligation to make an Offer to Purchase, and the Offer shall be mailed by the Issuer or, at the Issuer’s request, by the Trustee in the name and at the expense of the Issuer. The Offer shall
contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase. The Offer shall also state: 
 (i) the Section of this Indenture pursuant to which the Offer to Purchase is being made; 
 (ii) the Expiration Date and the Purchase Date; 
 (iii) the aggregate principal
amount of the outstanding Notes offered to be purchased pursuant to the Offer to Purchase (including, if less than 100.0%, the manner by which such amount has been determined pursuant to Indenture covenants requiring the Offer to Purchase) (the
“Purchase Amount”); 
 (iv) the purchase price to be paid by the Issuer for each $1,000 principal amount of
Notes accepted for payment (as specified pursuant to this Indenture); 
 (v) that the Holder may tender all or any portion of
the Notes registered in the name of such Holder and that any portion of a Note tendered must be tendered in a minimum amount of $2,000 principal amount and integral multiples of $1,000 in excess of $2,000; 

(vi) the place or places where Notes are to be surrendered for tender pursuant to the Offer to Purchase, if applicable; 

(vii) that, unless the Issuer defaults in making such purchase, any Note accepted for purchase pursuant to the Offer to Purchase will
cease to accrue interest on and after the Purchase Date, but that any Note not tendered, or tendered but not purchased by the Issuer pursuant to the Offer to Purchase, will continue to accrue interest at the same rate; 

(viii) that, on the Purchase Date, the purchase price will become due and payable upon each Note accepted for payment pursuant to the
Offer to Purchase; 
 (ix) that each Holder electing to tender a Note pursuant to the Offer to Purchase will be required to
surrender such Note or cause such Note to be surrendered at the place or places set forth in the Offer prior to the close of business on the Expiration Date (such Note being, if the Issuer or the Trustee so requires, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing); 

  
 23 

 (x) that Holders will be entitled to withdraw all or any portion of Notes tendered if the
Issuer (or its paying agent) receives, not later than the close of business on the Expiration Date, a facsimile transmission or letter setting forth the name of the Holder, the aggregate principal amount of the Notes the Holder tendered, the
certificate number of the Note the Holder tendered and a statement that such Holder is withdrawing all or a portion of his tender; 
 (xi) that (a) if Notes having an aggregate principal amount less than or equal to the Purchase Amount are duly tendered and not withdrawn pursuant to the Offer to Purchase, the Issuer shall purchase
all such Notes and (b) if Notes having an aggregate principal amount in excess of the Purchase Amount are tendered and not withdrawn pursuant to the Offer to Purchase, the Issuer shall purchase Notes having an aggregate principal amount equal
to the Purchase Amount on a pro rata basis (with such adjustments as may be deemed appropriate so that only Notes in denominations of $2,000 principal amount or integral multiples of $1,000 in excess thereof shall remain outstanding following such
purchase); and 
 (xii) if applicable, that, in the case of any Holder whose Note is purchased only in part, the Issuer shall
execute, and the Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder, in the aggregate principal amount equal to and in exchange
for the unpurchased portion of the aggregate principal amount of the Notes so tendered. 
 “Offering
Memorandum” means the Offering Memorandum related to the issuance of the Initial Notes on the Issue Date, dated November 18, 2011. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the
Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or any Vice-President of such Person. 
 “Officers’ Certificate” means a certificate signed by two officers of the Issuer, a Subsidiary Guarantor or a direct or indirect parent of the Issuer, as applicable, one of whom must
be the principal executive officer, the principal financial officer, the principal accounting officer, the treasurer, the controller, a President or a Vice President of the Issuer, such Note Guarantor or such parent, as applicable. 

“Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be
an employee of or counsel to the Issuer or any Subsidiary of the Issuer. 

  
 24 

 “Parent” has the meaning set forth in the preamble hereto until a successor
replaces it in accordance with the applicable provisions of this Indenture and, thereafter, means the successor 

“Participant” means, with respect to DTC, a Person who has an account with DTC. 

“Paying Agent” means any Person authorized by the Issuer to pay the principal of, premium, if any, or interest on, or
redemption, purchase, retirement, defeasance, covenant defeasance or similar payment with respect to, any Notes on behalf of the Issuer. 
 “Permitted Asset Swap” means the purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and cash or Eligible Cash Equivalents between the
Issuer or any Restricted Subsidiary and another Person consummated within a period of 180 days; provided, that any cash or Eligible Cash Equivalents received must be applied in accordance with Section 4.10. 

“Permitted Business” means any business similar in nature to any business conducted by the Issuer and the Restricted
Subsidiaries on the Issue Date and any business reasonably ancillary, incidental, complementary or related to the business conducted by the Issuer and the Restricted Subsidiaries on the Issue Date or a reasonable extension, development or expansion
thereof, in each case, as determined in good faith by the Issuer. 
 “Permitted Debt” means 

(i) Debt Incurred pursuant to any Credit Agreement in an aggregate principal amount at any one time outstanding not to exceed $445.0
million, less the aggregate principal amount of all principal repayments of Credit Agreements with the proceeds from Asset Sales made pursuant to Section 4.10 (B)(i)(a) or (b) in satisfaction of the requirements of such Section;

 (ii) Debt outstanding under the Notes (excluding any Additional Notes) and contribution, indemnification and reimbursement
obligations owed by the Issuer or any Note Guarantor to any of the other of them in respect of amounts paid or payable on such Notes or the Note Guarantees; 
 (iii) Guarantees of the Notes; 
 (iv) Debt of the Issuer and each Restricted
Subsidiary outstanding at the time of the Issue Date (other than clauses (i), (ii) or (iii) above or (v), (xii) or (xvi) below); 

  
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 (v) Debt of the Issuer to a Restricted Subsidiary, of a Restricted Subsidiary to the Issuer
or of a Restricted Subsidiary to a Restricted Subsidiary; 
 (vi) Guarantees Incurred by the Issuer of Debt of a Restricted
Subsidiary otherwise permitted to be incurred under this Indenture; 
 (vii) Guarantees by any Restricted Subsidiary of Debt of
the Issuer or any Restricted Subsidiary, including Guarantees by any Restricted Subsidiary of Debt under a Credit Agreement; provided that (a) such Debt is Permitted Debt or is otherwise permitted to be incurred under this Indenture and
(b) such Guarantees are subordinated to the Notes to the same extent as the Debt being guaranteed if such Debt is Subordinated Debt; 
 (viii) Debt incurred in respect of workers’ compensation claims, self-insurance or statutory obligations, indemnity, bid, performance, warranty, release, appeal, surety and similar bonds, letters of
credit for operating purposes, bank Guarantees, bankers’ acceptances or similar instruments and completion Guarantees provided or incurred (including Guarantees thereof) by the Issuer or a Restricted Subsidiary in the ordinary course of
business; 
 (ix) Debt under Hedging Obligations; 
 (x) Debt of the Issuer or any Restricted Subsidiary pursuant to Capital Lease Obligations and Purchase Money Debt as well as Preferred Interests issued by the Issuer or a Restricted Subsidiary to finance
the purchase, lease or improvement of property (real or personal) or equipment that is used or useful in a Permitted Business (including, without limitation, through the direct purchase of assets or the Capital Interests of any Person owning such
assets); provided that the aggregate principal amount and liquidation preference of such Debt and Preferred Interests outstanding at any time may not exceed, in the aggregate, the greater of $30.0 million or 3.0% of Total Assets; 

(xi) Debt arising from agreements of the Issuer or a Restricted Subsidiary providing for indemnification, contribution, earnout,
adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or Capital Interests of a Restricted Subsidiary otherwise permitted under this
Indenture; 
 (xii) the issuance by any of the Issuer’s Restricted Subsidiaries to the Issuer or to any of its Restricted
Subsidiaries of shares of Preferred Interests; provided, however, that: 
 (a) any subsequent issuance or
transfer of Capital Interests that results in any such Preferred Interests being held by a Person other than the Issuer or a Restricted Subsidiary; and 

  
 26 

 (b) any sale or other transfer of any such Preferred Interests to a Person
that is not either the Issuer or a Restricted Subsidiary; 
 shall be deemed, in each case, to constitute an issuance of such Preferred
Interests by such Restricted Subsidiary that was not permitted by this clause (xii); 
 (xiii) Debt arising from the honoring by
a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Debt is extinguished within five Business Days of Incurrence;

 (xiv) Debt of the Issuer or any Restricted Subsidiary and Preferred Interests of any Restricted Subsidiary not otherwise
permitted pursuant to this definition (including additional Debt under any Credit Agreement), in an aggregate principal amount not to exceed the greater of $30.0 million or 3.0% of Total Assets at any time outstanding, which Debt may be Incurred
under a Credit Agreement; 
 (xv) Acquired Debt Incurred by the Issuer or a Restricted Subsidiary prior to the time that such
Restricted Subsidiary was acquired by or merged into the Issuer (including Debt Incurred to finance such acquisition or merger); provided that after giving effect to the Incurrence of such Acquired Debt (a) the Issuer would be permitted
to Incur at least $1.00 of additional Debt pursuant to the Consolidated Total Debt Ratio test set forth in the first paragraph of Section 4.09 or (b) the Consolidated Total Debt Ratio would be no greater than immediately prior to such
Incurrence; 
 (xvi) Refinancing Debt in respect of Debt permitted by clauses (ii), (iv) and (xv) above, this clause
(xvi) or the first paragraph of Section 4.09; 
 (xvii) Debt of the Issuer or any of its Restricted Subsidiaries
arising from customary cash management services or the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the
ordinary course of business; provided, however, that such Debt is extinguished within five Business Days of Incurrence; 

(xviii) Debt of the Issuer or any Restricted Subsidiary consisting of the financing of insurance premiums incurred in the ordinary course
of business; 
 (xix) Debt consisting of Debt issued by the Issuer or any Restricted Subsidiary to current or former officers,
directors and employees thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Capital Interests of the Issuer or any direct or indirect parent company of the Issuer, including Parent, to
the extent described in Section 4.07(B)(iv); and 

  
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 (xx) Debt of the Issuer or any Restricted Subsidiary to the extent the proceeds of such Debt
are deposited and used to defease the Notes as described under Article 8. 
 Notwithstanding anything herein to the contrary,
Debt permitted under clause (i) of this definition of “Permitted Debt” shall not constitute “Refinancing Debt” under clause (xvi) of this definition of “Permitted Debt.” 

“Permitted Holders” means (i) any of Joseph M. Field, and David J. Field; (ii) family members or the relatives
of the Persons described in clause (i) (including their wives, their children and grandchildren, the spouses of their children and their grandchildren); (iii) any trust, corporation, partnership or other entity, the beneficiaries,
stockholders, partners, owners, or Persons beneficially holding a 50.0% or more direct or indirect interest of which consist of the Persons described in clauses (i), (ii) or (iv) hereof or the legal representatives of any such entity; or
(iv) in the event of the incompetence or death of any of the Persons described in clauses (i) and (ii), such Person’s estate, executor, administrator, committee or other personal representative or beneficiaries, in each case who at
any particular date shall beneficially own or have the right to acquire, directly or indirectly, Capital Interests of the Issuer. 
 “Permitted Investments” means: 
 (i) Investments in existence on
the Issue Date or any extension, modification, replacement or renewal of any such Investments; provided, that the amount of any such Investment may only be increased as required by the terms of such Investment as in existence prior to the
Issue Date; 
 (ii) Investments required pursuant to any agreement or obligation of the Issuer or a Restricted Subsidiary, in
effect on the Issue Date, to make such Investments; 
 (iii) Eligible Cash Equivalents; 

(iv) Investments in property and other assets, owned or used by the Issuer or any Restricted Subsidiary in the operation of a Permitted
Business; 
 (v) Investments by the Issuer or any of its Restricted Subsidiaries in the Issuer or any Restricted Subsidiary;

  
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 (vi) Investments by the Issuer or any Restricted Subsidiary in a Person, if as a result of
such Investment (A) such Person becomes a Restricted Subsidiary 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 or wound-up into, the
Issuer or a Restricted Subsidiary and, in each case, any Investment held by such Person prior to such merger, consolidation, amalgamation or transfer; provided, that such Investment was not made by such person in contemplation of such merger,
consolidation, amalgamation or transfer; 
 (vii) Hedging Obligations; 

(viii) Investments received in settlement of obligations owed to the Issuer or any Restricted Subsidiary and as a result of bankruptcy or
insolvency proceedings or upon the foreclosure or enforcement of any Lien in favor of the Issuer or any Restricted Subsidiary; 

(ix) Investments by the Issuer or any Restricted Subsidiary (other than in an Affiliate) not otherwise permitted under this definition,
in an aggregate amount at any one time outstanding not to exceed the greater of $30.0 million and 3.0% of Total Assets (with the Fair Market Value of each Investment (other than any Investment consisting of a guarantee) being measured at the time
made and without giving effect to subsequent changes in value); 
 (x) loans and advances (including for travel and relocation)
to employees of the Issuer or any Restricted Subsidiary or any direct or indirect parent company of the Issuer, including Parent, in an amount not to exceed $10.0 million in the aggregate at any one time outstanding; 

(xi) Investments to the extent the payment for which consists of Qualified Capital Interests of the Issuer or any of its direct or
indirect parent companies, including Parent; 
 (xii) any Investment in any Person to the extent such Investment represents the
non-cash portion of the consideration received in connection with an Asset Sale consummated in compliance with Section 4.10 or any other disposition of Property not constituting an Asset Sale; 

(xiii) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as
expenses for accounting purposes and that are made in the ordinary course of business; 
 (xiv) guarantees by the Issuer or any
Restricted Subsidiary of Debt of the Issuer or a Restricted Subsidiary of Debt otherwise permitted by Section 4.09; 
 (xv)
Investments consisting of purchases and acquisitions of inventory, supplies, material or equipment in the ordinary course of business; and 

  
 29 

 (xvi) Investments in the nature of pledges or deposits with respect to leases or utilities
provided to third parties in the ordinary course of business. 
 “Permitted Liens” means, with respect to any
Person: 
 (i) Liens existing at the Issue Date; 
 (ii) Liens that secure Obligations (x) incurred pursuant to clause (i) or clause (ix) of the definition of “Permitted Debt” and (y) in respect of Debt permitted by clause
(xiv) of the definition of Permitted Debt; 
 (iii) any Lien for taxes or assessments or other governmental charges or
levies not then due and payable (or which, if due and payable, are being contested in good faith and for which adequate reserves are being maintained, to the extent required by GAAP and such proceedings have the effect of preventing the forfeiture
or sale of the property or assets subject to any such Lien); 
 (iv) any carrier’s, warehousemen’s,
materialmen’s, mechanic’s, landlord’s or other similar Liens arising by Law for sums not then due and payable after giving effect to any applicable grace period (or which, if due and payable, are being contested in good faith and with
respect to which adequate reserves are being maintained, to the extent required by GAAP and such proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien); 

(v) survey exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric
lines, telegraph and telephone lines and other similar purposes, or zoning or other similar 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 Debt and which do not in the aggregate materially adversely affect the value of the Issuer or materially impair the operation of the business of such Person; 

(vi) pledges or deposits (i) in connection with workers’ compensation, unemployment insurance and other types of statutory
obligations or the requirements of any official body, or (ii) to secure the performance of tenders, bids, surety or performance bonds, leases, purchase, construction, sales or servicing contracts and other similar obligations Incurred in the
ordinary course of business; or (iii) to obtain or secure obligations with respect to letters of credit, Guarantees, bonds or other sureties or assurances given in connection with the activities described in clauses (i) and
(ii) above, in each case not Incurred or made in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of property or services or imposed by ERISA or the Code in connection
with a “plan” (as defined in ERISA); or (iv) to 

  
 30 

 
secure contested taxes or for payment of rent in the ordinary course of business; or (v) arising in connection with any attachment unless such Liens shall not be satisfied or discharged or
stayed pending appeal within 75 days after the entry thereof or the expiration of any such stay; 
 (vii) Liens on property of a
Person existing at the time such Person is merged with or into or consolidated with the Issuer or a Restricted Subsidiary, or becomes a Restricted Subsidiary or on property acquired by the Issuer or any Restricted Subsidiary (and in each case not
created or Incurred in anticipation of such transaction), including Liens securing Acquired Debt permitted under this Indenture; provided that such Liens are not extended to the property and assets of the Issuer and its Restricted
Subsidiaries other than the property or assets acquired; 
 (viii) Liens securing Debt of a Restricted Subsidiary that is a Note
Guarantor owed to and held by the Issuer or a Restricted Subsidiary that is a Note Guarantor thereof that is permitted to be incurred in accordance with Section 4.09; 
 (ix) other Liens (not securing Debt) incidental to the conduct of the business of the Issuer or any of its Restricted Subsidiaries, as the case may be, or the ownership of their assets which do not
individually or in the aggregate materially adversely affect the value of such assets or materially impair the operation of the business of the Issuer or its Restricted Subsidiaries; 

(x) Liens to secure any permitted extension, replacement, renewal, refinancing or refunding (or successive extensions, replacements,
renewals, refinancings or refundings), in whole or in part, of any Debt secured by Liens referred to in the foregoing clauses (i) and (vii); provided that such Liens do not extend to any other property or assets and the principal amount
of the obligations secured by such Liens is not greater than the sum of the outstanding principal amount of the refinanced Debt plus any fees and expenses, including premiums or original issue discount related to such extension, replacement,
renewal, refinancing or refunding; 
 (xi) Liens in favor of customs or revenue authorities arising as a matter of law to secure
payment of custom duties in connection with the importation of goods incurred in the ordinary course of business; 
 (xii)
licenses of intellectual property granted in the ordinary course of business; 
 (xiii) Liens to secure Capital Lease
Obligations or Purchase Money Debt permitted to be incurred pursuant to clause (x) of the definition of “Permitted Debt” covering only the assets financed by or acquired with such Debt; 

  
 31 

 (xiv) Liens upon specific items of inventory or other goods and proceeds of any Person
securing such Person’s obligation in respect of banker’s acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment, or storage of such inventory or other goods;

 (xv) Liens securing Debt Incurred to finance the construction, purchase or lease of, or repairs, improvements or additions
to, property, plant or equipment of such Person; provided, however, that the Lien may not extend to other property owned by such Person or any of its Restricted Subsidiaries at the time the Lien is Incurred (other than assets and property
affixed or appurtenant thereto and any proceeds thereof), and the Debt (other than any interest thereon) secured by the Lien may not be Incurred more than 180 days after the later of the acquisition, completion of construction, repair, improvement,
addition or commencement of full operation of the property subject to the Lien; 
 (xvi) Liens on property or shares of Capital
Interests of another Person at the time such other Person becomes a Subsidiary of such Person; provided, however, that (i) the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other
than assets and property affixed or appurtenant thereto and proceeds thereof) and (ii) such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Restricted Subsidiary; 

(xvii) Liens (i) that are contractual rights of set-off (A) relating to the establishment of depository relations with banks
not given in connection with the issuance of Debt, (B) relating to pooled deposit or sweep accounts of the Issuer or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations and other cash management
activities incurred in the ordinary course of business of the Issuer and or any of its Restricted Subsidiaries or (C) relating to purchase orders and other agreements entered into with customers of the Issuer or any of its Restricted
Subsidiaries in the ordinary course of business and (ii) of a collection bank arising under Section 4-210 of the UCC on items in the course of collection, (Y) encumbering reasonable customary initial deposits and margin deposits and
attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business, and (Z) in favor of banking institutions arising as a matter of law or pursuant to customary account agreements encumbering
deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 

(xviii) Liens securing judgments for the payment of money not constituting an Event of Default under Section 6.01(vii) so long as
such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired;

  
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 (xix) Deposits made or other security provided in the ordinary course of business to secure
liability to insurance carriers under insurance arrangements in the ordinary course of business; 
 (xx) leases, subleases,
licenses or sublicenses granted to others in the ordinary course of business which do not materially interfere with the ordinary conduct of the business of the Issuer or any Restricted Subsidiaries and do not secure any Debt; 

(xxi) Liens arising from UCC financing statement filings regarding operating leases entered into by the Issuer or any Restricted
Subsidiary in the ordinary course of business; 
 (xxii) Liens on the assets of a Restricted Subsidiary that is not a Note
Guarantor securing Debt and other obligations of such Restricted Subsidiary incurred in compliance with this Indenture; 

(xxiii) Liens Incurred to secure Obligations in respect of any Debt (other than Subordinated Debt) permitted to be incurred under
Section 4.09; provided that, with respect to Liens securing Obligations permitted under this clause (w), at the time of Incurrence and after giving pro forma effect thereto, the Secured Leverage Ratio would be no greater than 4.0 to 1.0;

 (xxiv) Liens securing Debt, as measured by principal amount, which, when taken together with the principal amount of all
other Debt secured by Liens (excluding Liens permitted by clauses (i) through (xxiii) above) at the time of determination, does not exceed $20.0 million in the aggregate at any one time outstanding; 

(xxv) the rights reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the Issuer or
any Restricted Subsidiary or by statutory provision, to terminate such lease, license, franchise, grant or permit, or to require annual or periodic payments as a condition to the continuance thereof; 

(xxvi) Liens in favor of the Issuer or any Subsidiary Guarantor; 

(xxvii) Liens solely on any cash earnest money deposits made by the Issuer or any Restricted Subsidiary in connection with any letter of
intent or purchase agreement permitted under this Indenture; 
 (xxviii) Liens deemed to exist in connection with Investments in
repurchase agreements permitted under this Indenture; provided, that such Liens do not extend to any assets other than those that are the subject under this Indenture; 

  
 33 

 (xxix) Liens arising out of the conditional sale, title retention, consignment or similar
arrangements for sale of goods entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business; 

(xxx) Liens in connection with advances, deposits, escrows and similar arrangements in the ordinary course of business; 

(xxxi) Liens in favor of issuers of performance surety, bid, indemnity, warranty, release, appeal or similar bonds or with respect to
other regulatory requirements or letters of credit or bankers’ acceptances issued, and completion guarantees provided for, in each case pursuant to the request of and for the account of such Person in the ordinary course of business;

 (xxxii) Liens arising by operation of law under Article 2 of the Uniform Commercial Code in favor of a reclaiming seller of
goods or buyer of goods; 
 (xxxiii) any encumbrance or retention (including put and call agreements and rights of first
refusal) with respect to the Capital Interests of any joint venture or similar arrangement pursuant to the joint venture or similar agreement with respect to such joint venture or similar arrangement; and 

(xxxiv) any extensions, substitutions, replacements or renewals of the foregoing. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof. 
 “Preferred Interests,” as applied
to the Capital Interests in any Person, means Capital Interests in such Person of any class or classes (however designated) that rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary
liquidation, dissolution or winding up of such Person, to shares of Common Interests in such Person. 
 “Purchase
Agreement” means the purchase agreement dated November 18, 2011 by and among the Issuer, the Representative (as defined therein) and the Guarantors named therein. 

“Purchase Amount” has the meaning set forth in the definition of “Offer to Purchase.” 

“Purchase Date” has the meaning set forth in the definition of “Offer to Purchase.” 

“Purchase Money Debt” means Debt 

  
 34 

 (i) Incurred to finance the purchase or construction (including additions and improvements
thereto) of any assets (other than Capital Interests) of such Person or any Restricted Subsidiary; and 
 (ii) that is secured
by a Lien on such assets where the lender’s sole security is to the assets so purchased or constructed (and assets or property affixed or appurtenant thereto and any proceeds thereof); and 

in either case that does not exceed 100.0% of the cost and to the extent the purchase or construction prices for such assets are or
should be included in “addition to property, plant or equipment” in accordance with GAAP. 
 “Purchase
Price” means 101.0% of the aggregate principal amount of the Notes plus accrued and unpaid interest and Additional Interest, if any, to the date of purchase, subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date. 
 “Qualified Capital Interests” in any Person means a
class of Capital Interests other than Redeemable Capital Interests. 
 “Rating Agencies” means Moody’s and
S&P, or if Moody’s or S&P or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer which shall be substituted for
Moody’s or S&P or both, as the case may be. 
 “Redeemable Capital Interests” in any Person means any
equity security of such Person that by its terms (or by terms of any security into which it is convertible or for which it is exchangeable), or otherwise (including the passage of time or the happening of an event), is required to be redeemed, is
redeemable at the option of the holder thereof in whole or in part (including by operation of a sinking fund), or is convertible or exchangeable for Debt of such Person at the option of the holder thereof, in whole or in part, at any time prior to
the date that is 91 days after the earlier of the Stated Maturity of the Notes or the date the Notes are no longer outstanding; provided that only the portion of such equity security which is required to be redeemed, is so convertible or
exchangeable or is so redeemable at the option of the holder thereof before such date will be deemed to be Redeemable Capital Interests. Notwithstanding the preceding sentence, any equity security that would constitute Redeemable Capital Interests
solely because the holders of the equity security have the right to require the Issuer or any Restricted Subsidiary to repurchase such equity security upon the occurrence of a change of control or an asset sale will not constitute Redeemable Capital
Interests if the terms of such equity security provide that the Issuer or such Restricted Subsidiary may not repurchase or redeem any such equity security pursuant to such provisions unless such repurchase or redemption complies with
Section 4.07. 

  
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The amount of Redeemable Capital Interests deemed to be outstanding at any time for purposes of this Indenture will be the maximum amount that the Issuer and its Restricted Subsidiaries may
become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Redeemable Capital Interests or portion thereof, exclusive of accrued dividends. Notwithstanding anything to the contrary set forth in this
definition, Capital Interests of the Issuer shall not be deemed to be “Redeemable Capital Interests” solely as a result of (i) the provisions of the Issuer’s certificate of formation requiring the Issuer to repurchase such
Capital Interests upon such member ceasing to be a member so long as such provisions are not amended in any manner materially adverse to the Holders of Notes or (ii) the possibility that the Capital Interest (other than a Preferred Interest)
may be required to be repurchased by Issuer, its Subsidiaries or any direct or indirect parent thereof in order to satisfy applicable statutory or regulatory obligations, where such Capital Interest has been issued to any plan for the benefit of
employees of the Issuer, its Subsidiaries or any direct or indirect parent thereof or by any such plan to such employees. 

“Refinancing Debt” means Debt and Preferred Interests that refund, refinance, defease, renew, replace or extend any Debt
or Preferred Interests permitted to be Incurred by the Issuer or any Restricted Subsidiary pursuant to the terms of this Indenture, whether involving the same or any other lender or creditor or group of lenders or creditors, but only to the extent
that: 
 (i) the Refinancing Debt is subordinated to the Notes to at least the same extent as the Debt being refunded,
refinanced, defeased, renewed, replaced or extended, if such Debt was subordinated to the Notes, 
 (ii) the Refinancing Debt is
scheduled to mature either (a) no earlier than the Debt or Preferred Interests being refunded, refinanced or extended or (b) at least 91 days after the maturity date of the Notes, 

(iii) the Refinancing Debt has an Average Life at the time such Refinancing Debt is Incurred that is equal to or greater than the Average
Life of the Debt being refunded, refinanced, defeased, renewed, replaced or extended, 
 (iv) such Refinancing Debt is in an
aggregate principal amount or liquidation preference that is less than or equal to the sum of (a) the aggregate principal, accreted amount (in the case of any Debt issued with original issue discount, as such) or liquidation preference then
outstanding under the Debt or Preferred Interests being refunded, refinanced, defeased, renewed, replaced or extended, (b) the amount of accrued and unpaid interest, if any, and premiums owed (including reasonable and customary tender
premiums), if any, and (c) the amount of reasonable and customary fees, expenses and costs related to the Incurrence of such Refinancing Debt (including reasonable defeasance costs and expenses), and 

  
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 (v) such Refinancing Debt shall not include (x) Debt of a Restricted Subsidiary of the
Issuer that is not a Note Guarantor that refinances Debt of the Issuer or a Note Guarantor or (y) Debt of the Issuer or a Restricted Subsidiary that refinances Debt of an Unrestricted Subsidiary; 

provided, however, that clauses (ii) and (iii) of this definition will not apply to any refunding or refinancing of any Debt outstanding
under a Credit Agreement. 
 “Registration Rights Agreement” means that certain Registration Rights Agreement,
to be dated as of the Issue Date, among, inter alia, the Issuer, the Note Guarantors, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc.
and SunTrust Robinson Humphrey, Inc. 
 “Related Business Assets” means assets (other than cash or Eligible
Cash Equivalents) or services used or useful in a Permitted Business, provided, that any such assets received by the Issuer or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a
Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary. 

“Responsible Officer” means, when used with respect to the Trustee, any officer of the Trustee within the Corporate
Trust Office (or any successor unit or department) of the Trustee responsible for administering this Indenture, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that
officer’s knowledge of and familiarity with the particular subject. 
 “Restricted Notes Legend” means the
legend identified as such in Exhibit A hereto. 
 “Restricted Payment” is defined to mean any of the following:

 (i) any dividend or other distribution declared and paid on the Capital Interests in the Issuer or on the Capital Interests
in any Restricted Subsidiary of the Issuer that are held by, or declared and paid to, any Person other than the Issuer or a Restricted Subsidiary of the Issuer; provided that the following shall not be “Restricted Payments”:

 (a) dividends, distributions or payments, in each case, made solely in Qualified Capital Interests in the
Issuer; and 
 (b) dividends or distributions payable to the Issuer or a Restricted Subsidiary of the Issuer or
to other holders of Capital Interests of a Restricted Subsidiary on a pro rata basis; 

  
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 (ii) any payment made by the Issuer or any of its Restricted Subsidiaries to purchase,
redeem, acquire or retire any Capital Interests in the Issuer or any of its Restricted Subsidiaries for value, other than any such Capital Interests owned by the Issuer or any Restricted Subsidiary; 

(iii) any payment made by the Issuer or any of its Restricted Subsidiaries (other than a payment made solely in Qualified Capital
Interests in the Issuer) to redeem, repurchase, defease (including an in-substance or legal defeasance) or otherwise acquire or retire for value (including pursuant to mandatory repurchase covenants), prior to any scheduled maturity, scheduled
sinking fund or mandatory redemption payment, Subordinated Debt of the Issuer or any Note Guarantor (excluding any Subordinated Debt owed to the Issuer or any Restricted Subsidiary); except (x) payments of principal in anticipation of
satisfying a sinking fund obligation or final maturity, in each case, within one year of the due date thereof and (y) any payments in respect of Debt to the extent the issuance of such Debt was a Restricted Payment; and 

(iv) any Investment by the Issuer or a Restricted Subsidiary in any Person, other than a Permitted Investment; 

provided that notwithstanding the foregoing clauses (i) through (iii), any payments in respect of Debt, if such Debt was issued prior to the
Issue Date or the issuance of such Debt constituted a Restricted Payment under clause (ii) above shall not be deemed to be Restricted Payments. 
 “Restricted Subsidiary” means any Subsidiary that has not been designated as an “Unrestricted Subsidiary” in accordance with this Indenture. 

“S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any successor to its
rating agency business. 
 “SEC” means the Securities and Exchange Commission and any successor thereto.

 “Secured Debt” means any Debt of the Issuer or any of its Restricted Subsidiaries secured by a Lien.

 “Secured Leverage Ratio” means, as of any date of determination, the ratio of (1) Consolidated Total
Debt of the Issuer and its Restricted Subsidiaries that is secured by Liens as of the end of the most recent fiscal period for which internal financial statements are available immediately preceding the date on which such event for which such
calculation is being made shall occur to (2) the Issuer’s EBITDA for the most recently ended Four Quarter Period, in each case with such pro forma adjustments to Consolidated Total Debt and EBITDA as are appropriate and consistent with the
pro forma adjustment provisions set forth in the definition of Consolidated Total Debt Ratio. 

  
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 “Significant Subsidiary” has the meaning set forth in Rule 1-02 of
Regulation S-X under the Securities Act and Exchange Act, but shall not include any Unrestricted Subsidiary. 
 “Stated
Maturity,” when used with respect to (i) any Note or any installment of interest thereon, means the date specified in such Note as the fixed date on which the principal amount of such Note or such installment of interest is due and
payable and (ii) any other Debt or any installment of interest thereon, means the date specified in the instrument governing such Debt as the fixed date on which the principal of such Debt or such installment of interest is due and payable.

 “Station Contracts” means contracts entered into in good faith and in the ordinary course of business by any
direct or indirect parent of the Issuer, including Parent, on behalf of the Issuer or one or more Restricted Subsidiaries with respect to the ordinary course of operating the business of the Issuer or any Restricted Subsidiary. 

“Subordinated Debt” means, with respect to the Notes, (1) any Debt of the Issuer which is by its terms subordinated
in right of payment to the Notes, and (2) any Debt of any Note Guarantor which is by its terms subordinated in right of payment to the Guarantee of such Note Guarantor. 
 “Subsidiary” means, with respect to any Person, any corporation, limited or general partnership, trust, association or other business entity of which an aggregate of at least a majority
of the outstanding Capital Interests therein is, at the time, directly or indirectly, owned by such Person and/or one or more Subsidiaries of such Person. 
 “Subsidiary Guarantor” means any Subsidiary that provides a Note Guarantee in accordance with the provisions of this Indenture and their respective successors and assigns. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended, as in effect on the
date hereof. 
 “Total Assets” means the total assets of the Issuer and its Restricted Subsidiaries on a
consolidated basis, determined in accordance with GAAP, as of the last day of the most recently ended fiscal quarter of the Issuer for which internal financial statements are available. 

  
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 “Transfer Restricted Global Notes” means a Global Note that is a Transfer
Restricted Note. 
 “Transfer Restricted Notes” means Notes that bear or are required to bear the Restricted
Notes Legend. 
 “Treasury Rate” means, as obtained by the Issuer, with respect to the Notes, as of the
applicable 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 such 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 such redemption date to
December 1, 2015; provided, however, that if the period from such redemption date to December 1, 2015 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. 
 “Trustee” has the meaning set forth in the preamble to this Indenture
until a successor replaces it in accordance with the applicable provisions of this Indenture and, thereafter, means the successor. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York. 
 “Unrestricted Global Note” means a Global Note that is an Unrestricted Note. 
 “Unrestricted Notes” means one or more Notes that do not and are not required to bear the Restricted Notes Legend, including the Exchange Notes and any Notes registered under the
Securities Act pursuant to and in accordance with the Registration Rights Agreement. 
 “Voting Interests”
means, with respect to any Person, securities of any class or classes of Capital Interests in such Person entitling the holders thereof generally to vote on the election of members of the Board of Directors or comparable body of such Person.

 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person, 100.0% of the outstanding Capital
Interests of which (other than Preferred Interests and directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person. 

  
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 Section 1.02. Other Definitions. 

 

			
	 Term
	  	Defined in Section
	 “Acceptable Commitment”
	  	4.10
	 “Act”
	  	13.14
	 “Affiliate Transaction”
	  	4.11
	 “Agent Members”
	  	2.06
	 “Covenant defeasance”
	  	8.03
	 “Defeasance”
	  	8.03
	 “Discharge”
	  	8.08
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10(C)
	 “Independent Financial Advisor”
	  	4.11(A)(c)
	 “Initial Notes”
	  	Preamble
	 “Legal defeasance”
	  	8.02
	 “License Subsidiary Guarantee Obligations”
	  	12.01
	 “License Subsidiary Guarantor Senior Debt”
	  	12.01
	 “Note Register”
	  	2.03
	 “Offer Amount”
	  	3.09
	 “Outstanding”
	  	8.02
	 “QIB”
	  	2.01(b)
	 “Redemption Date”
	  	3.01
	 “Registrar”
	  	2.03
	 “Regulation S”
	  	2.01(b)
	 “Regulation S Global Note”
	  	2.01(b)
	 “Reinstatement date”
	  	4.15
	 “Rule 144A”
	  	2.01(b)
	 “Rule 144A Global Note”
	  	2.01(b)
	 “Surviving Entity”
	  	5.01(A)(i)
	 “Suspended Covenants”
	  	4.15(b)
	 “Unrestricted Subsidiary”
	  	4.19

 Section 1.03. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in, and made a part of, this Indenture. 
 The
following TIA term used in this Indenture has the following meaning: 
 “obligor” on the Notes and the Note
Guarantees means the Issuer, the Note Guarantors and any successor obligor upon the Notes and the Note Guarantees. 
 Unless
otherwise defined herein, all other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by the SEC rule under the TIA have the meanings so assigned to them therein. 

  
 41 

 Section 1.04. Rules of Construction. Unless the context otherwise requires:

 (1) a term has the meaning assigned to it herein; 
 (2) an accounting term not otherwise defined herein has the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not exclusive; 
 (4) words in the singular include the
plural, and in the plural include the singular; 
 (5) unless otherwise specified, any reference to Section or Article refers to
such Section or Article of this Indenture; 
 (6) provisions apply to successive events and transactions; 

(7) references to sections of or rules under the Securities Act, the Exchange Act or the TIA shall be deemed to include substitute,
replacement or successor sections or rules adopted by the SEC from time to time; 
 (8) “including” means
“including without limitation”; and 
 (9) for the avoidance of doubt, any references to “interest” shall
include any Additional Interest that may be payable. 
 ARTICLE 2 

THE NOTES 
 Section 2.01. Form and Dating. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its
authentication. The Notes initially shall be issued only in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 
 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Issuer, the Note Guarantors and the Trustee, by their execution and
delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern
and be controlling. 

  
 42 

 (a) The Notes shall be issued initially in the form of one or more
Global Notes substantially in the form attached as Exhibit A hereto (including the Global Notes Legend thereon and the “Schedule of Exchanges of
10 1/2% Senior Notes” attached thereto) and
shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee as custodian for the Depositary, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Issuer and
authenticated by the Trustee as hereinafter provided. 
 Each Global Note shall represent such of the outstanding Notes
as shall be specified therein and each shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be
reduced or increased, as appropriate, to reflect exchanges, redemptions and transfers of interests. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be
made by the Trustee or the Note Custodian, at the direction of the Trustee, in accordance with written instructions given by the Holder thereof as required by Section 2.06 hereof. 

Except as set forth in Section 2.06 hereof, the Global Notes may be transferred, in whole and not in part, only to another nominee
of the Depositary or to a successor of the Depositary or its nominee. 
 (b) The Initial Notes are being issued by the Issuer
only (i) to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act (“Rule 144A”), “QIBs”) and (ii) in offshore transactions in reliance on Regulation S under the
Securities Act (“Regulation S”). After such initial offers, Initial Notes that are Transfer Restricted Notes may be transferred to QIBs, in reliance on Rule 144A, outside the United States pursuant to Regulation S or to the Issuer, in
accordance with Section 2.16. Initial Notes that are offered in reliance on Rule 144A shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A (the “Rule 144A Global
Note”) deposited with the Trustee, as Note Custodian, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. Initial Notes that are offered in offshore transactions in reliance on Regulation S shall be issued
in the form of one or more Global Notes substantially in the form set forth in Exhibit A (the “Regulation S Global Note”) deposited with the Trustee, as Note Custodian, duly executed by the Issuer and authenticated by the Trustee as
hereinafter provided. The Rule 144A Global Note and the Regulation S Global Note shall each be issued with separate CUSIP numbers. The aggregate principal amount of each Global Note may from time to time be increased or decreased by adjustments made
on the records of the Trustee, as Note Custodian. Transfers of Notes between QIBs and to or by purchasers pursuant to Regulation S shall be represented by appropriate increases and decreases to the respective amounts of the appropriate Global Notes,
as more fully provided in Section 2.16. 

  
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 (c) Section 2.01(b) shall apply only to Global Notes deposited with or on behalf of the
Depositary. 
 The Issuer shall execute and the Trustee shall, upon receipt of an Issuer Order, in accordance with
Section 2.01(b) and Section 2.02, authenticate and deliver the Global Notes that (i) shall be registered in the name of the Depositary or the nominee of the Depositary and (ii) shall be delivered by the Trustee to the Depositary
or pursuant to the Depositary’s instructions or held by the Trustee as custodian for the Depositary. 
 The Trustee shall
have no responsibility or obligation to any Holder, any member of (or a Participant in) DTC or any other Person with respect to the accuracy of the records of DTC (or its nominee) or of any Participant or member thereof, with respect to any
ownership interest in the Notes or with respect to the delivery of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to the Notes. The Trustee
may rely (and shall be fully protected in relying) upon information furnished by DTC with respect to its members, Participants and any Beneficial Owners in the Notes. 
 (d) Notes issued in certificated form, including Global Notes, shall be substantially in the form of Exhibit A attached hereto. 
 Section 2.02. Execution and Authentication. An Officer shall sign the Notes for the Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless
be valid. 
 A Note shall not be valid until authenticated by the manual signature of an authorized signatory of the Trustee.
The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee shall, upon
a written Issuer Order signed by one Officer directing the Trustee to authenticate and deliver the Notes and certifying that all conditions precedent to the issuance of the Notes contained herein have been complied with, authenticate Notes for
original issue up to the aggregate principal amount stated in paragraph 4 of the Notes. The aggregate principal amount of Notes outstanding at any time may not exceed such amount except as provided in Section 2.17 hereof. 

  
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 The Trustee may appoint an authenticating agent reasonably acceptable to the Issuer to
authenticate Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with Holders or the Issuer or an Affiliate of the Issuer. 
 Section 2.03. Registrar; Paying Agent. The Issuer shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and (ii) an office or agency where Notes may be presented for payment to a Paying Agent. The Registrar shall keep a register of the Notes (the “Note Register”) and of their transfer and exchange.
The Issuer may appoint one or more co-registrars and one or more additional paying agents; provided, however, that at all times there shall be only one Note Register. The term “Registrar” includes any co-registrar and the term
“Paying Agent” includes any additional paying agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this
Indenture. The Issuer or any of its Restricted Subsidiaries may act as Paying Agent or Registrar. 
 The Issuer shall enter into
an appropriate agency agreement with any Agent not a party to this Indenture, which shall incorporate the provisions of Section 317(b) of the TIA. The agreement shall implement the provisions of this Indenture that relate to such Agent. The
Issuer shall notify the Trustee of the name and address of any such Agent. 
 The Issuer initially appoints the Trustee to act
as the Registrar and Paying Agent and initially appoints the Corporate Trust Office of the Trustee as the office or agency of the Issuer for such purposes and as the office or agency of the Issuer where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served and the Trustee as the agent of the Issuer to receive such notices and demands. 
 The Issuer initially appoints DTC to act as the Depositary with respect to the Global Notes. 
 Section 2.04. Paying Agent to Hold Money in Trust. The Issuer shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the
benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and shall notify the Trustee of any Default by the Issuer in making any such payment. While any such
Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent
(if other than the Issuer or a 

  
 45 

 
Subsidiary) shall have no further liability for the money. If the Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders
all money held by it as Paying Agent. 
 Section 2.05. Holder Lists. The Trustee shall preserve in as current a form
as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least
seven (7) Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders,
including the aggregate principal amount of the Notes held by each Holder thereof, and the Issuer shall otherwise comply with TIA § 312(a). 
 Section 2.06. Book-Entry Provisions for Global Securities. (a) Each Transfer Restricted Global Note shall (i) be registered in the name of the Depositary for such Global Notes or the
nominee of such Depositary, (ii) be delivered to the Trustee as custodian for such Depositary and (iii) bear legends as required by Section 2.06(e). 
 Members of, or Participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the
Trustee as its custodian, or under the Global Note, and the Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary
and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 
 (b)
Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of Beneficial Owners in a Global Note may be transferred in accordance
with Section 2.16 and the rules and procedures of the Depositary. In addition, Certificated Notes shall be transferred to all Beneficial Owners in exchange for their beneficial interests if (i) the Depositary notifies the Issuer that it is
unwilling or unable to continue as Depositary for the Global Notes or the Depositary ceases to be a “clearing agency” registered under the Exchange Act and a successor depositary is not appointed by the Issuer within ninety (90) days
of such notice or (ii) an Event of Default of which a Responsible Officer of the Trustee has actual notice has occurred and is continuing and the Registrar has received a request from the Depositary to issue such Certificated Notes. 

  
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 (c) In connection with the transfer of the entire Global Note to Beneficial Owners pursuant
to clause (b) of this Section, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and the Trustee shall upon receipt of an Issuer Order authenticate and deliver, to each Beneficial
Owner identified by the Depositary in exchange for its beneficial interest in such Global Note an equal aggregate principal amount of Certificated Notes of authorized denominations. 

(d) The Holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold
an interest through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(e) Legends. The following legends shall appear on the face of all Global Notes and Certificated Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions of this Indenture: 
 (i) Restricted Notes
Legend. Unless and until (x) a Note is exchanged for an Exchange Note or sold in connection with an effective registration statement under the Securities Act and pursuant to the Registration Rights Agreement or (y) the Issuer
determines that the following legend and the related restrictions on transfer are not required in order to maintain compliance with the provisions of the Securities Act and there is delivered to the Trustee an Opinion of Counsel and a letter of
representation of the Issuer so stating, each Global Note and each Certificated Note (and all Notes issued in exchange therefor or substitution therefor) shall bear the legend in substantially the following form: 

“THIS NOTE AND THE RELATED GUARANTEES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAW. NEITHER THIS NOTE NOR THE RELATED GUARANTEES NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE AND THE RELATED GUARANTEES BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER
SUCH NOTE, PRIOR TO THE DATE WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ISSUE DATE OF ANY ADDITIONAL NOTES OF THE SAME 

  
 47 

 
SERIES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE AND THE RELATED GUARANTEES (OR ANY PREDECESSOR OF THIS NOTE AND THE RELATED GUARANTEES) (THE
“RESALE RESTRICTION TERMINATION DATE”) ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO
CLAUSE (D) PRIOR TO THE END OF THE DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE (E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION
OF COUNSEL, VERIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (II) IN EACH OF THE FOREGOING CASES TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON HIS NOTE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE
TRUSTEE.” 
 (ii) Global Note Legend. Each Global Note, whether or not an Exchange Note, Transfer
Restricted Global Note or Unrestricted Global Note, shall bear a legend in substantially the following form: 
 “THIS NOTE
IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A 

  
 48 

 
DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE
REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ENTERCOM RADIO, LLC OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 2.16 OF THE INDENTURE.” 
 (f) At such time as all beneficial interests in Global Notes have been exchanged for Certificated Notes, redeemed, repurchased or cancelled, all Global Notes shall be returned to or retained and cancelled
by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Certificated Notes, redeemed, repurchased or cancelled, the principal amount of Notes
represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note, by the Trustee or the Note Custodian, at the direction of the Trustee, to reflect such reduction. 

  
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 (g) General provisions relating to transfers and exchanges: 

(i) To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global
Notes and Certificated Notes at the Registrar’s request. 
 (ii) No service charge shall be made to a Holder
for any registration of transfer, exchange, or redemption, but the Issuer may require payment of a sum sufficient to cover any stamp or transfer tax or similar governmental charge payable in connection therewith (other than any such stamp or
transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.02, 2.10, 3.06, 4.10, 4.14 and 9.04 hereto). 
 (iii) All Global Notes and Certificated Notes issued upon any registration of transfer or exchange of Global Notes or Certificated Notes shall, upon execution by the Issuer and authentication by the
Trustee in accordance with the provisions hereof, be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Certificated Notes surrendered upon such registration
of transfer or exchange. 
 (iv) The Registrar shall not be required (A) to issue, to register the transfer
of or to exchange Notes during a period beginning at the opening of fifteen (15) days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection,
(B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a
record date and the next succeeding interest payment date. 
 (v) Prior to due presentment for the registration
of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes
and for all other purposes, and neither the Trustee, any Agent nor the Issuer shall be affected by notice to the contrary. 
 (vi) The Trustee shall authenticate Global Notes and Certificated Notes in accordance with the provisions of Section 2.02 hereof. Except as provided in Section 2.06(b), neither the Trustee nor
the Registrar shall authenticate or deliver any Certificated Note in exchange for a Global Note. 

  
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 (vii) Each Holder agrees to provide satisfactory indemnity to the Issuer and
the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States federal or state securities law. 

(viii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members or Beneficial Owners of interests in any Global Note)
other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. 
 Section 2.07. Replacement Notes. If any mutilated
Note is surrendered to the Trustee, or the Issuer and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, the Issuer shall issue and the Trustee, upon receipt of an Issuer Order, shall authenticate a
replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee to protect itself and in the reasonable
judgment of the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge a Holder for their expenses in replacing a Note.

 Every replacement Note is an additional obligation of the Issuer and shall be entitled to all of the benefits of this
Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.08. Outstanding
Notes. The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds
the Note. 
 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives
proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 
 If the principal amount of any Note is
considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 

  
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 If the Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of any thereof)
holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

Section 2.09. Treasury Notes. In determining whether the Holders of the required aggregate principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Issuer or by any Affiliate of the Issuer shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying
on any such direction, waiver or consent, only Notes shown on the register as being owned shall be so disregarded. Notwithstanding the foregoing, Notes that are to be acquired by the Issuer or an Affiliate of the Issuer pursuant to an exchange
offer, tender offer or other agreement shall not be deemed to be owned by such entity until legal title to such Notes passes to such entity. 
 Section 2.10. Temporary Notes. Until Certificated Notes are ready for delivery, the Issuer may prepare and the Trustee shall, upon receipt of an Issuer Order, authenticate temporary Notes.
Temporary Notes shall be substantially in the form of Certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee shall, upon receipt of
an Issuer Order, authenticate Certificated Notes in exchange for temporary Notes. 
 Holders of temporary Notes shall be
entitled to all of the benefits of this Indenture. 
 Section 2.11. Cancellation. The Issuer at any time may deliver
to the Trustee for cancellation any Notes previously authenticated and delivered hereunder or which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee upon receipt of an
Issuer Order. All Notes surrendered for registration of transfer, exchange or payment, if surrendered to any Person other than the Trustee, shall be delivered to the Trustee. The Trustee and no one else shall cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation. Subject to Section 2.07 hereof, the Issuer may not issue new Notes to replace Notes that they have redeemed or paid or that have been delivered to the Trustee for
cancellation. All cancelled Notes held by the Trustee shall be disposed of in accordance with its customary practice, and certification of their disposal delivered to the Issuer. 

Section 2.12. Defaulted Interest. If the Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted
interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, which date shall be at the earliest 

  
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practicable date but in all events at least five (5) Business Days prior to the payment date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuer shall
fix or cause to be fixed each such special record date and payment date and shall promptly thereafter notify the Trustee in writing of any such date. At least fifteen (15) days before the special record date, the Issuer (or the Trustee, in the
name and at the expense of the Issuer) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

Section 2.13. Record Date. The record date for purposes of determining the identity of Holders entitled to vote or consent to
any action by vote or consent authorized or permitted under this Indenture shall be determined as provided for in TIA § 316 (c). 
 Section 2.14. Computation of Interest. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

Section 2.15. CUSIP Number. The Issuer in issuing the Notes may use a “CUSIP” and/or ISIN or other similar
number, and if it does so, the Issuer may use the CUSIP and/or ISIN or other similar number in notices of redemption or exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the
correctness or accuracy of the CUSIP and/or ISIN or other similar number printed in the notice or on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes. The Issuer shall promptly notify the
Trustee of any change in the CUSIP and/or ISIN or other similar number. 
 Section 2.16. Special Transfer
Provisions. Unless and until (i) a Transfer Restricted Note is exchanged for an Exchange Note or sold in connection with an effective shelf registration statement under the Securities Act pursuant to the Registration Rights Agreement or
(ii) the Restricted Notes Legend is no longer required pursuant to Section 2.06(e), the following provisions shall apply: 
 (a) Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer of a Transfer Restricted Note (other than pursuant to Regulation S):

 (i) The Registrar shall register the transfer of a Transfer Restricted Note by a Holder to a QIB if such
transfer is being made by a proposed transferor who has provided the Registrar with (A) an appropriately completed certificate of transfer in the form attached to the Note and (B) a letter substantially in the form set forth in Exhibit C
hereto. 

  
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 (ii) If the proposed transferee is an Agent Member and the Transfer
Restricted Note to be transferred consists of an interest in the Regulation S Global Note, upon receipt by the Registrar of (x) the items required by paragraph (i) above and (y) instructions given in accordance with the
Depositary’s and the Registrar’s procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Rule 144A Global Note in an amount equal to the principal amount of the
beneficial interest in the Regulation S Global Note to be so transferred, and the Registrar shall reflect on its books and records the date and an appropriate decrease in the principal amount of such Regulation S Global Note. 

(b) Transfers Pursuant to Regulation S. The following provisions shall apply with respect to registration of any proposed transfer
of a Transfer Restricted Note pursuant to Regulation S: 
 (i) The Registrar shall register any proposed transfer
of a Transfer Restricted Note pursuant to Regulation S by a Holder upon receipt of (A) an appropriately completed certificate of transfer in the form attached to the Note and (B) a letter substantially in the form set forth in Exhibit D
hereto from the proposed transferor. 
 (ii) If the proposed transferee is an Agent Member holding a beneficial
interest in a Rule 144A Global Note and the Transfer Restricted Note to be transferred consists of an interest in a Rule 144A Global Note, upon receipt by the Registrar of (x) the letter, if any, required by paragraph (i) above and
(y) instructions in accordance with the Depositary’s and the Registrar’s procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Regulation S Global Note
in an amount equal to the principal amount of the beneficial interest in the Rule 144A Global Note to be transferred, and the Registrar shall reflect on its books and records the date and an appropriate decrease in the principal amount of the Rule
144A Global Note. 
 (c) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration
Rights Agreement, the Issuer shall issue and, upon receipt of an authentication order in accordance with Section 2.02, the Trustee shall authenticate, one or more Global Notes not bearing the Restricted Notes Legend in an aggregate principal
amount equal to the principal amount of the beneficial interests in the Transfer Restricted Global Notes tendered for acceptance in accordance with the Exchange Offer and accepted for exchange in the Exchange Offer. Concurrently with the issuance of
such Global Notes, the Registrar shall cause the aggregate principal amount of the applicable Transfer Restricted Global Notes to be reduced accordingly, and the Registrar shall deliver to the Persons designated by the Holders of Transfer Restricted
Global Notes so accepted Global Notes not bearing the Restricted Notes Legend in the appropriate principal amount. 

  
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 (d) [Reserved] 
 (e) Restricted Notes Legend. Upon the transfer, exchange or replacement of Unrestricted Notes, the Registrar shall deliver Unrestricted Notes that do not bear the Restricted Notes Legend. Upon the
transfer, exchange or replacement of Transfer Restricted Notes, the Registrar shall deliver only Transfer Restricted Notes that bear the Restricted Notes Legend unless the Restricted Notes Legend is no longer required by this Section 2.06(e),
or the Issuer determines and there is delivered to the Trustee an Opinion of Counsel and a letter of representation of the Issuer so stating that neither such legend nor the related restrictions on transfer are required or appropriate in order to
ensure that subsequent transfers of the Notes are effected in compliance with the Securities Act. 
 (f) General. By its
acceptance of any Note bearing the Restricted Notes Legend, each Holder of such a Note acknowledges receipt of a Transfer Restricted Note with restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes Legend and
agrees that it shall transfer such Note only as provided in this Indenture until such time as the Restricted Notes Legend is no longer required pursuant to Section 2.06(e) and such Holder exchanges such a Transfer Restricted Note for an
Unrestricted Note. The Registrar shall not register a transfer of any Note unless such transfer complies with the restrictions on transfer of such Note set forth in this Indenture. In connection with any transfer of Notes, each Holder agrees by its
acceptance of the Notes to furnish the Registrar or the Issuer such certifications, legal opinions or other information as either of them may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or a
transaction not subject to, the registration requirements of the Securities Act until such time as the Restricted Notes Legend is no longer required pursuant to Section 2.06(e) and such Holder exchanges such a Transfer Restricted Note for an
Unrestricted Note; provided that the Registrar shall not be required to determine (but may rely on a determination made by the Issuer with respect to) the sufficiency of any such certifications, legal opinions or other information.

 The Registrar shall retain copies of all letters, notices and other written communications received pursuant to this
Section 2.16. 
 Section 2.17. Issuance of Additional Notes. The Issuer shall be entitled to issue Additional
Notes under this Indenture that shall have identical terms as the Initial Notes, other than with respect to the date of issuance, issue price, amount of interest payable on the first interest payment date applicable thereto, transfer restrictions
and any registration rights agreement and additional interest 

  
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with respect thereto; provided that such issuance is not otherwise prohibited by the terms of this Indenture, including Section 4.09. The Initial Notes and any Additional Notes and
all Exchange Notes shall be, without limitation, treated as a single class for all purposes under this Indenture. 
 With
respect to any Additional Notes, the Issuer shall set forth in a resolution of its Board of Directors and in an Officers’ Certificate, a copy of each of which shall be delivered to the Trustee, the following information: 

(a) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 

(b) the issue price, the Issue Date, the CUSIP number of such Additional Notes, the first interest payment date and the amount of
interest payable on such first interest payment date applicable thereto and the date from which interest shall accrue; and 

(c) whether such Additional Notes shall be Transfer Restricted Notes. 

ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01. Notices to Trustee. If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of
Section 3.07 hereof, it shall furnish to the Trustee, at least 30 days before a date fixed for redemption (the “redemption date”), an Officers’ Certificate setting forth (i) the Section of this Indenture pursuant to
which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the Redemption Price. 
 Section 3.02. Selection of Notes to Be Redeemed. If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes or portions thereof to be redeemed among the
Holders in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not so listed, on a pro rata basis, by lot or by such method as the Trustee shall deem fair and
appropriate (subject to any applicable legal requirements and, as applicable the procedures of the DTC); provided that no Notes of $2,000 or less shall be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption
that relates to such Note shall state the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion of the original Note will be issued in the name of the Holder thereof upon cancellation
of the original Note. On and after the redemption date, interest shall cease to accrue on Notes or portions of them called for redemption. The Trustee shall make the selection not less than 35 days nor more than 60 days before a redemption date from
the Notes 

  
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outstanding and not previously called for redemption and shall promptly notify the Issuer in writing of the Notes selected for redemption. The Trustee may select for redemption portions (equal to
$1,000 or any integral multiple thereof) of the principal of the Notes that have denominations larger than $2,000. 

Section 3.03. Notice of Redemption. Subject to the provisions of Section 3.09, at least 30 days but not more than 60
days before a redemption date, the Issuer shall mail or cause to be mailed by first class mail (and, to the extent permitted by applicable procedures or regulations, electronically), a notice of redemption to each Holder whose Notes are to be
redeemed at its registered address. 
 The notice shall identify the Notes to be redeemed and shall state: 

(a) the redemption date; 
 (b) the Redemption Price; 
 (c) if any Note is being redeemed in part, the portion
of the principal amount of such Notes 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 shall be issued upon cancellation of the original Note;

 (d) the name, telephone number and address of the Paying Agent; 

(e) that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price; 

(f) that, unless the Issuer defaults in making such redemption payment, interest, if any, on Notes called for redemption ceases to accrue
on and after the redemption date; 
 (g) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes
called for redemption are being redeemed; and 
 (h) that no representation is made as to the correctness or accuracy of the
CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the Issuer’s written request, the Trustee shall
give the notice of redemption in the Issuer’s name and at the Issuer’s expense; provided, however, that the Issuer shall have delivered to the Trustee at least 35 days prior to the redemption date, an Officers’ Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in the notices as provided in the preceding paragraph. The notice mailed in the manner herein provided shall be conclusively presumed to have been duly given
whether or not a Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note shall not affect the validity of the proceeding for the redemption of any other Note. 

  
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 Section 3.04. Effect of Notice of Redemption. Once notice of redemption is
mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the Redemption Price plus accrued and unpaid interest, if any, to such date. A notice of redemption may not
be conditional. 
 Section 3.05. Deposit of Redemption of Purchase Price. On or before 10:00 a.m. (Eastern Standard
Time) on each redemption date or the date on which Notes must be accepted for purchase pursuant to Section 4.10 or 4.14 the Issuer shall deposit with the Trustee or with the Paying Agent (or, if the Issuer or a Subsidiary of the Issuer is the
Paying Agent, shall segregate and hold in trust) money sufficient to pay the Redemption Price of and accrued and unpaid interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent shall promptly return to
the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the Redemption Price of (including any Applicable Premium), and accrued interest, if any, on, all Notes to be redeemed or
purchased. 
 Section 3.06. Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Issuer
shall issue and, upon receipt of an Issuer Order, the Trustee shall authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 

Section 3.07. Optional Redemption. (a) The Notes may be redeemed, in whole or in part, at any time prior to December 1,
2015, at the option of the Issuer, at a Redemption Price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to but not including, the applicable redemption date
(subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date). 

(b) All or part of the Notes are subject to redemption, at the option of the Issuer, in whole or in part, at any time on or after
December 1, 2015, at the Redemption Prices (expressed as percentages of the principal amount to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the right of Holders
of record on the relevant regular record date to receive interest due on an interest payment date), if redeemed during the 12­month period beginning on December 1 of the years indicated: 

 

					
	 Year
	  	Redemption Price	 
	 2015
	  	 	105.250	% 
	 2016
	  	 	102.625	% 
	 2017 and thereafter
	  	 	100.000	% 

  
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 (c) Prior to December 1, 2014, the Issuer may, with the net proceeds of one or more
Equity Offerings, on one or more occasions, redeem up to 35.0% of the aggregate principal amount of the outstanding Notes (including any Additional Notes) at a Redemption Price equal to 110.5% of the principal amount thereof, plus accrued and unpaid
interest thereon, if any, to the date of redemption; provided that at least 65.0% of the principal amount of Notes (including any Additional Notes) outstanding at the time that any notes are first redeemed pursuant to this paragraph remains
outstanding immediately after the occurrence of any such redemption (excluding the Notes held by the Parent, the Issuer or any Subsidiary) and that any such redemption occurs within 90 days on the date of the closing of any such Equity Offering.

 Section 3.08. Mandatory Redemption. Except as set forth under Section 4.10 or Section 4.14 hereof, the
Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

Section 3.09. Offer to Purchase. In the event that the Issuer shall be required to commence an Offer to Purchase, the Issuer
shall follow the procedures specified below. 
 Unless otherwise required by applicable law, an Offer to Purchase shall specify
an Expiration Date of the Offer to Purchase, which shall be, subject to any contrary requirements of applicable law, not less than 30 days or more than 60 days after the date of mailing of such Offer, and a Purchase Date for purchase of Notes within
five Business Days after the Expiration Date. On the Purchase Date, the Issuer shall purchase the aggregate principal amount of Notes required to be purchased pursuant to Section 4.10 or Section 4.14 hereof (the “Offer
Amount”), or if less than the Offer Amount has been tendered, all Notes tendered in response to the Offer to Purchase. If the Purchase Date is on or after the interest record date and on or before the related interest payment date, any
accrued and unpaid interest, if any, shall 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, if any, shall be payable to the Holders who tender Notes pursuant to the
Offer to Purchase. The Issuer shall notify the Trustee at least 10 days (or such shorter period as is acceptable to the Trustee) prior to the mailing of the Offer of the Issuer’s obligation to make an Offer to Purchase, and the Offer shall be
mailed by the Issuer or, at the Issuer’s request, by the Trustee in the name and at the expense of the Issuer. The Offer shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Offer to
Purchase. 

  
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 On or before 10:00 a.m. (Eastern Standard Time) on each Purchase Date, the Issuer shall
irrevocably deposit with the Trustee or Paying Agent (or, if the Issuer or a Subsidiary of the Issuer is the Paying Agent, shall segregate and hold in trust) in immediately available funds the aggregate purchase price equal to the Offer Amount,
together with accrued and unpaid interest, if any, thereon, to be held for payment in accordance with the terms of this Section 3.09. On the Purchase Date, the Issuer shall, to the extent lawful, (i) accept for payment, on a pro
rata basis to the extent necessary, subject to adjustments so that no Notes are purchased in part in an unauthorized denomination in the case of an Offer to Purchase upon an Asset Sale, the Offer Amount of Notes or portions thereof tendered
pursuant to the Offer to Purchase, or if less than the Offer Amount has been tendered, all Notes tendered and (ii) deliver or cause the Paying Agent or Depositary, as the case may be, to deliver to the Trustee Notes so accepted. The Issuer
shall promptly (but in any case not later than three (3) Business Days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Issuer for
purchase, plus any accrued and unpaid interest, if any, thereon, and the Issuer shall promptly issue a new Note, and the Trustee, upon receipt of an Issuer Order, shall authenticate and mail or deliver at the expense of the Issuer such new Note to
such Holder, equal in principal amount to any unpurchased portion of such Holder’s Notes surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer shall publicly announce in a
newspaper of general circulation or in a press release provided to a nationally recognized financial wire service the results of the Offer to Purchase on the Purchase Date. 
 ARTICLE 4 
 COVENANTS 

Section 4.01. Payment of Notes. (a) The Issuer shall 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 the Notes. Principal, premium, if any, and interest shall be considered paid for all purposes hereunder on the date the Paying Agent, if other than the Issuer or a Subsidiary thereof, holds, as
of 10:00 a.m. (Eastern Standard Time), money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all such principal, premium, if any, and interest then due. 

(b) The Issuer shall pay all Additional Interest, if any, in the same manner on the dates and in the amounts set forth in the
Registration Rights Agreement. In the event that Additional Interest becomes payable pursuant to the Registration Rights Agreement, the Issuer shall promptly provide an Officers’ Certificate to the Trustee specifying the amount and dates of any
such payment(s). 

  
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 (c) The Issuer shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 

Section 4.02. Maintenance of Office or Agency. The Issuer shall maintain an office or agency (which may be an office of the
Trustee or an Affiliate of the Trustee or Registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer
shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in
accordance with Section 2.03 hereof. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee and the Issuer hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and demands. 

The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for
any or all such purposes and may from time to time rescind such designations. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 Section 4.03. Provision of Financial Information. Whether or not required by the rules and regulations of the
SEC, so long as any Notes are outstanding, the Issuer will, subject to the second succeeding paragraph, file with the SEC, within the time periods specified in the SEC’s rules and regulations that would then be applicable to the Issuer:

 (a) all quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10­K if the Issuer
were required to file such reports; and 
 (b) all current reports that would be required to be filed with the SEC on Form 8-K
if the Issuer were required to file such reports. 
 All such reports will be prepared in all material respects in accordance
with all of the rules and regulations applicable to such reports. Each annual report on Form 10-K will include a report on the consolidated financial statements of the Issuer by the certified independent accountants of the Issuer. 

  
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 If, at any time, the Issuer is no longer subject to the periodic reporting requirements of
the Exchange Act for any reason, the Issuer will nevertheless continue filing the reports specified in the preceding paragraphs of this Section 4.03 with the SEC within the time periods specified above unless the SEC will not accept such
filings. If the SEC will not accept the filings of the Issuer for any reason, the Issuer will make available the reports referred to in the preceding paragraphs to the Trustee and the Holders within the time periods that would apply if the Issuer
were required to file those reports with the SEC. 
 In addition, unless the Issuer has filed the reports referred to in the
preceding paragraph with the SEC, the Issuer will furnish to the Holders of Notes and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

The Parent may satisfy the obligations of the Issuer set forth above; provided, that (i) the information filed with the SEC
or made available to Holders pursuant to this Section 4.03 shall include consolidated financial statements for the Parent, the Issuer, and its Subsidiaries and (ii) Parent does not have independent assets or operations separate from its
investment, directly or indirectly, in the Issuer. 
 Section 4.04. Compliance Certificate. The Issuer shall deliver
to the Trustee, within 120 days after the end of each fiscal year ending after the Issue Date, an Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of the Issuer they would normally
have knowledge of any Default, and further stating, as to each such Officer signing such certificate, that, to his or her knowledge, no Default or Event of Default has occurred during such period (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuer is taking or proposes to take with respect thereto). 

The Issuer shall, so long as any of the Notes are outstanding, deliver to the Trustee, within 30 days upon becoming aware of any Default
or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Issuer is taking or proposes to take with respect thereto. 
 Section 4.05. Taxes. The Issuer shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency all material taxes, assessments and governmental levies, except such as are
contested in good faith and by appropriate proceedings and with respect to which appropriate reserves have been taken in accordance with GAAP. 

  
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 Section 4.06. Stay, Extension and Usury Laws. The Issuer and each Note Guarantor
covenant (to the extent that they may lawfully do so) that they shall 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 Indenture; and the Issuer and each of the Note Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and
covenant that they shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.

 Section 4.07. Limitation on Restricted Payments. (A) The Issuer shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, make any Restricted Payment unless, at the time of and after giving effect to the proposed Restricted Payment: 
 (a) no Event of Default shall have occurred and be continuing or will occur as a consequence thereof; 
 (b) after giving effect to such Restricted Payment on a pro forma basis, the Issuer would be permitted to Incur at least $1.00 of additional Debt pursuant to the provisions described in the first
paragraph of Section 4.09; and 
 (c) after giving effect to such Restricted Payment on a pro forma basis, the aggregate
amount expended or declared for all Restricted Payments made on or after the Issue Date (including Restricted Payments permitted by clauses (i) and (xi) of Section 4.07(B) but excluding all other Restricted Payments permitted by
Section 4.07(B)), shall not exceed the sum (without duplication) of: 
 (i) 100.0% of EBITDA (or if EBITDA
shall be a deficit, 100.0% of such deficit) of the Issuer for the period (taken as one accounting period) from the Issue Date to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at
the time of such Restricted Payment less the product of 1.4 times the Issuer’s Fixed Charges for the same period; plus 
 (ii) 100.0% of the aggregate net proceeds (cash plus the Fair Market Value of property other than cash) received by the Issuer subsequent to the initial issuance of the Notes either (i) as a
contribution to its common equity capital or (ii) from the issuance and sale (other than to a Restricted Subsidiary) of its Qualified Capital Interests, including Qualified Capital Interests issued upon the conversion of Debt or Redeemable
Capital Interests of the Issuer, and from the exercise of options, warrants or other rights to purchase such Qualified Capital Interests (other than, in each case, Qualified Capital Interests or Debt sold to a Subsidiary of the Issuer), but
excluding in each case the net proceeds 

  
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received from the sale of (x) Capital Interests solely to the extent such amounts have been applied to Restricted Payments made in accordance with clauses (ii), (iii)(y) or (iv) of
Section 4.07(B) and (y) Designated Preferred Interests; plus 
 (iii) 100.0% of the amount by which
Debt of the Issuer is reduced on the Issuer’s balance sheet upon the conversion or exchange (other than by a Subsidiary of the Issuer) subsequent to the Issue Date of the Notes of any Debt of the Issuer for Qualified Capital Interests (other
than Designated Preferred Interests) of the Issuer (less the amount of any cash, or the fair value of any other property, distributed by the Issuer upon such conversion or exchange); plus 

(iv) 100.0% of the net reduction in Investments (other than Permitted Investments), subsequent to the Issue Date,
resulting from (x) payments of interest on Debt, dividends, distributions, repayments of loans or advances (but only to the extent such interest, dividends, distributions or repayments were made in cash), in each case to the Issuer or any
Restricted Subsidiary from any Person (including, without limitation, an Unrestricted Subsidiary); plus 
 (v)
100% of the aggregate net proceeds (cash plus the Fair Market Value of marketable property other than cash) received by the Issuer from: 
 (A) the sale or other disposition (other than to the Issuer or to a Restricted Subsidiary) of Investments (other than Permitted Investments) made by the Issuer or any Restricted Subsidiary and releases of
guarantees that constitute Investments (other than Permitted Investments) by the Issuers or any Restricted Subsidiary, in any case after the Issue Date; or 
 (B) the sale (other than to the Issuer or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary (other than to the extent the amount of the Investment in such Unrestricted Subsidiary by the
Issuer and its Restricted Subsidiaries made pursuant to clause (x) of Section 4.07(B) or to the extent such Investment constituted a Permitted Investment); plus 

(vi) in the case of the designation of an Unrestricted Subsidiary as a Restricted Subsidiary after the Issue Date, the
Fair Market Value of the Investment in such Unrestricted Subsidiary at the time of the designation of such Unrestricted Subsidiary as a Restricted Subsidiary (other than to the extent the amount of the Investment in such Unrestricted Subsidiary by
the Issuer and its Restricted Subsidiaries made pursuant to clause (x) of Section 4.07(B) or to the extent such Investment constituted a Permitted Investment). 

  
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 (B) Notwithstanding the foregoing provisions of Section 4.07(A), the Issuer and its
Restricted Subsidiaries may take the following actions; provided that, in the case of clause (x) of this Section 4.07(B), immediately after giving effect to such action, no Event of Default has occurred and is continuing:

 (i) The payment of any dividend or other distribution on Capital Interests in the Issuer or a Restricted
Subsidiary within 60 days after declaration thereof if at the declaration date such payment would not have been prohibited by the foregoing provisions of Section 4.07; 

(ii) the retirement of any Qualified Capital Interests of the Issuer by conversion into, or by or in exchange for,
Qualified Capital Interests, or out of net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Issuer) of other Qualified Capital Interests of the Issuer; 

(iii) the redemption, defeasance, repurchase or acquisition or retirement for value of any Subordinated Debt of the Issuer
or a Note Guarantor out of the net cash proceeds of a substantially concurrent issue and sale (other than to a Subsidiary of the Issuer) of (x) new Subordinated Debt of the Issuer or such Note Guarantor, as the case may be, Incurred in
accordance with this Indenture or (y) of Qualified Capital Interests of the Issuer; 
 (iv) the purchase,
redemption, retirement or other acquisition for value of Capital Interests in the Issuer or any of its direct or indirect parent companies, including Parent, held by employees, officers or directors or by former employees, officers or directors of
the Issuer or any of its direct or indirect parent companies, including Parent, or any Restricted Subsidiary (or their estates or beneficiaries under their estates) pursuant to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement; provided that the aggregate consideration paid for such purchase, redemption, retirement or other acquisition of such Capital Interests does not exceed $5.0 million in any calendar year; provided
that any unused amounts in any calendar year may be carried forward to one or more future periods; provided, further, that the aggregate amount of repurchases made pursuant to this clause (iv) may not exceed $10.0 million in any calendar
year; 
 (v) repurchase (including cash payments in respect of such repurchase) of Capital Interests (or the
declaration and payment of distributions or dividends or the making of loans, in each case, to any 

  
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direct or indirect parent of the Issuer, including Parent, to fund such repurchase): (a) deemed to occur upon the exercise of, or in connection with the exercise of, stock options, warrants
or other convertible or exchangeable securities; (b) deemed to occur in connection with the vesting of equity compensation in order to satisfy related tax withholding obligations; or (c) in connection with making cash payments in lieu of
fractional shares; provided, in each case, that any such cash payments shall not be for the purpose of circumventing the limitations of this provision of this Section 4.07 (as determined in good faith by the Issuer or any direct or
indirect parent of the Issuer, including Parent); 
 (vi) the prepayment of intercompany Debt, the Incurrence of
which was permitted pursuant to Section 4.09; 
 (vii) the declaration and payment of dividends to holders
of any class or series of Redeemable Capital Interests of the Issuer or any Restricted Subsidiary issued or Incurred in compliance with Section 4.09; 
 (viii) (a) the declaration and payment of dividends to holders of any class or series of Designated Preferred Interests issued by the Issuer after the Issue Date or (b) the declaration and payment of
dividends to any direct or indirect parent company of the Issuer, including Parent, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Interests of such parent issued after
the Issue Date; provided, that (x) the aggregate amount of dividends paid pursuant to clauses (a) and (b) shall not exceed the aggregate amount of cash actually contributed to the Issuer from the sale of such Designated
Preferred Interests, and (y) in the case of each of (a) and (b) of this clause viii, that for the most recently ended Four Quarter Period for which internal financial statements are available immediately preceding the date of issuance
of such Designated Preferred Interests or the declaration of such dividends on such Designated Preferred Interests, after giving effect to such issuance or declaration on a pro forma basis, the Issuer and the Restricted Subsidiaries on a
consolidated basis would have had a Consolidated Total Debt Ratio of less than 6.5 to 1.0; 
 (ix) upon the
occurrence of a Change of Control or an Asset Sale, the defeasance, redemption, repurchase or other acquisition of any Subordinated Debt pursuant to provisions substantially similar to those contained Section 4.10 and Section 4.14 at the
Purchase Price (in the case of a Change of Control) or at a percentage of the principal amount thereof not higher than 100.0% of the principal amount thereof (in the case of an Asset Sale), plus any accrued and unpaid interest thereon;
provided that prior to or contemporaneously with such defeasance, redemption, repurchase or other acquisition, the Issuer has made an Offer to Purchase with respect to the Notes and has repurchased all Notes validly tendered for payment and
not withdrawn in connection therewith; 

  
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 (x) other Restricted Payments not in excess of $30.0 million in the
aggregate; 
 (xi) the repurchase, redemption or other acquisition or retirement for value of any Subordinated
Debt pursuant to the provisions similar to those contained in Section 4.10 and Section 4.14; provided, that all Notes tendered by Holders in connection with an Offer to Purchase upon a Change of Control or an Asset Sale, as
applicable, have been repurchased, redeemed or acquired for value; 
 (xii) the declaration and payment of
distributions or dividends, as applicable, by the Issuer or its Restricted Subsidiaries to, or the making of loans to, any direct or indirect parent, including Parent, in amounts required for any such direct or indirect parents to pay, in each case
without duplication, 
 (a) franchise taxes and other fees, taxes and expenses required to maintain their
corporate existence; 
 (b) federal, state and local income taxes, to the extent such income taxes are
attributable to the income of the Issuer and/or its Restricted Subsidiaries, as applicable (and, to the extent of the amount actually received by the Issuer (or its Restricted Subsidiaries) from its Unrestricted Subsidiaries, in amounts required to
pay such taxes to the extent attributable to the income of such Unrestricted Subsidiaries); provided, that the amount of such distributions or dividends (plus any taxes payable directly by the Issuer or its Restricted Subsidiaries) does not
exceed the amount of such taxes that would have been payable directly by the Issuer and/or its Restricted Subsidiaries (and its Unrestricted Subsidiaries to the extent described above) had the Issuer been the common parent of a separate tax group
that included only the Issuer and its Restricted Subsidiaries (and its Unrestricted Subsidiaries to the extent described above); 
 (c) customary salary, bonus, indemnification obligations and other benefits payable to directors, officers and employees of any direct or indirect parent company of the Issuer, including Parent, to the
extent such salaries, bonuses, indemnification obligations and other benefits are attributable to the ownership or operation of the Issuer and its Restricted Subsidiaries; 

  
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 (d) general corporate operating and overhead costs and expenses of any
direct or indirect parent company of the Issuer, including Parent, including, without limitation, amounts due or payable under Station Contracts to the extent such fees, expenses, salaries, bonuses, indemnification obligations, other benefits and
corporate overhead expenses are attributable to the ownership or operation of the Issuer and its Restricted Subsidiaries; and 
 (e) payments relating to the settlement of, and expenses relating to, legal or administrative proceedings of the Issuer, any Restricted Subsidiary or any direct or indirect parent company of the Issuer,
including Parent, that are unsecured, in an amount not to exceed $10.0 million in the aggregate; provided, that Issuer or any Restricted Subsidiary may pay amounts in excess of $10.0 million so long as there exists no Default prior to and/or
after giving effect to each such payment; provided further, that such payments may only be paid so that such funds can be used to make payments relating to the settlement of and expenses relating to, legal or administrative proceedings of the
Issuer, any Restricted Subsidiary or any direct or indirect parent company of the Issuer, including Parent, that are uninsured. 
 (xiii) the payment of dividends, other distributions and other amounts by the Issuer to, or the making of loans to, any direct or indirect parent of the Issuer, including Parent, in the amount required
for such parent to, if applicable, pay amounts equal to amounts required for any direct or indirect parent of the Issuer, including Parent, if applicable, to pay interest and/or principal (including AHYDO Catch Up Payments) on Debt the proceeds of
which have been permanently contributed to the Issuer or any Restricted Subsidiary; provided, that (w) such Debt is considered Debt of the Issuer or its Restricted Subsidiaries incurred in accordance with Section 4.09, (x) the
proceeds contributed to the Issuer or such Restricted Subsidiaries shall not increase amounts available for Restricted Payments pursuant to Section 4.07(A)(c), (y) the aggregate amount of such dividends, other distributions and other
amounts paid by the Issuer, together with any other payments in respect of such Debt, shall not exceed the amount of cash actually contributed to the Issuer and its Restricted Subsidiaries from the net proceeds of such Debt and (z) such
dividends, other distributions and other amounts paid by the Issuer are included in the definition of “Fixed Charges.” 

  
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 (C) For purposes of this Section 4.07, if any Investment or Restricted Payment could be
permitted pursuant to one or more provisions described above (including Section 4.07(A)) and/or one or more of the exceptions contained in the definition of “Permitted Investments,” the Issuer may classify in one or more
tranches such Investment or Restricted Payment in any manner that complies with this Section 4.07 and may later reclassify any such Investment or Restricted Payment so long as the Investment or Restricted Payment (as so reclassified) would be
permitted to be made in reliance on the applicable exception as of the date of such reclassification. 
 (D) If any Person in
which an Investment is made, which Investment constitutes a Restricted Payment when made, thereafter becomes a Restricted Subsidiary in accordance with this Indenture, all such Investments previously made in such Person shall no longer be counted as
Restricted Payments for purposes of calculating the aggregate amount of Restricted Payments pursuant to Section 4.07(A)(c) or Section 4.07(B)(x), in each case to the extent such Investments would otherwise be so counted. 

(E) If the Issuer or a Restricted Subsidiary transfers, conveys, sells, leases or otherwise disposes of an Investment in accordance with
Section 4.10 which Investment was originally included in the aggregate amount expended or declared for all Restricted Payments pursuant to Section 4.07(A)(c), the aggregate amount expended or declared for all Restricted Payments shall be
reduced by the lesser of (i) the Net Cash Proceeds from the transfer, conveyance, sale, lease or other disposition of such Investment or (ii) the amount of the original Investment, in each case, to the extent originally included in the
aggregate amount expended or declared for all Restricted Payments pursuant to Section 4.07 (A)(c). 
 (F) For purposes of
this Section 4.07, if a particular Restricted Payment involves a non-cash payment, including a distribution of assets, then such Restricted Payment shall be deemed to be an amount equal to the cash portion of such Restricted Payment, if any,
plus an amount equal to the Fair Market Value of the non-cash portion of such Restricted Payment. 
 Section 4.08.
Limitation on Dividends and Other Payments Affecting Restricted Subsidiaries. (A) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, cause or suffer to exist or become effective or
enter into any encumbrance or restriction (other than pursuant to this Indenture, law, rules or regulation) on the ability of any Restricted Subsidiary to (i) pay dividends or make any other distributions on its Capital Interests to the Issuer
or any Restricted Subsidiary or pay any Debt or other obligation owed to the Issuer or any Restricted Subsidiary, (ii) make loans or advances to the Issuer or any Restricted Subsidiary thereof or (iii) transfer any of its property or
assets to the Issuer or any Restricted Subsidiary. 

  
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 (B) However, the preceding restrictions of this Section 4.08(A) will not apply to the
following encumbrances or restrictions existing under or by reason of: 
 (i) any encumbrance or restriction in
existence on the Issue Date, including those required by the New Credit Facility, or any future Debt incurred in compliance with the New Credit Facility (so long as such restrictions are not materially more restrictive, taken as a whole, than the
New Credit Facility), 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, in the good faith judgment of the Issuer, are not materially more restrictive, taken as a whole, with respect to such dividend or other payment restrictions than those contained in these
agreements on the Issue Date or refinancings thereof; 
 (ii) any encumbrance or restriction pursuant to an
agreement or other instrument relating to an acquisition of property, or purchase money obligations in connection with any such acquisitions, so long as the encumbrances or restrictions in any such agreement relate solely to the property so acquired
(and are not or were not created in anticipation of or in connection with the acquisition thereof); 
 (iii) any
encumbrance or restriction which exists with respect to a Person or its Subsidiaries that becomes a Restricted Subsidiary after the Issue Date, which is in existence at the time such Person becomes a Restricted Subsidiary, but not created in
connection with or in anticipation of such Person becoming a Restricted Subsidiary, and which is not applicable to any Person or the property or assets of any Person other than such Person or the property or assets of such Person becoming a
Restricted Subsidiary; 
 (iv) customary provisions restricting subletting or assignment of any lease, sublease,
license, sublicense or other agreement of the Issuer or any Restricted Subsidiary or provisions in agreements that restrict the assignment of such agreement or any rights thereunder; 

(v) any restriction on the sale or other disposition of assets or property securing Debt as a result of a Permitted Lien
on such assets or property; 

  
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 (vi) any encumbrance or restriction by reason of applicable law or
applicable rule, regulation or order; 
 (vii) any encumbrance or restriction under this Indenture, the Notes and
the Note Guarantees; 
 (viii) restrictions on cash and other deposits or net worth imposed by customers under
contracts entered into in the ordinary course of business; 
 (ix) provisions with respect to 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 in the ordinary course of business; 

(x) any instrument governing Debt or Capital Interests of a Person acquired by the Issuer or any of the Restricted
Subsidiaries as in effect at the time of such acquisition, merger, consolidation or amalgamation (except to the extent such Debt or Capital Interests were incurred in connection with or in contemplation of such acquisition), which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; 

(xi) Liens securing Debt otherwise permitted to be incurred under this Indenture, including pursuant to Section 4.12,
that limit the right of the debtor to dispose of the assets subject to such Liens; 
 (xii) customary 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 otherwise permitted by this Indenture, which limitation
is applicable only to the assets (including Capital Interests of Subsidiaries) that are the subject of such agreements; 
 (xiii) any such encumbrance or restriction of the type referred in clauses (i) through (iii) of Section 4.08(A) imposed by any permitted amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through (xii) above; provided, that any such amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Issuer, not materially more restrictive with respect to such encumbrances and restrictions taken as a whole than those in effect prior to such
amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing; and 

  
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 (xiv) restrictions that are not materially more restrictive, taken as a
whole, than customary provisions in comparable financings and, as determined by management of the Issuer in its reasonable and good faith judgment, will not materially impair the Issuer’s ability to make payments required under the Notes.

 Section 4.09. Limitation on Incurrence of Debt and Issuance of Preferred Interests. (A) The Issuer shall not, and
shall not permit any of its Restricted Subsidiaries to, Incur any Debt (including Acquired Debt) and the Issuer shall not permit any of its Restricted Subsidiaries to issue any Preferred Interests; provided, that the Issuer and any of its
Restricted Subsidiaries may Incur Debt (including Acquired Debt) and any of its Restricted Subsidiaries that is a Note Guarantor may issue Preferred Interests if, immediately after giving effect to the Incurrence of such Debt or the issuance of such
Preferred Interests and the receipt and application of the proceeds therefrom, (a) the Consolidated Total Debt Ratio would be less than or equal to 6.5 to 1.0 and (b) no Default or Event of Default shall have occurred and be continuing at
the time or as a consequence of the Incurrence of such Debt. 
 (B) Notwithstanding the Section 4.09(A), the Issuer and its
Restricted Subsidiaries may Incur Permitted Debt. 
 For purposes of determining compliance with this Section 4.09,
(x) Debt outstanding under the New Credit Facility on the Issue Date shall be treated as Incurred pursuant to clause (i) of the definition of “Permitted Debt,” (y) the outstanding principal amount of any Debt shall be
counted only once such that (without limitation) any obligation arising under any Guarantees or obligations with respect to letters of credit supporting Debt otherwise included in the determination of such particular amount shall not be included and
(z) except as provided above, in the event that an item of Debt or Preferred Interests meets the criteria of more than one of the types of Debt or Preferred Interests described above, including categories of Permitted Debt and the first
paragraph of this Section 4.09(A), the Issuer, in its sole discretion, shall classify, and from time to time may reclassify, all or any portion of such item of Debt or Preferred Interests (including in more than one of the types of such Debt or
Preferred Interests described above or in the definition of “Permitted Debt”). 
 The accrual of interest, the
accretion or amortization of original issue discount and the payment of interest on Debt in the forms of additional Debt or payment of dividends on Capital Interests in the forms of additional shares of Capital Interests with the same terms and
change in the amount outstanding due solely to the result of fluctuations in the exchange rates of currencies will not be deemed to be an Incurrence of Debt or issuance of Capital Interests for purposes of this Section 4.09. 

  
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 For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Debt, the U.S. dollar-equivalent principal amount of Debt denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Debt was incurred, in the case of term debt, or
first committed, in the case of revolving credit debt; provided, that if such Debt is incurred to refinance other Debt denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to
be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the Debt is Refinancing Debt. 

The principal amount of any Debt incurred to refinance other Debt, if incurred in a different currency from the Debt being refinanced,
shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Debt is denominated that is in effect on the date of such refinancing. 

The Issuer and any Subsidiary Guarantor shall not Incur any Debt that pursuant to its terms is subordinate or junior in right of payment
to any Debt unless such Debt is subordinated in right of payment to the Notes and the Note Guarantees to the same extent; provided that Debt will not be considered subordinate or junior in right of payment to any other Debt solely by virtue
of being unsecured or secured to a greater or lesser extent or with greater or lower priority. 
 Section 4.10.
Limitation on Asset Sales. (A) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 
 (i) the Issuer (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to the Fair Market Value of the assets or Capital Interests issued or
sold or otherwise disposed of; and 

  
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 (ii) except in the case of any Permitted Asset Swap, at least 75.0% of the
consideration received in the Asset Sale by the Issuer or such Restricted Subsidiary is in the form of cash or Eligible Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 

(a) any liabilities, as shown on the most recent consolidated balance sheet of the Issuer or any Restricted Subsidiary (other than
liabilities that are by their terms subordinated to the Notes), or any Note Guarantee assumed by the transferee of any such assets pursuant to a customary assignment and assumption agreement that releases the Issuer or such Restricted Subsidiary
from further liability; 
 (b) any securities, notes or other obligations received by the Issuer or any such Restricted
Subsidiary from such transferee that are converted by the Issuer or such Restricted Subsidiary into cash within 365 days of their receipt to the extent of the cash received in that conversion; and 

(c) any Designated Non-cash Consideration received by the Issuer or any Restricted Subsidiary in such Asset Sale having an aggregate Fair
Market Value (when taken together with all other Designated Non-cash Consideration received pursuant to this clause (c) that does not exceed the greater of (i) $25.0 million and (ii) 2.5% of Total Assets at time of receipt of such
Designated Non-cash Consideration being measured at the time it was received and without giving effect to subsequent changes in value. 
 (B) Within 365 days after the receipt of any Net Cash Proceeds from an Asset Sale, the Issuer (or the applicable Restricted Subsidiary, as the case may be) may apply such Net Cash Proceeds at its option:

 (i) to reduce or repay (a) Obligations under the New Credit Facility (and if such Obligations are
revolving credit Obligations, to correspondingly reduce commitments with respect thereto), (b) Obligations under Debt (other than the New Credit Facility and Subordinated Debt) of the Issuer or any Subsidiary that is a Note Guarantor that is
secured by a Lien, which Lien is permitted by this Indenture (and if such Obligations are revolving credit Obligations, to correspondingly reduce commitments with respect thereto) or (c) Obligations under other Debt (other than Subordinated
Debt) of the Issuer or any Subsidiary that is a Note Guarantor (and if such Obligations are revolving credit Obligations, to correspondingly reduce commitments with respect thereto); provided that, to the extent the Issuer reduces Obligations
under the Debt described in clause (c), the Issuer shall equally and ratably reduce Obligations under the Notes as provided under Section 3.07, through open-market purchases (to the extent such purchases are at or above 100.0% of the principal
amount thereof) or by making an offer (in accordance with the procedures set forth in the succeeding paragraph for an Offer to Purchase) to all Holders to purchase their Notes at 100.0% of the principal amount thereof, plus the amount of accrued but
unpaid interest, if any, on the amount of Notes that would otherwise be prepaid; 

  
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 (ii) to acquire assets constituting, or any Capital Interests of a Person
owning, a Permitted Business or Related Business Assets, in each case, if, after giving effect to any such acquisition, such assets or Capital Interests are owned by the Issuer or a Restricted Subsidiary or the Person owning such Permitted Business
or Related Business Assets is or becomes a Restricted Subsidiary of the Issuer; 
 (iii)(i) to make a capital
expenditure in or that is used or useful in a Permitted Business or Related Business Assets or (ii) to make expenditures for maintenance, repair or improvement of existing properties and assets, in each case, of the Issuer or a Restricted
Subsidiary; 
 (iv) to acquire other assets that are not classified as current assets under GAAP and that are
used or useful in a Permitted Business; or 
 (v) any combination of the foregoing, 

provided, that if during such 365-day period the Issuer or a Restricted Subsidiary enters into a definitive agreement committing it to apply such
Net Cash Proceeds in accordance with the requirements of clauses (ii), (iii) or (iv), or any combination thereof, of Section 4.10(B) such 365-day period will be extended up to an additional 180 days with respect to the amount of Net Cash
Proceeds so committed (an “Acceptable Commitment”). Pending the final application of any Net Cash Proceeds, the Issuer may temporarily reduce borrowings under any Credit Agreement or otherwise temporarily invest such Net Cash
Proceeds in any manner not prohibited by this Indenture. 
 (C) Subject to Section 4.10(D), any Net Cash Proceeds from
Asset Sales that are not applied or invested as provided in Section 4.10 shall constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $15.0 million (it being understood that the Issuer may, in its
sole discretion, make an Offer to Purchase pursuant to this Section 4.10(C) prior to (i) the time that the aggregate amount of Excess Proceeds exceeds $15.0 million and/or (ii) the end of the 365-day reinvestment period or any
extension thereof permitted under this Section 4.10), within 30 days thereof, the Issuer will make an Offer to Purchase to all Holders of Notes or, in the case of any other Net Cash Proceeds, to all holders of other Debt ranking pari
passu with the Notes containing provisions similar to those set forth in this Indenture with respect to asset sales, in each case, equal to the Excess Proceeds. The offer price in any Offer to Purchase will be equal to 100.0% of the principal
amount plus accrued and unpaid interest to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Offer to Purchase, the Issuer may use those Excess Proceeds

  
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for any purpose not otherwise prohibited by this Indenture and such remaining amount shall not be added to any subsequent Excess Proceeds for any purpose under this Indenture. If the aggregate
principal amount of Notes or Notes and other pari passu Debt (in the case of any other Net Cash Proceeds) tendered into such Offer to Purchase exceeds the amount of Excess Proceeds, the Issuer or, at the request of the Issuer, the Trustee will
select the Notes and the Issuer or its agent shall select the other pari passu Debt, as the case may be, to be purchased on a pro rata basis, subject to adjustments so that no Notes or other pari passu Debt is selected and repurchased in part in an
unauthorized denomination. Upon completion of each Offer to Purchase, the amount of Excess Proceeds will be reset at zero. 

(D) The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act and any other applicable securities laws and
regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Offer to Purchase. To the extent that the provisions of any securities laws or regulations conflict with the
Asset Sale provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Asset Sale provisions of this Indenture by virtue of such
compliance. 
 Section 4.11. Limitation on Transactions with Affiliates. (A) The Issuer shall not, and shall not
permit any of its Restricted Subsidiaries to, directly or indirectly, 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 or series of related transactions, contract, agreement, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) involving aggregate
payments or consideration in excess of $2.0 million, unless: 
 (a) such Affiliate Transaction is on terms that are not
materially less favorable to the Issuer or the relevant Restricted Subsidiary than those that could reasonably have been obtained in a comparable arm’s-length transaction by the Issuer or such Restricted Subsidiary with an unaffiliated party;
and 
 (b) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $10.0 million, the Issuer delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Issuer approving such Affiliate Transaction and set forth in an Officers’
Certificate certifying that such Affiliate Transaction complies with clause (a) above; and 

  
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 (c) with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of $25.0 million, the Issuer must obtain and deliver to the Trustee a written opinion of a nationally recognized investment banking, accounting or appraisal firm (an “Independent Financial
Advisor”) stating that the terms of such Affiliate Transaction are fair, from a financial point of view, to the Issuer and its Restricted Subsidiaries or are not materially less favorable than those that might reasonably have been obtained
in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate. 
 (B) The foregoing limitation
does not limit, and shall not apply to: 
 (a) Restricted Payments that are permitted by Section 4.07 of this Indenture and
Permitted Investments; 
 (b) the payment of reasonable and customary fees and indemnities to members of the Board of Directors
of the Parent, the Issuer or a Restricted Subsidiary; 
 (c) payments of loans or cancellation of loans (and any related
agreement, plan or arrangement) relating to compensation, fees and other benefits (including retirement, health, option, deferred compensation, employment, stock option, bonus and other benefit plans) and indemnities to officers, employees and
consultants of, the Issuer, any direct or indirect parent company of the Issuer, including Parent, or any Restricted Subsidiary, in each case, in the ordinary course of business and approved by the Issuer in good faith; 

(d) transactions between or among the Issuer and/or its Restricted Subsidiaries; 

(e) the issuance of Capital Interests (other than Redeemable Capital Interests) of the Issuer otherwise permitted under this Indenture
and the granting of registration and other customary rights in connection therewith; 
 (f) any agreement or arrangement as in
effect on the Issue Date and any amendment, extension or modification thereto (so long as such amendment, extension or modification is not materially more disadvantageous to the holders of the Notes when taken as a whole as compared to the
applicable agreement as in effect on the Issue Date); 
 (g) any transaction in which the Issuer or a Restricted Subsidiary, as
the case may be, delivers to the Trustee a written opinion from an Independent Financial Advisor to the effect that the terms of such transaction are fair, from a financial point of view, to the Issuer or the relevant Restricted Subsidiary or are
not materially less favorable to the Issuer or the relevant Restricted Subsidiary than those that might reasonably have been obtained in a comparable transaction at such time on an arm’s-length basis by the Issuer or such Restricted Subsidiary
with a Person that is not an Affiliate of the Issuer; 

  
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 (h) any contribution of capital to the Issuer; 

(i) arm’s-length transactions between the Issuer and/or its Restricted Subsidiaries and any direct or indirect parent company of the
Issuer, including Parent, with respect to Station Contracts or the licensing of intellectual property, in each case, in the ordinary course of business; 
 (j) Investments in or transactions with a joint venture that is an Affiliate solely because the Issuer or a Restricted Subsidiary owns an equity interest in or otherwise controls such Person entered into
in the ordinary course of business and permitted by Section 4.07 of this Indenture; 
 (k) pledges of Capital Interests of
Unrestricted Subsidiaries; 
 (l) transactions with a Person (other than an Unrestricted Subsidiary of the Issuer) that is an
Affiliate of the Issuer solely because the Issuer owns, directly or through a Restricted Subsidiary, a Capital Interest in, or controls, such Person; 
 (m) any transaction permitted by Article 5 of this Indenture; and 
 (n)
transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case, in the ordinary course of business and which, in the good faith judgment of the Issuer, are fair to the Issuer or such Restricted
Subsidiary, as the case may be, or are on terms at least as favorable as those that would have been obtained at such time in a comparable arm’s length transaction with a Person that is not an Affiliate of the Issuer. 

Section 4.12. Limitation on Liens. (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries,
directly or indirectly, to enter into, create, incur, assume or suffer to exist any Lien of any kind with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom, in each
case, that secures Obligations under any Debt or any related Guarantee, except: 
 (1) Permitted Liens;

 (2) Liens securing Subordinated Debt, if the Notes and related Guarantees are secured by a Lien on such assets
or property, or income or profits therefrom, that is senior in priority to such Liens; or 

  
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 (3) any other Lien, if the Notes or the Guarantees are secured by a Lien on
such assets or property, or income or profits therefrom, that is equal with or senior in priority to such Liens. 
 (b)
Section 4.12(a) shall not apply to Liens securing the Notes and the related Guarantees. 
 (c) Any Lien created for the
benefit of the Holders pursuant to Section 4.12(a) shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the initial Lien that gave rise to the obligation
to so secure the Notes. 
 Section 4.13. Limitation on Activities of License Subsidiaries. If at any time a License
Subsidiary does not Guarantee the Notes on a senior unsecured basis, such License Subsidiary shall not (i) incur any Debt other than (x) guarantees of Obligations under the New Credit Facility on a senior unsecured basis and (y) other
Debt (other than Subordinated Debt) not to exceed, when aggregated with all other Debt (other than Subordinated Debt) incurred pursuant to this clause (y) by all other License Subsidiaries, $250,000 or (ii) create, incur, assume or suffer
to exist any Liens upon any of its assets or property, income or profits therefrom, whether now owned or hereafter acquired, except Permitted Liens. 
 Section 4.14. Offer to Purchase Upon Change of Control. If a Change of Control occurs, unless the Issuer has previously or concurrently mailed a redemption notice with respect to all the
outstanding Notes under Section 3.07, the Issuer shall make an Offer to Purchase all of the Notes pursuant to the offer described below at the Purchase Price. Within 30 days following the consummation of any Change of Control, the Issuer shall
deliver notice of such Offer to Purchase, with a copy to the Trustee, to each Holder in accordance with the procedures of DTC describing the transaction or transactions that constitute the Change of Control and offering to repurchase Notes for the
Purchase Price on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is delivered, pursuant to the procedures required by this Indenture and described in such notice. If
such notice is delivered prior to the occurrence of a Change of Control, such notice shall state that the Offer to Purchase is conditional on the occurrence of such Change of Control. 

On the date specified in the notice for the payment of the Purchase Price, the Issuer shall, to the extent permitted by law, 

(a) accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the Offer to Purchase; 

  
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 (b) deposit with the Paying Agent an amount equal to the aggregate Purchase Price in respect
of all Notes or portions thereof so tendered; and 
 (c) deliver, or cause to be delivered, to the Trustee for cancellation the
Notes so accepted. 
 The Paying Agent shall promptly deliver to each Holder the Purchase Price for any such Notes properly
tendered, and the Trustee shall cause to be transferred by book entry (or promptly authenticate and deliver in the case of certificated Notes) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered,
if any; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Issuer shall publicly announce the results of the Offer to Purchase on or as soon as practicable after the
Expiration Date. 
 The Issuer shall not be required to make an Offer to Purchase following a Change of Control if a third
party, including the Parent, makes the Offer to Purchase in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to an Offer to Purchase made by the Issuer and purchases all Notes validly
tendered and not withdrawn under such Offer to Purchase. Notwithstanding anything to the contrary herein, an Offer to Purchase may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in
place for the Change of Control at the time of making of the Offer to Purchase. 
 The Issuer shall 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 or regulations are applicable in connection with the repurchase by the Issuer of Notes pursuant to an Offer to Purchase upon a
Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have
breached its obligations described in this Indenture by virtue thereof. 
 Section 4.15. Suspension of Covenants.
Following the first day on which: 
 (a) the Notes have an Investment Grade Rating from both of the Rating Agencies, and

 (b) no Default has occurred and is continuing under this Indenture, 
 the Issuer and its Restricted Subsidiaries shall not be subject to the provisions of this Indenture summarized under the following Sections (collectively, the “Suspended Covenants”):

  

	 	•	 	 Section 4.07, 

  
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	 	•	 	 Section 4.08, 

  

	 	•	 	 Section 4.09, 

  

	 	•	 	 Section 4.10, 

  

	 	•	 	 Section 4.11 and 

  

	 	•	 	 Section 5.01(A)(iii). 

 On any date on which the Notes’ credit rating is downgraded from an Investment Grade Rating by any Rating Agency or a Default or Event of Default occurs and is continuing, then the Suspended
Covenants shall be immediately reinstated as if such covenants had never been suspended (such date, the “Reinstatement Date”) and be applicable pursuant to the terms of this Indenture (including in connection with performing any
calculation or assessment to determine compliance with the terms of this Indenture), unless and until the Notes subsequently attain an Investment Grade Rating and no Default or Event of Default is in existence (in which event the Suspended Covenants
shall no longer be in effect for such time that the Notes maintain an Investment Grade Rating and no Default or Event of Default is in existence). The period of time between the date of suspension of the covenants and the Reinstatement Date is
referred to as the “Suspension Period.” 
 On the Reinstatement Date, all Debt incurred during the Suspension Period
shall be classified by the Issuer to have been incurred pursuant to clause (iv) of the definition of “Permitted Debt,” provided, that all Debt outstanding on the Reinstatement date under any Credit Agreement shall be deemed
Incurred under clause (i) of the definition of “Permitted Debt” (up to the maximum amount of such Debt permitted by such clause and after giving effect to Debt Incurred prior to the Suspension Period and outstanding on the
Reinstatement Date). 
 On the Reinstatement Date, all Restricted Payments made during the Suspension Period shall be classified
as having been made pursuant to Section 4.07(A), at the Issuer’s option, any of the clauses of Section 4.07(B) or of the definition of “Permitted Investments.” For purposes of determining compliance with Section 4.10,
the Excess Proceeds from all Asset Sales not applied in accordance with Section 4.10(C) shall be deemed to be reset to zero after the Reinstatement Date. 
 No Default, Event of Default or breach of any kind shall be deemed to exist under this Indenture, the Registration Rights Agreement, the Notes or the Guarantees with respect to the Suspended Covenants
based on, and none of the 

  
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Issuer or any of the Note Guarantors shall bear any liability for, any actions taken or events occurring during, the Suspension Period (or (i) upon termination thereof or
(ii) thereafter, in each case based solely upon events that occurred during the Suspension Period, including, any actions taken at any time pursuant to any contractual obligation arising or entered into prior to the Reinstatement Date,
regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period). 
 During any period when the Suspended Covenants are suspended, the Board of Directors of the Issuer may designate any of the Issuer’s Subsidiaries as Unrestricted Subsidiaries; provided, that
at the time of such designation, the Issuer would be permitted to designate such Subsidiary to be an Unrestricted Subsidiary under Section 4.19 as if Section 4.07 and Section 4.09 had been in effect throughout the Suspension Period.

 The Issuer shall provide an Officers’ Certificate to the Trustee indicating the occurrence of any Suspension Period or
Reinstatement Date. The Trustee will have no obligation to (i) independently determine or verify if such events have occurred, (ii) make any determination regarding the impact of actions taken during the Suspension Period on the
Issuer’s future compliance with its covenants or (iii) notify the Holders of any covenant suspension or Reinstatement Date. 
 Section 4.16. [Reserved]. 
 Section 4.17. [Reserved].

 Section 4.18. Additional Note Guarantees. On and after the Issue Date, the Issuer will cause each of its domestic
Restricted Subsidiaries that guarantees any Obligations under the New Credit Facility to guarantee the Notes and the Issuer’s other obligations under this Indenture on a senior unsecured basis, other than the Issuer’s License Subsidiaries,
which will guarantee the Notes on a senior subordinated unsecured basis as provided in Article 12; provided that, subject to Section 11.07, if a domestic Restricted Subsidiary ceases to qualify as a License Subsidiary because it ceases
to satisfy the definition thereof, the Issuer shall cause such domestic Restricted Subsidiary to promptly guarantee the Notes on a senior unsubordinated unsecured basis. 
 After the Issue Date, the Issuer shall cause each future direct or indirect parent of the Issuer that is a subsidiary of the Parent to guarantee the Notes and the Issuer’s other obligations under
this Indenture on a senior unsecured basis, if such future direct or indirect parent of the Issuer that is a subsidiary of the Parent guarantees Obligations under the New Credit Facility. 

  
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 Section 4.19. Limitation on Creation of Unrestricted Subsidiaries. The Issuer
may create or designate any Subsidiary of the Issuer to be an “Unrestricted Subsidiary” as provided below, in which event such Subsidiary and each other Person that is a Subsidiary of such Subsidiary will be deemed to be an Unrestricted
Subsidiary. 
 “Unrestricted Subsidiary” means: 

(a) any Subsidiary designated as such by the Issuer as set forth below; and 

(b) any Subsidiary of an Unrestricted Subsidiary. 
 The Issuer may designate any Subsidiary to be an Unrestricted Subsidiary (including any existing Subsidiary and any newly acquired or newly formed Subsidiary) unless such Subsidiary owns any Capital
Interests of, or owns or holds any Lien on any property of, any other Restricted Subsidiary of the Issuer; provided that (x) the Issuer could make a Restricted Payment and/or Permitted Investment in one or more tranches in an amount
equal to the greater of the Fair Market Value or book value of such Subsidiary pursuant to Section 4.07 and such amount is thereafter treated as a Restricted Payment or Permitted Investment for the purpose of calculating the amount available
for making a Restricted Payment under Section 4.07, (y) each of (i) the Subsidiary to be so designated and (ii) its Subsidiaries, has not at the time of designation, and does not thereafter, create, Incur, issue, assume,
guarantee or otherwise become directly or indirectly liable with respect to any Debt pursuant to which the lender has recourse to any of the assets of the Issuer or any Restricted Subsidiary and (z) such designation would not cause a Default or
Event of Default. 
 An Unrestricted Subsidiary may be designated as a Restricted Subsidiary if (i) all the Debt of such
Unrestricted Subsidiary could be Incurred under Section 4.09 and (ii) all the Liens on the property and assets of such Unrestricted Subsidiary could be incurred pursuant to Section 4.12. Unrestricted Subsidiaries will not be subject
to any of the restrictive covenants set forth in this Indenture. 
 ARTICLE 5 

SUCCESSORS 
 Section 5.01. Consolidation, Merger, Conveyance, Transfer or Lease. 

(A) Transactions Involving the Issuer. The Issuer will not in any transaction or series of transactions, consolidate with or merge
into any other Person (other than a merger of a Restricted Subsidiary into the Issuer in which the Issuer is the continuing Person), or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of the assets of the
Issuer and its Restricted Subsidiaries (determined on a consolidated basis), taken as a whole, to any other Person, unless: 

  
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 (i) either: (a) the Issuer shall be the continuing Person or
(b) the Person (if other than the Issuer) formed by such consolidation or into which the Issuer is merged, or the Person that acquires, by sale, assignment, conveyance, transfer, lease or other disposition, all or substantially all of the
property and assets of the Issuer (such Person, the “Surviving Entity”), (1) shall be a corporation, partnership, limited liability company or similar entity organized and validly existing under the laws of the United States,
any political subdivision thereof or any state thereof or the District of Columbia and (2) shall expressly assume, by a supplemental indenture, the due and punctual payment of all amounts due in respect of the principal of (and premium, if any)
and interest on all the Notes and the performance of the covenants and obligations of the Issuer under this Indenture; 
 (ii) immediately after such transaction or series of transactions, no Default or Event of Default exists that shall not have been cured or waived; 

(iii) immediately after giving effect to any such transaction or series of transactions on a pro forma basis (including,
without limitation, any Debt Incurred or anticipated to be Incurred in connection with or in respect of such transaction or series of transactions) as if such transaction or series of transactions had occurred on the first day of the determination
period, either (a) the Issuer (or the Surviving Entity if the Issuer is not continuing) could Incur $1.00 of additional Debt (other than Permitted Debt) under Section 4.09(A) or (b) the Consolidated Total Debt Ratio of the Issuer (or
the Surviving Entity if the Issuer is not continuing) would be no greater than immediately prior to such transaction or series of transactions; and 
 (iv) the Issuer delivers, or causes to be delivered, to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, conveyance, assignment,
transfer, lease or other disposition complies with the requirements of this Indenture. 
 The preceding clauses (ii),
(iii) and (iv) will not apply to: 
 (a) a merger between the Issuer and a Restricted Subsidiary or any
transfer of all or part of the assets of the Issuer or any Restricted Subsidiary among each other; or 
 (b) a
merger between the Issuer and an Affiliate incorporated solely for the purpose of converting the Issuer into a corporation organized under the laws of the United States or any political subdivision or state thereof; 

  
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 so long as, in each case, the amount of Debt of the Issuer and its Restricted Subsidiaries
is not increased thereby, except for Debt incurred in the ordinary course of business to pay fees, expenses and other costs associated with such transaction. 
 (B) Transactions Involving the Subsidiary Guarantors. No Subsidiary Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into
(whether or not such Subsidiary Guarantor is the surviving Person), another Person, unless: 
 (i) immediately
after giving effect to that transaction, no Default or Event of Default exists that shall not have been cured or waived; and 
 (ii) either (a) the Person acquiring the property in any such sale or disposition of the Person formed by or surviving any such consolidation or merger assumes all the obligations of such Subsidiary
Guarantor pursuant to a supplemental indenture or (b) the Net Proceeds of such sale or other disposition are applied in accordance with Section 4.10(C). 
 The preceding clauses (i) and (ii) will not apply to a merger between the Issuer and any Subsidiary Guarantor or between Subsidiary Guarantors or any transfer of all or part of the assets of the
Issuer or any Subsidiary Guarantor to the Issuer or any Subsidiary Guarantor. 
 For all purposes of this Indenture and the
Notes, Subsidiaries of any Surviving Entity will, upon such transaction or series of transactions, become Restricted Subsidiaries or Unrestricted Subsidiaries as provided pursuant to this Indenture and all Debt, and all Liens on property or assets,
of the Surviving Entity and its Subsidiaries that was not Debt, or were not Liens on property or assets, of the Issuer and its Subsidiaries immediately prior to such transaction or series of transactions shall be deemed to have been Incurred upon
such transaction or series of transactions. 
 Section 5.02. Successor Person Substituted. Upon any consolidation or
merger, or any sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the assets of the Issuer in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the
successor Person formed by such consolidation or into or with which the Issuer (and, if necessary, any co-issuer) is merged or to which such sale, assignment, conveyance, transfer, lease or other disposition is made shall succeed to, and be
substituted for (so that from and after the date of such consolidation, merger, sale, assignment, conveyance, transfer, lease or other disposition, the provisions of this Indenture referring to the “Issuer” shall refer instead to
the successor Person and not to the Issuer), and shall exercise every right and power of, the Issuer under 

  
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this Indenture with the same effect as if such successor Person had been named as the Issuer herein; provided, however, that in the event of a lease, the predecessor Issuer shall not be
released from the obligation to pay this principal, premium on, if any, and interest, if any, or other obligations on the Notes. 

ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01. Events of Default. Each of the following shall be an “Event of Default” under this Indenture:

 (i) default in the payment in respect of the principal of (or premium, if any, on) any Note at its maturity (whether at
Stated Maturity or upon repurchase, acceleration, optional redemption or otherwise); 
 (ii) default in the payment of any
interest upon any Note when it becomes due and payable, and continuance of such default for a period of 30 days; 
 (iii)
failure to perform or comply with Section 5.01; 
 (iv) except as permitted by this Indenture, (a) any Note Guarantee
of any Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary), shall for any reason cease to be, in full force and effect and enforceable in accordance with its terms (except
as specifically provided in this Indenture) for a period of 30 days after written notice thereof by the Trustee or the Holders of 25.0% in principal amount of the outstanding Notes or (b) the Note Guarantee of any Significant Subsidiary (or any
group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) shall for any reason be asserted by any Note Guarantor or the Issuer not to be in full force and effect and enforceable in accordance with its terms;

 (v) default in the performance, or breach, of any covenant or agreement of the Issuer or any Note Guarantor in this Indenture
(other than a covenant or agreement, a default in whose performance or whose breach is specifically dealt with in clauses (i), (ii), (iii) or (iv) above) and continuance of such default or breach for a period of 60 days after written
notice thereof has been given to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25.0% in aggregate principal amount of the outstanding Notes; 

(vi) a default or defaults under any bonds, debentures, notes or other evidences of Debt (other than the Notes) by the Issuer or any
Restricted Subsidiary having, individually or in the aggregate, a principal or similar amount outstanding of at least $30.0 million, whether such Debt now exists or shall 

  
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hereafter be created, which default or defaults shall have resulted in the acceleration of the maturity of such Debt prior to its express maturity or shall constitute a failure to pay at least
$30.0 million of such Debt when due and payable after the expiration of any applicable grace period with respect thereto; 

(vii) the entry against the Issuer or any Restricted Subsidiary that is a Significant Subsidiary (or any group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary) of a final judgment or final judgments for the payment of money in an aggregate amount in excess of $30.0 million (net of amounts covered by insurance or bonded), by a court or courts
of competent jurisdiction, which judgments remain undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 60 consecutive days; or 
 (viii) (a) the Issuer, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial
statements of the Issuer (or in the event the Parent is satisfying the obligations of the Issuer under Section 4.03 hereof, the Parent) and its Restricted Subsidiaries), would constitute a Significant Subsidiary, pursuant to or within the meaning of
any Bankruptcy Law: 
 (1) voluntarily commences proceedings to be adjudicated bankrupt or insolvent 

(2) consents to the institution of bankruptcy or insolvency proceedings against it in an involuntary case, or to the
filing against it of a petition or answer or consent seeking an arrangement of debt, reorganization, dissolution, winding up or relief under applicable Bankruptcy Law; 

(3) consents to the appointment of a custodian or other similar official of it or for all or substantially all of its
property; 
 (4) makes a general assignment for the benefit of its creditors; or 

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

(b) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(1) is for relief against the Issuer, any Restricted Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Issuer (or 

  
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in the event the Parent is satisfying the obligations of the Issuer under Section 4.03 hereof, the Parent) and its Restricted Subsidiaries), would constitute a Significant Subsidiary, in a
proceeding in which the Issuer, any such Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Issuer (or in
the event the Parent is satisfying the obligations of the Issuer under Section 4.03 hereof, the Parent) and its Restricted Subsidiaries), would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent in an involuntary case;

 (2) appoints a custodian or other similar official of the Issuer, any Restricted Subsidiary that is a
Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Issuer (or in the event the Parent is satisfying the obligations of the Issuer under
Section 4.03 hereof, the Parent) and its Restricted Subsidiaries), would constitute a Significant Subsidiary, or for all or substantially all of the property of the Issuer, any Restricted Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Issuer (or in the event the Parent is satisfying the obligations of the Issuer under Section 4.03 hereof, the Parent) and its
Restricted Subsidiaries), would constitute a Significant Subsidiary; or 
 (3) orders the liquidation,
dissolution or winding up of the Issuer, any Restricted Subsidiary that is a Significant Subsidiary or any group of Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Issuer (or in the
event the Parent is satisfying the obligations of the Issuer under Section 4.03 hereof, the Parent) and its Restricted Subsidiaries), would constitute a Significant Subsidiary; 
 and, in the case of Section 6.01(b)(1), (2) or (3), the order or decree remains unstayed and in effect for 60 consecutive days. 

Section 6.02. Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.01(ii) with
respect to the Issuer) occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25.0% in aggregate principal amount of the outstanding Notes may declare the principal of the Notes and any accrued interest on
the Notes to be due and payable immediately by a notice in writing to the Issuer (and to the Trustee if given by Holders); provided, however, that after such acceleration, but before a judgment or decree based on acceleration, the Holders of
a majority in aggregate principal amount of the outstanding Notes may, under certain circumstances, rescind and annul such acceleration if all Events of Default, other than the nonpayment of accelerated principal of or interest on the Notes, have
been cured or waived as provided in this Indenture. 

  
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 In the event of a declaration of acceleration of the Notes solely because an Event of
Default described in Section 6.01(vi) has occurred and has not been cured or waived, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the Debt that is the basis for such Event of Default has been
discharged, the event of default or payment default triggering such Event of Default pursuant to Section 6.01(vi) shall be remedied or cured by the Issuer or a Restricted Subsidiary of the Issuer or waived by the holders of the relevant Debt
within 30 Business Days after the declaration of acceleration with respect thereto and if the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction obtained by
the Trustee for the payment of amounts due on the Notes. 
 If an Event of Default specified in clause 6.01(viii) above occurs
with respect to the Issuer, the principal of and any accrued interest on the Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Trustee may
withhold from Holders notice of any Default (except Default in payment of principal of, premium, if any, and interest) if the Trustee determines that withholding notice is in the interests of the Holders. 

Section 6.03. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to
collect the payment of principal, premium, if any, interest on the Notes or to enforce the performance of any provision of the Notes and this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder 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 6.04. Waiver of Past Defaults. The Holders of not less than a majority in aggregate principal amount of the
outstanding Notes may, on behalf of the Holders of all the Notes, waive any existing or past default under this Indenture and its consequences hereunder, except a continuing Default or Event of Default: 

(a) in any payment in respect of the principal of (or premium, if any) or interest on the Notes (including any Note which is required to
have been purchased pursuant to an Offer to Purchase), except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of 

  
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the Notes, including any related waiver of the payment default that resulted from such acceleration and its consequences (provided, that such rescission or waiver would not conflict with
any judgment of a court or competent jurisdiction); or 
 (b) in respect of a covenant or provision contained in this Indenture
or any Guarantee which under this Indenture cannot be modified or amended without the consent of the Holder of each outstanding Note affected. 
 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 Indenture. 

Section 6.05. Control by Majority. The Holders of a majority in aggregate principal amount of the then outstanding Notes by
written notice to the Trustee may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust power conferred on it. However, (i) the Trustee may refuse to follow any
direction that conflicts with law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders or that may involve the Trustee in personal liability, and (ii) the Trustee may take any other action
deemed proper by the Trustee which is not inconsistent with such direction. 
 Section 6.06. Limitation on Suits. A
Holder may pursue a remedy with respect to this Indenture or the Notes only if: 
 (a) the Holder has previously given to the
Trustee written notice of a continuing Event of Default or the Trustee receives such notice from the Issuer; 
 (b) the Holders
of at least 25.0% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy; 
 (c) such Holder or Holders offer and, if requested, provide to the Trustee indemnity or security, in each case, reasonably satisfactory to the Trustee against any loss, liability or expense; 

(d) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of, if requested, indemnity or
security; and 
 (e) during such 60-day period the Holders of a majority in aggregate principal amount of the then outstanding
Notes do not give the Trustee a direction inconsistent with the request. 
 A Holder may not use this Indenture to prejudice the
rights of another Holder or to obtain a preference or priority over another Holder. 

  
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 The Trustee may refuse to follow any direction that conflicts with the law or this Indenture
or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. 
 Section 6.07. Rights of Holders of Notes to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal, premium, if any,
and interest on or after the respective due dates expressed in the Note (including in connection with an Offer to Purchase), 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. 
 Section 6.08. Collection Suit by Trustee. If an Event of Default
specified in Section 6.01(i) or (ii) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal of, premium on, if
any, and interest, if any, remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 Section 6.09. Trustee May
File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes), its creditors or its property and shall be
entitled and empowered to collect, receive and distribute any money or other property payable or deliverable upon Notes or on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money,
securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize 

  
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the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10.
Priorities. Any money or property collected by the Trustee pursuant to this Article 6 and any money or other property distributable in respect of the Issuer’s obligations under this Indenture after an Event of Default pursuant to this
Article VI shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium, if any) or interest, if any, upon presentation of the Notes and the
notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 First: to the Trustee
(including any predecessor Trustee), its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all reasonable compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and
expenses of collection; 
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any,
and interest ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, if any, respectively; and 

Third: to the Issuer or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

Section 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any
suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may
assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to
a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 hereof, or a suit by Holders of more than 10.0% in aggregate principal amount of the then outstanding Notes. 

  
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 ARTICLE 7 
 TRUSTEE 
 Section 7.01. Duties of Trustee. (a) If an
Event of Default has occurred and is continuing and has not been cured or waived, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent
person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 
 (b) Except during the
continuance of an Event of Default: 
 (i) the duties of the Trustee shall be determined solely by the express
provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall be under a duty to examine the certificates and
opinions specifically required to be furnished to it to determine whether or not they conform on their face to the form requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by an officer of the Trustee, unless it
is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not
be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof or otherwise in accordance with the direction of the Holders of a majority in principal
amount of outstanding Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture. 

  
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 (d) Whether or not therein expressly so provided, every provision of this Indenture
that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) No
provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders,
unless such Holder shall have offered to the Trustee, as applicable, security and indemnity satisfactory to it against any loss, liability or expense which might be incurred by it in compliance with such request or direction. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02. Rights of Trustee. (a) The Trustee may conclusively rely and shall be fully protected in acting or refraining
from acting on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in any such document. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of the Trustee’s own choosing and the Trustee shall be
fully protected from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance on the advice or opinion of such counsel or on any Opinion of Counsel. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or
agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Officers’ Certificate and any resolution of the
Board of Directors may be sufficiently evidenced by a Board Resolution. Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action
hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate. 

  
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 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Issuer or a Note Guarantor shall be sufficient if signed by an Officer of the Issuer or such Note Guarantor. 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in
compliance with such request or direction. 
 (g) The Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or documents, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine during normal business hours the books,
records and premises of the Issuer or any Note Guarantor, personally or by agent or attorney at the sole cost of the Issuer, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(h) The rights, privileges, protections and benefits given to the Trustee, including its rights to be indemnified, are extended to, and
shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Persons employed to act hereunder. 
 (i) The Trustee may request that the Issuer deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions
pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not
superseded. 
 (j) The permissive right of the Trustee to take or refrain from taking any actions enumerated in this Indenture
shall not be construed as a duty. 
 Section 7.03. Individual Rights of Trustee. The Trustee in its individual or
any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires 

  
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any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if this Indenture has been qualified under the TIA) or resign. Any
Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and Section 7.11 hereof. 

Section 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for or make any representation as to the
validity or adequacy of this Indenture or the Notes and shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, and
it shall not be responsible for any statement or recital herein or any statement in the Notes, any statement or recital in any document in connection with the sale of the Notes or pursuant to this Indenture other than the Trustee’s certificate
of authentication on the Notes. 
 Section 7.05. Notice of Defaults. If a Default or Event of Default occurs and is
continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to Holders a notice of the Default or Event of Default within 90 days after knowledge by the Trustee. The Trustee may withhold from Holders notice
of any Default (except Default in payment of principal of, premium on, if any, or interest, if any, on any Note) if a committee of its Responsible Officers in good faith determines that withholding notice is in the interests of the Holders.

 Section 7.06. Reports by Trustee to Holders of the Notes. Within 60 days after each November 1 beginning
with the November 1, 2012, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a)
has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b)(2). The Trustee shall also transmit by mail all reports as required by TIA § 313(c).

 Section 7.07. Compensation and Indemnity. The Issuer shall pay to the Trustee from time to time reasonable
compensation for its acceptance of this Indenture and services hereunder in accordance with a separate fee agreement. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall
reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and
expenses of the Trustee’s agents and counsel. 
 The Issuer and the Note Guarantors, jointly and severally, shall indemnify
the Trustee (which for purposes of this Section 7.07 shall include its officers, directors, stockholders, employees and agents) against any and all claims, 

  
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damage, losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses
of enforcing this Indenture against the Issuer and the Note Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by the Issuer, the Note Guarantors or any Holder or any other Person) or liability in
connection with the exercise or performance of any of its powers or duties hereunder except to the extent any such loss, claim, damage, liability or expense may be attributable to its negligence, bad faith or willful misconduct. The Trustee shall
notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer and the Note Guarantors shall not relieve the Issuer and any of the Note Guarantors of their obligations hereunder. The Issuer or
such Note Guarantor shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Issuer shall pay the reasonable fees and expenses of one such counsel. Neither the Issuer nor any the Note
Guarantor need pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
 The
obligations of the Issuer and the Note Guarantors under this Section 7.07 shall survive the satisfaction and discharge of this Indenture. 
 Without prejudice to the rights provided to the Trustee under any of the provisions of this Indenture, when the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(viii) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

“Trustee” for the purposes of this Section 7.07 shall include any predecessor Trustee and the Trustee in each of
its capacities hereunder and each agent, custodian and other person employed to act hereunder. 
 The Trustee shall comply with
the provisions of TIA § 313(b)(2) to the extent applicable. 
 Section 7.08. Replacement of Trustee. A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 

The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of
a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10 hereof; 

  
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 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered
with respect to the Trustee under any Bankruptcy Law; 
 (c) a custodian or public officer takes charge of the Trustee or its
property; or 
 (d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Issuer. 
 If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Issuer or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and the duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the Holders. The retiring Trustee shall promptly transfer all property
held by it as Trustee to the successor Trustee, provided that all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this
Section 7.08, the Issuer’s obligations under and the Lien provided for in Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 
 Section 7.09. Successor Trustee by Merger, Etc. If the Trustee or any Agent consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to,
another Person, the successor Person without any further act shall be the successor Trustee or any Agent, as applicable. 

  
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 Section 7.10. Eligibility; Disqualification. There shall at all times be a
Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trust power and that is subject to supervision or
examination by federal or state authorities. The Trustee together with its Affiliates shall at all times have a combined capital surplus of at least $50.0 million as set forth in its most recent annual report of condition. 

This Indenture shall always have a Trustee who satisfies the requirements of TIA §§ 310(a)(1), (2) and (5). The Trustee is
subject to TIA § 310(b) including the provision in § 310(b)(1); provided that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities, or certificates of interest
or participation in other securities, of the Issuer or the Note Guarantors are outstanding if the requirements for exclusion set forth in TIA § 310(b)(1) are met. 
 Section 7.11. Preferential Collection of Claims Against the Issuer. The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who
has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 Section 7.12.
Trustee’s Application for Instructions from the Issuer. Any application by the Trustee for written instructions from the Issuer may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the
Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal
included in such application on or after the date specified in such application (which date shall not be less than 20 Business Days after the date any officer of the Issuer actually receives such application, unless any such officer shall have
consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response to such application specifying the action to be
taken or omitted. 
 Section 7.13. Limitation of Liability. In no event shall the Trustee, in its capacity as such
or as Registrar or in any other capacity hereunder, be liable under or in connection with this Indenture for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost
profits, whether or not foreseeable, even if the Trustee has been advised of the possibility thereof and regardless of the form of action in which such damages are sought. The Trustee shall not be responsible or liable for any failure or delay in
the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including force majeure events; earthquakes; fire; flood; terrorism; wars and other military

  
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disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or
military authority and governmental action. The provisions of this Section 7.13 shall survive satisfaction and discharge or the termination for any reason of this Indenture and the resignation or removal of the Trustee. 

ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at any time, at the option of its
Board of Directors evidenced by a Board Resolution, at any time, elect to have either Section 8.02 or 8.03 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02. Legal Defeasance. Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to
this Section 8.02, the Issuer shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes and have each Note
Guarantor’s obligation discharged with respect to its Note Guarantee and cure all then-existing Events of Default (hereinafter, “legal defeasance”). For this purpose, legal defeasance means that the Issuer shall be deemed to
have paid and discharged the entire Debt represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred
to in (a) and (b) below, and to have satisfied all of its other obligations under such Notes and this Indenture (and the Trustee, on written demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the
same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium on, if any, and
interest, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04(a); (b) the Issuer’s obligations with respect to such Notes under Sections 2.02, 2.03, 2.04, 2.05, 2.06, 2.07, 2.10, 2.11 and 4.02
hereof; (c) the rights, powers, trusts, duties and immunities of the Trustee, including under Sections 7.07, 8.05 and 8.07 hereof and the Issuer’s obligations in connection therewith; (d) the Issuer’s rights pursuant to
Section 3.07; and (e) the provisions of this Article 8. Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03
hereof. 
 Section 8.03. Covenant Defeasance. Upon the Issuer’s exercise under Section 8.01 hereof of the
option applicable to this Section 8.03, the Issuer and the Note Guarantors shall, subject to the satisfaction of the conditions set forth in 

  
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Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.03, 4.04, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.18, 4.19 and 5.01
hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “covenant defeasance” and, together with legal defeasance, “defeasance”),
and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall
continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, covenant defeasance means that, with respect to
the outstanding Notes and Note Guarantees, the Issuer or any of its Note Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly,
by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of
Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees shall be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of
the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(iv), 6.01(v), 6.01(vi), 6.01(vii) and 6.01(viii) (solely with respect to Restricted Subsidiaries that
are Significant Subsidiaries or a group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Issuer (or in the event the Parent is satisfying the obligations of the Issuer
under Section 4.03 hereof, the Parent) and its Restricted Subsidiaries) would constitute a Significant Subsidiary) hereof shall not constitute Events of Default. 
 Section 8.04. Conditions to Legal Defeasance or Covenant Defeasance. 

In order to exercise either legal defeasance or covenant defeasance under either Section 8.02 or 8.03 hereof to the outstanding
Notes: 
 (a) the Issuer must irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for
the purpose of making the following payments, dedicated solely to the benefits of the Holders of such Notes: (A) money in an amount, or (B) securities issued or directly and fully guaranteed or insured by the United States or any agency or
instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof), which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not
later than the due date of any payment, money in an amount or (C) a combination thereof, in each case sufficient without reinvestment to pay and discharge, and which shall be applied 

  
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by the Trustee to pay and discharge, the entire indebtedness in respect of the principal of and premium, if any, and interest on such Notes on the Stated Maturity thereof or (if the Issuer has
made irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name and at the expense of the Issuer) the redemption date thereof, as the case may be, in accordance with the terms of this
Indenture and such Notes; 
 (b) in the case of legal defeasance, the Issuer shall have delivered to the Trustee an Opinion of
Counsel stating that, subject to customary assumptions and exclusions, (A) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the date of this Indenture, there has been a
change in the applicable United States federal income tax law, in either case (A) or (B) stating that, and based thereon such opinion shall state, subject to customary assumptions and exclusions, that the Holders of such Notes will not
recognize gain or loss for United States federal income tax purposes, as applicable, as a result of such deposit, defeasance and discharge to be effected with respect to such Notes and will be subject to United States federal income tax on the same
amount, in the same manner and at the same times as would be the case if such deposit, defeasance and discharge were not to occur; 
 (c) in the case of covenant defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that, subject to customary assumptions and exclusions, the Holders of such outstanding
Notes will not recognize gain or loss for United States federal income tax purposes as a result of the deposit and covenant defeasance to be effected with respect to such Notes and will be subject to federal income tax on the same amount, in the
same manner and at the same times as would be the case if such deposit and covenant defeasance were not to occur; 
 (d) no
Default or Event of Default with respect to the outstanding Notes shall have occurred and be continuing at the time of such deposit after giving effect thereto (other than a Default or Event of Default resulting from the borrowing of funds to be
applied to such deposit and the grant of any Lien to secure such borrowing); 
 (e) such legal defeasance or covenant defeasance
shall not result in a breach or violation of, or constitute a default under, the New Credit Facility or any other material agreement or material instrument (other than this Indenture) to which the Issuer is a party or by which the Issuer is bound;
and 
 (f) the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that, subject to customary assumptions and exclusions, all conditions precedent with respect to such legal defeasance or covenant defeasance, as the case may be, have been complied with. 

  
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 Notwithstanding the foregoing, the Opinion of Counsel required by clause (b) above with
respect to a legal defeasance need not be delivered if all Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable, or (y) will become due and payable at Stated Maturity within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer. 
 Section 8.05. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.06 hereof, all money and non-callable U.S. government
obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the
outstanding Notes shall be held in trust, shall not be invested, and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer or any
Subsidiary acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, if any, but such money need not be segregated from other
funds except to the extent required by law. 
 The Issuer shall pay and indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the cash or non-callable U.S. government obligations deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by
law is for the account of the Holders of the outstanding Notes. 
 Anything in this Article 8 to the contrary notwithstanding,
the Trustee shall deliver or pay to the Issuer from time to time upon the written request of the Issuer and be relieved of all liability with respect to any money or non-callable U.S. government obligations held by it as provided in
Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1)
hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent legal defeasance or covenant defeasance. 
 Section 8.06. Repayment to Issuer. Subject to applicable unclaimed property laws, any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment
of the principal of, premium, if any, or interest, if any, on any Note and remaining unclaimed for one year after such principal and premium, if any, or interest has become due and payable shall be paid to the Issuer on its written request or (if
then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and 

  
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all liability of the Issuer as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at
the expense of the Issuer cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Issuer. 
 Section 8.07. Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable U.S. government obligations in accordance with Section 8.02 or 8.03, as the
case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations of the Issuer and the Note Guarantors’ obligations under this
Indenture and the Notes and the Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or Section 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such
money in accordance with Section 8.02 or Section 8.03 hereof, as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium on, if any, or interest, if any, on, any Note following the
reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

Section 8.08. Discharge. The Issuer and the Note Guarantors may terminate the obligations under this Indenture (a
“Discharge”) when: 
 (a) either: (A) all Notes theretofore authenticated and delivered, except lost,
stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation, or (B) all such Notes not theretofore delivered to the
Trustee for cancellation (i) have become due and payable by reason of the making of a notice of redemption or otherwise or (ii) will become due and payable within one year or are to be called for redemption within one year under
irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer has irrevocably deposited or caused to be deposited with the Trustee as trust
funds in trust solely for the benefit of the Holders of the Notes, in U.S. dollars, in cash, in securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith
and credit of the United States is pledged in support thereof), or a combination thereof, in an amount sufficient to pay and discharge the entire indebtedness on the Notes, not theretofore delivered to the Trustee for cancellation, for principal of,
premium, if any, and interest to the Stated Maturity or date of redemption; 

  
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 (b) the Issuer has paid or caused to be paid all other sums then due and payable under this
Indenture by the Issuer; 
 (c) the deposit will not result in a breach or violation of, or constitute a default under any
material instrument (other than this Indenture) to which the Issuer or any Note Guarantor is a party or by which the Issuer or any Note Guarantor is bound; 
 (d) the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case
may be; and 
 (e) the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent to satisfaction and discharge under this Indenture have been satisfied. 
 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01. Without Consent of Holders of the Notes. Notwithstanding Section 9.02 of this Indenture, without the
consent of any Holder, the Issuer, any Note Guarantor and the Trustee, at any time and from time to time, may amend or supplement this Indenture and any Note Guarantee or Notes for any of the following purposes: 

(a) to evidence the succession of another Person to the Issuer or any Note Guarantor and the assumption by any such successor of the
covenants of the Issuer or such Note Guarantor in this Indenture, Note Guarantees and in the Notes; 
 (b) to make any change
that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal rights under this Indenture of any such Holder; 
 (c) to add to the covenants for the benefit of the Holders, or to surrender any right or power herein conferred upon the Issuer or any Note Guarantor; 

(d) to add additional Events of Default; 
 (e) to provide for uncertificated Notes in such series in addition to or in place of the certificated Notes; 
 (f) to comply with the requirements of the SEC in order to effect or maintain any qualification of this Indenture under the Trust Indenture Act; 

  
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 (g) to evidence and provide for the acceptance of appointment under this Indenture by a
successor Trustee; 
 (h) to provide for the issuance of Additional Notes in accordance with the terms of this Indenture;

 (i) to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by
this Indenture, including, without limitation, to facilitate the administration of the Notes or the issuance of Additional Notes, provided, however, that (i) compliance with this Indenture as so amended would not result in Notes being
transferred in violation of the Securities Act or any applicable securities laws and (ii) such amendment does not materially and adversely affect the rights of the Holders to transfer Notes, as determined in good faith by the Issuer;

 (j) to add a Note Guarantor or to release a Note Guarantor in accordance with this Indenture, or to modify this Indenture in
connection with the addition of a Note Guarantee; 
 (k) to cure any ambiguity, defect, omission, mistake or inconsistency;

 (l) to comply with Section 5.01; 
 (m) to make any other provisions with respect to matters or questions arising under this Indenture; provided that such actions pursuant to this clause shall not adversely affect the interests of
the Holders in any material respect, as determined in good faith by the Issuer; or 
 (n) to conform the text of this Indenture
a Note Guarantee or the Notes to any provision of the “Description of Notes” section of the Offering Memorandum to the extent that such provision in the “Description of Notes” section of the Offering Memorandum was intended to be
a verbatim recitation of a provision of this Indenture, (including a Note Guarantee) or Notes. 
 Section 9.02. With
Consent of Holders of Notes. With the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes, the Issuer, the Note Guarantors and the Trustee may amend or supplement this Indenture, (including
any Note Guarantee) and the Notes (together with the other consents required thereby) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or (including any Note Guarantee) or
the Notes or of modifying in any manner the rights of the Holders of the Notes under this Indenture (including any Note Guarantee), including the definitions herein; provided, however, that no such supplemental indenture, modification or
amendment shall, without the consent of the Holder of each outstanding Note affected thereby: 

  
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 (a) change the Stated Maturity of any Note or of any installment of interest on any Note, or
reduce the amount payable in respect of the principal thereof or the rate of interest thereon or any premium payable thereon, reduce the amount that would be due and payable on acceleration of the maturity thereof, or change the coin or currency in
which any Note or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, or change the date on which any Notes may be subject to redemption
or reduce the redemption price therefor (except to alter or waive provisions in Section 4.10 and Section 4.14) (other than as provided in clause (f) below) or to modify the definition of “Change of Control”); 

(b) reduce the percentage in aggregate principal amount of the outstanding Notes, the consent of whose Holders is required for any such
supplemental indenture or amendment, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults thereunder and their consequences) provided for in this Indenture;

 (c) subordinate, in right of payment, the Notes to any other Debt of the Issuer; 

(d) modify any of the provisions of this paragraph or provisions relating to waiver of defaults or certain covenants, except to increase
any such percentage required for such actions or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each outstanding Note affected thereby; 

(e) release any Guarantees required to be maintained under this Indenture (other than in accordance with the terms of this Indenture); or

 (f) amend, change or modify the obligation of the Issuer to make and consummate an Offer to Purchase with respect to any
Asset Sale in accordance with Section 4.10 after the obligation to make such Offer to Purchase has arisen, or the obligation of the Issuer to make and consummate an Offer to Purchase in the event of a Change of Control in accordance with
Section 4.14 after such Change of Control has occurred, including, in each case, amending, changing or modifying any definition relating thereto (other than as provided in clause (a) above). 

The consent of the Holders is not necessary under this Indenture to approve the particular form of any proposed amendment. It is
sufficient if such consent approves the substance of the proposed amendment. 

  
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 The Holders of not less than a majority in aggregate principal amount of the outstanding
Notes may on behalf of the Holders of all the Notes waive any existing past default under this Indenture and its consequences, except a default: 
 (i) in any payment in respect of the principal of (or premium, if any) or interest on any Notes (including any Note which is required to have been purchased pursuant to an Offer to Purchase which has been
made by the Issuer), except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the payment default that resulted from such acceleration (provided, that
such rescission or waiver would not conflict with any judgment of a court or competent jurisdiction); or 
 (ii)
in respect of a covenant or provision contained in this Indenture or any Guarantee which under this Indenture cannot be modified or amended without the consent of the Holder of each outstanding Note affected. 

Section 9.03. Revocation and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it
by a Holder of a Note is a continuing consent by the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on the Note.
However, any such Holder or subsequent Holder may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective unless an earlier date for revocation has
been set by the Issuer. When an amendment, supplement or waiver becomes effective in accordance with its terms, it thereafter binds every Holder. 
 The Issuer may, but shall not be obligated to, fix a record date for determining which Holders consent to such amendment, supplement or waiver. If the Issuer fixes a record date, the record date shall be
fixed at (i) the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished for the Trustee prior to such solicitation pursuant to Section 2.05 hereof or (ii) such other
date as the Issuer shall designate. 
 Section 9.04. Notation on or Exchange of Notes. The Issuer or the Trustee may
place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or
waiver. 
 Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such
amendment, supplement or waiver. 

  
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 After any amendment, supplement or waiver becomes effective, the Issuer shall mail to
Holders a notice briefly describing such amendment, supplement or waiver. The failure to give such notice shall not affect the validity and effect of such amendment, supplement or waiver. 

Section 9.05. Trustee to Sign Amendments, Etc. The Trustee shall sign any amended or supplemental indenture authorized
pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Issuer and the Note Guarantors may not sign an amendment or supplemental indenture until their
respective Boards of Directors approve it. In signing or refusing to sign any amendment or supplemental indenture the Trustee shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon an
Officers’ Certificate and an Opinion of Counsel stating that the execution of such amendment or supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent thereto have been met or waived. 

ARTICLE 10 

[RESERVED] 
 ARTICLE 11 
 NOTE GUARANTEES 

Section 11.01. Note Guarantees. (a) Each Note Guarantor hereby jointly and severally, unconditionally and irrevocably
guarantees the Notes and obligations of the Issuer hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee on behalf of such Holder, that: (i) the principal of and premium,
if any and interest on the Notes shall be paid in full when due, whether at Stated Maturity, by acceleration, call for redemption or otherwise (including the amount that would become due but for the operation of the automatic stay under
Section 362(a) of the Bankruptcy Code), together with interest on the overdue principal, if any, and interest on any overdue interest, to the extent lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or
thereunder shall be paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other obligations, the same shall be paid in full
when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Each of the Note Guarantees shall be a guarantee of payment and not of collection. 

(b) Each Note Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Note Guarantor. 

  
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 (c) Each Note Guarantor hereby waives the benefits of diligence, presentment, demand for
payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer or any other Person, protest, notice and all demands whatsoever and covenants that the Note
Guarantee of such Note Guarantor shall not be discharged as to any Note except by complete performance of the obligations contained in such Note and such Note Guarantee or as provided for in this Indenture. Each of the Note Guarantors hereby agrees
that, in the event of a default in payment of principal or premium, if any or interest on such Note, whether at its Stated Maturity, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be instituted by the Trustee on
behalf of, or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture, directly against each of the Note Guarantors to enforce such Note Guarantor’s Note Guarantee without first proceeding against the Issuer
or any other Note Guarantor. Each Note Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to
accelerate the maturity of the Notes, to collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes, such Note Guarantor shall pay to the Trustee for the account of the Holders, upon demand therefor,
the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders. 
 (d) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer or any Note Guarantor, or any custodian or other similar official acting in relation to the Issuer or any
Note Guarantor, any amount paid by any of them to the Trustee or such Holder, the Note Guarantee of each of the Note Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. 

(e) Each Note Guarantor further agrees that, as between each Note Guarantor, on the one hand, and the Holders and the Trustee, on the
other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of the Note Guarantee of such Guarantor, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) shall forthwith become due and
payable by each Note Guarantor for the purpose of the Note Guarantee of such Note Guarantor. 

  
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 Section 11.02. Execution and Delivery of Note Guarantee. 

(a) Each Note Guarantor hereby agrees that its execution and delivery of this Indenture or, if applicable, any supplemental indenture
substantially in the form of Exhibit B hereto executed on behalf of such Note Guarantor by an Officer thereof in accordance with Section 4.18 shall evidence its Note guarantee set forth in Section 11.01 without the need for any further
notation on the Notes. Upon the execution and delivery of this Indenture or any such supplemental indenture, if applicable, the Note Guarantees set forth in this Indenture shall be deemed duly delivered, without any further action by any Person, on
behalf of the Note Guarantors. 
 (b) Each Note Guarantor hereby agrees that its Note Guarantee set forth in Section 11.01
shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Note Guarantee on the Notes. 
 (c) If an officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the Note Guarantees shall be valid nevertheless. 

(d) The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note
Guarantee set forth in this Indenture on behalf of the Note Guarantors. 
 (e) If required by Section 4.18, the Issuer
shall cause any newly created or acquired Restricted Subsidiary to comply with the provisions of Section 4.18 and this Article 11, to the extent applicable. 
 Section 11.03. Severability. In case any provision of this Article 11 or Article 12 shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 
 Section 11.04. Limitation of Guarantors’
Liability. Each Note Guarantor and by its acceptance hereof each Holder confirms that it is the intention of all such parties that the Note Guarantee of such Note Guarantor not constitute a fraudulent transfer or conveyance for purposes of the
Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention,
the Trustee, the Holders and Note Guarantors hereby irrevocably agree that the obligations of such Note Guarantor under its Note Guarantee shall be limited to 

  
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the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of such Note Guarantor and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Note Guarantor in respect of the obligations of such other Note Guarantor under its Note Guarantee, result in the obligations of such Note Guarantor under its Note Guarantee
constituting a fraudulent transfer or conveyance. 
 Section 11.05. [Reserved.] 

Section 11.06. No Setoff or Counterclaim. The obligations of each Note Guarantor hereunder are and shall be absolute and
unconditional and any monies or amounts expressed to be owing or payable by each Note Guarantor hereunder which may not be recoverable from such Note Guarantor on the basis of a Note Guarantee shall be recoverable from such Note Guarantor as a
primary obligor and principal debtor in respect thereof. 
 Section 11.07. Release of a Note Guarantor. The Note
Guarantee of a Note Guarantor will be automatically and unconditionally released: 
 (a) in the case of a Subsidiary Guarantor
in the event of a sale or other transfer (including by way of consolidation or merger) of Capital Interests in such Note Guarantor following which the Subsidiary Guarantor ceases to be a Restricted Subsidiary or the sale of all or substantially all
of the assets of such Note Guarantor in compliance with the terms of this Indenture; 
 (b) upon the release or discharge of the
guarantee by such Note Guarantor with respect to the New Credit Facility; 
 (c) upon the designation of such Note Guarantor as
an Unrestricted Subsidiary in compliance with Section 4.19; or 
 (d) in connection with a legal defeasance or covenant
defeasance of this Indenture or upon satisfaction and discharge of this Indenture. 
 Any Note Guarantor not so released shall
remain liable for the full amount of principal and interest on the Noted as provided in this Indenture. 
 Section 11.08.
Benefits Acknowledged. Each Note Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that its guarantee and waivers pursuant to this Indenture (including
its Note Guarantee) are knowingly made in contemplation of such benefits. 

  
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 Section 11.09. Future Guarantors. Each Person that is required to become a Note
Guarantor after the Issue Date pursuant to Section 4.18 shall promptly execute and deliver to the Trustee a supplemental indenture, substantially in the form of Exhibit B hereto, pursuant to which such Person shall become a Note Guarantor.

 ARTICLE 12 
 SUBORDINATION OF NOTE GUARANTEES OF LICENSE SUBSIDIARIES 

Section 12.01. Guarantee Obligations of License Subsidiaries Subordinated to New Credit Facility and Other License Subsidiary
Guarantee Obligations. Anything herein to the contrary notwithstanding, each of the License Subsidiary Guarantors, for itself and its successors, and each Holder, by his, her or its acceptance of the License Subsidiary Guarantees, agrees that
the payment of all Obligations owing to the Holders in respect of its License Subsidiary Guarantee (collectively, as to any such License Subsidiary, its “License Subsidiary Guarantee Obligations”) is subordinated, to the extent and
in the manner provided in this Article 12, to the prior payment in full in cash of all Obligations on all existing and future Debt under the New Credit Facility (such Debt, collectively, the “License Subsidiary Guarantor Senior
Debt”). 
 This Article 12 shall constitute a continuing offer to all Persons who become administrative agent under or
holders of License Subsidiary Guarantor Senior Debt, and such provisions are made for the benefit of the administrative agent under and holders of such License Subsidiary Guarantor Senior Debt and such administrative agent and holders are made
obligees hereunder and any one or more of them may enforce such provisions. 
 Section 12.02. Suspension of License
Subsidiary Guarantee Obligations When the New Credit Facility or Other Senior Debt Is in Default. 
 (a) Unless
Section 12.03 shall be applicable, if any payment default occurs and is continuing on Obligations with respect to the License Subsidiary Guarantor Senior Debt (whether at maturity, upon redemption, by declaration, acceleration or otherwise),
then no payment or distribution of any kind or character shall be made by or on behalf of such License Subsidiary Guarantor or any other Person on its behalf with respect to any License Subsidiary Guarantee Obligations or to acquire any of the Notes
for cash or property or otherwise, until such payment default shall have been cured or waived or shall have ceased to exist or the License Subsidiary Guarantor Senior Debt shall have been paid in full in cash, after which such License Subsidiary
Guarantor shall (subject to the other provisions of this Article 12) resume making any and all required payments in respect of its obligations under its License Subsidiary Guarantee, including any missed payments. For the avoidance of doubt, it
being understood that any payment by the Issuer or any Subsidiary Guarantor that is not a License Subsidiary Guarantor is not restricted by this Article 12. 

  
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 (b) In the event that, notwithstanding the foregoing, any payment shall be received by the
Trustee or any Holder when such payment is prohibited by the foregoing provisions of this Section 12.02, and such prohibition is actually known to the Trustee or any Holder at the time of receipt of such payment or distribution, such payment
shall be held for the benefit of, and shall be paid over or delivered to, the administrative agent under or holders of License Subsidiary Guarantor Senior Debt, or their respective representatives, for application in accordance with the terms of
such License Subsidiary Guarantor Senior Debt. The Trustee shall be entitled to rely on information regarding amounts then due and owing on the License Subsidiary Guarantor Senior Debt, if any, received in writing from the administrative agent under
or holders of License Subsidiary Guarantor Senior Debt (or their respective representatives) or, if such information is not received from such administrative agent, holders or their representatives, from the Issuer or a License Subsidiary Guarantor,
and only amounts included in the written information provided to the Trustee shall be paid to the administrative agent under or holders of License Subsidiary Guarantor Senior Debt. 

Section 12.03. License Subsidiary Guarantee Obligations Subordinated to Prior Payment of All License Subsidiary Guarantor Senior
Debt on Dissolution, Liquidation or Reorganization of Such License Subsidiary Guarantor. 
 (a) Upon any payment or
distribution of assets of any License Subsidiary Guarantor of any kind or character, whether in cash, property or securities, to creditors upon any liquidation, dissolution, winding-up, reorganization, assignment for the benefit of creditors or
marshaling of assets of such License Subsidiary Guarantor or in a bankruptcy, reorganization, insolvency, receivership or other similar proceeding relating to such License Subsidiary Guarantor or its property, whether voluntary or involuntary, all
Obligations due or to become due upon all License Subsidiary Guarantor Senior Debt shall first be paid in full in cash (including interest after the commencement of any bankruptcy or other like proceeding at the rate specified in the applicable
Senior Debt, whether or not such interest is an allowed claim in any such proceeding) before any payment or distribution of any kind or character is made on account of any License Subsidiary Guarantee Obligations or for the acquisition of any of the
Securities for cash or property or otherwise. Upon any such dissolution, winding-up, liquidation, reorganization, receivership or similar proceeding, any payment or distribution of assets of such License Subsidiary Guarantor of any kind or
character, whether in cash, property or securities, to which the Holders or the Trustee under this Indenture would be entitled, except for the provisions hereof, shall be paid by such License Subsidiary Guarantor or by any receiver, trustee in
bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders or by the Trustee under this Indenture if received by them, directly to the administrative agent under or holders of License Subsidiary
Guarantor Senior Debt, or their respective representatives, or to the 

  
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trustee or trustees under any indenture pursuant to which any of such License Subsidiary Guarantor Senior Debt may have been issued, as their respective interests may appear, for application to
the payment, in accordance with its terms, of License Subsidiary Guarantor Senior Debt remaining unpaid until all such License Subsidiary Guarantor Senior Debt has been paid in full in cash after giving effect to any concurrent payment, distribution
or provision therefor to or for the administrative agent under or holders of License Subsidiary Guarantor Senior Debt. 
 (b) To
the extent any payment of License Subsidiary Guarantor Senior Debt (whether by or on behalf of a License Subsidiary Guarantor, as proceeds of security or enforcement of any right of setoff or otherwise) is declared to be fraudulent or preferential,
set aside or required to be paid to any receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person under any bankruptcy, insolvency, receivership, fraudulent conveyance or similar law, then, if such payment is recovered by,
or paid over to, such receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person, the License Subsidiary Guarantor Senior Debt or part thereof originally intended to be satisfied shall be deemed to be reinstated and
outstanding as if such payment had not occurred. 
 (c) It is further agreed that any diminution (whether pursuant to court
decree or otherwise, including without limitation for any of the reasons described in the preceding paragraph) of a License Subsidiary Guarantor’s obligation to make any distribution or payment pursuant to any License Subsidiary Guarantor
Senior Debt, except to the extent such diminution occurs by reason of the repayment (which has not been disgorged or returned) of such License Subsidiary Guarantor Senior Debt in cash, shall have no force or effect for purposes of the subordination
provisions contained in this Article 12, with any turnover of payments as otherwise calculated pursuant to this Article 12 to be made as if no such diminution had occurred. 
 (d) In the event that, notwithstanding the foregoing, any payment or distribution of assets of any License Subsidiary Guarantor of any kind or character, whether in cash, property or securities, shall be
received by the Trustee or any Holder when such payment or distribution is prohibited by this Section 12.03, and such prohibition is actually known to the Trustee or any Holder at the time of receipt of such payment or distribution, such
payment or distribution shall be held for the benefit of, and shall be paid over or delivered to, the administrative agent under or holders of License Subsidiary Guarantor Senior Debt (pro rata to such holders on the basis of the respective amount
of License Subsidiary Guarantor Senior Debt held by such holders) or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such License Subsidiary Guarantor Senior Debt may have been issued, as
their 

  
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respective interests may appear, for application to the payment of License Subsidiary Guarantor Senior Debt remaining unpaid until all such License Subsidiary Guarantor Senior Debt has been paid
in full in cash, after giving effect to any concurrent payment, distribution or provision therefor to or for the holders of such License Subsidiary Guarantor Senior Debt. 
 (e) The consolidation of any License Subsidiary Guarantor with, or the merger of any License Subsidiary Guarantor with or into, another Person or the liquidation or dissolution of a License Subsidiary
Guarantor following the conveyance or transfer of all or substantially all of its assets, to another Person upon the terms and conditions provided in Article 5 and as long as permitted under the terms of the License Subsidiary Guarantor Senior Debt
shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 12.03. 

Section 12.04. Payments May Be Paid Prior to Dissolution. Nothing contained in this Article 12 or elsewhere in this Indenture
shall prevent (1) any License Subsidiary Guarantor, except under the conditions described in Sections 12.02 and 12.03, from making payments at any time for the purpose of making payments on License Subsidiary Guarantee Obligations, or from
depositing with the Trustee any moneys for such payments, or (2) in the absence of actual knowledge by the Trustee that a given payment would be prohibited by Section 12.02 or 12.03, the application by the Trustee of any moneys deposited
with it for the purpose of making such payments on License Subsidiary Guarantee Obligations to the Holders entitled thereto unless at least one Business Day prior to the date upon which such payment would otherwise become due and payable a
Responsible Officer shall have actually received the written notice provided for in Section 12.07 (provided that, notwithstanding the foregoing, the Holders receiving any payments made in contravention of Sections 12.02 or 12.03 (and any such
payments) shall otherwise be subject to the provisions of Section 12.02 and Section 12.03). Each License Subsidiary Guarantor shall give prompt written notice to the Trustee of any dissolution, winding-up, liquidation or reorganization of
such License Subsidiary Guarantor, although any delay or failure to give any such notice shall have no effect on the subordination provisions contained herein. 
 Section 12.05. Holders of License Subsidiary Guarantee Obligations To Be Subrogated to Rights of Holders of License Subsidiary Guarantor Senior Debt. Subject to the payment in full in cash of
all License Subsidiary Guarantor Senior Debt, the Holders of License Subsidiary Guarantee Obligations of any License Subsidiary Guarantor shall be subrogated to the rights of the administrative agent under or holders of License Subsidiary Guarantor
Senior Debt of such License Subsidiary Guarantor to receive payments or distributions of cash, property or securities of such License Subsidiary Guarantor applicable to such License Subsidiary Guarantor Senior Debt until all amounts owing on or in
respect of the 

  
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License Subsidiary Guarantee Obligations shall be paid in full; and, for the purposes of such subrogation, no such payments or distributions to the holders of such License Subsidiary Guarantor
Senior Debt by or on behalf of such License Subsidiary Guarantor, or by or on behalf of the Holders by virtue of this Article 12, which otherwise would have been made to the Holders shall, as between such License Subsidiary Guarantor and the
Holders, be deemed to be a payment by such License Subsidiary Guarantor to or on account of such License Subsidiary Guarantor Senior Debt, it being understood that the provisions of this Article 12 are and are intended solely for the purpose of
defining the relative rights of the Holders, on the one hand, and the administrative agent under or holders of License Subsidiary Guarantor Senior Debt, on the other hand. 
 Section 12.06. Obligations of the License Subsidiary Guarantors Unconditional. Nothing contained in this Article 12 or elsewhere in this Indenture or in the License Subsidiary Guarantees is
intended to or shall impair, as among the License Subsidiary Guarantors, their creditors other than the administrative agent under or holders of License Subsidiary Guarantor Senior Debt, and the Holders, the obligation of the License Subsidiary
Guarantors, which is absolute and unconditional, to pay to the Holders all amounts due and payable under the License Subsidiary Guarantees as and when the same shall become due and payable in accordance with their terms, or is intended to or shall
affect the relative rights of the Holders and creditors of the License Subsidiary Guarantors other than the holders of the License Subsidiary Guarantor Senior Debt, nor shall anything herein or therein prevent any Holder or the Trustee on its behalf
from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, in respect of cash, property or securities of the License Subsidiary Guarantors received upon the exercise of any
such remedy. 
 Section 12.07. Notice to Trustee. Each License Subsidiary Guarantor shall give prompt written notice
to a Responsible Officer of the Trustee at its address set forth in Section 13.02 of any fact known to such License Subsidiary Guarantor which would prohibit the making of any payment to or by the Trustee in respect of the License Subsidiary
Guarantees pursuant to the provisions of this Article 12, although any delay or failure to give any such notice shall have no effect on the subordination provisions contained herein. Regardless of anything to the contrary contained in this Article
12 or elsewhere in this Indenture, the Trustee shall not be charged with knowledge of the existence of any default or event of default with respect to any License Subsidiary Guarantor Senior Debt or of any other facts which would prohibit the making
of any payment to or by the Trustee unless and until the Trustee shall have received notice in writing from a License Subsidiary Guarantor, or from a holder of License Subsidiary Guarantor Senior Debt or a representative therefor, and, prior to the
receipt of any such written notice, the Trustee shall be entitled to assume (in the absence of actual knowledge to the 

  
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contrary) that no such facts exist (provided that, notwithstanding the foregoing, the Holders receiving any payments made in contravention of Section 12.02 and/or 12.03 (and the respective
such payments) shall otherwise be subject to the provisions of Section 12.02 and Section 12.03). The Trustee shall be entitled to rely on the delivery to it of any notice pursuant to this Section 12.07 to establish that such notice
has been given by a holder of License Subsidiary Guarantor Senior Debt (or a representative therefor). If the Trustee shall not have received, at or prior to noon New York time on the Business Day prior to the date upon which by the terms hereof any
such monies may become payable for any purpose, the notice provided for in this Section, then anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to (but no affirmative obligation to) receive
such monies and to apply the same to the purpose for which they were received and shall not be effected by any notice to the contrary which may be received by it after noon New York time on the Business Day prior to such date (provided that,
notwithstanding the foregoing, the Holders receiving any payments made in contravention of Section 12.02 and/or 12.03 (and the respective such payments) shall otherwise be subject to the provisions of Section 12.02 and Section 12.03).

 In the event that the Trustee determines in good faith that any evidence is required with respect to the right of any Person
as a holder of License Subsidiary Guarantor Senior Debt to participate in any payment or distribution pursuant to this Article 12, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the
amounts of License Subsidiary Guarantor Senior Debt held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article 12, and
if such evidence is not furnished the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 
 Section 12.08. Reliance on Judicial Order or Certificate of Liquidating Agent. Upon any payment or distribution of assets of a License Subsidiary Guarantor referred to in this Article12, the
Trustee, subject to the provisions of Article Seven hereof, and the Holders shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which any insolvency, bankruptcy, receivership, dissolution, winding-up,
liquidation, reorganization or similar case or proceeding is pending, or upon a certificate of the trustee in bankruptcy, liquidating trustee, receiver, assignee for the benefit of creditors, agent or other Person making such payment or
distribution, delivered to the Trustee or the Holders, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the License Subsidiary Guarantor Senior Debt and other Debt of such License
Subsidiary Guarantor, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 12. 

  
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 Section 12.09. Trustee’s Relation to License Subsidiary Guarantor Senior
Debt. The Trustee and any agent of a License Subsidiary Guarantor or the Trustee shall be entitled to all the rights set forth in this Article 12 with respect to any License Subsidiary Guarantor Senior Debt which may at any time be held by it in
its individual or any other capacity to the same extent as any other holder of License Subsidiary Guarantor Senior Debt and nothing in this Indenture shall deprive the Trustee or any such agent of any of its rights as such holder. With respect to
the administrative agent under or holders of License Subsidiary Guarantor Senior Debt, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article 12, and no implied
covenants or obligations with respect to the administrative agent under or holders of License Subsidiary Guarantor Senior Debt shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the
administrative agent under or holders of License Subsidiary Guarantor Senior Debt and shall not be liable to any such holders if the Trustee shall in good faith mistakenly pay over or distribute to Holders of Securities or to the Company or to any
other person cash, property or securities to which any administrative agent under or holders of License Subsidiary Guarantor Senior Debt shall be entitled by virtue of this Article 12 or otherwise. 

Whenever a distribution is to be made or a notice given to holders or owners of License Subsidiary Guarantor Senior Debt, the
distribution may be made and the notice may be given to their representative, if any. 
 Section 12.10. Subordination
Rights Not Impaired by Acts or Omissions of the License Subsidiary Guarantors or Holders of License Subsidiary Guarantor Senior Debt. No right of any present or future holders of any License Subsidiary Guarantor Senior Debt to enforce
subordination as provided herein shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any License Subsidiary Guarantor or by any act or failure to act, in good faith, by any such holder, or by any
noncompliance by any License Subsidiary Guarantor with the terms of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with. 

Without in any way limiting the generality of the foregoing paragraph, the holders of License Subsidiary Guarantor Senior Debt may, at
any time and from time to time, without the consent of or notice to the Trustee or any Holder of a Security, without incurring responsibility to the Trustee or the Holders of the Securities and without impairing or releasing the subordination
provided in this Article 12 or the obligations hereunder of the Holders of the Securities to the holders of License Subsidiary Guarantor Senior Debt, do any one or more of the following: (i) change the manner, place or terms of payment or
extend the time of payment of, or renew or alter, License Subsidiary Guarantor Senior Debt, or otherwise amend or supplement in any manner License Subsidiary Guarantor 

  
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Senior Debt, or any instrument evidencing the same or any agreement under which License Subsidiary Guarantor Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal with
any property pledged, mortgaged or otherwise securing License Subsidiary Guarantor Senior Debt; (iii) release any Person liable in any manner for the payment or collection of License Subsidiary Guarantor Senior Debt; and (iv) exercise or
refrain from exercising any rights against the License Subsidiary Guarantors and any other Person. 
 Section 12.11.
Holders Authorize Trustee To Effectuate Subordination of License Subsidiary Guarantee Obligations. Each Holder of License Subsidiary Guarantee Obligations by its acceptance of them authorizes and expressly directs the Trustee on its behalf to
take such action as may be necessary or appropriate to effectuate, as between the administrative agent under or holders of License Subsidiary Guarantor Senior Debt and the Holders, the subordination provided in this Article 12, and appoints the
Trustee its attorney-in-fact for such purposes, including, in the event of any dissolution, winding-up, liquidation or reorganization of any proceedings or upon an assignment for the benefit of credits or otherwise) tending towards liquidation of
the business and assets of any License Subsidiary Guarantor, the filing of a claim for the unpaid balance under its License Subsidiary Guarantee Obligations and accrued interest in the form required in those proceedings. 

If the Trustee does not file a proper claim or proof of debt in the form required in such proceeding prior to 30 days before the
expiration of the time to file such claim or claims, then the holders of the License Subsidiary Guarantor Senior Debt or their representative are or is hereby authorized to have the right to file and are or is hereby authorized to file an
appropriate claim for and on behalf of the Holders of said License Subsidiary Guarantee Obligations; provided that a claim or proof of debt filed by the Trustee prior to such expiration shall supersede any claim or proof of debt filed by such
holders of the License Subsidiary Guarantor Senior Debt or such representative. Nothing herein contained shall be deemed to authorize the Trustee or the administrative agent under or holders of License Subsidiary Guarantor Senior Debt or their
representative to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the License Subsidiary Guarantee Obligations or the rights of any Holder thereof, or to
authorize the Trustee or the administrative agent under or holders of License Subsidiary Guarantor Senior Debt or their representative to vote in respect of the claim of any Holder in any such proceeding. 

Section 12.12. This Article 12 Not To Prevent Events of Default. The failure to make a payment on account of principal of or
interest on the License Subsidiary Guarantees by reason of any provision of this Article 12 will not be construed as preventing the occurrence of an Event of Default. 
 Section 12.13. Trustee’s Compensation Not Prejudiced. Nothing in this Article 12 will apply to amounts due to the Trustee in its capacity as such pursuant to other sections of this
Indenture. 

  
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 ARTICLE 13 
 MISCELLANEOUS 
 Section 13.01. Trust Indenture Act
Controls. If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed duties shall control. 
 Section 13.02. Notices. Any notice or communication by the Issuer, any Note Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class
mail (registered or certified, return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the others address: 
 If to the Issuer or any Note Guarantor: 
 Entercom Radio, LLC 

401 City Avenue, Suite 809 
 Bala Cynwyd, Pennsylvania 19004 
 Facsimile: 610-660-5641 

Attention: John C. Donlevie 
 With a copy to: 
 Latham & Watkins LLP 

233 South Wacker Suite 5800 
 Chicago, Illinois 60613 
 Facsimile: 312-993-9767 

Attention: Roderick O. Branch 
 If to the Trustee: 
 Wilmington Trust, National Association 

Corporate Capital Markets 
 50 South Sixth Street, Suite 1290 
 Minneapolis, MN 55402-1544 

Facsimile: 612-217-5651 
 Attention: Entercom Radio, LLC Administrator 
 The Issuer, the Note Guarantors and
the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications. 

All notices and communications (other than those sent to Holders and the Trustee) shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the mail, 

  
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postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier promising next Business Day
delivery. All notices and communications to the Trustee shall only be deemed to have been duly given upon receipt by a Responsible Officer of the Trustee. 
 Any notice or communication to a Holder shall be mailed by first class mail or by overnight air courier promising next Business Day delivery to its address shown on the register kept by the Registrar. Any
notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect
to other Holders. 
 If a notice or communication is mailed or delivered in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it, except in the case of notices or communications given to the Trustee, which shall be effective only upon actual receipt. 

If the Issuer mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time.

 The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail,
facsimile transmission or other similar unsecured electronic methods; provided, however, that, the Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing
specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced on or before delivery of any such instructions or directions whenever a person is to be added or deleted from the listing. If the party
elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be
deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including the risk of
the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

Section 13.03. Communication by Holders of Notes with Other Holders of Notes. Holders may communicate pursuant to TIA §
312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Issuer, the Note Guarantor, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

  
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 Section 13.04. Certificate and Opinion as to Conditions Precedent. Upon any
request or application by the Issuer to the Trustee to take any action under this Indenture (other than the initial issuance of the Notes), the Trustee shall be entitled to receive: 

(a) an Officers’ Certificate (which shall include the statements set forth in Section 13.05 hereof) stating that, in the
opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 
 (b) an Opinion of Counsel (which shall include the statements set forth in Section 13.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been
satisfied. 
 Section 13.05. Statements Required in Certificate or Opinion. Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture shall include: 
 (a) a statement that the Person
making such certificate or opinion 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 or opinion 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
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. 
 Section 13.06. Rules by
Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

Section 13.07. No Personal Liability of Directors, Officers, Employees and Stockholders. No director, officer, employee,
stockholder, general or limited partner, member or incorporator, past, present or future, of the Issuer or any of its Subsidiaries, as such or in such capacity, shall have any personal liability for any 

  
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obligations of the Issuer under the Notes, any Note Guarantee or this Indenture by reason of his, her or its status as such director, officer, employee, stockholder, general or limited partner,
member or incorporator. 
 Section 13.08. Governing Law. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED
TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES. The parties to this Indenture each hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of
New York in any action or proceeding arising out of or relating to the Notes, the Note Guarantees or this Indenture, and all such parties hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined in
such New York State or federal court and hereby irrevocably waive, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 Section 13.09. No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret any
other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 13.10. Successors. All agreements of the Issuer and the Note Guarantors in this Indenture and the Notes and the Note
Guarantees, as applicable, shall bind their respective successors and assigns. All agreements of the Trustee in this Indenture shall bind its successors and assigns. 
 Section 13.11. Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 
 Section 13.12. Counterpart Originals. The
parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 Section 13.13. Table of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

  
 124

 Section 13.14. Acts of Holders. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent
duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 13.14. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of
such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such officer the execution thereof. Where
such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such signer’s authority. The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Holder list maintained under Section 2.05 hereunder. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same Note and the holder of every Note issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such
Note. 
 (e) If the Issuer shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver
or other Act, the Issuer may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act,
but the Issuer shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders at the close
of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Notes have authorized 

  
 125

 
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be computed as of such record
date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the
record date. 
 Signatures on following page. 

  
 126

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

			
	ENTERCOM RADIO, LLC
		
	By:	 	 /s/ John C. Donlevie

	Name:	 	John C. Donlevie
	Title:	 	Executive Vice President
	
	 ENTERCOM COMMUNICATIONS CORP.
 as Parent

		
	By:	 	 /s/ John C. Donlevie

	Name:	 	John C. Donlevie
	Title:	 	Executive Vice President

			
	DELAWARE EQUIPMENT HOLDINGS, LLC	  	ENTERCOM MEMPHIS, LLC
	ENTERCOM AUSTIN, LLC	  	ENTERCOM MEMPHIS LICENSE, LLC
	ENTERCOM AUSTIN LICENSE, LLC	  	ENTERCOM MILWAUKEE, LLC
	ENTERCOM BOSTON 1 TRUST	  	ENTERCOM MILWAUKEE LICENSE, LLC
	ENTERCOM BOSTON, LLC	  	ENTERCOM NEW ORLEANS, LLC
	ENTERCOM BOSTON LICENSE, L.L.C.	  	ENTERCOM NEW ORLEANS LICENSE, LLC
	ENTERCOM BUFFALO, LLC	  	ENTERCOM NEW YORK, INC.
	ENTERCOM BUFFALO LICENSE, LLC	  	ENTERCOM NORFOLK, LLC
	ENTERCOM CALIFORNIA, LLC	  	ENTERCOM NORFOLK LICENSE, LLC
	ENTERCOM CAPITAL, INC.	  	ENTERCOM PORTLAND, LLC
	ENTERCOM DENVER, LLC	  	ENTERCOM PORTLAND LICENSE, LLC
	ENTERCOM DENVER LICENSE, LLC	  	ENTERCOM PROPERTIES, LLC
	ENTERCOM GAINESVILLE, LLC	  	ENTERCOM PROVIDENCE, LLC
	ENTERCOM GAINESVILLE LICENSE, LLC	  	ENTERCOM PROVIDENCE LICENSE, LLC
	ENTERCOM GREENSBORO, LLC	  	ENTERCOM ROCHESTER, LLC
	ENTERCOM GREENSBORO LICENSE, LLC	  	ENTERCOM ROCHESTER LICENSE, LLC
	ENTERCOM GREENVILLE, LLC	  	ENTERCOM SACRAMENTO LICENSE, LLC
	ENTERCOM GREENVILLE LICENSE, LLC	  	ENTERCOM SAN FRANCISCO LICENSE, LLC
	ENTERCOM INDIANAPOLIS, LLC	  	ENTERCOM SEATTLE, LLC
	ENTERCOM INDIANAPOLIS LICENSE, LLC	  	ENTERCOM SEATTLE LICENSE, LLC
	ENTERCOM KANSAS CITY, LLC	  	ENTERCOM SPRINGFIELD, LLC
	ENTERCOM KANSAS CITY LICENSE, LLC	  	ENTERCOM SPRINGFIELD LICENSE, LLC
	ENTERCOM MADISON, LLC	  	ENTERCOM WICHITA, LLC
	ENTERCOM MADISON LICENSE, LLC	  	ENTERCOM WICHITA LICENSE, LLC
		  	ENTERCOM WILKES-BARRE SCRANTON, LLC

  

			
	as Subsidiary Guarantors
		
	 By:
	 	 /s/ John C. Donlevie

	 Name:
	 	John C. Donlevie
	 Title:
	 	Executive Vice President
	
	 ENTERCOM INCORPORATED

	 as Subsidiary Guarantor

		
	 By:
	 	 /s/ John C. Donlevie

	 Name:
	 	John C. Donlevie
	 Title:
	 	President

 
			
	Wilmington Trust, National Association, as Trustee
		
	 By:
	 	 /s/ Jane Schweiger

	 Name:
	 	Jane Schweiger
	 Title:
	 	Vice President

 EXHIBIT A 

FORM OF 10 1/2% SENIOR NOTE 
 (Face of 10 1/2% Senior Note) 
 10 1/2% Senior Notes due 2019 

[Insert Global Note Legend] 
 [Insert Restricted Notes Legend] 

  
 A-1

 ENTERCOM RADIO, LLC 

10 1/2% SENIOR NOTE DUE 2019 
  

					
	 No.
	  		  	CUSIP:

 Entercom Radio, LLC promises to pay to Cede & Co. or registered assigns, the principal sum of
[            ($        )]
[            ($        )](or such other amount as may be stated in the Schedule of Exchanges of Senior Notes) on December 1, 2019. 

Interest Payment Dates: June 1 and December 1, beginning June 1, 2012 

Record Dates: May 15 and November 15 
 Reference is made to further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature,
this Note shall not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  
 A-2

 
			
	ENTERCOM RADIO, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-3

 TRUSTEE’S CERTIFICATE OF 
 AUTHENTICATION 
 This is one of the 10 1/2% Senior Notes 

referred to in the within-mentioned 
 Indenture:

 Dated:             , 2011 

WILMINGTON TRUST, NATIONAL 
 ASSOCIATION, not in
its individual 
 capacity, but solely as Trustee 
  

			
	By:	 	  

		 	Authorized Signatory

  
 A-4

 (Reverse of 10 1/2% Senior Note) 

10 1/2% Senior Notes due 2019 

ENTERCOM RADIO, LLC 
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) Interest. 
 (a) Entercom Radio, LLC, a Delaware corporation (the “Issuer”), promises to pay interest on the principal amount of this Note (the “Notes”) at the rate of
10 1/2% per annum. The issuer will pay
interest in United States dollars (except as otherwise provided herein) semiannually in arrears on June 1 and December 1, commencing on June 1, 2012, or if any such day is not a Business Day, on the next succeeding Business Day (each
an “Interest Payment Date”). Interest on the Notes (including any Additional Interest, if any) shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including
November 23, 2011. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to then applicable interest rate on the Notes to the extent lawful; it shall
pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. Interest shall be computed on the
basis of a 360-day year comprised of twelve 30-day months. The interest rate on the Notes will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application.

 (b) Registration Rights Agreement. The Holder of this Note is entitled to the benefits of a Registration Rights
Agreement, dated as of November 23, 2011, among the Issuer, the Note Guarantors party thereto and the Initial Purchasers.1 
 (2) Method of Payment. The Issuer will pay interest on the Notes (except defaulted interest) on the applicable Interest Payment Date to the Persons who are registered Holders of Notes at the close
of business on the May 15 and November 15 preceding the relevant Interest Payment Date, even if such Notes are cancelled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the
Indenture with respect to defaulted interest. The Notes shall be payable as to principal, premium, if any, and interest at the office or agency of the Issuer maintained for such purpose within or without the City and State of New York, or, at the
option of The Issuer, payment of interest may be made by check mailed to the Holders at their addresses set forth in 
  

	1 	 To be included only in the Initial Notes on the Issue Date and any Additional Notes that bear the Restricted Notes Legend.

  
 A-5

 
the register of Holders; provided that payment by wire transfer of immediately available funds shall be required with respect to principal of, premium, if any, and interest on, all Global
Notes and all other Notes the Holders of which shall have provided written wire transfer instructions to The Issuer and the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. 
 Any payments of principal of and interest on this Note prior to Stated
Maturity shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. The amount due and payable at the maturity of this
Note shall be payable only upon presentation and surrender of this Note at an office of the Trustee or the Trustee’s agent appointed for such purposes. 
 (3) Paying Agent and Registrar. Initially, Wilmington Trust, National Association, the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Issuer may change any Paying Agent
or Registrar without notice to any Holder. The Issuer or any of its Restricted Subsidiaries may act in any such capacity. 
 (4)
Indenture. The Issuer issued the Notes under an Indenture, dated as of November 23, 2011 (the “Indenture”), among the Issuer, the Note Guarantors and the Trustee. The terms of the Notes include those stated in the
Indenture and those made a part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (U.S. Code §§ 77aaa-77bbbb) (the “TIA”). To the extent the provisions of this Note are inconsistent with the
provisions of the Indenture, the Indenture shall govern. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. The Notes issued on the Issue Date are senior Obligations of the Issuer
limited to $220,000,000 in aggregate principal amount, plus amounts, if any, sufficient to pay premium and interest on outstanding Notes as set forth in Paragraph 2 hereof. The Indenture permits the issuance of Additional Notes subject to compliance
with certain conditions. 
 The payment of principal and interest on the Notes is unconditionally guaranteed on a senior basis
by the Note Guarantors (except as otherwise provided in Article 12 of the Indenture). 
 (5) Redemption and Repurchase
The Notes are subject to optional redemption, and may be the subject of an Offer to purchase, as further described in the Indenture. The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes,
except the Issuer may be required to purchase the Notes as described under Section 4.10 and Section 4.14 of the Indenture. 

  
 A-6

 (6) Denominations, Transfer, Exchange. The Notes are in registered form without
coupons in initial denominations of $2,000 and any integral multiple of $1,000 in excess thereof. The transfer of the Notes may be registered and the Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a
Holder, among other things, to furnish appropriate endorsements and transfer documents and The Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer
of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to
be redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 (7) Persons Deemed
Owners. The registered holder of a Note may be treated as its owner for all purposes. 
 (8) Amendment, Supplement and
Waiver. The Indenture (including the Note Guarantees) or the Notes may be amended or supplemented as provided in the Indenture 
 (9) Defaults and Remedies. Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the
Issuer, the Note Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture: 

(10) Trustee Dealings with the Issuer. The Trustee, in its individual or any other capacity, may make loans to, accept deposits
from and perform services for the Issuer, the Note Guarantors or their respective Affiliates, and may otherwise deal with the Issuer, the Note Guarantors or their respective Affiliates, as if it were not the Trustee. 

(11) Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. 
 (12) Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN
COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

(13) Governing Law. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS NOTE. 

(14) CUSIP, ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Issuer has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP, ISIN or other similar numbers in notices of redemption as a 

  
 A-7

 
convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only
on the other identification numbers placed thereon. 
 The Issuer shall furnish to any Holder upon written request and without
charge a copy of the Indenture. Requests may be made to: 
 Entercom Radio, LLC 

401 City Avenue, Suite 809 
 Bala Cynwyd, Pennsylvania 19004 
 Facsimile: 610-660-5641

 Attention: John C. Donlevie 

  
 A-8

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 
  
 (Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
 (Print or type assignee’s
name, address and zip code) 
 and irrevocably
appoint                                        
                                         
                                         
                         
 to transfer this Note on the books of Entercom Radio, LLC. The agent may substitute another to act for him. 
 Date:                      

 

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)

  

			
	Signature guarantee:	 	  

		 	(Signature must be guaranteed by a participant in a
recognized signature guarantee medallion program)

  
 A-9

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by Entercom Radio, LLC pursuant to Section 4.10 (Asset Sale) or Section 4.14
(Change of Control) of the Indenture, check the box below: 

[            ]
Section 4.10        [            ] Section 4.14 
 If you want to elect to have only part of the Note purchased by Entercom Radio, LLC pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased: $

  

					
	Date:	 	Your Signature:	 	  

		 		 	(Sign exactly as your name appears
on the Note)

  

			
	 Tax Identification No.:
	 	
		
	 Signature guarantee:
	 	  

		 	(Signature must be guaranteed by a participant in a
recognized signature guarantee medallion program)

  
 A-10

 CERTIFICATE TO BE DELIVERED UPON 

EXCHANGE OR REGISTRATION OF TRANSFER RESTRICTED NOTES 
 Entercom Radio, LLC 
 401 City Avenue, Suite 809 

Bala Cynwyd, Pennsylvania 19004 
 Facsimile:
610-660-5641 
 Attention: John C. Donlevie 
 Wilmington Trust, National Association 
 Corporate Capital Markets 

50 South Sixth Street, Suite 1290 
 Minneapolis,
MN 55402-1544 
 Facsimile: 612-217-5651 

Attention: Entercom Radio, LLC Administrator 
  

	Re:	Entercom Radio, LLC 

	 	[    ]% Senior Note due 2019 

	 	CUSIP #
                                         
                            

Reference is hereby made to that certain Indenture dated November 23, 2011 (the “Indenture”) among Entercom Radio,
LLC (“Entercom Radio”), the Note Guarantors party thereto and Wilmington Trust, National Association, as trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings set forth in
the Indenture. 
 This certificate relates to $         principal amount of Notes held
in (check applicable space) book-entry or definitive form by the undersigned. 
 The undersigned
                                 (transferor) (check one box below): 

 ̈ hereby requests the Registrar to deliver in exchange for its beneficial interest in the Global Note
held by the Depositary a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above), in accordance with
Section 2.06 of the Indenture; or 
  ̈ hereby requests the Trustee to exchange or register
the transfer of a Note or Notes to          (transferee). 
 In connection with any transfer of any of
the Notes evidenced by this certificate occurring prior to the expiration of the periods referred to in Rule 144(b) under the Securities Act of 1933, as amended, the undersigned confirms that such Notes are being transferred in accordance with its
terms: 

  
 A-11

 CHECK ONE BOX BELOW: 
 (1)  ̈ to Entercom Radio or any of its subsidiaries; or 
 (2)  ̈ inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended)
that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A under the Securities Act of 1933, as amended, in each case pursuant to and in
compliance with Rule 144A thereunder; or 
 (3)  ̈ outside the United States in an offshore
transaction within the meaning of Regulation S under the Securities Act of 1933, as amended, in compliance with Rule 904 thereunder. 
 Unless
one of the boxes is checked, the Registrar will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered holder thereof. 

 

	
	  

	Signature

  

					
	 Signature guarantee:
	 	  

		 	 (Signature must be guaranteed by a participant in a

recognized signature guarantee medallion program)

 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), and is aware
that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that
it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

 

					
	Date:	 	  
	  	 [Name of Transferee]
  

 NOTICE: To be executed by an executive officer 

  
 A-12

 SCHEDULE OF EXCHANGES OF 10 1/2% SENIOR 

NOTES 
 The following exchanges of a part of this Global Note for other 10 1/2% Senior Notes have been made: 
  

									
	 Date of

Exchange
	 	 Amount of

Decrease in

Principal

Amount of this
 Global Note
	 	 Amount of

Increase in

Principal

Amount of this
 Global Note
	 	 Principal

Amount of this
 Global Note
 Following Such

Decrease (or

Increase)
	 	 Signature of

Authorized

Officer of

Trustee or

10 1/2% Senior
 Note
Custodian

  
 A-13

 EXHIBIT B 
 FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED BY SUBSEQUENT
GUARANTORS 
 Supplemental Indenture (this “Supplemental Indenture”), dated as of
[        ] [    ], 20[    ], among                      (the
“Guaranteeing Subsidiary”), a subsidiary of Entercom Radio LLC, a Delaware limited liability company (the “Issuer”), and Wilmington Trust, National Association, as trustee (the “Trustee”).

 W I T N E S S E T H 

WHEREAS, the Issuer and the Note Guarantors (as defined in the Indenture referred to below) have heretofore executed
and delivered to the Trustee an indenture (the “Indenture”), dated as of November 23, 2011, providing for the issuance of
10 1/2 % Senior Notes due 2019 of the Issuer
(the “Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing
Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally Guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms and
conditions set forth herein and under the Indenture; and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee
is authorized to execute and deliver this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for
other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 2. Subsidiary Guarantor. The Guaranteeing Subsidiary hereby agrees to be a Subsidiary Guarantor under the Indenture
and to be bound by the terms of the Indenture applicable to Note Guarantors, including Articles 11 and 12 thereof. 
 3.
Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS). EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED BY THE INDENTURE. 

  
 B-1

 4. Waiver of Jury Trial. EACH OF THE GUARANTEEING SUBSIDIARY AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY. 
 5. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same agreement. 
 6. Headings. The headings of
the Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

  
 B-2

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

			
	 [NAME OF GUARANTEEING
       SUBSIDIARY]

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 WILMINGTON TRUST,

      NATIONAL ASSOCIATION,
       as Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page of Supplemental Indenture] 

  
 B-3

 EXHIBIT C 
 [FORM OF CERTIFICATE TO BE DELIVERED 
 IN CONNECTION WITH TRANSFERS PURSUANT TO
RULE 144A] 
 Entercom Radio, LLC 
 401
City Avenue, Suite 809 
 Bala Cynwyd, Pennsylvania 19004 
 Facsimile: 610-660-5641| 
 Attention: John C. Donlevie 

Wilmington Trust, National Association 

Corporate Capital Markets 
 50 South Sixth
Street, Suite 1290 
 Minneapolis, MN 55402-1544 
 Facsimile: 612-217-5651 
 Attention: Entercom Radio, LLC Administrator 

 

	Re:	Entercom Radio, LLC (“Entercom Radio”) 

 10 1/2%
Senior Notes due 2019 (the “Notes”) 
 Ladies and Gentlemen: 

In connection with our proposed sale of $220,000,000 aggregate principal amount at maturity of the Notes, we hereby certify that such
transfer is being effected pursuant to and in accordance with Rule 144A (“Rule 144A”) under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we hereby further certify
that the Notes are being transferred to a person that we reasonably believe is purchasing the Notes for its own account, or for one or more accounts with respect to which such person exercises sole investment discretion, and such person and each
such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Notes are being transferred in compliance with any applicable blue sky securities laws
of any state of the United States. 
 You and Entercom Radio are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

  
 C-1

 
			
	 Very truly yours,
  

 

	  

	[Name of Transferor]
		
	 By:
	 	  

		 	Authorized Signature

  

					
	 Signature guarantee:
	  	  
	  	
		  	 (Signature must be guaranteed by a participant in a

recognized signature guarantee medallion program)
	  	

  
 D-2

 EXHIBIT D 
 [FORM OF CERTIFICATE TO BE DELIVERED 
 IN CONNECTION WITH TRANSFERS 

PURSUANT TO REGULATION S] 

Entercom Radio, LLC 
 401 City Avenue, Suite 809

 Bala Cynwyd, Pennsylvania 19004 

Facsimile: 610-660-5641 
 Attention: John C.
Donlevie 
 Wilmington Trust, National Association 
 Corporate Capital Markets 
 50 South Sixth Street, Suite 1290 

Minneapolis, MN 55402-1544 
 Facsimile:
612-217-5651 
 Attention: Entercom Radio, LLC Administrator 
  

	Re:	Entercom Radio, LLC (“Entercom Radio”) 

 10 1/2%
Senior Notes due 2019 (the “Notes”) 
 Ladies and Gentlemen: 

In connection with our proposed sale of $220,000,000 aggregate principal amount of the Notes, we confirm that such sale has been effected
pursuant to and in accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 
 (1) the offer of the Notes was not made to a person in the United States; 
 (2)
either (a) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (b) the transaction was
executed in, on or through the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

(3) no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S, as applicable; and 
 (4) the transaction is not part of a plan or scheme to evade the registration requirements
of the Securities Act. 

  
 D-1

 In addition, if the sale is made during a restricted period and the provisions of Rule
903(b) or Rule 904(b) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b) or Rule 904(b), as the case may be. 

Entercom Radio and you are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to
any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

 

			
	 Very truly yours,
  

 

	  

	[Name of Transferor]
		
	 By:
	 	  

		 	Authorized Signature

  

					
	 Signature guarantee:
	  	  
	  	
		  	 (Signature must be guaranteed by a participant in a

recognized signature guarantee medallion program)
	  	

  
 D-2

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