Document:

exv4w18

Exhibit 4.18

EXECUTION COPY

 

INDENTURE

Dated as of December 23, 2009

among

CLEAR CHANNEL WORLDWIDE HOLDINGS, INC.

as the Issuer,

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.

as Guarantor,

CLEAR CHANNEL OUTDOOR, INC.

as Guarantor,

EACH OF THE OTHER GUARANTORS PARTY HERETO,

and

U.S. BANK NATIONAL ASSOCIATION,

as Trustee, Paying Agent, Registrar and Transfer Agent

9.25% SERIES B SENIOR NOTES DUE 2017

 

 

CROSS-REFERENCE TABLE*

	 	 	 	 	 
	Trust Indenture Act Section	 	Indenture Section	 
	310(a)(1)
	 	 	7.10	 
	(a)(2)
	 	 	7.10	 
	(a)(3)
	 	 	N.A.	 
	(a)(4)
	 	 	N.A.	 
	(a)(5)
	 	 	7.10	 
	(b)
	 	 	7.03, 7.10	 
	(c)
	 	 	N.A.	 
	311(a)
	 	 	7.11	 
	(b)
	 	 	7.11	 
	(c)
	 	 	N.A.	 
	312(a)
	 	 	2.05	 
	(b)
	 	 	12.03	 
	(c)
	 	 	12.03	 
	313(a)
	 	 	7.06	 
	(b)(1)
	 	 	N.A.	 
	(b)(2)
	 	 	7.06; 7.07	 
	(c)
	 	 	7.06; 12.02	 
	(d)
	 	 	7.06	 
	314(a)
	 	 	4.03; 12.05	 
	(b)
	 	 	N.A.	 
	(c)(1)
	 	 	12.04	 
	(c)(2)
	 	 	12.04	 
	(c)(3)
	 	 	N.A.	 
	(d)
	 	 	N.A.	 
	(e)
	 	 	12.04	 
	(f)
	 	 	N.A.	 
	315(a)
	 	 	7.01	 
	(b)
	 	 	7.05; 12.02	 
	(c)
	 	 	7.01	 
	(d)
	 	 	7.01	 
	(e)
	 	 	6.14	 
	316(a)(last sentence)
	 	 	2.09	 
	(a)(1)(A)
	 	 	6.05	 
	(a)(1)(B)
	 	 	6.04	 
	(a)(2)
	 	 	N.A.	 
	(b)
	 	 	6.07	 
	(c)
	 	 	2.12; 9.04	 
	317(a)(1)
	 	 	6.08	 
	(a)(2)
	 	 	6.12	 
	(b)
	 	 	2.04	 
	318(a)
	 	 	12.01	 
	(b)
	 	 	N.A.	 
	(c)
	 	 	12.01	 

 

			
	N.A. means not applicable.
	 
	*	 	This Cross-Reference Table is not part of the Indenture.

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	1	 
	 
	 	 	 	 
	Section 1.01 Definitions 
	 	 	1	 
	Section 1.02 Other Definitions 
	 	 	37	 
	Section 1.03 Incorporation by Reference of Trust Indenture Act 
	 	 	38	 
	Section 1.04 Rules of Construction 
	 	 	38	 
	Section 1.05 Acts of Holders 
	 	 	39	 
	 
	 	 	 	 
	ARTICLE 2 THE 2017 B NOTES
	 	 	41	 
	 
	 	 	 	 
	Section 2.01 Form and Dating; Terms 
	 	 	41	 
	Section 2.02 Execution and Authentication 
	 	 	42	 
	Section 2.03 Registrar and Paying Agent 
	 	 	43	 
	Section 2.04 Paying Agent To Hold Money in Trust 
	 	 	43	 
	Section 2.05 Holder Lists 
	 	 	44	 
	Section 2.06 Transfer and Exchange 
	 	 	44	 
	Section 2.07 Replacement Notes 
	 	 	56	 
	Section 2.08 Outstanding Notes 
	 	 	56	 
	Section 2.09 Treasury Notes 
	 	 	56	 
	Section 2.10 Temporary Notes 
	 	 	57	 
	Section 2.11 Cancellation 
	 	 	57	 
	Section 2.12 Defaulted Interest 
	 	 	57	 
	Section 2.13 CUSIP Numbers 
	 	 	58	 
	 
	 	 	 	 
	ARTICLE 3 REDEMPTION
	 	 	58	 
	 
	 	 	 	 
	Section 3.01 Notices to Trustee 
	 	 	58	 
	Section 3.02 Selection of Notes To Be Redeemed or Purchased 
	 	 	58	 
	Section 3.03 Notice of Redemption 
	 	 	58	 
	Section 3.04 Effect of Notice of Redemption 
	 	 	59	 
	Section 3.05 Deposit of Redemption or Purchase Price 
	 	 	60	 
	Section 3.06 Notes Redeemed or Purchased in Part 
	 	 	60	 
	Section 3.07 Optional Redemption 
	 	 	60	 
	Section 3.08 Mandatory Redemption 
	 	 	61	 
	Section 3.09 Offers To Repurchase by Application of Excess Proceeds 
	 	 	62	 
	 
	 	 	 	 
	ARTICLE 4 COVENANTS
	 	 	64	 
	 
	 	 	 	 
	Section 4.01 Payment of Notes 
	 	 	64	 
	Section 4.02 Maintenance of Office or Agency 
	 	 	65	 
	Section 4.03 Reports and Other Information 
	 	 	65	 
	Section 4.04 Compliance Certificate 
	 	 	66	 
	Section 4.05 Taxes 
	 	 	67	 
	Section 4.06 Stay, Extension and Usury Laws 
	 	 	67	 

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	 	 	Page	 
	Section 4.07 Limitation on Restricted Payments
	 	 	67	 
	Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries 
	 	 	73	 
	Section 4.09 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and
Preferred Stock 
	 	 	74	 
	Section 4.10 Asset Sales 
	 	 	82	 
	Section 4.11 Transactions with Affiliates 
	 	 	84	 
	Section 4.12 Liens 
	 	 	86	 
	Section 4.13 Corporate Existence 
	 	 	87	 
	Section 4.14 Offer to Repurchase Upon Change of Control 
	 	 	87	 
	Section 4.15 Limitation on Guarantees of Indebtedness by Restricted Subsidiaries 
	 	 	89	 
	Section 4.16 Liquidity Amount 
	 	 	89	 
	 
	 	 	 	 
	ARTICLE 5 SUCCESSORS
	 	 	90	 
	 
	 	 	 	 
	Section 5.01 Merger, Consolidation or Sale of All or Substantially All Assets
	 	 	90	 
	Section 5.02 Successor Corporation Substituted 
	 	 	92	 
	 
	 	 	 	 
	ARTICLE 6 DEFAULTS AND REMEDIES
	 	 	93	 
	 
	 	 	 	 
	Section 6.01 Events of Default 
	 	 	93	 
	Section 6.02 Acceleration 
	 	 	95	 
	Section 6.03 Other Remedies 
	 	 	95	 
	Section 6.04 Waiver of Past Defaults 
	 	 	96	 
	Section 6.05 Control by Majority 
	 	 	96	 
	Section 6.06 Limitation on Suits 
	 	 	96	 
	Section 6.07 Rights of Holders of 2017 B Notes To Receive Payment 
	 	 	96	 
	Section 6.08 Collection Suit by Trustee 
	 	 	97	 
	Section 6.09 Restoration of Rights and Remedies 
	 	 	97	 
	Section 6.10 Rights and Remedies Cumulative 
	 	 	97	 
	Section 6.11 Delay or Omission Not Waiver 
	 	 	97	 
	Section 6.12 Trustee May File Proofs of Claim 
	 	 	97	 
	Section 6.13 Priorities 
	 	 	98	 
	Section 6.14 Undertaking for Costs 
	 	 	98	 
	 
	 	 	 	 
	ARTICLE 7 TRUSTEE
	 	 	99	 
	 
	 	 	 	 
	Section 7.01 Duties of Trustee 
	 	 	99	 
	Section 7.02 Rights of Trustee 
	 	 	100	 
	Section 7.03 Individual Rights of Trustee 
	 	 	101	 
	Section 7.04 Trustee’s Disclaimer 
	 	 	101	 
	Section 7.05 Notice of Defaults 
	 	 	101	 
	Section 7.06 Reports by Trustee to Holders of the 2017 B Notes 
	 	 	101	 
	Section 7.07 Compensation and Indemnity 
	 	 	102	 
	Section 7.08 Replacement of Trustee or Agent 
	 	 	103	 
	Section 7.09 Successor Trustee by Merger, etc. 
	 	 	104	 
	Section 7.10 Eligibility; Disqualification 
	 	 	104	 
	Section 7.11 Preferential Collection of Claims Against Issuer 
	 	 	104	 

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	 	 	Page	 
	ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	 	104	 
	 
	 	 	 	 
	Section 8.01 Option To Effect Legal Defeasance or Covenant Defeasance 
	 	 	104	 
	Section 8.02 Legal Defeasance and Discharge 
	 	 	104	 
	Section 8.03 Covenant Defeasance 
	 	 	105	 
	Section 8.04 Conditions to Legal or Covenant Defeasance 
	 	 	106	 
	Section 8.05 Deposited Money and Government Securities To Be Held in Trust; Other
Miscellaneous Provisions 
	 	 	107	 
	Section 8.06 Repayment to Issuer 
	 	 	107	 
	Section 8.07 Reinstatement 
	 	 	108	 
	 
	 	 	 	 
	ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	 	 	108	 
	 
	 	 	 	 
	Section 9.01 Without Consent of Holders of Notes 
	 	 	108	 
	Section 9.02 With Consent of Holders of Notes 
	 	 	109	 
	Section 9.03 Compliance with Trust Indenture Act 
	 	111
	Section 9.04 Revocation and Effect of Consents 
	 	111
	Section 9.05 Notation on or Exchange of Notes 
	 	111
	Section 9.06 Trustee To Sign Amendments, etc.
	 	 	112	 
	Section 9.07 Payment for Consent 
	 	 	112	 
	 
	 	 	 	 
	ARTICLE 10 GUARANTEES
	 	 	112	 
	 
	 	 	 	 
	Section 10.01 Guarantee 
	 	 	112	 
	Section 10.02 Limitation on Guarantor Liability 
	 	 	114	 
	Section 10.03 Execution and Delivery 
	 	 	114	 
	Section 10.04 Subrogation 
	 	 	115	 
	Section 10.05 Benefits Acknowledged 
	 	 	115	 
	Section 10.06 Release of Guarantees 
	 	 	115	 
	 
	 	 	 	 
	ARTICLE 11 SATISFACTION AND DISCHARGE
	 	 	116	 
	 
	 	 	 	 
	Section 11.01 Satisfaction and Discharge 
	 	 	116	 
	Section 11.02 Application of Trust Money 
	 	 	117	 
	 
	 	 	 	 
	ARTICLE 12 MISCELLANEOUS
	 	 	117	 
	 
	 	 	 	 
	Section 12.01 Trust Indenture Act Controls 
	 	 	117	 
	Section 12.02 Notices 
	 	 	117	 
	Section 12.03 Communication by Holders of Notes with Other Holders of Notes 
	 	 	118	 
	Section 12.04 Certificate and Opinion as to Conditions Precedent 
	 	 	119	 
	Section 12.05 Statements Required in Certificate or Opinion 
	 	 	119	 
	Section 12.06 Rules by Trustee and Agents 
	 	 	119	 
	Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders 
	 	 	119	 
	Section 12.08 Governing Law 
	 	 	120	 
	Section 12.09 Waiver of Jury Trial 
	 	 	120	 
	Section 12.10 Force Majeure 
	 	 	120	 
	Section 12.11 No Adverse Interpretation of Other Agreements 
	 	 	120	 
	Section 12.12 Successors 
	 	 	120	 

-iii-

 

	 	 	 	 	 
	 	 	Page	 
	Section 12.13 Severability 
	 	 	120	 
	Section 12.14 Counterpart Originals 
	 	 	121	 
	Section 12.15 Table of Contents, Headings, etc. 
	 	 	121	 
	Section 12.16 Qualification of Indenture 
	 	 	121	 
	 
	 	 	 	 
	EXHIBITS
	 	 	 	 
	 
	 	 	 	 
	Exhibit A            Form of 2017 B Note
	 	 	 	 
	Exhibit B            Form of Certificate of Transfer
	 	 	 	 
	Exhibit C            Form of Certificate of Exchange
	 	 	 	 
	Exhibit D            Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors
	 	 	 	 

-iv-

 

          INDENTURE, dated as of December 23, 2009, among Clear Channel Worldwide Holdings, Inc., a
Nevada corporation (the “Issuer”), Clear Channel Outdoor Holdings, Inc., a Delaware
corporation (the “Company”), as Guarantor, Clear Channel Outdoor, Inc., a Delaware
corporation (“CCO”), as Guarantor, each of the other Guarantors (as defined herein) listed on the
signature pages hereto, U.S. Bank National Association, as Trustee, Paying Agent, Registrar and
Transfer Agent.

W I T N E S S E T H

          WHEREAS, the Issuer has duly authorized the creation of an issue of $2,000,000,000 aggregate
principal amount of 9.25% Series B Senior Notes due 2017 (the “Initial Notes”); and

          WHEREAS, the Issuer has duly authorized the execution and delivery of this
Indenture.

          NOW, THEREFORE, the Issuer, the Guarantors, and the Trustee, Paying Agent and Registrar agree
as follows for the benefit of each other and for the equal and ratable benefit of the Holders of
the 2017 B Notes.

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01 Definitions.

          “2017 A Exchange Notes” means new notes of the Issuer issued in exchange for the 2017
A Notes pursuant to, or as contemplated by, the 2017 A Registration Rights Agreement and Section
2.06(f) of the 2017 A Indenture.

          “2017 A Indenture” means the Indenture dated as of the Issue Date by and among the
Issuer, the Guarantors and the Trustee, with respect to the 2017 A Notes.

          “2017 A Notes” means the 9.25% Series A Senior Notes due 2017 and more particularly
means any 2017 A Note authenticated and delivered under the 2017 A Indenture. For all purposes of
this Indenture, the term “2017 A Notes” shall also include any Additional 2017 A Notes that may be
delivered under a supplemental indenture.

          “2017 A Notes Purchase Offer” has the meaning given to such term in the 2017 A Notes
Indenture.

          “2017 B Exchange Notes” means new notes of the Issuer issued in exchange for the 2017
B Notes pursuant to, or as contemplated by, the 2017 B Registration Rights Agreement and Section
2.06(f) hereof.

          “2017 B Notes” means the Initial Notes and more particularly means any 2017 B Note
authenticated and delivered under this Indenture. For all purposes of this Indenture, the term
“2017 B Notes” shall also include any Additional 2017 B Notes that may be delivered under a
supplemental indenture.

          “144A Global Note” means a Global Note substantially in the form of Exhibit A hereto
bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of,

 

 

and registered in the name of, the Depositary or its nominee that shall be issued in a denomination
equal to the outstanding principal amount of the 2017 B Notes sold in reliance on Rule 144A.

     “Acquired Indebtedness” means, with respect to any specified Person,

     (1) Indebtedness of any other Person existing at the time such other Person is merged,
consolidated or amalgamated with or into or became a Restricted Subsidiary of such specified
Person, including Indebtedness incurred in connection with, or in contemplation of, such
other Person merging, consolidating or amalgamating with or into or becoming a Restricted
Subsidiary of such specified Person, and

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

          “Additional 2017 A Notes” means additional 2017 A Notes (other than the 2017 A Notes
issued on the Issue Date and other than 2017 A Exchange Notes issued in exchange for such 2017 A
Notes) issued by the Issuer after this offering under the 2017 A Indenture.

          “Additional 2017 B Notes” means additional 2017 B Notes (other than the Initial Notes
and other than 2017 B Exchange Notes issued in exchange for such Initial Notes) issued from time to
time under this Indenture in accordance with Sections 2.01 and 4.09 hereof.

          “Additional Notes” means both the Additional 2017 A Notes and the Additional
2017 B Notes.

          “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person.
For purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise.

          “Agent” means any Registrar, Transfer Agent or Paying Agent.

          “Applicable Premium” means, with respect to any 2017 B Note on any Redemption Date,
the greater of:

     (a) 1.0% of the principal amount of such 2017 B Note on such Redemption Date; and

     (b) the excess, if any, of (i) the present value at such Redemption Date of (A) the
redemption price of such 2017 B Note at December 15, 2012 (such redemption price being set
forth in Section 3.07(c) hereof and in Section 5(d) of such 2017 B Note), plus (B) all
required remaining interest payments (calculated based on the cash interest rate) due on
such 2017 B Note through December 15, 2012 (excluding accrued but unpaid interest to the
Redemption Date), computed using a discount rate equal to the Treasury Rate as of such
Redemption Date plus 50 basis points; over (ii) the principal amount of such 2017 B Note on
such Redemption Date.

-2-

 

     “Applicable Procedures” means, with respect to any transfer or exchange of or for
beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear
and/or Clearstream that apply to such transfer or exchange.

     “Asset Sale” means:

     (1) the sale, conveyance, transfer or other disposition, whether in a single
transaction or a series of related transactions, of property or assets (including by way of
a Sale and Lease-Back Transaction) of the Company or any of its Restricted Subsidiaries
(each referred to in this definition as a “disposition”); or

     (2) the issuance or sale of Equity Interests of any Restricted Subsidiary, whether in a
single transaction or a series of related transactions;

in each case, other than:

     (a) any disposition of Cash Equivalents or Investment Grade Securities or obsolete or
worn out property or assets in the ordinary course of business or any disposition of
inventory or goods (or other assets) held for sale or no longer used in the ordinary course
of business;

     (b) (i) the disposition of all or substantially all of the assets of the Company or
the Issuer in a manner permitted pursuant to the provisions described under Section 5.01
hereof and (ii) any disposition that constitutes a Change of Control pursuant to this
Indenture;

     (c) the making of any Restricted Payment that is permitted to be made, and is
made, under Section 4.07 hereof or the making of any Permitted Investment;

     (d) any disposition of property or assets or issuance or sale of Equity Interests of
any Restricted Subsidiary in any transaction or series of related transactions with an
aggregate fair market value of less than $50,000,000;

     (e) any disposition of property or assets or issuance of securities by a Restricted
Subsidiary to the Company or by the Company or a Restricted Subsidiary to another Restricted
Subsidiary;

     (f) to the extent allowable under Section 1031 of the Code, any exchange of like
properly or assets (excluding any boot thereon) for use in a Similar Business;

     (g) the sale, lease, assignment, sub-lease, license or sub-license of any real or
personal property in the ordinary course of business;

     (h) any issuance or sale of Equity Interests in, or Indebtedness or other securities
of, an Unrestricted Subsidiary;

     (i) foreclosures, condemnation, expropriation or any similar action with respect to
assets or the granting of Liens not prohibited by this Indenture;

-3-

 

     (j) any disposition of Investments in joint ventures to the extent required by, or
made pursuant to, customary buy/sell arrangements between the joint venture parties as
set forth in binding joint venture or similar agreements;

     (k) any financing transaction with respect to property built or acquired by the Company
or any Restricted Subsidiary after the Issue Date, including Sale and Lease-Back
Transactions and asset securitizations permitted by this Indenture;

     (l) sales of accounts receivable in connection with the collection or compromise thereof;

     (m) the abandonment of intellectual property rights in the ordinary course of business,
which in the reasonable good faith determination of the Company are not material to the
conduct of the business of the Company and its Restricted Subsidiaries taken as a whole;

     (n) voluntary terminations of Hedging Obligations;

     (o)
the licensing or sub-licensing of intellectual property or other general
intangibles in the ordinary course of business, other than the licensing of intellectual property on
a long-term basis;

     (p) any surrender or waiver of contract rights or the settlement, release or
surrender of contract rights or other litigation claims in the ordinary course of
business;

     (q) the unwinding of any Hedging Obligations;

     (r) the issuance of directors’ qualifying shares and shares issued to foreign
nationals as required by applicable law; or

     (s) any disposition in connection with the Transactions.

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

          “Board of Directors” means the Board of Directors of the Company.

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

          “Capital Stock” means:

     (1) in the case of a corporation, corporate stock or shares in the capital of
such corporation;

     (2) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of
capital stock;

     (3) in the case of a partnership or limited liability company, partnership or
membership interests (whether general or limited); and

-4-

 

     (4) any other interest or participation that confers on a Person the right to receive a
share of the profits and losses of, or distributions of assets of, the issuing Person but
excluding from all of the foregoing any debt securities convertible into Capital Stock,
whether or not such debt securities include any right of participation with Capital Stock.

          “Capitalized Lease Obligation” means, at the time any determination thereof is to be
made, the amount of the liability in respect of a capital lease that would at such time be required
to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto)
prepared in accordance with GAAP.

          “Capitalized Software Expenditures” means, for any period, the aggregate of all
expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted
Subsidiaries during such period in respect of purchased software or internally developed software
and software enhancements that, in conformity with GAAP, are or are required to be reflected as
capitalized costs on the consolidated balance sheet of such Person and its Restricted Subsidiaries.

     “Cash Equivalents” means:

     (1) United States dollars;

     (2)(a) Canadian dollars, pounds sterling, euro, or any national currency of
any participating member state of the EMU; or

     (b) in the case of the Company or a Restricted Subsidiary, such local currencies held
by it from time to time in the ordinary course of business;

     (3) 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;

     (4) 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 $500,000,000 in the case of U.S. banks and $100,000,000
(or the U.S. dollar equivalent as of the date of determination) in the case of non-U.S.
banks;

     (5) repurchase obligations for underlying securities of the types described in
clauses (3) and (4) entered into with any financial institution meeting the
qualifications specified in clause (4) above;

     (6) commercial paper rated at least P-1 by Moody’s or at least A-1 by S&P and in each
case maturing within 24 months after the date of creation thereof;

     (7) 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;

-5-

 

     (8) 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;

     (9) 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;

     (10) Investments with 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

     (11) investment funds investing at least 95.0% of their assets in securities of the
types described in clauses (1) through (10) above.

          Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in
currencies other than those set forth in clauses (1) and (2) above; provided that such
amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable
and in any event within ten Business Days following the receipt of such amounts.

          “Cash Management Arrangements” means the treasury and cash management services
pursuant to the Corporate Services Agreement, including any amounts advanced and repaid under the
CCOH Mirror Note and the CCU Mirror Note, in each case, solely with respect to the Company’s and
its Subsidiaries’ cash from operations.

          “CCO” has the meaning set forth in the preamble hereto.

          “CCOH Mirror Note” means the Revolving Promissory Note dated as of November 10, 2005
between the Company, as maker, and CCU, as payee, as amended by the first amendment dated as of
December 23, 2009, as may be further amended, supplemented, restated or otherwise modified from
time to time not in violation of this Indenture.

          “CCU” means Clear Channel Communications, Inc., a Texas corporation, together with its
successors.

          “CCU Credit Event” means (a) pursuant to or within the meaning of any Bankruptcy Law,
CCU (i) commences proceedings to be adjudicated bankrupt or insolvent, (ii) consents to the
institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under applicable Bankruptcy Law, (iii)
consents to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other
similar official of it or for all or substantially all of its property, (iv) makes a general
assignment for the benefit of its creditors or (v) 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 (i) is for relief against CCU in a proceeding in which CCU is to be adjudicated bankrupt or
insolvent, (ii) appoints a receiver, liquidator, assignee, trustee, sequestrator or other similar
official of CCU, or for all or substantially all of the property of CCU or (iii) orders the
liquidation of CCU and the order or decree remains unstayed and in effect for 60 consecutive days.

-6-

 

          “CCU Intercompany Note” means the Senior Unsecured Term Promissory Note dated August
2, 2005 between CCO, as maker, and CCU, as payee, as amended through the Issue Date.

          “CCU Mirror Note” means the Revolving Promissory Note dated as of November 10, 2005
between CCU, as maker, and the Company, as payee, as amended by the first amendment dated December
23, 2009, as may be further amended, supplemented, restated or otherwise modified from time to time
not in violation of this Indenture.

     “Change of Control” means the occurrence of any of the following after the
Issue Date:

     (1) the sale, lease or transfer, in one or a series of related transactions (other than
by merger, consolidation or amalgamation), of all or substantially all of the assets of the
Company and its Restricted Subsidiaries, taken as a whole, to any Person other than a
Permitted Holder;

     (2) the Company 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 (A) any Person (other than any Permitted Holder) or (B) Persons (other than any Permitted
Holder) that are together a group (within the meaning of Section 13(d)(3) or Section
14(d)(2) of the Exchange Act, or any successor provision), including any such group acting
for the purpose of 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 more than 50.0% of the total voting power of the Voting Stock of the
Company or any of its direct or indirect parent companies (other than as a result of a
Permitted Debt Restructuring);

     (3) at any time during any consecutive two-year period, individuals who at the
beginning of such period constituted the Board of Directors (together with any new directors
whose election by such Board of Directors or whose nomination for election by the
stockholders of the Company was approved by a vote of at least a majority of the directors
then still in office who were either directors at the beginning of such period or whose
election or nomination for election was previously so approved) cease for any reason to
constitute a majority of the Board of Directors then in office;

     (4) the Company becoming at any time a Wholly-Owned Subsidiary of CCU or merging with
and into CCU whether or not it is the surviving entity; or

     (5) the Issuer ceasing to be at any time a Wholly-Owned Subsidiary of the Company,
including because of having merged with and into CCU, the Company or CCO.

     “Clearstream”
means Clearstream Banking, Sociėtė Anonyme.

     “Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto.

     “Company” has the meaning set forth in the preamble hereto.

          “Consolidated Depreciation and Amortization Expense” means, with respect to any
Person, for any period, the total amount of depreciation and amortization expense, including
the amortization of deferred financing fees, debt issuance costs, commissions, fees and
expenses and

-7-

 

Capitalized Software Expenditures and amortization of unrecognized prior service costs and
actuarial gains and losses related to pensions and other post-employment benefits, of such Person
and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in
accordance with GAAP.

          “Consolidated Indebtedness” means, as of any date of determination, the sum, without
duplication, of (1) the total amount of Indebtedness of the Company and its Restricted Subsidiaries
set forth on the Company’s consolidated balance sheet (excluding any letters of credit except to
the extent of unreimbursed amounts drawn thereunder), plus (2) the greater of the aggregate
liquidation value and maximum fixed repurchase price without regard to any change of control or
redemption premiums of all Disqualified Stock of the Company and the Restricted Guarantors and all
Preferred Stock of its Restricted Subsidiaries that are not Guarantors, in each case, 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:

     (1) consolidated interest expense of such Person and its Restricted Subsidiaries for
such period, to the extent such expense was deducted (and not added back) in computing
Consolidated Net Income (including (a) amortization of original issue discount resulting from the
issuance of Indebtedness at less than par, (b) all commissions, discounts and other fees and
charges owed with respect to letters of credit or bankers acceptances, (c) non-cash interest expense
(but excluding any non-cash interest expense attributable to the movement in the mark to
market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP), (d)
the interest component of Capitalized Lease Obligations, and (e) net payments, if any, made
(less net payments, if any, received), pursuant to interest rate Hedging Obligations with respect
to Indebtedness, and excluding (u) any expense resulting from the discounting of any
Indebtedness in connection with the application of recapitalization accounting or purchase
accounting, as the case may be, in connection with the Transactions or any acquisition, (v) penalties and
interest relating to taxes, (w) any Special Interest, any “special interest” with respect to
other securities and any liquidated damages for failure to timely comply with registration rights
obligations, (x) amortization of deferred financing fees, debt issuance costs, discounted liabilities,
commissions, fees and expenses, (y) any expensing of bridge, commitment and other financing
fees and (z) any accretion of accrued interest on discounted liabilities); plus

     (2) consolidated capitalized interest of such Person and its Restricted Subsidiaries
for such period, whether paid or accrued; less

     (3) interest income of such Person and its Restricted Subsidiaries for such period.

          For purposes of this definition, interest on a Capitalized Lease Obligation shall be
deemed to accrue at an interest rate reasonably determined by the Company to be the rate of
interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

          “Consolidated Leverage Ratio” means, as of the date of determination, the ratio of (a)
the Consolidated Indebtedness of the Company and its Restricted Subsidiaries on such date, to (b)
EBITDA of the Company and its Restricted Subsidiaries for the most recently ended four fiscal
quarters ending immediately prior to such date for which internal financial statements are
available.

-8-

 

          In the event that the Company or any Restricted Subsidiary (i) incurs, redeems, retires or
extinguishes any Indebtedness (other than Indebtedness incurred or repaid under any revolving
credit facility in the ordinary course of business for working capital purposes) or (ii) issues or
redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for
which the Consolidated Leverage Ratio is being calculated but prior to or simultaneously with the
event for which the calculation of the Consolidated Leverage Ratio is made (the “Consolidated
Leverage Ratio Calculation Date”), then the Consolidated Leverage Ratio shall be calculated
giving pro forma effect to such incurrence, redemption, retirement or extinguishment of
Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the
same had occurred at the beginning of the applicable four-quarter period; provided,
however, that the Issuer may elect, pursuant to an Officer’s Certificate delivered to the
Trustee not later than 30 days after entering into any commitment providing for the incurrence of
Consolidated Indebtedness, that all or any portion of the Consolidated Indebtedness that could be
incurred under such commitment at the time such commitment is entered into shall be treated as
incurred and outstanding in such amount for all purposes of this calculation (whether or not such
Consolidated Indebtedness is outstanding at the time such commitment is entered into) and any
subsequent incurrence of such Consolidated Indebtedness under such commitment (including upon
repayment and reborrowing) shall not be deemed, for purposes of this calculation, to be the
incurrence of Consolidated Indebtedness at such subsequent time.

          For purposes of making the computation referred to above, Investments, acquisitions,
dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in
accordance with GAAP), in each case with respect to an operating unit of a business made (or
committed to be made pursuant to a definitive agreement) during the four-quarter reference period
or subsequent to such reference period and on or prior to or simultaneously with the Consolidated
Leverage Ratio Calculation Date, and other operational changes that the Company or any of its
Restricted Subsidiaries has determined to make or made during the four-quarter reference period or
subsequent to such reference period and on or prior to or simultaneously with the Consolidated
Leverage Ratio Calculation Date shall be calculated on a pro forma basis as set forth below
assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations,
consolidations, discontinued operations and other operational changes had occurred on the first day
of the four-quarter reference period. If since the beginning of such period any Person that
subsequently became a Restricted Subsidiary or was merged with or into the Company or any of its
Restricted Subsidiaries since the beginning of such period shall have made any Investment,
acquisition, disposition, merger, amalgamation, consolidation, discontinued operation or
operational change, in each case with respect to an operating unit of a business, that would have
required adjustment pursuant to this definition, then the Consolidated Leverage Ratio shall be
calculated giving pro forma effect thereto in the manner set forth below for such period as if such
Investment, acquisition, disposition, merger, consolidation, discontinued operation or operational
change had occurred at the beginning of the applicable four-quarter period.

          For purposes of this definition, whenever pro forma effect is to be given to an Investment,
acquisition, disposition, amalgamation, merger or consolidation (including the Transactions) and
the amount of income or earnings relating thereto, the pro forma calculations shall be made in good
faith by a responsible financial or accounting officer of the Company (and may include cost
savings, synergies and operating expense reductions resulting from such Investment, acquisition,
amalgamation, merger or consolidation (including the Transactions) which is being given pro forma
effect that have been or are expected to be realized); provided that actions to realize
such cost savings, synergies and operating expense reductions are taken within 12 months after the
date of such Investment, acquisition, amalgamation, merger or consolidation; provided that
no cost savings, synergies or operating expense

-9-

 

reductions shall be included pursuant to this paragraph to the extent duplicative of any amounts
that are otherwise added back in computing EBITDA with respect to such period.

          For the purposes of this definition, any amount in a currency other than U.S. dollars shall be
converted to U.S. dollars based on the average exchange rate for such currency for the most recent
twelve month period immediately prior to the date of determination determined in a manner
consistent with that used in calculating EBITDA for the applicable period.

          “Consolidated Net Income” means, with respect to any Person for any period, the
aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a
consolidated basis, and otherwise determined in accordance with GAAP;
provided, however,
that, without duplication,

     (1) any net after-tax effect of extraordinary, non-recurring or unusual gains or losses
(less all fees and expenses related thereto) or expenses and Transaction Expenses incurred
within 180 days of the Issue Date shall be excluded;

     (2) the cumulative effect of a change in accounting principles during such period shall
be excluded;

     (3) any net after-tax effect of income (loss) from disposed or discontinued operations
and any net after-tax gains or losses on disposal of disposed, abandoned or discontinued
operations shall be excluded;

     (4) any net after-tax effect of gains or losses (less all fees and expenses relating
thereto) attributable to asset dispositions other than in the ordinary course of business,
as determined in good faith by the Company, shall be excluded;

     (5) the Net Income for such period of any Person that is not a Subsidiary, or is
an Unrestricted Subsidiary, or that is accounted for by the equity method of
accounting, shall be excluded; provided that Consolidated Net Income of such
Person shall be increased by the amount of dividends or distributions or other payments
that are actually paid in cash or Cash Equivalents (or to the extent converted into
cash or Cash Equivalents) to such Person or a Subsidiary thereof that is the Company or
a Restricted Subsidiary in respect of such period;

     (6) [Reserved];

     (7) effects of purchase accounting adjustments (including the effects of such
adjustments pushed down to such Person and such Subsidiaries) in component amounts required
or permitted by GAAP, resulting from the application of purchase accounting in relation to
the Transactions or any consummated acquisition or the amortization or write-off of any
amounts thereof, net of taxes, shall be excluded;

     (8) any net after-tax effect of income (loss) from the early extinguishment or
conversion of (a) Indebtedness, (b) Hedging Obligations or (c) other derivative instruments
shall be excluded;

     (9) any impairment charge or asset write-off or write-down, including impairment
charges or asset write-offs or write-downs related to intangible assets, long-lived
assets,

-10-

 

investments in debt and equity securities or as a result of a change in law or regulation,
in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to
GAAP, shall be excluded;

     (10) any non-cash compensation charge or expense, including any such charge or expense
arising from the grant of stock appreciation or similar rights, stock options, restricted
stock or other rights or equity incentive programs, and any cash charges associated with the
rollover, acceleration, or payout of Equity Interests by management of the Company or any of
its direct or indirect parent companies in connection with the Transactions, shall be
excluded;

     (11) accruals and reserves that are established or adjusted within twelve months after
the Issue Date that are so required to be established as a result of the Transactions in
accordance with GAAP, or changes as a result of adoption or modification of accounting
policies, shall be excluded; and

     (12) to the extent covered by insurance and actually reimbursed, or, so long as the
Company has made a determination that there exists reasonable evidence that such amount will
in fact be reimbursed by the insurer and only to the extent that such amount is (a) not
denied by the applicable carrier in writing within 180 days and (b) in fact reimbursed
within 365 days of the date of such evidence with a deduction for any amount so added back
to the extent not so reimbursed within 365 days, expenses with respect to liability or
casualty events or business interruption shall be excluded.

          “Contingent Obligations” means, with respect to any Person, any obligation of such
Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness
(“primary obligations”) of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, including any obligation of such Person, whether or not contingent,

          (1) to purchase any such primary obligation or any property constituting direct or
indirect security therefor,

          (2) to advance or supply funds

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

     (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

     (3) 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.

          “Corporate Services Agreement” means the Corporate Services Agreement, dated as of
November 10, 2005, by and between Clear Channel Management Services, L.P., and the Company, as the
same may have been amended or supplemented as of the Issue Date and as may be further amended,
supplemented, restated or otherwise modified from time to time; provided that such
amendments, supplements, restatements or other modifications are, in the good faith judgment of the
Company, not materially adverse to the Holders.

-11-

 

          “Corporate Trust Office of the Trustee” shall be at the address of the Trustee
specified in Section 12.02 hereof or such other address as to which the Trustee may give notice
to the Holders and the Issuer.

          “Credit Facilities” means, with respect to the Company or any of its Restricted
Subsidiaries, one or more debt or credit facilities, including the Senior Credit Facilities, or
other financing arrangements (including commercial paper facilities or indentures) providing for
revolving credit loans, term loans, letters of credit or other long-term indebtedness, including
any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in
connection therewith, and any amendments, supplements, modifications, extensions, renewals,
restatements or refundings thereof and any notes, indentures or credit facilities or commercial
paper facilities 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 permitted to be borrowed thereunder or alters the
maturity thereof (provided that such increase in borrowings is permitted under Section 4.09 hereof)
or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the
same or any other agent, lender or group of lenders.

          “Custodian” means the Trustee, as custodian with respect to the 2017 B Notes in global
form, or any successor entity thereto.

          “Default” means any event that is, or with the passage of time or the giving of notice
or both would be, an Event of Default.

          “Definitive Note” means a certificated 2017 B Note registered in the name of the
Holder thereof and issued in accordance with Section 2.06(c) hereof, substantially in the form of
Exhibit A hereto, as the case may be, except that such 2017 B Note shall not bear the
Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto.

          “Depositary” means, with respect to the 2017 B 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 2017 B Notes, and any and all successors thereto appointed as Depositary hereunder and having
become such pursuant to the applicable provision of this Indenture.

          “Designated Non-cash Consideration” means (1) the fair market value of non-cash
consideration received by the Company or a Restricted Subsidiary in connection with an Asset Sale
that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate,
setting forth the basis of such valuation, executed by the principal financial officer of the
Company, less (2) the amount of cash or Cash Equivalents received in connection with a subsequent
sale of or collection on such Designated Non-cash Consideration.

          “Designated Preferred Stock” means Preferred Stock of the Company, a Restricted
Subsidiary or any direct or indirect parent corporation of the Company (in each case other than
Disqualified Stock) that is issued for cash (other than to the Company or a Restricted Subsidiary
or an employee stock ownership plan or trust established by the Company or its Subsidiaries) and is
so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate executed by the
principal financial officer of the Company, on the issuance date thereof.

          “Disqualified Stock” means, with respect to any Person, any Capital Stock of such
Person which, by its terms, or by the terms of any security into which it is convertible or for
which it is putable or

-12-

 

exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than
solely as a result of a change of control or asset sale) 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 asset sale), in whole or in part, in each case prior to the date 91 days after
the earlier of the maturity date of the 2017 B Notes or the date the 2017 B Notes are no longer
outstanding; provided, however, that if such Capital Stock is issued to any plan
for the benefit of employees of the Company or its Subsidiaries or by any such plan to such
employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be
required to be repurchased in order to satisfy applicable statutory or regulatory obligations;
provided further that any Capital Stock held by any future, current or former employee,
director, officer, manager or consultant (or their respective Immediate Family Members) of the
Company, any of its Subsidiaries, any of its direct or indirect parent companies or any other
entity in which the Company or a Restricted Subsidiary has an Investment, in each case pursuant to
any stock subscription or shareholders’ agreement, management equity plan or stock option plan or
any other management or employee benefit plan or agreement or any distributor equity plan or
agreement, shall not constitute Disqualified Stock solely because it may be required to be
repurchased by the Company or its Subsidiaries.

          “Domestic Subsidiary” means any Subsidiary of the Company that is organized or
existing under the laws of the United States, any state thereof, the District of Columbia, or any
territory thereof.

          “EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of
such Person and its Restricted Subsidiaries for such period

     (1) increased (without duplication) by:

     (a) provision for taxes based on income or profits or capital, including
federal, state, franchise and similar taxes, foreign withholding taxes and foreign
unreimbursed value added taxes of such Person and such Subsidiaries paid or accrued
during such period, including penalties and interest related to such taxes or
arising from any tax examinations, to the extent the same were deducted (and not
added back) in computing Consolidated Net Income; provided that the
aggregate amount of unreimbursed value added taxes to be added back for any four
consecutive quarter period shall not exceed $2,000,000; plus

     (b) Fixed Charges of such Person and such Subsidiaries for such period
(including (x) net losses on Hedging Obligations or other derivative instruments
entered into for the purpose of hedging interest rate risk, (y) fees payable in
respect of letters of credit and (z) costs of surety bonds in connection with
financing activities, in each case, to the extent included in Fixed Charges) to the
extent the same was deducted (and not added back) in calculating such Consolidated
Net Income; plus

     (c) Consolidated Depreciation and Amortization Expense of such Person and such
Subsidiaries for such period to the extent the same were deducted (and not added
back) in computing Consolidated Net Income; plus

     (d) any fees, expenses or charges related to any Equity Offering, Investment,
acquisition, asset sale, disposition, recapitalization, the incurrence, repayment or
refinancing of Indebtedness permitted to be incurred by this Indenture (including
any

-13-

 

such transaction consummated prior to the Issue Date and 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, in each case whether or not successful (including the effects of expensing
all transaction related expenses in accordance with ASC 805-10 and gains or losses associated with
ASC 460-10)), or the offering, amendment or modification of any debt instrument, including the
offering, any amendment or other modification of the 2017 B Notes, the 2017 A Notes, the Exchange
Notes or the Senior Credit Facilities; plus

     (e)(w) Transaction Expenses to the extent deducted (and not added back) in computing
Consolidated Net Income, (x) the amount of any severance, relocation costs, curtailments or
modifications to pension and post-retirement employee benefit plans, (y) any restructuring charge
or reserve deducted (and not added back) in such period in computing Consolidated Net Income,
including any restructuring costs incurred in connection with acquisitions after the Issue Date,
and (z) to the extent deducted (and not added back) in computing Consolidated Net Income, costs
related to the closure and/or consolidation of facilities, retention charges, systems establishment
costs, conversion costs and excess pension charges and consulting fees incurred in connection with
any of the foregoing; provided that the aggregate amount added back pursuant to subclause
(z) of this clause (e) shall not exceed 10.0% of the LTM Cost Base in any four consecutive four
quarter period; plus

     (f) any other non-cash charges, including any (i) write-offs or write-downs,
(ii) equity-based awards compensation expense, (iii) losses on sales, disposals or
abandonment of, or any impairment charges or asset write-off related to, intangible
assets, long-lived assets and investments in debt and equity securities, (iv) all losses from
investments recorded using the equity method and (v) other non-cash charges, non-cash
expenses or non-cash losses reducing Consolidated Net Income for such period (provided
that if any such non-cash charges represent an accrual or reserve for potential cash items
in any future period, the cash payment in respect thereof in such future period shall be
subtracted from EBITDA in such future period to the extent paid, and excluding
amortization of a prepaid cash item that was paid in a prior period); plus

     (g) [Reserved]; plus

     (h) [Reserved]; plus

     (i) solely for purposes of determining the amount of EBITDA in connection with calculating the
Consolidated Leverage Ratio and the Senior Leverage Ratio, the amount of cost savings projected by
the Company in good faith to be realized as a result of specified actions identified and taken on
or prior to June 30, 2011; provided that (A) such actions and amounts are reasonably
identifiable and factually supportable, (B) such actions have an ongoing (and other than temporary)
impact on the Company’s direct operating expenses, selling, general and administrative expenses or
corporate expenses, as determined in good faith by the Company, (C) no cost savings shall be added
pursuant to this clause (i) to the extent duplicative of any expenses or charges that are otherwise
added back in computing EBITDA with respect to such period and (D) the aggregate amount of cost
savings added pursuant to this clause (i) shall not exceed in any four-quarter period ended after
September 30, 2009, an amount equal to $58,800,000; plus

-14-

 

     (j) to the extent no Default or Event of Default has occurred and is
continuing, the amount of management, monitoring, consulting, transaction and advisory
fees and related expenses paid or accrued in such period to the Investors to the extent
otherwise permitted under Section 4.11 hereof deducted (and not added back) in
computing Consolidated Net Income; plus

     (k) any costs or expense deducted (and not added back) in computing Consolidated Net
Income by such Person or any such Subsidiary 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 cost or expenses are
funded with cash proceeds contributed to the capital of the Company or a Restricted
Guarantor or net cash proceeds of an issuance of Equity Interest of a Guarantor (other
than Disqualified Stock);

     (2) decreased by (without duplication) any non-cash gains increasing Consolidated Net Income
of such Person and such Subsidiaries 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

     (3) increased or decreased by (without duplication):

     (a) any net gain or loss resulting in such period from Hedging Obligations and
the application of Statement of Financial Accounting Standards No. 133 and International
Accounting Standards No. 39 and their respective related pronouncements and
interpretations; plus or minus, as applicable, and

     (b) any net gain or loss resulting in such period from currency translation gains or
losses related to currency remeasurements of indebtedness (including any net loss or gain
resulting from hedge agreements for currency exchange risk).

          “EMU” means economic and monetary union as contemplated in the Treaty on European
Union.

          “Equity Interests” means Capital Stock and all warrants, options or other rights to
acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable
for, Capital Stock.

          “Equity Offering” means any public or private sale of common stock or Preferred Stock
of the Company or of a direct or indirect parent of the Company (excluding Disqualified Stock),
other than:

     (1) public offerings with respect to any such Person’s common stock registered on Form
S-8;

     (2) issuances to the Company or any Subsidiary of the Company; and

     (3) any such public or private sale that constitutes an Excluded Contribution.

     “euro” means the single currency of participating member states of the EMU.

-15-

 

          “Euroclear” means Euroclear S.A./N.V., as operator of the
Euroclear system.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the SEC promulgated thereunder.

          “Exchange Notes” means both the 2017 A Exchange Notes and the 2017 B Exchange Notes.

          “Exchange Offer” has the meaning set forth in the 2017 B Registration Rights
Agreement.

          “Exchange Offer Registration Statement” has the meaning set forth in the 2017 B
Registration Rights Agreement.

          “Exchanging Dealer” has the meaning set forth in the 2017 B Registration Rights
Agreement.

          “Excluded Contribution” means net cash proceeds, marketable securities or Qualified
Proceeds received by or contributed to the Company from,

     (1) contributions to its common equity capital, and

     (2) the sale (other than to a Subsidiary of the Company or to any management equity plan
or stock option plan or any other management or employee benefit plan or agreement of the
Company) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of
the Company,

in each case designated as Excluded Contributions pursuant to an Officer’s Certificate on the date
such capital contributions are made or the date such Equity Interests are sold, as the case may be.

          “Excluded Event” means any default or acceleration under the Credit Agreement
described in the definition of Senior Credit Facilities as in effect on the Issue Date pursuant to
which the Company or any Restricted Subsidiary is a borrower or guarantor thereunder subject to a
$150,000,000 sublimit thereunder (and any amendments, extensions, modifications, refinancings,
refundings, renewals, restatements or supplements thereof so long as the Company or any Restricted
Subsidiary is a borrower or guarantor thereunder and is subject to the $150,000,000 sublimit
thereunder), if such default or acceleration results from, or is attributable to, any event,
condition or circumstance (including a CCU Credit Event) attributable to CCU and its Subsidiaries
other than the Company and its Subsidiaries so long as, to the extent legally permitted to do so
(including pursuant to any suit or other legal proceeding in a court of competent jurisdiction
related to a CCU Credit Event), the Company and its Subsidiaries have repaid (or reserved or set
aside cash for repayment in a restricted account) the principal amount equal to the Indebtedness
and other Obligations owed by the Company and its Subsidiaries under such Credit Agreement.

          “Excluded Subsidiary” means (a) any Immaterial Subsidiary, (b) any Foreign Subsidiary
of the Company and (c) any Domestic Subsidiary (i) that is
a Subsidiary of a Foreign Subsidiary of
the Company that is a controlled foreign corporation within the meaning of Section 957 of the Code
or
(ii) that is treated as a disregarded entity for U.S. federal income tax purposes if
substantially all of its

-16-

 

assets consist of the stock of one or more Foreign Subsidiaries of the Company that is a
controlled foreign corporation within the meaning of Section 957 of the Code.

          “Existing Senior Notes” means CCU’s 4.5% Senior Notes Due 2010, 6.25% Senior Notes Due
2011, 4.4% Senior Notes Due 2011, 5.0% Senior Notes Due 2012, 5.75% Senior Notes Due 2013, 5.5%
Senior Notes Due 2014, 4.9% Senior Notes Due 2015, 5.5% Senior Notes Due 2016,10.75% Senior Cash
Pay Notes due 2016, 11.00%/11.75% Senior Toggle Notes due 2016, 6.875% Senior Debentures Due 2018
and 7.25% Debentures Due 2027.

          “Existing Senior Notes Indentures” means (a) the Senior Indenture dated as of October
1, 1997 between CCU and The Bank of New York, as trustee, as the same may have been amended or
supplemented as of the Issue Date and (b) the Indenture dated as of July 30, 2008 between among
CCU, Law Debenture Trust Company of New York, as trustee, and Deutsche Bank Trust Company Americas,
as paying agent, registrar and transfer agent, as the same may have been amended or supplemented as
of the Issue Date.

          “Fixed Charges” means, with respect to any Person for any period, the sum, without
duplication, of:

     (1) Consolidated Interest Expense of such Person and Restricted Subsidiaries for such
period; plus

     (2) all cash dividends or other distributions paid to any Person other than such
Person or any such Subsidiary (excluding items eliminated in consolidation) on any series
of Preferred Stock of the Company or a Restricted Subsidiary during such period; plus

     (3) all cash dividends or other distributions paid to any Person other than such
Person or any such Subsidiary (excluding items eliminated in consolidation) on any series
of Disqualified Stock of the Company or a Restricted Subsidiary during such period.

          “Foreign Subsidiary” means any Subsidiary that is not organized or existing under the
laws of the United States, any state thereof, the District of Columbia, or any territory thereof,
and any Subsidiary of such Foreign Subsidiary.

          “GAAP” means generally accepted accounting principles in the United States which are
in effect on the Issue Date.

          “Global Note Legend” means the legend set forth in Section 2.06(g)(ii) hereof, which
is required to be placed on all Global Notes issued under this Indenture.

          “Global Notes” means, individually and collectively, each of the Restricted Global
Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto, issued in
accordance with Section 2.01, 2.06(b), 2.06(d) or 2.06(f) hereof.

          “Government Securities” means securities that are:

     (1) direct obligations of the United States of America for the timely payment of which
its full faith and credit is pledged; or

-17-

 

     (2) obligations of a Person controlled or supervised by and acting as an agency
or instrumentality of the United States of America the timely payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of
America,

which, in either case, are not callable or redeemable at the option of the issuers thereof,
and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act), as custodian with respect to any such Government Securities or a specific payment
of principal of or interest on any such Government Securities held by such custodian for the
account of the holder of such depository receipt; provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the Government
Securities or the specific payment of principal of or interest on the Government Securities
evidenced by such depository receipt.

          “guarantee” means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any manner (including
letters of credit and reimbursement agreements in respect thereof), of all or any part of any
Indebtedness or other obligations.

          “Guarantee” means the guarantee by any Guarantor of the Issuer’s Obligations under
this Indenture and the 2017 B Notes (and 2017 B Exchange Notes).

          “Guarantor” means, each Person that Guarantees the 2017 B Notes (and 2017 B
Exchange Notes) in accordance with the terms of this Indenture.

          “Hedging Obligations” means, with respect to any Person, the obligations of such
Person under any interest rate swap agreement, interest rate cap agreement, interest rate collar
agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign
exchange contract, currency swap agreement or similar agreement providing for the transfer or
mitigation of interest rate or currency risks either generally or under specific contingencies.

          “Holder” means the Person in whose name a Note is registered on the
registrar’s books.

          “Immaterial Subsidiary” means, at any date of determination, any Subsidiary of the
Company (other than a Foreign Subsidiary or a Subsidiary that meets the criteria of clause (c) of
the definition of Excluded Subsidiary) that is a Restricted Subsidiary and not a Restricted
Guarantor, (a) whose total assets, together with the total assets of all such Restricted
Subsidiaries that are not Restricted Guarantors, at the last day of the end of the most recently
ended fiscal quarter of the Company for which financial statements are publicly available did not
exceed 3.5% of Total Assets at such date or (b) whose gross revenues, together with the gross
revenues of all such other Restricted Subsidiaries that are not Restricted Guarantors (other than a
Foreign Subsidiary of the Company or a Subsidiary of the Company that meets the criteria of clause
(c) of the definition of Excluded Subsidiary), for the most recently ended period of four
consecutive fiscal quarters of the Company for which financial statements are publicly available
did not exceed 3.5% of the consolidated gross revenues of the Company and the Restricted
Subsidiaries for such period, in each case determined in accordance with GAAP.

          “Immediate Family Member” means with respect to any individual, such individual’s
child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse,
former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and
daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide
estate-planning vehicle the

-18-

 

only beneficiaries of which are any of the foregoing individuals or any private foundation or
fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any
such individual is the donor.

          “Indebtedness” means, with respect to any Person, without duplication:

     (1) any indebtedness (including principal and premium) of such Person, whether or not
contingent:

     (a) in respect of borrowed money;

     (b) evidenced by bonds, notes, debentures or similar instruments or letters of
credit or bankers’ acceptances (or, without duplication, reimbursement
agreements in respect thereof);

     (c) representing the balance deferred and unpaid of the purchase price of any
property (including Capitalized Lease Obligations), except (i) any such balance
that constitutes an obligation in respect of a commercial letter of credit, a trade
payable or similar obligation to a trade creditor, in each case accrued in the
ordinary course of business, (ii) liabilities accrued in the ordinary course of
business and (iii) any earn-out obligations until such obligation becomes a
liability on the balance sheet of such Person in accordance with GAAP; or

     (d) representing any Hedging Obligations;

if and to the extent that any of the foregoing Indebtedness (other than letters of
credit (other than commercial letters of credit) and Hedging Obligations) would appear as a
liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in
accordance with GAAP;

     (2) to the extent not otherwise included, any obligation by such Person to be liable
for, or to pay, as obligor, guarantor or otherwise, on the obligations of the type referred
to in clause (1) of a third Person (whether or not such items would appear upon the balance
sheet of such obligor or guarantor), other than by endorsement of negotiable instruments
for collection in the ordinary course of business; and

     (3) to the extent not otherwise included, the obligations of the type referred to in
clause (1) of a third Person secured by a Lien on any asset owned by such first Person,
whether or not such Indebtedness is assumed by such first Person;

provided, however, that notwithstanding the foregoing, Indebtedness shall be deemed not to
include Contingent Obligations incurred in the ordinary course of business.

          “Indenture” means this Indenture, as amended or supplemented from time to
time.

          “Indentures” means both the 2017 A Indenture and this Indenture.

          “Independent Financial Advisor” means an accounting, appraisal, investment banking
firm or consultant to Persons engaged in Similar Businesses of nationally recognized standing that
is, in the good faith judgment of the Company, qualified to perform the task for which it has been
engaged.

-19-

 

          “Indirect Participant” means a Person who holds a beneficial interest in a
Global Note through a Participant.

          “Initial Notes” has the meaning set forth in the recitals hereto.

          “Initial Purchasers” means Goldman, Sachs & Co, Banc of America Securities LLC,
Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche
Bank Securities Inc., Moelis & Company LLC and Morgan Stanley & Co. Incorporated.

          “Interest Payment Date” means June 15 and December 15 of each year to
stated maturity.

          “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 an equivalent rating by any other
Rating Agency.

          “Investment Grade Securities” means:

     (1) securities issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality thereof (other than Cash Equivalents);

     (2) debt securities or debt instruments with an Investment Grade Rating, but excluding
any debt securities or instruments constituting loans or advances among the Company and the
Subsidiaries of the Company;

     (3) investments in any fund that invests exclusively in investments of the type
described in clauses (1) and (2) which fund may also hold immaterial amounts of cash
pending investment or distribution; and

     (4) corresponding instruments in countries other than the United States customarily
utilized for high quality investments.

          “Investments” means, with respect to any Person, all investments by such Person in
other Persons (including Affiliates) in the form of loans (including guarantees), advances or
capital contributions (excluding accounts receivable, trade credit, advances to customers and
commission, travel and similar advances to directors, officers, employees and consultants, in each
case made in the ordinary course of business), purchases or other acquisitions for consideration of
Indebtedness, Equity Interests or other securities issued by any other Person and investments that
are required by GAAP to be classified on the balance sheet (excluding the footnotes) of such Person
in the same manner as the other investments included in this definition to the extent such
transactions involve the transfer of cash or other property. For purposes of the definition of
“Unrestricted Subsidiary” and Section 4.07:

     (1) “Investments” shall include the portion (proportionate to the Company’s
direct or indirect equity interest in such Subsidiary) of the fair market value of the net
assets of a Subsidiary of the Company at the time that such Subsidiary is designated an
Unrestricted Subsidiary; provided, however, that upon a redesignation of
such Subsidiary as a Restricted Subsidiary, the Company or applicable Restricted Subsidiary
shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary
in an amount (if positive) equal to:

-20-

 

     (a)
the Company’s direct or indirect “Investment” in such Subsidiary at the
time of such redesignation; less

     (b)
the portion (proportionate to the Company’s direct or indirect equity
interest in such Subsidiary) of the fair market value of the net assets of such
Subsidiary at the time of such redesignation; and

     (2)
any property transferred to or from an Unrestricted Subsidiary shall be valued at
its fair market value at the time of such transfer, in each case as determined in good
faith by the Company.

          “Investors” means Thomas H. Lee Partners L.P. and Bain Capital LLC, each of their
respective Affiliates and any investment funds advised or managed by any of the foregoing, but not
including, however, any portfolio companies of any of the foregoing.

          “Issue Date” means December 23, 2009.

          “Issuer” has the meaning set forth in the preamble hereto.

          “Issuer Order” means a written request or order signed on behalf of the Issuer by an
Officer, who must be the principal executive officer, the principal financial officer, the
treasurer or the principal accounting officer of the Issuer, and delivered to the Trustee.

          “Legal Holiday” means a Saturday, a Sunday or a day on which commercial banking
institutions are not required to be open in the State of New York.

          “Letter of Transmittal” means the letter of transmittal to be prepared by the Issuer
and sent to all Holders of the 2017 B Notes for use by such Holders in connection with the Exchange
Offer.

          “Lien” means, with respect to any asset, any mortgage, lien (statutory or otherwise),
pledge, hypothecation, charge, security interest, preference, priority or encumbrance of any kind
in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable
law, including any conditional sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in and any filing of or
agreement to give any financing statement under the Uniform Commercial Code (or equivalent
statutes) of any jurisdiction; provided that in no event shall an operating lease be deemed to
constitute a Lien.

          “LTM Cost Base” means, for any consecutive four quarter period, the sum of (a) direct
operating expenses, (b) selling, general and administrative expenses and (c) corporate expenses, in
each case excluding depreciation and amortization, of the Company and its Restricted Subsidiaries
determined on a consolidated basis in accordance with GAAP.

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

          “Net Income” means, with respect to any Person, the net income (loss) of such Person
and its Subsidiaries that are Restricted Subsidiaries, determined in accordance with GAAP and
before any reduction in respect of Preferred Stock dividends.

-21-

 

          “Net Proceeds” means the aggregate cash proceeds received by the Company or any of its
Restricted Subsidiaries in respect of any Asset Sale, including any cash received upon the sale or
other disposition of any Designated Non-cash Consideration received in any Asset Sale, net of the
direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash
Consideration, including legal, accounting and investment banking fees, payments made in order to
obtain a necessary consent or required by applicable law, and brokerage and sales commissions, any
relocation expenses incurred as a result thereof, other fees and expenses, including title and
recordation expenses, taxes paid or payable as a result thereof (after taking into account any
available tax credits or deductions and any tax sharing arrangements), amounts required to be
applied to the repayment of principal, premium, if any, and interest on unsubordinated Indebtedness
required (other than required by clause (1), (2), (3), (4) or
(5) of Section 4.10(b) hereof) to be
paid as a result of such transaction and any deduction of appropriate amounts to be provided by the
Company or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any
liabilities associated with the asset disposed of in such transaction and retained by the Company
or any of its Restricted Subsidiaries after such sale or other disposition thereof, including
pension and other post-employment benefit liabilities and liabilities related to environmental
matters or against any indemnification obligations associated with such transaction, and in the
case of any Asset Sale by a Restricted Subsidiary that is not a Wholly-Owned Subsidiary of the
Company, a portion of the aggregate cash proceeds equal to the portion of the outstanding Equity
Interests of such non-Wholly-Owned Subsidiary owned by Persons other than the Company and any other
Restricted Subsidiary (to the extent such proceeds are committed to be distributed to such
Persons). For purposes of this definition only, the term “Asset Sale” shall be deemed to include
any Foreign Disposition.

          “Non-U.S. Person” means a Person who is not a U.S. Person.

          “Notes” means both the 2017 A Notes and the 2017 B Notes. For purposes of this
Indenture, the term “Notes” shall also include any Additional Notes that may be issued under a
supplemental indenture.

          “Obligations” means any principal (including any accretion), interest (including any
interest accruing on or 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), premium,
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 (including any accretion), interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities, payable under the documentation governing any
Indebtedness.

          “Offering Circular” means the final offering circular, dated December 18, 2009,
relating to the sale of the Notes issued on the Issue Date.

          “Officer” means the Chairman of the Board, the Chief Executive Officer, the President,
any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the
Secretary of the Company or the Issuer, as the case may be.

          “Officer’s Certificate” means a certificate signed on behalf of the Company, the
Issuer or a Restricted Guarantor, as the case may be, by an Officer of the Company, the Issuer or a
Restricted Guarantor, as the case may be, who must be the principal executive officer, the
principal financial officer, the treasurer or the principal accounting officer of the Company, the
Issuer or a Restricted Guarantor, as the case may be, that meets the requirements set forth in this
Indenture.

-22-

 

          “Opinion of Counsel” means a written opinion from legal counsel who is reasonably
acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the
Issuer, as the case may be, or the Trustee.

          “Pari Passu Indebtedness” means:

     (1) with respect to the Issuer, the 2017 B Notes, the 2017 A Notes and any other
Indebtedness which ranks pari passu in right of payment to the 2017 B Notes; and

     (2) with respect to any Guarantor, its Guarantee, its guarantee of the 2017 A Notes
and any other Indebtedness which ranks pari passu in right of payment to such Guarantor’s
Guarantee.

          “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a
Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with
respect to DTC, shall include Euroclear and Clearstream).

          “Permitted Asset Swap” means the substantially concurrent purchase and sale or
exchange of Related Business Assets or a combination of Related Business Assets and cash or Cash
Equivalents between the Company or any of its Restricted Subsidiaries and another Person.

          “Permitted Debt Restructuring” means (1) any restructuring of all or substantially all
of any series, class, tranche or facility of Indebtedness of any direct or indirect parent
companies of the Company, (2) any debt workout and similar transactions involving all or
substantially all of any series, class, tranche or facility of Indebtedness of any direct or
indirect parent companies of the Company, including in connection with any consensual or negotiated
arrangement or any court approved or ordered arrangement or plan, (3) any exchange or conversion of
all or substantially all of any series, class, tranche or facility of Indebtedness for or to any
Equity Interests or any issuance of Equity Interests for cash or other consideration (other than
any public offering of Capital Stock and any offering of Capital Stock that is underwritten for
resale pursuant to Rule 144A or Regulation S) as result of which all or substantially all of any
series, class, tranche or facility of Indebtedness of such direct or indirect parent companies of
the Company is repaid, retired, exchanged for equity, cancelled, extinguished or otherwise
discharged, or (4) any other transactions that have substantially the effect of any of the
foregoing; provided, however, that in each case, such restructuring, debt workout, exchange,
conversion or other transaction does not involve the consensual sale for cash consideration of
Capital Stock of any such direct or indirect parent company of the Company owned by the Investors.

          “Permitted Holder” means any of the Investors and members of management of the Company
(or any of its direct or indirect parent companies) or CCU or CC Media Holdings, Inc. who are
holders of Equity Interests of the Company (or any of its direct or indirect parent companies) or
CCU or CC Media Holdings, Inc. on the Issue Date and any group (within the meaning of Section
l3(d)(3) or Section l4(d)(2) of the Exchange Act or any successor provision) of which any of the
foregoing are members; provided that (x) in the case of such group and without giving effect to the
existence of such group or any other group, such Investors and members of management, collectively,
have beneficial ownership of more than 50.0% of the total voting power of the Voting Stock of the
Company or any of its direct or indirect parent companies and (y) for purposes of this definition,
the amount of Equity Interests held by members of management who qualify as “Permitted Holders”
shall never exceed the amount of Equity Interests held by such members of management on the Issue
Date. Any person or group whose acquisition of beneficial ownership (within the meaning of Rule
l3d-3 under the Exchange Act, or any

-23-

 

successor provision) constitutes a Change of Control in respect of which a Change of Control
Offer is made in accordance with the requirements of Section 4.14 hereof (or would result in a
Change of Control Offer in the absence of the waiver of such requirement by Holders in accordance
with Section 4.14 hereof) shall thereafter, together with its Affiliates, constitute an additional
Permitted Holder.

          “Permitted Investments” means:

     (1) any Investment in the Company or any of its Restricted Subsidiaries;

     (2) any Investment in cash and Cash Equivalents or Investment Grade Securities;

     (3) any Investment by the Company or any of its Restricted Subsidiaries in a Person
that is engaged in a Similar Business if as a result of such Investment:

     (a) such Person becomes a Restricted Subsidiary; or

     (b) such Person, in one transaction or a series of related transactions, is amalgamated, merged or
consolidated with or into, or transfers or conveys substantially all of its assets to, or is
liquidated into, the Company or a Restricted Subsidiary,

and, in each case, any Investment held by such Person; provided that such Investment was not
acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer;

     (4) any Investment in securities or other assets not constituting Cash Equivalents or
Investment Grade Securities and received in connection with an Asset Sale made pursuant to
Section 4.10(a) hereof or any other disposition of assets not constituting an Asset Sale;

     (5) any Investment existing on the Issue Date or made pursuant to a binding commitment in
effect on the Issue Date or an Investment consisting of any extension, modification or renewal of
any such Investment or binding commitment existing on the Issue Date; provided that the amount of
any such Investment may be increased (x) as required by the terms of such Investment or binding
commitment as in existence on the Issue Date (including as a result of the accrual or accretion
of interest or original issue discount or the issuance of pay-in-kind securities) or (y) as
otherwise permitted under this Indenture;

     (6) any Investment acquired by the Company or any of its Restricted Subsidiaries:

     (a) in exchange for any other Investment, accounts receivable or notes receivable
held by the Company or any such Restricted Subsidiary in connection with or as a result
of a bankruptcy workout, reorganization or recapitalization of the issuer of such other
Investment, accounts receivable or notes receivable; or

     (b) as a result of a foreclosure by the Company or any of its Restricted
Subsidiaries with respect to any secured Investment or other transfer of title with
respect to any secured Investment in default;

     (7)
Hedging Obligations permitted under clause (10) of Section 4.09(b) hereof;

-24-

 

     (8) any Investment the payment for which consists of Equity Interests (exclusive of
Disqualified Stock) of the Company or any of its direct or indirect parent companies;

     (9) Indebtedness (including any guarantee thereof) permitted under Section 4.09;

     (10) any transaction to the extent it constitutes an Investment that is permitted and made
in accordance with the provisions of Section 4.11(b) hereof (except transactions described
in clauses (2), (5) and (9) of Section 4.11(b) hereof);

     (11) any Investment consisting of a purchase or other acquisition of inventory, supplies,
material or equipment;

     (12) Investments having an aggregate fair market value, taken together with all other
Investments made pursuant to this clause (12) that are at that time outstanding (without giving
effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not
consist of cash or marketable securities), not to exceed the greater of (x) $250,000,000 and (y)
3.75% of Total Assets (with the fair market value of each Investment being measured at the time
made and without giving effect to subsequent changes in value);
provided that if such Investment
is in Capital Stock of a Person that is engaged in a Similar Business that subsequently becomes a
Restricted Subsidiary, such Investment shall thereafter be deemed permitted under clause (3)
hereof and shall not be included as having been made pursuant to this clause (12);

     (13)
Investments in any Indebtedness of CCU or any of its Subsidiaries;
provided that
substantially concurrently with such Investment, such Indebtedness is cancelled or assigned to
CCU or an Affiliate thereof (other than the Company or any of its Subsidiaries) in consideration
for a reduction of the amount then owing by the Company under the CCOH Mirror Note, in each case
by an amount equal to the fair market value of such Indebtedness;

     (14)
advances to, or guarantees of Indebtedness of, employees, directors, officers and
consultants not in excess of $500,000 outstanding at any one time, in the aggregate;

     (15) loans and advances to officers, directors and employees consistent with industry
practice or past practice, as well as for moving expenses and other similar expenses incurred in
the ordinary course of business or consistent with past practice or to fund such Person’s
purchase of Equity Interests of the Company or any direct or indirect parent company thereof;

     (16) Investments in the ordinary course of business consisting of endorsements for
collection or deposit;

     (17) Investments by the Company or any of its Restricted Subsidiaries in any other
Person pursuant to a “local marketing agreement” or similar arrangement relating to a station
owned or licensed by such Person;

     (18) any performance guarantee and Contingent Obligations in the ordinary course of
business and the creation of liens on the assets of the Company or any Restricted Subsidiary in
compliance with Section 4.12 hereof;

     (19) any purchase or repurchase of the 2017 B Notes; and

-25-

 

     (20) any Investment in a Similar Business having an aggregate fair market value, taken
together with all other Investments made pursuant to this clause (20) that are at that time
outstanding, that does not exceed the greater of (x) $500,000,000 and (y) 7.5% of Total Assets
(with the fair market value of each Investment being measured at the time made and without
giving effect to subsequent changes in value); provided,
however, that if such Investment is in
Capital Stock of a Person that subsequently becomes a Restricted Subsidiary, such Investment
shall thereafter be deemed permitted under clause (3) above and shall not be included as having
been made pursuant to this clause (20).

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

     (1) pledges, deposits or security by such Person under workmen’s compensation laws,
unemployment insurance, employers’ health tax and other social security laws or similar
legislation (including in respect of deductibles, self-insured retention amounts and premiums and
adjustments thereto) or good faith deposits in connection with bids, tenders, contracts (other
than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to
secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds
to secure surety, appeal bonds or letters of credit to which such Person is a party or account
party, or deposits as security for contested taxes or import duties or for the payment of rent, in
each case incurred in the ordinary course of business;

     (2) Liens imposed by law, such as carriers’, warehousemen’s, materialmen’s, repairmen’s and
mechanics’ Liens, in each case for sums not yet overdue for a period of more than 30 days or being
contested in good faith by appropriate actions or other Liens arising out of judgments or awards
against such Person with respect to which such Person shall then be proceeding with an appeal or
other proceedings for review if adequate reserves with respect thereto are maintained on the books
of such Person in accordance with GAAP;

     (3) Liens for taxes, assessments or other governmental charges not yet overdue for a period
of more than 30 days or subject to penalties for nonpayment or which are being contested in good
faith by appropriate actions diligently pursued, if adequate reserves with respect thereto are
maintained on the books of such Person in accordance with GAAP, or for property taxes on property
that the Company or any Subsidiary thereof has determined to abandon if the sole recourse for
such tax, assessment, charge, levy or claim is to such property;

     (4) 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, issued pursuant
to the request of and for the account of such Person in the ordinary course of its business or
consistent with past practice prior to the Issue Date;

     (5) minor survey exceptions, minor encumbrances, ground leases, easements or reservations of,
or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains,
telegraph and telephone and cable television lines, gas and oil pipelines and other similar
purposes, or zoning, building codes or other restrictions (including minor defects and
irregularities in title and similar encumbrances) as to the use of real properties or Liens
incidental to the conduct of the business of such Person or to the ownership of its properties
which were not incurred in connection with Indebtedness and which do not in the aggregate
materially impair their use in the operation of the business of such Person;

-26-

 

     (6) Liens securing obligations under Indebtedness permitted to be incurred (and so
incurred and so classified) pursuant to clause (5) or (18) of Section 4.09(b) hereof;
provided, however, that any such Indebtedness that is incurred pursuant to such
clause (5) or (18) of Section 4.09(b) hereof remains classified as incurred thereunder; and
provided further, however, that Liens securing obligations under
Indebtedness permitted to be incurred (and so incurred and so classified) pursuant to clause (18)
of Section 4.09(b) hereof extend only to the assets or Equity Interests of Foreign Subsidiaries of
the Company;

     (7) Liens existing on the Issue Date;

     (8) Liens existing on property or shares of stock or other assets of a Person at the time
such Person becomes a Subsidiary; provided, however, that such Liens are not
created or incurred in connection with, or in contemplation of, such other Person becoming such a
Subsidiary; provided further, however, that such Liens may not extend to
any other property or other assets owned by the Company or any of its Restricted Subsidiaries;

     (9) Liens existing on property or other assets at the time the Company or a Restricted
Subsidiary acquired the property or such other assets, including any acquisition by means of an
amalgamation, merger or consolidation with or into the Company or any of its Restricted
Subsidiaries; provided, however, that such Liens are not created or incurred in
connection with, or in contemplation of, such acquisition, amalgamation, merger or consolidation;
provided further that the Liens may not extend to any other property owned by the Company
or any of its Restricted Subsidiaries;

     (10) Liens securing obligations under Indebtedness or other obligations of the Company or a
Restricted Subsidiary owing to the Issuer or a Guarantor permitted to be incurred in accordance
with Section 4.09 hereof;

     (11) Liens securing Hedging Obligations permitted to be incurred under this Indenture;

     (12) Liens on specific items of inventory or other goods and proceeds of any Person
securing such Person’s obligations in respect of bankers’ acceptances or letters of credit
issued or created for the account of such Person to facilitate the purchase, shipment or storage
of such inventory or other goods;

     (13) 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
Company or any of its Restricted Subsidiaries and do not secure any Indebtedness;

     (14) Liens arising from Uniform Commercial Code (or equivalent statutes) financing
statement filings regarding operating leases, consignments or accounts entered into by the
Company and its Restricted Subsidiaries in the ordinary course of business;

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

     (16) Liens on equipment of the Company or any of its Restricted Subsidiaries granted in
the ordinary course of business;

     (17) [Reserved];

-27-

 

     (18) Liens to secure any refinancing, refunding, extension, renewal or replacement (or
successive refinancing, refunding, extensions, renewals or replacements) as a whole, or in part,
of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8), and
(9) or in clauses (20) and (33) below; provided that (a) such new Lien shall be limited to all or
part of the same property that secured the original Lien (plus improvements on such property), and
(b) the obligations under Indebtedness secured by such Lien at such time is not increased to any
amount greater than the sum of (i) the outstanding principal amount or, if greater, committed
amount of the Indebtedness described under clauses (6), (7), (8), (9), (20) and (33) at the time
the original Lien became a Permitted Lien under this Indenture, and (ii) an amount necessary to
pay any fees and expenses, including premiums, related to such refinancing, refunding, extension,
renewal or replacement; provided further, however, that in the case of any Liens to secure any
refinancing, refunding, extension, renewal or replacement of Indebtedness secured by a Lien
referred to in clause (20) or clause (33), the principal amount of any Indebtedness incurred for
such refinancing, refunding, extension, renewal or replacement shall be deemed secured by a Lien
under clause (20) or clause (33), as applicable, and not this clause (18) for purposes of
determining the principal amount of Indebtedness outstanding under clause (20) or clause (33), as
applicable;

     (19) deposits made or other security provided in the ordinary course of business to secure
liability to insurance carriers;

     (20) other Liens securing Indebtedness or other obligations which do not exceed
$25,000,000 in the aggregate at any one time outstanding;

     (21) Liens securing judgments for the payment of money not constituting an Event of
Default under clause (5) of Section 6.01(a) hereof 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;

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

     (23) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial
Code on items in the course of collection, (ii) attaching to commodity trading accounts or other
commodity brokerage accounts incurred in the ordinary course of business, and (iii) in favor of
banking institutions arising as a matter of law encumbering deposits (including the right of
set-off) and which are within the general parameters customary in the banking industry;

     (24) 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 of such repurchase agreement;

     (25) Liens encumbering reasonable customary initial deposits and margin deposits and
similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in
the ordinary course of business and not for speculative purposes;

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     (26) Liens that are contractual rights of set-off (i) relating to the establishment of
depository relations with banks not given in connection with the issuance of Indebtedness, (ii)
relating to pooled deposit or sweep accounts of the Company or any of its Restricted Subsidiaries
to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of
business of the Company and its Restricted Subsidiaries or (iii) relating to purchase orders and
other agreements entered into with customers of the Company or any of its Restricted Subsidiaries
in the ordinary course of business;

     (27) [Reserved];

     (28) Liens securing obligations owed by the Company or any Restricted Subsidiary to
any lender under any Credit Facilities or any Affiliate of such a lender, in each
case, in the ordinary course of business in respect of any overdraft and related
liabilities arising from treasury, depository and cash management services provided by, or
any automated clearing house transfers of funds with, lenders under such Credit Facilities
or any Affiliate of such a lender;

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

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

     (31) Liens solely on any cash earnest money deposits made by the Company or any of its
Restricted Subsidiaries in connection with any letter of intent or purchase agreement
permitted;

     (32) security given to a public utility or any municipality or governmental authority
when required by such utility or authority in connection with the operations of that Person
in the ordinary course of business; and

     (33) Liens securing Indebtedness or other obligations under any Credit Facilities
which do not exceed $250,000,000 in the aggregate at any one time outstanding.

          For purposes of this definition, the term “Indebtedness” shall be deemed to include interest
on and the costs in respect of such Indebtedness.

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

     (1) Liens for taxes, assessments or other governmental charges not yet overdue for a
period of more than 30 days or subject to penalties for nonpayment or which are being
contested in good faith by appropriate actions diligently pursued, if adequate reserves
with respect thereto are maintained on the books of such Person in accordance with GAAP;

     (2) Liens (i) of a collection bank arising under Section 4-210 of the Uniform
Commercial Code on items in the course of collection, (ii) attaching to commodity trading
accounts or other commodity brokerage accounts incurred in the ordinary course of business,
and (iii) in favor of

-29-

 

banking institutions arising as a matter of law encumbering deposits (including the
right of set-off) and which are within the general parameters customary in the banking
industry;

     (3) 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 of such repurchase agreement; and

     (4) Liens that are contractual rights of set-off relating to the establishment of
depository relations with banks not given in connection with the issuance of Indebtedness.

          “Person” means any individual, corporation, limited liability company, partnership,
joint venture, association, joint stock company, trust, unincorporated organization, government or
any agency or political subdivision thereof or any other entity.

          “Preferred Stock” means any Equity Interest with preferential rights of payment of
dividends or upon liquidation, dissolution, or winding up.

          “Private Placement Legend” means the legend set forth in Section 2.06(g)(i) hereof to
be placed on all 2017 B Notes issued under this Indenture, except where otherwise permitted by the
provisions of this Indenture.

          “Proceeds Loans” means (a) the $500,000,000 loan from the Issuer to CCO made on the
Issue Date from the proceeds of the issuance of the 2017 A Notes (the
“2017 A Proceeds Loan”), and
(b) the $2,000,000,000 loan from the Issuer to CCO made on the Issue Date from the proceeds of the
Issuance of the 2017 B Notes (the “2017 B Proceeds Loan”).

          “Proceeds Loan Agreements” means each of the Proceeds Loan Agreements dated as of the
Issue Date between the Issuer and CCO pursuant to which the Proceeds Loans shall be made.

          “Proof of Claim” shall mean a proof of claim or debt filed in accordance with and
pursuant to any applicable provisions of the Bankruptcy Law, the Federal Rules of Bankruptcy
Procedure and/or a final order of the U.S. bankruptcy court.

          “Proper Proof of Claim” shall mean, at any time, a Proof of Claim in an amount not
less than the sum of the aggregate outstanding principal amount of the 2017 B Notes at such time
plus accrued but unpaid interest on the 2017 B Notes at such time.

          “Public Debt” means any Indebtedness consisting of bonds, debentures, notes or other
similar debt securities issued in (a) a public offering registered under the Securities Act or (b)
a private placement to institutional investors that is underwritten for resale in accordance with
Rule 144A or Regulation S of such Act, whether or not it includes registration rights entitling the
holders of such debt securities to registration thereof with the SEC.
The term “Public Debt” (i)
shall not include the 2017 B Notes (or any Additional 2017 B Notes) or the 2017 A Notes (or any
Additional 2017 A Notes) and (ii) shall not be construed to include any Indebtedness issued to
institutional investors in a direct placement of such Indebtedness that is not underwritten by an
intermediary (it being understood that, without limiting the foregoing, a financing that is
distributed to not more than ten Persons (provided that multiple managed accounts and affiliates of
any such Persons shall be treated as one Person for the purposes of this definition) shall be
deemed not to be underwritten), or any commercial bank or similar

-30-

 

Indebtedness, Capitalized Lease Obligation or recourse transfer of any financial asset or any other
type of Indebtedness incurred in a manner not customarily viewed as a “securities offering.”

          “QIB” means a “qualified institutional buyer” as defined in Rule 144A.

          “Qualified Proceeds” means assets that are used or useful in, or Capital Stock of any
Person engaged in, a Similar Business; provided that the fair market value of any such assets or
Capital Stock shall be determined by the Company in good faith.

          “Rating Agencies” means Moody’s and S&P or if Moody’s or S&P or both shall not make a
rating on the 2017 B Notes publicly available, a nationally recognized statistical rating agency or
agencies, as the case may be, selected by the Company which shall be substituted for Moody’s or S&P
or both, as the case may be.

          “Record Date” for the interest or Special Interest, if any, payable on any applicable
Interest Payment Date means the June 1 or December 1 (whether or not a Business Day) next preceding
such Interest Payment Date.

          “Registration Rights Agreements” means (a) the Registration Rights Agreement with
respect to the 2017 A Notes, dated the Issue Date, among the Issuer, the Guarantors and the Initial
Purchasers (the “2017 A Registration Rights Agreement”), (b) the Registration Rights Agreement with
respect to the 2017 B Notes, dated the Issue Date, among the Issuer, the Guarantors and the Initial
Purchasers (the “2017 B Registration Rights Agreement”) and (c) any similar registration rights
agreements with respect to any Additional 2017 A Notes or Additional 2017 B Notes, as applicable.

          “Regulation S” means Regulation S promulgated under the Securities Act.

          “Regulation S Global Note” means a Regulation S Temporary Global Note or
Regulation S Permanent Global Note, as applicable.

          “Regulation S Permanent Global Note” means a permanent Global Note in the form of
Exhibit A bearing the Global Note Legend and the Private Placement Legend and deposited with or on
behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration
of the Restricted Period.

          “Regulation S Temporary Global Note” means a temporary Global Note in the form of
Exhibit A bearing the Global Note Legend, the Private Placement Legend and the Regulation S
Temporary Global Note Legend and deposited with or on behalf of and registered in the name of the
Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of
the 2017 B Notes initially sold in reliance on Rule 903.

          “Regulation S Temporary Global Note Legend” means the legend set forth in Section
2.06(g)(iii) hereof.

          “Related Business Assets” means assets (other than cash or Cash Equivalents) used or
useful in a Similar Business; provided that any assets received by the Company or a Restricted
Subsidiary in exchange for assets transferred by the Company or a Restricted Subsidiary shall not
be deemed to be

-31-

 

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 within
the corporate trust department of the Trustee, including any vice president, assistant vice
president, assistant treasurer, trust officer or any other officer of the Trustee who customarily
performs functions similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred because of such Person’s
knowledge of and familiarity with the particular subject and who shall have direct responsibility
for the administration of this Indenture.

          “Restricted Definitive Note” means a Definitive Note bearing the Private Placement
Legend.

          “Restricted Global Note” means a Global Note bearing the Private Placement
Legend.

          “Restricted Guarantor” means a Guarantor that is a Restricted Subsidiary.

          “Restricted Investment” means an Investment other than a Permitted
Investment.

          “Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S.

          “Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the
Company (including any Foreign Subsidiary of the Company) that is not then an Unrestricted
Subsidiary; provided, however, that upon the occurrence of an Unrestricted Subsidiary ceasing to be
an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted
Subsidiary.”

          “Rule 144” means Rule 144 promulgated under the Securities
Act.

          
“Rule 144A” means Rule 144A promulgated under the Securities Act.

          
“Rule 903” means Rule 903 promulgated under the Securities Act.

          
“Rule 904” means Rule 904 promulgated under the Securities Act.

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

          “Sale and Lease-Back Transaction” means any arrangement providing for the leasing by
the Company or any of its Restricted Subsidiaries of any real or tangible personal property, which
property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to a
third Person in contemplation of such leasing.

          “SEC” means the U.S. Securities and Exchange Commission.

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

-32-

 

          “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder.

          “Senior Credit Facilities” means the term and revolving credit facilities under the
Credit Agreement, dated as of May 13, 2008, as amended as of
July 9, 2008 and July 28, 2008, by and
among CCU, the subsidiary guarantors party thereto, the lenders party thereto in their capacities
as lenders thereunder and Citibank, N.A., as Administrative Agent, including any agreements,
collateral documents, guarantees, instruments, mortgages and notes executed in connection
therewith, and any amendments, extensions, modifications, refinancings, refundings, renewals,
restatements, or supplements thereof and anyone or more notes, indentures or credit facilities or
commercial paper facilities with banks or other institutional lenders or investors that extend,
refinance, refund, renew, replace or defease any part of the loans, notes, other credit facilities
or commitments thereunder, including any such refinancing, refunding or replacement facility or
indenture that increases the amount that may be borrowed thereunder or alters the maturity of the
loans thereunder or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder
and whether by the same or other agent, lender or group of lenders or investors.

          “Senior Leverage Ratio” means, as of the date of determination, the ratio of (a) the
Pari Passu Indebtedness of the Company and its Restricted Subsidiaries on such date, to (b) EBITDA
of the Company and its Restricted Subsidiaries for the most recently ended four fiscal quarters
ending immediately prior to such date for which internal financial statements are available.

          In the event that the Company or any Restricted Subsidiary (i) incurs, redeems, retires or
extinguishes any Pari Passu Indebtedness (other than Pari Passu Indebtedness incurred or repaid
under any revolving credit facility in the ordinary course of business for working capital
purposes) or (ii) issues or redeems Disqualified Stock or Preferred Stock subsequent to the
commencement of the period for which the Senior Leverage Ratio is being calculated but prior to or
simultaneously with the event for which the calculation of the Senior Leverage Ratio is made (the
“Senior Leverage Ratio Calculation Date”), then the Senior Leverage Ratio shall be
calculated giving pro forma effect to such incurrence, redemption, retirement or extinguishment of
Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the
same had occurred at the beginning of the applicable four-quarter
period; provided, however, that
the Issuer may elect, pursuant to an Officer’s Certificate delivered to the Trustee not later than
30 days after entering into any commitment providing for the incurrence of any Pari Passu
Indebtedness, that all or any portion of the Pari Passu Indebtedness that could be incurred under
such commitment at the time such commitment is entered into shall be treated as incurred and
outstanding in such amount for all purposes of this calculation (whether or not such Pari Passu
Indebtedness is outstanding at the time such commitment is entered into) and any subsequent
incurrence of such Pari Passu Indebtedness under such commitment (including upon repayment and
reborrowing) shall not be deemed, for purposes of this calculation, to be the incurrence of Pari
Passu Indebtedness at such subsequent time.

          For purposes of making the computation referred to above, Investments, acquisitions,
dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in
accordance with GAAP), in each case with respect to an operating unit of a business made (or
committed to be made pursuant to a definitive agreement) during the four-quarter reference period
or subsequent to such reference period and on or prior to or simultaneously with the Senior
Leverage Ratio Calculation Date, and other operational changes that the Company or any of its
Restricted Subsidiaries has determined to make or made during the four-quarter reference period or
subsequent to such reference period and on or prior to or simultaneously with the Senior Leverage
Ratio Calculation Date, shall be calculated on a pro forma basis as set forth below assuming that
all such Investments, acquisitions, dispositions, mergers,

-33-

 

amalgamations, consolidations, discontinued operations and other operational changes had
occurred on the first day of the four-quarter reference period. If since the beginning of such
period any Person that subsequently became a Restricted Subsidiary or was merged with or into the
Company or any of its Restricted Subsidiaries since the beginning of such period shall have made
any Investment, acquisition, disposition, merger, amalgamation, consolidation, discontinued
operation or operational change, in each case with respect to an operating unit of a business, that
would have required adjustment pursuant to this definition, then the Senior Leverage Ratio shall be
calculated giving pro forma effect thereto in the manner set forth below for such period as if such
Investment, acquisition, disposition, merger, consolidation, discontinued operation or operational
change had occurred at the beginning of the applicable four-quarter period.

          For purposes of this definition, whenever pro forma effect is to be given to an
Investment, acquisition, disposition, amalgamation, merger or consolidation
(including the Transactions) and the amount of income or earnings relating thereto,
the pro forma calculations shall be made in good faith by a responsible financial
or accounting officer of the Company (and may include cost savings, synergies and
operating expense reductions resulting from such Investment, acquisition,
amalgamation, merger or consolidation (including the Transactions) which is being
given pro forma effect that have been or are expected to be realized); provided
that actions to realize such cost savings, synergies and operating expense
reductions are taken within 12 months after the date of such Investment,
acquisition, amalgamation, merger or consolidation; provided that no cost savings,
synergies or operating expense reductions shall be included pursuant to this
paragraph to the extent duplicative of any amounts that are otherwise added back in
computing EBITDA with respect to such period.

          For the purposes of this definition, any amount in a currency other than U.S. dollars shall be
converted to U.S. dollars based on the average exchange rate for such currency for the most recent
twelve-month period immediately prior to the date of determination determined in a manner
consistent with that used in calculating EBITDA for the applicable period.

          “Shelf
Registration Statement” means the Shelf Registration
Statement as defined in the
2017 B Registration Rights Agreement.

          “Significant Party” means any Guarantor or Restricted Subsidiary that would be a
“significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant
to the Securities Act, as such regulation is in effect on the Issue Date.

          “Similar Business” means any business conducted or proposed to be conducted by the
Company and its Subsidiaries on the Issue Date or any business that is similar, reasonably related,
incidental or ancillary thereto.

          “Special Interest” means all additional interest then owing on the 2017 B Notes
pursuant to any Registration Rights Agreement.

          “Subordinated Indebtedness” means:

     (1) any Indebtedness of the Issuer which is by its terms subordinated in right of
payment to the 2017 B Notes; and

     (2) any Indebtedness of any Guarantor which is by its terms subordinated in right of
payment to the Guarantee of such entity of the 2017 B Notes.

-34-

 

          “Subsidiary” means, with respect to any Person, a corporation, partnership, joint
venture, limited liability company or other business entity (excluding charitable foundations) 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.

          “Total Assets” means total assets of the Company and its Restricted Subsidiaries on a
consolidated basis prepared in accordance with GAAP, shown on the most recent balance sheet of the
Company and its Restricted Subsidiaries as may be expressly stated.

          “Transaction Expenses” means any fees or expenses incurred or paid by the Company or
any of its Subsidiaries in connection with the Transactions.

          “Transactions” means the offering and issuance of the Notes for cash on the Issue
Date, the making of the Proceeds Loans, the refinancing of the CCU Intercompany Note and the
amendments to the CCOH Mirror Note and the CCU Mirror Note and transactions related to any of the
foregoing on or prior to the Issue Date and the payment of fees and expenses related to any of the
foregoing.

          “Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such
Redemption Date of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly
equal to the period from the Redemption Date to December 15,
2012; provided, however, that if the
period from the Redemption Date to December 15, 2012 is less than one year, the weekly average yield
on actually traded United States Treasury securities adjusted to a constant maturity of one year
shall be used.

          “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15
U.S.C. §§ 77aaa-77bbbb).

          “Trustee” means U.S. Bank National Association, as trustee, until a successor replaces
it in accordance with the applicable provisions of this Indenture and thereafter means the
successor serving hereunder.

          “Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and
are not required to bear the Private Placement Legend.

          “Unrestricted Global Note” means a permanent Global Note, substantially in the form of
Exhibit A that bears the Global Note Legend and that has the
“Schedule of Exchanges of Interests in
the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the
name of the Depositary, representing 2017 B Notes that do not bear the Private Placement Legend.

          “Unrestricted Subsidiary” means:

     (1) any Subsidiary of the Company which at the time of determination is an
Unrestricted Subsidiary (as designated by the Company, as provided below); and

          (2) any Subsidiary of an Unrestricted Subsidiary.

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          The Company may designate any Subsidiary of the Company (including any existing Subsidiary and
any newly acquired or newly formed Subsidiary, in each case other than the Issuer) to be an
Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests
or Indebtedness of, or owns or holds any Lien on, any property of, the Company or any Restricted
Subsidiary of the Company (other than solely any Unrestricted Subsidiary of the Subsidiary to be so
designated); provided that:

     (1) any Unrestricted Subsidiary must be an entity of which the Equity Interests
entitled to cast at least a majority of the votes that may be cast by all Equity Interests
having ordinary voting power for the election of directors or Persons performing a similar
function are owned, directly or indirectly, by the Company;

     (2) such designation complies with Section 4.07 hereof; and

     (3) each of:

          (a) the Subsidiary to be so designated; and

          (b) its Subsidiaries

has not at the time of designation, and does not thereafter, incur any Indebtedness pursuant to
which the lender has recourse to any of the assets of the Company or any Restricted Subsidiary.

          The
Company may designate any Unrestricted Subsidiary to be a Restricted
Subsidiary; provided
that, immediately after giving effect to such designation, no Default shall have occurred and be
continuing and either:

     (1) the Company could incur at least $1.00 of additional Indebtedness pursuant to each
of the ratio tests set forth in Section 4.09(a) hereof; or

     (2) (A) the Consolidated Leverage Ratio for the Company and its Restricted
Subsidiaries would be equal to or less than such ratio immediately prior to such
designation and (B) the Senior Leverage Ratio for the Company and its Restricted
Subsidiaries would be equal to or less than such ratio immediately prior to such
designation; provided, however, that in the case of each of clause (A) and (B), such
determination is made on a pro forma basis taking into account such designation.

          Any such designation by the Company shall be notified by the Company to the Trustee by
promptly filing with the Trustee a copy of the resolution of the Board of Directors or any
committee thereof giving effect to such designation and an Officer’s Certificate certifying that
such designation complied with the foregoing provisions.

          “U.S. Person” means a U.S. person as defined in Rule 902(k) under the
Securities Act.

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

          “Weighted Average Life to Maturity” means, when applied to any Indebtedness,
Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by
dividing:

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     (1) the sum of the products of the number of years from the date of determination
to the date of each successive scheduled principal payment of such Indebtedness or
redemption or similar payment with respect to such Disqualified Stock or Preferred Stock
multiplied by the amount of such payment; by

     (2) the sum of all such payments.

          “Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100.0% of
the outstanding Equity Interests of which (other than directors’ qualifying shares and shares
issued to foreign nationals as required under applicable law) shall at the time be owned by such
Person or by one or more Wholly-Owned Subsidiaries of such Person or by such Person and one or more
Wholly-Owned Subsidiaries of such Person.

Section 1.02 Other Definitions.

	 	 	 	 	 
	 	 	Defined in
	Term	 	Section
	“Affiliate Transaction”
	 	 	4.11      	(a)
	“Asset Sale Offer”
	 	 	4.10      	(c)
	“Authentication Order”
	 	 	2.02	 
	“Change of Control Offer”
	 	 	4.14      	(a)
	“Change of Control Payment”
	 	 	4.14      	(a)
	“Change of Control Payment Date”
	 	 	4.14      	(a)
	“Covenant Defeasance”
	 	 	8.03	 
	“Defeased Covenants”
	 	 	8.03	 
	“DTC”
	 	 	2.03	 
	“Event of Default”
	 	 	6.01      	(a)
	“Excess Proceeds”
	 	 	4.10      	(c)
	“Guarantor Liquidity Amount”
	 	 	4.16	 
	“Guarantor Liquidity Assets”
	 	 	4.16	 
	“Guarantor Liquidity Facility”
	 	 	4.16	 
	“incur” or “incurrence”
	 	 	4.09      	(a)
	“Legal Defeasance”
	 	 	8.02	 
	“Liquidity Facilities”
	 	 	4.16	 
	“Non-Guarantor Liquidity Amount”
	 	 	4.16	 
	“Non-Guarantor Liquidity Assets”
	 	 	4.16	 
	“Non-Guarantor Liquidity Facility”
	 	 	4.16	 
	“Note Register”
	 	 	2.03	 
	“Offer Amount”
	 	 	3.09      	(b)
	“Offer Period”
	 	 	3.09      	(b)
	“Pari Passu Indebtedness”
	 	 	4.10      	(c)
	“Paying Agent”
	 	 	2.03	 
	“Payment Blockage Period”
	 	 	11.03	 
	“Payment Default”
	 	 	11.03	 
	“Purchase Date”
	 	 	3.09      	(b)
	“Redemption Date”
	 	 	3.07      	(a)
	“Refinancing Indebtedness”
	 	 	4.09      	(b)
	“Refunding Capital Stock”
	 	 	4.07      	(b)

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	 	 	Defined in
	Term	 	Section
	“Registrar”
	 	 	2.03	 
	“Restricted Payments”
	 	 	4.07      	(a)
	“Special Redemption”
	 	 	3.08      	(a)
	“Special Redemption Amount”
	 	 	3.08      	(a)
	“Special Redemption Date”
	 	 	3.08      	(a)
	“Successor Company”
	 	 	5.01      	(a)
	“Successor Person”
	 	 	5.01      	(c)
	“Transfer Agent”
	 	 	2.03	 
	“Treasury Capital Stock”
	 	 	4.07      	(b)
	“Trustee Account”
	 	 	4.01	 

Section 1.03 Incorporation by Reference of Trust Indenture Act.

          Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is
incorporated by reference in and made a part of this Indenture.

          The following Trust Indenture Act terms used in this Indenture have the following meanings:

     “indenture securities” means the 2017 B Notes;

     “indenture security Holder” means a Holder of a 2017 B
Note;

     “indenture to be qualified” means this Indenture;

     “indenture trustee” or “institutional trustee” means the Trustee;
and

     “obligor” on the 2017 B Notes and the Guarantees means the Issuer, the
Company and the Guarantors, respectively, and any successor obligor upon the 2017 B
Notes and the Guarantees, respectively.

          All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by
Trust Indenture Act reference to another statute or defined by SEC rule under the Trust Indenture
Act have the meanings so assigned to them.

Section 1.04 Rules of Construction.

          Unless the context otherwise requires:

     (a) a term has the meaning assigned to it;

     (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with
GAAP;

     (c) “or” is not exclusive;

     (d) words in the singular include the plural, and in the plural include the singular;

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     (e) “will” shall be interpreted to express a command;

     (f) provisions apply to successive events and transactions;

     (g) references to sections of, or rules under, the Securities Act shall be deemed to include
substitute, replacement or successor sections or rules adopted by the SEC from time to time;

     (h) unless the context otherwise requires, any reference to an “Article,” “Section” or
“clause” refers to an Article, Section or clause, as the case may be, of this Indenture;

     (i) words used herein implying any gender shall apply to both genders;

     (j) the words “including,” “includes” and similar words shall be deemed to be followed
by “without limitation”;

     (k) the principal amount of any Preferred Stock at any time shall be (i) the maximum
liquidation value of such Preferred Stock at such time or (ii) the maximum mandatory
redemption or mandatory repurchase price with respect to such Preferred Stock at such time,
whichever is greater; and

     (l) the words “herein,” “hereof’ and “hereunder” and other words of similar import
refer to this Indenture as a whole and not any particular Article, Section, clause or other
subdivision.

     (m) Subordination shall refer to contractual payment subordination and not to
structural subordination. This Indenture shall not treat (1) unsecured Indebtedness as
subordinated or junior to Secured Indebtedness merely because it is unsecured, (2)
unsubordinated Indebtedness as subordinated or junior to any other unsubordinated
Indebtedness merely because it has a junior priority with respect to the same collateral or
(3) Indebtedness as subordinated or junior Indebtedness merely because it is structurally
subordinated to other Indebtedness.

Section 1.05 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 an agent
duly appointed in writing. 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. Proof of execution of any such instrument or of a writing
appointing any such agent, or the holding by any Person of a 2017 B Note, shall be sufficient for
any purpose of this Indenture and (subject to Section 7.01 hereof) conclusive in favor of the
Trustee and the Issuer, if made in the manner provided in this Section 1.05.

          (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 the certificate of any notary public
or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by or on behalf of any legal entity other than an individual, such certificate or affidavit
shall also

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constitute proof of the authority of the Person executing the same. 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 that the Trustee deems sufficient.

          (c) The ownership of 2017 B Notes shall be proved by the Note Register.

          (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by
the Holder of any 2017 B Note shall bind every future Holder of the same 2017 B Note and the Holder
of every 2017 B Note issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Issuer in
reliance thereon, whether or not notation of such action is made upon such 2017 B Note.

          (e) The Issuer may, in the circumstances permitted by the Trust Indenture Act, set a record
date for purposes of determining the identity of Holders entitled to give any request, demand,
authorization, direction, notice, consent or waiver or to take any other act, or to vote or consent
to any action by vote or consent authorized or permitted to be given or taken by Holders. Unless
otherwise specified, if not set by the Issuer prior to the first solicitation of a Holder made by
any Person in respect of any such action, or in the case of any such vote, prior to such vote, any
such record date shall be the later of 30 days prior to the first solicitation of such consent or
the date of the most recent list of Holders furnished to the Trustee prior to such solicitation.

          (f) Without limiting the foregoing, a Holder entitled to take any action hereunder with regard
to any particular 2017 B Note may do so with regard to all or any part of the principal amount of
such 2017 B Note or by one or more duly appointed agents, each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount. Any notice given or action
taken by a Holder or its agents with regard to different parts of such principal amount pursuant to
this Section 1.05(f) shall have the same effect as if given or taken by separate Holders of each
such different part.

          (g) Without limiting the generality of the foregoing, a Holder, including DTC, that is the
Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing,
any request, demand, authorization, direction, notice, consent, waiver or other action provided in
this Indenture to be made, given or taken by Holders, and any Person that is the Holder of a Global
Note, including DTC, may provide its proxy or proxies to the beneficial owners of interests in any
such Global Note through such depositary’s standing instructions and customary practices.

          (h) The Issuer may fix a record date for the purpose of determining the Persons who are
beneficial owners of interests in any Global Note held by DTC entitled under the procedures of such
depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request,
demand, authorization, direction, notice, consent, waiver or other action provided in this
Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on
such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled
to make, give or take such request, demand, authorization, direction, notice, consent, waiver or
other action, whether or not such Holders remain Holders after such record date. No such request,
demand, authorization, direction, notice, consent, waiver or other action shall be valid or
effective if made, given or taken more than 90 days after such record date.

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ARTICLE 2

THE 2017 B NOTES

Section 2.01 Form and Dating; Terms.

          (a) General. The 2017 B Notes and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibit A hereto. The 2017 B Notes may have notations, legends
or endorsements required by law, stock exchange rules or usage. Each 2017 B Note shall be dated the
date of its authentication. The 2017 B Notes shall be in denominations of $2,000 and integral
multiples of $1,000 in excess thereof.

          (b) Global Notes. 2017 B Notes issued in global form shall be substantially in the
form of Exhibit A attached hereto (including the Global Note Legend thereon and the
“Schedule of Exchanges of Interests in the Global Note” attached thereto). 2017 B Notes issued in
definitive form shall be substantially in the form of Exhibit A attached hereto (but
without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the
Global Note” attached thereto). Each Global Note shall represent such of the outstanding 2017 B
Notes as shall be specified in the “Schedule of Exchanges of Interests in the Global Note” attached
thereto and each Global Note shall provide that it shall represent up to the aggregate principal
amount of 2017 B Notes from time to time endorsed thereon and that the aggregate principal amount
of outstanding 2017 B Notes represented thereby may from time to time be reduced or increased, as
applicable, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the
amount of any increase or decrease in the aggregate principal amount of outstanding 2017 B Notes
represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee,
in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof.

          (c) Temporary Global Notes. 2017 B Notes offered and sold in reliance on Regulation S
shall be issued initially in the form of the Regulation S Temporary Global Note, which shall be
deposited on behalf of the purchasers of the 2017 B Notes represented thereby with the Trustee, as
custodian for the Depositary, and registered in the name of the Depositary or the nominee of the
Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream,
duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. The
Restricted Period shall be terminated upon the receipt by the Trustee of:

     (i) a written certificate from the Depositary, together with copies of
certificates from Euroclear and Clearstream certifying that they have received certification
of non-United States beneficial ownership of 100% of the aggregate principal amount of each
Regulation S Temporary Global Note (except to the extent of any beneficial owners thereof
who acquired an interest therein during the Restricted Period pursuant to another exemption
from registration under the Securities Act and who shall take delivery of a beneficial
ownership interest in a 144A Global Note bearing a Private Placement Legend, all as
contemplated by Section 2.06(b) hereof); and

     (ii) an Officer’s Certificate from the Issuer.

          Following the termination of the Restricted Period, beneficial interests in the Regulation S
Temporary Global Note shall be exchanged for beneficial interests in the Regulation S Permanent
Global Note pursuant to the Applicable Procedures. Simultaneously with the authentication of the
Regulation S Permanent Global Note, the Trustee shall cancel the Regulation S Temporary Global
Note. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S

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Permanent Global Note may from time to time be increased or decreased by adjustments made on the
records of the Trustee and the Depositary or its nominee, as the case may be, in connection with
transfers of interest as hereinafter provided.

          (d) Terms. The aggregate principal amount of 2017 B Notes that may be
authenticated and delivered under this Indenture is unlimited.

          The terms and provisions contained in the 2017 B Notes shall constitute, and are hereby
expressly made, a part of this Indenture and the Issuer, the Trustee and the Paying Agent and
Registrar, 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 2017 B Note
conflicts with the express provisions of this Indenture, the provisions of this Indenture shall
govern and be controlling.

          The 2017 B Notes shall be subject to repurchase by the Issuer pursuant to an Asset Sale Offer
as provided in Section 4.10 hereof or a Change of Control Offer as provided in Section 4.14 hereof.
The 2017 B Notes shall not be redeemable, other than as provided in Article 3 hereof.

          Additional 2017 B Notes ranking pari  passu with the Initial Notes may be created and
issued from time to time by the Issuer without notice to or consent of the Holders and shall be
consolidated with and form a single class with the Initial Notes and shall have the same terms as
to status, redemption or otherwise as the Initial Notes; provided that the Issuer’s ability
to issue Additional 2017 B Notes shall be subject to the Issuer’s compliance with Section 4.09
hereof. Any Additional 2017 B Notes shall be issued with the benefit of an indenture supplemental
to this Indenture.

          (e) Euroclear and Clearstream Procedures Applicable. The provisions of the“Operating
Procedures of the Euroclear System” and “Terms and
Conditions Governing Use of Euroclear” and the
“General Terms and Conditions of Clearstream Banking” and “Customer Handbook“of Clearstream shall
be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and the
Regulation S Permanent Global Note that are held by Participants through Euroclear or Clearstream.

Section 2.02 Execution and Authentication.

          At least one Officer shall execute the 2017 B Notes on behalf of the Issuer by manual or
facsimile signature.

          If an Officer whose signature is on a 2017 B Note no longer holds that office at the time such
2017 B Note is authenticated, such 2017 B Note shall nevertheless be valid.

          A 2017 B Note shall not be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose until authenticated substantially in the form of Exhibit A
attached hereto by the manual or facsimile signature of the Trustee. The signature shall be
conclusive evidence that the 2017 B Note has been duly authenticated and delivered under this
Indenture.

          On the Issue Date, the Trustee shall, upon receipt of an Issuer Order (an “Authentication
Order”), authenticate and deliver the Initial Notes. In addition, at any time, from time to
time, the Trustee shall upon receipt of an Authentication Order authenticate and deliver any
Additional 2017 B Notes and 2017 B Exchange Notes for an aggregate principal amount specified in
such Authentication Order for such Additional 2017 B Notes or 2017 B Exchange Notes issued
hereunder.

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          The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate 2017
B Notes. An authenticating agent may authenticate 2017 B 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 an Affiliate of the
Issuer.

Section 2.03 Registrar and Paying Agent.

          The Issuer shall maintain an office or agency in the Borough of Manhattan, City of New York,
where 2017 B Notes may be presented for registration (“Registrar”), an office or agency in
the Borough of Manhattan, City of New York, where 2017 B Notes may be presented for transfer or
exchange (“Transfer Agent”) and an office or agency in the Borough of Manhattan, City of
New York, where 2017 B Notes may be presented for payment (“Paying Agent”). The Registrar
shall keep a register of the 2017 B Notes (“Note Register”) and of their transfer and
exchange. The Issuer may appoint one or more co-registrars, one or more co-transfer agents and one
or more additional paying agents. The term “Registrar” includes any co-registrar, the term
“Transfer Agent” includes any co-transfer agent and the term “Paying Agent”
includes any additional paying agent. The Issuer may change any Paying Agent, Transfer Agent or
Registrar without prior notice to any Holder. So long as any series of 2017 B Notes is listed on an
exchange and the rules of such exchange so require, the Issuer shall satisfy any requirement of
such exchange as to paying agents, registrars and transfer agents and shall comply with any notice
requirements required by such exchange in connection with any change of paying agent, registrar or
transfer agent. The Issuer shall notify the Trustee in writing of the name and address of any Agent
not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as
Registrar, Transfer Agent or Paying Agent, the Trustee shall act as such. The Issuer or any of its
Subsidiaries may act as Paying Agent, Transfer Agent or Registrar.

          The
Issuer initially appoints The Depository Trust Company (“DTC”) to act as
Depositary with respect to the Global Notes.

          The Issuer initially appoints the Trustee to act as Custodian with respect to the Global
Notes. The Issuer initially appoints U.S. Bank National Association to act as the Paying Agent,
Registrar and Transfer Agent for the 2017 B 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 Holders or the Trustee all money held by the
Paying Agent for the payment of principal, premium, if any, or Special Interest, if any, or
interest on the 2017 B 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. Upon payment over to the Trustee, the Paying Agent (if other
than the Issuer, the Company or any Subsidiary of the Company) shall have no further liability for
the money. If the Issuer, the Company or any Subsidiary of the Company 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. Upon any bankruptcy or reorganization proceedings (or similar proceedings)
relating to the Issuer, the Trustee shall serve as Paying Agent for the 2017 B Notes.

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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
Trust Indenture Act Section 312(a). If the Trustee is not the Registrar, the Issuer shall furnish
to the Trustee at least two 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 of 2017 B Notes and the Issuer shall
otherwise comply with Trust Indenture Act Section 312(a).

Section 2.06 Transfer and Exchange.

          (a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this
Section 2.06, a Global Note may be transferred, in whole and not in part, only to another nominee
of the Depositary or to a successor Depositary or a nominee of such successor Depositary. A
beneficial interest in a Global Note may not be exchanged for a Definitive Note unless (i) the
Depositary (x) notifies the Issuer that it is unwilling or unable to continue as Depositary for
such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act and,
in either case, a successor Depositary is not appointed by the Issuer within 120 days or (ii) there
shall have occurred and be continuing a Default with respect to the 2017 B Notes. Upon the
occurrence of any of the events in clause (i) or (ii) above, Definitive Notes delivered in exchange
for any Global Note or beneficial interests therein shall be registered in the names, and issued in
any approved denominations, requested by or on behalf of the Depositary (in accordance with its
customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as
provided in Sections 2.07 and 2.10 hereof. Every 2017 B Note authenticated and delivered in
exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or
Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a
Global Note, except for Definitive Notes issued subsequent to any of the events in clause (i) or
(ii) above and pursuant to Section 2.06(c) hereof. A Global Note may not be exchanged for another
2017 B Note other than as provided in this Section 2.06(a); provided, however, beneficial
interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or
(f) hereof.

          (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer
and exchange of beneficial interests in the Global Notes shall be effected through the Depositary,
in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to
those set forth herein to the extent required by the Securities Act. Transfers of beneficial
interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii)
below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

     (i) Transfer of Beneficial Interests in the Same Global Note. Beneficial
interests in any Restricted Global Note may be transferred to Persons who take delivery
thereof in the form of a beneficial interest in the same Restricted Global Note in
accordance with the transfer restrictions set forth in the Private Placement Legend;
provided, however, that prior to the expiration of the Restricted Period,
transfers of beneficial interests in the Regulation S Temporary Global Note may not be made
to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial
Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note. No written orders or instructions shall be required to be delivered to the
Registrar to effect the transfers described in this Section 2.06(b)(i).

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     (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes.
In connection with all transfers and exchanges of beneficial interests that are not subject to
Section 2.06(b)(i) hereof, the transferor of such beneficial interest must deliver to the Registrar
either (A) (1) a written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause
to be credited a beneficial interest in another Global Note in an amount equal to the beneficial
interest to be transferred or exchanged and (2) instructions given in accordance with the
Applicable Procedures containing information regarding the Participant account to be credited with
such increase or (B) (1) a written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be
issued a Definitive Note in an amount equal to the beneficial interest to be transferred or
exchanged and (2) instructions given by the Depositary to the Registrar containing information
regarding the Person in whose name such Definitive Note shall be registered to effect the transfer
or exchange referred to in (1) above; provided that in no event shall Definitive Notes be
issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global
Note prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of
any certificates required pursuant to Rule 903. Upon consummation of an Exchange Offer by the
Issuer in accordance with Section 2.06(f) hereof, the requirements of this Section 2.06(b)(ii)
shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained
in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted
Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial
interests in Global Notes contained in this Indenture and the 2017 B Notes or otherwise applicable
under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global
Note(s) pursuant to Section 2.06(h) hereof.

     (iii) Transfer of Beneficial Interests to Another Restricted Global Note. A
beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery
thereof in the form of a beneficial interest in another Restricted Global Note if the transfer
complies with the requirements of Section 2.06(b)(ii) hereof and the Registrar receives the
following:

     (A) if the transferee shall take delivery in the form of a beneficial interest in the
144A Global Note, a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof; or

     (B) if the transferee shall take delivery in the form of a beneficial interest in
the Regulation S Global Note, a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof.

     (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global
Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global
Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in
an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section
2.06(b)(ii) hereof and:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the 2017 B Registration Rights Agreement and the holder of the beneficial
interest to be transferred, in the case of an exchange, or the transferee, in the case of a
transfer, certifies in the applicable Letter of Transmittal that it is not (1) an

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Exchanging Dealer, (2) a Person participating in the distribution of the 2017 B Exchange
Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuer;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the 2017 B Registration Rights Agreement;

     (C) such transfer is effected by an Exchanging Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the 2017 B Registration Rights
Agreement; or

     (D) the Registrar receives the following:

     (1) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a beneficial interest in an
Unrestricted Global Note, a certificate from such Holder substantially in the form
of Exhibit C hereto, including the certifications in item (1)(a) thereof;
or

     (2) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note, a
certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or
if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

     If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an
Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal
amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above.

     Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or
transferred to Persons who take delivery thereof in the form of, a beneficial interest
in a Restricted Global Note.

     (c) Transfer or Exchange of Beneficial Interests for Definitive Notes.

     (i) Beneficial Interests in Restricted Global Notes to Restricted Definitive
Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange
such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the
occurrence of any of the events in clause (i) or (ii) of Section 2.06(a) hereof and receipt by the
Registrar of the following documentation:

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     (A) if the holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a Restricted Definitive Note, a certificate from such
holder substantially in the form of Exhibit C hereto, including the certifications
in item (2)(a) thereof;

     (B) if such beneficial interest is being transferred to a QIB in accordance with Rule
144A, a certificate substantially in the form of Exhibit B hereto, including the
certifications in item (1) thereof;

     (C) if such beneficial interest is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially
in the form of Exhibit B hereto, including the certifications in item (2) thereof;

     (D) if such beneficial interest is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item
(3)(a) thereof;

     (E) if such beneficial interest is being transferred to the Issuer or any of its
Subsidiaries, a certificate substantially in the form of Exhibit B hereto,
including the
certifications in item (3)(b) thereof; or

     (F) if such beneficial interest is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate substantially in the
form of
Exhibit B hereto, including the certifications in item (3)(c) thereof,

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.06(h) hereof, and the Issuer shall execute and the Trustee shall
authenticate and mail to the Person designated in the instructions a Definitive Note in the
applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names
and in such authorized denomination or denominations as the holder of such beneficial interest
shall instruct the Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names
such 2017 B Notes are so registered. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein.

     (ii) Beneficial Interests in Regulation S Temporary Global Note to Definitive
Notes. Notwithstanding Sections 2.06(c)(i)(A) and (C) hereof, a beneficial interest in the
Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a
Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of
the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to
Rule 903(b)(3)(ii)(B) of the Securities Act, except in the case of a transfer pursuant to an
exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904.

     (iii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive
Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such
beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to
a Person

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who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the
occurrence of any of the events in subsection (i) or (ii) of Section 2.06(a) hereof and
if:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the 2017 B Registration Rights Agreement and the holder of such beneficial interest,
in the case of an exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (1) an Exchanging Dealer, (2) a Person
participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate
(as defined in Rule 144) of the Issuer;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the 2017 B Registration Rights Agreement;

     (C) such transfer is effected by an Exchanging Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the 2017 B Registration Rights
Agreement; or

     (D) the Registrar receives the following:

     (1) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for an Unrestricted Definitive Note,
a certificate from such holder substantially in the form of Exhibit C
hereto, including the certifications in item (1)(b) thereof; or

     (2) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such
holder substantially in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or
if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

     (iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive
Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to
exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to
a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of
any of the events in clause (i) or (ii) of Section 2.06(a) hereof and satisfaction of the
conditions set forth in Section 2.06(b)(ii) hereof, the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof,
and the Issuer shall execute and the Trustee shall authenticate and mail to the Person designated
in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be
registered in such name or names and in such authorized denomination or denominations as the holder
of such beneficial interest shall instruct the Registrar through instructions from or through the
Depositary

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and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the
Persons in whose names such 2017 B Notes are so registered. Any Definitive Note issued in exchange
for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement
Legend.

     (d) Transfer and Exchange of Definitive Notes for Beneficial Interests.

     (i) Restricted Definitive Notes to Beneficial Interests in Restricted Global
Notes. If any Holder of a Restricted Definitive Note proposes to exchange such 2017 B Note for
a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to
a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation:

     (A) if the Holder of such Restricted Definitive Note proposes to exchange such 2017 B
Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder
substantially in the form of Exhibit C hereto, including the certifications in item
(2)(b) thereof;

     (B) if such Restricted Definitive Note is being transferred to a QIB in accordance
with Rule 144A, a certificate substantially in the form of Exhibit B hereto,
including the certifications in item (1) thereof;

     (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially
in the form of Exhibit B hereto, including the certifications in item (2) thereof;

     (D) if such Restricted Definitive Note is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule 144, a
certificate substantially in the form of Exhibit B hereto, including the
certifications in item (3)(a) thereof;

     (E) if such Restricted Definitive Note is being transferred to the Issuer or any
of its Subsidiaries, a certificate substantially in the form of Exhibit B
hereto, including
the certifications in item (3)(b) thereof; or

     (F) if such Restricted Definitive Note is being transferred pursuant to an
effective registration statement under the Securities Act, a certificate substantially
in the
form of Exhibit B hereto, including the certifications in item (3)(c) thereof,

the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the
aggregate principal amount of, in the case of clause (A) above, the applicable Restricted Global
Note, in the case of clause (B) above, the applicable 144A Global Note, and in the case of clause
(C) above, the applicable Regulation S Global Note.

     (ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global
Notes. A Holder of a Restricted Definitive Note may exchange such 2017 B Note for a beneficial
interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if:

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     (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the 2017 B Registration Rights Agreement and the Holder, in the case
of an exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (1) an Exchanging Dealer, (2) a
Person participating in the distribution of the 2017 B Exchange Notes or (3) a
Person who is an affiliate (as defined in Rule 144) of the Issuer;

     (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the 2017 B Registration Rights Agreement;

     (C) such transfer is effected by an Exchanging Dealer pursuant to the
Exchange Offer Registration Statement in accordance with the 2017 B
Registration Rights Agreement; or

     (D) the Registrar receives the following:

     (1) if the Holder of such Definitive Notes proposes to exchange such
2017 B Notes for a beneficial interest in the Unrestricted Global Note, a
certificate from such Holder substantially in the form of Exhibit C
hereto, including the certifications in item (1)(c) thereof; or

     (2) if the Holder of such Definitive Notes proposes to transfer such
2017 B Notes to a Person who shall take delivery thereof in the form of a
beneficial interest in the Unrestricted Global Note, a certificate from such
Holder substantially in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer
is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act.

     Upon satisfaction of the conditions of any of the subparagraphs in this Section
2.06(d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be
increased the aggregate principal amount of the Unrestricted Global Note.

     (iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted
Global Notes. A Holder of an Unrestricted Definitive Note may exchange such 2017 B Note
for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes
to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or
transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase
or cause to be increased the aggregate principal amount of one of the Unrestricted Global
Notes.

          If any such exchange or transfer from a Definitive Note to a beneficial interest is effected
pursuant to subparagraph (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted Global
Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order
in accordance with

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Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an
aggregate principal amount equal to the principal amount of Definitive Notes so transferred.

          (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon
request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this
Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior
to such registration of transfer or exchange, the requesting Holder shall present or surrender to
the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of
transfer or exchange in form satisfactory to the Registrar duly executed by such Holder or by its
attorney, duly authorized in writing. In addition, the requesting Holder shall provide any
additional certifications, documents and information, as applicable, required pursuant to the
following provisions of this Section 2.06(e):

     (i) Restricted Definitive Notes to Restricted Definitive Notes. Any
Restricted Definitive Note may be transferred to and registered in the name of Persons who
take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives
the following:

     (A) if the transfer shall be made to a QIB in accordance with Rule 144A, then
the transferor must deliver a certificate substantially in the form of Exhibit
B hereto, including the certifications in item (1) thereof;

     (B) if the transfer shall be made pursuant to Rule 903 or Rule 904, then the
transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof; or

     (C) if the transfer shall be made pursuant to any other exemption from the
registration requirements of the Securities Act, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications
required by item (3) thereof, if applicable.

     (ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any
Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted
Definitive Note or transferred to a Person or Persons who take delivery thereof in the form
of an Unrestricted Definitive Note if:

     (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the 2017 B Registration Rights Agreement and the Holder, in the case
of an exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (1) an Exchanging Dealer, (2) a
Person participating in the distribution of the 2017 B Exchange Notes or (3) a
Person who is an affiliate (as defined in Rule 144) of the Issuer;

     (B) any such transfer is effected pursuant to the Shelf Registration Statement
in accordance with the 2017 B Registration Rights Agreement;

     (C) any such transfer is effected by an Exchanging Dealer pursuant to the
Exchange Offer Registration Statement in accordance with the 2017 B Registration
Rights Agreement; or

     (D) the Registrar receives the following:

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     (1) if the Holder of such Restricted Definitive Notes proposes to
exchange such 2017 B Notes for an Unrestricted Definitive Note, a
certificate from such Holder substantially in the form of Exhibit C
hereto, including the certifications in item (1)(d) thereof; or

     (2) if the Holder of such Restricted Definitive Notes proposes to
transfer such 2017 B Notes to a Person who shall take delivery thereof in
the form of an Unrestricted Definitive Note, a certificate from such Holder
substantially in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so
requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to
the effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities
Act.

     (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A
Holder of Unrestricted Definitive Notes may transfer such 2017 B Notes to a Person who takes
delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request
to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes
pursuant to the instructions from the Holder thereof.

          (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the
2017 B Registration Rights Agreement, the Issuer shall issue and, upon receipt of an Authentication
Order in accordance with Section 2.02 hereof, the Trustee shall authenticate (i) one or more
Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the
beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that certify
in the applicable Letters of Transmittal that (x) they are not Exchanging Dealers, (y) they are not
participating in a distribution of the 2017 B Exchange Notes and (z) they are not affiliates (as
defined in Rule 144) of the Issuer, and accepted for exchange in the Exchange Offer and (ii)
Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the
Restricted Definitive Notes tendered for acceptance by Persons that certify in the applicable
Letters of Transmittal that (x) they are not Exchanging Dealers, (y) they are not participating in
a distribution of the 2017 B Exchange Notes and (z) they are not affiliates (as defined in Rule
144) of the Issuer, and accepted for exchange in the Exchange Offer. Concurrently with the issuance
of such 2017 B Notes, the Trustee shall cause the aggregate principal amount of the applicable
Restricted Global Notes to be reduced accordingly, and the Issuer shall execute and the Trustee
shall authenticate and mail to the Persons designated by the Holders of Definitive Notes so
accepted Unrestricted Definitive Notes in the applicable principal amount. Any 2017 B Notes that
remain outstanding after the consummation of the Exchange Offer, and 2017 B Exchange Notes issued
in connection with the Exchange Offer, shall be treated as a single class of securities under this
Indenture.

          (g) Legends. The following legends shall appear on the face of all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable
provisions of this Indenture:

          (i) Private Placement Legend.

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     (A) Except as permitted by subparagraph (B) below, each Global Note and
each Definitive Note (and all 2017 B Notes issued in exchange therefor or
substitution
thereof) shall bear the legend in substantially the following form:

“THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES
ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE
TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED
BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL INVESTOR THAT IS AN
ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501 OF REGULATION D UNDER THE
SECURITIES ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES
OF THE UNITED STATES AND OTHER JURISDICTIONS.”

     (B) Notwithstanding the foregoing, any Global Note or Definitive Note
issued pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii),
(e)(ii), (e)(iii) or
(f) of this Section 2.06 (and all 2017 B Notes issued in exchange therefor or
substitution
thereof) shall not bear the Private Placement Legend.

     (ii) Global Note Legend. Each Global Note shall bear a legend in substantially
the following form:

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF,
AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h)
OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART
PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED
TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV)
THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN
CONSENT OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES
IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE

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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 OR BY
THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER
STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.”

     (iii) Regulation S Temporary Global Note Legend. The Regulation S
Temporary Global Note shall bear a legend in substantially the following form:

“THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE
CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES,
ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).”

          (h) Cancellation and/or Adjustment of Global Notes. At such time as all
beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a
particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each
such Global Note shall be returned to or retained and canceled 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 or transferred to a Person who shall take delivery thereof in the form of a
beneficial interest in another Global Note or for Definitive Notes, the principal amount of 2017 B
Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made
on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect
such reduction; and if the beneficial interest is being exchanged for or transferred to a Person
who shall take delivery thereof in the form of a beneficial interest in another Global Note, such
other Global Note shall be increased accordingly and an endorsement shall be made on such Global
Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

     (i)
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 Definitive Notes upon receipt of an
Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request.

          (ii) No service charge shall be made to a holder of a beneficial interest in a
Global Note or to a Holder of a Definitive Note for any registration of transfer or
exchange, but the

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Issuer shall require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer taxes or similar governmental
charge payable upon exchange or transfer pursuant to
Sections 2.07, 2.10, 3.06, 3.09, 4.10, 4.14 and
9.05 hereof).

     (iii) Neither the Registrar nor the Issuer shall be required to register the transfer of
or exchange any 2017 B Note selected for redemption in whole or in part, except the unredeemed
portion of any 2017 B Note being redeemed in part.

     (iv) All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes shall 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 Definitive Notes surrendered upon such registration of transfer or exchange.

     (v) The Issuer shall not be required (A) to issue, to register the transfer of or to
exchange any 2017 B Notes during a period beginning at the opening of business 15 days before the
day of any selection of 2017 B 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 2017
B Note so selected for redemption in whole or in part, except the unredeemed portion of any 2017 B
Note being redeemed in part, (C) to register the transfer of or to exchange a 2017 B Note between a
Record Date and the next succeeding Interest Payment Date or (D) to register the transfer of or to
exchange any 2017 B Notes selected for redemption or tendered (and not withdrawn) for repurchase in
connection with a Change of Control Offer or an Asset Sale Offer.

     (vi) Prior to due presentment for the registration of a transfer of any 2017 B Note, the
Trustee, any Agent and the Issuer may deem and treat the Person in whose name any 2017 B Note is
registered as the absolute owner of such 2017 B Note for the purpose of receiving payment of
principal of (and premium, if any) and interest (including Special Interest, if any) on such 2017 B
Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be
affected by notice to the contrary.

     (vii) Upon surrender for registration of transfer of any 2017 B Note at the office or
agency of the Issuer designated pursuant to Section 4.02 hereof, the Issuer shall execute, and the
Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one
or more replacement 2017 B Notes of any authorized denomination or denominations of a like
aggregate principal amount.

     (viii) At the option of the Holder, subject to Section 2.06(a) hereof, 2017 B Notes may
be exchanged for other 2017 B Notes of any authorized denomination or denominations of a like
aggregate principal amount upon surrender of the 2017 B Notes to be exchanged at such office or
agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Issuer
shall execute, and the Trustee shall authenticate and mail, the replacement Global Notes and
Definitive Notes to which the Holder making the exchange is entitled in accordance with the
provisions of Section 2.02 hereof.

     (ix) All certifications, certificates and Opinions of Counsel required to be submitted to
the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may
be submitted by facsimile.

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Section 2.07 Replacement Notes.

          If either (x) any mutilated 2017 B Note is surrendered to the Trustee, the Registrar or the
Issuer, or (y) if the Issuer and the Trustee receive evidence to their satisfaction of the
ownership and destruction, loss or theft of any 2017 B Note, then the Issuer shall issue and the
Trustee, upon receipt of an Authentication Order and satisfaction of any other requirements of the
Trustee, shall authenticate a replacement 2017 B Note. 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 and
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 2017 B Note is replaced. The Issuer may charge for its expenses in
replacing a 2017 B Note.

          Every replacement 2017 B Note is a contractual obligation of the Issuer and shall be entitled
to all of the benefits of this Indenture equally and proportionately with all other 2017 B Notes
duly issued hereunder.

Section 2.08 Outstanding Notes.

          The 2017 B Notes outstanding at any time are all the 2017 B Notes authenticated by the Trustee
except for those canceled 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 2017 B Note does not cease to be outstanding because the Issuer or an Affiliate of the
Issuer holds such 2017 B Note.

          If a 2017 B Note is replaced pursuant to Section 2.07 hereof, such 2017 B Note shall cease to
be outstanding unless the Trustee receives proof satisfactory to it that the replaced 2017 B Note
is held by a bona fide purchaser.

          If the principal amount of any 2017 B Note is considered paid under Section 4.01 hereof, such
2017 B Note shall cease to be outstanding and interest thereon shall cease to accrue.

          If the Paying Agent (other than the Issuer, a Subsidiary of the Company or an Affiliate of any
thereof) holds, on a redemption date or maturity date, money sufficient to pay any 2017 B Notes
payable on such date, then such 2017 B Notes shall be deemed to be no longer outstanding and shall
cease to accrue interest on and after such date.

Section 2.09 Treasury Notes.

          In determining whether the Holders of the required principal amount of 2017 B Notes have
concurred in any direction, waiver or consent, 2017 B Notes owned by the Issuer or 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 2017 B Notes that a Responsible Officer of the Trustee knows are so owned shall be so
disregarded. 2017 B Notes so owned which have been pledged in good faith shall not be disregarded
if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any
such direction, waiver or consent with respect to such pledged 2017 B Notes and that the pledgee is
not the Issuer or any obligor upon the 2017 B Notes or any Affiliate of the Issuer or such other
obligor.

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Section 2.10 Temporary Notes.

          Until certificates representing 2017 B Notes are ready for delivery, the Issuer may prepare
and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary 2017 B
Notes. Temporary 2017 B Notes shall be substantially in the form of certificated 2017 B Notes but
may have variations that the Issuer considers appropriate for temporary 2017 B Notes and as shall
be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and
the Trustee shall authenticate definitive 2017 B Notes in exchange for temporary 2017 B Notes.

          Holders and beneficial holders, as the case may be, of temporary 2017 B Notes shall be
entitled to all of the benefits accorded to Holders or beneficial holders, respectively, of 2017 B
Notes under this Indenture.

Section 2.11 Cancellation.

          The Issuer at any time may deliver 2017 B Notes to the Trustee for cancellation. The Registrar
and Paying Agent shall forward to the Trustee any 2017 B Notes surrendered to them for registration
of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or
the Paying Agent and no one else shall cancel all 2017 B Notes surrendered for registration of
transfer, exchange, payment, replacement or cancellation and shall dispose of cancelled 2017 B
Notes (subject to the record retention requirement of the Exchange Act) in its customary manner.
Certification of the disposal of all cancelled 2017 B Notes shall be delivered to the Issuer upon
its request therefor. The Issuer may not issue new 2017 B Notes to replace 2017 B Notes that it has
paid or that have been delivered to the Trustee for cancellation.

Section 2.12 Defaulted Interest.

          If the Issuer defaults in a payment of interest on the 2017 B 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, in each case
at the rate provided in the 2017 B Notes and in Section 4.01 hereof. The Issuer shall notify the
Trustee in writing of the amount of defaulted interest proposed to be paid on each 2017 B Note and
the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted
interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date
of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such defaulted interest as provided in this Section 2.12. The Trustee shall fix
or cause to be fixed each such special record date and payment date; provided that no such
special record date shall be less than 10 days prior to the related payment date for such defaulted
interest. The Trustee shall notify the Issuer of such special record date promptly, and in any
event at least 20 days before such special record date. At least 15 days before the special record
date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the
expense of the Issuer) shall mail or cause to be mailed, first-class postage prepaid, to each
Holder a notice at his or her address as it appears in the Note Register that states the special
record date, the related payment date and the amount of such interest to be paid.

          Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each 2017
B Note delivered under this Indenture upon registration of transfer of, in exchange for or in lieu
of any other 2017 B Note shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other 2017 B Note.

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Section 2.13 CUSIP Numbers.

          The Issuer in issuing the 2017 B Notes may use CUSIP numbers (if then generally in use) and,
if so, the Trustee shall use CUSIP numbers in notices of redemption as a convenience to Holders;
provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the 2017 B Notes or as contained in any notice of
redemption and that reliance may be placed only on the other identification numbers printed on the
2017 B Notes, and any such redemption shall not be affected by any defect in or omission of such
numbers. The Issuer shall as promptly as practicable notify the Trustee of any change in the CUSIP
numbers.

ARTICLE 3

REDEMPTION

Section 3.01 Notices to Trustee.

          If the Issuer elects to redeem 2017 B Notes pursuant to Section 3.07 hereof, it shall furnish
to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officer’s
Certificate setting forth (i) the paragraph or subparagraph of such 2017 B Notes and/or Section of
this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the
principal amount of the 2017 B Notes to be redeemed and (iv) the redemption price.

Section 3.02 Selection of Notes To Be Redeemed or Purchased.

          If less than all of the 2017 B Notes are to be redeemed or purchased in an offer to purchase
at any time, the Registrar shall select the 2017 B Notes to be redeemed or purchased (a) if such
2017 B Notes are listed on any national securities exchange, in compliance with the requirements of
the principal national securities exchange on which such 2017 B Notes
are listed or (b) on a pro
rata basis to the extent practicable or, to the extent that
selection on a pro rata basis
is not practicable for any reason, by lot or by such other method as the Registrar shall deem
appropriate or as required by the rules of the Depositary. In the event of partial redemption or
purchase by lot, the particular 2017 B Notes to be redeemed or purchased shall be selected, unless
otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by
the Registrar from the outstanding 2017 B Notes not previously called for redemption or purchase.

          The Trustee shall promptly notify the Issuer in writing of the 2017 B Notes selected for
redemption or purchase and, in the case of any 2017 B Note selected for partial redemption or
purchase, the principal amount thereof to be redeemed or purchased. 2017 B Notes and portions of
2017 B Notes selected shall be in amounts of $2,000 or integral multiples of $1,000; no 2017 B
Notes of $2,000 or less can be redeemed in part, except that if all of the 2017 B Notes of a Holder
are to be redeemed or purchased, the entire outstanding amount of 2017 B Notes held by such Holder,
even if not in a principal amount of at least $2,000 or an integral multiple of $1,000, shall be
redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture
that apply to 2017 B Notes called for redemption or purchase also apply to portions of 2017 B Notes
called for redemption or purchase.

Section 3.03 Notice of Redemption.

          Subject to Section 3.09 hereof, the Issuer shall mail or cause to be mailed by first-class
mail, postage prepaid, notices of redemption at least 30 days but not more than 60 days before the

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purchase or redemption date to each Holder of 2017 B Notes to be redeemed at such Holder’s
registered address, to the Trustee to forward to each Holder of 2017 B Notes at such Holder’s
registered address, or shall otherwise deliver on such time frame such notice in accordance with
the procedures of DTC, except that redemption notices may be mailed more than 60 days prior to a
redemption date if the notice is issued in connection with Article 8 or Article 12 hereof.

The notice shall identify the 2017 B Notes to be redeemed and shall state:

     (a) the redemption date;

     (b) the redemption price;

     (c) that if any 2017 B Note is to be redeemed in part only, the portion of the
principal amount of that 2017 B Note that is to be redeemed and that, after the redemption
date upon surrender of such 2017 B Note, a new 2017 B Note or 2017 B Notes in principal
amount equal to the unredeemed portion of the original 2017 B Note representing the same
indebtedness to the extent not redeemed shall be issued in the name of the Holder of the
2017 B Notes upon cancellation of the original 2017 B Note;

     (d) the name and address of the Paying Agent;

     (e) that 2017 B 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 on
2017 B Notes called for redemption ceases to accrue on and after the redemption date;

     (g) the paragraph or subparagraph of the 2017 B Notes and/or Section of this Indenture
pursuant to which the 2017 B 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 2017 B Notes.

          At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name
and at its expense; provided that the Issuer shall have delivered to the Trustee, at least
two Business Days before notice of redemption is required to be mailed or caused to be mailed to
Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee),
an Officer’s Certificate requesting that the Trustee give such notice and setting forth the
information to be stated in such notice as provided in the preceding paragraph.

Section 3.04 Effect of Notice of Redemption.

          Once notice of redemption is mailed in accordance with Section 3.03 hereof, 2017 B Notes
called for redemption become irrevocably due and payable on the redemption date at the redemption
price (except as provided in Section 3.07 hereof and in Section 5 of the 2017 B Notes). The notice,
if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether
or not the 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 2017 B Note designated for redemption in whole or in part
shall not affect the validity of the proceedings for the redemption of any other 2017 B Note.
Subject to Section

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3.05 hereof, on and after the redemption date, interest shall cease to accrue on 2017 B
Notes or portions of 2017 B Notes called for redemption.

Section 3.05 Deposit of Redemption or Purchase Price.

          On the redemption or purchase date, the Issuer shall deposit with the Trustee or with the
Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid
interest (including Special Interest, if any) on all 2017 B 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, and accrued and unpaid interest (including Special Interest, if any) on, all
2017 B Notes to be redeemed or purchased.

          If the Issuer complies with the provisions of the preceding paragraph, on and after the
redemption or purchase date, interest shall cease to accrue on the 2017 B Notes or the portions of
2017 B Notes called for redemption or purchase. If a 2017 B Note is redeemed or purchased on or
after a Record Date but on or prior to the related Interest Payment Date, then any accrued and
unpaid interest to the redemption or purchase date shall be paid to the Person in whose name such
2017 B Note was registered at the close of business on such Record Date. If any 2017 B Note called
for redemption or purchase shall not be so paid upon surrender for redemption or purchase because
of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the
unpaid principal, from the redemption or purchase date until such principal is paid, and to the
extent lawful on any interest accrued to the redemption or purchase date not paid on such unpaid
principal, in each case at the rate provided in the 2017 B Notes and in Section 4.01 hereof.

Section 3.06 Notes Redeemed or Purchased in Part.

          Upon surrender of a 2017 B Note that is redeemed or purchased in part, the Issuer shall issue
and the Trustee shall authenticate for the Holder at the expense of the Issuer a new 2017 B Note
equal in principal amount to the unredeemed or unpurchased portion of the 2017 B Note surrendered
representing the same indebtedness to the extent not redeemed or purchased; provided that
each new 2017 B Note shall be in a principal amount of $2,000 or an integral multiple of $1,000. It
is understood that, notwithstanding anything in this Indenture to the contrary, only an
Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the
Trustee to authenticate such new 2017 B Note.

Section 3.07 Optional Redemption.

          (a) Except as set forth below, the Issuer shall not be permitted to redeem the 2017 B Notes.
The 2017 B Notes will be payable at par at maturity.

          (b) At any time prior to December 15, 2012, the 2017 B Notes may be redeemed or purchased (by
the Issuer or any other Person), in whole or in part, upon notice as provided in Section 3.03
hereof at a redemption price equal to 100.0% of the principal amount of such 2017 B Notes redeemed
plus the Applicable Premium as of the date of redemption (the “Redemption Date”), and,
without duplication, accrued and unpaid interest to the Redemption Date, subject to the rights of
Holders of 2017 B Notes on the relevant Record Date to receive interest due on the relevant
Interest Payment Date. The Issuer may provide in such notice that payment of the redemption price
and performance of the Issuer’s obligations with respect to such redemption or purchase may be
performed by another Person.

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          (c) On and after December 15, 2012, the 2017 B Notes may be redeemed or purchased (by
the Issuer or any other Person), at the Issuer’s option, in whole or in part, upon notice as
provided in Section 3.03 hereof, at any time and from time to time at the redemption prices set
forth below. The Issuer may provide in such notice that the payment of the redemption price and the
performance of the Issuer’s obligations with respect to such redemption may be performed by another
Person. The 2017 B Notes shall be redeemable at the redemption prices (expressed as percentages of
principal amount of the 2017 B Notes to be redeemed) set forth below plus accrued and unpaid
interest thereon to the applicable Redemption Date, subject to the right of Holders of record of
2017 B Notes on the relevant record date to receive interest due on the relevant interest payment
date, if redeemed during the 12-month period beginning on December 15 of each of the years
indicated below:

	 	 	 	 	 
	 	 	2017 B Notes	 
	Year	 	Percentage	 
	2012
	 	 	106.93750	%
	2013
	 	 	104.62500	%
	2014
	 	 	102.31250	%
	2015 and thereafter
	 	 	100.00000	%

          (d) Until December 15, 2012, the Issuer may, at its option, on one or more occasions, upon
notice as provided in Section 3.03 hereof, redeem up to 35.0% of the then outstanding aggregate
principal amount of 2017 B Notes at a redemption price equal to 109.250% of the aggregate principal
amount thereof, plus accrued and unpaid interest thereon to the applicable Redemption Date, subject
to the right of Holders of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date, with the net cash proceeds of one or more Equity Offerings to the
extent such net cash proceeds are received by or contributed to the Issuer; provided that
at least 65% of the sum of the aggregate principal amount of 2017 B Notes originally issued under
this Indenture and any Additional 2017 B Notes issued under this Indenture after the Issue Date
remains outstanding immediately after the occurrence of each such
redemption; provided
further, that each such redemption occurs within 180 days of the date of closing of each such
Equity Offering.

          (e) The Issuer may provide in such notice that payment of the redemption price and performance
of the Issuer’s obligations with respect thereto may be performed by another Person. Notice of any
redemption upon any Equity Offering may be given prior to the completion of the related Equity
Offering, and any such redemption or notice may, at the Issuer’s discretion, be subject to one or
more conditions precedent, including, but not limited to, completion of the related Equity
Offering.

          (f) The Trustee or the Paying Agent shall select the 2017 B Notes to be purchased in pursuant
to Section 3.02 hereof.

Section 3.08 Mandatory Redemption.

          Notwithstanding anything to the contrary in this Indenture, none of the Company or any of its
Subsidiaries shall make any purchase of, or otherwise effectively cancel or retire, any 2017 B
Notes (whether through open market purchases, tender offers, defeasance, offers to purchase
required by the 2017 B Notes or otherwise) if, after giving effect thereto and, if applicable, any
concurrent purchase of or other action with respect to any 2017 A Notes, the ratio of (a) the
outstanding aggregate principal amount of the 2017 A Notes to (b) the outstanding aggregate
principal amount of the 2017 B Notes shall be greater than 0.250; provided,
however, that the foregoing restriction shall not be applicable in the case of

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any Change of Control Offer, Asset Sale Offer or offer to purchase the 2017 A Notes required
to be made under the 2017 A Indenture at the price specified with respect thereto to all holders of
the 2017 A Notes, where a violation of the foregoing restriction would occur solely as a result of
different offer acceptance rates by the holders of the 2017 B Notes and the 2017 A Notes.
References to the 2017 B Notes and the 2017 A Notes in this Section 3.08 do not include any
Additional 2017 B Notes or any Additional 2017 A Notes, as applicable.

Section 3.09 Offers To Repurchase by Application of Excess Proceeds.

          (a) The Issuer shall follow the procedures specified in clauses (b) through (f) of this
Section 3.09 for any Asset Sale Offer commenced pursuant to Section 4.10 hereof.

          (b) An Asset Sale Offer shall remain open for a period of 20 Business Days following its
commencement and no longer, except to the extent that a longer period is required by applicable law
(the “Offer Period”). No later than five Business Days after the termination of the Offer
Period (the “Purchase Date”), the Issuer shall apply all Excess Proceeds (the “Offer
Amount”) to the purchase of 2017 B Notes and, if required, Pari Passu Indebtedness (on a
pro rata basis, if applicable), or, if less than the Offer Amount has been tendered, all
2017 B Notes and Pari Passu Indebtedness tendered in response to the Asset Sale Offer. Payment for
any 2017 B Notes so purchased shall be made in the same manner as interest payments are made.

          (c) If the Purchase Date is on or after a Record Date and on or before the related Interest
Payment Date, any accrued and unpaid interest and Special Interest, if any, up to but excluding the
Purchase Date, shall be paid to the Person in whose name a 2017 B Note is registered at the close
of business on such Record Date, and no additional interest shall be payable to Holders who tender
2017 B Notes pursuant to the Asset Sale Offer.

          (d) Upon the commencement of an Asset Sale Offer, the Issuer shall send, by first-class mail,
a notice to each of the Holders, with a copy to the Trustee and the Registrar, or otherwise in
accordance with the procedures of DTC. The notice shall contain all instructions and materials
necessary to enable such Holders to tender 2017 B Notes pursuant to the Asset Sale Offer. The
notice, which shall govern the terms of the Asset Sale Offer, shall state:

     (i) that the Asset Sale Offer is being made pursuant to this Section 3.09 and
Section 4.10 hereof and the length of time the Asset Sale Offer shall remain open;

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

     (iii) that any 2017 B Note not tendered or accepted for payment shall continue to
accrue interest;

     (iv) that, unless the Issuer defaults in making such payment, any 2017 B Note
accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest
after the Purchase Date;

     (v) that Holders electing to have a 2017 B Note purchased pursuant to an Asset
Sale Offer may elect to have 2017 B Notes purchased in minimum principal amounts of $2,000
and integral multiples of $1,000 only;

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     (vi) that Holders electing to have a 2017 B Note purchased pursuant to any
Asset Sale Offer shall be required to surrender the 2017 B Note, with the form entitled
“Option of Holder to Elect Purchase” attached to the 2017 B Note completed, or transfer such
2017 B Note by book-entry transfer, to the Issuer, the Depositary, if appointed by the
Issuer, or a Paying Agent at the address specified in the notice at least three days before
the Purchase Date;

     (vii) that Holders shall be entitled to withdraw their election if the Issuer, the
Depositary or the Paying Agent, as the case may be, receives, not later than the expiration
of the Offer Period, a telegram, facsimile transmission or letter setting forth the name of
the Holder, the principal amount of the 2017 B Note the Holder delivered for purchase and a
statement that such Holder is withdrawing his election to have such 2017 B Note purchased;

     (viii) that, if the aggregate principal amount of 2017 B Notes and Pari Passu
Indebtedness surrendered by the holders thereof exceeds the Offer Amount, the Registrar
shall select the 2017 B Notes and such Pari Passu Indebtedness to be purchased on a
pro rate basis based on the accreted value or principal amount of the 2017 B
Notes or such Pari Passu Indebtedness tendered (with such adjustments as may be deemed
appropriate by the Registrar so that only 2017 B Notes in denominations of $2,000 or
integral multiples of $1,000 shall be purchased); and

     (ix) that Holders whose 2017 B Notes were purchased only in part shall be
issued new 2017 B Notes equal in principal amount to the unpurchased portion of the
2017 B Notes surrendered (or transferred by book-entry transfer) representing the same
indebtedness to the extent not repurchased.

          (e) On or before the Purchase Date, the Issuer shall, to the extent lawful, (1) accept for
payment, on a pro rata basis to the extent necessary, the Offer Amount of 2017 B
Notes or portions thereof validly tendered pursuant to the Asset Sale Offer, or if less than the
Offer Amount has been tendered, all 2017 B Notes tendered and (2) deliver or cause to be delivered
to the Trustee the 2017 B Notes properly accepted together with an Officer’s Certificate stating
the aggregate principal amount of 2017 B Notes or portions thereof so tendered.

          (f) The Issuer, the Depositary or the Paying Agent, as the case may be, shall promptly mail or
deliver to each tendering Holder an amount equal to the purchase price of the 2017 B Notes properly
tendered by such Holder and accepted by the Issuer for purchase, and the Issuer shall promptly
issue a new 2017 B Note, and the Trustee, upon receipt of an Authentication Order, shall
authenticate and mail or deliver (or cause to be transferred by book-entry) such new 2017 B Note to
such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary,
no Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate and mail
or deliver such new 2017 B Note) in a principal amount equal to any unpurchased portion of the 2017
B Note surrendered representing the same indebtedness to the extent not repurchased;
provided that each such new 2017 B Note shall be in a principal amount of $2,000 or an
integral multiple of $1,000. Any 2017 B Note not so accepted for purchase shall be promptly mailed
or delivered by the Issuer to the Holder thereof. The Issuer shall publicly announce the results of
the Asset Sale Offer on or as soon as practicable after the Purchase Date.

          Other than as specifically provided in this Section 3.09 or Section 4.10 hereof, any
purchase pursuant to this Section 3.09 shall be made pursuant to the applicable provisions of
Sections 3.01 through 3.06 hereof.

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ARTICLE 4

COVENANTS

Section 4.01 Payment of Notes.

          The Issuer shall have caused the Trustee to establish an account (the “Trustee
Account”) to be maintained by the Trustee for the benefit of the Holders with respect to
payments of interest on the 2017 B Notes, over which the Trustee shall have sole control and
dominion. Interest on the 2017 B Notes will accrue, and be payable by or on behalf of the Issuer to
the Trustee, daily; provided that the failure by the Issuer to make or have made any such
daily payment to the Trustee on any day will not constitute a Default so long as (a) (x) no payment
or other transfer by the Company or any of its Restricted Subsidiaries shall have been made on such
day under the Cash Management Arrangements or (y) the amount of funds on deposit in the Trustee
Account on such day is equal to the amount of interest which has accrued up to and including such
day and (b) on each Interest Payment Date the aggregate amount of funds deposited in the Trustee
Account is sufficient to pay the aggregate amount of interest on the 2017 B Notes that is payable
by the Trustee to Holders of 2017 B Notes on such Interest Payment Date; provided further,
however, that payments of interest shall only be deemed to be overdue to the extent that
the aggregate amount of funds deposited in the Trustee Account is not sufficient to pay the
aggregate amount of interest on the 2017 B Notes that is payable by the Trustee to Holders on the
applicable Interest Payment Date. The Issuer or any Guarantor will not be the legal owners of the
funds on deposit in the Trustee Account. Such amounts may be in cash in U.S. dollars, in Government
Securities or in a combination thereof. Any interest earned on Government Securities held in the
Trustee Account will be applied to pay fees and expenses of the Trustee and, to the extent of any
excess, returned to the Company. Upon the making by or on behalf of the Issuer of any payment into
the Trustee Account, the Issuer’s obligation to pay accrued interest shall be discharged to the
extent of the amount so paid. If the Trustee fails to make an interest payment on the 2017 B Notes
but the Issuer has deposited the funds with the Trustee, it will not be a Default.

          Unless otherwise expressly instructed in writing by the Issuer, the amounts in the Trustee
Account shall be held in cash in U.S. dollars.

          The Issuer shall pay all Special Interest, if any, in the same manner on the dates and in the
amounts set forth in the 2017 B Registration Rights Agreement.

          The Issuer shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at the rate equal to 1.0% per annum in excess of the then
applicable interest rate on the 2017 B 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 and Special Interest (without regard to any applicable grace period) at the same rate to
the extent lawful.

          The Trustee shall pay or cause to be paid the aggregate amount of interest payable on the 2017
B Notes on the dates and in the manner provided in the 2017 B Notes. Principal, premium, if any,
Special Interest, if any, and interest shall be considered paid on the date due if the Trustee
holds as of noon Eastern Time on the Interest Payment Date money deposited by the Issuer in
immediately available funds and designated for and sufficient to pay all principal, premium, if
any, and interest then due. If an Interest Payment Date is not a Business Day, payment may be made
on the next succeeding day that is a Business Day, and no additional interest or other amounts
shall be payable in respect of the interest period for which such payment is made as a result of
such extension of time.

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Section 4.02 Maintenance of Office or Agency.

          The Issuer shall maintain in the Borough of Manhattan, City of New York, an office or agency
(which may be an office of the Trustee or an affiliate of the Trustee, Registrar or Transfer Agent)
where 2017 B Notes may be surrendered for registration of transfer or for exchange or presented for
payment and where notices and demands to or upon the Issuer in respect of the 2017 B 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. 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.

          The Issuer may also from time to time designate one or more other offices or agencies where
the 2017 B Notes may be presented or surrendered for any or all such purposes and may from time to
time rescind such designations; provided that no such designation or rescission shall in
any manner relieve the Issuer of its obligation to maintain an office or agency in the Borough of
Manhattan, City of New York, for such purposes. 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.

          The Issuer hereby initially designates the office of the Trustee located at U.S. Bank National
Association, 100 Wall Street, 16th floor, New York, NY 10005, as one such office or agency of the
Issuer in accordance with Section 2.03 hereof.

Section 4.03 Reports and Other Information.

          (a) Notwithstanding that the Company may not be subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and
quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and
regulations promulgated by the SEC, from and after the Issue Date, the Company shall file with the
SEC no later than 15 days after the periods set forth below,

     (1) within 90 days (or any other time period then in effect under the rules and
regulations of the Exchange Act with respect to the filing of a Form 10-K by a
non-accelerated filer) after the end of each fiscal year, annual reports on Form 10-K, or
any successor or comparable form, containing the information required to be contained
therein, or required in such successor or comparable form;

     (2) within 45 days (or any other time period then in effect under the rules and
regulations of the Exchange Act with respect to the filing of a Form 10-Q by a
non-accelerated filer) after the end of each of the first three fiscal quarters of each
fiscal year, reports on Form 10-Q containing all quarterly information that would be
required to be contained in Form 10-Q, or any successor or comparable form;

     (3) promptly from time to time after the occurrence of an event required to be therein
reported, such other reports on Form 8-K, or any successor or comparable form; and

     (4) any other information, documents and other reports which the Company would be
required to file with the SEC if it were subject to Section 13 or 15(d) of the Exchange
Act;

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in each case, in a manner that complies in all material respects with the requirements specified in
such form; provided that the Company shall not be so obligated to file such reports with
the SEC if the SEC does not permit such filing, in which event the Company shall make available
such information to prospective purchasers of 2017 B Notes, in addition to providing such
information to the Trustee and the Holders of the 2017 B Notes, in each case within five days after
the time the Company would have been required to file such information with the SEC as required
pursuant to this Section 4.03(a). To the extent any such information is not furnished within the
time periods specified above in Section 4.03(a) and such information is subsequently furnished
(including upon becoming publicly available, by filing such information with the SEC), the Company
shall be deemed to have satisfied its obligations with respect thereto at such time and any Default
with respect thereto shall be deemed to have been cured;
provided that such cure shall not
otherwise affect the rights of the Holders under Article 6 hereof if Holders of at least 25.0% in
principal amount of the then total outstanding 2017 B Notes have declared the principal of,
premium, if any, interest and any other monetary obligations on all the then outstanding 2017 B
Notes to be due and payable immediately and such declaration shall not have been rescinded or
cancelled prior to such cure. In addition, to the extent not satisfied by the foregoing, for so
long as any 2017 B Notes are outstanding the Company shall furnish to Holders and to securities
analysts and prospective investors, upon their request, the information required to be delivered
pursuant to Rule 144A(d)(4) under the Securities Act.

          (b) In the event that any direct or indirect parent company of the Company becomes a Guarantor
of the 2017 B Notes, the Company may satisfy its obligations in this Section 4.03 with respect to
financial information relating to the Company by furnishing financial information relating to such
parent; provided that the same is accompanied by consolidating information that explains in
reasonable detail the differences between the information relating to such parent, on the one hand,
and the information relating to the Company and its Restricted Subsidiaries on a standalone basis,
on the other hand.

          (c) In connection with the filings with the SEC required pursuant to clauses (1) and (2)
above, the Company shall provide notice of, and host, a conference call open to the public to
discuss the results for the applicable period.

          (d) Notwithstanding the foregoing, the requirements of this Section 4.03 shall be deemed
satisfied prior to the commencement of the exchange offer or the effectiveness of the shelf
registration statement by the filing with the SEC of the exchange offer registration statement or
shelf registration statement in accordance with the terms of the 2017 B Registration Rights
Agreement, and any amendments thereto, with such financial information that satisfies Regulation
S-X of the Securities Act.

Section 4.04 Compliance Certificate.

          (a) The Issuer and each Guarantor (to the extent that such Guarantor is so required
under the Trust Indenture Act) shall deliver to the Trustee, within 120 days after the end of each
fiscal year ending after the Issue Date, a certificate from the principal executive officer,
principal financial officer or principal accounting officer stating that a review of the activities
of the Issuer and its Restricted Subsidiaries during the preceding fiscal year has been made under
the supervision of the signing Officer with a view to determining whether the Issuer has kept,
observed, performed and fulfilled its obligations under this Indenture, and further stating, as to
such Officer signing such certificate, that to the best of his or her knowledge the Issuer has
kept, observed, performed and fulfilled each and every condition and covenant contained in this
Indenture during such fiscal year and is not in default in the performance or observance of any of
the terms, provisions, covenants and conditions of this Indenture (or, if a Default

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shall have occurred, describing all such Defaults of which he or she may have knowledge and what
action the Issuer is taking or proposes to take with respect thereto).

          (b) When any Default has occurred and is continuing under this Indenture of which the
Issuer is aware, or if the Trustee or the holder of any other evidence of Indebtedness of the
Issuer or any Subsidiary of the Company gives any notice or takes any other action with respect to
a claimed Default of which the Issuer is aware, the Issuer shall promptly (which shall be no more
than five Business Days) deliver to the Trustee by registered or certified mail or by facsimile
transmission an Officer’s Certificate specifying such event and what action the Issuer proposes to
take with respect thereto.

Section 4.05 Taxes.

          The Issuer shall pay or discharge, and shall cause each of its Restricted Subsidiaries to pay
or discharge, prior to delinquency, all material taxes, lawful assessments, and governmental levies
except such as are contested in good faith and by appropriate actions or where the failure to
effect such payment or discharge is not adverse in any material respect to the Holders of the 2017
B Notes.

Section 4.06
Stay, Extension and Usury Laws.

          The Issuer and each of the Guarantors 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 Guarantors (to the extent that they may lawfully do so) hereby expressly
waive all benefit or advantage of any such law, and covenant (to the extent that they may lawfully
do so) 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 Company shall not, and shall not permit any Restricted Subsidiary to,
directly or indirectly:

          (1) declare or pay any dividend or make any distribution or any payment having
the effect thereof on account of the Company’s or any Restricted Subsidiary’s Equity
Interests (in such Person’s capacity as holder of such Equity Interests), including any
dividend or distribution payable in connection with any merger, amalgamation or
consolidation other than:

     (a) dividends or distributions payable solely in Equity Interests (other than
Disqualified Stock) of the Company; or

     (b) dividends or distributions by a Restricted Subsidiary so long as, in the
case of any dividend or distribution payable on or in respect of any class or series
of securities issued by a Restricted Subsidiary other than a Wholly-Owned Subsidiary
of the Company, the Company or a Restricted Subsidiary receives at least its pro
rata share of such dividend or distribution in accordance with its Equity Interests
in such class or series of securities;

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     (2) purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests
of the Company or any direct or indirect parent of the Company, including in connection with
any merger, amalgamation or consolidation;

     (3) make any principal payment on, or redeem, repurchase, defease or otherwise acquire
or retire for value in each case, prior to any scheduled repayment, sinking fund payment or
maturity, any Subordinated Indebtedness other than:

     (a) Indebtedness permitted under clause (8) of Section 4.09(b) hereof; or

     (b) the payment of principal on or the purchase, redemption, defeasance,
repurchase or other acquisition or retirement of Subordinated Indebtedness of the
Company or any Restricted Subsidiary in anticipation of satisfying a sinking fund
obligation, principal installment or final maturity, in each case due within one
year of the date of such payment of principal or such purchase, redemption,
defeasance, repurchase or acquisition; or

     (4) make any Restricted Investment

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

          (b) Section 4.07(a) hereof shall not prohibit:

     (1) the payment of any dividend within 60 days after the date of declaration thereof,if at the date of declaration such payment would have complied with the provisions of this
Indenture;

      (2) (a) the purchase, redemption, defeasance, repurchase, retirement or other
acquisition of any Equity Interests (“Treasury Capital Stock”) of the Company or any
Restricted Subsidiary in exchange for, or out of the proceeds of, the substantially
concurrent sale or issuance (other than to the Company or any of its Subsidiaries or to an
employee stock ownership plan, management equity plan, other management or employment
benefit plan or agreement or any trust established by the Company or any of its
Subsidiaries) of, Equity Interests of the Company, or any direct or indirect parent company
of the Company, to the extent of the cash proceedings actually contributed to the capital of
the Company or any Restricted Subsidiary (in each case, other than any Disqualified Stock)
(“Refunding Capital Stock”),

     (b) the declaration and payment of dividends on the Treasury Capital Stock out
of the proceeds of the substantially concurrent sale (other than to the Issuer or
any of its Subsidiaries or to an employee stock ownership plan, management equity
plan, other management or employment benefit plan or agreement or any trust
established by the Company or any of its Subsidiaries) of the Refunding Capital
Stock, and

     (c) if immediately prior to the retirement of Treasury Capital Stock, the
declaration and payment of dividends thereon was permitted under clause (6)(a) or
(b) of Section 4.07(b), the declaration and payment of dividends on the Refunding
Capital Stock (other than Refunding Capital Stock the proceeds of which were used to
purchase, redeem, defease, repurchase, retire or otherwise acquire any Equity
Interests of any direct

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or indirect parent company of the Company) in an aggregate amount per year no greater
than the aggregate amount of dividends per annum that were declarable and payable on such
Treasury Capital Stock immediately prior to such retirement;

     (3) the purchase, redemption, defeasance, repurchase or other acquisition or retirement of
Subordinated Indebtedness of the Company or a Restricted Subsidiary made by exchange for, or out of
the proceeds of the substantially concurrent sale of, new Indebtedness of the Company or a
Restricted Subsidiary, as the case may be, which is incurred in compliance with Section 4.09 hereof
so long as:

     (a) the principal amount (or accreted value, if applicable) of such new Indebtedness
does not exceed the principal amount of (or accreted value, if applicable), plus any accrued
and unpaid interest on, the Subordinated Indebtedness being so purchased, redeemed,
defeased, repurchased, exchanged, acquired or retired for value, plus the amount of any
premium required to be paid under the terms of the instrument governing the Subordinated
Indebtedness being so purchased, redeemed, defeased, repurchased, exchanged, acquired or
retired and any fees and expenses incurred in connection with such purchase, redemption,
defeasance, repurchase, exchange, acquisition or retirement and the issuance of such new
Indebtedness;

     (b) such new Indebtedness is subordinated to the 2017 B Notes or the applicable
Guarantee at least to the same extent as such Subordinated Indebtedness so purchased,
redeemed, defeased, repurchased, exchanged, acquired or retired for value;

     (c) such new Indebtedness has a final scheduled maturity date equal to or later than
the final scheduled maturity date of the Subordinated Indebtedness being so purchased,
redeemed, defeased, repurchased, exchanged, acquired or retired; and

     (d) such new Indebtedness has a Weighted Average Life to Maturity equal to or greater
than the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being
so purchased, redeemed, defeased, repurchased, exchanged, acquired or retired;

     (4) a Restricted Payment to pay for the repurchase, retirement or other acquisition for value
of Equity Interests (other than Disqualified Stock) of the Company or any of its direct or indirect
parent companies held by any future, present or former employee, director, officer or consultant of
the Company, any of its Subsidiaries or any of its direct or indirect parent companies pursuant to
any management equity plan or stock option plan or any other management or employee benefit plan or
agreement (including any principal and interest payable on any notes issued by the Company or any
direct or indirect parent company of the Company in connection with any such repurchase, retirement
or acquisition), or any stock subscription or shareholder agreement; provided,
however, that the aggregate Restricted Payments made under this clause (4) do not exceed in
any calendar year $7,500,000 with unused amounts in any calendar year being carried over to
succeeding calendar years subject to a maximum of $15,000,000 in any
calendar year; provided
further that such amount in any calendar year may be increased by an amount not to exceed:

     (a) the cash proceeds from the sale of Equity Interests (other than Disqualified
Stock) of the Company and, to the extent contributed to the capital of the

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Company, Equity Interests of any of the direct or indirect parent companies of the
Company, in each case to employees, directors, officers or consultants of the Company, any
of its Subsidiaries or any of its direct or indirect parent companies, that occurs after the
Issue Date; plus

     (b) the cash proceeds of key man life insurance policies received by the Company (or by
any direct or indirect parent company to the extent actually contributed in cash to the
Company) or any of its Restricted Subsidiaries after the Issue Date; less

     (c) the amount of any Restricted Payments previously made with the cash proceeds
described in clauses (a) and (b) of this clause (4);

and provided further that cancellation of Indebtedness owing to the Company or any
Restricted Subsidiary from employees, directors, officers or consultants of the Company, any of its
Subsidiaries or its direct or indirect parent companies in connection with a repurchase of Equity
Interests of the Company or any of the Company’s direct or indirect parent companies shall not be
deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of
this Indenture;

     (5) the declaration and payment of dividends to holders of any class or series of Disqualified
Stock of the Company or any of its Restricted Subsidiaries issued in accordance with Section 4.09
hereof;

     (6) (a) the declaration and payment of dividends to holders of any class or series of
Designated Preferred Stock (other than Disqualified Stock) issued by the Company or any of its
Restricted Subsidiaries after the Issue Date; provided that the amount of dividends paid
pursuant to this clause (a) shall not exceed the aggregate amount of cash actually received by the
Company or a Restricted Subsidiary from the issuance of such Designated Preferred Stock;

     (b) a Restricted Payment to a direct or indirect parent company of the Company, the
proceeds of which shall be used to fund the payment of dividends to holders of any class or
series of Designated Preferred Stock (other than Disqualified Stock) of such parent
corporation issued after the Issue Date; provided that the amount of Restricted
Payments paid pursuant to this clause (b) shall not exceed the aggregate amount of cash
actually contributed to the capital of the Company from the sale of such Designated
Preferred Stock; or

     (c) the declaration and payment of dividends on Refunding Capital Stock that is
Preferred Stock in excess of the dividends declarable and payable thereon pursuant to clause
(2) of this Section 4.07(b);

provided, however, that, in the case of each of (a), (b) and (c) of this clause
(6), for the most recently ended four full fiscal quarters for which internal financial statements
are available immediately preceding the date of issuance of such Designated Preferred Stock or the
declaration of such dividends on Refunding Capital Stock that is Preferred Stock, after giving
effect to such issuance or declaration on a pro forma basis, the Company could incur $1.00
of additional Indebtedness pursuant to each of the ratio tests set forth in Section 4.09(a) hereof;

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     (7) repurchases of Equity Interests deemed to occur upon exercise of stock options or
warrants if such Equity Interests represent a portion of the exercise price of such options or
warrants;

     (8) [Reserved];

     (9) Restricted Payments that are made with Excluded Contributions;

     (10) other Restricted Payments in an aggregate amount taken together with all other Restricted
Payments made pursuant to this clause (10) not to exceed $25,000,000;

     (11) the declaration and payment of dividends or distributions in an aggregate amount taken
together with all other dividends or distributions made pursuant to this clause (11) not to exceed
$500,000,000;

     (12) any Restricted Payment used to fund or effect the Transactions and the fees and expenses
related thereto or owed to Affiliates paid substantially concurrently with the completion of the
Transactions, in each case to the extent permitted by Section 4.11 hereof;

     (13) the repurchase, redemption or other acquisition or retirement for value of any
Subordinated Indebtedness pursuant to the provisions similar to those set forth in Sections 4.10
and 4.14 hereof; provided, however, that all 2017 B Notes tendered by Holders in
connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been
repurchased, redeemed, acquired or retired for value;

     (14) (a) the declaration and payment of dividends, distributions or other amounts or the
making of loans or advances by the Company, if applicable, in amounts required for any direct or
indirect parent of the Company to pay federal, state, local, or foreign income taxes (as the case
may be) imposed directly on or paid by such parent to the extent such income taxes are paid by such
parent and are attributable to the income of the Company and its Restricted Subsidiaries (including
by virtue of such parent being the common parent of a consolidated, combined, unitary, or similar
tax group of which the Company or its Restricted Subsidiaries are members) and (b) the declaration
and payment of dividends, other distributions or other amounts or the making of loans or advances
by the Company, if applicable, in amounts required for any direct or indirect parent of the
Company, if applicable, to pay fees and expenses (including franchise or similar taxes) required to
maintain its corporate existence, customary salary, bonus and other benefits payable to, and
indemnities provided on behalf of, officers and employees of any direct or indirect parent of the
Company, if applicable, and general corporate overhead expenses of any direct or indirect parent of
the Company, if applicable, in each case to the extent such fees and expenses are attributable to
the ownership or operation of the Company, if applicable, and its Subsidiaries;

     (15) the distribution, by dividend or otherwise, of shares of Capital Stock of, or
Indebtedness owed to the Company or a Restricted Subsidiary by, Unrestricted Subsidiaries;

     (16) payments or distributions to dissenting stockholders pursuant to applicable law, pursuant
to or in connection with a consolidation, merger or transfer of all or substantially all of the
assets of the Company and its Restricted Subsidiaries, taken as a whole, that complies with Section
5.01 hereof; provided, however, that as a result of such consolidation, merger or
transfer

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of assets, the Issuer shall make a Change of Control Offer and that all 2017 B Notes
tendered by Holders in connection with such Change of Control Offer have been repurchased,
redeemed, acquired or retired for value;

     (17) (a) any transaction constituting an Investment in connection with the Cash
Management Arrangements, in each case, out of cash flow from operations of the Company and
its consolidated Subsidiaries, (b) any transaction constituting a Restricted Payment made
with (x) cash flow from operations of the Company and its consolidated Subsidiaries in lieu
of any Investment that would have been permitted by clause (17)(a) and (y) amounts repaid
under the CCU Mirror Note, and (c) if the Cash Management Arrangements are no longer in
effect, Restricted Payments made with (x) cash flow from operations of the Company and its
consolidated Subsidiaries in an amount that could have been used to make Investments and
Restricted Payments if such Cash Management Arrangements referred to in clause (17)(a) were
in effect as of the date such Restricted Payment is made pursuant to this clause (17)(c) and
(y) amounts repaid under the CCU Mirror Note;

     (18) after December 15, 2010, the declaration and payment of dividends or distributions
by the Company made with the proceeds of any Indebtedness; provided,
however, that after giving pro forma effect thereto (a) in the case
of dividends or distributions made with the proceeds of Subordinated Indebtedness, the
Consolidated Leverage Ratio would be less than 6.0 to 1.0 and (b) in the case of dividends
or distributions made with the proceeds of any Indebtedness (other than Subordinated
Indebtedness), the Senior Leverage Ratio would be less than 3.0 to 1.0; and

     (19) distributions, by dividend or otherwise, of Net Proceeds of any Asset Sale by the
Company or any Restricted Subsidiary that do not, or no longer, constitute Excess Proceeds
or the Net Proceeds of any Foreign Disposition applied in accordance with clauses (2) or (3)
of the proviso to the first sentence of the third paragraph under Section 5.01 hereof, in
each case, because they were used to make an Asset Sale Offer or offer to purchase the 2017
B Notes as contemplated by such clauses (2) and (3); provided, however, that
all 2017 B Notes validly tendered by Holders of 2017 B Notes in the Asset Sale Offer have
been purchased and all 2017 A Notes validly tendered by Holders of 2017 A Notes in the 2017
A Notes Purchase Offer have been purchased and, if after giving pro forma effect to
such distribution (and any other application of Net Proceeds), the Consolidated Leverage
Ratio would be less than 6.0 to 1.0 and the Senior Leverage Ratio would be less than 3.0 to
1.0;

provided, however, that at the time of, and after giving effect to, any Restricted
Payment permitted under clauses (10) and (15) of this Section 4.07(b), no Default shall have
occurred and be continuing or would occur as a consequence thereof.

          (c) The Company shall not permit any Unrestricted Subsidiary to become a Restricted
Subsidiary except pursuant to the second to last sentence of the definition of “Unrestricted
Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary,
all outstanding Investments by the Company and its Restricted Subsidiaries (except to the extent
repaid) in the Subsidiary so designated shall be deemed to be Investments in an amount determined
as set forth in the last sentence of the definition of “Investments.” Such designation shall be
permitted only if a Restricted Payment in such amount would be permitted at such time under this
Section 4.07 or pursuant to the definition of “Permitted Investments,” and if such Subsidiary
otherwise meets the definition of an Unrestricted Subsidiary.

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Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

          (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries that are
not Guarantors to, directly or indirectly, create or otherwise cause or suffer to exist or become
effective any consensual encumbrance or consensual restriction on the ability of any such
Restricted Subsidiary to:

     (1) pay (A) dividends or make any other distributions to the Company or any of its
Restricted Subsidiaries on its Capital Stock or with respect to any other interest or
participation in, or measured by, its profits, or

     (B) any Indebtedness owed to the Company or any of its
Restricted Subsidiaries;

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

     (3) sell, lease or transfer any of its properties or assets to the Company or any of
its Restricted Subsidiaries.

          (b) The restrictions in Section 4.08(a) hereof shall not apply to encumbrances or
restrictions existing under or by reason of:

     (1) contractual encumbrances or restrictions in effect on the Issue Date, including
pursuant to the Existing Senior Notes and the Existing Senior Notes Indentures;

     (2) (x) the Senior Credit Facilities and the related documentation and (y) the
Indentures, the Notes, the Exchange Notes and the Guarantees and the guarantees of the 2017
A Notes;

     (3) purchase money obligations for property acquired in the ordinary course of
business and Capital Lease Obligations that impose restrictions of the nature discussed
in clause (3) of Section 4.08(a) hereof on the property so acquired;

     (4) applicable law or any applicable rule, regulation or order;

     (5) any agreement or other instrument of a Person acquired by or merged, consolidated
or amalgamated with or into the Company or any Restricted Subsidiary thereof in existence at
the time of such acquisition, merger, consolidation or amalgamation (but, in any such case,
not created in contemplation thereof), which encumbrance or restriction is not applicable to
any Person, or the properties or assets of any Person, other than the Person so acquired and
its Subsidiaries, or the property or assets of the Person so acquired and its Subsidiaries
or the property or assets so assumed;

     (6) contracts for the sale of assets, including customary restrictions with respect to
a Subsidiary of (i) the Company or (ii) a Restricted Subsidiary, pursuant to an agreement
that has been entered into for the sale or disposition of all or substantially all of the
Capital Stock or assets of such Subsidiary that impose restrictions on the assets to be
sold;

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     (7) Secured Indebtedness otherwise permitted to be incurred pursuant to Sections
4.09 and 4.12 hereof that limit the right of the debtor to dispose of the assets securing
such Indebtedness;

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

     (9) other Indebtedness, Disqualified Stock or Preferred Stock of Foreign Subsidiaries
of the Company permitted to be incurred subsequent to the Issue Date pursuant to Section
4.09 hereof;

     (10) customary provisions in any joint venture agreement or other similar agreement
relating solely to such joint venture;

     (11) customary provisions contained in any lease, sublease, license, sublicense or
similar agreement, including with respect to intellectual property, and other agreements, in
each case, entered into in the ordinary course of business;

     (12) customary provisions contained in any Indebtedness incurred pursuant to any Credit
Facilities as permitted pursuant to Sections 4.09 and 4.12 hereof and an Officer reasonably
and in good faith determines at the time such Indebtedness is incurred (and at the time of
any modification of the terms of any such encumbrance or restriction) that any such
encumbrance or restriction will not materially adversely affect the Issuer’s or any
Guarantor’s ability to make any payments, when due, with respect to the 2017 B Notes or its
Guarantee thereof and any other Indebtedness that is an obligation of the Issuer or such
Guarantor and such determination is set forth in an Officer’s Certificate delivered to the
Trustee; and

     (13) any encumbrances or restrictions of the type referred to in clauses (1), (2) and
(3) of Section 4.08(a) hereof imposed by any amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings of the contracts,
instruments or obligations referred to in clauses (1) through (12) of this Section 4.08(b);
provided that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings are, in the good faith judgment of the
Company, no more restrictive with respect to such encumbrance and other restrictions taken
as a whole than those prior to such amendment, modification, restatement, renewal, increase,
supplement, refunding, replacement or refinancing.

Section 4.09 Limitation on Incurrence of Indebtedness and
Issuance of Disqualified Stock and Preferred Stock.

          (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or
indirectly liable, contingently or otherwise (collectively, “incur” and collectively, an
“incurrence”) with respect to any Indebtedness (including Acquired Indebtedness) and the
Issuer and the Guarantors shall not issue any shares of Disqualified Stock and the Company shall
not permit the Issuer to, and shall not permit any Restricted Subsidiary that is not a Guarantor to
issue any shares of Disqualified Stock or Preferred Stock; provided, however, that
(1) the Issuer and the Guarantors may incur Indebtedness (including Acquired Indebtedness) or issue
shares of Disqualified Stock (other than Disqualified Stock of the Issuer or any parent company of
the Issuer that is also a Restricted Subsidiary), and (2) any Restricted Subsidiary that is

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not a Guarantor may incur Indebtedness (including Acquired Indebtedness), issue shares of
Disqualified Stock and issue shares of Preferred Stock, if in each case (a) the Consolidated
Leverage Ratio at the time such additional Indebtedness is incurred or such Disqualified Stock or
Preferred Stock is issued would have been no greater than 6.5 to 1.0 determined on a pro
forma basis (including a pro forma application of the net proceeds therefrom), as if
the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had
been issued, as the case may be, and the application of proceeds therefrom had occurred at the
beginning of the most recently ended four fiscal quarters for which internal financial statements
are available and (b) the Senior Leverage Ratio at the time such additional Indebtedness is
incurred or such Disqualified Stock or Preferred Stock is issued would have been no greater than
3.25 to 1.0 determined on a pro forma basis (including a pro forma application of
the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the
Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of
proceeds therefrom had occurred at the beginning of the most recently ended four fiscal quarters
for which internal financial statements are available; provided further, however,
that Restricted Subsidiaries that are not Guarantors may not incur Indebtedness or issue
Disqualified Stock or Preferred Stock if, after giving pro forma effect to such incurrence
or issuance (including a pro forma application of the net proceeds therefrom), more than an
aggregate of $30,000,000 of Indebtedness or Disqualified Stock or Preferred Stock of Restricted
Subsidiaries that are not Guarantors is outstanding pursuant to this paragraph at such time;
provided further, however, that the Issuer and the Guarantors may incur
Subordinated Indebtedness (including Acquired Indebtedness that is Subordinated Indebtedness) if,
in each case, the Consolidated Leverage Ratio at the time such additional Subordinated Indebtedness
is incurred would have been no greater than 6.5 to 1.0 determined on a pro forma basis
(including a pro forma application of the net proceeds therefrom), as if the additional
Subordinated Indebtedness had been incurred and the application of proceeds therefrom had occurred
at the beginning of the most recently ended four fiscal quarters for which internal financial
statements are available.

          (b) Section 4.09(a) hereof shall not apply to:

     (1) [Reserved];

     (2) the incurrence by (a) the Issuer and any Guarantor of Indebtedness represented by
(i) the 2017 B Notes (including any Guarantee, but excluding any Additional 2017 B Notes)
and (ii) the 2017 A Notes (including any guarantee of the 2017 A Notes, but excluding any
Additional 2017 A Notes) and (b) CCO of Indebtedness represented by the Proceeds Loans;

     (3) the incurrence by the Issuer and any Guarantor of Indebtedness represented by (i)
the 2017 B Exchange Notes and related guarantees of the 2017 B Exchange Notes to be issued
in exchange for the 2017 B Notes (excluding any Additional 2017 B Notes) and Guarantees
pursuant to the 2017 B Registration Rights Agreement and (ii) the 2017 A Exchange Notes and
related guarantees of the 2017 A Exchange Notes to be issued in exchange for the 2017 A
Notes (excluding any Additional 2017 A Notes) and guarantees of the 2017 A Exchange Notes
pursuant to the 2017 A Registration Rights Agreement;

     (4) Indebtedness of the Company and its Restricted Subsidiaries in existence on the
Issue Date, including $150,000,000 under the Senior Credit Facilities (other than
Indebtedness pursuant to clause (2) of this Section 4.09(b)), and Indebtedness incurred by
the Company and its Restricted Subsidiaries pursuant to any revolving or other line of
credit pursuant to which there is an unfunded commitment in effect as of the Issue Date;

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     (5) Indebtedness (including Capitalized Lease Obligations) incurred or Disqualified Stock and
Preferred Stock issued by the Company or any of its Restricted Subsidiaries (other than
Disqualified Stock or Preferred Stock of the Issuer or any parent company of the Issuer that is
also a Restricted Subsidiary), to finance the purchase, lease or improvement of property (real or
personal) or equipment that is used or useful in a Similar Business, whether through the direct
purchase of assets or the Equity Interests of any Person owning such assets in an aggregate
principal amount, together with any Refinancing Indebtedness in respect thereof and all other
Indebtedness incurred and Disqualified Stock and/or Preferred Stock issued and outstanding under
this clause (5), not to exceed $25,000,000 at any time outstanding; so long as such Indebtedness
exists at the date of such purchase, lease or improvement, or is created within 270 days
thereafter;

     (6) Indebtedness incurred by the Company or any Restricted Subsidiary constituting
reimbursement obligations with respect to bankers’ acceptances and letters of credit issued in the
ordinary course of business, including letters of credit in respect of workers’ compensation
claims, or other Indebtedness with respect to reimbursement type obligations regarding workers’
compensation claims; provided, however, that upon the drawing of such bankers’
acceptances and letters of credit or the incurrence of such Indebtedness, such obligations are
reimbursed within 30 days following such drawing or incurrence;

     (7) Indebtedness arising from agreements of the Company or a Restricted Subsidiary providing
for indemnification, adjustment of purchase price or similar obligations, in each case, incurred or
assumed in connection with the disposition of any business, assets or a Subsidiary, other than
guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business,
assets or a Subsidiary for the purpose of financing such acquisition; provided,
however, that such Indebtedness is not reflected on the balance sheet (other than by
application of ASC 460-10 or in respect of acquired contingencies and contingent consideration
recorded under ASC 805-10) of the Company or any Restricted Subsidiary (contingent obligations
referred to in a footnote to financial statements and not otherwise reflected on the balance sheet
shall not be deemed to be reflected on such balance sheet for purposes of this clause (7));

     (8) Indebtedness of the Company to a Restricted Subsidiary or a Restricted Subsidiary to the
Company or another Restricted Subsidiary; provided that any such Indebtedness owing by the
Issuer or a Guarantor to a Restricted Subsidiary that is not a Guarantor is expressly subordinated
in right of payment to the Notes or the Guarantee of the Notes, as applicable; provided
further, that any subsequent issuance or transfer of any Capital Stock or any other event which
results in any Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent
transfer of any such Indebtedness (except to the Company, the Issuer or another Restricted
Subsidiary that is a Guarantor or any pledge of such Indebtedness constituting a Permitted Lien)
shall be deemed, in each case, to be an incurrence of such Indebtedness not permitted by this
clause (8);

     (9) shares of Preferred Stock of a Restricted Subsidiary (other than the Issuer or any parent
company of the Issuer that is also a Restricted Subsidiary) issued to the Company or another
Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital
Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the
Company or a Restricted Subsidiary or pursuant to any pledge of such Preferred

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Stock constituting a Permitted Lien) shall be deemed in each case to be an issuance of such shares
of Preferred Stock not permitted by this clause (9);

     (10) Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes)
for the purpose of limiting interest rate risk with respect to any Indebtedness permitted to be
incurred pursuant to this Section 4.09, exchange rate risk or commodity pricing risk;

     (11) obligations in respect of self-insurance, customs, stay, performance, bid, appeal and
surety bonds and completion guarantees and other obligations of a like nature provided by the
Company or any of its Restricted Subsidiaries in the ordinary course of business;

     (12) (a) Indebtedness or Disqualified Stock of the Company owed or issued to CCU or any of its
Subsidiaries that is a direct or indirect parent company in connection with the Cash Management
Arrangements and (b) Indebtedness or Disqualified Stock of the Company or a Restricted Guarantor
(other than Disqualified Stock of a parent company of the Issuer that is also a Restricted
Subsidiary) and Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary
that is not a Guarantor (in the case of Disqualified Stock or Preferred Stock, other than the
Issuer or any parent company of the Issuer that is also a Restricted Subsidiary) in an aggregate
principal amount or liquidation preference, which when aggregated with the principal amount and
liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then
outstanding and incurred pursuant to this clause (12)(b), does not at any one time outstanding
exceed $65,000,000 (it being understood that any Indebtedness incurred or Disqualified Stock or
Preferred Stock issued pursuant to this clause (12)(b) shall cease to be deemed incurred or
outstanding for purposes of this clause (12)(b) but shall be deemed incurred for the purposes of
the first paragraph of this covenant from and after the first date on which the Company or such
Restricted Subsidiary could have incurred such Indebtedness or issued such Disqualified Stock or
Preferred Stock under the first paragraph of this covenant without reliance on this clause (12)(b),
with such automatic reclassification subject to the $30,000,000 limitation in the first paragraph
of this covenant that Restricted Subsidiaries that are not Guarantors may not incur Indebtedness or
issue Disqualified Stock or Preferred Stock if, after giving pro forma effect to such
incurrence or issuance (including a pro forma application of the net proceeds therefrom),
the availability as of such date of determination under the $30,000,000 sublimit would be
exceeded);

     (13) the incurrence by (1) the Issuer and the Guarantors of Indebtedness or the issuance of
shares of Disqualified Stock by the Guarantors (other than Disqualified Stock of any parent company
of the Issuer that is also a Restricted Subsidiary), and (2) any Restricted Subsidiary that is not
a Guarantor of Indebtedness or the issuance of shares of Disqualified Stock or shares of Preferred
Stock, in each case, that serves to extend, replace, refund, refinance, renew or defease:

     (a) any Indebtedness incurred or Disqualified Stock or Preferred Stock issued as
permitted under Section 4.09(a), clauses (2), (3), (4), (5), (12)(a) and (14) of this
Section 4.09(b) (including with respect to (x) Section 4.09(a), any unfunded commitment for
which an Officer’s Certificate has been delivered to the Trustee as provided in the
definition of Consolidated Leverage Ratio or Senior Leverage Ratio, and (y) clause (4)
above, any revolving or other line of credit pursuant to which there is an unfunded
commitment in effect as of the Issue Date), or

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     (b) any Indebtedness incurred or Disqualified Stock or Preferred Stock issued to
so extend, replace, refund, refinance, renew or defease the Indebtedness, Disqualified Stock
or Preferred Stock set forth in clause (a) above (including unfunded commitments that serve
to extend, replace, refund, refinance, renew or defease any unfunded commitments under
Indebtedness set forth in such clause (a)); provided, however, that in the
case of clauses (a) and (b), any unfunded commitment shall continue to be treated as
outstanding for purposes of the definition of Consolidated Leverage Ratio and Senior
Leverage Ratio, as applicable, to the extent such unfunded commitment was outstanding for
purposes thereof prior to such extension, replacement, refunding, refinancing, renewal or
defeasance under this clause (13),

including, in each case, additional Indebtedness, Disqualified Stock or Preferred Stock incurred to
pay premiums (including tender premiums), defeasance costs and fees and expenses in connection
therewith or incurred as a result of original issue discount, accreted value in excess of the
proceeds thereof or the stated principal amount thereof being in excess of the fair value thereof
at issuance, in each case, as determined in good faith by the Company (collectively, the
“Refinancing Indebtedness”) prior to its respective maturity; provided,
however, that such Refinancing Indebtedness:

     (A) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness
is incurred which is not less than the remaining Weighted Average Life to Maturity of the
Indebtedness, Disqualified Stock or Preferred Stock being extended, replaced, refunded,
refinanced, renewed or defeased (except by virtue of prepayment of such Indebtedness),

     (B) to the extent such Refinancing Indebtedness extends, replaces, refunds, refinances,
renews or defeases (i) Indebtedness subordinated in right of payment or pari passu
to the 2017 B Notes or any Guarantee thereof, such Refinancing Indebtedness is subordinated
in right of payment or pari passu to the 2017 B Notes or the Guarantee at
least to the same extent as the Indebtedness being extended, replaced, refunded, refinanced,
renewed or defeased or (ii) Disqualified Stock or Preferred Stock, such Refinancing
Indebtedness must be Disqualified Stock or Preferred Stock, respectively,

     (C) in the case of any Refinancing Indebtedness incurred to refinance Indebtedness,
Disqualified Stock or Preferred Stock outstanding under clause (5) above, such Refinancing
Indebtedness shall be deemed to have been incurred and to be outstanding under such clause
(5), and not this clause (13) for purposes of determining amounts outstanding under such
clauses; and

     (D) shall not include:

     (i) Indebtedness, Disqualified Stock or Preferred Stock of a
Restricted Subsidiary that is not a Guarantor that refinances Indebtedness,
Disqualified Stock or Preferred Stock of the Issuer or a Guarantor; or

     (ii) Indebtedness, Disqualified Stock or Preferred Stock of the Issuer
or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or
Preferred Stock of an Unrestricted Subsidiary;

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and
provided further, however that subclauses (A) and (B) of this clause (13)
shall not apply to any extension, replacement, refunding, refinancing, renewal or defeasance of
any Indebtedness under any Credit Facilities;

     (14) Indebtedness, Disqualified Stock or Preferred Stock of (x) the Company or a Restricted
Subsidiary (in the case of Disqualified Stock or Preferred Stock, other than the Issuer or any
parent company of the Issuer that is also a Restricted Subsidiary) incurred or issued to finance an
acquisition or (y) Persons that are acquired by the Company or any Restricted Subsidiary or merged
into the Company or a Restricted Subsidiary in accordance with the terms of this Indenture;
provided, however, that after giving effect to such acquisition or merger, either:

     (i) (A) with respect to Subordinated Indebtedness incurred or Disqualified Stock or
Preferred Stock issued pursuant to this clause (14), the Company would be permitted to incur
at least $1.00 of additional Subordinated Indebtedness pursuant to the Consolidated Leverage
Ratio test set forth in Section 4.09(a) hereof, and (B) with respect to any other
Indebtedness, the Company would be permitted to incur at least $1.00 of additional
Indebtedness pursuant to each of the ratio tests set forth in Section 4.09(a) hereof, or

     (ii) (A) the Consolidated Leverage Ratio is less than the Consolidated Leverage Ratio
immediately prior to such acquisition or merger, and (B) other than with respect to the
incurrence of Subordinated Indebtedness pursuant to this clause (14), the Senior Leverage
Ratio is less than the Senior Leverage Ratio immediately prior to such acquisition or
merger;

     provided,
however, that in each case, such determination is made on a
pro
forma basis taking into account such acquisition or merger;

     (15) Indebtedness 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 that such Indebtedness is extinguished within five Business Days of its
incurrence;

     (16) [Reserved]

     (17) (a) any guarantee by the Company or a Restricted Subsidiary of Indebtedness or other
obligations of any Guarantor so long as the incurrence of such Indebtedness incurred by such
Guarantor is permitted under the terms of this Indenture;

     (b) any guarantee by a Restricted Subsidiary of Indebtedness of the Company; or

     (c) any guarantee by a Restricted Subsidiary (other than the Issuer or a
Restricted Guarantor), the Company or CCO of obligations of any other Restricted
Subsidiary (other than the Issuer or a Guarantor);

     provided that, in each case, such Restricted Subsidiary shall comply with Section 4.15
hereof;

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     (18) Indebtedness of Foreign Subsidiaries of the Company in an amount not to exceed at any
one time outstanding and together with any other Indebtedness incurred under this clause (18)
$30,000,000 (it being understood that any Indebtedness incurred pursuant to this clause (18) shall
cease to be deemed incurred or outstanding for purposes of this clause (18) but shall be deemed
incurred under Section 4.09(a) hereof from and after the first date on which such Foreign
Subsidiary could have incurred such Indebtedness under Section 4.09(a) hereof without reliance on
this clause (18), with such automatic reclassification subject to the $30,000,000 limitation in the
first paragraph of this covenant that Restricted Subsidiaries that are not Guarantors may not incur
Indebtedness or issue Disqualified Stock or Preferred Stock if, after giving pro
forma effect to such incurrence or issuance (including a pro forma application of
the net proceeds therefrom), the availability as of such date of determination under the
$30,000,000 sublimit would be exceeded;

     (19) Indebtedness consisting of Indebtedness issued by the Company or any of its Restricted
Subsidiaries to future, current or former officers, directors, employees and consultants thereof or
any direct or indirect parent thereof, their respective estates, heirs, family members, spouses or
former spouses, in each case to finance the purchase or redemption of Equity Interests of the
Company, a Restricted Subsidiary or any of their respective direct or indirect parent companies to
the extent described in clause (4) of Section 4.07(b) hereof;

     (20) cash management obligations and Indebtedness in respect of netting services, employee
credit card programs and similar arrangements in connection with cash management and deposit
accounts; and

     (21) customer deposits and advance payments received in the ordinary course of business
from customers for goods purchased in the ordinary course of business.

     (c) For purposes of determining compliance with this Section 4.09:

     (1) in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any
portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness,
Disqualified Stock or Preferred Stock described in clauses (1) through (21) of Section 4.09(b)
hereof or is entitled to be incurred pursuant to Section 4.09(a) hereof, the Company, in its sole
discretion, may classify or reclassify such item of Indebtedness, Disqualified Stock or Preferred
Stock (or any portion thereof) and shall only be required to include the amount and type of such
Indebtedness, Disqualified Stock or Preferred Stock in one of the above clauses of Section 4.09(b)
hereof or under Section 4.09(a) hereof; provided that (x) all Indebtedness outstanding
under the Credit Facilities on the Issue Date shall be treated as incurred on the Issue Date under
clause (4) of Section 4.09(b) hereof, (y) any Secured Indebtedness being reclassified shall only be
reclassified to the extent that the Lien is also permitted with respect to such Secured
Indebtedness as so reclassified and (z) Indebtedness incurred or Disqualified Stock or Preferred
Stock issued by Restricted Subsidiaries that are not Guarantors may be reclassified only to the
extent that, after giving effect to such reclassification (including a pro forma application of the
net proceeds therefrom), such Restricted Subsidiary that is not a Guarantor would be permitted to
incur the Indebtedness or issue the Disqualified Stock or Preferred Stock as so reclassified on the
date; and

     (2) at the time of incurrence or any reclassification thereafter, the Company shall be
entitled to divide and classify an item of Indebtedness, Disqualified Stock or Preferred Stock in

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more than one of the types of Indebtedness, Disqualified Stock or Preferred Stock described
in Sections 4.09(a) and 4.09(b) hereof; provided, however, that (x) with
respect to Secured Indebtedness, such Secured Indebtedness may only be classified or
reclassified as a type of Indebtedness to the extent such Indebtedness may also be secured
by a Lien under this Indenture and (y) with respect to such Indebtedness, Disqualified Stock
and Preferred Stock of Restricted Subsidiaries that are not Guarantors, such Indebtedness,
Disqualified Stock and Preferred Stock may only be classified or reclassified as a type of
Indebtedness, Disqualified Stock or Preferred Stock to the extent such Restricted Subsidiary
that is not a Guarantor may so incur such Indebtedness, Disqualified Stock or Preferred
Stock under this Indenture on the date of classification or reclassification.

          (d) Accrual of interest or dividends, the accretion of accreted value, the accretion or
amortization of original issue discount and the payment of interest or dividends in the form of
additional Indebtedness, Disqualified Stock or Preferred Stock, as applicable, shall not be deemed
to be an incurrence of Indebtedness or issuance of Disqualified Stock or Preferred Stock for
purposes of this Section 4.09.

          (e) For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated
in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case
of revolving credit debt; provided that if such Indebtedness is incurred to refinance other
Indebtedness 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 principal amount of such refinancing Indebtedness
does not (i) exceed the principal amount of such Indebtedness being refinanced plus (ii) the
aggregate amount of fees, underwriting discounts, premiums and other costs and expenses incurred in
connection with such refinancing.

          (f) The principal amount of any Indebtedness incurred to refinance other Indebtedness, if
incurred in a different currency from the Indebtedness being refinanced, shall be calculated based
on the currency exchange rate applicable to the currencies in which such respective Indebtedness is
denominated that is in effect on the date of such refinancing. The principal amount of any
non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date
shall be the principal amount thereof that would be shown on a balance sheet of the Company dated
such date prepared in accordance with GAAP.

          (g) The Company shall not, and shall not permit the Issuer or any Guarantor to, directly or
indirectly, incur any Indebtedness (including Acquired Indebtedness) that is contractually
subordinated or junior in right of payment to any Indebtedness of the Issuer or such Guarantor, as
the case may be, unless such Indebtedness is expressly subordinated in right of payment to the 2017
B Notes or such Guarantor’s Guarantee to the extent and in the same manner as such Indebtedness is
subordinated in right of payment to other Indebtedness of the Issuer or such Guarantor, as the case
may be. Subordination shall refer to contractual payment subordination and not to structural
subordination. This Indenture shall not treat (1) unsecured Indebtedness as subordinated or junior
to Secured Indebtedness merely because it is unsecured, (2) unsubordinated Indebtedness as
subordinated or junior to any other unsubordinated Indebtedness merely because it has a junior
priority with respect to the same collateral or (3) Indebtedness

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as subordinated or junior Indebtedness merely because it is structurally
subordinated to other Indebtedness.

Section 4.10 Asset Sales.

          (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
consummate an Asset Sale, unless:

     (1) the Company or such Restricted Subsidiary, as the case may be, receives
consideration at the time of such Asset Sale at least equal to the fair market value (as
determined in good faith by the Company) of the assets sold or otherwise disposed of; and

     (2) except in the case of a Permitted Asset Swap, at least 75% of the consideration
therefor received by the Company or such Restricted Subsidiary, as the case may be, is in
the form of cash or Cash Equivalents; provided that the amount of:

     (a) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s
most recent balance sheet or in the footnotes thereto) of the Company or such
Restricted Subsidiary, other than liabilities that are by their terms subordinated
to the Notes (or Guarantees) or that are owed to the Company or a Restricted
Subsidiary, that are assumed by the transferee of any such assets and for which the
Company and all of its Restricted Subsidiaries have been validly released by all
creditors in writing,

     (b) any securities, notes or other obligations or assets received by the
Company or such Restricted Subsidiary from such transferee that are converted by the
Company or such Restricted Subsidiary into cash (to the extent of the cash received)
within 180 days following the closing of such Asset Sale, and

     (c) any Designated Non-cash Consideration received by the Company or such
Restricted Subsidiary in such Asset Sale having an aggregate fair market value,
taken together with all other Designated Non-cash Consideration received pursuant to
this clause (c) that is at that time outstanding, not to exceed $75,000,000 at the
time of the receipt of such Designated Non-cash Consideration, with the fair market
value of each item of Designated Non-cash Consideration being measured at the time
received and without giving effect to subsequent changes in value

shall be deemed to be cash for purposes of this provision and for no other purpose.

     (b) Within 18 months after the receipt of any Net Proceeds of any Asset Sale:

     (1) by the Company or any Restricted Subsidiary, then the Company or such Restricted
Subsidiary, at its option, may apply the Net Proceeds from such Asset Sale to permanently
reduce Obligations under Pari Passu Indebtedness of the Issuer or the Guarantors (other than
any Indebtedness under the Senior Credit Facilities) that is secured by a Lien, which Lien
is permitted by this Indenture, and to correspondingly reduce commitments with respect
thereto;

     (2) by the Company or any Restricted Subsidiary, then the Company or such
Restricted Subsidiary, at its option, may apply the Net Proceeds from such Asset Sale
to

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permanently reduce Obligations under (i) the 2017 B Notes (to the extent such
purchases are at or above 100.0% of the principal amount thereof) or (ii) any other Pari
Passu Indebtedness of the Issuer or a Guarantor (and to correspondingly reduce commitments
with respect thereto); provided, however, that the Issuer shall equally and
ratably reduce (or offer to reduce) Obligations under the 2017 B Notes as provided in
Section 5 of each of the Notes and Sections 3.02 and 3.07 hereof, through open-market
purchases (to the extent such purchases are at or above 100% of the principal amount
thereof) or by making an offer (in accordance with the procedures set forth in Section 3.09
and Section 4.10(c) hereof) to all Holders of 2017 B Notes to purchase a pro rata amount of
2017 B Notes at 100.0% of the principal amount thereof, plus accrued but unpaid interest;

     (3) [Reserved];

     (4) [Reserved];

     (5) by any Restricted Subsidiary that is not the Issuer or a Guarantor, then such
Restricted Subsidiary that is not the Issuer or a Guarantor, at its option, may apply the
Net Proceeds of such Asset Sale to permanently reduce Obligations under Indebtedness of
Restricted Subsidiaries that are not the Issuer or not Guarantors, and to correspondingly
reduce commitments with respect thereto; or

     (6) by the Company or any Restricted Subsidiary, then the Company or such Restricted
Subsidiary, at its option, may apply the Net Proceeds from such Asset Sale to (a) make an
Investment in any one or more businesses; provided, however, that such
Investment in any business is in the form of the acquisition of Capital Stock and results in
the Issuer or Restricted Subsidiary, as the case may be, owning an amount of the Capital
Stock of such business such that it constitutes a Restricted Subsidiary, (b) acquire
properties, (c) make capital expenditures or
(d) acquire other assets that, in the case of each of clauses (a), (b), (c) and (d) either
(x) are used or useful in a Similar Business or (y) replace the businesses, properties or
assets that are the subject of such Asset Sale;

provided, however, that, in the case of clause (6) above, a binding commitment
shall be treated as a permitted application of the Net Proceeds from the date of such commitment so
long as the Issuer or such other Restricted Subsidiary enters into such commitment with the good
faith expectation that such Net Proceeds shall be applied to satisfy such commitment within the
later of 18 months after receipt of such Net Proceeds and 180 days following such commitment;
provided further, however, that if such commitment is cancelled or terminated after the
later of such 18 month or 180 day period for any reason before such Net Proceeds are applied, then
such Net Proceeds shall constitute Excess Proceeds.

          (c) Any Net Proceeds from any Asset Sale pursuant to Section 4.10(b) that are not
invested or applied as provided and within the time period set forth in Section 4.10(b) hereof
shall be deemed to constitute “Excess Proceeds”, except the amount of Excess Proceeds shall be
reduced by the sum of the amount of the 2017 B Notes offered to be purchased in an offer pursuant
to clause (2) above and the amount of 2017 A Notes offered to be purchased in a 2017 A Notes
Purchase Offer by reason of clause (2) above. When the aggregate amount of Excess Proceeds with
respect to the 2017 B Notes exceeds $50,000,000, the Issuer shall make an offer to all Holders of
the 2017 B Notes and, if required by the terms of any Pari Passu Indebtedness, to the holders of
such Pari Passu Indebtedness (an “Asset Sale Offer”), to purchase the maximum aggregate
principal amount of such 2017 B Notes and the maximum aggregate principal amount (or accreted
value, if less) of such Pari Passu Indebtedness that is a minimum

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of $2,000 or an integral multiple of $1,000 thereof (in aggregate principal amount) that may be
purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the
principal amount thereof plus accrued and unpaid interest to the date fixed for the closing of such
offer, in accordance with the procedures set forth in this Indenture. The Issuer shall commence an
Asset Sale Offer with respect to Excess Proceeds within ten Business Days after the date that
Excess Proceeds exceed $50,000,000 by mailing the notice required pursuant to the terms of this
Indenture, with a copy to the Trustee or otherwise in accordance with the procedures of DTC. The
Issuer, in its sole discretion, may satisfy the foregoing obligations with respect to any Net
Proceeds from an Asset Sale by making an Asset Sale Offer with respect to such Net Proceeds prior
to the expiration of the relevant 18 month period (or such longer period provided above) or with
respect to Excess Proceeds of $50,000,000 or less.

          To the extent that the aggregate principal amount of 2017 B Notes and the aggregate principal
amount (or accreted value, if applicable) of such Pari Passu Indebtedness tendered pursuant to an
Asset Sale Offer is less than the Excess Proceeds with respect to the 2017 B Notes, the Issuer may
use any remaining Excess Proceeds for general corporate purposes, including to make Restricted
Payments, subject to the other covenants contained in this Indenture. If the aggregate principal
amount of 2017 B Notes and the aggregate principal amount (or accreted value, if applicable) of the
Pari Passu Indebtedness surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds
with respect to the 2017 B Notes, the Trustee or the Paying Agent shall select the 2017 B Notes and
the Issuer or the agent for such Pari Passu Indebtedness shall select such other Pari Passu
Indebtedness to be purchased on a pro rata basis based on the principal amount of the 2017 B Notes
and the aggregate principal amount (or accreted value, if applicable) of such Pari Passu
Indebtedness tendered. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds
shall be reset at zero.

          (d) Pending the final application of any Net Proceeds pursuant to this Section 4.10, the
holder of such Net Proceeds may apply such Net Proceeds temporarily to reduce Indebtedness
outstanding under a revolving credit facility, including under any Credit Facilities, or otherwise
invest or apply such Net Proceeds in any manner not prohibited by this Indenture.

          (e) The Issuer shall comply with the requirements of Rule 14e-l 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 of the 2017 B Notes pursuant to an Asset Sale Offer.
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 4.11 Transactions with Affiliates.

          (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to,
make any payment to, or sell, lease, transfer or otherwise dispose of any of their properties or
assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate of the Company (each of the foregoing, an
“Affiliate Transaction”) involving aggregate
payments or consideration in excess of $10,000,000, unless:

     (1) such Affiliate Transaction is on terms that are not materially less
favorable to the Company or the relevant Restricted Subsidiary than those that would have
been obtained in a comparable transaction by the Company or such Restricted Subsidiary with
an unrelated Person on an arm’s-length basis; and

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     (2) the Company delivers to the Trustee with respect to any Affiliate Transaction or
series of related Affiliate Transactions involving aggregate payments or consideration in excess of
$20,000,000, a resolution adopted by the majority of the Board of Directors approving such
Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate
Transaction complies with clause (1) of this Section 4.1 l(a).

     (b) Section 4.11(a) hereof shall not apply to the following:

     (1) transactions between or among the Company or any of its Restricted Subsidiaries;

     (2) Restricted Payments permitted by Section 4.07 hereof and Investments
constituting Permitted Investments;

     (3) for so long as the Company is a member of a group filing a consolidated, combined,
unitary, or similar group tax return with any direct or indirect parent company of the Company
(regardless of whether the Company is a Wholly-Owned Subsidiary of such parent company), payments
in respect of the hypothetical consolidated, combined, unitary, or similar group tax liabilities of
the Company and its Subsidiaries, determined as if the Company were the common parent of a group of
a separate affiliated group of corporations filing a consolidated federal income tax return (or the
common parent of the applicable comparable group filing a consolidated, combined, unitary, or
similar group tax return under state, local, or foreign law);

     (4) the payment of reasonable and customary fees and compensation consistent with past
practice or industry practices paid to, and indemnities provided on behalf of, employees, officers,
directors or consultants of the Company, any of its direct or indirect parent companies or any of
its Restricted Subsidiaries;

     (5) transactions in which the Company or any of its Restricted Subsidiaries, as the case may
be, delivers to the Trustee a letter from an Independent Financial Advisor stating that such
transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or
stating that the terms are not materially less favorable to the Company or the relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Company or
such Restricted Subsidiary with an unrelated Person on an arm’s-length basis;

     (6) any agreement and the transactions contemplated thereby with an affiliate as in effect as
of the Issue Date, including the CCU Mirror Note and the CCOH Mirror Note, and any extension,
amendment, restatement, modification or other supplement to, or replacement of, any of the
foregoing otherwise permitted by this Indenture and so long as any such extension, amendment,
restatement, modification or other supplement is not materially adverse in the good faith judgment
of the Board of Directors to the Holders when taken as a whole as compared to the applicable
agreement as in effect on the Issue Date;

     (7) the existence of, or the performance by the Company or any of its Restricted Subsidiaries
of its obligations under the terms of, any stockholders agreement, principal investors agreement
(including any registration rights agreement or purchase agreement related thereto) to which it is
a party as of the Issue Date and any similar agreements which it may enter into thereafter;
provided, however, that the existence of, or the performance by the Company or any
of its Restricted Subsidiaries of obligations under any future amendment to any such existing

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agreement or under any similar agreement entered into after the Issue Date shall only be
permitted by this clause (7) to the extent that the terms of any such amendment or new
agreement are not otherwise materially adverse in the good faith judgment of the Board of
Directors to the Holders when taken as a whole;

     (8) the Transactions and the payment of all fees and expenses related to the
Transactions, including Transaction Expenses;

     (9) transactions with customers, clients, suppliers, contractors, joint venture
partners or purchasers or sellers of goods or services, in each case in the ordinary course
of business and otherwise in compliance with the terms of this Indenture which are fair to
the Company and its Restricted Subsidiaries, in the reasonable determination of the Board of
Directors or the senior management thereof, or are on terms at least as favorable as would
reasonably have been obtained at such time from an unaffiliated party;

     (10) the issuance of Equity Interests (other than Disqualified Stock) by the Company or
a Restricted Subsidiary;

     (11) [Reserved];

     (12) payments by the Company or any of its Restricted Subsidiaries to any of the
Investors made for any financial advisory, financing, underwriting or placement services or
in respect of other investment banking activities, including in connection with acquisitions
or divestitures, which payments are approved by a majority of the Board of Directors in good
faith or as otherwise permitted by this Indenture;

     (13) payments or loans (or cancellation of loans) to employees or consultants of the
Company, any of its direct or indirect parent companies or any of its Restricted
Subsidiaries and employment agreements, severance arrangements, stock option plans and other
similar arrangements with such employees or consultants which, in each case, are approved by
a majority of the Board of Directors in good faith; and

     (14) (a) Investments by the Investors in debt securities of the Company or any of its
Restricted Subsidiaries and any payments in respect thereof so long as (i) the investment is
being offered generally to other investors on the same or more favorable terms and (ii) the
investment constitutes less than 5.0% of the proposed or outstanding issue amount of such
class of securities, and (b) payments in respect of any Public Debt or Notes held by
Affiliates.

          (c) Notwithstanding Sections 4.1 l(a) and 4.1 l(b) hereof, the Company will be
permitted to engage in any Affiliate Transaction (i) constituting set off or other payments under
the CCU Mirror Note and (ii) involving Net Proceeds of Asset Sales (or Excess Proceeds related
thereto) or Foreign Dispositions applied in a manner that complies with Sections 4.10 or 5.01
hereof.

Section 4.12 Liens.

          (a) The Company shall not, and shall not permit any Restricted Subsidiary to,
directly or indirectly, create, incur, assume or suffer to exist any Lien (other than a Permitted
Lien) on any asset or property of the Company or such Restricted Subsidiary, or any income or
profits therefrom or assign or convey any right to receive income therefrom, unless:

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     (1) in the case of Liens securing Subordinated Indebtedness, the 2017 B Notes and
related Guarantees are secured by a Lien on such property, assets or proceeds that is senior
in priority to such Liens; or

     (2) in all other cases, the 2017 B Notes or the Guarantees are equally and ratably
secured.

          (b) Section 4.12(a) hereof shall not apply to Liens securing the 2017 B Notes and the related
Guarantees thereof or the 2017 B Exchange Notes and the related guarantees thereof.

          (c) Any Lien created for the benefit of the Holders of the 2017 B Notes pursuant to this
Section 4.12 shall be deemed automatically and unconditionally released and discharged upon the
release and discharge of the applicable Lien described in clauses (1) and (2) of Section 4.12(a)
hereof.

Section 4.13 Corporate Existence.

          Subject to Article 5 hereof, the Issuer and the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence, in
accordance with its organizational documents (as the same may be amended from time to time).

Section 4.14 Offer to Repurchase Upon Change of Control.

          (a) If a Change of Control occurs, unless the Issuer has previously or concurrently
mailed a redemption notice with respect to all the outstanding 2017 B Notes as set forth in each of
Section 5 of the 2017 B Notes and Sections 3.03 and 3.07 hereof, the Issuer shall make an offer to
purchase all of the 2017 B Notes pursuant to the offer described below (the “Change of Control
Offer”) at a price in cash (the “Change of Control Payment”) equal to 101.0% of the
aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date of
purchase, subject to the right of Holders of the 2017 B Notes of record on the relevant Record Date
to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change
of Control, the Issuer shall send notice of such Change of Control Offer by first-class mail, with
a copy to the Trustee, to each Holder of 2017 B Notes to the address of such Holder appearing in
the security register with a copy to the Trustee, or otherwise in accordance with the procedures of
DTC, with the following information:

     (1) that a Change of Control Offer is being made pursuant to this Section 4.14, and
that all 2017 B Notes properly tendered pursuant to such Change of Control Offer shall be
accepted for payment by the Issuer;

     (2) the purchase price and the purchase date, which shall be no earlier than 30 days
nor later than 60 days from the date such notice is mailed (the “Change of Control
Payment Date”);

     (3) that any 2017 B Note not properly tendered shall remain outstanding and
continue to accrue interest;

     (4) that unless the Issuer defaults in the payment of the Change of Control Payment,
all 2017 B Notes accepted for payment pursuant to the Change of Control Offer shall cease to
accrue interest on the Change of Control Payment Date;

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     (5) that Holders electing to have any 2017 B Notes purchased pursuant to a Change of
Control Offer shall be required to surrender such 2017 B Notes, with the form entitled
“Option of Holder to Elect Purchase” on the reverse of such 2017 B Notes completed, to the
Paying Agent specified in the notice at the address specified in the notice prior to the
close of business on the third Business Day preceding the Change of Control Payment Date;

     (6) that Holders shall be entitled to withdraw their tendered 2017 B Notes and their
election to require the Issuer to purchase such 2017 B Notes; provided that the
Paying Agent receives, not later than the close of business on the fifth Business Day
preceding the Change of Control Payment Date, a telegram, facsimile transmission or letter
setting forth the name of the Holder of the 2017 B Notes, the principal amount of 2017 B
Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered
2017 B Notes and its election to have such 2017 B Notes purchased;

     (7) that the Holders whose 2017 B Notes are being repurchased only in part shall be
issued new 2017 B Notes equal in principal amount to the unpurchased portion of the 2017 B
Notes surrendered. The unpurchased portion of the 2017 B Notes must be equal to a minimum of
$2,000 or an integral multiple of $1,000 in principal amount;

     (8) if such notice is mailed prior to the occurrence of a Change of Control, stating
that the Change of Control Offer is conditional on the occurrence of such Change of Control;
and

     (9) the other instructions, as determined by the Issuer, consistent with this Section
4.14, that a Holder must follow.

          The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been
given, whether or not the Holder receives such notice. If (a) the notice is mailed in a manner
herein provided and (b) any Holder fails to receive such notice or a Holder receives such notice
but it is defective, such Holder’s failure to receive such notice or such defect shall not affect
the validity of the proceedings for the purchase of the 2017 B Notes as to all other Holders that
properly received such notice without defect. The Issuer shall comply with the requirements of Rule
14e-l 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 of 2017 B Notes by the
Issuer pursuant to a Change of Control Offer. 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 under this Indenture by virtue thereof.

     (b) On the Change of Control Payment Date, the Issuer shall, to the extent permitted by
law,

     (1) accept for payment all 2017 B Notes issued by it or portions thereof properly
tendered pursuant to the Change of Control Offer;

     (2) deposit with the Paying Agent an amount equal to the aggregate Change of
Control Payment in respect of all 2017 B Notes or portions thereof so tendered; and

     (3) deliver, or cause to be delivered, to the Trustee for cancellation (and delivery to
the Paying Agent) the 2017 B Notes so accepted together with an Officer’s Certificate to the

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Trustee stating that such 2017 B Notes or portions thereof have been tendered to and
purchased by the Issuer.

          (c) The Issuer shall not be required to make a Change of Control Offer following a Change of
Control if a third party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of
Control Offer made by the Issuer and purchases all 2017 B Notes validly tendered and not withdrawn
under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of
Control Offer 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 Change of Control Offer.

          (d) Other than as specifically provided in this Section 4.14, any purchase pursuant to this
Section 4.14 shall be made pursuant to the provisions of Sections 3.02, 3.05 and 3.06 hereof.

Section 4.15 Limitation on Guarantees of Indebtedness by Restricted Subsidiaries.

          The Company shall not permit any Restricted Subsidiary of the Company, other than a Guarantor
or an Immaterial Subsidiary, to guarantee the payment of any Indebtedness in excess of $10,000,000
of the Issuer or any Guarantor unless:

     (1) such Restricted Subsidiary within 30 days executes and delivers a supplemental
indenture to this Indenture providing for a Guarantee by such Restricted Subsidiary, except
that with respect to a guarantee of Indebtedness of the Issuer or any Guarantor, if such
Indebtedness is by its express terms subordinated in right of payment to the 2017 B Notes or
a related Guarantee, any such guarantee by such Restricted Subsidiary with respect to such
Indebtedness shall be subordinated in right of payment to such Guarantee substantially to
the same extent as such Indebtedness is subordinated to the 2017 B Notes or such Guarantor’s
related Guarantee; and

     (2) such Restricted Subsidiary shall within 30 days deliver to the Trustee an Opinion
of Counsel reasonably satisfactory to the Trustee;

provided that this covenant shall not be applicable to any guarantee of any Restricted
Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not incurred
in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. The
Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required
to be a Guarantor to become a Guarantor, in which case such Subsidiary shall not be required to
comply with the 30 day periods set forth above.

          The Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise
required to be a Restricted Guarantor to become a Restricted Guarantor, in which case such
Subsidiary shall not be required to comply with the 30 day periods set forth in clauses (1) and (2)
of this Section 4.15.

Section 4.16 Liquidity Amount.

          On the Issue Date, (1) the Issuer and the Guarantors shall have $50,000,000 in any combination
of cash, other liquid assets under their sole dominion and control on an unrestricted basis and not
subject to any Lien (such cash and liquid assets, the “Guarantor Liquidity Assets”) and
cash available

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to be borrowed by the Issuer or the Guarantors in U.S. dollars under any Credit Facility to which
the Company is a party (but to which none of its Affiliates (other than the Issuer and Restricted
Guarantors) is a party) (the “Guarantor Liquidity Facility”) for which all conditions to
borrowing have been and remain satisfied (such $50,000,000 amount, the “Guarantor Liquidity
Amount”) and the Company shall maintain such Liquidity Amount at all times and (2) the
Restricted Subsidiaries that are not Guarantors shall have, and the Company shall cause the
Restricted Subsidiaries that are not Guarantors to have, $50,000,000 (or an equivalent amount in
other currencies) in any combination of cash, other liquid assets under their sole dominion and
control on an unrestricted basis and not subject to any Lien (such cash and liquid assets, the
“Non-Guarantor Liquidity Assets”) and cash available to be borrowed by any one or more of
the Restricted Subsidiaries that are not Guarantors under any Credit Facility to which none of the
Company’s Affiliates (other than the Company and any Restricted Subsidiaries) is a party (the
“Non-Guarantor Liquidity Facility” and, together with the Guarantor Liquidity Facility, the
“Liquidity Facilities”) for which all conditions to borrowing have been and remain satisfied (such
$50,000,000 amount (or an equivalent amount in other currencies), the “Non-Guarantor Liquidity
Amount”) and the Company shall cause the Non-Guarantor Liquidity Amount to be maintained at all
times. The Liquidity Facilities shall only constitute Liquidity Facilities to the extent all
conditions to borrowing thereunder are satisfied (other than any notice of borrowing that may be
required) and the amount available under any Liquidity Facility shall be part of the Guarantor
Liquidity Amount or the Non-Guarantor Liquidity Amount without duplication. Assets that constitute
Guarantor Liquidity Assets shall not also constitute Non-Guarantor Liquidity Assets and vice versa.
Notwithstanding the foregoing, the Guarantor Liquidity Assets and the Non-Guarantor Liquidity
Assets may be subject to Permitted Liquidity Liens.

ARTICLE 5

SUCCESSORS

Section 5.01 Merger, Consolidation or Sale of All or Substantially All Assets.

          (a) Neither the Company nor the Issuer may consolidate or merge with or into or wind up
into (whether or not the Company or the Issuer, as the case may be, is the surviving corporation),
nor may the Company or the Issuer sell, assign, transfer, lease, convey or otherwise dispose of all
or substantially all of the properties or assets of the Company or the Issuer, as the case may be,
and its Subsidiaries which are Restricted Subsidiaries, taken as a whole, in one or more related
transactions, to any Person unless:

     (1) the Company or the Issuer, as the case may be, is the surviving corporation or the
Person formed by or surviving any such consolidation or merger (if other than the Company or
the Issuer, as the case may be) or the Person to which such sale, assignment, transfer,
lease, conveyance or other disposition shall have been made is organized or existing under
the laws of the United States, any state thereof, the District of Columbia, or any territory
thereof (the Company, the Issuer or such Person, as the case may be, being herein called the
“Successor Company”) : provided that in the case where the Successor Company
is not a corporation, a co- obligor of the 2017 B Notes is a corporation;

     (2) the Successor Company, if other than the Company or the Issuer, as the case may be,
expressly assumes all the obligations of the Company or the Issuer, as the case may be,
under the Company’s Guarantee or the 2017 B Notes, as applicable, pursuant to a supplemental
indenture or other documents or instruments in form reasonably satisfactory to the Trustee;

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     (3) immediately after such transaction, no Default exists;

     (4) immediately after giving pro forma effect to such transaction and any
related financing transactions, as if such transactions had occurred at the beginning of the
applicable four-quarter period,

     (A) the Successor Company would be permitted to incur at least $1.00 of
additional Indebtedness pursuant to each of the ratio tests set forth in Section
4.09(a) hereof, or

     (B) (x) the Consolidated Leverage Ratio for the Successor Company and its
Restricted Subsidiaries would be equal to or less than such Consolidated Leverage
Ratio immediately prior to such acquisition or merger and (y) the Senior Leverage
Ratio for the Successor Company and its Restricted Subsidiaries would be equal to or
less than such Senior Leverage Ratio immediately prior to such acquisition or
merger;

     (5) each Guarantor, unless it is the other party to the transactions described above,
in which case clause (1)(B) of Section 5.01(c) shall apply, shall have by supplemental
indenture confirmed that its Guarantee shall apply to such Person’s obligations under this
Indenture and the 2017 B Notes; and

     (6) the Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that such consolidation, merger or transfer and such
supplemental indentures, if any, comply with this Indenture.

          (b) The Successor Company shall succeed to, and be substituted for, the Company or the Issuer,
as the case may be, under this Indenture and the 2017 B Notes, as applicable. Notwithstanding
clauses (3) and (4) of Section 5.01(a) hereof,

     (1) the Company or any Restricted Subsidiary (other than the Issuer) may consolidate
with or merge into or transfer all or part of its properties and assets to the Issuer or a
Guarantor; and

     (2) the Company or the Issuer may merge with an Affiliate of the Company or the Issuer,
as the case may be, solely for the purpose of reorganizing the Company or the Issuer, as the
case may be, in the United States, any state thereof, the District of Columbia or any
territory thereof so long as the amount of Indebtedness of the Company, the Issuer and its
Restricted Subsidiaries is not increased thereby.

Notwithstanding Sections 5.01(a) and 5.01(b), other than Section 5.01(a)(3) which shall be
applicable, any Restricted Subsidiaries of the Issuer that are not Guarantors may consolidate or
merge with or into or wind up into, and the Issuer or any of its Restricted Subsidiaries that are
not Guarantors may sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of the properties or assets of, or Equity Interests in, its Restricted
Subsidiaries that are not Guarantors, taken as a whole, in one or more related transactions to any
Person (such disposition, a “Foreign Disposition”); provided, however, that
(1) such Foreign Disposition is made in compliance with Sections 4.10(a)(l) and 4.10(a)(2), (2) if,
on a pro forma basis, the Consolidated Leverage Ratio would be less than 6.0 to 1.0 and the
Senior Leverage Ratio would be less than 3.0 to 1.0, then the Issuer shall apply the Net Proceeds
of such Foreign Disposition in accordance with Section 4.10(b) or to make an Asset Sale Offer or
otherwise in accordance

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with the this Indenture,
and (3) if, on a pro forma basis, the Consolidated Leverage
Ratio would be equal to or greater than 6.0 to 1.0 or the Senior Leverage Ratio would be equal to
or greater than 3.0 to 1.0, then the Issuer shall make an offer to purchase all the outstanding
2017 B Notes at 100% of the principal amount thereof in a manner and time frame as would be
required if such offer were a Change of Control Offer. If a Foreign Disposition does not constitute
a disposition of all or substantially all of the properties or assets of the Issuer, this paragraph
shall not be applicable.

          (c) No Restricted Guarantor shall, and the Company shall not permit any Restricted Guarantor
to, consolidate or merge with or into or wind up into (whether or not the Company or such
Restricted Guarantor is the surviving corporation), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties or assets, in one or more related
transactions, to any Person unless:

     (1) (A) such Guarantor is the surviving Person or the Person formed by or
surviving any such consolidation or merger (if other than such Guarantor) or to which such
sale, assignment, transfer, lease, conveyance or other disposition shall have been made is
organized or existing under the laws of the jurisdiction of organization of such Guarantor,
as the case may be, or the laws of the United States, any state thereof, the District of
Columbia, or any territory thereof (such Guarantor or such Person, as the case may be, being
herein called the “Successor Person”):

     (B) the Successor Person, if other than such Guarantor, expressly assumes all
the obligations of such Guarantor under this Indenture and such Guarantor’s related
Guarantee pursuant to supplemental indentures or other documents or instruments in
form reasonably satisfactory to the Trustee;

     (C) immediately after such transaction, no Default exists; and

     (D) the Company shall have delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that such consolidation, merger or transfer
and such supplemental indentures, if any, comply with this Indenture; or

          (2) the transaction complies with clauses (1) and (2) of Section 4.10(a) hereof.

          (d) In the case of clause (1) of Section 5.01(c) hereof, the Successor Person shall succeed
to, and be substituted for, such Guarantor under this Indenture and such Guarantor’s Guarantee.
Notwithstanding the foregoing, any Guarantor (other than the Company,
which is covered by Section 5.01 (a)) may (1) merge or consolidate with or into or wind up into or transfer all or part of its
properties and assets to another Guarantor or the Issuer, (2) merge with an Affiliate of the
Company solely for the purpose of reincorporating the Guarantor in the United States, any state
thereof, the District of Columbia or any territory thereof or (3) convert into (which may be
effected by merger with a Restricted Subsidiary that has substantially no assets and liabilities) a
corporation, partnership, limited partnership, limited liability corporation or trust organized or
existing under the laws of the jurisdiction of organization of such Guarantor (which may be
effected by merger so long as the survivor thereof is a Guarantor).

Section 5.02 Successor Corporation Substituted.

          Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or
other disposition of all or substantially all of the assets of the Issuer in accordance with
Section 5.01

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hereof, the successor corporation formed by such consolidation or into or with which the
Issuer is merged or to which such sale, assignment, transfer, lease, conveyance or other
disposition is made shall succeed to, and be substituted for (so that from and after the date of
such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this
Indenture referring to the Issuer shall refer instead to the successor corporation and not to the
Issuer), and may exercise every right and power of the Issuer under this Indenture with the same
effect as if such Successor Person had been named as the Issuer herein; provided that the
predecessor Issuer shall not be relieved from the obligation to pay the principal of and interest
and Special Interest, if any, on the 2017 B Notes except in the case of a sale, assignment,
transfer, lease, conveyance or other disposition of all of the Issuer’s assets that meets the
requirements of Section 5.01 hereof.

ARTICLE 6

DEFAULTS AND REMEDIES

Section 6.01 Events of Default.

          (a) An “Event of Default” wherever used herein means any one of the following
events (whatever the reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental body):

     (1) default in payment when due and payable, upon redemption, acceleration or
otherwise, of principal of, or premium, if any, on the 2017 B Notes;

     (2) default for 30 days or more in the payment when due of interest on or with
respect to the 2017 B Notes;

     (3) failure by the Issuer or any Guarantor for 60 days after receipt of written notice
given by the Trustee or the Holders of not less than 25.0% in principal amount of the then
outstanding 2017 B Notes (with a copy to the Trustee) to comply with any of its obligations,
covenants or agreements (other than a default referred to in clauses (1), (2) and (9) of
this Section 6.01(a)) contained in this Indenture or the 2017 B Notes;

     (4) default under any mortgage, indenture or instrument under which there is issued or
by which there is secured or evidenced any Indebtedness for money borrowed by the Company or
any of its Restricted Subsidiaries or the payment of which is guaranteed by the Company or
any of its Restricted Subsidiaries, other than Indebtedness owed to the Company or a
Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created after
the issuance of the 2017 B Notes, if both:

     (a) such default either results from the failure to pay any principal of
such Indebtedness at its stated final maturity (after giving effect to any
applicable grace periods) or relates to an obligation other than the obligation to
pay principal of any such Indebtedness at its stated final maturity and results in
the holder or holders of such Indebtedness causing such Indebtedness to become due
prior to its stated final maturity; and

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     (b) the principal amount of such Indebtedness, together with the principal
amount of any other such Indebtedness in default for failure to pay principal at stated
final maturity (after giving effect to any applicable grace periods), or the maturity of
which has been so accelerated, aggregate $35,000,000 or more at any one time outstanding, in
each case, other than as a result of an Excluded Event;

     (5) failure by the Company, the Issuer, or any other Significant Party to pay final
non-appealable judgments aggregating in excess of $35,000,000, which final judgments remain unpaid,
undischarged and unstayed for a period of more than 90 days after such judgments become final, and
in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by
any creditor upon such judgment or decree which is not promptly stayed;

     (6) the Company, the Issuer or any other Significant Party, pursuant to or within the meaning
of any Bankruptcy Law:

     (i) commences proceedings to be adjudicated bankrupt or insolvent;

     (ii) consents to the institution of bankruptcy or insolvency proceedings against
it, or the filing by it of a petition or answer or consent seeking reorganization or relief
under applicable Bankruptcy Law;

     (iii) consents to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator or other similar official of it or for all or substantially all of its
property;

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

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

     (7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

     (i) is for relief against the Issuer or any Significant Party in a proceeding
in which the Issuer or any such Significant Party is to be adjudicated bankrupt or
insolvent;

     (ii) appoints a receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Issuer or any Significant Party, or for all or substantially all of
the property of the Issuer or any Significant Party; or

     (iii)
orders the liquidation of the Issuer or any Significant Party; 

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

     (8) the Guarantee of any Significant Party shall for any reason cease to be in full force and
effect or be declared null and void or any responsible officer of any Guarantor that is a
Significant Party, as the case may be, denies in writing that it has any further liability under
its Guarantee or gives written notice to such effect, other than by reason of the termination of
this Indenture or the release of any such Guarantee in accordance with this Indenture; and

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     (9) failure to maintain the Guarantor Liquidity Amount or the Non-Guarantor
Liquidity Amount which failure continues for more than fifteen (15) consecutive business
days; provided, however, that upon the event of a CCU Credit Event and
during the continuance thereof, for the period that is the shorter of the continuance of the
CCU Credit Event and 60 days after the occurrence of such CCU Credit Event, it shall not be
an Event of Default if the Guarantor Liquidity Amount and the Non-Guarantor Liquidity Amount
shall each be at least $25,000,000 during such period.

          (b) In the event of any Event of Default specified in clause (4) of Section 6.01(a)
hereof, such Event of Default and all consequences thereof (excluding any resulting payment
default, other than as a result of acceleration of the 2017 B Notes) shall be annulled, waived and
rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days
after such Event of Default arose:

     (1) the Indebtedness or guarantee that is the basis for such Event of Default has been
discharged; or

     (2) holders thereof have rescinded or waived the acceleration, notice or action (as the
case may be) giving rise to such Event of Default; or

     (3) the default that is the basis for such Event of Default has been cured.

Section 6.02 Acceleration.

          If any Event of Default (other than an Event of Default specified in clause (6) or (7) of
Section 6.01(a) hereof with respect to the Issuer or the Company) occurs and is continuing under
this Indenture, the Trustee or the Holders of at least 25.0% in principal amount of the then total
outstanding 2017 B Notes (with a copy to the Trustee) may declare the principal of, premium, if
any, interest and any other monetary obligations on all the then outstanding 2017 B Notes to be due
and payable immediately. Upon the effectiveness of such declaration, such principal, premium, if
any, and interest shall be due and payable immediately. The Trustee shall have no obligation to
accelerate the 2017 B Notes if in the best judgment of the Trustee, acceleration is not in the best
interest of the Holders of the 2017 B Notes.

          Notwithstanding the foregoing, in the case of an Event of Default arising under clause (6) or
(7) of Section 6.01(a) hereof with respect to the Issuer, all outstanding 2017 B Notes shall be
due and payable without further action or notice.

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, and interest on the 2017 B Notes or to
enforce the performance of any provision of the 2017 B Notes or this Indenture.

          The Trustee may maintain a proceeding even if it does not possess any of the 2017 B Notes or
does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of
a 2017 B Notes 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.

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Section 6.04 Waiver of Past Defaults.

          The Holders of a majority in aggregate principal amount of the then outstanding 2017 B Notes
by notice to the Trustee may on behalf of the Holders of all of the 2017 B Notes waive any existing
Default and its consequences under this Indenture (except a continuing Default in the payment of
interest on, premium, if any, or the principal of any 2017 B Note held by a non-consenting Holder)
and rescind any acceleration with respect to the 2017 B Notes and its consequences (except if such
rescission would conflict with any judgment of a court of competent jurisdiction). 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, but no such waiver shall extend to
any subsequent or other Default or impair any right consequent thereto.

Section 6.05 Control by Majority.

          Holders of a majority in principal amount of the then total outstanding 2017 B Notes may
direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may
refuse to follow any direction that conflicts with law or this Indenture or that the Trustee
determines is unduly prejudicial to the rights of any other Holder of a 2017 B Note or that would
involve the Trustee in personal liability.

Section 6.06 Limitation on Suits.

          Subject to Section 6.07 hereof, no Holder of a 2017 B Note may pursue any remedy with respect
to this Indenture or the 2017 B Notes unless:

     (1) such Holder has previously given the Trustee notice that an Event of Default is
continuing;

     (2) Holders of at least 25.0% in principal amount of the total outstanding 2017 B Notes
have requested the Trustee to pursue the remedy;

     (3) Holders of the 2017 B Notes have offered the Trustee security or indemnity
reasonably satisfactory to it against any loss, liability or expense;

     (4) the Trustee has not complied with such request within 60 days after the receipt
thereof and the offer of security or indemnity; and

     (5) Holders of a majority in principal amount of the total outstanding 2017 B Notes
have not given the Trustee a direction inconsistent with such request within such 60-day
period.

          A Holder of a 2017 B Note may not use this Indenture to prejudice the rights of another Holder
of a 2017 B Note or to obtain a preference or priority over another Holder of a 2017 B Note.

Section 6.07 Rights of Holders of 2017 B Notes To Receive Payment.

          Notwithstanding any other provision of this Indenture, the right of any Holder of a 2017 B
Note to receive payment of principal premium, if any, and Special Interest, if any, and interest on
the 2017 B Note, on or after the respective due dates expressed in the 2017 B Note (including in
connection with an Asset Sale Offer or a Change of Control Offer), or to bring suit for the
enforcement of

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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(a)(l) or (2) 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 or the Company for the whole amount of principal of, premium, if any, and
Special Interest, if any, and interest remaining unpaid on the 2017 B 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 Restoration of Rights and Remedies.

          If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to
any determination in such proceedings, the Issuer, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such proceeding has been
instituted.

Section 6.10 Rights and Remedies Cumulative.

          Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen 2017 B Notes in Section 2.07 hereof, no right or remedy herein conferred
upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 6.11 Delay or Omission Not Waiver.

          No delay or omission of the Trustee or of any Holder of any 2017 B Note to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

Section 6.12 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 2017 B Notes allowed in any judicial proceedings relative to the
Issuer (or any other obligor upon the 2017 B Notes including the Guarantors), its creditors or its
property and shall be entitled and empowered to participate as a member in any official committee
of creditors appointed in such matter and to collect, receive and distribute any money or other
property payable or deliverable on

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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 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 2017 B
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 6.13 Priorities.

          If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in
the following order:

     (i) to the Trustee and the Agents and their respective agents and attorneys for
amounts due under Section 7.07 hereof, including payment of all compensation, expenses and
liabilities incurred, and all advances made, by the Trustee and any Agent and the costs and
expenses of collection;

     (ii) to Holders of 2017 B Notes for amounts due and unpaid on the 2017 B Notes for
principal, premium, if any, and Special Interest, if any, and interest, ratably, without
preference or priority of any kind, according to the amounts due and payable on the 2017 B
Notes for principal, premium, if any, and Special Interest, if any, and interest,
respectively; and

     (iii) to the Issuer, to the Company or to such party as a court of competent
jurisdiction shall direct, including a Guarantor, if applicable.

          Notwithstanding the foregoing, all amounts in the Trustee Account shall be paid first to the
Holders of 2017 B Notes. The Trustee may fix a record date and payment date for any payment to
Holders of 2017 B Notes pursuant to this Section 6.13.

Section 6.14 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 and expenses, 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 6.14 does not apply to a
suit by the Trustee, a suit by a Holder of a 2017 B Note pursuant to Section 6.07 hereof, or a suit
by Holders of more than 10% in principal amount of the then outstanding 2017 B 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, 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
its exercise, as a prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs; provided that if an Event of Default occurs and is continuing, the
Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture,
the Notes and the Guarantees at the request or direction of any of the Holders unless such Holders
have offered the Trustee indemnity, security or perfunding satisfactory to the Trustee in its sole
discretion, as applicable, against loss, liability or expense.

          (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, in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall
examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein).

          (c) The Trustee may not be relieved from liabilities for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that:

          (i) this paragraph (c) 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
a Responsible Officer, unless it is proved in a court of competent jurisdiction 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.

          (d) Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to this Section 7.01.

          (e) The Trustee shall be under no obligation to exercise any of its rights or powers under
this Indenture at the request or direction of any of the Holders of the 2017 B Notes unless the
Holders have offered to the Trustee indemnity or security satisfactory to it against any loss,
liability or expense.

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          (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 or as the Trustee may agree in
writing with the Issuer.

          (g) In the absence of bad faith, negligence or wilful misconduct on the part of the Trustee,
the Trustee shall not be responsible for the use or application of any money by any Paying Agent
other than the Trustee.

          (h) Subject to the provisions of this Indenture, the Trustee will hold the Trustee
Account in trust for the benefit of Holders of 2017 B Notes and shall be responsible for
payment of amounts therefrom.

Section 7.02 Rights of Trustee.

          (a) The Trustee may conclusively rely upon 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 the document, 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 the books, records and
premises of the Issuer, 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.

          (b) Before the Trustee acts or refrains from acting, it may require an Officer’s 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 Officer’s Certificate or Opinion of Counsel. The Trustee
may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection from liability in respect of any action
taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

          (c) The Trustee may act through its attorneys and agents and shall not be responsible for the
misconduct or negligence of any agent or attorney 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.

          (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Issuer shall be sufficient if signed by an Officer of the Issuer.

          (f) None of the provisions of this Indenture shall require the Trustee to expend or risk its
own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable
grounds for believing that repayment of such funds or indemnity satisfactory to it against such
risk or liability is not assured to it.

          (g) The Trustee shall not be deemed to have knowledge or notice of any Default or Event of
Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a Default or Event of Default is received by the Trustee

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at the Corporate Trust Office of the Trustee, and such notice references the 2017 B
Notes and this Indenture.

          (h) In no event shall the Trustee be responsible or liable for special, indirect,
or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of
profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action.

          (i) The rights, privileges, protections, immunities and benefits given to the Trustee,
including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee
in each of its capacities hereunder.

          (j) In the event the Issuer is required to pay Special Interest, the Issuer shall
provide written notice to the Trustee of the Issuer’s obligation to pay Special Interest no later
than 15 days prior to the next Interest Payment Date which notice shall set forth the amount of the
Special Interest to be paid by the Issuer. The Trustee shall not at any time be under any duty or
responsibility to any Holders to determine whether the Special Interest is payable or the amount
thereof.

Section 7.03 Individual Rights of Trustee.

          The Trustee in its individual or any other capacity may become the owner or pledgee of 2017 B
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 any conflicting
interest it must eliminate such conflict within 90 days, apply to the SEC for permission to
continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee
is also subject to Sections 7.10 and 7.11 hereof.

Section 7.04 Trustee’s Disclaimer.

          The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the 2017 B Notes, it shall not be accountable for the Issuer’s use of
the proceeds from the 2017 B Notes or any money paid to the Issuer or upon the Issuer’s direction
under any provision of this Indenture, it shall not be responsible for the use or application of
any money received by any Paying Agent other than the Trustee, and it shall not be responsible for
any statement or recital herein or any statement in the 2017 B Notes or any other document in
connection with the sale of the 2017 B Notes or pursuant to this Indenture other than its
certificate of authentication.

Section 7.05 Notice of Defaults.

          If a Default occurs and is continuing and if it is known to the Trustee, the Trustee shall
mail to Holders of 2017 B Notes a notice of the Default within 90 days after it occurs. The Trustee
may withhold from the Holders notice of any continuing Default, except a Default relating to the
payment of principal, premium, if any, or interest, if it determines that withholding notice is in
their interest. The Trustee shall have no duty to inquire as to the performance of any covenants
contained in Article 4.

Section 7.06 Reports by Trustee to Holders of the 2017 B Notes.

          Within 60 days after each May 15, beginning with the May 15 following the date of this
Indenture, and for so long as 2017 B Notes remain outstanding, the Trustee shall mail to the
Holders of

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the 2017 B Notes a brief report dated as of such reporting date that complies with Trust Indenture
Act Section 313(a) (but if no event described in Trust Indenture Act Section 313(a) has occurred
within the twelve months preceding the reporting date, no report need be transmitted). The Trustee
also shall comply with Trust Indenture Act Section 313(b)(2). The Trustee shall also transmit by
mail all reports as required by Trust Indenture Act Section 313(c).

          A copy of each report at the time of its mailing to the Holders of 2017 B Notes shall be
mailed to the Issuer and filed with the SEC and each stock exchange on which the 2017 B Notes are
listed in accordance with Trust Indenture Act Section 313(d). The Issuer shall promptly notify the
Trustee when the 2017 B Notes are listed on any stock exchange or delisted therefrom.

Section 7.07 Compensation and Indemnity.

          The Issuer shall pay to the Trustee and any Agent from time to time such compensation for its
acceptance of this Indenture and services hereunder as the parties shall agree in writing from time
to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of
an express trust. The Issuer shall reimburse each of the Trustee and each Agent promptly upon
request for all reasonable disbursements, advances and expenses incurred or made by it in addition
to the compensation for its services (other than amounts in the Trustee Account). Such expenses
shall include the reasonable compensation, disbursements (other than amounts in the Trustee
Account) and expenses of the Trustee’s or each such Agent’s agents and counsel.

          The Issuer and the Guarantors, jointly and severally, shall indemnify each of the Trustee and
each Agent for, and hold each of the Trustee and each Agent harmless against, any and all loss,
damage, claims, liability or expense (including attorneys’ fees) incurred by it in connection with
the acceptance or administration of this trust and the performance of its duties hereunder
(including the costs and expenses of enforcing this Indenture against the Issuer or any of the
Guarantors (including this Section 7.07) or defending itself against any claim whether asserted by
any Holder, the Issuer or any Guarantor, or liability in connection with the acceptance, exercise
or performance of any of its powers or duties hereunder). Each of the Trustee and each Agent shall
notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee or
any Agent to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The
Issuer shall defend the claim and the Trustee or applicable Agent may have separate counsel and the
Issuer shall pay the fees and expenses of such counsel. The Issuer need not reimburse any expense
or indemnify against any loss, liability or expense incurred by the Trustee or any Agent through
such Person’s own willful misconduct, negligence or bad faith.

          The obligations of the Issuer under this Section 7.07 shall survive the satisfaction and
discharge of this Indenture or the earlier resignation or removal of the Trustee or any Agent, as
applicable.

          To secure the payment obligations of the Issuer and the Guarantors in this Section 7.07, each
of the Trustee and each Agent shall have a Lien prior to the 2017 B Notes on all money or property
held or collected by such Person, except money or property held in trust to pay principal and
interest on particular 2017 B Notes. Such Lien shall survive the satisfaction and discharge of this
Indenture.

          When the Trustee or any Agent incurs expenses or renders services after an Event of Default
specified in clause (6) or (7) of Section 6.01 (a) 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.

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          The Trustee shall comply with the provisions of Trust Indenture Act Section 313(b)(2) to the
extent applicable.

Section 7.08 Replacement of Trustee or Agent.

          A resignation or removal of the Trustee or any Agent and appointment of a successor Trustee or
any successor Agent shall become effective only upon the acceptance of appointment as provided in
this Section 7.08 by such successor Trustee or successor Agent, as applicable. The Trustee or any
Agent 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 2017 B
Notes may remove the Trustee or any Agent by so notifying the Trustee or such Agent and the Issuer
in writing. The Issuer may remove the Trustee or any Agent if:

     (a) in the case of the Trustee, such Trustee fails to comply with Section 7.10
hereof;

     (b) the Trustee or such Agent is adjudged a bankrupt or an insolvent Person 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 such Agent or such
Person’s property; or

     (d) the Trustee or such Agent becomes incapable of acting.

          If the Trustee or any Agent resigns or is removed or if a vacancy exists in the office of
Trustee or any Agent for any reason, the Issuer shall promptly appoint a successor Trustee or
successor Agent. Within one year after the successor Trustee or successor Agent takes office, the
Holders of a majority in principal amount of the then outstanding 2017 B Notes may appoint a
successor Trustee or successor Agent, as applicable, to replace such successor Trustee or successor
Agent appointed by the Issuer.

          If a successor Trustee or successor Agent does not take office within 60 days after the
retiring Trustee or Agent, as applicable, resigns or is removed, the retiring Trustee or Agent (at
the Issuer’s expense), the Issuer or the Holders of at least 10% in principal amount of the then
outstanding 2017 B Notes may petition any court of competent jurisdiction for the appointment of a
successor Trustee or successor Agent.

          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 or successor Agent shall deliver a written acceptance of its
appointment to the retiring Trustee or Agent and to the Issuer. Thereupon, the resignation or
removal of the retiring Trustee or Agent shall become effective, and the successor Trustee or
successor Agent shall have all the rights, powers and duties of the Trustee or the applicable Agent
under this Indenture. The successor Trustee or successor Agent shall mail a notice of its
succession to Holders. The retiring Trustee or Agent shall promptly transfer all property held by
it as Trustee or Agent to the successor Trustee or successor Agent, as applicable; provided
all sums owing to the retiring Trustee or Agent hereunder have been paid and subject to the Lien
provided for in Section 7.07 hereof. Notwithstanding replacement of

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the Trustee or any Agent pursuant to this Section 7.08, the Issuer’s obligations under Section
7.07 hereof shall continue for the benefit of the retiring Trustee or Agent.

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 or relevant agent business, as applicable, to, another
corporation, the successor corporation without any further act shall be the successor Trustee or
successor Agent, as applicable.

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 trustee power, that is subject to supervision or examination
by federal or state authorities and that has combined capital and surplus of at least $50,000,000
as set forth in its most recent published annual report of condition.

          This Indenture shall always have a Trustee who satisfies the requirements of Trust
Indenture Act Sections 310(a)(l), (2) and (5). The Trustee is subject to Trust Indenture Act
Section 310(b).

Section 7.11 Preferential Collection of Claims Against Issuer.

          The Trustee is subject to Trust Indenture Act Section 31l(a), excluding any creditor
relationship listed in Trust Indenture Act Section 31l(b). A Trustee who has resigned or been
removed shall be subject to Trust Indenture Act
Section 31l(a) to the extent indicated therein.

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01 Option To Effect Legal Defeasance or Covenant Defeasance.

          The Issuer may, at its option and at any time, elect to have either Section 8.02 or 8.03
hereof applied to all outstanding 2017 B Notes upon compliance with the conditions set forth below
in this Article 8.

Section 8.02 Legal Defeasance and Discharge.

          Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section
8.02, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth
in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to
all outstanding 2017 B Notes and Guarantees on the date the conditions set forth below are
satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer shall be
deemed to have paid and discharged the entire Indebtedness represented by the outstanding 2017 B
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 clauses (a) and (b) below, to have
satisfied all its other obligations under such 2017 B Notes and this Indenture including that of
the Guarantors (and the Trustee, on demand of and at

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the expense of the Issuer, shall execute proper instruments acknowledging the same) and to
have cured all then existing Events of Default, except for the following provisions which shall
survive until otherwise terminated or discharged hereunder:

          (a) the rights of Holders of 2017 B Notes to receive payments in respect of the
principal of, premium, if any, and interest on the 2017 B Notes when such payments are
due solely out of the trust created pursuant to this Indenture as referenced in Section
8.04 hereof;

          (b) the Issuer’s obligations with respect to 2017 B Notes concerning issuing temporary
2017 B Notes, registration of such 2017 B Notes, mutilated, destroyed, lost or stolen 2017 B
Notes and the maintenance of an office or agency for payment and money for security payments
held in trust;

          (c) the rights, powers, trusts, duties and immunities of the Trustee, and the Issuer’s
obligations in connection therewith; and

          (d) this Section 8.02.

          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 Guarantors shall, subject to the satisfaction of the conditions set forth
in Section 8.04 hereof, be released from their obligations under the covenants (each, a
“Defeased Covenant, and collectively, the “Defeased Covenants”) contained in
Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15 and 4.16 hereof
and clauses (4) and (5) of Section 5.01(a), Sections 5.01(c) and 5.01(d) hereof with respect to the
outstanding 2017 B Notes on and after the date the conditions set forth in Section 8.04 hereof are
satisfied (“Covenant Defeasance”), and the 2017 B 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 Defeased Covenants, but shall
continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such
2017 B Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding 2017 B Notes, the Issuer may omit to comply
with and shall have no liability in respect of any term, condition or limitation set forth in any
Defeased Covenant, whether directly or indirectly, by reason of any reference elsewhere herein to
any such Defeased Covenant or by reason of any reference in any such Defeased 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 2017 B Notes 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
hereof, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections
6.01(a)(3), 6.01(a)(4), 6.01(a)(5), 6.01(a)(6) (solely with respect to any Significant Party),
6.01(a)(7) (solely with respect to any Significant Party) and 6.01(a)(8) hereof shall not
constitute Events of Default.

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Section 8.04 Conditions to Legal or Covenant Defeasance.

     In order to exercise either Legal Defeasance or Covenant Defeasance with respect to the 2017 B
Notes:

     (1) the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders of the 2017 B Notes, cash in U.S. dollars, Government Securities, or a
combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal amount of, premium,
if any, and interest due on the 2017 B Notes on the stated maturity date or on the
redemption date, as the case may be, of such principal amount, premium, if any, or interest
on such 2017 B Notes, and the Issuer must specify whether such 2017 B Notes are being
defeased to maturity or to a particular redemption date;

     (2) in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an
Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to
customary assumptions and exclusions,

     (a) the Issuer has received from, or there has been published by, the United
States Internal Revenue Service a ruling, or

     (b) since the issuance of the 2017 B Notes, there has been a change in the
applicable U.S. federal income tax law,

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm
that, subject to customary assumptions and exclusions, the Holders of the 2017 B Notes shall
not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a
result of such Legal Defeasance and shall be subject to U.S. federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred;

     (3) in the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee
an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to
customary assumptions and exclusions, the Holders of the 2017 B Notes shall not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such Covenant
Defeasance and shall be subject to such tax on the same amounts, in the same manner and at
the same times as would have been the case if such Covenant Defeasance had not occurred;

     (4) no Default (other than that resulting from borrowing funds to be applied to make
such deposit and any similar and simultaneous deposit relating to such other Indebtedness,
and in each case, the granting of Liens in connection therewith) shall have occurred and be
continuing on the date of such deposit;

     (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under any Senior Credit Facility or any other material
agreement or instrument governing Indebtedness (other than this Indenture) to which, the
Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other
than that resulting from any borrowing of funds to be applied to make the deposit required
to effect such

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Legal Defeasance or Covenant Defeasance and any similar and simultaneous deposit relating to
other Indebtedness, and, in each case, the granting of Liens in connection therewith);

     (6) the Issuer shall have delivered to the Trustee an Officer’s Certificate stating
that the deposit was not made by the Issuer with the intent of defeating, hindering,
delaying or defrauding any creditors of the Issuer or any Guarantor or others; and

     (7) the Issuer shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and
exclusions) each stating that all conditions precedent provided for or relating to the Legal
Defeasance or the Covenant Defeasance, as the case may be, have been complied with.

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 Government Securities (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 2017 B
Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such
2017 B Notes and this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer or a Guarantor acting as Paying Agent) as the Trustee may determine, to the
Holders of such 2017 B Notes of all sums due and to become due thereon in respect of principal,
premium and Special Interest, if any, and interest, 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 Government Securities 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 2017 B 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 request of the Issuer any money or Government Securities
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.

          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 and Special Interest, if any, or interest on any 2017
B Note and remaining unclaimed for two years after such principal, and premium and Special
Interest, if any, or interest has become due and payable shall be paid to the Issuer on its request
or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such 2017 B
Notes shall thereafter 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 all liability of the Issuer as
trustee thereof, shall thereupon cease.

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Section 8.07 Reinstatement.

          If the Trustee or Paying Agent is unable to apply any U.S. dollars or Government Securities in
accordance with Section 8.02 or 8.03 hereof, 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 Issuer’s obligations under this Indenture and the 2017 B Notes shall be
revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 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 8.03 hereof, as the case may be; provided that, if the Issuer makes
any payment of principal of, premium and Special Interest, if any, or interest on any 2017 B Note
following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the
Holders of such 2017 B Notes to receive such payment from the money held by the Trustee or Paying
Agent.

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01 Without Consent of Holders of Notes.

          Notwithstanding Section 9.02 hereof, the Issuer, any Guarantor (with respect to a
Guarantee to which it is a party or this Indenture) and the Trustee may amend or supplement
this Indenture and any Guarantee or 2017 B Notes without the consent of any Holder:

     (1) to cure any ambiguity, omission, mistake, defect or inconsistency;

     (2) to provide for uncertificated 2017 B Notes in addition to or in place of
certificated 2017 B Notes;

     (3) to comply with Section 5.01 hereof;

     (4) to provide for the assumption of the Issuer’s or any Guarantor’s obligations to
the Holders in a transaction that complies with this Indenture;

     (5) 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;

     (6) to add covenants for the benefit of the Holders or to surrender any right or power
conferred upon the Issuer or any Guarantor;

     (7) to comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the Trust Indenture Act;

     (8) to evidence and provide for the acceptance and appointment under this Indenture of
a successor Trustee thereunder pursuant to the requirements thereof;

     (9) to add a Guarantor under this Indenture;

     (10) to conform the text of this Indenture or the Guarantees or the 2017 B Notes to
any provision of the “Description of the Series B Notes” section of the Offering Circular
to the

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extent that such provision in such “Description of the Series B Notes” section was
intended to be a verbatim recitation of a provision of this Indenture, the Guarantee or
the 2017 B Notes;

     (11) to provide for the issuance of 2017 B Exchange Notes or private exchange notes,
which are identical to 2017 B Exchange Notes except that they are not freely transferable;
or

     (12) to make any amendment to the provisions of this Indenture relating to the transfer
and legending of 2017 B Notes as permitted by this Indenture, including to facilitate the
issuance and administration of the 2017 B Notes; provided, however, that (a)
compliance with this Indenture as so amended would not result in 2017 B Notes being
transferred in violation of the Securities Act or any applicable securities law and (b) such
amendment does not materially and adversely affect the rights of Holders to transfer 2017 B
Notes.

          Upon the request of the Company accompanied by a resolution of the Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the
Trustee of the documents described in Section 7.02(b) hereof (to the extent requested by the
Trustee), the Trustee shall join with the Issuer and the Guarantors in the execution of any amended
or supplemental indenture authorized or permitted by the terms of this Indenture and to make any
further appropriate agreements and stipulations that may be therein contained, but the Trustee
shall not be obligated to enter into any such amended or supplemental indenture that affects its
own rights, duties or immunities under this Indenture or otherwise. Notwithstanding the foregoing,
no Opinion of Counsel shall be required in connection with the addition of a Guarantor under this
Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture
to this Indenture, the form of which is attached as Exhibit D hereto, and delivery of an
Officer’s Certificate.

Section 9.02 With Consent of Holders of Notes.

          Except as provided below in this Section 9.02, the Issuer and the Trustee may amend or
supplement this Indenture, any Guarantee and the 2017 B Notes with the consent of the Holders of at
least a majority in principal amount of the 2017 B Notes then outstanding, other than 2017 B Notes
beneficially owned by the Company or any of its Affiliates, including consents obtained in
connection with a purchase of, or tender offer or exchange offer for, 2017 B Notes, and any
existing Default or Event of Default or compliance with any provision of this Indenture or the 2017
B Notes issued thereunder may be waived with the consent of the Holders of a majority in principal
amount of the then outstanding 2017 B Notes, other than 2017 B Notes beneficially owned by the
Company or any of its Affiliates (including consents obtained in connection with a purchase of or
tender offer or exchange offer for such 2017 B Notes.

          Upon the request of the Company accompanied by a resolution of the Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon the filing with
the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of 2017 B Notes
as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02(b) hereof
(to the extent requested by the Trustee), the Trustee shall join with the Issuer and the Guarantors
in the execution of such amended or supplemental indenture unless such amended or supplemental
indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter
into such amended or supplemental indenture.

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          It shall not be necessary for the consent of the Holders of 2017 B Notes under this
Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall
be sufficient if such consent approves the substance thereof.

          After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer
shall mail to the Holders of 2017 B Notes affected thereby a notice briefly describing the
amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such amended or
supplemental indenture or waiver.

          Without the consent of each affected Holder of 2017 B Notes, an amendment or waiver under this
Section 9.02 may not, with respect to any 2017 B Notes held by a non-consenting Holder:

     (1) reduce the principal amount of such 2017 B Notes whose Holders must consent to an
amendment, supplement or waiver;

     (2) reduce the principal amount of or change the fixed final maturity of any such 2017
B Note or alter or waive the provisions with respect to the redemption of such 2017 B Notes
(other than provisions relating to Sections 3.09, 4.10 and 4.14 hereof);

     (3) reduce the rate of or change the time for payment of interest on any 2017 B
Note;

     (4) waive a Default in the payment of principal of or premium, if any, or interest on
the 2017 B Notes (except a rescission of acceleration of the 2017 B Notes by the Holders of
at least a majority in aggregate principal amount of the 2017 B Notes and a waiver of the
payment default that resulted from such acceleration) or in respect of a covenant or
provision contained in this Indenture or any Guarantee which cannot be amended or modified
without the consent of all affected Holders;

     (5) make any 2017 B Note payable in money other than that stated therein;

     (6) make any change in the provisions of this Indenture relating to waivers of past
Defaults or the rights of Holders to receive payments of principal of or premium, if any, or
interest on the 2017 B Notes;

     (7) make any change to this paragraph of this Section 9.02;

     (8) impair the right of any Holder to receive payment of principal of, or interest on
such Holder’s 2017 B Notes on or after the due dates therefor or to institute suit for the
enforcement of any payment on or with respect to such Holder’s 2017 B Notes;

     (9) make any change to the ranking of the 2017 B Notes that would adversely affect the
Holders;

     (10) except as expressly permitted by this Indenture, modify the Guarantees of any
Significant Party in any manner adverse to the Holders of the 2017 B Notes; or

     (11) after the Issuer’s obligation to purchase 2017 B Notes arises thereunder, amend,
change or modify in any respect materially adverse to the Holders of the 2017 B Notes the

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obligations of the Issuer to make and consummate a Change of Control Offer in the event of a
Change of Control or make and consummate an Asset Sale Offer with respect to any Asset Sale
that has been consummated or, after such Change or Control has occurred or such Asset Sale
has been consummated, modify any of the provisions or definitions with respect thereto in a
manner that is materially adverse to the Holders of the 2017 B Notes.

          Notwithstanding anything in this Indenture to the contrary, (1) no amendment or
supplement to this Indenture or the 2017 B Notes that modifies or waives the specific rights or
obligations of any Agent may be made without the consent of such Agent (it being understood that
the Trustee’s execution of any such amendment or supplement shall constitute such consent if the
Trustee is then also acting as such Agent).

Section 9.03 Compliance with Trust Indenture Act.

          Every amendment or supplement to this Indenture or the 2017 B Notes shall be set forth in an
amended or supplemental indenture that complies with the Trust Indenture Act as then in effect.

Section 9.04 Revocation and Effect of Consents.

          Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a
2017 B Note is a continuing consent by the Holder of a 2017 B Note and every subsequent Holder of a
2017 B Note or portion of a 2017 B Note that evidences the same debt as the consenting Holder’s
2017 B Note, even if notation of the consent is not made on any 2017 B Note. However, any such
Holder of a 2017 B Note or subsequent Holder of a 2017 B Note may revoke the consent as to its 2017
B Note if the Trustee receives written notice of revocation before the date the amendment,
supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in
accordance with its terms and thereafter binds every Holder.

          The Issuer may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to consent to any amendment, supplement, or waiver. If a record
date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at
such record date (or their duly designated proxies), and only such Persons, shall be entitled to
consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether
or not such Persons continue to be Holders after such record date. No such consent shall be valid
or effective for more than 120 days after such record date unless the consent of the requisite
number of Holders has been obtained.

Section 9.05 Notation on or Exchange of Notes.

          The Trustee may place an appropriate notation about an amendment, supplement or waiver on any
2017 B Note thereafter authenticated. The Issuer in exchange for all 2017 B Notes may issue and the
Trustee shall, upon receipt of an Authentication Order, authenticate new 2017 B Notes that reflect
the amendment, supplement or waiver.

          Failure to make the appropriate notation or issue a new 2017 B Note shall not affect the
validity and effect of such amendment, supplement or waiver.

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Section 9.06 Trustee To Sign Amendments, etc.

          The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article
9 if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities
or immunities of the Trustee. The Issuer may not sign an amendment, supplement or waiver until its
board of directors approves it. In executing any amendment, supplement or waiver, the Trustee shall
be provided with and (subject to Section 7.01 hereof) shall be fully protected in relying upon, in
addition to the documents required by Section 12.04 hereof, an Officer’s Certificate and an Opinion
of Counsel stating that the execution of such amended or supplemental indenture is authorized or
permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and
binding obligation of the Issuer and any Guarantors party thereto, enforceable against them in
accordance with its terms, subject to customary exceptions, and complies with the provisions hereof
(including Section 9.03 hereof). Notwithstanding the foregoing, no Opinion of Counsel shall be
required for the Trustee to execute any amendment or supplement adding a new Guarantor under this
Indenture.

Section 9.07 Payment for Consent.

          The Company shall not, and shall not permit any of its Subsidiaries to, directly or
indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or
otherwise, to or for the benefit of any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the 2017 B Notes unless such
consideration is offered to all Holders and is paid to all Holders that so consent, waive or agree
to amend in the time frame set forth in the solicitation documents relating to such consent, waiver
or agreement.

ARTICLE 10

GUARANTEES

Section 10.01 Guarantee.

          Subject to this Article 10, from and after the consummation of the Transactions, each of the
Guarantors hereby, jointly and severally, unconditionally guarantees on a senior unsecured basis to
each Holder of a 2017 B Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of this Indenture, the 2017
B Notes or the obligations of the Issuer hereunder or thereunder, that: (a) the principal of, and
interest, premium and Special Interest, if any, on the 2017 B Notes shall be promptly paid in full
when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the
overdue principal of and interest on the 2017 B Notes, if any, if lawful, and all other Obligations
of the Issuer to the Holders or the Trustee hereunder or under the 2017 B Notes shall be promptly
paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of
any extension of time of payment or renewal of any 2017 B Notes or any of such other obligations,
the same shall be promptly 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. Failing payment by
the Issuer when due of any amount so guaranteed for whatever reason, the Guarantors shall be
jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a
guarantee of payment and not a guarantee of collection.

          The Guarantors hereby agree that their obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of this Indenture or the 2017 B Notes,
the absence of any action to enforce the same, any waiver or consent by any Holder of the 2017 B
Notes with respect

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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 guarantor (other than payment in full of all of the Obligations
of the Issuer hereunder and under the 2017 B Notes). Each Guarantor hereby waives diligence,
presentment, demand of 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, protest,
notice and all demands whatsoever and covenants that this Guarantee shall not be discharged except
by complete performance of the obligations contained in the 2017 B Notes and this Indenture or by
release in accordance with the provisions of this Indenture.

          Each Guarantor also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights under this Section
10.01.

          If any Holder or the Trustee is required by any court or otherwise to return to the Issuer,
the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation
to either the Issuer or the Guarantors, any amount paid either to the Trustee or such Holder, then
this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

          Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to
the Holders in respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, 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 this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any
declaration of 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 the Guarantors for the
purpose of this Guarantee. The Guarantors shall have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the rights of the
Holders under the Guarantees.

          Each Guarantee shall remain in full force and effect and continue to be effective should any
petition be filed by or against the Issuer for liquidation reorganization, should the Issuer become
insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be
appointed for all or any significant part of the Issuer’s assets, and shall, to the fullest extent
permitted by law, continue to be effective or be reinstated, as the case may be, if at any time
payment and performance of the 2017 B Notes are, pursuant to applicable law, rescinded or reduced
in amount, or must otherwise be restored or returned by any obligee on the 2017 B Notes or
Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though
such payment or performance had not been made. In the event that any payment or any part thereof,
is rescinded, reduced, restored or returned, the 2017 B Notes shall, to the fullest extent
permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored or returned.

          In case any provision of any Guarantee 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.

          The Guarantee issued by any Guarantor shall be a general unsecured senior obligation of such
Guarantor, and will rank pari passu in right of payment to all unsubordinated indebtedness of the
relevant Guarantor, including, the guarantee by such Guarantor of the 2017 A Notes and, in the case
of the Company, the Company’s Obligations under the CCOH Mirror Note. Each Guarantor’s obligations

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under its Guarantee will be effectively subordinated to the obligations of the Guarantor under
its Secured Indebtedness, if any, to the extent of the value of the assets securing such
Indebtedness.

          Each payment to be made by a Guarantor in respect of its Guarantee shall be made without
set-off, counterclaim, reduction or diminution of any kind or nature.

Section 10.02 Limitation on Guarantor Liability.

          Each Guarantor, and by its acceptance of 2017 B Notes, each Holder, hereby confirms that it is
the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act,
the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors
hereby irrevocably agree that the obligations of each Guarantor shall be limited to the maximum
amount as will, after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws and after giving effect to any
collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in
the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or
fraudulent transfer under applicable law. Each Guarantor that makes a payment under its Guarantee
shall be entitled upon payment in full of all guaranteed obligations under this Indenture to a
contribution from each other Guarantor in an amount equal to such other Guarantor’s pro
rata portion of such payment based on the respective net assets of all the Guarantors at the
time of such payment determined in accordance with GAAP.

Section 10.03 Execution and Delivery.

          (a) To evidence its Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees
that this Indenture (or a supplemental indenture pursuant to Section 4.15 hereof) shall be executed
on behalf of such Guarantor by its President, one of its Vice Presidents or one of its Assistant
Vice Presidents.

          (b) Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 hereof shall
remain in full force and effect notwithstanding the absence of the endorsement of any notation of
such Guarantee on the 2017 B Notes.

          (c) If an officer of a Guarantor whose signature is on this Indenture (or a
supplemental indenture pursuant to Section 4.15 hereof) no longer holds that office at the time the
Trustee authenticates a 2017 B Note, the Guarantee of such Guarantor shall be valid nevertheless.

          (d) The delivery of any 2017 B Note by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of
the Guarantors.

          (e) If required by Section 4.15 hereof, the Issuer shall cause any newly created or acquired
Restricted Subsidiary to comply with the provisions of Section 4.15 hereof and this Article 10, to
the extent applicable.

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Section 10.04 Subrogation.

          Each Guarantor shall be subrogated to all rights of Holders of 2017 B Notes against the
Issuer in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01
hereof; provided that, if an Event of Default has occurred and is continuing, no Guarantor
shall be entitled to enforce or receive any payments arising out of, or based upon, such right of
subrogation until all amounts then due and payable by the Issuer under this Indenture or the 2017 B
Notes shall have been paid in full.

Section 10.05 Benefits Acknowledged.

          Each Guarantor acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated by this Indenture and that the guarantee and waivers made
by it pursuant to its Guarantee are knowingly made in contemplation of such benefits.

Section 10.06 Release of Guarantees.

          A Guarantee by a Restricted Guarantor shall be automatically and unconditionally released and
discharged, and no further action by such Guarantor, the Issuer or the Trustee is required for the
release of such Guarantor’s Guarantee, upon:

     (1) (A) any sale, exchange or transfer (by merger, consolidation or otherwise) of
(i) the Capital Stock of such Restricted Guarantor after which the applicable Restricted
Guarantor is no longer a Restricted Subsidiary or (ii) all or substantially all of the
assets of such Restricted Guarantor, which sale, exchange or transfer is made in compliance
with Sections 4.10(a)(1) and (2) hereof;

     (B) the designation of any Restricted Subsidiary that is a Guarantor as an
Unrestricted Subsidiary;

     (C) such Restricted Guarantor ceasing to be a Restricted Subsidiary as a result
of a transaction or designation permitted under this Indenture; provided,
however, if such Restricted Guarantor, immediately prior thereto,
was a guarantor of other capital markets debt securities of the Issuer or a
Guarantor and continues to be a guarantor of such other capital markets debt
securities of the Issuer or a Guarantor, no such release shall be permitted;

     (D) the exercise by the Issuer of its legal defeasance option or covenant
defeasance option as set forth in Article 8 hereof or the discharge of the
Issuer’s obligations under this Indenture in accordance with the terms set
forth in Article 12 hereof; and

          (2) such Guarantor delivering to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for in this Indenture relating
to such transaction have been complied with.

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ARTICLE 11

SATISFACTION AND DISCHARGE

Section 11.01 Satisfaction and Discharge.

          This Indenture shall be discharged and shall cease to be of further effect as to all 2017 B
Notes, when either:

     (1) all 2017 B Notes theretofore authenticated and delivered, except lost, stolen or
destroyed 2017 B Notes which have been replaced or paid and 2017 B Notes for whose payment
money has theretofore been deposited in trust, have been delivered to the Trustee for
cancellation; or

     (2) (A) all 2017 B Notes not theretofore delivered to the Trustee for cancellation have
become due and payable by reason of the making of a notice of redemption or otherwise, shall
become due and payable within one year or are to be called for redemption and redeemed
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, and the Issuer or
any Guarantor 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 2017 B Notes cash in U.S.
dollars, Government Securities, or a combination thereof, in such amounts as will be
sufficient without consideration of any reinvestment of interest to pay and discharge the
entire indebtedness on the 2017 B Notes not theretofore delivered to the Trustee for
cancellation for principal, premium, if any, and accrued interest to the date of maturity or
redemption thereof, as the case may be;

     (B) no Default (other than that resulting from borrowing funds to be applied to
make such deposit or any similar and simultaneous deposit relating to other
Indebtedness and in each case, the granting of Liens in connection therewith) with
respect to this Indenture or the 2017 B Notes shall have occurred and be continuing
on the date of such deposit or shall occur as a result of such deposit and such
deposit shall not result in a breach or violation of, or constitute a default under
any Senior Credit Facility or any other material agreement or instrument governing
Indebtedness (other than this Indenture) to which the Issuer or any Guarantor is a
party or by which the Issuer or any Guarantor is bound (other than resulting from
any borrowing of funds to be applied to make such deposit and any similar and
simultaneous deposit relating to other Indebtedness and, in each case, the granting
of Liens in connection therewith);

     (C) the Issuer has paid or caused to be paid all sums payable by it under this
Indenture; and

     (D) the Issuer has delivered irrevocable instructions to the Trustee to apply
the deposited money toward the payment of the 2017 B Notes at maturity or the
redemption date, as the case may be.

          In addition, the Issuer must deliver an Officer’s Certificate and an Opinion of Counsel to the
Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

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          Notwithstanding the satisfaction and discharge of this Indenture, if money shall
have been deposited with the Trustee pursuant to subclause (A) of clause (2) of this Section
11.01, the provisions of Section 11.02 and Section 8.06 hereof shall survive such satisfaction
and discharge.

Section 11.02 Application of Trust Money.

          Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee
pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the
provisions of the 2017 B Notes and this Indenture, to the payment, either directly or through any
Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to
the Persons entitled thereto, of the principal (and premium and Special Interest, if any) and
interest for whose payment such money has been deposited with the Trustee; but such money need not
be segregated from other funds except to the extent required by law.

          If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 11.01 hereof by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Issuer’s and any Guarantor’s obligations under this Indenture and the 2017 B
Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01
hereof; provided that if the Issuer has made any payment of principal of, premium and
Special Interest, if any, or interest on any 2017 B Notes because of the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of such 2017 B Notes to
receive such payment from the money or Government Securities held by the Trustee or Paying Agent.

ARTICLE 12

MISCELLANEOUS

Section 12.01
Trust Indenture Act Controls.

          If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by
Trust Indenture Act Section 318(c), the imposed duties shall control.

Section 12.02 Notices.

          Any notice or communication by the Issuer, any 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), facsimile or overnight air courier guaranteeing next day delivery, to
the others’ address:

If to the Issuer and/or any Guarantor:

Clear Channel Outdoor Holdings, Inc.

200 East Basse Road

San Antonio, TX 78209

Attention: Brian Coleman, Senior Vice President and Treasurer

Telephone: (210) 832-3311

Facsimile: (210) 832-3432

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with a copy to:

Ropes & Gray LLP

 1211 Avenue
of the Americas 

New York, NY

Attention: Jay J. Kim, Esq.

Telephone: (212) 596-9000

Facsimile: (212) 596-9090

If to the Trustee, the initial Paying Agent and the Registrar:

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota, 55107

Attention: Clear Channel Administrator

Facsimile: (651) 495-8097

          The Issuer, the Company, any Guarantor or 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) shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five calendar days after being
deposited in the mail, postage prepaid, if mailed by first-class mail; when receipt acknowledged,
if faxed; and the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery; and, subject to compliance with the Trust Indenture Act, on
the first date on which publication is made, if given by publication; provided that any
notice or communication delivered to the Trustee shall be deemed effective upon actual receipt
thereof.

          Any notice or communication to a Holder shall be mailed by first-class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing next 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 Trust Indenture Act Section 313(c), to the extent required by
the Trust Indenture Act. 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 otherwise delivered in the manner provided above
within the time prescribed, such notice or communication shall be deemed duly given, whether or not
the addressee receives it.

          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.

Section 12.03 Communication by Holders of Notes with Other Holders of Notes.

          Holders may communicate pursuant to Trust Indenture Act Section 312(b) with other Holders with
respect to their rights under this Indenture or the 2017 B Notes. The Issuer, the Trustee, the
Registrar and anyone else shall have the protection of Trust Indenture Act Section 312(c).

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Section 12.04 Certificate and Opinion as to Conditions Precedent.

     Upon any request or application by the Issuer or any of the Guarantors to the Trustee to take
any action under this Indenture, the Issuer or such Guarantor, as the case may be, shall furnish to
the Trustee:

     (a) An Officer’s Certificate in form and substance reasonably satisfactory to the
Trustee (which shall include the statements set forth in Section 12.05 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 in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 12.05 hereof) stating that, in the
opinion of such counsel, all such conditions precedent and covenants have been satisfied.

Section 12.05 Statements Required in Certificate or Opinion.

          Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to Section 4.04 hereof or Trust
Indenture Act Section 314(a)(4)) shall comply with the provisions of Trust Indenture Act Section
314(e) and 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 complied with (and, in the case of an
Opinion of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of
fact); and

     (d) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been complied with; provided, however, that with respect to
matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates
of public officials.

Section 12.06 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 12.07
No Personal Liability of Directors, Officers, Employees and Stockholders.

          No past, present or future director, officer, employee, incorporator, member, partner or
stockholder of the Issuer or any Guarantor or any of their direct or indirect parent companies
shall have any liability for any obligations of the Issuer or the Guarantors under the 2017 B
Notes, the Guarantees or this Indenture or for any claim based on, in respect of, or by reason of
such obligations or their creation.

-119-

 

Each Holder by accepting 2017 B Notes waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the 2017 B Notes.

Section 12.08 Governing Law.

          THIS INDENTURE, THE 2017 B NOTES AND ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

Section 12.09 Waiver of Jury Trial.

          EACH OF THE ISSUER, THE GUARANTORS 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 INDENTURE, THE 2017 B NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

Section 12.10 Force Majeure.

          In no event shall the Trustee or any Agent be responsible or liable for any failure or delay
in the performance of its obligations under this Indenture arising out of or caused by, directly or
indirectly, forces beyond its reasonable control, including strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts
of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
or hardware) services.

Section 12.11 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 Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

Section 12.12 Successors.

          All agreements of the Issuer in this Indenture and the 2017 B Notes shall bind its successors.
All agreements of the Trustee in this Indenture shall bind its successors. All agreements of each
Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section
10.06 hereof.

Section 12.13 Severability.

          In case any provision in this Indenture or in the 2017 B 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.

-120-

 

Section 12.14 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. This Indenture may be executed in
multiple counterparts which, when taken together, shall constitute one instrument.

Section 12.15
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.

Section 12.16 Qualification of Indenture.

          The Issuer and the Guarantors shall qualify this Indenture under the Trust Indenture Act in
accordance with the terms and conditions of the Registration Rights Agreement and shall pay all
reasonable costs and expenses (including attorneys’ fees and expenses for the Issuer, the
Guarantors and the Trustee) incurred in connection therewith, including, but not limited to, costs
and expenses of qualification of this Indenture and the 2017 B Notes and printing this Indenture
and the 2017 B Notes. The Trustee shall be entitled to receive from the Issuer and the Guarantors
any such Officer’s Certificates, Opinions of Counsel or other documentation as it may reasonably
request in connection with any such qualification of this Indenture under the Trust Indenture Act.

[Signatures on following page]

-121-

 

	 	 	 	 	 
	ISSUER: 	 Clear Channel Worldwide Holdings, Inc.

 	 
	 	By:  	/s/  Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Executive Vice President, Chief

Financial Officer and Secretary 	 
	 
	GUARANTORS: 	 Clear Channel Outdoor Holdings, Inc.

 	 
	 	By:  	/s/  Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer  	 
	 
	 	Clear Channel Outdoor, Inc.

 	 
	 	By:  	/s/   Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Clear Channel Adshel, Inc.

 	 
	 	By:  	/s/  Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	1567 Media LLC

 	 
	 	By:  	/s/  Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Clear Channel Spectacolor, LLC

 	 
	 	By:  	/s/  Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

[Signature Page to Series B Senior Notes Indenture]

 

 

	 	 	 	 	 
	GUARANTORS: 	 Clear Channel Taxi Media, LLC

 	 
	 	By:  	/s/  Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Clear Channel Outdoor Holdings Company 
Canada

 	 
	 	By:  	/s/  Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	Outdoor Management Services, Inc.

 	 
	 	By:  	/s/  Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	In-ter-space Services, Inc.

 	 
	 	By:  	/s/  Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

[Signature Page to Series B Senior Notes Indenture]

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee, Paying Agent, Registrar and Transfer Agent

 	 
	 	By:  	/s/
Richard Prokosch
 	 
	 	 	Name:  	Richard Prokosch 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Series B Senior Notes Indenture]

 

 

EXHIBIT A

[Face of 2017 B Note]

          [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]

          [Insert the Private Placement Legend, if applicable pursuant to the provisions of the
Indenture]

          [Insert the Regulation S Temporary Global Note Legend, if applicable pursuant to the
provisions of the Indenture]

          [THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF
THE INTERNAL REVENUE CODE. THE ISSUE DATE IS [•]. INFORMATION REGARDING THE ISSUE
PRICE, THE YIELD TO MATURITY AND THE AMOUNT OF ORIGINAL ISSUE DISCOUNT UNDER THIS NOTE CAN BE
PROMPTLY OBTAINED BY SENDING A WRITTEN REQUEST TO THE TREASURER OF THE ISSUER AT 200 EAST BASSE
ROAD, SAN ANTONIO, TX 78209.]

A-1

 

CUSIP [          ]

ISIN [          ]1

[[RULE
144A][REGULATION S] GLOBAL NOTE

representing up to

$2,000,000,000

9.25% Series B Senior Notes due 2017

			
	 	 	 
	No. ___
	 	[$__________]

CLEAR CHANNEL WORLDWIDE HOLDINGS, INC.

as the Issuer

promises to pay to CEDE & CO. or registered assigns, the principal sum [set forth on the
Schedule of Exchanges of Interests in the Global Note attached hereto] [of                                          United States Dollars]
on December 15, 2017.

Interest Payment Dates: June 15 and December 15

Record Dates: June 1 and December 1

 

			
	1	 	Rule l44A Note CUSIP: l845lQ AB4
	 
	 	 	Rule l44A Note ISIN: US1845lQAB4l
	 
	 	 	Regulation S Note CUSIP: U18294 AB1
	 
	 	 	Regulation S Note ISIN: USU18294AB15
	 
	 	 	Exchange Note CUSIP:
	 
	 	 	Exchange Note ISIN:

A-2

 

IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed.

Dated: [•]

	 	 	 	 	 
	 	CLEAR CHANNEL WORLDWIDE HOLDINGS, INC.

as Issuer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-3

 

This is one of the 2017 B Notes referred to in the within-mentioned Indenture:

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

A-4

 

[Back of 2017 B Note]

9.25% Series B Senior Notes due 2017

          Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

          1. INTEREST.

          (a) Clear
Channel Worldwide Holdings, Inc., a Nevada corporation (the “Issuer”),
promises to pay interest on the principal amount of this 2017 B Note at 9.25% per annum from
December 23, 20092 until maturity and shall pay the Special Interest, if any, payable
pursuant to the 2017 B Registration Rights Agreement referred to below. The Issuer shall pay
interest and Special Interest, if any, semi-annually in arrears on June 15 and December 15 of each
year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an
“Interest Payment Date”). Interest on the 2017 B Notes shall accrue from the most recent
date to which interest has been paid or, if no interest has been paid, from the date of issuance.
The Issuer shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at 1.0% per
annum in excess of the interest rate otherwise payable on the 2017 B Notes; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Special Interest, if any, (without regard to any applicable grace
periods) from time to time on demand at 1.0% per annum in excess of the interest rate otherwise
payable on the 2017 B Notes. Interest shall be computed on the basis of a 360-day year comprised of
twelve 30-day months.

          (b) Prior to the Issue Date, the Issuer shall have caused the Trustee to establish an account
(the “Trustee Account”) to be maintained by the Trustee for the benefit of the Holders with
respect to payments of interest on the 2017 B Notes, over which the Trustee shall have sole control
and dominion. Interest on the 2017 B Notes will accrue, and be payable by or on behalf of the
Issuer to the Trustee, daily; provided that the failure by the Issuer to make or have made
any such daily payment to the Trustee on any day will not constitute a Default so long as (a) (x)
no payment or other transfer by the Company or any of its Restricted Subsidiaries shall have been
made on such day under the Cash Management Arrangements or (y) the amount of funds on deposit in
the Trustee Account on such day is equal to the amount of interest which has accrued up to and
including such day and (b) on each Interest Payment Date the aggregate amount of funds deposited in
the Trustee Account is sufficient to pay the aggregate amount of interest on the 2017 B Notes that
is payable by the Trustee to Holders of 2017 B Notes on such Interest
Payment Date; provided
further, however, that payments of interest shall only be deemed to be overdue to the extent
that the aggregate amount of funds deposited in the Trustee Account is not sufficient to pay the
aggregate amount of interest on the 2017 B Notes that is payable by the Trustee to Holders on the
applicable Interest Payment Date. The Issuer or any Guarantor will not be the legal owners of the
funds on deposit in the Trustee Account. Such amounts may be in cash in U.S. dollars, in Government
Securities or in a combination thereof. Any interest earned on Government Securities held in the
Trustee Account will be applied to pay fees and expenses of the Trustee and, to the extent of any
excess, returned to the Company. Upon the making by or on behalf of the Issuer of any payment into
the Trustee Account, the Issuer’s obligation to pay accrued interest shall be discharged to the
extent of the amount so paid. If the Trustee fails to make an interest payment on the 2017 B Notes
but the Issuer has deposited the funds with the Trustee, it will not be a Default.

 

			
	2	 	With respect to the Initial Notes

A-5

 

          2. METHOD OF PAYMENT. Interest, and Special Interest, if any, on the 2017 B Notes shall be
paid to the Persons who are registered Holders of the 2017 B Notes at the close of business on the
June 1 or December 1 (whether or not a Business Day), as the case may be, next preceding the
Interest Payment Date, even if such 2017 B Notes are canceled 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. Payment of interest and Special Interest, if any, may be made by check
mailed to the Holders at their addresses set forth in the register of Holders; provided
that payment by wire transfer of immediately available funds shall be required with respect to
principal of and interest, premium and Special Interest, if any, on, all Global Notes and all other
2017 B Notes the Holders of which shall have provided wire transfer instructions to the Issuer or
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.

          3. PAYING AGENT, TRANSFER AGENT AND REGISTRAR. Initially, U.S. Bank National Association shall
act as Paying Agent, Transfer Agent and Registrar. The Issuer may change any Paying Agent, Transfer
Agent or Registrar without notice to the Holders. The Issuer or any of its Subsidiaries may act in
any such capacity.

          4. INDENTURE. The Issuer issued the 2017 B Notes under an Indenture, dated as of December 23,
2009 (the “Indenture”), among the Issuer, the Company, CCO, the other Guarantors party
thereto, and the Trustee, Paying Agent, Registrar and Transfer Agent. This 2017 B Note is one of a
duly authorized issue of notes of the Issuer designated as its 9.25% Series B Senior Notes due
2017. The Issuer shall be entitled to issue Additional 2017 B Notes pursuant to Sections 2.01 and
4.09 of the Indenture. The terms of the 2017 B Notes include those stated in the Indenture and
those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the
“Trust Indenture Act”). The 2017 B Notes are subject to all such terms, and Holders are
referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent
any provision of this 2017 B Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling.

          5. OPTIONAL REDEMPTION.

          (a) Except as described below under Sections 5(b) and 5(c), the 2017 B Notes shall not be
redeemable at the Issuer’s option before December 15, 2012.

          (b) At
any time prior to December 15, 2012, the 2017 B Notes may be redeemed or purchased (by
the Issuer or any other Person), in whole or in part, upon notice as provided in Section 3.03 of
the Indenture, at a redemption price equal to 100.0% of the principal amount of the 2017 B Notes
redeemed plus the Applicable Premium as of the date of redemption (the “Redemption Date”)
and, without duplication, accrued and unpaid interest to the Redemption Date, subject to the right
of Holders of record on the relevant Record Date to receive interest due on the relevant Interest
Payment Date.

          (c) Until December 15, 2012, the Issuer may, at its option, on one or more occasions, redeem
up to 35.0% of the aggregate principal amount of 2017 B Notes, upon notice provided as described in
Section 3.03 of the Indenture, at a redemption price equal to 109.250% of the aggregate principal
amount thereof, plus accrued and unpaid interest thereon to the applicable Redemption Date, subject
to the right of Holders of 2017 B Notes of record on the relevant Record Date to receive interest
due on the relevant Interest Payment Date, with the net cash proceeds of one or more Equity
Offerings to the extent such net cash proceeds are received by or contributed to the Issuer;
provided that at least 50.0%

A-6

 

of the sum of the aggregate principal amount of 2017 B Notes originally issued under the Indenture
on the Issue Date and any Additional 2017 B Notes that are 2017 B Notes issued under the Indenture
after the Issue Date remains outstanding immediately after the occurrence of each such redemption;
provided  further that each such redemption occurs within 180 days of the date of closing of
each such Equity Offering. Notice of any redemption upon any Equity Offering may be given prior to
the completion of the related Equity Offering, and any such redemption or notice may, at the
Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to,
completion of the related Equity Offering.

          (d) On and after December 15, 2012, the 2017 B Notes may be redeemed or purchased (by the
Issuer or any other Person), at the Issuer’s option, in whole or in part, upon notice provided as
described in Section 3.03 of the Indenture, at the redemption prices (expressed as percentages of
principal amount of the 2017 B Notes to be redeemed) set forth below, plus accrued and unpaid
interest thereon to the applicable Redemption Date, subject to the right of Holders of record on
the relevant Record Date to receive interest due on the relevant Interest Payment Date, if redeemed
during the twelve-month period beginning on December 15 of each of the years indicated below:

	 	 	 	 	 
	 	 	2017 B	 
	Year	 	Notes Percentage	 
	2012
	 	 	106.93750	%
	2013
	 	 	104.62500	%
	2014
	 	 	102.31250	%
	2015 and thereafter
	 	 	100.00000	%

          (e) Any redemption of 2017 B Notes pursuant to this Section 5 shall be made pursuant to
the provisions of Sections 3.01 through 3.06 of the Indenture.

          6. MANDATORY REDEMPTION. Notwithstanding anything to the contrary in the Indenture, none of
the Company or any of its Subsidiaries shall make any purchase of, or otherwise effectively cancel
or retire any 2017 B Notes (whether through open market purchases, tender offers, defeasance,
offers to purchase required by the 2017 B Notes or otherwise) if, after giving effect thereto and,
if applicable, any concurrent purchase of or other action with respect to any 2017 A Notes, the
ratio of (a) the outstanding aggregate principal amount of the 2017 A Notes to (b) the outstanding
aggregate principal amount of the 2017 B Notes shall be greater than 0.250; provided,
however, that the foregoing restriction shall not be applicable in the case of any Change
of Control Offer, Asset Sale Offer or offer to purchase the 2017 A Notes required to be made under
the 2017 A Indenture at the price specified with respect thereto to all holders of the 2017 A
Notes, where a violation of the foregoing restriction would occur solely as a result of different
offer acceptance rates by the holders of the 2017 B Notes and the 2017 A Notes. References to the
2017 B Notes and the 2017 A Notes in this Section 6 do not include any Additional 2017 B Notes or
any Additional 2017 A Notes, as applicable.

          7. NOTICE OF REDEMPTION. Subject to Section 3.03 of the Indenture, notice of redemption shall
be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date
(except that redemption notices may be mailed more than 60 days prior to a redemption date if the
notice is issued in connection with Article 8 or Article 12 of the Indenture) to each Holder whose
2017 B Notes are to be redeemed at its registered address. Notes in denominations larger than
$2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the 2017 B
Notes

A-7

 

held by a Holder are to be redeemed. On and after the redemption date, interest shall cease to
accrue on 2017 B Notes or portions thereof called for redemption.

          8. OFFERS TO REPURCHASE.

          (a) If a Change of Control occurs, unless the Issuer has previously or concurrently mailed a
redemption notice with respect to all the outstanding 2017 B Notes as set forth in Sections 3.03
and 3.07 of the Indenture and Section 5 hereof, the Issuer shall make an offer to purchase all of
the 2017 B Notes pursuant to the offer described below (the “Change of Control Offer”) at a
price in cash (the “Change of Control Payment”) equal to 101.0% of the aggregate principal
amount thereof plus accrued and unpaid interest, if any, to the date of purchase, subject to the
right of Holders of the 2017 B Notes of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date. The Change of Control Offer shall be made in accordance with
Section 4.14 of the Indenture.

          (b) If the Company or any of its Restricted Subsidiaries consummates an Asset Sale, within 10
Business Days of each date that Excess Proceeds exceed $50,000,000, the Issuer shall make an offer
to all Holders of the 2017 B Notes and, if required by the terms of any Pari Passu Indebtedness, to
the holders of such Pari Passu Indebtedness (an “Asset Sale Offer”), to purchase the
maximum aggregate principal amount of the 2017 B Notes and the maximum aggregate principal amount
(or accreted value, if less) of such Pari Passu Indebtedness that is a minimum of $2,000 or an
integral multiple of $1,000 (in aggregate principal amount), that may be purchased out of the
Excess Proceeds at an offer price in cash in an amount equal to 100.0% of the principal amount
thereof, plus accrued and unpaid interest to the date fixed for the closing of such offer, in
accordance with the procedures set forth in the Indenture. To the extent that the aggregate
principal amount of 2017 B Notes and aggregate amount (or accreted value, if applicable) of such
Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds
with respect to the 2017 B Notes, the Issuer may use any remaining Excess Proceeds for general
corporate purposes, subject to compliance with other covenants contained in the Indenture. If the
aggregate principal amount of 2017 B Notes and aggregate principal amount (or accreted value, if
applicable) of the Pari Passu Indebtedness surrendered in an Asset Sale Offer by such holders
thereof exceeds the amount of Excess Proceeds with respect to the 2017 B Notes, the 2017 B Notes
(as selected by the Trustee or the Paying Agent) and such Pari Passu Indebtedness (as selected by
the agent thereof) shall be purchased on a pro rata basis based on the aggregate principal amount
of the 2017 B Notes and the principal amount (or accreted value, if applicable) of such Pari Passu
Indebtedness tendered. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds
shall be reset at zero. Holders of 2017 B Notes that are the subject of an offer to repurchase
shall receive an Asset Sale Offer from the Issuer prior to any related purchase date and may elect
to have such 2017 B Notes purchased by completing the form entitled “Option of Holder to Elect
Purchase” attached to the 2017 B Notes.

          9. DENOMINATIONS, TRANSFER, EXCHANGE. The 2017 B Notes are in registered form without coupons
in denominations of $2,000 and integral multiples of $1,000. The transfer of 2017 B Notes may be
registered and 2017 B 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 2017 B
Note or portion of a 2017 B Note selected for redemption, except for the unredeemed portion of any
2017 B Note being redeemed in part. Also, the Issuer need not exchange or register the transfer of
(x) any 2017 B Notes for a period of 15 days before a selection of 2017 B Notes to be redeemed or
(y) any 2017 B Notes selected for redemption or tendered (and not withdrawn) for repurchase in
connection with a Change of Control Offer or an Asset Sale Offer.

A-8

 

          10. PERSONS DEEMED OWNERS. The registered Holder of a 2017 B Note may be treated as its owner
for all purposes.

          11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Guarantees or the 2017 B
Notes may be amended or supplemented as provided in the Indenture.

          12. DEFAULTS AND REMEDIES. The Events of Default relating to the 2017 B Notes are defined in
Section 6.01 of the Indenture. If any Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25.0% in principal amount of the then outstanding Notes may declare the
principal, premium, if any, interest and any other monetary obligations on all the then outstanding
Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of
Default arising from certain events of bankruptcy or insolvency, all outstanding Notes shall become
due and payable immediately without further action or notice. Holders may not enforce the
Indenture, the 2017 B Notes or the Guarantees except as provided in the Indenture. Subject to
certain limitations, Holders of a majority in aggregate principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of the 2017 B Notes notice of any continuing Default (except a Default relating to the
payment of principal, premium, if any, or interest) if it determines that withholding notice is in
their interest. The Holders of a majority in aggregate principal amount of the 2017 B Notes then
outstanding by notice to the Trustee may on behalf of the Holders of all of the 2017 B Notes waive
any existing Default and its consequences under the Indenture except a continuing Default in
payment of interest on, premium, if any, or the principal of, any of the 2017 B Notes held by a
non-consenting Holder. The Issuer is required to deliver to the Trustee annually a statement
regarding compliance with the Indenture, and the Issuer is required within five (5) Business Days
after becoming aware of any Default, to deliver to the Trustee a statement specifying such Default
and what action the Issuer proposes to take with respect thereto.

          13. AUTHENTICATION. This 2017 B Note shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose until authenticated by the manual signature of the
Trustee.

          14. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES.
In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted
Global Notes and Restricted Definitive Notes shall have all the rights set forth in the
Registration Rights Agreement with respect to the 2017 B Notes, dated as of December 23, 2009,
among the Issuer, the Company, CCO, the other Guarantors named therein and the other parties named
on the signature pages thereof (the “2017 B Registration Rights Agreement”), including the
right to receive Special Interest (as defined in the 2017 B Registration Rights Agreement).

          15. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE
INDENTURE, THE 2017 B NOTES AND THE GUARANTEES.

          16. CUSIP 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 2017 B
Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders.
No representation is made as to the accuracy of such numbers either as printed on the 2017 B Notes
or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

A-9

 

          The Issuer shall furnish to any Holder upon written request and without charge a copy of the
Indenture and/or the 2017 B Registration Rights Agreement. Requests may be made to the Issuer at
the following address:

Clear Channel Worldwide Holdings, Inc.

200 East Basse Road

San Antonio, TX 78209

Attention: Brian Coleman, Senior Vice President and Treasurer

A-10

 

ASSIGNMENT FORM

          To assign this 2017 B Note, fill in the form below:

	 	 	 
	(I) or (we) assign and transfer this 2017 B Note to:
	 	 
	 

	 	 

	 	 	 
	 
	 	(Insert assignee’s legal name)

      

(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 2017 B Note on the books of the Issuer. The agent may substitute another to act
for him.

Date:                                         

	 	 	 	 	 
	 

	 	Your Signature:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Sign exactly as your name appears on
the face of this 2017 B Note)

Signature Guarantee*:                                                             

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or
other signature guarantor acceptable to the Trustee).

A-11

 

OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this 2017 B Note purchased by the Issuer pursuant to
Section 4.10 or 4.14 of the Indenture, check the appropriate box below:

[ ] Section 4.10            [ ] Section 4.14

     If you want to elect to have only part of this 2017 B Note purchased by the Issuer 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 face of this 2017 B Note)
	 
	 	 	 	 
	 

	 	Tax Identification No.: 	 
	 

	 	 	 	 

Signature Guarantee*:                                                             

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or
other signature guarantor acceptable to the Trustee).

A-12

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

          The initial outstanding principal amount of this Global Note is $                    . The
following exchanges of a part of this Global Note for an interest in another Global Note or for a
Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in
this Global Note, have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Principal Amount	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	of	 	 	 	 
	 	 	Amount of	 	 	Amount of increase	 	 	this Global Note	 	 	Signature of	 
	 	 	decrease	 	 	in Principal	 	 	following such	 	 	authorized officer	 
	Date of	 	in Principal	 	 	Amount of this	 	 	decrease or	 	 	of Trustee or 	 
	Exchange	 	Amount	 	 	Global Note	 	 	increase	 	 	Note Custodian	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	*	 	This schedule should be included only if the Note is issued in global form.

A-13

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

Clear Channel Worldwide Holdings, Inc.

200 East Basse Road

San Antonio, TX 78209

Attention: Brian Coleman, Senior Vice President and Treasurer

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota, 55107

Attention: Clear Channel Administrator

          Re: 9.25% Series B Senior Notes due 2017

          Reference is hereby made to the Indenture, dated as of December 23, 2009 (the “Indenture”),
among the Issuer, the Company, CCO, the other guarantors party thereto and
the Trustee, Paying Agent, Registrar and Transfer Agent, under which the 2017 B Notes have been
issued. Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.

                               (the “Transferor”) owns and proposes to transfer the 2017 B Note[s]
or interest in such 2017 B Note[s] specified in Annex A hereto, in the principal amount of $                    
in such 2017 B Note[s] or interests (the “Transfer”), to                      (the “Transferee”), as further
specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

[CHECK ALL THAT APPLY]

          1. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL NOTE
OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in
accordance with Rule 144A under the United States Securities Act of 1933, as amended (the
“Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the Transferor
reasonably believes is purchasing the beneficial interest or Definitive Note 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 Transfer is in compliance
with any applicable blue sky securities laws of any state of the United States.

          2.
[ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S
GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant
to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the
Transferor hereby further certifies that (i) the Transfer is not being made to a person in the
United States and (x) at the time the buy order was originated, the Transferee was outside the
United States or such Transferor and any Person acting on its behalf reasonably believed and
believes that the Transferee was outside the United States or (y) the transaction

B-1

 

was executed in, on or through the facilities of a designated offshore securities market and
neither such Transferor nor any Person acting on its behalf knows that the transaction was
prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in
contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the
Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the
expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the
account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the
Indenture and the Securities Act.

          3. [ ] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY
OF A BENEFICIAL INTEREST IN THE DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF
THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being
effected in compliance with the transfer restrictions applicable to beneficial interests in
Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities
Act and any applicable blue sky securities laws of any state of the United States, and accordingly the
Transferor hereby further certifies that (check one):

(a) [ ] such Transfer is being effected pursuant to and in accordance with Rule 144 under the
Securities Act;

or

(b) [ ] such Transfer is being effected to the Company or a subsidiary thereof;

or

(c) [ ] such Transfer is being effected pursuant to an effective registration statement under
the Securities Act and in compliance with the prospectus delivery requirements of the Securities
Act.

          4. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL
INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE
NOTE.

          (a) [ ] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant
to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any state of
the United States and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

          (b) [ ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the

B-2

 

Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture.

     (c) [ ] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected
pursuant to and in compliance with an exemption from the registration requirements of the
Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of
the United States and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will not be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or
Restricted Definitive Notes and in the Indenture.

B-3

 

          This certificate and the statements contained herein are made for your benefit and the benefit
of the Issuer.

	 	 	 	 	 
	 	[Insert Name of Transferor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Dated:                                         

B-4

 

ANNEX A TO CERTIFICATE OF TRANSFER

	1.	 	The Transferor owns and proposes to transfer the following:

[CHECK ONE OF (a) OR (b)]

	(a)	 	[ ] a beneficial interest in the:

	 	(i)	 	[ ] 144A Global Note (CUSIP [ ]), or
	 
	 	(ii)	 	[ ] Regulation S Global Note (CUSIP [ ]), or

	(b)	 	[ ] a Restricted Definitive Note.
	 
	2.	 	After the Transfer the Transferee will hold:

[CHECK ONE]

	(a)	 	[ ] a beneficial interest in the:

	 	(i)	 	[ ] 144A Global Note (CUSIP [ ]), or
	 
	 	(ii)	 	[ ] Regulation S Global Note (CUSIP [ ]), or
	 
	 	(iii)	 	[ ] Unrestricted Global Note (CUSIP [ ]); or

	(b)	 	[ ] a Restricted Definitive Note; or

	(c)	 	[ ] an Unrestricted Definitive Note,
in accordance with the terms of the Indenture.

B-5

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

Clear Channel Worldwide Holdings, Inc.

200 East Basse Road

San Antonio, TX 78209

Attention: Brian Coleman, Senior Vice President and Treasurer

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota, 55107

Attention: Clear Channel Administrator

Re: 9.25% Series B Senior Notes due 2017

          Reference is hereby made to the Indenture, dated as of December 23, 2009 (the
“Indenture”), among the Issuer, the Company, CCO, the other guarantors party thereto and
the Trustee, Paying Agent, Registrar and Transfer Agent, under which the 2017 B Notes have been
issued. Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.

                               (the “Owner”) owns and proposes to exchange the 2017 B Note[s] or
interest in such 2017 B Note[s] specified herein, in the principal amount of $                     in such 2017 B
Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby
certifies that:

          1) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN
AN UNRESTRICTED GLOBAL NOTE

a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL
INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s beneficial
interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an
equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance
with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

b) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED
DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note
is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to maintain

C-1

 

compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

c) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN
UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note
for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States.

d) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In
connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive
Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States.

          2) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS
IN RESTRICTED GLOBAL NOTES

a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED
DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby
certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without
transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture,
the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the
Indenture and the Securities Act.

b) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED
GLOBAL NOTE. In connection with the Exchange of the Owner’s Restricted Definitive Note for a
beneficial interest in the [CHECK ONE] [ ] 144A Global Note [ ] Regulation S Global Note, with
an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in
accordance with the Securities Act, and in compliance with any applicable blue sky securities laws
of any state of the United States. Upon consummation of the proposed Exchange in accordance with
the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note
and in the Indenture and the Securities Act.

C-2

 

          This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuer and are dated                     .

	 	 	 	 	 
	 	[Insert Name of Transferor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Dated:                                        

C-3

 

EXHIBIT D

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

          Supplemental
Indenture (this “Supplemental Indenture”), dated as
of            , among             (the
“Guaranteeing Subsidiary”), a subsidiary of Clear Channel Outdoor Holdings, Inc., a
Delaware corporation (the “Company”) and U.S. Bank National Association, as trustee (the
“Trustee”).

W
I T N E S S E
T H

          WHEREAS, Clear Channel Worldwide Holdings, Inc. (the “Issuer”) has heretofore executed
and delivered to the Trustee an indenture (the “Indenture”), dated as of December 23, 2009,
providing for the issuance of an unlimited aggregate principal amount of 9.25% Series B Senior
Notes due 2017 (the “2017 B 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
2017 B Notes and the Indenture on the terms and conditions set forth herein and under the Indenture
(the “Guarantee”);

          WHEREAS, the Guaranteeing Subsidiary is, concurrently herewith, executing a
supplemental indenture with respect to the 2017 A 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 of the 2017 B Notes as follows:

          (1) Capitalized Terms. Capitalized terms used herein without definition shall have
the meanings assigned to them in the Indenture.

          (2) Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an
unconditional Guarantee on the terms and subject to the conditions set forth in the Indenture
including but not limited to Articles 10 and 11 thereof.

          (3) No Recourse Against Others. No past, present or future director, officer,
employee, incorporator, member, partner or stockholder of the Guaranteeing Subsidiary or any of its
direct or indirect parent companies shall have any liability for any obligations of the Issuer or
the Guarantors (including the Guaranteeing Subsidiary) under the 2017 B Notes, any Guarantees, the
Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder by accepting Notes waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the 2017 B Notes.

D-1

 

          (4) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

          (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) Effect of Headings. The Section headings herein are for convenience only and shall
not affect the construction hereof.

          (7) The Trustee. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of
the recitals contained herein, all of which recitals are made solely by the Guaranteeing
Subsidiary.

          (8) Subrogation. The Guaranteeing Subsidiary shall be subrogated to all rights of
Holders of Notes against the Issuer in respect of any amounts paid by the Guaranteeing Subsidiary
pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided
that, if an Event of Default has occurred and is continuing, the Guaranteeing Subsidiary shall not
be entitled to enforce or receive any payments arising out of, or based upon, such right of
subrogation until all amounts then due and payable by the Issuer under the Indenture or the 2017 B
Notes shall have been paid in full.

          (9) Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the
terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it
will receive direct and indirect benefits from the financing arrangements contemplated by the
Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to
this Guarantee are knowingly made in contemplation of such benefits.

          (10) Successors. All agreements of the Guaranteeing Subsidiary in this Supplemental
Indenture shall bind its Successors, except as otherwise provided in the Indenture or in this
Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind
its successors.

D-2

 

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

	 	 	 	 	 
	 	[GUARANTEEING SUBSIDIARY]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S Bank National Association, as Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

D-3exv10w2

Exhibit 10.2

 

STOCKHOLDERS AGREEMENT

by and among

CC Media Holdings, Inc.,

BT Triple Crown Merger Co., Inc.,

Clear Channel Capital IV, LLC,

Clear Channel Capital V, L.P.,

L. Lowry Mays,

Mark P. Mays,

Randall T. Mays

and

the other Stockholders (as defined herein)

Dated as of July 29, 2008

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	1. EFFECTIVENESS; DEFINITIONS.
	 	 	2	 
	1.1. Effectiveness
	 	 	2	 
	1.2. Definitions
	 	 	3	 
	2. VOTING AGREEMENT.
	 	 	3	 
	2.1. Board of Directors
	 	 	3	 
	2.2. Drag Along Sale Transactions
	 	 	4	 
	2.3. Recapitalization Transactions
	 	 	5	 
	2.4. Consent to Amendment
	 	 	5	 
	2.5. FCC Matters
	 	 	5	 
	2.6. No Effect to Certain Actions
	 	 	5	 
	2.7. Grant of Proxy
	 	 	5	 
	2.8. Further Assurances
	 	 	6	 
	2.9. Period
	 	 	6	 
	3. TRANSFER RESTRICTIONS.
	 	 	6	 
	3.1. Transfers Allowed
	 	 	6	 
	3.2. Permitted Transferees to Become Parties
	 	 	8	 
	3.3. Restrictions on Transfers to Strategic Investors
	 	 	9	 
	3.4. Conversion of Class B Stock and Class C Stock
	 	 	10	 
	3.5. Legal Restrictions
	 	 	10	 
	3.6. Other Restrictions on Transfer; Indirect Transfers
	 	 	10	 
	3.7. Impermissible Transfers
	 	 	10	 
	3.8. Period
	 	 	10	 
	4. “TAG ALONG” AND “DRAG ALONG” RIGHTS.
	 	 	11	 
	4.1. Tag Along
	 	 	11	 
	4.2. Sale Event Drag Along
	 	 	13	 
	4.3. Miscellaneous Sale Provisions
	 	 	14	 
	4.4. Recapitalization Transaction Drag Along
	 	 	17	 
	4.5. Period
	 	 	20	 

 

 

	 	 	 	 	 
	 	 	Page	 
	5. RIGHT OF PARTICIPATION.
	 	 	20	 
	5.1. Right of Participation
	 	 	20	 
	5.2. Post-Issuance Notice
	 	 	24	 
	5.3. Excluded Transactions
	 	 	24	 
	5.4. Certain Provisions Applicable to Convertible Securities
	 	 	25	 
	5.5. Acquired Shares
	 	 	25	 
	5.6. Period
	 	 	25	 
	6. LOCK-UP.
	 	 	25	 
	7. MANAGEMENT SALE RIGHTS.
	 	 	26	 
	8. REGISTRATION RIGHTS.
	 	 	26	 
	8.1. Demand Registration Rights
	 	 	26	 
	8.2. Piggyback Registration Rights
	 	 	28	 
	8.3. Certain Other Provisions
	 	 	30	 
	8.4. Indemnification and Contribution
	 	 	36	 
	8.5. Public Dispositions Without Registration
	 	 	39	 
	9. REMEDIES.
	 	 	40	 
	9.1. Generally
	 	 	40	 
	9.2. Deposit
	 	 	40	 
	10. LEGENDS.
	 	 	41	 
	10.1. Restrictive Legend
	 	 	41	 
	10.2. 1933 Act Legends
	 	 	41	 
	10.3. Stop Transfer Instruction
	 	 	41	 
	10.4. Termination of 1933 Act Legend
	 	 	41	 
	10.5. Book-Entry Shares
	 	 	41	 
	11. AMENDMENT, TERMINATION, ETC.
	 	 	42	 
	11.1. Oral Modifications
	 	 	42	 
	11.2. Written Modifications
	 	 	42	 
	11.3. Withdrawal from Agreement
	 	 	42	 
	11.4. Effect of Termination
	 	 	43	 
	12. DEFINITIONS, Etc.
	 	 	43	 
	12.1. Certain Matters of Construction
	 	 	43	 
	12.2. Definitions
	 	 	43	 

 

 

	 	 	 	 	 
	 	 	Page	 
	13. MISCELLANEOUS.
	 	 	54	 
	13.1. Authority; Effect
	 	 	54	 
	13.2. Notices
	 	 	54	 
	13.3. Merger; Binding Effect, Etc
	 	 	56	 
	13.4. Counterparts
	 	 	57	 
	13.5. Severability
	 	 	57	 
	13.6. No Recourse
	 	 	57	 
	13.7. Aggregation of Shares for Certain Rights
	 	 	57	 
	13.8. Company Obligations
	 	 	58	 
	14. GOVERNING LAW.
	 	 	58	 
	14.1. Governing Law
	 	 	58	 
	14.2. Consent to Jurisdiction
	 	 	58	 
	14.3. WAIVER OF JURY TRIAL
	 	 	59	 
	14.4. Exercise of Rights and Remedies
	 	 	59	 

Exhibit A — Form of Joinder

Schedule I — Holdings of Shares & Options

 

 

STOCKHOLDERS AGREEMENT

This Stockholders Agreement (the “ Agreement ”) is made as of July 29, 2008 and is by
and among:

	(i)	 	CC Media Holdings, Inc., a Delaware corporation formerly known as
BT Triple Crown Capital Holdings III, Inc. (the “ Company ”);
	 
	(ii)	 	BT Triple Crown Merger Co., Inc., a Delaware corporation and an
indirect, wholly-owned subsidiary of the Company (“ Mergerco ”);
	 
	(iii)	 	Clear Channel Capital IV, LLC, a Delaware limited liability
company formed and jointly controlled by the Sponsor Groups (“
Capital IV ”; together with its Permitted Transferees, if any,
that become parties to this Agreement as “Investors” in
accordance with Section 3.2, the “ Capital IV Investors ”);
	 
	(iv)	 	Clear Channel Capital V, L.P., a Delaware limited partnership
formed and jointly controlled by the Sponsor Groups (“ Capital V
”; together with its Permitted Transferees, if any, that become
parties to this Agreement as “Investors” in accordance with
Section 3.2, the “ Capital V Investors ”);
	 
	(v)	 	L. Lowry Mays, Mark P. Mays and Randall T. Mays (who are listed
on the signature pages hereto as the “Mays Executives”) and such
other persons, if any, who from time to time become parties to
this Agreement as “Executives” by executing a counterpart hereto
that is accepted by the Company and a Requisite Capital IV
Majority (each of the persons named or otherwise described in
this clause (v), an “ Executive ”);
	 
	(vi)	 	the Initial Executive Designees and such other Persons, if any,
that from time to time become parties hereto as “Executive
Designees” in accordance with Section 3.2 (the “ Executive
Designees ”; together with the Executives and their and the
Executives’ respective Permitted Transferees, if any, that
become parties to this Agreement as “Executive Stockholders” in
accordance with Section 3.2, the “ Executive Stockholders ”);
	 
	(vii)	 	such other Persons, if any, that from time to time become party
to this Agreement by executing a counterpart hereto that is
accepted by the Company and a Requisite Capital IV Majority
(such other Persons, together with the Capital IV Investors,
the Capital V Investors and the Executive Stockholders, the “
Stockholders ”); and
	 
	(viii)	 	the Sponsor Entities that are listed on the signature pages
hereto, which are joining this Agreement with respect to
Section 4.1.5.

 

 

RECITALS

     1. The Company is party to the Agreement and Plan of Merger, dated as of November 16, 2006, as
amended on April 18, 2007, May 17, 2007 and May 13, 2008 (the “ Merger Agreement ”), by and
among the Company, Mergerco, B Triple Crown Finco, LLC, a Delaware limited liability company, T
Triple Crown Finco, LLC, a Delaware limited liability company, and Clear Channel Communications,
Inc., a Texas corporation (“ Clear Channel ”), pursuant to which the Company has agreed to
acquire Clear Channel through the merger of Mergerco with and into Clear Channel (the “
Merger ”). The rights and obligations of “ Opco ” hereunder shall refer to the
rights and obligations of Mergerco prior to the consummation of the Merger, and thereafter shall
refer to the rights and obligations of Clear Channel, as the successor entity to Mergerco pursuant
to the Merger, and Clear Channel’s successors and permitted assigns.

     2. In connection with the closing under the Merger Agreement (the “ Closing ”), as
part of the equity financing of the Merger, the Company will issue shares of Class B Stock to
Capital IV, shares of Class C Stock to Capital V and shares of Class A Stock to certain of the
Executives and the Initial Executive Designees in exchange for cash or in exchange for (or in
substitution of) shares of common stock of Clear Channel (including restricted stock) pursuant to,
or otherwise by operation of, the various Subscription Agreements and other agreements to which
those Stockholders are then party. After giving effect to those issuances and the Option grants
that will be made to certain of the Executives in connection with the Closing, the Shares will be
held by Capital IV, Capital V, the Executives and the Initial Executive Designees as set forth on
Schedule I.

     3. In addition, immediately following the Closing, certain Persons that were shareholders of
Clear Channel prior to the Merger will be issued shares of Class A Stock as merger consideration
pursuant to the Merger Agreement. Except for Executive Stockholders that receive any of such
shares, such Persons will not be “Stockholders” under this Agreement, and, unless acquired
following the initial issuance thereof by any of the Stockholders then party hereto, such shares
will not be subject to the terms of this Agreement.

     4. The parties believe that it is in the best interests of the Clear Channel Entities and the
Stockholders to set forth in this Agreement their agreements on certain matters.

AGREEMENT

     Therefore, the parties hereto hereby agree as follows:

1. EFFECTIVENESS; DEFINITIONS.

     1.1. Effectiveness. This Agreement is being entered into before, but will not become
effective until, the consummation of the Merger. If the Merger Agreement is terminated prior to the
consummation of the Merger, then this Agreement will automatically terminate.

2

 

     1.2. Definitions. Certain terms are used in this Agreement as specified in Section
12.2.

2. VOTING AGREEMENT.

     2.1. Board of Directors.

     2.1.1. Board Size. Each Stockholder hereby agrees to cast all votes to which such
Stockholder is entitled in respect of the Shares, whether at any annual or special meeting, by
written consent or otherwise, so as to fix the size of the board of directors of the Company
(the “ Board ”) at twelve or such other number greater than ten as a Requisite Capital
IV Majority specifies in writing from time to time.

     2.1.2. Designation of Directors. Each Stockholder hereby agrees to cast all votes
to which such Stockholder is entitled in respect of the Shares, whether at any annual or special
meeting, by written consent or otherwise, so as to elect as the members of the Board:

     (a) Mark P. Mays for so long as he is serving as an officer of the Company and Clear
Channel;

     (b) Randall T. Mays for so long as he is serving as an officer of the Company and Clear
Channel;

     (c) such persons as a Requisite Capital IV Majority determines are required to be
elected to the Board as independent directors in accordance with (i) the Company’s
certificate of incorporation and by-laws, and (ii) if then in effect, any applicable
provisions of the Amended and Restated Voting Agreement dated as of May 13, 2008 by and
among the Company, Highfields Capital Management LP and the other Persons named therein as
parties thereto (the “ Highfields Voting Agreement ”); and

     (d) each other person designated by a Requisite Capital IV Majority (each such
director, an “ Investor Director ”).

     2.1.3. Removal; Replacement; Vacancies.

     (a) Investor Directors. Investor Directors may be removed only by a Requisite
Capital IV Majority. If, following election to the Board, any Investor Director resigns, is
removed in accordance with this Section 2.1.3(a), or is unable to serve for any reason prior
to the expiration of his or her term as a director, then a Requisite Capital IV Majority may
designate a replacement. If a Requisite Capital IV Majority does not designate a
replacement, then the relevant directorship shall be vacant. The Company shall take all
actions as and when reasonably requested by a Requisite Capital IV Majority, and each
Stockholder hereby agrees to cast all votes to which such Stockholder is entitled in respect
of the Shares, whether at any annual or special meeting, by written consent or otherwise, in
each so as to cause the election to the Board of any person designated as a replacement
Investor Director in accordance with this Section 2.1.3(a).

3

 

     (b) Mays Executives. If at any time Mark P. Mays or Randall T. Mays ceases to
serve as an officer of Clear Channel or the Company, then he shall be promptly removed as a
director.

     2.1.4. Committees. The Company shall, and each Stockholder agrees to take all
necessary actions within such Stockholder’s power to, cause the Board to maintain the following
committees: (a) an audit committee, (b) a compensation committee, (c) a nominating committee and
(d) such other committees, if any, as the Board may determine to maintain; provided that
the appointment of committee members and the delegation of the Board’s authority to a committee
shall be consistent with the by-laws of the Company and, to the extent in effect, the applicable
provisions of the Highfields Voting Agreement; and provided , further , that,
subject to the rules of any national securities exchange or national securities association that
are then applicable to the Company, except as otherwise agreed in writing by a Requisite Capital
IV Majority, the composition of any committee of the Board shall at all times include at least
two Investor Directors designated by a Requisite Capital IV Majority, of which one will be
designated by the Bain Entities and the other will be designated by the THL Entities.

     2.1.5. Subsidiary Directors. The Company shall cause the composition of the
respective boards of directors or equivalent governing bodies of each of Opco, Capital I and
Capital II at all times to be the same as the composition of the Board; provided that a
Requisite Capital IV Majority may consent to a different composition for the board of directors
or equivalent governing bodies for any or all of Opco, Capital I and Capital II as long as any
such different composition includes Mark P. Mays if he is then a member of the Board and Randall
T. Mays if he is then a member of the Board. The Company shall use its best efforts to cause the
respective boards of directors or equivalent governing bodies of each of Opco, Capital I and
Capital II to maintain at all times the same committees as are then maintained by the Company,
with the same member composition, except to the extent that, subject to Section 2.1.6, a
Requisite Capital IV Majority consents to any such board’s or other governing body’s maintaining
a different set of committees or any such committee’s having a different member composition.

     2.1.6. Highfields Voting Agreement. The Company acknowledges and affirms its
obligations under the Highfields Voting Agreement for as long such obligations are in effect.

     2.2. Drag Along Sale Transactions. If a vote of holders of shares of capital stock of
the Company (or any class or series of shares of capital stock of the Company) is required under
any applicable law or rule or regulation of any national securities exchange or national securities
association applicable to the Company, in each case in connection with a transaction being
implemented pursuant to Section 4.2 or is determined to be otherwise desirable by the Requisite
Capital IV Majority initiating a transaction being implemented pursuant to Section 4.2, each
Stockholder agrees to cast all votes to which such Stockholder is entitled in respect of the
Shares, whether at any annual or special meeting, by written consent or otherwise, in such manner
as

4

 

such Requisite Capital IV Majority may instruct by written notice, to approve any sale, merger,
consolidation, reorganization or any other transaction involving the Company or any of its
subsidiaries (or all or any portion of their respective assets) in connection with, or in
furtherance of, the exercise by such Requisite Capital IV Majority of its rights under Section 4.2
and in all cases consistent with the provisions thereof.

     2.3. Recapitalization Transactions. If a vote of holders of shares of capital stock
of the Company (or any class or series of shares of capital stock of the Company) is required under
any applicable law or rule or regulation of any national securities exchange or national securities
association applicable to the Company, in each case in connection with a transaction being
implemented pursuant to Section 4.4 or is determined to be otherwise desirable by the Requisite
Capital IV Majority initiating a Recapitalization Transaction being implemented pursuant to Section
4.4, each Stockholder agrees to cast all votes to which such Stockholder is entitled in respect of
the Shares, whether at any annual or special meeting, by written consent or otherwise, in such
manner as such Requisite Capital IV Majority may instruct by written notice, to approve any aspect
or aspects of such Recapitalization Transaction in connection with, or in furtherance of, the
exercise by such Requisite Capital IV Majority of its rights under Section 4.4 and in all cases
consistent with the provisions thereof.

     2.4. Consent to Amendment. Each Stockholder agrees to cast all votes to which such
Stockholder is entitled in respect of the Shares, whether at any annual or special meeting, by
written consent or otherwise, to amend the Company’s certificate of incorporation to increase the
number of shares of Common Stock authorized thereunder to the extent necessary to permit the
Company to comply with the provisions of its certificate of incorporation or any agreement approved
by the Board to which the Company or any of its subsidiaries is a party.

     2.5. FCC Matters. Without limiting any other provisions of this Agreement that
address seeking approval from the FCC with respect to a specific action or matter, if any action
that is proposed to be taken under this Agreement would result in a change of control or assignment
of any license, permit or other authorization issued by the FCC such that the prior approval of the
FCC would be required for the consummation of such action under any applicable U.S. federal
communications laws, including the rules, regulations and policies of the FCC, the receipt of such
approval shall be a condition to the consummation of such action and the Company and the
Stockholders shall cooperate with each other and use their respective reasonable best efforts to
obtain such approval, including by making any filings with the FCC required to obtain such
approval, before taking such action.

     2.6. No Effect to Certain Actions. The Company shall not, and shall cause its
subsidiaries not to, give effect to any action by any Stockholder or any other Person that
conflicts with this Section 2.

     2.7. Grant of Proxy. Each Stockholder hereby grants to Capital IV an irrevocable
proxy coupled with an interest, with full power of substitution, to vote such Stockholder’s Shares
in accordance with the agreements contained in this Section 2, which proxy shall be valid and
remain in effect until the provisions of this Section 2 terminate pursuant to Section 2.9.

5

 

     2.8. Further Assurances. The Company and each Stockholder hereby agree to use their
respective reasonable best efforts to take, at any time and from time to time, all actions within
their power necessary to accomplish the provisions of Sections 2.1, 2.2, 2.3, 2.4, 2.5, 2.6 and
2.7, including, in the case of each Stockholder, by casting all votes to which such Stockholder is
entitled in respect of the Shares, whether at any annual or special meeting, by written consent or
otherwise, so as to accomplish any such provisions.

     2.9. Period. Each of the foregoing provisions of this Section 2 shall terminate on
the earliest of (a) the occurrence of a Change of Control; provided that, unless and until
otherwise determined by a Requisite Capital IV Majority, the provisions of Section 2.1 (and,
insofar as they relate to Section 2.1, the provisions of Sections 2.6, 2.7 and 2.8) will survive
the occurrence thereof, (b) to the extent so determined by a Requisite Capital IV Majority, a date
on or after the closing of the Qualified Public Offering and (c) with respect to any particular
provision, the last date permitted by applicable law (including the rules of the Commission or any
national securities exchange or national securities association upon which equity securities of the
Company become listed).

3. TRANSFER RESTRICTIONS.

     3.1. Transfers Allowed. No Stockholder will have the right to Transfer any of such
Stockholder’s Shares or any interest therein to any other Person except to the extent expressly
permitted by this Section 3.1, subject in all cases to compliance with the terms and conditions of
this Agreement set forth in Sections 3.2, 3.3, 3.4, 3.5 and 3.6. If a Stockholder proposes a
Transfer of a type permitted by more than one subsection of this Section 3.1, then, except as
otherwise contemplated in Section 3.1.2, such Stockholder shall designate, by written notice to the
Company, the specific subsection pursuant to which such Stockholder intends to make such Transfer,
which will be treated for all purposes under this Agreement as the subsection under which such
Transfer is made.

     3.1.1. Permitted Transferees. Any Stockholder may Transfer any or all of such
Shares that are not Unvested Executive Shares to any of such Stockholder’s Permitted
Transferees, so long as such Permitted Transferee agrees to be bound by the terms of this
Agreement in accordance with Section 3.2 (if not already bound hereby). Any Shares so
Transferred shall conclusively be deemed thereafter to be Shares under this Agreement.

     3.1.2. Distributions. After the Qualified Public Offering, any Investor may
Transfer any or all of such Shares in a distribution to its Equity Holders. Any Shares
Transferred in such a distribution to any Person other than a Permitted Transferee of such
Investor (with respect to whom any such distribution will be governed by Section 3.1.1) shall
conclusively be deemed thereafter not to be Shares under this Agreement.

6

 

     3.1.3. Bona Fide Charitable Contributions. At any time that is no more than five
business days prior to the closing of the Qualified Public Offering, or at any time after the
closing of the Qualified Public Offering, any Stockholder may Transfer any or all of such Shares
to a Charitable Organization as a bona fide charitable contribution (such Stockholder, a “
Donating Stockholder ”), so long as such contribution is made immediately prior to, and
in contemplation of, a sale of such Shares by such Charitable Organization to another Person or
Persons (collectively, the “ Ultimate Transferee ”) pursuant to a Transfer of a type
that would have been permitted under this Section 3.1 and the other provisions of this Section 3
if such Donating Stockholder proposed to sell such Shares directly to such Ultimate Transferee.
Any Shares Transferred under this Section 3.1.3 shall conclusively be deemed thereafter not to
be Shares under this Agreement.

     3.1.4. Public Transfers. As of the closing of the Qualified Public Offering, any
Stockholder other than an Executive Stockholder (and after the Minimum Executive Holding Period,
any Stockholder, including any Executive Stockholder) may Transfer any or all of such Shares
pursuant to (a) a block sale to a financial institution in the ordinary course of its trading
business or (b) Rule 144. Any Shares Transferred pursuant to this Section 3.1.4 shall
conclusively be deemed thereafter not to be Shares under this Agreement.

     3.1.5. Other Transfers.

     (a) An Investor may Transfer Shares as follows: (i) in a private sale to any Person;
provided that such Investor must comply with the “tag along” provisions contained in
Section 4.1 if they are in effect at the time of such Transfer; or (ii) in a transaction
with respect to which a Requisite Capital IV Majority has exercised its “drag along” rights
contained in Section 4.2. Any Shares Transferred under either clause (i) or clause (ii) of
this Section 3.1.5(a) shall conclusively be deemed thereafter not to be Shares under this
Agreement.

     (b) After the Minimum Executive Holding Period, an Executive Stockholder may Transfer
Shares in a private sale to any Person. Any Shares so Transferred shall conclusively be
deemed thereafter not to be Shares under this Agreement.

     (c) A Stockholder may Transfer Shares as a Participating Seller pursuant to Section 4.1
or 4.2, as applicable. Any Shares so Transferred shall conclusively be deemed thereafter not
to be Shares under this Agreement.

     (d) A Stockholder may exchange or convert Shares pursuant to Section 4.4. Shares
received upon such exchange or conversion shall conclusively be deemed thereafter to be
Shares under this Agreement.

     (e) An Executive Stockholder may Transfer Shares pursuant to Section 7. Any Shares
Transferred by an Executive Stockholder pursuant to Section 7 shall conclusively be deemed
thereafter not to be Shares under this Agreement.

7

 

     (f) A Stockholder may Transfer Shares that are Registrable Securities pursuant to
Section 8. Any Shares so Transferred shall conclusively be deemed thereafter not to be
Shares under this Agreement.

     (g) An Executive Stockholder may Transfer Shares in accordance with this Section
3.1.5(g), if at any time before the end of the Minimum Executive Holding Period:

     (i) any Investor makes a Transfer of Shares pursuant to Section 3.1.4;

     (ii) any Investor that is a Sponsor Entity makes a distribution to its Equity
Holders that is governed by Section 3.1.2;

     (iii) any Investor makes a Transfer of Registrable Securities in a Public Offering
pursuant to Section 8 and such Executive Stockholder is not a Qualifying Holder at the
time of such Public Offering with respect thereto; or

     (iv) any Investor makes a Transfer of Shares pursuant to Section 3.1.5(a)(i) at a
time when the “tag along” provisions contained in Section 4.1 have terminated and a
Requisite Capital IV Majority has not granted to such Executive Stockholder “tag along”
rights with respect to such Transfer that are comparable to those set forth in Section
4.1, including with respect to the set of obligations accompanying the exercise of the
“tag along” rights set forth in Section 4.1.

     If there is any Transfer by an Investor of a type described by clause (i), (ii), (iii)
or (iv) of this Section 3.1.5(g), then such Executive Stockholder will be permitted to
Transfer, pursuant to (A) a block sale to a financial institution in the ordinary course of
its trading business or (B) Rule 144, a portion of the Shares then held by such Executive
Stockholder that bears the same proportion to the total number of Shares then owned by such
Executive Stockholder as the number of Shares that were distributed or otherwise Transferred
by such Investor bears to the total number of Shares that were owned by all Investors
immediately prior to such distribution or other Transfer. Any Shares Transferred under this
Section 3.1.5(g) shall conclusively be deemed thereafter not to be Shares under this
Agreement.

     3.2. Permitted Transferees to Become Parties. Any Permitted Transferee receiving
Shares in a Transfer pursuant to Section 3.1.1 shall become a Stockholder party to this Agreement
and be subject to the terms and conditions of, and be entitled to enforce, this Agreement, to the
same extent, and in the same capacity, as the Stockholder that Transfers such Shares to such
Permitted Transferee, with each Permitted Transferee of an Investor to be deemed an “Investor” for
purposes of this Agreement and each Permitted Transferee of an Executive Stockholder to be deemed
to be an “Executive Stockholder” and an “Executive Designee” for

8

 

purposes of this Agreement. Prior to the initial Transfer of any Shares to any Permitted Transferee
pursuant to Section 3.1.1, and as a condition thereto, the Stockholder effecting such Transfer
shall (a) cause such Permitted Transferee to deliver to the Company and a Requisite Capital IV
Majority a written agreement in the form of Exhibit A (or in form and substance that is
otherwise reasonably satisfactory to the Company and such Requisite Capital IV Majority), to be
bound by the terms and conditions of this Agreement, to the extent described in the preceding
sentence, and (b) remain directly liable for the performance by such Permitted Transferee of all
obligations of such Permitted Transferee under this Agreement.

     3.3. Restrictions on Transfers to Strategic Investors. In addition to the other
restrictions on Transfer contained in this Section 3, no Stockholder shall Transfer any Shares
pursuant to Section 3.1.4, 3.1.5(a)(i), 3.1.5(b) or 3.1.5(g) to a Strategic Investor without the
prior written approval of a Requisite Capital IV Majority. If any Stockholder proposes to Transfer
any Shares pursuant to Section 3.1.4, 3.1.5(a)(i), 3.1.5(b) or 3.1.5(g) to any Person, such
Stockholder shall furnish a written notice to the Company and a member of each Sponsor Group at
least ten business days prior to such proposed Transfer. Such notice (the “ Transfer Notice
”) shall set forth the principal terms of the proposed Transfer, including (a) the number and class
of the Shares to be Transferred, (b) the per Share purchase price or the formula by which such
price is to be determined, (c) the name and address of the proposed purchaser(s) of such Shares and
(d) whether such proposed purchaser(s) (or an Affiliate thereof) is an owner of an attributable
interest (as such term is used in applicable U.S. federal communication laws, rules and
regulations) or an operator of radio or television broadcast operations or a business involving
newspaper publishing or outdoor advertising. If such proposed purchaser(s) (or an Affiliate
thereof) has previously been determined by a Requisite Capital IV Majority to be a Strategic
Investor and such determination has not been reversed by a Requisite Capital IV Majority by written
notice to the Company, the Stockholder proposing such Transfer shall not Transfer any Shares to
such proposed purchaser(s) without the prior written approval of a Requisite Capital IV Majority.
If such proposed purchaser(s) (or an Affiliate thereof) has not previously been determined by a
Requisite Capital IV Majority to be a Strategic Investor, the Stockholder may Transfer Shares to
such proposed purchaser(s) unless, within seven business days after the date of delivery of the
Transfer Notice, a Requisite Capital IV Majority delivers written notice to such Stockholder that
such proposed purchaser(s) has been designated a Strategic Investor. If, within such time period, a
notice designating such proposed purchaser(s) a Strategic Investor is delivered, then such
Stockholder shall not Transfer any Shares to such Prospective Buyer without the prior written
approval of a Requisite Capital IV Majority. Notwithstanding anything in this Agreement to the
contrary, the restrictions in this Section 3.3 shall not apply to any Transfer of Shares (i) to the
Company or any of its subsidiaries, (ii) to any Investor or any Affiliated Fund of any Investor,
(iii) pursuant to Rule 144 as a “brokers’ transaction” (as defined in Rule 144) or directly to a
“market maker” (as defined in Rule 144) or pursuant to a block sale to a financial institution in
the ordinary course of its trading business, as long as, to the knowledge of the Stockholder
proposing such Transfer, the market maker(s) or block sale purchaser(s) are not acquiring such
Shares for the intended purpose of reselling such Shares (A) to any Person that, after giving
effect to such resale, would own, directly or indirectly, more than 5% of the then outstanding
shares of the applicable class of Shares or (B) to any Person that is a Strategic Investor.

9

 

     3.4. Conversion of Class B Stock and Class C Stock. Unless otherwise agreed in
writing by a Requisite Capital IV Majority, in addition to any other restrictions on transfer
contained or otherwise referenced in this Section 3, it will be a condition to the effectiveness of
any Transfer of shares of Class B Stock or Class C Stock by a Stockholder to any Person other than
a Permitted Transferee of such Stockholder that the shares to be transferred be converted into
shares of Class A Stock in accordance with, and subject to, the terms and conditions of the
Company’s certificate of incorporation.

     3.5. Legal Restrictions. The restrictions on transfer contained in this Agreement,
including those specified in this Section 3 and in Section 6, are in addition to any prohibitions
and other restrictions on transfer arising under any applicable laws, rules or regulations, and no
Stockholder may Transfer Shares to any other Person unless such Stockholder first takes all
reasonable and customary steps, to the reasonable satisfaction of the Company, to ensure that such
Transfer would not violate, or be reasonably expected to restrict or impair the respective business
activities of any of the Clear Channel Entities or their respective subsidiaries under, any
applicable laws, rules or regulations, including applicable securities, antitrust or U.S. federal
communications laws, rules and regulations. Without limiting the generality of the foregoing
sentence or any of the Company’s powers, rights or remedies under its certificate of incorporation,
unless otherwise agreed in writing by a Requisite Capital IV Majority, it shall be a condition to
the effectiveness of any Transfer of Shares (other than a Transfer pursuant to Section 3.1.2,
3.1.4, 3.1.5(d), 3.1.5(e), 3.1.5(f) or 3.1.5(g)) that the Stockholder proposing to make such
Transfer obtain from the proposed transferee a written (i) certification reasonably satisfactory to
a Requisite Capital IV Majority to the effect that the ownership of Shares by such transferee will
not result in an FCC Regulatory Limitation (as defined on the date hereof in the Company’s
certificate of incorporation) or (ii) statement that such transferee cannot make such certification
and a reasonably detailed explanation of the reasons therefor. In either case (i) or (ii), the
Company will be entitled to exercise any or all of its available powers, rights and remedies,
including those set forth in the Company’s certificate of incorporation, that it considers
necessary or desirable to prevent any such FCC Regulatory Limitation.

     3.6. Other Restrictions on Transfer; Indirect Transfers. The restrictions on transfer
contained in this Agreement are in addition to any other restrictions on transfer to which a
Stockholder may be subject, including any restrictions on transfer contained in the Company’s
certificate of incorporation (including restrictions therein relating to federal communications
laws), or any restricted stock agreement, stock option agreement, stock subscription agreement or
other agreement to which such Stockholder is a party or by which such Stockholder is bound or any
applicable lock-up rules and regulations of any national securities exchange or national securities
association. In addition, until the end of the Minimum Executive Holding Period, no Executive
Stockholder that is not a natural person shall redeem for value, or permit any of its Equity
Holders, including any Executive or any Member of the Immediate Family of any Executive, to
Transfer for value, any direct or indirect equity or other beneficial interests in such Executive
Stockholder.

     3.7. Impermissible Transfers. Any Transfer of Shares not made in compliance with the
terms of this Section 3 shall be null and void ab initio, and the Company shall not in any way give
effect to any such Transfer.

     3.8. Period. Each of the foregoing provisions of this Section 3 shall terminate upon
the occurrence of a Change of Control.

10

 

4. “TAG ALONG” AND “DRAG ALONG” RIGHTS.

     4.1. Tag Along. If an Investor or a group of Investors (collectively, the “
Prospective Selling Investor ”) proposes to Transfer any Shares (the “ Offered
Shares ”) to any Prospective Buyer(s) in compliance with Section 3.1.5(a)(i), then, unless they
have terminated in accordance with Section 4.1.7 at the time of such Transfer, the provisions of
this Section 4.1 will apply to such Transfer.

     4.1.1. Notice. The Prospective Selling Investor shall, prior to any such proposed
Transfer, furnish a written notice (the “ Tag Along Notice ”) to the Company, and the
Company shall promptly furnish such notice to each other Stockholder (each, a “ Tag Along
Holder ”). The Tag Along Notice shall include:

     (a) the principal terms and conditions of the proposed Transfer insofar as it relates
to the Shares, including (i) the number of Offered Shares, (ii) the per Share purchase price
or the formula by which such price is to be determined and the payment terms, including a
description of any non-cash consideration, (iii) the name and address of each Prospective
Buyer and (iv) if known, the proposed closing date; and

     (b) an invitation to each Tag Along Holder to participate in the proposed Transfer to
the applicable Prospective Buyer(s) by Transferring therein up to its Pro Rata Portion of
the Offered Shares, on the same terms and conditions as the Prospective Selling Investor.

The Prospective Selling Investor shall deliver or cause to be delivered to each Tag Along Holder
copies of all transaction documents relating to the proposed Transfer of the Offered Shares to
which such Tag Along Holder would be expected to become party in order to participate in such
Transfer as soon as reasonably practicable after such documents become available.

     4.1.2. Exercise. Each Tag Along Holder that desires to participate in the proposed
Transfer (each such Tag Along Holder, a “ Participating Seller ” and, together with the
Prospective Selling Investor, collectively, the “ Tag Along Sellers ”) shall furnish a
written notice (a “ Tag Along Offer ”) to the Company and the Prospective Selling
Investor within ten business days after the date of delivery of the Tag Along Notice that
indicates the number of Tag Eligible Shares that such Tag Along Holder desires to Transfer as
Offered Shares in the proposed Transfer; provided , however , that such number
of Tag Eligible Shares may in no event exceed such Tag Along Holder’s Pro Rata Portion of the
Offered Shares. Subject to Section 4.1.4, to the extent one or more Tag Along Holders makes a
Tag Along Offer in accordance with this Section 4.1.2, the number of Offered Shares that the
Prospective Selling Investor may Transfer in the proposed Transfer will be correspondingly
reduced. If any Tag Along Holder fails to make a Tag Along Offer in compliance with the above
requirements, including the time period, such Tag Along Holder will conclusively be deemed to
have waived all of its rights with respect to the proposed Transfer, and the Tag Along Sellers
shall thereafter be

11

 

free to Transfer to the Prospective Buyer, for the same form of consideration set forth in the
Tag Along Notice, at a per Share price no greater than the per Share price set forth in the Tag
Along Notice and on other terms and conditions that are not materially more favorable to the Tag
Along Sellers than those set forth in the Tag Along Notice.

     4.1.3. Irrevocable Offer. Subject to Section 4.1.4, the offer of each
Participating Seller contained in such Participating Seller’s Tag Along Offer shall be
irrevocable, and such Participating Seller shall be bound and obligated to Transfer Shares in
the proposed Transfer, on the same terms and conditions as the Prospective Selling Investor with
respect to each Share Transferred (subject to the limitations set forth in the proviso to the
first sentence of Section 4.3.2), such number of Tag Eligible Shares as was specified in such
Participating Seller’s Tag Along Offer.

     4.1.4. Additional Compliance. If, prior to consummation, the terms of the proposed
Transfer shall change with the result that the per Share price to be paid in such proposed
Transfer shall be greater than the per Share price set forth in the Tag Along Notice, the number
of Shares to be purchased by the Prospective Buyer shall be greater than the number of Offered
Shares specified in the Tag Along Notice or the other principal terms of such proposed Transfer
shall be materially more favorable to the Tag Along Sellers than those set forth in the Tag
Along Notice, then, in any such case, the Tag Along Notice shall be null and void, and it shall
be necessary for a separate Tag Along Notice to be furnished, and the terms and provisions of
this Section 4.1 separately complied with, in order to consummate such proposed Transfer
pursuant to this Section 4.1; provided , however , that in the case of such a
separate Tag Along Notice, the applicable period to which reference is made in Section 4.1.2
shall be three business days or such longer period as the Prospective Selling Investor and the
Prospective Buyer may agree. In addition, if the Prospective Selling Investor has not completed
the proposed Transfer by the end of the 180th day after the date of delivery of the Tag Along
Notice by the Company, each Participating Seller shall be released from such Participating
Seller’s obligations under its Tag Along Offer, the Tag Along Notice shall be null and void, and
it shall be necessary for a separate Tag Along Notice to be furnished, and the terms and
provisions of this Section 4.1 separately complied with, in order to consummate such proposed
Transfer pursuant to this Section 4.1, unless the failure to complete such proposed Transfer
involves either (a) a failure by any Participating Seller to comply with the terms of this
Section 4.1, or (b) a failure by a governmental or regulatory authority, including the FCC, DOJ
or FTC, to approve such Transfer. In the case of a failure of a type described in clause (b),
the Prospective Selling Investor will have an additional 90 days beyond such 180th day in which
to obtain any such approval and complete the proposed Transfer before the Tag Along Notice
becomes null and void.

     4.1.5. Indirect Transfers.

     (a) Subject to Section 4.1.5(b), no Investor or any of the undersigned Sponsor Entities
shall permit a Sponsor Entity to Transfer any direct or indirect equity interests in any
Investor in a Transfer of a type that would be subject to this Section 4.1 if such Transfer
involved a Transfer of Shares by such Sponsor Entity or Investor (any such Transfer of any
such equity interests, an “ Indirect

12

 

Transfer ”), unless the undersigned Sponsor Entities and such Investor cause to be
provided to each other Stockholder “tag along” rights with respect to such Indirect Transfer
that are substantially equivalent to the “tag along” rights set forth in this Section 4.1
and subject to obligations and other terms and conditions that are substantially equivalent
to those set forth in this Section 4.1.

     (b) Until the one-year anniversary of the Closing, the Sponsor Entities will be
entitled to Transfer up to an aggregate of $200,000,000 of direct or indirect equity
interests in Sponsor Investment Vehicles that were purchased by the Sponsor Entities in
connection with the Closing. With respect to any such Transfer of any such equity interests,
as long as the purchase price per unit of equity interest in such Transfer is no greater
than the purchase price per unit of equity interest that the Sponsor Entity making such
Transfer paid for such equity interests in connection with the Closing plus any additional
amounts paid in such Transfer as interest for the period from the Closing until the date of
such Transfer or as other carrying costs and related expenses, then the provisions of
Section 4.1.5(a) will be inapplicable to such Transfer.

     4.1.6. Miscellaneous Provisions. The provisions of Section 4.3 shall apply to any
Transfer that is subject to this Section 4.1 to the extent, and on the terms, provided therein.

     4.1.7. Period. Each of the foregoing provisions of this Section 4.1 shall
terminate upon the earlier to occur of (a) the closing of the Qualified Public Offering and (b)
the occurrence of a Change of Control.

     4.2. Sale Event Drag Along. If one or more Investors propose to Transfer any Shares
to a Prospective Buyer that is not an Affiliate of any Sponsor Entity in a transaction, including a
merger, or a series of related transactions that, after giving effect to the provisions of this
Section 4.2, would constitute a Change of Control, then, at the election of a Requisite Capital IV
Majority, the provisions of this Section 4.2 will apply to such Transfer and each Stockholder
agrees to Transfer to such Prospective Buyer in connection with such transaction or transactions,
as the case may be, a percentage of the Shares held by such Stockholder that is equal to the
percentage of the aggregate number of Shares then owned by the Investors that are proposed to be
Transferred to such Prospective Buyer (the “ Drag Along Sale Percentage ”);
provided that in no event may the Drag Along Sale Percentage be less than 50%.

     4.2.1. Exercise. The applicable Requisite Capital IV Majority that has elected to
exercise its rights under this Section 4.2 with respect to a proposed Transfer shall furnish a
written notice (the “ Drag Along Sale Notice ”) to the Company at least ten business
days prior to the consummation of such proposed Transfer, and the Company shall promptly furnish
any such Drag Along Sale Notice to each Stockholder other than the Investor or Investors
designated in the Drag Along Sale Notice as initiating the proposed Transfer (such Investor or
Investors, the “ Prospective Selling Investor ”). The Drag Along Sale Notice shall set
forth the principal terms and conditions of the proposed Transfer insofar is it relates to the
Shares, including (a) the number of Shares to be acquired from the Prospective Selling Investor,
(b) the Drag Along Sale Percentage, (c)

13

 

the per Share consideration to be received in the proposed Transfer, including the form of
consideration (if other than cash), (d) the name and address of the Prospective Buyer and (e) if
known, the proposed closing date. If the Prospective Selling Investor consummates the proposed
Transfer to which reference is made in the Drag Along Sale Notice, each other Stockholder (each,
a “ Participating Seller ,” and, together with the Prospective Selling Investor,
collectively, the “ Drag Along Sellers ”) shall be bound and obligated to Transfer the
Drag Along Sale Percentage of such Stockholder’s Shares in the proposed Transfer on the same
terms and conditions as the Prospective Selling Investor with respect to each Share Transferred
(subject to the limitations set forth in the proviso to the first sentence of Section 4.3.2).
If, at the end of the 270th day after the date of delivery of the Drag Along Sale Notice, the
Prospective Selling Investor has not completed the proposed Transfer, the Drag Along Sale Notice
shall be null and void, each Participating Seller shall be released from its obligation under
the Drag Along Sale Notice and it shall be necessary for a separate Drag Along Sale Notice to be
furnished and the terms and provisions of this Section 4.2 separately complied with, in order to
consummate such proposed Transfer pursuant to this Section 4.2, unless the failure to complete
such proposed Transfer involves a failure by a governmental or regulatory authority, including
the FCC, DOJ or FTC, to approve such Transfer, in which case the Prospective Selling Investor
will have an additional 180 days beyond such 270th day in which to obtain any such approval and
complete the proposed Transfer before the Drag Along Sale Notice becomes null and void. The
eligibility of an Executive Stockholder to receive consideration for Unvested Executive Shares
pursuant to this Section 4.2 shall be subject to the vesting and other terms of such Executive
Shares.

     4.2.2. Waiver of Appraisal Rights. Each Stockholder agrees not to demand or
exercise appraisal rights under Section 262 of the DGCL or otherwise with respect to any
transaction subject to this Section 4.2, whether or not such appraisal rights are otherwise
available.

     4.2.3. Miscellaneous Provisions. The provisions of Section 4.3 shall apply to any
transaction that is subject to this Section 4.2 to the extent, and on the terms, provided
therein.

     4.2.4. Period. The foregoing provisions of this Section 4.2 shall terminate upon
the occurrence of a Change of Control.

     4.3. Miscellaneous Sale Provisions. The provisions of Section 4.3 shall apply to any
Transfer to which Section 4.1 or 4.2 applies.

     4.3.1. Certain Legal Requirements. If the consideration to be paid for Shares in a
Transfer pursuant to Section 4.1 or 4.2 includes any securities, and the receipt thereof by a
Participating Seller would require under applicable law (a) the registration or qualification of
such securities or of any Person as a broker or dealer or agent with respect to such securities
where such registration or qualification would not otherwise be required for the Transfer by the
Prospective Selling Investor or (b) the provision to any Tag Along Seller or Drag Along Seller
of any specified information regarding the Company or any of its subsidiaries, such securities
or the issuer thereof, in each case that

14

 

is not otherwise required to be provided for the Transfer by the Prospective Selling Investor,
then such Participating Seller shall not have the right to Transfer Shares in such Transfer. In
such event, the Prospective Selling Investor will have the right, but not the obligation, to
cause to be paid to such Participating Seller in lieu of such securities, against surrender of
the Shares (in accordance with Section 4.3.6 hereof) that would have otherwise been Transferred
by such Participating Seller to the Prospective Buyer in the Transfer, an amount in cash equal
to the fair market value of such Shares as of the date such securities would have been delivered
in exchange for such Shares, as determined in good faith by the Board.

     4.3.2. Further Assurances. The Company and each Participating Seller whether in
such Participating Seller’s capacity as a stockholder, director or officer of the Company or
otherwise, shall use its reasonable best efforts to take or cause to be taken all such actions
as may be necessary or reasonably desirable in order expeditiously to consummate each Transfer
pursuant to Section 4.1 or 4.2 and any related transactions, including executing, acknowledging
and delivering consents, assignments, waivers and other documents or instruments; furnishing
information and copies of documents; filing applications, reports, returns, filings and other
documents or instruments with governmental authorities; and otherwise cooperating with the
Prospective Selling Investor and the Prospective Buyer; provided , however ,
that Participating Sellers shall be obligated to become liable in respect of any
representations, warranties, covenants, indemnities or otherwise to the Prospective Buyer in
connection with such Transfer solely to the extent provided in the immediately following
sentence. Without limiting the generality of the foregoing, each Participating Seller agrees to
execute and deliver such agreements as may be reasonably specified by the Prospective Selling
Investor to which such Prospective Selling Investor will also be party, including agreements to
(a)(i) make individual representations, warranties, covenants and other agreements, in each case
as to the unencumbered title to its Shares and the power, authority and legal right to Transfer
such Shares and the absence of any Adverse Claim with respect to such Shares and (ii) be liable
as to such representations, warranties, covenants and other agreements, in each case to the same
extent as the Prospective Selling Investor is liable for the comparable representations,
warranties, covenants and agreements made by it or on its behalf (with any limit on liability
applied based on the relative value of their respective Shares), and (b) be liable (whether by
purchase price adjustment, indemnity payments or otherwise) in respect of representations,
warranties, covenants and agreements in respect of the Company and its subsidiaries in
connection with such Transfer; provided , however , that the aggregate amount of
liability described in this clause (b) shall not exceed the lesser of (x) such Participating
Seller’s pro rata share of any such liability, to be determined in accordance with such
Participating Seller’s portion of the aggregate proceeds to all Participating Sellers and
Prospective Selling Investors in connection with such Transfer and (y) the proceeds to such
Participating Seller in connection with such Transfer. In connection with any governmental or
regulatory approval required for any Transfer pursuant to Section 4.1 or 4.2, including any such
required approval of the FCC, DOJ or FTC, the Company shall file such applications and other
materials as are necessary or desirable to file in order to obtain such governmental or
regulatory approval, and each Stockholder shall cooperate with the Company and promptly provide
it with any and all information, certifications and other materials necessary or otherwise
reasonably

15

 

requested by the Company to complete the filing of such applications and materials and to obtain
such governmental or regulatory approval. Without limitation to the foregoing sentence, the
Company shall use its reasonable best efforts to obtain such governmental or regulatory approval
as promptly as practicable, including (a) diligently prosecuting any such applications and other
filings and, when applicable, opposing any petitions to deny, or any other objections filed with
respect to, any such applications or other filings, and (b) promptly taking all other actions
reasonably requested by the Prospective Selling Investor as necessary or desirable to facilitate
obtaining such governmental or regulatory approval.

     4.3.3. Sale Process. The Prospective Selling Investor shall, in its sole and
absolute discretion, decide whether or not to pursue, consummate, postpone or abandon any
proposed Transfer and the terms and conditions thereof. No Stockholder or Affiliate of any
Stockholder will have any liability to any other Stockholder or the Company arising from,
relating to or in connection with the pursuit, consummation, postponement, abandonment or terms
and conditions of any proposed Transfer, except to the extent contemplated herein or arising
from a failure to comply with the provisions of this Section 4.

     4.3.4. Treatment of Convertible Securities. If any Participating Seller Transfers
Convertible Securities in any Transfer pursuant to Section 4.1 or 4.2, such Participating Seller
shall receive, in exchange for each such Convertible Security that it Transfers, consideration
equal to the amount (if greater than zero) determined by multiplying (a) the purchase price per
Share received by the Prospective Selling Investors in such Transfer less the exercise price, if
any, per Share of such Convertible Security times (b) the number of Shares that would be issued
upon exercise, conversion or exchange of such Convertible Security (in all cases to the extent
vested and exercisable or convertible or exchangeable at the time of such Transfer), subject to
reduction for any taxes required to be withheld in respect of such Transfer under applicable
law.

     4.3.5. Expenses. All reasonable costs and expenses incurred by the Prospective
Selling Investor or the Company in connection with any proposed Transfer pursuant to Section 4.1
or 4.2 (whether or not consummated), including all attorney’s fees and expenses, all accounting
fees and charges and all finders, brokerage or investment banking fees, charges or commissions,
shall be paid by the Company. The reasonable fees and expenses of (a) a single legal counsel
representing the Sponsor Entities and (b) a single legal counsel representing the Executive
Stockholders, in each case (a) and (b) in connection with a proposed Transfer pursuant to
Section 4.1 or 4.2 (whether or not consummated), shall be paid by the Company. Any other fees,
costs or expenses incurred by a Stockholder in connection with any proposed Transfer pursuant to
Section 4.1 or 4.2 (whether or not consummated) shall be borne by such Stockholder.

     4.3.6. Closing. Subject to the provisions of Section 4.1.4 (in the case of a
Transfer to which Section 4.1 applies) or Section 4.2.1 (in the case of a Transfer to which
Section 4.2 applies), in each case that relate to the timing of the completion of a proposed
Transfer to which such Section applies, the closing of a Transfer to which Section 4.1 or 4.2
applies shall take place (a) (i) on the proposed closing date, if any, specified in the

16

 

Tag Along Notice or Drag Along Sale Notice, as applicable; provided that the
consummation of any such Transfer may be extended beyond such date at the election of the
Prospective Selling Investor (in the case of a Transfer to which Section 4.1 applies) or a
Requisite Capital IV Majority (in the case of a Transfer to which Section 4.2 applies), in each
case to the extent necessary to obtain any applicable governmental or regulatory approval or
other required approval or to satisfy other conditions, or (ii) if no proposed closing date was
required to be specified in the applicable notice, at such time as the Prospective Selling
Investor shall specify by notice to each Participating Seller and (b) at such place as the
Prospective Selling Investor shall specify by notice to each Participating Seller. At the
closing of such Transfer, each Participating Seller shall deliver, against delivery of the
applicable consideration therefor, (x) the certificates evidencing the Shares to be Transferred
by such Participating Seller, duly endorsed, or with stock (or equivalent) powers duly endorsed,
for transfer with signature guaranteed, free and clear of any liens or encumbrances, with any
stock (or equivalent) transfer tax stamps affixed and (y) any comparable transfer materials for
any Convertible Securities to be Transferred.

     4.4. Recapitalization Transaction Drag Along. If requested by a Requisite Capital IV
Majority, each Stockholder agrees, with respect to each class of Shares held by such Stockholder,
to exchange or convert a percentage of the Shares of each such class held by such Stockholder that
is equal to the percentage of the Shares of such class that are proposed by such Requisite Capital
IV Majority to be exchanged or converted in a Recapitalization Transaction (as to each such class,
the “ Drag Along Recapitalization Percentage ”), in the manner and on the terms set forth
in this Section 4.4.

     4.4.1. Exercise in a Recapitalization Transaction. The Company (solely at the
direction of the applicable Requisite Capital IV Majority) shall furnish a written notice (the “
Drag Along Recapitalization Notice ”) to each Stockholder at least ten business days
prior to the consummation of the Recapitalization Transaction. The Drag Along Recapitalization
Notice shall set forth the principal terms and conditions of the proposed Recapitalization
Transaction insofar as it relates to the Shares, including (a) the number and class of Shares to
be exchanged or converted in the Recapitalization Transaction, (b) the Drag Along
Recapitalization Percentage for each class and (c) the form of securities to be received upon
exchange or conversion of the Shares of each class of Shares being exchanged or converted. If
the Recapitalization Transaction described in such Drag Along Recapitalization Notice is
consummated, each Stockholder shall be bound and obligated to convert or exchange the Drag Along
Recapitalization Percentage of each class of Shares held by such Stockholder that are to be
included in the proposed Recapitalization Transaction on the same terms and conditions as each
other Stockholder with respect to each Share of the same class being exchanged or converted. If,
at the end of the 270th day after the date of delivery of the Drag Along Recapitalization
Notice, the Recapitalization Transaction has not been completed, then the Drag Along
Recapitalization Notice shall be null and void, each Stockholder shall be released from such
Stockholder’s obligation under the Drag Along Recapitalization Notice and it shall be necessary
for a separate Drag Along Recapitalization Notice to be furnished and the terms and provisions
of this Section 4.4.1 separately complied with, in order to consummate such proposed
Recapitalization Transaction pursuant to Section 4.4, unless

17

 

the failure to complete such proposed Recapitalization Transaction involves a failure by a
governmental or regulatory authority, including the FCC, DOJ or FTC, to approve such
Recapitalization Transaction, in which case the Company will have an additional 180 days beyond
such 270th day in which to obtain any such approval and complete the proposed Recapitalization
Transaction before the Drag Along Recapitalization Notice becomes null and void.

     4.4.2. Certain Legal Requirements. If the receipt of securities to be received in
exchange for, or upon conversion of, Shares in a proposed Recapitalization Transaction pursuant
to Section 4.4 by any Stockholder would require under applicable law (a) the registration or
qualification of such securities or of any Person as a broker or dealer or agent with respect to
such securities where such registration or qualification is not otherwise required for the
Recapitalization Transaction or (b) the provision to any Stockholder of any information
regarding the Company or any of its subsidiaries, such securities or the issuer thereof, in each
case that is not otherwise required to be provided for the Recapitalization Transaction, then,
at the election of a Requisite Capital IV Majority, such Stockholder shall not have the right to
exchange or convert Shares in such proposed Recapitalization Transaction. In such event, the
Company will have the right, but not the obligation, to cause to be paid to such Stockholder in
lieu of such securities, against the surrender of the Shares (in accordance with Section 4.4.6)
that would have otherwise been exchanged or converted by such Stockholder in the
Recapitalization Transaction, an amount in cash equal to the fair market value of such Shares as
of the effective date of the Recapitalization Transaction, as determined in good faith by the
Board.

     4.4.3. Further Assurances. The Company and each Stockholder, whether in his
capacity as a stockholder, officer or director of the Company or otherwise, shall use its
reasonable best efforts to take or cause to be taken all such actions as may be necessary or
reasonably desirable in order expeditiously to consummate any Recapitalization Transaction and
any related transactions, including executing, acknowledging and delivering consents,
assignments, waivers and other documents or instruments; furnishing information and copies of
documents; filing applications, reports, returns filings and others instruments or documents
with governmental authorities; and otherwise cooperating with the Company; provided that
no Stockholder shall be required in connection therewith or as a condition thereto to qualify to
do business in any state or other jurisdiction where it is not already so qualified or to file a
general consent to service of process in any such states or jurisdictions, unless such
Stockholder is already subject to service in such jurisdiction and except as may be required by
the Securities Act. Without limiting the generality of the foregoing, each Stockholder agrees to
execute and deliver such agreements as may be reasonably specified by a Requisite Capital IV
Majority, including agreements to (a) make individual representations, warranties, covenants and
other agreements, in each case as to the unencumbered title to its Shares and the power,
authority and legal right to Transfer such Shares and the absence of any Adverse Claim with
respect to such Shares and (b) be liable as to such representations, warranties, covenants and
other agreements, in each case to the same extent as the other Stockholder(s) are liable for the
comparable representations, warranties, covenants and agreements made by them or on their
behalf. In connection with any governmental or

18

 

regulatory approval required for any Recapitalization Transaction, including any such required
approval of the FCC, DOJ or FTC, the Company shall file such applications and other materials as
are necessary or desirable to file in order to obtain such governmental or regulatory approval,
and each Stockholder shall cooperate with the Company and promptly provide it with any and all
information, certifications and other materials necessary or otherwise reasonably requested by
the Company to complete the filing of such applications and materials and to obtain such
governmental or regulatory approval. Without limitation to the foregoing sentence, the Company
shall use its reasonable best efforts to obtain such governmental or regulatory approval as
promptly as practicable, including (a) diligently prosecuting any such applications and other
filings and, when applicable, by opposing any petitions to deny, or any other objections filed
with respect to, any such applications or other filings, and (b) promptly taking all other
actions reasonably requested by a Requisite Capital IV Majority as necessary or desirable to
facilitate obtaining such governmental or regulatory approval.

     4.4.4. Treatment of Convertible Securities. If any Stockholder shall convert or
exchange Convertible Securities in any Recapitalization Transaction pursuant to this Section
4.4, such Stockholder shall receive in exchange for such Convertible Securities, options,
warrants or other convertible securities, as the case may be, with substantially similar vesting
and other terms (including with respect to the spread between the fair market value of the
relevant security and the exercise price to purchase such security) as the Convertible
Securities being exchanged or converted, and that are exercisable or convertible for securities
of the same nature as are being issued to the Stockholders in the Recapitalization Transaction
in exchange for the Shares with respect to which the Convertible Securities in question were
initially exercisable for, or convertible into.

     4.4.5. Expenses. All reasonable costs and expenses incurred by the Company in
connection with any Recapitalization Transaction pursuant to this Section 4.4 (whether or not
consummated), including all attorney’s fees and expenses, all accounting fees and charges and
all finders, brokerage or investment banking fees, charges or commissions, shall be paid by the
Company. The reasonable fees and expenses of (a) a single legal counsel representing the Sponsor
Entities and (b) a single legal counsel representing the Executive Stockholders, in each case
(a) and (b) in connection with a Recapitalization Transaction pursuant to this Section 4.4
(whether or not consummated), shall be paid by the Company. Any other fees, costs or expenses
incurred by a Stockholder in connection with any Recapitalization Transaction pursuant to this
Section 4.4 (whether or not consummated) shall be borne by such Stockholder.

     4.4.6. Closing. Subject to the provisions of Section 4.4.1 that relate to the
timing of the completion of a proposed Recapitalization Transaction, the closing of a
Recapitalization Transaction to which this Section 4.4 applies shall take place (a) on the
proposed conversion or exchange date, if any, specified in the Drag Along Recapitalization
Notice; provided that consummation of any conversion or exchange may be extended beyond
such date at the election of a Requisite Capital IV Majority to the extent necessary to obtain
any applicable governmental or regulatory approval or other required approval or to satisfy
other conditions, or (b) if no proposed conversion or exchange date was specified in the Drag
Along Recapitalization Notice, at such time as a

19

 

Requisite Capital IV Majority shall specify by reasonable notice to each Stockholder. At the
closing of such Recapitalization Transaction, each Stockholder shall deliver, against the
delivery of the applicable consideration, (i) the certificates evidencing the Shares to be
converted or exchanged by such Stockholder, duly endorsed, or with stock (or equivalent) powers
duly endorsed, for transfer with signature guaranteed, free and clear of any liens or
encumbrances, with any stock (or equivalent) transfer tax stamps affixed, and (ii) any
comparable transfer materials for any Convertible Securities to be converted or exchanged.

     4.4.7. Acquired Securities. Subject to the terms and conditions of this Agreement,
any securities to be received upon the exchange or conversion of Shares by any Stockholder
pursuant to this Section 4.4 shall be deemed for all purposes hereof to be Shares under this
Agreement.

     4.5. Period. The foregoing provisions of this Section 4.4 shall terminate upon the
occurrence of a Change of Control.

5. RIGHT OF PARTICIPATION.

     Subject to Section 5.3, the Company shall not, and shall not permit any of its direct or
indirect subsidiaries to, issue or sell any shares of any of its capital stock or any securities
convertible into or exchangeable for any shares of its capital stock, issue or grant any options or
warrants for the purchase of, or enter into any agreements providing for the issuance (contingent
or otherwise) of, any of its shares of capital stock or securities convertible into or exchangeable
for any shares of its capital stock, in each case, to any Sponsor Investment Vehicle or any Sponsor
Entity or an Affiliated Fund of any Sponsor Entity (each an “ Issuance ” of “ Subject
Securities ”), except in compliance with the provisions of Section 5.1 or Section 5.2.

     5.1. Right of Participation.

     5.1.1. Offer. Not fewer than 20 business days prior to the consummation of an
Issuance, a notice (the “ Participation Notice ”) shall be furnished by the Company or
any direct or indirect subsidiary proposing to issue such Subject Securities (the “
Issuer ”) to each Investor and each Executive Stockholder that then holds Shares (the “
Participation Offerees ”). The Participation Notice shall include:

     (a) the principal terms and conditions of the proposed Issuance, including (i) the
amount, kind and terms of the Subject Securities to be included in the Issuance, (ii) the
number of Equivalent Shares represented by such Subject Securities (if applicable), (iii)
such Participation Offeree’s Participation Percentage, (iv) the maximum and minimum price
(including if applicable, the maximum and minimum Price Per Equivalent Share) per unit of
the Subject Securities, it being understood and agreed that the maximum price shall be no
greater than 120% of the minimum price, (v) the name of each Sponsor Investment Vehicle or
Sponsor Entity or Affiliated Fund of a Sponsor Entity to which the Subject Securities will
be issued (the “ Prospective Subscriber ”) and (vi) if known, the proposed issuance
date; and

20

 

     (b) an offer by the Issuer to issue, at the option of each Participation Offeree, to
such Participation Offeree such portion of the Subject Securities to be included in the
Issuance as may be requested by such Participation Offeree (not to exceed such Participation
Offeree’s Participation Percentage of the total amount of Subject Securities to be included
in the Issuance), on the same terms and conditions, with respect to each unit of Subject
Securities issued to the Participation Offerees, as each of the Prospective Subscribers
shall be issued units of Subject Securities.

     5.1.2. Exercise.

     (a) General. Each Participation Offeree desiring to accept the offer contained
in the Participation Notice shall accept such offer by furnishing a written notice of such
acceptance to the Issuer within 15 business days after the date of delivery of the
Participation Notice specifying the amount of Subject Securities (not in any event to exceed
such Participation Offeree’s Participation Percentage of the total amount of Subject
Securities to be included in the Issuance) which such Participation Offeree desires to be
issued to it (each a “ Participating Buyer ”). Each Participation Offeree who does
not so accept such offer in compliance with the above requirements, including the applicable
time periods, shall be deemed to have waived all rights to participate in such Issuance, and
the Issuer shall thereafter be free to issue Subject Securities in such Issuance to the
Prospective Subscriber and the Participating Buyers, at a price no less than the minimum
price set forth in the Participation Notice and on other principal terms not substantially
more favorable to the Prospective Subscriber than those set forth in the Participation
Notice, without any further obligation to such non-accepting Participation Offerees pursuant
to this Section 5. If, prior to consummation, the terms of such proposed Issuance change
with the result that the price shall be less than the minimum price set forth in the
Participation Notice or the other principal terms shall be substantially more favorable to
the Prospective Subscriber than those set forth in the Participation Notice, it shall be
necessary for a separate Participation Notice to be furnished, and the terms and provisions
of this Section 5.1 separately complied with, in order to consummate such Issuance pursuant
to this Section 5.1.

     (b) Irrevocable Acceptance. The acceptance of each Participating Buyer shall
be irrevocable except as hereinafter provided, and each such Participating Buyer shall be
bound and obligated to acquire in the Issuance on the same terms and conditions as the
Prospective Subscriber, with respect to each unit of Subject Securities issued, such amount
of Subject Securities as such Participating Buyer has specified in such Participating
Buyer’s written notice of acceptance.

     (c) Time Limitation. If, at the end of the 90th day following the date of the
delivery of the Participation Notice, the Issuer has not completed the Issuance, each
Participating Buyer shall be released from all obligations under its written notice of
acceptance, the Participation Notice shall be null and void, and it

21

 

shall be necessary for a separate Participation Notice to be furnished, and the terms and
provisions of this Section 5.1 separately complied with, in order to consummate such
Issuance pursuant to this Section 5.1, unless the failure to complete such Issuance involves
a failure by any governmental or regulatory authority, including the FCC, DOJ or FTC, to
approve such Issuance, in which case the Issuer will have 180 days beyond such 90th day in
which to obtain any such approval and complete the Issuance before the Participation Notice
becomes null and void.

     5.1.3. Other Securities. The Issuer may condition the participation of the
Participation Offerees in an Issuance upon the purchase by such Participation Offerees of any
securities (including debt securities) other than Subject Securities (“ Other Securities
“) if and to the extent that the Prospective Subscribers’ participation in such Issuance is so
conditioned. In such case, each Participating Buyer shall acquire in the Issuance, together with
the Subject Securities to be acquired by it, Other Securities in the same proportion to the
Subject Securities to be acquired by it as the proportion of Other Securities to Subject
Securities being acquired by the Prospective Subscriber in the Issuance, on the same terms and
conditions, as to each unit of Subject Securities and Other Securities issued to the
Participating Buyers, as the Prospective Subscriber shall be issued units of Subject Securities
and Other Securities.

     5.1.4. Certain Legal Requirements. If the participation in any Issuance of Subject
Securities by a Participating Offeree as a Participating Buyer would require under applicable
law (a) the registration or qualification of such securities or (b) the provision to any
participant in the Issuance of any information (other than information required to be provided
pursuant to Section 5) regarding the Company or any of its subsidiaries or such securities that
is not otherwise required to be provided for the Issuance, such Participation Offeree shall not
have the right to participate in the Issuance. Without limiting the generality of the foregoing,
it is understood and agreed that neither the Company nor the Issuer shall be under any
obligation to effect a registration of such securities under the Securities Act or similar state
statutes.

     5.1.5. Further Assurances. The Company and each Participating Buyer, whether in
such Participating Buyer’s capacity as a stockholder, officer or director of the Company or
otherwise, shall use its reasonable best efforts to take or cause to be taken all such
reasonable actions as may be necessary or reasonably desirable in order expeditiously to
consummate each Issuance pursuant to this Section 5.1.1 and any related transactions, including
executing, acknowledging and delivering consents, assignments, waivers and other documents or
instruments; filing applications, reports, returns, filings and other documents or instruments
with governmental authorities; and otherwise cooperating with the Issuer and the Prospective
Subscriber. Without limiting the generality of the foregoing, each such Participating Buyer
agrees to execute and deliver such subscription and other agreements specified by the Issuer to
which the Prospective Subscriber will be party. In connection with any governmental or
regulatory approval required for any Issuance, including any such required approval of the FCC,
DOJ or FTC, the Company shall file such applications and other materials as are necessary or
desirable to file in order to obtain such governmental or regulatory approval, and each
Stockholder

22

 

shall cooperate with the Company and promptly provide it with any and all information,
certifications and other materials necessary or otherwise reasonably requested by the Company to
complete the filing of such applications and materials and to obtain such governmental or
regulatory approval. Without limitation to the foregoing sentence, the Company shall use its
reasonable best efforts to obtain such governmental or regulatory approval as promptly as
practicable, including (a) diligently prosecuting any such applications and other filings and,
when applicable, opposing any petitions to deny, or any other objections filed with respect to,
any such applications or other filings, and (b) promptly taking all other actions reasonably
requested by a Requisite Capital IV Majority as necessary or desirable to facilitate obtaining
such governmental or regulatory approval. In furtherance of the foregoing provisions of this
Section 5.1.5, upon prior written request from a Participating Buyer or a Requisite Capital IV
Majority, the Issuer shall convert any voting securities to be issued to such Participating
Buyer into non-voting securities immediately prior to such issuance.

     5.1.6. Expenses. All costs and expenses incurred by the Issuer in connection with
any proposed Issuance of Subject Securities pursuant to this Section 5 (whether or not
consummated), including all attorney’s fees and expenses, all accounting fees and expenses and
all finders, brokerage or investment banking fees, charges or commissions, shall be paid by the
Company or the Issuer. The reasonable fees and expenses of (a) a single legal counsel
representing the Sponsor Entities and (b) a single legal counsel representing the Executive
Stockholders, in each case (a) and (b) in connection with any such proposed Issuance of Subject
Securities (whether or not consummated), shall be paid by the Company. Any other fees, costs or
expenses incurred by or on behalf of any Stockholder in connection with any such proposed
Issuance (whether or not consummated) shall be borne by such Stockholder.

     5.1.7. Closing. Subject to the provisions of Section 5.1.2 that relate to the
timing of the completion of a proposed Issuance, the closing of an Issuance pursuant to Section
5.1 shall take place (a) (i) on the proposed date of Issuance, if any, set forth in the
Participation Notice; provided that consummation of any Issuance may be extended beyond
such date at the election of a Requisite Capital IV Majority and the Company to the extent
necessary to obtain any applicable governmental or regulatory approval or other required
approval or to satisfy other conditions, or (ii) if no proposed Transfer date was required to be
specified in the Participation Notice, at such time as the Issuer shall specify by notice to
each Participating Buyer; provided that, as to any Participating Buyer, such closing
shall not be prior to the date that is 20 business days after the Company issues the applicable
Participation Notice without the consent of such Participating Buyer, and (b) at such place as
the Issuer shall specify by notice to each Participating Buyer. At the closing of any Issuance
under this Section 5.1.7, each Participating Buyer shall be delivered the notes, certificates or
other instruments evidencing the Subject Securities (and, if applicable, Other Securities) to be
issued to such Participating Buyer, registered in the name of such Participating Buyer or such
Participating Buyer’s designated nominee, free and clear of any Adverse Claim, with any transfer
tax stamps affixed, against delivery by such Participating Buyer of the applicable
consideration.

23

 

     5.2. Post-Issuance Notice. Notwithstanding the requirements of 5.1, the Issuer may
proceed with any Issuance prior to having complied with the provisions of Section 5.1 so long as
the Issuer has used reasonable best efforts to give the Investors and the Executive Stockholders
the opportunity to participate in such Issuance, it being understood that the Company may proceed
with such Issuance under this Section 5.2 without first using such reasonable best efforts if the
Company determines that it is in the best interests of the Company to do so in light of the need
for confidentiality or other business reasons; provided that the Issuer shall:

     (a) provide all Stockholders that would have been Participation Offerees in connection with
such Issuance (i) with prompt notice of such Issuance and (ii) the Participation Notice
described in Section 5.1.1 in which the actual price per unit of Subject Securities (and, if
applicable, actual Price Per Equivalent Share) shall be set forth;

     (b) offer to issue to each such Stockholder such number of securities of the type issued in
the Issuance as may be requested by such Stockholder (not to exceed the product of such
Stockholder’s Participation Percentage, determined in accordance with, and as of the time
contemplated by, Section 5.1, multiplied by the sum of (i) the number of Subject Securities
included in the Issuance and (ii) the aggregate number of securities issuable to all such
Stockholders pursuant to this Section 5.2 with respect to such Issuance) on the same economic
terms and conditions with respect to such securities as the subscribers in the Issuance
received; and

     (c) keep such offer open for a period of at least ten business days, during which period,
each such Stockholder may accept such offer by sending a written acceptance to the Issuer
committing to purchase an amount of such securities (not in any event to exceed the product of
such Stockholder’s Participation Percentage, determined in accordance with, and as of the time
contemplated by, Section 5.1, multiplied by the sum of (i) the number of Subject Securities
included in the Issuance and (ii) the aggregate number of securities issuable to all such
Stockholders pursuant to this Section 5.2 with respect to such Issuance).

     5.3. Excluded Transactions. The provisions of this Section 5 shall not apply to any
of the following types of Issuances by the Company or any direct or indirect subsidiary of the
Company:

     (a) any Issuance of shares of Common Stock upon the exercise or conversion of any shares of
Common Stock or Convertible Securities outstanding or approved as of the Closing Date or
otherwise issued after the Closing Date in compliance with the provisions of this Section 5;

     (b) any Issuance of shares of Common Stock pursuant to a Public Offering;

     (c) any Issuance of any Shares in connection with the Closing;

     (d) any Issuance of Subject Securities in connection with (i) any stock split or stock
dividend that is consistent with the provisions of the Company’s certificate of incorporation
and is approved by the Board or (ii) any Recapitalization Transaction; or

24

 

     (e) any Issuance of Subject Securities relating to any acquisition or merger after the
Closing Date involving the Company or any of its subsidiaries that is approved by the Board,
except to the extent such Issuance involves the sale of Subject Securities for cash to provide
the Company or any of it subsidiaries with acquisition funds for such acquisition or merger.

     5.4. Certain Provisions Applicable to Convertible Securities. If the Issuance of
Subject Securities results in any increase in the number of shares of Common Stock issuable upon
exercise, conversion or exchange of any Convertible Securities, the number of shares (or Equivalent
Shares, if applicable) of Subject Securities (and Other Securities, if applicable) that the holders
of such Convertible Securities shall be entitled to purchase pursuant to Section 5.1, if any, shall
be reduced, share for share, by the amount of any such increase.

     5.5. Acquired Shares. Subject to the terms and conditions hereof, any Subject
Securities constituting shares of Common Stock or Convertible Securities acquired by any Investor
or Executive Stockholder pursuant to this Section 5 shall be deemed for all purposes hereof to be
Shares under this Agreement.

     5.6. Period. Each of the foregoing provisions of this Section 5 shall terminate on
the earlier of (a) the occurrence of a Change of Control and (b) the closing of the Qualified
Public Offering.

6. LOCK-UP.

     In connection with each underwritten Public Offering after the Closing Date, each Stockholder
hereby agrees, at the request of the Company or the managing underwriters of such Public Offering,
to be bound by and/or to execute and deliver, a lock-up agreement with the underwriter(s) of such
Public Offering restricting such Stockholder’s right to (a) Transfer, directly or indirectly, any
shares of Common Stock or any securities convertible into or exercisable or exchangeable for shares
of Common Stock or (b) enter into any swap or other arrangement that Transfers to another Person
any of the economic consequences of ownership of Common Stock, in each case to the extent that such
restrictions are agreed to by a Requisite Capital IV Majority with the underwriter(s) of such
Public Offering (any such lock-up agreement, a “ Principal Lock-Up Agreement ”);
provided , however , that no Stockholder shall be required by this Section 6 to be
bound by or execute and deliver a lock-up agreement covering a period of greater than 90 days (or
180 days in the case of any Public Offering up to and including the Qualified Public Offering)
following the effectiveness of the related registration statement for such Public Offering.
Notwithstanding the foregoing, no Principal Lock-Up Agreement shall apply to (a) transactions
relating to shares of Common Stock or other securities acquired in open market transactions or
block purchases after the completion of the applicable Public Offering, (b) Transfers made in
accordance with the terms of Section 3.1.1, (c) conversions of shares of Common Stock into other
classes of capital stock or securities without change of holder, or (d) during the period preceding
the execution of the underwriting agreement, Transfers to a Charitable Organization made in
accordance with the terms of this Agreement.

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7. MANAGEMENT SALE RIGHTS.

     Except as the Company may otherwise agree in writing with any Executive, upon any termination
of an Executive’s employment with the Company or any its subsidiaries due to the death or
Disability of such Executive, such Executive, each of his or her Executive Designees and each
Person holding Executive Shares who acquired them as a Permitted Transferee of such Executive or
any of such Executive Designees (as to a given Executive, such Executive and all such other
Persons, collectively, such Executive’s “ Sale Group ”) will have the right, subject to
Sections 3.3, 3.5, 3.6 and 3.7, to sell to the public pursuant to Rule 144 at any time during the
one-year period following the effective date of such termination (the “ Permitted Sale
Period ”), all or any portion of the shares of Common Stock then are then held by such
Executive’s Sale Group and are then Vested Executive Shares (any such sale, a “ Permitted
Public Transfer ”), notwithstanding that such a Transfer might not otherwise then be permitted
by Section 3.1.4. Executive Shares sold in Permitted Public Transfers pursuant to this Section 7
shall conclusively be deemed thereafter not to be Shares under this Agreement.

8. REGISTRATION RIGHTS.

     8.1. Demand Registration Rights.

     8.1.1. General. Subject to the terms and conditions of this Section 8, at any time
and from time to time, any one or more Capital IV Investors, Capital V Investors and/or
Investors that are members of either Sponsor Group (in each case, the “ Initiating
Investors ”), by notice to the Company specifying the amount and intended method or methods
of disposition, may request that the Company effect the registration under the Securities Act of
a Public Offering of all or a specified part of the Registrable Securities held by such
Initiating Investors (including by means of a shelf registration pursuant to Rule 415 under the
Securities Act if so requested by a majority of the Initiating Investors and if the Company is
then eligible to use such registration); provided that the value of Registrable
Securities that the Initiating Investors propose to sell in any such Public Offering must be at
least $150,000,000 or such lower amount as agreed by a Requisite Capital IV Majority;
provided further that the Qualified Public Offering may not be initiated
pursuant to this Section 8.1 except by a Requisite Capital IV Majority. Within ten days of
receiving such notice, the Company shall inform the Initiating Investors by written notice
whether it desires to include any securities to be sold for its own account in such registration
and, if so, the kind and amount thereof. The Company will then use its best efforts to (i)
effect the registration under the Securities Act of the Registrable Securities that the Company
has been requested to register by such Initiating Investors together with all other Registrable
Securities that the Company is requested to register pursuant to Section 8.2 and all securities
that the Company desires to sell for its own account, all to the extent required to permit the
disposition of the Registrable Securities that the Company has been so requested to register and
such securities that the Company desires to sell for its own account, and (ii) if requested by
the Initiating Investors, obtain acceleration of the effective date of the registration
statement relating to such registration; provided , however , that the Company
shall not be obligated to take any action to effect any such registration pursuant to this
Section 8.1.1:

     (a) during the effectiveness of any Principal Lock-Up Agreement that relates to a
registration statement for an underwritten Public Offering of securities of the Company for
its own account (other than a Rule 145 Transaction or a registration relating solely to
employee benefit plans); or

26

 

     (b) if a registration statement requested under this Section 8.1.1 shall have been
declared effective within the 180 days preceding such request of the Initiating Investors,
unless (i) a Requisite Capital IV Majority otherwise agrees or (ii) the Company included
shares for its own account in such prior registration statement and the Initiating Investors
in such prior registration were unable to register more than 50% of the Registrable
Securities that they requested to register therein.

     8.1.2. Form. Except as otherwise provided above, required by law or requested by
the Principal Participating Holders, so long as the Company is eligible and qualified to
register Registrable Securities on Form S-3 (or any successor or similar short form registration
statement), each registration requested pursuant to Section 8.1.1 shall be effected by the
filing of a registration statement on Form S-3 (or any other form that includes substantially
the same information as would be required to be included in a registration statement on such
form as currently constituted); provided that if any registration requested pursuant to
this Section 8.1 is proposed to be effected on Form S-3 (or any successor or similar short-form
registration statement) and is in connection with an underwritten offering, and if the managing
underwriter shall advise the Company in writing that, in its opinion, it is of material
importance to the success of such proposed offering to file a registration statement on Form S-1
(or any successor or similar registration statement) or to include in such registration
statement information not required to be included pursuant to Form S-3 (or any successor or
similar short-form registration statement), then the Company will file a registration statement
on Form S-1 or supplement Form S-3 (or any successor or similar short-form registration
statement) as reasonably requested by such managing underwriter.

     8.1.3. Payment of Expenses. The Company shall pay all Registration Expenses in
connection with registrations of Registrable Securities pursuant to this Section 8.1.1,
including all reasonable expenses (other than fees and disbursements of counsel that do not
constitute Registration Expenses) that any Holder incurs in connection with each registration of
Registrable Securities requested pursuant to this Section 8.1.1.

     8.1.4. Additional Procedures. In the case of a registration pursuant to Section
8.1.1, whenever the Principal Participating Holders shall request that such registration shall
be effected pursuant to an underwritten offering, the Company shall include such information in
the written notices to Qualifying Holders referred to in Section 8.2. In such event, the right
of any Holder to have securities owned by such Holder included in such registration pursuant to
Section 8.1.1 shall be conditioned upon such Holder’s participation in such underwriting and the
inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually
agreed upon by the Principal Participating Holders and such Holder). If requested by the
Principal Participating Holders, the Company together with the Holders proposing to distribute
their securities through the underwriting will enter into an underwriting agreement with the
underwriters for such offering containing such representations and warranties by the Company and

27

 

such Holders and such other terms and provisions as are customarily contained in underwriting
agreements with respect to secondary distributions, including customary indemnity and
contribution provisions (subject, in each case, to the limitations on such liabilities set forth
in this Section 8).

     8.1.5. Suspension of Registration. If the filing, initial effectiveness or
continued use of a registration statement, including a shelf registration statement pursuant to
Rule 415 under the Securities Act, in respect of a registration pursuant to this Section 8.1.1
at any time would require the Company to make a public disclosure of material non-public
information, which disclosure in the good faith judgment of the Board (after consultation with
external legal counsel) (i) would be required to be made in any registration statement so that
such registration statement would not be materially misleading, (ii) would not be required to be
made at such time but for the filing, effectiveness or continued use of such registration
statement and (iii) would have a material adverse effect on the Company or its business or on
the Company’s ability to effect a material proposed acquisition, disposition, financing,
reorganization, recapitalization or similar transaction, then the Company may, upon giving
prompt written notice of such action to the Holders participating in such registration, delay
the filing or initial effectiveness of, or suspend use of, such registration statement;
provided , that, unless otherwise agreed in writing by a Requisite Capital IV Majority,
the Company shall not be permitted to do so (i) more than two times during any 12 month period,
(ii) for a period exceeding 30 days on any one occasion or (iii) for an aggregate period
exceeding 60 days in any 12 month period. In the event the Company exercises its rights under
the preceding sentence, such Holders agree to suspend, promptly upon their receipt of the notice
referred to above, their use of any prospectus relating to such registration in connection with
any sale or offer to sell Registrable Securities. The Company shall promptly notify such Holders
of the expiration of any period during which it exercised its rights under this Section 8.1.5.
The Company agrees that, in the event it exercises its rights under this Section 8.1.5, it
shall, within 30 days following the giving of the notice of suspension, update the suspended
registration statement as may be necessary to permit the Holders to resume use thereof in
connection with the offer and sale of their Registrable Securities in accordance with applicable
law.

     8.2. Piggyback Registration Rights.

     8.2.1. Piggyback Registration.

     (a) General. Each time the Company proposes to register any shares of Common
Stock for sale in a Public Offering under the Securities Act on a form that would permit
registration of Registrable Securities for sale to the public for its own account and/or for
the account of any other Person, in each case whether pursuant to a registration initiated
pursuant to Section 8.1 or otherwise, the Company will give notice thereof to each
Qualifying Holder. Each Qualifying Holder may, by written response delivered to the Company
within 20 days after the date of delivery of such notice, request that all or a specified
part of such Qualifying Holder’s Registrable Securities be included in such registration.
The Company thereupon will use its best efforts to cause to be included in such

28

 

registration under the Securities Act all Registrable Securities that the Company has been
so requested to register by such Qualifying Holders, to the extent required to permit the
disposition (in accordance with the methods to be used by the Company and/or the Initiating
Investors in such Public Offering) of the Registrable Securities to be so registered;
provided that if, at any time after giving written notice of its intention to
register any securities (other than in connection with a registration pursuant to Section
8.1), the Company determines for any reason not to proceed with the proposed registration of
the securities to be sold by it, the Company may, at its election, give written notice of
such determination to each Qualifying Holder and, thereupon, shall be relieved of its
obligation to register any Registrable Securities in connection with such registration (but
not from its obligation to pay the Registration Expenses in connection therewith). If such
registration involves an underwritten offering, all Qualifying Holders requesting to be
included in the Company’s registration must sell their Registrable Securities to the
underwriters selected by the Company on the same terms and conditions as apply to the
Company (with such differences as may be customary or appropriate in combined primary and
secondary offerings, but in any event subject to the limitations on liability contained in
this Section 8) or, in the case of a registration initiated pursuant to Section 8.1.1, the
Principal Participating Holders. No registration of Registrable Securities effected under
this Section 8.2 shall relieve the Company of any of its obligations to effect registrations
of Registrable Securities pursuant to Section 8.1.

     (b) Excluded Transactions. The Company shall not be obligated to effect any
registration of Registrable Securities, or give notice to Qualifying Holders of the
Company’s intention to register a sale of shares of Common Stock, under this Section 8.2
incidental to the registration of any of its securities in connection with:

     (i) any Public Offering relating to employee benefit plans or dividend
reinvestment plans;

     (ii) any Public Offering relating to the acquisition or merger after the Closing
by the Company or any of its subsidiaries of or with any other businesses except to the
extent such Public Offering is for the sale of securities for cash; or

     (iii) the Qualified Public Offering, unless (A) it shall have been initiated as a
secondary offering pursuant to Section 8.1.1 or (B) a Requisite Capital IV Majority
determines otherwise.

     8.2.2. Payment of Expenses. The Company will pay all Registration Expenses in
connection with registrations of Registrable Securities pursuant to this Section 8.2.

     8.2.3. Additional Procedures. Holders participating in any Public Offering
pursuant to this Section 8.2 shall take all such actions and execute all such documents and
instruments that are reasonably requested by the Company to effect the sale of their

29

 

Registrable Securities in such Public Offering, including being parties to the underwriting
agreement entered into by the Company and any other selling stockholders in connection therewith
and being liable in respect of the representations and warranties and the other agreements
(including customary selling stockholder representations, warranties, indemnifications and
“lock-up” agreements) for the benefit of the underwriters contained therein; provided ,
however , that (a) with respect to individual representations, warranties, indemnities
and agreements of sellers of Registrable Securities in such Public Offering, the aggregate
amount of such liability shall not exceed such Holder’s net proceeds from such offering and (b)
to the extent selling stockholders give further representations, warranties and indemnities,
then with respect to all other representations, warranties and indemnities of sellers of shares
in such Public Offering, the aggregate amount of such liability shall not exceed the lesser of
(i) such Holder’s pro rata share of any such liability, as determined according to such Holder’s
portion of the total number of Registrable Securities included in the offering, and (ii) such
Holder’s net proceeds from such offering.

     8.2.4. Registration Statement Form. The Company shall select the registration
statement form for any registration pursuant to this Section 8.2 (other than a registration
initiated pursuant to Section 8.1); provided that if any registration requested pursuant
to this Section 8.2 is proposed to be effected on Form S-3 (or any successor form) and is in
connection with an underwritten offering, and if the managing underwriter shall advise the
Company in writing that, in its opinion, it is of material importance to the success of such
proposed offering to include in such registration statement information not required to be
included pursuant to such form, then the Company will supplement such registration statement as
reasonably requested by such managing underwriter.

     8.3. Certain Other Provisions.

     8.3.1. Underwriter’s Cutback. In connection with any registration of shares, the
underwriter may determine that marketing factors (including an adverse effect on the per share
offering price) require a limitation of the number of shares to be underwritten. Notwithstanding
any contrary provision of this Section 8 and subject to the terms of this Section 8.3.1, the
underwriter may limit the number of shares that would otherwise be included in such registration
by excluding any or all Registrable Securities from such registration; provided that, if
the registration in question involves a registration for sale of securities for the Company’s
own account (including a registration initiated pursuant to Section 8.1), then the number of
shares that the Company seeks to have registered in such registration shall not be subject to
exclusion, in whole or in part, under this Section 8.3.1. Upon receipt of notice from the
underwriter of the need to reduce the number of shares to be included in the registration, the
Company shall advise all holders of the Company’s securities that would otherwise be registered
and underwritten pursuant thereto, and the number of such securities, including Registrable
Securities, that may be included in the registration shall be allocated in the following manner,
unless the underwriter shall determine that marketing factors require a different allocation:
shares, other than Registrable Securities, requested to be included in such registration shall
be excluded unless the Company, with the consent of a Requisite Capital IV Majority, has granted
the holders thereof registration rights that are to be treated on an equal basis with
Registrable

30

 

Securities for the purpose of the exercise of the underwriter cutback (such shares afforded such
equal treatment being “ Parity Shares ”); and, if a limitation on the number of shares
is still required, the number of Registrable Securities and Parity Shares that may be included
in such registration shall be allocated among the holders thereof in proportion, as nearly as
practicable, as follows:

     (a) there shall be first allocated to each such holder requesting that its Registrable
Securities or Parity Shares be registered in such registration a number of such shares to be
included in such registration equal to the lesser of (i) the number of such shares requested
to be registered by such holder, and (ii) a number of such shares equal to such holder’s Pro
Rata Portion; and

     (b) the balance, if any, of such shares remaining after the allocation pursuant to
clause (a) above shall then be allocated to those holders of Registrable Securities or
Parity Shares that requested to register a number of such shares in excess of their Pro Rata
Portions, which allocation shall be made among such holders in proportion to their
respective Pro Rata Portions (it being understood that there shall not be allocated to any
such holder more than the number of Registrable Securities or Parity Shares that such holder
requested to include in such registration), or in such other manner as is agreed by the
holders requesting that their Registrable Securities or Parity Shares be registered in such
registration.

For purposes of any underwriter cutback, all Registrable Securities held by any Holder shall also
include any Registrable Securities held by the partners, retired partners, shareholders or
Affiliates of such Holder, or the estates and family members of any such Holder or such partners
and retired partners, any trusts for the benefit of any of the foregoing Persons and, at the
election of such Holder or such partners, retired partners, trusts or Affiliates, any Charitable
Organization to which any of the foregoing shall have contributed Common Stock in compliance with
Section 3 prior to the execution of the underwriting agreement in connection with such underwritten
offering, and such Holder and other Persons shall be deemed to be a single selling Holder, and any
pro rata reduction with respect to such selling Holder shall be based upon the aggregate amount of
Common Stock owned by all entities and individuals deemed to be included in such selling Holder in
accordance with this sentence. Upon delivery of a written request that Registrable Securities be
included in the underwriting pursuant to Section 8.1.1 or 8.2.1(a), the Holder thereof may not
thereafter elect to withdraw therefrom without the written consent of the Principal Participating
Holders; provided that if the managing underwriter of any underwritten offering shall
advise the Holders participating in a registration pursuant to Section 8.1 that the Registrable
Securities covered by the registration statement cannot be sold in such offering within a price
range acceptable to the Principal Participating Holders, then the Principal Participating Holders
shall have the right to notify the Company that they have determined that the registration
statement be abandoned or withdrawn, in which event the Company shall abandon or withdraw such
registration statement; provided , further , that if the Company has a class of
Common Stock listed on a national securities exchange or national securities association and the
price to the public at which the Registrable Securities are proposed to be sold will be less than
90% of the average closing price of shares of Common Stock of that class during the 10 trading days
preceding the date on which notice of such offering was given pursuant to Section 8.2.1(a), then
the Investors and the Executive Stockholders participating in such registration pursuant to Section
8.1 or 8.2 may elect to withdraw from such registration by written notice to the Company.

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     8.3.2. Registration Procedures. If, and in each case when, the Company is required
to effect a registration of any Registrable Securities as provided in this Section 8, the
Company shall promptly:

     (a) prepare and, in any event within 45 days (30 days in the case of a Form S-3
registration) after the end of the period under Section 8.2.1(a) within which a piggyback
request for registration may be given to the Company, file with the Commission a
registration statement with respect to such Registrable Securities and use its best efforts
to cause such registration statement to become effective as soon as practicable, and in any
event within 90 days of the initial filing;

     (b) prepare and file with the Commission such amendments and supplements to such
registration statement and the prospectus used in connection therewith as may be necessary
to keep such registration statement effective for a period not in excess of 270 days or, in
the case of shelf registration statements, two years (or, in any case, such shorter period
that will terminate when all Registrable Securities covered by such registration statement
have been sold thereunder) and to comply with the provisions of the Securities Act and the
Exchange Act with respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended methods of disposition by the
seller or sellers thereof set forth in such registration statement; provided that
before filing a registration statement or prospectus, or any amendments or supplements
thereto in accordance with Sections 8.1 or 8.2, the Company will furnish to counsel selected
pursuant to Section 8.3.3 copies of all documents proposed to be filed, which documents will
be subject to the review of such counsel;

     (c) furnish to each seller of such Registrable Securities such number of copies of such
registration statement and of each amendment and supplement thereto (in each case including
all exhibits filed therewith), such number of copies of the prospectus included in such
registration statement (including each preliminary prospectus and summary prospectus), in
conformity with the requirements of the Securities Act, and such other documents as such
seller may reasonably request in order to facilitate the disposition of the Registrable
Securities by such seller;

     (d) use its best efforts to register or qualify such Registrable Securities covered by
such registration in such jurisdictions as each seller shall reasonably request, and do any
and all other acts and things that may be reasonably necessary or advisable to enable such
seller to consummate the disposition in such jurisdictions of the Registrable Securities
owned by such seller, except that the Company shall not for any such purpose be required to
qualify generally to do business as a foreign corporation in any jurisdiction where, but for
the requirements of this clause (d), it would not be obligated to be so qualified or to
consent to general service of process in any such jurisdiction;

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     (e) promptly notify each seller of any such Registrable Securities covered by such
registration statement, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of the Company’s becoming aware that the prospectus
included in such registration statement, as then in effect, includes an untrue statement of
a material fact or omits to state a material fact required to be stated therein or necessary
to make the statements therein not misleading in the light of the circumstances then
existing, and at the request of any such seller, prepare and furnish to such seller a
reasonable number of copies of an amended or supplemental prospectus as may be necessary so
that, as thereafter delivered to the purchasers of such Registrable Securities, such
prospectus shall not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing;

     (f) otherwise use its best efforts to comply with all applicable rules and regulations
of the Commission, and make available to its security holders, as soon as reasonably
practicable (but not more than 18 months) after the effective date of the registration
statement, an earnings statement that shall satisfy the provisions of Section 11(a) of the
Securities Act;

     (g) use its best efforts to (i) list such Registrable Securities on any securities
exchange or authorize for quotation on each other market (including, if applicable, the
National Association of Securities Dealers, Inc. (the “ NASD ”) Automated Quotation
System) on which the Common Stock is then listed or authorized for quotation; and (ii)
provide a transfer agent and registrar for such Registrable Securities covered by such
registration statement not later than the effective date of such registration statement;

     (h) enter into such customary agreements (including an underwriting agreement in
customary form), which may include indemnification provisions in favor of underwriters and
other Persons in addition to the provisions of Section 8.4, and take such other actions as
the Principal Participating Holders or the underwriters, if any, reasonably request in order
to expedite or facilitate the disposition of such Registrable Securities;

     (i) obtain a “cold comfort” letter or letters from the Company’s independent public
accountants in customary form and covering matters of the type customarily covered by “cold
comfort” letters as the Principal Participating Holders shall reasonably request;

     (j) make available for inspection by any seller of such Registrable Securities covered
by such registration statement, by any managing underwriter or underwriters participating in
any disposition to be effected pursuant to such registration statement and by any attorney,
accountant or other agent retained by

33

 

any such seller or any such managing underwriter(s), all pertinent financial and other
records, pertinent corporate documents and properties of the Company, and cause all of the
Company’s officers, directors and employees to supply all information reasonably requested
by any such seller, underwriter, attorney, accountant or agent in connection with such
registration statement (subject to each party referred to in this clause (j) entering into
customary confidentiality agreements in a form reasonably acceptable to the Company);

     (k) notify counsel (selected pursuant to Section 8.3.3 hereof) for the Holders of
Registrable Securities included in such registration statement and the managing underwriter
or agent, immediately, and confirm the notice in writing (i) when the registration
statement, or any post-effective amendment to the registration statement, shall have become
effective, or any supplement to the prospectus or any amendment to the prospectus shall have
been filed, (ii) of the receipt of any comments from the Commission, (iii) of any request of
the Commission to amend the registration statement or amend or supplement the prospectus or
for additional information, (iv) of the issuance by the Commission of any stop order
suspending the effectiveness of the registration statement or of any order preventing or
suspending the use of any preliminary prospectus, or of the suspension of the qualification
of the registration statement for offering or sale in any jurisdiction, or of the
institution or threatening of any proceedings for any of such purposes, (v) of the issuance
by the Commission of a notice of objection to the use of the form on which such registration
statement has been filed, and (vi) of the occurrence of any event that causes the Company to
become an “ineligible issuer” as defined in Rule 405 under the Securities Act;

     (l) use its best efforts to prevent the issuance of any stop order suspending the
effectiveness of the registration statement or of any order preventing or suspending the use
of any preliminary prospectus and, if any such order is issued, to obtain the withdrawal of
any such order as soon as practicable;

     (m) if requested by the managing underwriter or agent or any Holder with Registrable
Securities covered by the registration statement, incorporate in a prospectus supplement or
post-effective amendment such information as the managing underwriter or agent or such
Holder reasonably requests to be included therein, including, with respect to the number of
Registrable Securities being sold by such Holder to such underwriter or agent, the purchase
price being paid therefor by such underwriter or agent and with respect to any other terms
of the underwritten offering of the Registrable Securities to be sold in such offering; and
make all required filings of such prospectus supplement or post-effective amendment as soon
as practicable after being notified of the matters incorporated in such prospectus
supplement or post-effective amendment;

     (n) cooperate with Holders with Registrable Securities covered by the registration
statement and the managing underwriter or agent, if any, to facilitate the timely
preparation and delivery of certificates (not bearing any restrictive legends) representing
securities to be sold under the registration statement, and enable such securities to be in
such denominations and registered in such names as the managing underwriter or agent, if
any, or such Holders may request;

34

 

     (o) obtain for delivery to Holders with Registrable Securities being registered and to
the underwriter or agent an opinion or opinions from counsel for the Company in customary
form and in form, substance and scope reasonably satisfactory to such Holders, underwriters
or agents and their counsel;

     (p) cooperate with each seller of Registrable Securities and each underwriter or agent
participating in the disposition of such Registrable Securities and their respective counsel
in connection with any filings required to be made with the Financial Industry Regulatory
Authority; and

     (q) use its best efforts to make available the executive officers of the Company to
participate with the Holders of Registrable Securities and any underwriters in any “road
shows” that may be reasonably requested by the Holders in connection with distribution of
the Registrable Securities.

     8.3.3. Selection of Underwriters and Counsel. The underwriters and legal counsel
to be retained by the Company in connection with any Public Offering requested pursuant to
Section 8.1 shall be selected by the Principal Participating Holders and, in any other Public
Offering to which Section 8.2 applies, shall be selected by the Board; provided that, in
the case of any such other Public Offering, such underwriters and counsel shall be reasonably
acceptable to the Principal Participating Holders. In connection with any registration of
Registrable Securities pursuant to Section 8.1 or 8.2, the Principal Participating Holders may
select one counsel to represent at the Company’s expense all Holders with Registrable Securities
covered by such registration; provided , however , that in the event that the
counsel selected as provided above is also acting as counsel to the Company in connection with
such registration, the Holders other than the Principal Participating Holders shall be entitled
to select one additional counsel to represent, at the Company’s expense, all such Holders.

     8.3.4. Shelf Take-Downs. At any time that a shelf registration statement covering
Registrable Securities pursuant to this Section 8 is effective in accordance with Rule 415 under
the Securities Act, if any Qualifying Holder intends to effect an offering of all or part of its
Registrable Securities that are covered by such shelf registration statement (any such offering,
a “ Shelf Offering ”), then (i) such Qualifying Holder shall deliver a notice of such
intention to the Company (a “ Take-Down Notice ”) stating the number of the Registrable
Securities to be included therein, and (ii) the Company shall amend or supplement the shelf
registration statement as may be necessary in order to enable such Registrable Securities to be
distributed pursuant to the Shelf Offering (taking into account the inclusion of Registrable
Securities by any other Qualifying Holders pursuant to this Section 8.3.4). In connection with
any Shelf Offering:

     (a) the Qualifying Holder proposing to initiate such Shelf Offering shall also deliver
the Take-Down Notice to all other Qualifying Holders with Registrable Securities covered by
such shelf registration statement and permit

35

 

each such other Qualifying Holder to include in the Shelf Offering its Registrable
Securities covered by the shelf registration statement if such other Qualifying Holder
notifies such initiating Qualifying Holder and the Company within five business days after
delivery of the Take-Down Notice to such other Qualifying Holder; and

     (b) in the event that the managing underwriter(s) for such Shelf Offering, if any,
determines that marketing factors (including an adverse effect on the per share offering
price) require a limitation on the number of Registrable Securities that would otherwise be
included in such Shelf Offering, such managing underwriter(s), if any, may limit the number
of Registrable Securities that would otherwise be included in such take-down offering in the
same manner as is contemplated in Section 8.3.1.

     8.3.5. Company Lock-Up. If any registration pursuant to Section 8.1 of this
Agreement is in connection with an underwritten Public Offering, then, except as part of such
registration, the Company agrees not to effect any public sale or distribution of any equity
securities of the Company, including Common Stock and Convertible Securities, for its own
account (in each case, other than as part of such underwritten Public Offering and other than
pursuant to a registration on Form S-4 or S-8), within 90 days (or such shorter period as the
managing underwriters of such registration may require) after, the effective date of such
registration.

     8.3.6. Other Agreements. The Company covenants and agrees that, so long as any
Investor holds any Registrable Securities in respect of which any registration rights provided
for in Section 8.1 or 8.2 of this Agreement remain in effect, without the prior written approval
of a Requisite Capital IV Majority, the Company will not, directly or indirectly, grant to any
Person or agree to or otherwise become obligated in respect of (i) rights of registration in the
nature or substantially in the nature of those set forth in Section 8.1 or 8.2 of this Agreement
that would have priority over or be on parity with the Registrable Securities with respect to
the inclusion of such securities in any registration or (ii) any rights of registration in the
nature or substantially in the nature of those set forth in Section 8.1 that are exercisable
prior to 180 days after the closing of the Qualified Public Offering.

     8.4. Indemnification and Contribution.

     8.4.1. Indemnities of the Company. In the event of any registration of any
Registrable Securities or other debt or equity securities of the Company or any of its
subsidiaries under the Securities Act pursuant to this Section 8 or otherwise, and in connection
with any registration statement or any other disclosure document produced by or on behalf of the
Company or any of its subsidiaries including reports required and other documents filed under
the Exchange Act, and other documents pursuant to which any debt or equity securities of the
Company or any of its subsidiaries are sold (whether or not for the account of the Company or
its subsidiaries), the Company will, and hereby does, and will cause each of its subsidiaries,
jointly and severally, to indemnify and hold harmless each Holder, any Person who is or might be
deemed to be a controlling Person

36

 

of the Company or any of its subsidiaries within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act, their respective direct and indirect general and limited
partners, advisory board members, advisors, directors, officers, trustees, managers, members and
shareholders, and each other Person, if any, who controls any such holder or any such
controlling Person within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act (each such Holder and each other Person identified in this sentence as being
indemnified and held harmless by the Company and its subsidiaries being referred to herein as a
“ Covered Person ”), against any losses, claims, damages or liabilities (or actions or
proceedings in respect thereof), joint or several, to which such Covered Person may be or become
subject under the Securities Act, the Exchange Act, any other securities or other law of any
jurisdiction, common law or otherwise, insofar as such losses, claims, damages or liabilities
(or actions or proceedings in respect thereof) arise out of or are based upon (i) any untrue
statement or alleged untrue statement of any material fact contained or incorporated by
reference in any registration statement under the Securities Act, any preliminary prospectus or
final prospectus included therein, or any related summary prospectus, “issuer free writing
prospectus” as defined in Rule 433 under the Securities Act (“ Issuer FWP ”) or any
amendment or supplement thereto, or any document incorporated by reference therein, or any other
such disclosure document (including reports and other documents filed under the Exchange Act and
any document incorporated by reference therein) or other document or report, (ii) any omission
or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading or (iii) any violation or alleged violation by the
Company or any of its subsidiaries of any federal, state, foreign or common law rule or
regulation applicable to the Company or any of its subsidiaries and relating to action or
inaction in connection with any such registration, disclosure document or other document or
report, and will reimburse such Covered Person for any legal or any other expenses incurred by
it in connection with investigating or defending any such loss, claim, damage, liability, action
or proceeding; provided , however , that neither the Company nor any of its
subsidiaries shall be liable to any Covered Person in any such case to the extent that any such
loss, claim, damage, liability, action or proceeding arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in such registration
statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or
supplement, incorporated document or other such disclosure document or other document or report,
in reliance upon and in conformity with written information furnished to the Company or to any
of its subsidiaries through an instrument duly executed by such Covered Person specifically
stating that it is for use in the preparation thereof. The indemnities of the Company and of its
subsidiaries contained in this Section 8.4.1 shall remain in full force and effect regardless of
any investigation made by or on behalf of such Covered Person and shall survive any Transfer of
securities or any termination of this Agreement.

     8.4.2. Indemnities to the Company. Subject to Section 8.4.4, the Company and any
of its subsidiaries may require, as a condition to including any securities in any registration
statement filed pursuant to this Section 8, that the Company and any of its subsidiaries shall
have received an undertaking satisfactory to it from each prospective seller of such securities,
severally and not jointly, to indemnify and hold harmless the

37

 

Company and any of its subsidiaries, each director of the Company or any of its subsidiaries,
each officer of the Company or any of its subsidiaries who shall sign such registration
statement and each other Person (other than such seller), if any, who controls the Company and
any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act and each other prospective seller of such securities with respect to any
statement in or omission from such registration statement, any preliminary prospectus, final
prospectus or summary prospectus included therein, or any amendment or supplement thereto, or
any other disclosure document (including reports and other documents filed under the Exchange
Act or any document incorporated therein) or other document or report, if such statement or
omission was made in reliance upon and in conformity with written information furnished to the
Company or any of its subsidiaries through an instrument executed by such seller specifically
stating that it is for use in the preparation of such registration statement, preliminary
prospectus, final prospectus, summary prospectus, Issuer FWP, amendment or supplement,
incorporated document or other document or report. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of the Company, any of its
subsidiaries or any such director, officer or controlling Person and shall survive any transfer
of securities or any termination of this Agreement.

     8.4.3. Contribution. If the indemnification provided for in Section 8.4.1 or 8.4.2
is unavailable to a party that would have been entitled to indemnification pursuant to the
foregoing provisions of this Section 8.4 (an “ Indemnitee ”) in respect of any losses,
claims, damages or liabilities (or actions or proceedings in respect thereof) referred to
therein, then each party that would have been an indemnifying party thereunder shall, subject to
Section 8.4.4 and in lieu of indemnifying such Indemnitee, contribute to the amount paid or
payable by such Indemnitee as a result of such losses, claims, damages or liabilities (or
actions or proceedings in respect thereof) in such proportion as is appropriate to reflect the
relative fault of such indemnifying party on the one hand and such Indemnitee on the other in
connection with the statements or omissions that resulted in such losses, claims, damages or
liabilities (or actions or proceedings in respect thereof). The relative fault shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by such indemnifying party or such Indemnitee and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. The parties agree that it would not be just or equitable if contribution pursuant to
this Section 8.4.3 were determined solely by pro rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred to in the
preceding sentence. The amount paid or payable by a contributing party as a result of the
losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred
to above in this Section 8.4.3 shall include any legal or other expenses reasonably incurred by
such Indemnitee in connection with investigating or defending any such action or claim. No
Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

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     8.4.4. Limitation on Liability of Holders of Registrable Securities. The liability
of any individual Holder in respect of any indemnification or contribution obligation of such
Holder arising under this Section 8.4 shall not in any event exceed an amount equal to the net
proceeds to such Holder (after deduction of all underwriters’ discounts and commissions) from
the disposition of the Registrable Securities disposed of by such Holder pursuant to such
registration.

     8.4.5. Indemnification Procedures. Promptly after receipt by an Indemnitee of
written notice of the commencement of any action or proceeding with respect to which a claim for
indemnification may be made pursuant to this Section 8.4, such Indemnitee will, if a claim in
respect thereof is to be made against an indemnifying party, give written notice to the latter
of the commencement of such action or proceeding; provided that the failure of the
Indemnitee to give notice as provided herein shall not relieve the indemnifying party of its
obligations under this Section 8.4, except to the extent that the indemnifying party is
materially prejudiced by such failure to give notice. In case any such action or proceeding is
brought against an Indemnitee, the indemnifying party will be entitled to participate in and to
assume the defense thereof (at its expense), jointly with any other indemnifying party similarly
notified to the extent that it may wish, with counsel reasonably satisfactory to such
Indemnitee, and after notice from the indemnifying party to such Indemnitee of its election so
to assume the defense thereof, the indemnifying party will not be liable to such Indemnitee for
any legal or other expenses subsequently incurred by the latter in connection with the defense
thereof other than reasonable costs of investigation and shall have no liability for any
settlement made by the Indemnitee without the consent of the indemnifying party, such consent
not to be unreasonably withheld. Notwithstanding the foregoing, if in such Indemnitee’s
reasonable judgment a conflict of interest between such Indemnitee and the indemnifying parties
may exist in respect of such action or proceeding or the indemnifying party does not assume the
defense of any such action or proceeding within a reasonable time after notice of commencement,
the Indemnitee shall have the right to assume or continue its own defense and the indemnifying
party shall be liable for any reasonable expenses therefor, but in no event will bear the
expenses for more than a single legal counsel for all Indemnitees in each jurisdiction who shall
be approved by the Principal Participating Holders in the registration in respect of which such
indemnification is sought, unless there is a conflict of interest among Indemnitees, in which
case the indemnifying party shall be liable for the reasonable expenses of additional counsel.
No indemnifying party will settle any action or proceeding or consent to the entry of any
judgment without the prior written consent of the Indemnitee, unless such settlement or judgment
(i) includes as an unconditional term thereof the giving by the claimant or plaintiff of a
release to such Indemnitee from all liability in respect of such action or proceeding and (ii)
does not involve the imposition of equitable remedies or the imposition of any obligations on
such Indemnitee and does not otherwise adversely affect such Indemnitee, other than as a result
of the imposition of financial obligations for which such Indemnitee will be fully indemnified
hereunder.

     8.5. Public Dispositions Without Registration. With a view to making available to the
Stockholders the benefits of certain rules and regulations of the Commission that, subject to
Section 3, may at any time permit the sale of Shares to the public without registration, the
Company agrees at all times after the closing of the Qualified Public Offering until the occurrence
of a Change of Control:

     (a) to make and keep public information available in the manner and to the extent
contemplated by Rule 144;

39

 

     (b) to use its commercially reasonable efforts to file with the Commission in a timely
manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act any time when it is subject to such reporting requirements; and

     (c) to furnish to each Stockholder holding at least 1% of the then outstanding shares of
Common Stock promptly upon request (i) a written statement by the Company as to its compliance
with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act (at
any time when it is subject to such reporting requirements), (ii) a copy of the most recent
annual or quarterly report of the Company, and (iii) such other reports and documents of the
Company as such Stockholder may reasonably request in availing itself of any rule or regulation
of the Commission allowing such Stockholder to sell any such Securities without registration
(subject to the terms of any applicable restrictions, limitations or other provisions of Section
3).

9. REMEDIES.

     9.1. Generally. Each party to this Agreement has all remedies available at law, in
equity or otherwise against any other party in the event of any breach or violation of this
Agreement or any default hereunder by such other party. The parties acknowledge and agree that in
the event of any breach of this Agreement, in addition to any other remedies that may be available
against the breaching party, each of the parties hereto shall be entitled to specific performance
of the obligations of the breaching party and, in addition, to such other equitable remedies
against the breaching party (including preliminary or temporary relief) as may be appropriate in
the circumstances.

     9.2. Deposit. Without limiting the generality of Section 9.1, if any Stockholder
fails to deliver to the purchaser thereof the certificate or certificates evidencing Shares to be
Transferred pursuant to Section 4, such purchaser may, at its option, in addition to all other
remedies it may have, deposit the purchase price for such Shares with any national bank or trust
company having combined capital, surplus and undivided profits in excess of $1,000,000,000 (the “
Escrow Agent ”) and the Company shall cancel on its books the certificate or certificates
representing such Shares and thereupon all of such Stockholder’s rights in and to such Shares shall
terminate. Thereafter, upon delivery to such purchaser by such Stockholder of the certificate or
certificates evidencing such Shares (duly endorsed, or with stock powers duly endorsed, for
transfer, with signature guaranteed, free and clear of any Adverse Claims, and with any transfer
tax stamps affixed), such purchaser shall instruct the Escrow Agent to deliver the purchase price
(without any interest from the date of the closing to the date of such delivery, any such interest
to accrue to such purchaser) to such Stockholder.

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10. LEGENDS.

     10.1. Restrictive Legend. Each certificate representing Shares shall have the
following legend endorsed conspicuously thereupon:

The voting of the shares of stock evidenced by this certificate and the sale, encumbrance or
other disposition thereof are subject to the provisions of the Corporation’s Certificate of
Incorporation, By-laws and a Stockholders Agreement to which the Corporation and certain of
its stockholders are party, a copy of which may be inspected at the principal office of the
Corporation or obtained from the Corporation without charge.

     In the event of a Transfer of Shares permitted by this Agreement in which the transferee
thereof is not required pursuant to this Agreement to become bound by, or become a party to, this
Agreement with respect to such Shares, such transferee will have the right to have the foregoing
legend removed at the Company’s expense from any certificates representing such Shares (insofar as
such legend references the provisions of this Agreement) by the delivery of substitute certificates
to evidence such Shares that do not reference this Agreement.

     10.2. 1933 Act Legends. Each certificate representing Shares shall also have the
following legend endorsed conspicuously thereupon:

The securities evidenced by this certificate were issued without registration under the
Securities Act of 1933, as amended (the “Act”), and may not be sold, assigned, pledged or
otherwise transferred in the absence of an effective registration statement under the Act
covering the transfer thereof or an opinion of counsel, satisfactory to CC Media Holdings,
Inc. (the “Corporation”), that registration under the Act is not required.

     10.3. Stop Transfer Instruction. The Company will instruct any transfer agent not to
register the Transfer of any Shares unless the conditions specified in the foregoing legends and
this Agreement are satisfied.

     10.4. Termination of 1933 Act Legend. The requirement imposed by Section 10.2 shall
cease and terminate as to any particular Shares (i) when, in the opinion of Ropes & Gray LLP, or
other counsel reasonably acceptable to the Company, such legend is no longer required in order to
assure compliance by the Company with the Securities Act or (ii) when such Shares have been
effectively registered under the Securities Act or transferred pursuant to Rule 144. Wherever (x)
such requirement shall cease and terminate as to any Shares or (y) such Shares shall be
transferable under paragraph (k) of Rule 144, then the holder thereof shall be entitled to receive
from the Company, as the case may be, without expense, new certificates not bearing the legend set
forth in Section 10.2.

     10.5. Book-Entry Shares. The provisions of this Section 10 and the share legends
required hereunder shall apply to Shares that are represented by book entry (as opposed to
certificates) to the same extent as if such Shares were represented by certificates.

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11. AMENDMENT, TERMINATION, ETC.

     11.1. Oral Modifications. This Agreement may not be orally amended, modified,
extended or terminated, nor shall any purported oral waiver of any of its terms be effective.

     11.2. Written Modifications. If, at any time when there are Investors party to this
Agreement and a Requisite Capital IV Majority believes that doing so is in the interests of the
Company and/or the Stockholders from a corporate, financing or business perspective, then this
Agreement may be amended, modified, extended or terminated, and the provisions hereof may be
waived, but only by an agreement in writing signed by the Company and a Requisite Capital IV
Majority, or, if there are no Sponsor Entities or Sponsor Investment Vehicles remaining as parties
to this Agreement, by the Company and Stockholders holding at least a majority of the number of
Shares then held by all Stockholders; provided , however , that the consent of
Executive Stockholders holding at least a majority in number of the Vested Executive Shares held at
the time by all Executive Stockholders shall be required for any amendment, modification,
extension, termination or waiver that (a) would delete or in any way modify or otherwise alter the
provisions of Section 4.1 or this Section 11.2, or would otherwise in any way modify or otherwise
alter the rights of the Executive Stockholders embodied in Sections 4.1 or 11.2, (b) would by its
terms adversely affect the Executive Stockholders to any greater extent than such amendment,
modification, extension, termination or waiver would affect the Investors or (c) would otherwise
adversely affect in any material respect the rights or obligations of the Executive Stockholders
under this Agreement.

     11.3. Withdrawal from Agreement. On and after the first date on which the Investors
and the Executive Stockholders hold Shares that in the aggregate represent less than 33% or such
greater percentage as a Requisite Capital IV Majority agrees in writing (the “ Withdrawal
Threshold ”) of the Shares held, in the aggregate, by Capital IV, Capital V and the Executive
Stockholders immediately after the Closing (treating as Shares held immediately after the Closing
all shares of Common Stock (and all Equivalent Shares underlying Convertible Securities) issued
with respect to the Shares actually held as of such time pursuant to any subsequent stock split,
stock dividend, combination, recapitalization or the like affecting any of such Shares), any
Stockholder that, together with its Affiliates, holds less than 1% of the then outstanding shares
of Common Stock may elect (on behalf of itself and all of its Affiliates that hold Shares), by
written notice to the Company and the Sponsor Groups, to (a) withdraw all Shares held by such
Stockholder and its Affiliates from this Agreement (Shares withdrawn pursuant to this clause (a),
the “ Withdrawn Shares ”) and (b) terminate this Agreement with respect to such Stockholder
and its Affiliates (Stockholders and their Affiliates withdrawing pursuant to this clause (b), the
“ Withdrawing Holders ”). From the date of delivery of such notice, the Withdrawn Shares
shall cease to be Shares subject to this Agreement, and the Withdrawing Holders shall cease to be
parties to this Agreement and shall no longer be subject to the obligations of this Agreement or
have rights under this Agreement; provided that a Withdrawing Holder will continue to be
obligated with respect to any Transfer or other transaction, whether or not such Withdrawing Holder
is a party thereto, with respect to which such Withdrawing Holder has obligations under this
Agreement as of such date of delivery to the same extent such Withdrawing Holder would have been
obligated with respect thereto if such Withdrawing Holder had not withdrawn from this Agreement.
The Company shall use its best efforts to provide all Stockholders with a written notice promptly
following the first date on which the Withdrawal Threshold has been reached.

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     11.4. Effect of Termination. No termination (in whole or in part) of, or withdrawal
from, this Agreement shall relieve any Person of liability for any breach by it prior to such
termination or withdrawal.

12. DEFINITIONS, ETC.

     12.1. Certain Matters of Construction. In this Agreement, unless specified otherwise:

     (a) references to Sections, Exhibits or Schedules are to Sections of, or Exhibits or
Schedules to, this Agreement;

     (b) all Exhibits and Schedules to this Agreement are hereby incorporated in and made a part
of this Agreement as if set forth in full herein, and any capitalized terms used but not
otherwise defined in any such Exhibit or Schedule shall have the meanings given to those terms
in this Agreement;

     (c) the captions and headings in this Agreement are provided for convenience and do not
affect its meaning;

     (d) the words “hereof”, “herein”, “hereunder” and words of similar import refer to this
Agreement as a whole and not to any particular Section or provision of this Agreement, and
reference to a particular Section of this Agreement will be deemed to include all subsections
thereof;

     (e) the word “including” means “including, without limitation”;

     (f) definitions are equally applicable to both nouns and verbs and the singular and plural
forms of the terms defined;

     (g) the masculine, feminine and neuter genders each include the others;

     (h) any reference to an agreement or organizational document, such as a certificate of
incorporation, means that agreement or organizational document as amended or supplemented from
time to time, subject to any restrictions on amendment contained in such agreement or
organizational document, and any reference to a statute, rule or regulation means that statute,
rule or regulation as amended or supplemented from time to time and any corresponding provisions
of any successor statute, rule or regulation;

     (i) if any date specified in this Agreement as a date for taking action falls on a day that
is not a business day, then that action may be taken on the next business day; and

     (j) the word “party” refers only to a party to this Agreement.

     12.2. Definitions. The following terms have the following meanings:

     “ Adverse Claim ” has the meaning set forth in Section 8-102 of the applicable Uniform
Commercial Code.

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     “ Affiliate ” means, with respect to any specified Person, (a) any other Person that
directly or indirectly through one or more intermediaries controls, or is controlled by, or is
under common control with, such specified Person, or (b) if such specified Person is a natural
person, any Member of the Immediate Family of such specified Person. For the purposes of this
Agreement, “control” (including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”), as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise. For
purposes of this Agreement, none of the Company or any of its subsidiaries will be considered an
Affiliate of any Sponsor Entity or any of their respective Affiliates or Affiliated Funds.

     “ Affiliated Fund ” means, with respect to any specified Person, an investment fund
that is an Affiliate of such Person or that is advised by the same investment adviser as such
Person or by an Affiliate of such investment adviser or such Person.

     “ Agreement ” has the meaning set forth in the Preamble.

     “ Bain Entities ” means Bain Capital (CC) IX, L.P., Bain Capital (CC) IX Offshore,
L.P., Bain Capital (CC) IX Coinvestment, L.P., Bain Capital (CC) IX Coinvestment Offshore, L.P.,
Bain Capital CC Investors, L.P., Bain Capital (CC) X, L.P., Bain Capital (CC) X Offshore, L.P.,
together with any of their respective Affiliates or Affiliated Funds that, as of any relevant time,
is (a) a Stockholder or (b) an Equity Holder of a Sponsor Investment Vehicle.

     “ Board ” has the meaning set forth in Section 2.1.1.

     “ business day ” means any day that is not a Saturday, a Sunday or other day on which
banks are required or authorized by law to be closed in the City of New York.

     “ Capital I ” means Clear Channel Capital I, LLC, a Delaware limited liability company
and the sole stockholder of Clear Channel immediately after the Closing.

     “ Capital II ” means Clear Channel Capital II, a Delaware limited liability company
and, immediately after the Closing, (a) the sole member of Capital I and (b) a wholly-owned
subsidiary of the Company.

     “ Capital IV ” has the meaning set forth in the Preamble.

     “ Capital IV Investors ” has the meaning set forth in the Preamble.

     “ Capital V ” has the meaning set forth in the Preamble.

     “ Capital V Investors ” has the meaning set forth in the Preamble.

     “ Change of Control ” means (a) any consolidation or merger of the Company with or
into any other corporation or other Person, or any other corporate reorganization or transaction
(including the acquisition of capital stock of the Company), whether or not the Company is a

44

 

party thereto, after which the Sponsor Investment Vehicles and the Sponsor Entities and their
respective Affiliated Funds and Affiliates do not directly or indirectly control capital stock
representing more than 25% of the economic interests in and 25% of the voting power of the Company
or other surviving entity immediately after such consolidation, merger, reorganization or
transaction; (b) any stock sale or other transaction or series of related transactions, whether or
not the Company is a party thereto, after which in excess of 50% of the Company’s voting power is
owned directly or indirectly by any Person and its “affiliates” or “associates” (as such terms are
defined in the rules adopted by the Commission under the Exchange Act), other than the Sponsor
Investment Vehicles and the Sponsor Entities and their respective Affiliated Funds and Affiliates
(or a group of Persons that includes such Persons); or (c) a sale of all or substantially all of
the assets of the Company to any Person and the “affiliates” or “associates” of such Person (or a
group of Persons acting in concert), other than the Sponsor Investment Vehicles and the Sponsor
Entities and their respective Affiliated Funds and Affiliates (or a group of Persons that includes
such Persons).

     “ Charitable Organization ” means a charitable organization as described by Section
501(c)(3) of the Internal Revenue Code of 1986.

     “ Class A Stock ” means the Company’s Class A Common Stock, par value $0.001 per
share.

     “ Class B Stock ” means the Company’s Class B Common Stock, par value $0.001 per
share.

     “ Class C Stock ” means the Company’s Class C Common Stock, par value $0.001 per
share.

     “ Clear Channel ” has the meaning set forth in the Recitals.

     “ Clear Channel Entities ” means the Company, Capital I, Capital II and Opco.

     “ Closing ” has the meaning set forth in Section 1.1.

     “ Closing Date ” means the date on which the Closing occurs.

     “ Code ” means the Internal Revenue Code of 1986, as amended, and the rules and
regulations thereunder.

     “ Commission ” means the U.S. Securities and Exchange Commission or any successor
entity.

     “ Common Stock ” means the common stock of the Company, including the Class A Stock,
the Class B Stock and the Class C Stock.

     “ Company ” has the meaning set forth in the Preamble.

     “ Convertible Securities ” means any evidence of indebtedness, shares of stock (other
than Common Stock), options, warrants or other securities, including Options and Warrants, that are
directly or indirectly convertible into, or exchangeable or exercisable for, shares of Common
Stock.

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     “ Covered Person ” has the meaning set forth in Section 8.4.1.

     “ DGCL ” means the Delaware General Corporation Law, as amended.

     “ Disability ” (a) when used in relation to L. Lowry Mays, Mark P. Mays or Randall T.
Mays, has the meaning given to such term in the respective Employment Agreement to which such
Executive is a party, or (b) when used in relation to any other Executive, (i) has the meaning, if
any, given to such term in the employment agreement then in effect, if any, between such Executive
and the Company or any of its subsidiaries, or (ii) if there is no such term in such employment
agreement or there is no such employment agreement then in effect, means the disability of an
Executive during his or her employment with the Company or any of its subsidiaries through any
illness, injury, accident or condition of either a physical or psychological nature as a result of
which, in the judgment of the Board, he or she is unable to perform substantially all of his or her
duties and responsibilities, notwithstanding the provision of any reasonable accommodation, for 6
consecutive months during any period of 12 consecutive months.

     “ DOJ ” means the U.S. Department of Justice or any successor entity.

     “ Donating Stockholder ” has the meaning set forth in Section 3.1.3.

     “ Drag Along Recapitalization Notice ” has the meaning set forth in Section 4.4.1.

     “ Drag Along Recapitalization Percentage ” has the meaning set forth in Section 4.4.

     “ Drag Along Sale Notice ” has the meaning set forth in Section 4.2.1.

     “ Drag Along Sale Percentage ” has the meaning set forth in Section 4.2.

     “ Drag Along Sellers ” has the meaning set forth in Section 4.2.1.

     “ Employment Agreements ” means, collectively, the respective Amended and Restated
Employment Agreements to be entered into prior to the Closing Date by Opco, the Company and each of
L. Lowry Mays, Mark P. Mays or Randall T. Mays.

     “ Equity Holder ” means, with respect to any specified Person, any other Person that
owns of record shares of capital stock or partnership, limited liability company or other equity
interests in such specified Person or owns of record trust or other similar beneficial interests in
such specified Person.

     “ Equivalent Shares ” means, at any given time, (a) as to any number of outstanding
shares of Common Stock that constitute Shares, such number of shares of Common Stock and (b) as to
any outstanding Convertible Securities that constitute Shares, the maximum number of shares of
Common Stock for which or into which such Convertible Securities may at the time be exercised,
converted or exchanged (or which will become exercisable, convertible or exchangeable on or prior
to, or by reason of, the transaction or circumstance in connection with which the number of
Equivalent Shares is to be determined).

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     “Escrow Agent” has the meaning set forth in Section 9.2.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations thereunder.

     “Executive Designees” has the meaning set forth in the Preamble.

     “Executive Shares” means Shares of any type held by an Executive Stockholder.

     “Executive Stockholders” has the meaning set forth in the Preamble.

     “FCC” means the Federal Communications Commission or any successor entity.

     “FTC” means the Federal Trade Commission or any successor entity.

     “Highfields Voting Agreement” has the meaning set forth in 2.1.2.

     “Holder” means, as of any given time, any Investor or Executive Stockholder holding
Registrable Securities.

     “Indemnitee” has the meaning set forth in Section 8.4.3.

     “Indirect Transfer” has the meaning set forth in Section 4.1.5.

     “Initial Executive Designee” means (a) when used in relation to L. Lowry Mays, LLM
Partners, Ltd., a Texas limited partnership, (b) when used in relation to Mark P. Mays, MPM
Partners, Ltd., a Texas limited partnership, or (c) when used in relation to Randall T. Mays, RTM
Partners, Ltd., a Texas limited partnership.

     “Initiating Investors” has the meaning set forth in Section 8.1.1.

     “Investor Directors” has the meaning set forth in Section 2.1.

     “Investors” means the Capital IV Investors and the Capital V Investors.

     “Investor Shares” means Shares of any type held by an Investor.

     “Issuance” has the meaning set forth in Section 5.

     “Issuer” has the meaning set forth in Section 5.

     “Issuer FWP” has the meaning set forth in Section 8.4.1.

     “Members of the
Immediate Family” means, with respect to any individual, each spouse
or child or other descendant of such individual, each trust created solely for the benefit of one
or more of the aforementioned persons and their spouses and each custodian or guardian of any
property of one or more of the aforementioned persons in his or her capacity as such custodian or
guardian.

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     “Merger” has the meaning set forth in the Recitals.

     “Merger Agreement” has the meaning set forth in the Recitals.

     “Mergerco” has the meaning set forth in the Preamble.

     “Minimum Executive Holding Period” means, with respect to any Executive Stockholder,
the period commencing on the Closing Date and ending on the third anniversary of the closing of the
Qualified Public Offering or such other period as may be agreed to in writing by such Executive
Stockholder, the Company and a Requisite Capital IV Majority.

     “NASD” has the meaning set forth in Section 8.3.2.

     “Offered Shares” has the meaning set forth in Section 4.1.

     “Opco” has the meaning contemplated in the Recitals.

     “Options” means any options to subscribe for, purchase or otherwise directly acquire
shares of Common Stock from the Company, other than any right to purchase shares pursuant to this
Agreement.

     “Other Class B Securities” is defined below in this Section 12.2 in the definition
of Requisite Capital IV Majority.

     “Other Securities” has the meaning set forth in Section 5.1.3.

     “Parity Shares” has the meaning set forth in 8.3.1.

     “Participating Buyer” has the meaning set forth in Section 5.1.2.

     “Participating Seller” (a) in relation to a Transfer subject to Section 4.1, has the
meaning set forth in Section 4.1.2, and (b) in relation to a Transfer subject to Section 4.2, has
the meaning set forth in Section 4.2.1.

     “Participation Notice” has the meaning set forth in Section 5.1.1.

     “Participation Offerees” has the meaning set forth in Section 5.1.1.

     “Participation Percentage” means, as to any Participation Offeree with respect to a
given Issuance, a fraction, expressed as a percentage, the numerator of which is the number of
Shares (other than Options) held by such Participation Offeree immediately prior to such Issuance
and the denominator of which is the sum of (a) the aggregate number of Shares (other than Options)
then held by all Participation Offerees plus (b) in the case of a proposed Issuance with respect to
which the Company has granted participation rights to any other Person or Persons in addition to
the Participation Offerees, the aggregate number of shares of Common Stock then held by such other
Person or Persons.

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     “Permitted Public Transfer” has the meaning set forth in Section 7.

     “Permitted Sale Period” has the meaning set forth in Section 7.

     “Permitted Transferee” means (a) with respect to any Investor, any Affiliate or
Affiliated Fund of such Investor, (b) with respect to any Sponsor Investment Vehicle, any Sponsor
Entity that is an Equity Holder of such Sponsor Investment Vehicle receiving Shares in connection
with an in-kind distribution by such Sponsor Investment Vehicle, (c) with respect to any
Stockholder who is a natural person, upon the death of such Stockholder, such Stockholder’s estate,
executors, administrators, personal representatives, heirs, legatees or distributees in each case
acquiring the Shares in question pursuant to the will or other instrument taking effect at death of
such Stockholder or by applicable laws of descent and distribution, or (d) with respect to any
Executive, a trust, private foundation or entity formed for estate planning purposes for the
benefit of such Stockholder and/or any of the Members of the Immediate Family of such Stockholder,
including, in the case of L. Lowry Mays, Mark P. Mays or Randall T. Mays, the Initial Executive
Designee associated with such Executive. In addition, any Stockholder shall be a Permitted
Transferee of such Stockholder’s Permitted Transferees and any member of a Sponsor Group shall be a
Permitted Transferee of any other member of such Sponsor Group.

     “Person” means any natural person or individual, partnership, corporation, company,
association, trust, joint venture, limited liability company, unincorporated organization, entity
or division, or any government, governmental department or agency or political subdivision thereof.

     “Price Per Equivalent Share” means the Board’s good faith determination of the price
per Equivalent Share of any Convertible Securities that are the subject of an Issuance pursuant to
Section 5 hereof.

     “Principal Lock-Up Agreement” has the meaning set forth in Section 6.

     “Principal Participating Holders” means (a) in relation to any registered Public
Offering pursuant to Section 8.1 or 8.2 in which one or more Investors is including Registrable
Securities, the Investor or Investors including Registrable Securities in such registered Public
Offering that constitute at least a majority in number of the Registrable Securities included by
all Investors in such registered Public Offering, and (b) in relation to any other such registered
Public Offering, the Stockholder or Stockholders including Registrable Securities in such
registered Public Offering that constitute at least a majority in number of the Registrable
Securities included by all Stockholders in such registered Public Offering.

     “Pro Rata Portion” means:

     (a) as to a specified Tag Along Holder, with respect to Offered Shares that are subject to
a proposed Transfer under Section 4.1, a number of Tag Eligible Shares equal to the product of
(i) the number of Offered Shares multiplied by (ii) a fraction, the numerator of which is the
number of Tag Eligible Shares held by such Tag Along Holder as of the date of the Tag Along
Notice, and the denominator of which is the sum of (A) the aggregate number of Tag Eligible
Shares held by the Prospective Selling Investor and all Tag Along Holders as of the date of the
Tag Along Notice plus (B) in the case of a proposed Transfer with respect to which a Requisite
Capital IV Majority has granted tag-along

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rights to any other Person or Persons in addition to the Tag Along Holders, the aggregate number
of shares of Common Stock and other equity securities of the Company that are eligible for
inclusion in such proposed Transfer according to the terms of such grant and that are held by
such other Person or Persons as of the date of the Tag Along Notice; or

     (b) as to any Holder or holder of Parity Shares requesting that Registrable Securities or
Parity Shares, as the case may be, be included in an underwritten Public Offering pursuant to
Section 8.1 or 8.2, a number of Registrable Securities or Parity Shares, as the case may be,
equal to the product of (i) the aggregate number of shares of Common Stock to be registered in
such registration (excluding any shares to be registered for the account of the Company)
multiplied by (ii) a fraction, the numerator of which (A) as to any Holder, is the aggregate
number of Registrable Securities held by such Holder, and (B) as to any holder of Parity Shares,
is the aggregate number of Parity Shares held by such holder, and the denominator of which, as
to any Holder or holder of Parity Shares is the aggregate number of Registrable Securities and
Parity Shares held by all Holders and holders of Parity Shares requesting that their Registrable
Securities or Parity Shares, as the case may be, be registered in such registration.

     “Prospective Buyer” means any Person or Persons, including the Company or any of its
subsidiaries or any Stockholder, proposing to purchase or otherwise acquire Shares from a
Prospective Selling Investor.

     “Prospective Selling Investor” (a) in relation to a Transfer under Section 4.1, has
the meaning set forth therein, and (b) in relation to a Transfer under Section 4.2, has the meaning
set forth therein.

     “Prospective Subscriber” has the meaning set forth in Section 5.1.1.

     “Public Offering” means a public offering and sale of shares of Common Stock for
cash pursuant to an effective registration statement under the Securities Act.

     “Qualified Public Offering” means the first underwritten Public Offering after the
Closing Date (other than on Form S-4, S-8 or a comparable form) in connection with which the
Company or any Initiating Investor receives sale proceeds therefrom.

     “Qualifying Holder” means, as of any given time, any Holder whose Shares represent
at least 1% of the then outstanding shares of Common Stock or any other Holder whom the Company and
a Requisite Capital IV Majority have agreed in writing is to be treated as a “Qualifying Holder”as
of such time.

     “Recapitalization Transaction” means a transaction: (a) in which one or more classes
of securities issued by the Company or any of its direct or indirect subsidiaries are, in whole or
in part on a pro rata basis among all holders of such securities, converted into, or exchanged for,
securities of another form issued by the Company, any of its direct or indirect subsidiaries, a
newly formed parent of the Company or any of their respective Affiliates; (b) in which the terms of
the respective form or forms of securities, if any, received by the holders of Class A Stock, Class
B Stock and Class C Stock may preserve or change differences in the conversion rights

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and/or voting rights to which the holders of one class of Common Stock were entitled prior to such
transaction in respect of their shares of such class relative to the conversion rights or voting
rights, as the case may be, to which the holders of any other class of Common Stock were entitled
in respect of such other class, but shall be pari passu with respect to dividend, liquidation and
other economic rights; and (c) that, if carried out by means of a Share Distribution (as defined in
the Company’s certificate of incorporation) complies with the provisions of the Company’s
certificate of incorporation, if any, that are then applicable to Share Distributions.

     “Registrable Securities” means, at any given time, all Shares that are
(a) outstanding shares of Common Stock (other than any such shares that are Unvested Executive
Shares), (b) shares of Common Stock issuable upon exercise, conversion or exchange of any
outstanding Convertible Security (other than any such Convertible Security that is an Unvested
Executive Share) or (c) shares of Common Stock directly or indirectly issued or issuable with
respect to the securities referred to in clauses (a) or (b) above by way of stock dividend or stock
split or in connection with a combination of shares, recapitalization, merger, consolidation or
other reorganization (other than any such shares that are, or upon issuance will be, Unvested
Executive Shares). As to any particular Registrable Securities, such Shares shall cease to be
Registrable Securities when (i) except as otherwise contemplated in Section 8.3.1, such Shares
shall have ceased to be Shares hereunder, (ii) a registration statement with respect to the sale of
such Shares shall have become effective under the Securities Act and such Shares shall have been
disposed of in accordance with such registration statement, (iii) such Shares shall have been
Transferred pursuant to Rule 144 or Rule 145, (iv) the disposition of such Shares may be made by
the holder thereof under Rule 144 or 145 and such holder holds no more than 1% of the shares of the
applicable class outstanding as shown by the most recent report or statement published by the
Company, or (v) such Shares shall have been otherwise transferred to a Person that is not an
Affiliate of the transferor, new certificates for them not bearing a legend restricting further
transfer shall have been delivered by the Company as part of such transfer and subsequent
disposition of them shall not require registration under the Securities Act and such Shares may be
distributed without volume limitation or other restrictions on transfer under Rule 144 or Rule 145
(including without application of paragraphs (c), (e) (f) and (h) of Rule 144).

     “Registration Expenses” means any and all expenses incident to performance of or
compliance with Section 8 of this Agreement (other than underwriting discounts and commissions paid
to underwriters and transfer taxes, if any), including (a) all Commission and securities exchange
or NASD registration and filing fees, (b) all fees and expenses of complying with securities or
blue sky laws (including reasonable fees and disbursements of counsel for the underwriters in
connection with blue sky qualifications of the Registrable Securities), (c) all printing, messenger
and delivery expenses, (d) all fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange or the NASD pursuant to Section 8.3.2(g) and all
rating agency fees, (e) the fees and disbursements of counsel for the Company and of its
independent public accountants, including the expenses of any special audits and/or “cold comfort”
letters required by or incident to such performance and compliance, (f) the reasonable fees and
disbursements of one counsel for the Holders selected pursuant to the terms of Section 8.3.3 and
one counsel for certain Holders selected pursuant to the second proviso of Section 8.3.3, if
applicable, (g) any fees and disbursements customarily paid by the issuers of securities, and
(h) expenses incurred in connection with any road show (including the reasonable out-of-pocket
expenses of the Holders).

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     “Requisite Capital IV Majority” means (a) at any time when any Capital IV Investor
holds shares of Class B Stock and/or Shares that were issued upon the conversion of, in exchange
for, or otherwise with respect to, shares of Class B Stock (any such Shares, “Other Class B
Securities”), one or more Capital IV Investors that hold at least a majority in number of the
total number of Equivalent Shares represented by the total number of shares of Class B Stock and
Other Class B Securities, if any, that are then held by all Capital IV Investors, which majority
must include, unless otherwise agreed by the Bain Entities and the THL Entities, (i) a Bain Entity
at any time when the Capital IV Investors include a Bain Entity and (ii) a THL Entity at any time
when the Capital IV Investors include a THL Entity, or (b) at any time when no Capital IV Investor
holds any shares of Class B Stock or any Other Class B Securities, one or more Investors that are
Sponsor Entities that hold at least a majority in number of the Shares then held by all Investors
that are Sponsor Entities, which majority must include, unless otherwise agreed by the Bain
Entities and the THL Entities, (i) a Bain Entity at any time when the Investors include a Bain
Entity and (ii) a THL Entity at any time when the Investors include a THL Entity.

     “Rule 144” means Rule 144 under the Securities Act.

     “Rule 145” means Rule 145 under the Securities Act.

     “Rule 145 Transaction” means a registration on Form S-4 (or any successor form)
pursuant to Rule 145.

     “Sale Group” has the meaning set forth in Section 7.

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations thereunder.

     “Shares” means (a) all shares of Common Stock held by a Stockholder (other than, in
the case of an Executive Stockholder, Stock Merger Consideration Shares issued by the Company to
such Executive Stockholder pursuant to the Merger Agreement), whenever issued, including all shares
of Common Stock issued upon the exercise, conversion or exchange of any Convertible Securities, and
(b) all Convertible Securities held by a Stockholder (treating such Convertible Securities as a
number of Shares equal to the number of Equivalent Shares represented by such Convertible
Securities for all purposes of this Agreement except as otherwise specifically set forth herein).

     “Shelf Offering” has the meaning set forth in Section 8.3.4.

     “Sponsor Entities” means the Bain Entities and the THL Entities.

     “Sponsor Group” means each of (a) the Bain Entities, collectively, and (b) the THL
Entities, collectively.

     “Sponsor Investment Vehicle” means each of Capital IV, Capital V, Bain Capital CC
Investors, L.P., THL Equity Fund VI Investors (Clear Channel), L.P. and any other partnership,
limited liability company or other legal entity controlled (a) jointly by the two Sponsor Groups
and/or their respective Affiliates or (b) individually by a single Sponsor Group and/or its
Affiliates, in each case (a) and (b) that is formed to invest directly or indirectly in the Company

52

 

and its subsidiaries and that is designated as a Sponsor Investment Vehicle in a written notice to
the Company by the Sponsor Group or Sponsor Groups that control, or whose Affiliates control, such
entity.

     “Stock Merger Consideration Shares” means shares of Class A Stock issued by the
Company to a pre-Closing shareholder of Clear Channel pursuant to a Stock Election (as defined in
the Merger Agreement) made by such pre-Closing shareholder, or pursuant to the provisions of the
Merger Agreement that provide for issuance of Additional Equity Consideration (as defined in the
Merger Agreement).

     “Stockholders” has the meaning set forth in the Preamble.

     “Strategic Investor” means, with respect to any proposed Transfer, any (a) Person
that is determined in good faith by a Requisite Capital IV Majority (i) to be an owner of an
attributable interest (as such term is used in applicable U.S. federal communication laws, rules
and regulations) or an operator of radio or television broadcast operations or a business involving
newspaper publishing or outdoor advertising or (ii) to otherwise be a competitor of the Company or
any of its subsidiaries, or (b) any Affiliate of any Person described by clause (a).

     “Subject Securities” has the meaning set forth in Section 5.

     “Subscription Agreement” means, in relation to any Stockholder, the subscription,
rollover or similar agreement pursuant to which such Stockholder was issued shares of Common Stock
by the Company in connection with the Closing.

     “Tag Along Holder” has the meaning set forth in Section 4.1.1.

     “Tag Along Notice” has the meaning set forth in Section 4.1.1.

     “Tag Along Offer” has the meaning set forth in Section 4.1.2.

     “Tag Along Sellers” has the meaning set forth in Section 4.1.2.

     “Tag Eligible Shares” means, with respect to any given proposed Transfer under
Section 4.1, all Shares other than Executive Shares that will not be Vested Executive Shares as of
the proposed closing date of such Transfer specified in the Tag Along Notice related thereto.

     “Take-Down Notice” has the meaning set forth in Section 8.3.4.

     “THL Entities” means Thomas H. Lee Equity Fund VI, L.P., Thomas H. Lee Parallel Fund
VI, L.P., Thomas H. Lee Parallel (DT) Fund VI, L.P. and THL Equity Fund VI Investors (Clear
Channel), L.P., together with any of their respective Affiliates or Affiliated Funds that, as of
any relevant time, is (a) a Stockholder or (b) an Equity Holder of a Sponsor Investment Vehicle.

     “Transfer” means any sale, pledge, assignment, encumbrance, distribution or other
transfer or disposition of Shares or other property to any other Person, whether directly,
indirectly, voluntarily, involuntarily, by operation of law, pursuant to judicial process or
otherwise.

53

 

     “Transfer Notice” has the meaning set forth in Section 3.3.

     “Ultimate Transferee” has the meaning set forth in Section 3.1.3.

     “Unvested Executive Shares” means, as of any given time, Executive Shares that are
not then Vested Executive Shares.

     “Vested Executive Shares” means, as of any given time, Executive Shares granted or
issued under any restricted stock award, stock option award or similar agreement or plan with
respect to which all applicable vesting conditions have then been satisfied.

     “Warrants” means any warrants to subscribe for, purchase or otherwise directly
acquire shares of Common Stock.

     “Withdrawing Holders” has the meaning set forth in Section 11.3.

     “Withdrawn Shares” has the meaning set forth in Section 11.3.

     “Withdrawal Threshold” has the meaning set forth in Section 11.3.

13. MISCELLANEOUS.

     13.1. Authority; Effect. Each party hereto represents and warrants to each other
party that this Agreement is a valid and binding obligation of such party, enforceable against it
in accordance with its terms, and that the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby have been duly authorized on behalf of such
party and do not violate any agreement or other instrument applicable to such party or by which its
assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation
of a partnership among any of the parties hereto, or to constitute any of such parties as members
of a joint venture or other association.

     13.2. Notices. All notices, requests, demands, claims and other communications
required or permitted in this Agreement shall be effective if in writing and (a) delivered
personally, (b) sent by facsimile, or (c) sent by overnight courier, in each case, addressed as
follows:

     If to the Company, to it:

c/o Clear Channel Communications, Inc.

200 East Basse

San Antonio, Texas 78209

Phone:            (210) 822-2828

Facsimile:       (210) 832-3433

Attention:      Andy Levin, Executive Vice President

                      and Chief Legal Officer

54

 

     with copies (which shall not constitute notice) to:

Ropes & Gray LLP

One International Place

Boston, Massachusetts 02110

Phone:            (617) 951-7000

Facsimile:       (617) 951-7050

Attention:      David C. Chapin

                      Patrick Diaz

                      Alfred O. Rose

     If to Capital IV, Capital V or a Requisite Capital IV Majority, to it:

c/o Bain Capital Partners, LLC

111 Huntington Avenue

Boston, Massachusetts 02199

Phone:            (617) 516-2000

Facsimile:       (617) 516-2010

Attention:      John Connaughton

                      Ian K. Loring

     and

c/o Thomas H. Lee Partners, L.P.

100 Federal Street

Boston, Massachusetts 02110

Phone:            (617) 227-1050

Facsimile:       (617) 227-3514

Attention:      Scott M. Sperling

                      Joshua M. Nelson

     with copies (which shall not constitute notice) to:

Ropes & Gray LLP

One International Place

Boston, Massachusetts 02110

Phone:            (617) 951-7000

Facsimile:       (617) 951-7050

Attention:      David C. Chapin

                      Patrick Diaz

                      Alfred O. Rose

     If to L. Lowry Mays, to him:

c/o Clear Channel Communications, Inc.

200 East Basse

San Antonio, Texas 78209

Phone:

Facsimile:

55

 

     If to Mark P. Mays, to him:

c/o Clear Channel Communications, Inc.

200 East Basse

San Antonio, Texas 78209

Phone:

Facsimile:

     If to Randall T. Mays, to him:

c/o Clear Channel Communications, Inc.

200 East Basse

San Antonio, Texas 78209

Phone:

Facsimile:

     with a copy of any notice to any of the foregoing three Executives (which shall not
constitute notice) to:

Simpson, Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Phone:            (212) 455-2000

Facsimile:       (212) 455-2502

Attention:      Eric Swedenburg

                      Andrea K. Wahlquist

     If to any other Stockholder, to such Stockholder at the address set forth in the records of
the Company.

     Notice to the holder of record of any Shares shall be deemed to be notice to the holder of
such Shares for all purposes hereof.

     Unless otherwise specified herein, such notices or other communications shall be deemed
effective (a) on the date received, if personally delivered, (b) on the date received if delivered
by facsimile on a business day, or if not delivered on a business day, on the first business day
thereafter and (c) two business days after being sent by overnight courier. Each of the parties
hereto shall be entitled to specify a different address by giving notice as aforesaid to each of
the other parties hereto.

     13.3. Merger; Binding Effect, Etc. This Agreement and the other agreements referred
to herein constitute the entire agreement of the parties with respect to the subject matter hereof,
supersede all prior or contemporaneous oral or written agreements or discussions among the parties
and their respective Affiliates with respect to such subject matter, and shall be binding upon and
inure to the benefit of the parties hereto and their respective heirs, representatives,

56

 

successors and permitted assigns. Except as otherwise expressly provided herein, no Stockholder may
assign any of his, her or its respective rights or delegate any of his, her or its respective
obligations under this Agreement without the prior written consent of the Company and a Requisite
Capital IV Majority, and any attempted assignment or delegation in violation of the foregoing shall
be null and void. No provision in this Agreement will give, or be construed to give, any legal or
equitable rights hereunder to any Person other than the parties hereto, the Sponsor Entities and
their respective heirs, representatives, successors and permitted assigns.

     13.4. Counterparts. This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original, but all of which taken together shall constitute one instrument.

     13.5. Severability. In the event that any provision hereof would, under applicable
law, be invalid or unenforceable in any respect, such provision shall be construed by modifying or
limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible
under, applicable law. The provisions hereof are severable, and in the event any provision hereof
should be held invalid or unenforceable in any respect, it shall not invalidate, render
unenforceable or otherwise affect any other provision hereof.

     13.6. No Recourse. Notwithstanding anything that may be expressed or implied in this
Agreement, the Company and each Stockholder covenant, agree and acknowledge that no recourse under
this Agreement or any documents or instruments delivered in connection with this Agreement shall be
had against any current or future director, officer, employee, general or limited partner or member
of any Stockholder or of any Affiliate or assignee thereof, as such, whether by the enforcement of
any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or
other applicable law, it being expressly agreed and acknowledged that no personal liability
whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future
officer, agent or employee of any Stockholder or any current or future member of any Stockholder or
any current or future director, officer, employee, partner or member of any Stockholder or of any
Affiliate or assignee thereof, as such, for any obligation of any Stockholder under this Agreement
or any documents or instruments delivered in connection with this Agreement for any claim based on,
in respect of or by reason of such obligations or their creation.

     13.7. Aggregation of Shares for Certain Rights.

     13.7.1. Investor Shares. All Shares held by Capital IV, Capital V or any other
Sponsor Investment Vehicle controlled jointly by the two Sponsor Groups and/or their respective
Affiliates may be aggregated together for purposes of determining the availability of any rights
under this Agreement that are based on the number of Shares held by a Stockholder in such manner
as is specified by written notice to the Company by a Requisite Capital IV Majority;
provided that, in the absence of such notice, the ability to exercise such rights shall
be presumed to be held by Capital IV, Capital V or any such other Sponsor Investment Vehicle in
proportion to the respective numbers of Shares it holds. All Shares at any time held by any
Sponsor Entity and its Affiliates and Affiliated Funds may be aggregated together for purposes
of determining the availability of any rights under this Agreement that are based on the number
of Shares held by a Stockholder

57

 

in such manner as is specified by written notice to the Company by such Sponsor Entity;
provided that, in the absence of such notice, the ability to exercise such rights shall
be presumed to be held by such Sponsor Entity and its Affiliates and Affiliated Funds in
proportion to the respective numbers of Shares they hold; and provided further
that within any Sponsor Group, the ability to exercise any rights under this Agreement of the
members of such Sponsor Group that at any time hold Shares may be allocated among such members
in such manner as is determined by the members of such Sponsor Group that then hold at least a
majority of the total number of Shares then held by such Sponsor Group, as set forth in a
written notice to the Company.

     13.7.2. Executive Shares. All Shares held by L. Lowry Mays, Mark P. Mays, Randall
T. Mays and their respective Permitted Transferees may be aggregated together for purposes of
determining the availability of any rights under this Agreement that are based on the number of
Shares held by a Stockholder in such allocation as such Executives specify by written notice to
the Company; provided that, in the absence of such notice, the ability to exercise such
rights shall be presumed to be held by such Executive Stockholders and their respective
Permitted Transferees in proportion to the respective numbers of Shares they hold. Subject to
the foregoing sentence, all Shares held by any Executive Stockholder and its Permitted
Transferees shall be aggregated together for purposes of determining the availability of any
rights under this Agreement that are based on the number of Shares held by a Stockholder and
such Executive Stockholder will have right to allocate the ability to exercise any such rights
in any manner that such Executive Stockholder sees fit, as set forth in a written notice to the
Company.

     13.8. Company Obligations. Opco agrees to be jointly and severally liable with the
Company for the obligations of the Company under this Agreement to indemnify any Stockholders or
reimburse any Stockholders for certain expenses they incur in connection with transactions
contemplated by this Agreement.

14. GOVERNING LAW.

     14.1. Governing Law. This Agreement and all claims arising out of or based upon this
Agreement or relating to the subject matter hereof shall be governed by and construed in accordance
with the laws of the State of Delaware without giving effect to any choice or conflict of laws
provision or rule that would cause the application of the laws of any other jurisdiction.

     14.2. Consent to Jurisdiction. Each party to this Agreement, by its execution hereof,
(a) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the State of Delaware for the purpose of any action, claim, cause of action or suit (in
contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon
this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not
prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its
subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim
that it is not subject personally to the jurisdiction of the above-named courts, that its property
is exempt or immune from attachment or execution, that any such proceeding brought in one of the
above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may
not

58

 

be enforced in or by such court and (c) hereby agrees not to commence or maintain any action,
claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or
investigation arising out of or based upon this Agreement or relating to the subject matter hereof
or thereof other than before one of the above-named courts nor to make any motion or take any other
action seeking or intending to cause the transfer or removal of any such action, claim, cause of
action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court
other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise.
Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to
enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each
party hereto hereby consents to service of process in any such proceeding in any manner permitted
by Delaware law, and agrees that service of process by registered or certified mail, return receipt
requested, at its address specified pursuant to Section 14.2 is reasonably calculated to give
actual notice.

     14.3. WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT
CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS
PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE
OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR
INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY
WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE
WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED
BY THE OTHER PARTIES HERETO THAT THIS SECTION 14.3 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH
THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN
ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 14.3 WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

     14.4. Exercise of Rights and Remedies. No delay of or omission in the exercise of any
right, power or remedy accruing to any party as a result of any breach or default by any other
party under this Agreement shall impair any such right, power or remedy, nor shall it be construed
as a waiver of or acquiescence in any such breach or default, or of any similar breach or default
occurring later; nor shall any such delay, omission nor waiver of any single breach or default be
deemed a waiver of any other breach or default occurring before or after that waiver.

[Signature pages follow]

59

 

     IN WITNESS WHEREOF , each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by a duly authorized officer or representative) as of the
date first above written.

	 	 	 	 	 
	COMPANY              	CC MEDIA HOLDINGS, INC.

 	 
	 	By:  	/s/ Scott M. Sperling
 	 
	 	 	Name:  	Scott M. Sperling 	 
	 	 	Title:  	President 	 
	 
	OPCO                      	BT TRIPLE CROWN MERGER CO., INC.

 	 
	 	By:  	/s/ Scott M. Sperling
 	 
	 	 	Name:  	Scott M. Sperling 	 
	 	 	Title:  	President 	 

[SIGNATURE PAGE TO CC MEDIA HOLDINGS STOCKHOLDERS AGREEMENT]

 

 

	 	 	 	 	 
	INVESTORS                       	CLEAR CHANNEL CAPITAL IV, LLC 

 	 
	 	By:  	/s/ Edward J. Han
 	 
	 	 	Name:  	Edward J. Han 	 
	 	 	Title:  	Vice President 	 
	 
	 	CLEAR CHANNEL CAPITAL V, L.P.

 	 
	 	By:  	CC Capital V Manager, LLC, its 
 general partner
 	 
	 	 	 
	 	By:  	                                     /s/ Edward J. Han
 	 
	 	 	Name:  	Edward J. Han 	 
	 	 	Title:  	Authorized Person 	 

[SIGNATURE PAGE TO CC MEDIA HOLDINGS STOCKHOLDERS AGREEMENT]

 

 

	 	 	 	 	 
	MAYS EXECUTIVES              	L. LOWRY MAYS

 	 
	 	/s/ L. Lowry Mays
 	 
	 	 	 
	 	 	 
	 
	 	MARK P. MAYS

 	 
	 	/s/ Mark P. Mays
 	 
	 	 	 
	 	 	 
	 
	 	RANDALL T. MAYS

 	 
	 	/s/ Randall T. Mays
 	 
	 	 	 
	 	 	 

[SIGNATURE PAGE TO CC MEDIA HOLDINGS STOCKHOLDERS AGREEMENT]

 

 

	 	 	 	 	 
	 	LLM PARTNERS, LTD.

 	 
	 	By:  	LL MAYS MANAGEMENT, LLC
 	 
	 	 	 
	 	By:  	/s/ L. Lowry Mays
 	 
	 	 	Name:  	L. Lowry Mays 	 
	 	 	Title:  	Authorized Person 	 
	 
	 	MPM PARTNERS, LTD.

 	 
	 	By:  	MP MAYS MANAGEMENT, LLC
 	 
	 	 	 
	 	By:  	/s/ Mark P. Mays
 	 
	 	 	Name:  	Mark P. Mays 	 
	 	 	Title:  	Authorized Person 	 
	 
	 	RTM PARTNERS, LTD.

 	 
	 	By:  	RT MAYS MANAGEMENT, LLC
 	 
	 	 	 
	 	By:  	/s/ Randall T. Mays
 	 
	 	 	Name:  	Randall T. Mays 	 
	 	 	Title:  	Authorized Person 	 
	 

 

 

The undersigned Sponsor Entities join in this Agreement with respect to Section 4.1.5:

	 	 	 	 	 
	 	BAIN CAPITAL (CC) IX, L.P.

 	 
	 	By:  	Bain Capital Partners (CC) IX, L.P., its general partner	 
	 	 	 
	 	By:  	Bain Capital Investors, LLC, its general partner	 
	 	 	 
	 	By:  	/s/ John Connaughton
 	 
	 	 	Name:  	John Connaughton 	 
	 	 	Title:  	Authorized Person 	 
	 
	 	BAIN CAPITAL (CC) IX OFFSHORE, L.P.

	 
	 	By:  	Bain Capital Partners (CC) IX, L.P., its general partner
	 
	 	 	 
	 	By:  	Bain Capital Investors, LLC, its general partner
	 
	 	 	 
	 	By:  	/s/ John Connaughton
 	 
	 	 	Name:  	John Connaughton 	 
	 	 	Title:  	Authorized Person 	 
	 
	 	BAIN CAPITAL (CC) IX COINVESTMENT, L.P.

	 
	 	By:  	Bain Capital Partners (CC) IX, L.P., its general partner
 	 
	 	 	 
	 	By:  	Bain Capital Investors, LLC, its general partner
 	 
	 	 	 
	 	By:  	/s/ John Connaughton
 	 
	 	 	Name:  	John Connaughton 	 
	 	 	Title:  	Authorized Person 	 

[SIGNATURE PAGE TO CC MEDIA HOLDINGS STOCKHOLDERS AGREEMENT]

 

 

	 	 	 	 	 
	 	BAIN CAPITAL (CC) IX COINVESTMENT 
OFFSHORE, L.P.

 	 
	 	By:  	Bain Capital Partners (CC) IX, L.P., its general 
partner
 	 
	 	 	 
	 	By:  	Bain Capital Investors, LLC, its general 
partner
 	 
	 	 	 
	 	By:  	/s/ John Connaughton
 	 
	 	 	Name:  	John Connaughton 	 
	 	 	Title:  	Authorized Person 	 
	 
	 	BAIN CAPITAL CC INVESTORS, L.P.

 	 
	 	By:  	Bain Capital CC Partners, LLC, its general 
partner
 	 
	 	 	 
	 	By:  	Bain Capital Investors, LLC, its sole member
 	 
	 	 	 
	 	By:  	/s/ John Connaughton
 	 
	 	 	Name:  	John Connaughton 	 
	 	 	Title:  	Authorized Person 	 

[SIGNATURE PAGE TO CC MEDIA HOLDINGS STOCKHOLDERS AGREEMENT]

 

 

	 	 	 	 	 
	 	THOMAS H. LEE EQUITY FUND VI, L.P.

 	 
	 	By:  	THL Equity Advisors VI, LLC, its general partner
 	 
	 	 	 
	 	By:  	Thomas H. Lee Partners, L.P., its sole member
 	 
	 	 	 
	 	By:  	Thomas H. Lee Advisors, LLC, its general partner
 	 
	 	 	 
	 	By:  	/s/ Scott M. Sperling
 	 
	 	 	Name:  	Scott M. Sperling 	 
	 	 	Title:  	Managing Director 	 
	 
	 	THOMAS H. LEE PARALLEL FUND VI, L.P.

 	 
	 	By:  	THL Equity Advisors VI, LLC, its general partner
 	 
	 	 	 
	 	By:  	Thomas H. Lee Partners, L.P., its sole member
 	 
	 	 	 
	 	By:  	Thomas H. Lee Advisors, LLC, its general partner
 	 
	 	 	 
	 	By:  	/s/ Scott M. Sperling
 	 
	 	 	Name:  	Scott M. Sperling 	 
	 	 	Title:  	Managing Director 	 
	 
	 	THOMAS H. LEE PARALLEL (DT) FUND VI, L.P.

 	 
	 	By:  	THL Equity Advisors VI, LLC, its general partner
 	 
	 	 	 
	 	By:  	Thomas H. Lee Partners, L.P., its sole member
 	 
	 	 	 
	 	By:  	Thomas H. Lee Advisors, LLC, its general partner
 	 
	 	 	 
	 	By:  	/s/ Scott M. Sperling
 	 
	 	 	Name:  	Scott M. Sperling 	 
	 	 	Title:  	Managing Director 	 

[SIGNATURE PAGE TO CC MEDIA HOLDINGS STOCKHOLDERS AGREEMENT]

 

 

	 	 	 	 	 
	 	THL EQUITY FUND VI INVESTORS (CLEAR CHANNEL), L.P.

 	 
	 	By:  	THL Equity Advisors VI, LLC, its general partner
 	 
	 	 	 
	 	By:  	Thomas H. Lee Partners, L.P., its sole member
 	 
	 	 	 
	 	By:  	Thomas H. Lee Advisors, LLC, its general partner
 	 
	 	 	 
	 	By:  	/s/ Scott M. Sperling
 	 
	 	 	Name:  	Scott M. Sperling 	 
	 	 	Title:  	Managing Director 	 

[SIGNATURE PAGE TO CC MEDIA HOLDINGS STOCKHOLDERS AGREEMENT]

 

 

EXHIBIT A

FORM OF JOINDER TO STOCKHOLDERS AGREEMENT

     This JOINDER (“Joinder”) is executed by the undersigned (the “Transferee”)
pursuant to the terms of that certain Stockholders Agreement, dated as of July 29, 2008, as amended
and in effect from time to time (the “Agreement”), by and among CC Media Holdings, Inc.
(the “Company”), Clear Channel Communications, Inc. (as successor to BT Triple Crown Merger
Co., Inc.) and certain stockholders of the Company that are identified therein as being parties
thereto. Capitalized terms used but not defined herein shall have the respective meanings given to
such terms in the Agreement.

     By the execution of this Joinder, the Transferee hereby agrees as follows:

     1. Acknowledgment. The Transferee acknowledges that the Transferee is acquiring
securities of the Company upon the terms and subject to the conditions of the Agreement, and that
such securities will be subject to the terms of, and the Transferee agrees and confirms that it
will abide by, the terms of the Agreement as contemplated by Section 3.2 of the Agreement.

     2. Agreement. The Transferee agrees that (i) the Transferee and the securities
acquired by the Transferee shall be bound by and subject to the terms of the Agreement, (ii) the
Transferee shall be considered a [“          ”], [an “Investor” /or/ an “Executive Stockholder” and an
“Executive Designee” etc.] and (iii) the securities acquired by the Transferee shall be considered
[“           Shares”] [“Investor Shares” /or/ “Executive Shares”] for all purposes of the Agreement.
The Transferee hereby adopts the Agreement.

     3. Shares Transferred. The Transferee proposes to acquire from                                         , the
following number and class of shares of the Company:                                                             .

     4. Relationship. The Transferee hereby certifies that it is an
[Affiliate]1 of such above-referenced transferor and therefor a Permitted Transferee (as
defined in the Agreement) of such transferor.

 

			
	1	 	Edit as appropriate. This language is for
Investor transfer to an Affiliate. If, for example, this is signed as part of
a permitted transfer of Executive Shares from an Executive to a family trust
“Executive Designee”, then this language would be modified accordingly.

 

 

Stockholders Agreement

     5. Notice. Any notice required or permitted by the Agreement shall be given to
the Transferee at the address listed beside the Transferee’s signature below.

[Balance of page intentionally blank; signature page follows.]

 

 

Stockholders Agreement

EXECUTED AND DATED this              day of                       , 20              .

	 	 	 	 	 
	 	TRANSFEREE:

 	 
	 
	 	By:  	/s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 	 	 
	 	 	Address:  	 	 
	 	 	Fax:  	 	 
	 

	 	 	 	 
	CC MEDIA HOLDINGS, INC.

 	 
	 
	By:  	/s/
 	 
	 	Name:  	 	 
	 	Title:  	 	 

 

 

	 	 	 	 	 

SCHEDULE I

Holdings of Shares & Options

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class A Stock	 	 	 	 	 	Options	 	Options
	Stockholder	 	(including restricted shares)	 	Class B Stock	 	Class C Stock	 	(Rollover)	 	(New)
	Clear Channel Capital IV, LLC
	 	0	 	555,556	 	0	 	0	 	0
	Clear Channel Capital V, L.P.
	 	0	 	0	 	58,967,502	 	0	 	0
	L. Lowry Mays
	 	39,750	 	0	 	0	 	102,137	 	0
	LLM Partners, Ltd.
	 	0	 	0	 	0	 	0	 	0
	Mark P. Mays
	 	686,556	 	0	 	0	 	66,628	 	2,083,333
	MPM Partners, Ltd.
	 	102,168	 	0	 	0	 	0	 	0
	Randall T. Mays
	 	686,556	 	0	 	0	 	66,628	 	2,083,333
	RTM Partners, Ltd.
	 	102,168	 	0	 	0	 	0	 	0
	TOTAL
	 	1,617,198	 	555,556	 	58,967,502	 	235,393	 	4,166,666

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]