Document:

EX-10.1

 Exhibit 10.1 

REGISTRATION RIGHTS AGREEMENT 

Dated December 12, 2013 

among 
 SPRINT
CORPORATION 
 SPRINT COMMUNICATIONS, INC. 

and 
 MERRILL LYNCH,
PIERCE, FENNER & SMITH 
 INCORPORATED 

AS REPRESENTATIVE OF THE INITIAL PURCHASERS 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT dated December 12, 2013 (this “Agreement”) is entered into among Sprint Corporation,
a Delaware corporation (the “Company”), Sprint Communications, Inc., a Kansas corporation (the “Guarantor”), and Merrill Lynch, Pierce, Fenner & Smith Incorporated and each of the other initial purchasers
named in Schedule A hereto (collectively the “Initial Purchasers”) for whom Merrill Lynch, Pierce, Fenner & Smith Incorporated is acting as representative (the “Representative”). 

The Company, the Guarantor and the Initial Purchasers are parties to the Purchase Agreement dated December 9, 2013 (the “Purchase
Agreement”), which provides, among other things, for the sale by the Company to the Initial Purchasers of $2,500,000,000 aggregate principal amount of its 7.125% notes due 2024 (the “Securities”), which are guaranteed on a
senior unsecured basis by the Guarantor. As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company and the Guarantor have agreed to provide to the Initial Purchasers and their direct and indirect transferees the
registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to
them in the Purchase Agreement. 
 In consideration of the foregoing, the parties hereto agree as follows: 

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

“Agreement” shall have the meaning set forth in the preamble. 

“Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed. 
 “Company” shall have the meaning set forth in the preamble and shall
also include the Company’s successors. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended
from time to time. 
 “Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof. 

“Exchange Offer” shall mean the exchange offer by the Company of Exchange Securities for Registrable Securities pursuant to
Section 2(a) hereof. 
 “Exchange Offer Registration” shall mean a registration under the Securities Act effected
pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration Statement” shall mean an exchange offer registration
statement on Form S-4 (or, if applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any
document incorporated by reference therein. 

  
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 “Exchange Securities” shall mean senior notes issued by the Company under the
Indenture containing terms identical to the Securities, including the guarantee provided by the Guarantor (except that the Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to
comply with this Agreement) and to be offered to Holders of Securities in exchange for Securities pursuant to the Exchange Offer. 

“FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Free Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or
on behalf of the Company or the Guarantor or used or referred to by the Company in connection with the sale of the Securities or the Exchange Securities. 

“Guarantor” shall have the meaning set forth in the preamble and shall also include the Guarantor’s successors. 

“Holders” shall mean the Initial Purchasers, for so long as they own any Registrable Securities, and each of their
successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indenture; provided that, for purposes of Section 4 and Section 5 hereof, the term “Holders” shall include
Participating Broker-Dealers. 
 “Indemnified Person” shall have the meaning set forth in Section 5(c) hereof. 

“Indemnifying Person” shall have the meaning set forth in Section 5(c) hereof. 

“Indenture” shall mean the Indenture relating to the Securities dated as of September 11, 2013 between the Company and
The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented by the Third Supplemental Indenture, dated as of December 12, 2013, among the Company, the Guarantor and The Bank of New York Mellon Trust Company, N.A., as trustee,
as the same may be amended from time to time in accordance with the terms thereof. 
 “Initial Purchasers” shall have the
meaning set forth in the preamble. 
 “Inspector” shall have the meaning set forth in Section 3(a)(xiv) hereof. 

“Issuer Information” shall have the meaning set forth in Section 5(a) hereof. 

“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of the outstanding Registrable
Securities; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, any Registrable Securities owned directly or indirectly by the Company, the Guarantor or any of
their affiliates (within the meaning of Rule 405 under the Securities Act) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that
if the Company shall issue any additional Securities under the Indenture prior to consummation of the Exchange Offer or, if applicable, the 

  
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effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable Securities to which this Agreement relates shall be treated together as one class for purposes of
determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been obtained. 

“Notice and Questionnaire” shall mean a notice of registration statement and selling security holder questionnaire
distributed to a Holder by the Company upon receipt of a Shelf Request from such Holder. 
 “Participating Broker-Dealers”
shall have the meaning set forth in Section 4(a) hereof. 
 “Participating Holder” shall mean any Holder of
Registrable Securities that has returned a completed and signed Notice and Questionnaire to the Company in accordance with Section 2(b) hereof. 

“Person” shall mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization,
or a government or agency or political subdivision thereof. 
 “Prospectus” shall mean the prospectus included in, or,
pursuant to the rules and regulations of the Securities Act, deemed a part of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus
supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and all other amendments and supplements to such prospectus, and in each case including any document
incorporated by reference therein. 
 “Purchase Agreement” shall have the meaning set forth in the preamble. 

“Registrable Securities” shall mean the Securities; provided that the Securities shall cease to be Registrable
Securities (i) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have been exchanged or disposed of pursuant to such Registration Statement, (ii) when such
Securities cease to be outstanding, (iii) except in the case of Securities that otherwise remain Registrable Securities and that are held by an Initial Purchaser and that are ineligible to be exchanged in the Exchange Offer, when the Exchange
Offer is consummated or (iv) when such Securities have been sold to the public pursuant to Rule 144 (or any similar provision then in force, but not Rule 144A). 

“Registration Default” shall mean the occurrence of any of the following: (i) the Exchange Offer is not completed on or
prior to the Target Registration Date, (ii) the Shelf Registration Statement, if required pursuant to Section 2(b)(i) or Section 2(b)(ii) hereof, has not become effective on or prior to the Target Registration Date, (iii) if the
Company receives valid a Shelf Request pursuant to Section 2(b)(iii), the Shelf Registration Statement required to be filed thereby has not become effective by the later of (a) the Target Registration Date and (b) 90 days after
delivery of such Shelf Request, or (iv) the Shelf Registration Statement, if required by this Agreement, has become effective and thereafter ceases to be effective or the Prospectus contained therein ceases to be usable, in each case whether or
not permitted by this Agreement, at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 45 days (whether or not consecutive) in any 12-month period. 

  
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 “Registration Expenses” shall mean any and all expenses incident to performance
of or compliance by the Company and the Guarantor with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with
state securities or blue sky laws (including reasonable and documented fees and disbursements of one counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities or Registrable Securities),
(iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any Free Writing Prospectus and any amendments or supplements thereto, any
underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with this Agreement provided that such Persons have been appointed by the Company or with prior
approval of the Company, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws, (vi) the reasonable and documented fees and disbursements of the
Trustee and its counsel in accordance with the terms of the Indenture, (vii) the reasonable and documented fees and disbursements of counsel for the Company and the Guarantor and, in the case of a Shelf Registration Statement, the reasonable
and documented fees and disbursements of one counsel for the Participating Holders (which counsel shall be selected by the Participating Holders holding a majority of the aggregate principal amount of Registrable Securities held by such
Participating Holders and which counsel may also be counsel for the Initial Purchasers) and (viii) the reasonable and documented fees and disbursements of the independent registered public accountants of the Company, including the expenses of
any special audits or “comfort” letters required by or incident to the performance of and compliance with this Agreement, but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in clause
(ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 

“Registration Statement” shall mean any registration statement of the Company and the Guarantor that covers any of the
Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement, including post-effective amendments, in each case including the Prospectus contained
therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 
 “SEC” shall
mean the United States Securities and Exchange Commission. 
 “Securities” shall have the meaning set forth in the
preamble. 
 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 

“Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company and the Guarantor that
covers all or a portion of the Registrable Securities (but no other securities (other than additional series of privately issued debt securities of the Company or 

  
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the Guarantor) unless approved by a majority in aggregate principal amount of the Securities held by the Participating Holders) on an appropriate form under Rule 415 under the Securities Act, or
any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits
thereto and any document incorporated by reference therein. 
 “Shelf Request” shall have the meaning set forth in
Section 2(b) hereof. 
 “Staff” shall mean the staff of the SEC. 

“Target Registration Date” shall mean June 5, 2015.1 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time. 

“Trustee” shall mean the trustee with respect to the Securities under the Indenture. 

“Underwriter” shall have the meaning set forth in Section 3(e) hereof. 

“Underwritten Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to
the public. 
 2. Registration Under the Securities Act. (a) To the extent not prohibited by any applicable law or applicable
interpretations of the Staff, the Company and the Guarantor shall use their reasonable best efforts to (x) cause to be filed an Exchange Offer Registration Statement covering an offer to the Holders to exchange all the Registrable Securities
for Exchange Securities and (y) have such Registration Statement become and remain effective until 180 days after the last Exchange Date for use by one or more Participating Broker-Dealers. The Company shall commence the Exchange Offer promptly
after the Exchange Offer Registration Statement is declared effective by the SEC and use its reasonable best efforts to complete the Exchange Offer not later than 60 days after such effective date. 

The Company shall commence the Exchange Offer by mailing or electronically delivering, pursuant to procedures of the depositary, the related
Prospectus, appropriate letter of transmittal and other accompanying documents, if any, to the depository (for further delivery by the depository and its participants to each Holder) stating, in addition to such other disclosures as are required by
applicable law, substantially the following: 
  

	(i)	that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and not properly withdrawn will be accepted for exchange; 

 

	(ii)	the dates of acceptance for exchange (which shall be a period of at least 20 Business Days from the date such notice is mailed) (the “Exchange Dates”); 

 
  

	1 	540th day after the issuance of the notes. 

  
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	(iii)	that any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement, except as otherwise specified herein; 

 

	(iv)	that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable Security, together with the appropriate letters of transmittal (if
any), to the institution and at the address and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance with the applicable procedures of the depositary for such Registrable Security, in each case prior to the
expiration time on the last Exchange Date; and 

  

	(v)	that any Holder will be entitled to withdraw its election, not later than the expiration time on the last Exchange Date, by (A) delivering to the institution and at the address specified in the notice, facsimile
transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such Holder is withdrawing its election to have such Securities exchanged or (B) effecting
such withdrawal in compliance with the applicable procedures of the depositary for the Registrable Securities. 

 As a
condition to participating in the Exchange Offer, a Holder will be required to represent to the Company that (1) it is not an affiliate (as defined in Rule 144 of the Securities Act) of the Company, (2) it is not engaged in, and does not
intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer and (3) it is acquiring the Exchange Securities in its ordinary course
of business and (4) if such Holder is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder
will deliver a Prospectus (or, to the extent permitted by law, make available a Prospectus to purchasers) in connection with any resale of such Exchange Securities. 

As soon as practicable after the last Exchange Date, the Company shall: 

 

	(I)	accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and 

 

	(II)	deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange by the Company and issue, and cause the Trustee to promptly authenticate and
deliver to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities tendered by such Holder. 

The Company and the Guarantor shall use their reasonable best efforts to complete the Exchange Offer as provided above and shall comply with
the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does
not violate any applicable law or applicable interpretations of the Staff. 

  
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 (b) In the event that (i) the Company and the Guarantor determine that the Exchange Offer
Registration provided for in Section 2(a) hereof is not available or the Exchange Offer may not be completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable interpretations of the
Staff, (ii) the Exchange Offer is not for any other reason completed by the Target Registration Date or (iii) upon receipt of a written request (a “Shelf Request”) from any Initial Purchaser representing that it holds
Registrable Securities that are or were ineligible to be exchanged in the Exchange Offer, the Company and the Guarantor shall use their reasonable best efforts to cause to be filed as soon as practicable after such determination, date or Shelf
Request, as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders thereof and to have such Shelf Registration Statement become effective; provided that no Holder will be
entitled to have any Registrable Securities included in any Shelf Registration Statement, or entitled to use the prospectus forming a part of such Shelf Registration Statement, until such Holder shall have delivered a completed and signed Notice and
Questionnaire and provided such other information regarding such Holder to the Company as is contemplated by Section 3(b) hereof. 
 In
the event that the Company and the Guarantor are required to file a Shelf Registration Statement pursuant to clause (iii) of the preceding sentence, the Company and the Guarantor shall use their reasonable best efforts to file and have become
effective both an Exchange Offer Registration Statement pursuant to Section 2(a) hereof with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer
Registration Statement) with respect to offers and sales of Registrable Securities held by the Initial Purchasers after completion of the Exchange Offer. 

The Company and the Guarantor agree to use their reasonable best efforts to keep the Shelf Registration Statement continuously effective until
the Securities cease to be Registrable Securities (the “Shelf Effectiveness Period”). The Company and the Guarantor further agree to supplement or amend the Shelf Registration Statement, the related Prospectus and any Free Writing
Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Company and the Guarantor for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations
thereunder or if reasonably requested by a Holder of Registrable Securities with respect to information relating to such Holder, and to use its reasonable best efforts to cause any such amendment to become effective, if required, and such Shelf
Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter practicable. The Company and the Guarantor agree to furnish to the Participating Holders copies of any such supplement or
amendment promptly after its being used or filed with the SEC. Notwithstanding the foregoing, the Company and the Guarantor shall not be required to file more than one post-effective amendment to the Shelf Registration Statement in any fiscal
quarter, such timing to be determined in the reasonable discretion of the Company, to add one or more Holders to the “Selling Securityholders” table of the Shelf Registration Statement or to update any information in such table. 

(c) The Company and the Guarantor shall pay all Registration Expenses in connection with any registration pursuant to Section 2(a) or
Section 2(b) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf
Registration Statement. 

  
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 (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be
deemed to have become effective unless it has been declared effective by the SEC. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is
automatically effective upon filing with the SEC as provided by Rule 462 under the Securities Act. 
 If a Registration Default occurs, the
interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period beginning on the day immediately following such Registration Default and (ii) an additional 0.25% per annum with
respect to each subsequent 90-day period, in each case until and including the date such Registration Default ends, up to a maximum increase of 0.50% per annum (the “Additional Interest”). A Registration Default ends when the
Securities cease to be Registrable Securities or, if earlier, (1) in the case of a Registration Default under clause (i) of the definition thereof, when the Exchange Offer is completed or when a Shelf Registration Statement becomes
effective, (2) in the case of a Registration Default under clause (ii) or clause (iii) of the definition thereof, when the Shelf Registration Statement becomes effective or (3) in the case of a Registration Default under
clause (iv) of the definition thereof, when the Shelf Registration Statement again becomes effective or the Prospectus again becomes usable. If at any time more than one Registration Default has occurred and is continuing, then, until the next
date that there is no Registration Default, the increase in interest rate provided for by this paragraph shall apply as if there occurred a single Registration Default that begins on the date that the earliest such Registration Default occurred and
ends on such next date that there is no Registration Default. 
 Any increase in interest will be payable in cash semiannually in arrears on
the same interest payment dates as the Securities, commencing with the first interest payment date occurring after any such Additional Interest commences to accrue. 

(e) Without limiting the remedies available to the Initial Purchasers and the Holders, the Company and the Guarantor acknowledge that any
failure by the Company or the Guarantor to comply with their obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at
law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company’s
and the Guarantor’s obligations under Section 2(a) and Section 2(b) hereof. 
 3. Registration Procedures. (a) In
connection with their obligations pursuant to Section 2(a) and Section 2(b) hereof, the Company and the Guarantor shall use reasonable best efforts to: 

(i) prepare and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form (A) shall be
selected by the Company, (B) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the Holders thereof and (C) shall comply as to form in all material respects with the requirements of the

  
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applicable form and include all financial statements required by the SEC to be filed therewith; and use its reasonable best efforts to cause such Registration Statement to become effective and
remain effective for the applicable period in accordance with Section 2 hereof; 
 (ii) prepare and file with the SEC such amendments
and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented by any
required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(3) of and Rule 174 under the Securities Act that is
applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities; 
 (iii) to the extent
any Free Writing Prospectus is used, file with the SEC any Free Writing Prospectus that is required to be filed by the Company or the Guarantor with the SEC in accordance with the Securities Act and to retain any Free Writing Prospectus not required
to be filed; 
 (iv) in the case of a Shelf Registration, furnish to each Participating Holder, to counsel for the Initial Purchasers, to
counsel for such Participating Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, preliminary prospectus or Free Writing Prospectus, and any amendment or
supplement thereto, as such Participating Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and, subject to Section 3(c) hereof, the Company and
the Guarantor consent to the use of such Prospectus, preliminary prospectus or such Free Writing Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the Participating Holders and any such Underwriters in
connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus, preliminary prospectus or such Free Writing Prospectus or any amendment or supplement thereto in accordance with
applicable law; 
 (v) register or qualify the Registrable Securities under all applicable state securities or blue sky laws of such
jurisdictions as any Participating Holder shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with such Participating Holders in connection with any filings required to be made with
FINRA; and do any and all other acts and things that may be reasonably necessary or advisable to enable each Participating Holder to complete the disposition in each such jurisdiction of the Registrable Securities owned by such Participating Holder;
provided that neither the Company nor the Guarantor shall be required to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify,
(2) file any general consent to service of process in any such jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not so subject; 

(vi) notify counsel for the Initial Purchasers and, in the case of a Shelf Registration, notify each Participating Holder and counsel for such
Participating Holders promptly and, if requested by any such Participating Holder or counsel, confirm such advice in writing (1) when a Registration Statement has become effective, when any post-effective amendment thereto has

  
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been filed and becomes effective, when any Free Writing Prospectus has been filed or any amendment or supplement to the Prospectus or any Free Writing Prospectus has been filed, (2) of any
request by the SEC or any state securities authority for amendments and supplements to a Registration Statement, Prospectus or any Free Writing Prospectus or for additional information after the Registration Statement has become effective,
(3) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the Company or the
Guarantor of any notice of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable effective date of a Shelf
Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company or the Guarantor contained in any underwriting agreement, securities sales agreement or other similar
agreement, if any, relating to an offering of such Registrable Securities cease to be true and correct in all material respects or if the Company or the Guarantor receives any notification with respect to the suspension of the qualification of the
Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event during the period a Registration Statement is effective that makes any statement made in such
Registration Statement or the related Prospectus or any Free Writing Prospectus untrue in any material respect or that requires the making of any changes in such Registration Statement or Prospectus or any Free Writing Prospectus in order to make
the statements therein not misleading and (6) of any determination by the Company that a post-effective amendment to a Registration Statement (other than an amendment that does nothing more substantive than add one or more Holders to the
“Selling Securityholders” table of such Registration Statement or to update any information set forth in such table) or any amendment or supplement to the Prospectus or any Free Writing Prospectus would be appropriate; 

(vii) obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or, in the case of a Shelf Registration, the
resolution of any objection of the SEC pursuant to Rule 401(g)(2) under the Securities Act, including by filing an amendment to such Registration Statement on the proper form, at the earliest possible moment and provide immediate notice to each
Holder or Participating Holder of the withdrawal of any such order or such resolution; 
 (viii) in the case of a Shelf Registration, furnish
to each Participating Holder, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless requested); 

(ix) in the case of a Shelf Registration, cooperate with the Participating Holders to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names (consistent with the provisions of the
Indenture) as such Participating Holders may reasonably request at least one Business Day prior to the closing of any sale of Registrable Securities; 

  
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 (x) upon the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, use their
reasonable best efforts to prepare and file with the SEC a supplement or post-effective amendment to the applicable Exchange Offer Registration Statement or Shelf Registration Statement or the related Prospectus or any Free Writing Prospectus or any
document incorporated therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus or Free Writing
Prospectus, as the case may be, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the
Company shall notify the Participating Holders (in the case of a Shelf Registration Statement) and the Initial Purchasers and any Participating Broker-Dealers known to the Company or the Guarantor (in the case of an Exchange Offer Registration
Statement) to suspend use of the Prospectus or any Free Writing Prospectus as promptly as practicable after the occurrence of such an event, and such Participating Holders, such Participating Broker-Dealers and the Initial Purchasers, as applicable,
hereby agree to suspend use of the Prospectus or any Free Writing Prospectus, as the case may be, until the Company has amended or supplemented the Prospectus or the Free Writing Prospectus, as the case may be, to correct such misstatement or
omission; 
 (xi) a reasonable time prior to the filing of any Registration Statement, any Prospectus, any Free Writing Prospectus, any
amendment to a Registration Statement or amendment or supplement to a Prospectus or a Free Writing Prospectus or of any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus after
initial filing of a Registration Statement, provide copies of such document to the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, to the Participating Holders and their counsel) and, in the case of a Shelf
Registration Statement, make such of the representatives of the Company and the Guarantor as shall be reasonably requested by the Initial Purchasers, the Participating Holders or their respective counsel available for discussion of such document;
and the Company and the Guarantor shall not, at any time after initial filing of a Registration Statement, use or file any Prospectus, any Free Writing Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus or a Free
Writing Prospectus, or any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus (other than filings not related specifically to the Securities pursuant to the Exchange Act), of
which the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchasers or their
counsel (and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel) shall reasonably object in writing within a reasonable amount of time after receipt thereof; 

(xii) obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the initial effective
date of a Registration Statement; 
 (xii) in the case of a Shelf Registration, make available for inspection by a representative of the
Participating Holders (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, any attorneys and accountants designated by a majority in aggregate principal amount of the
Securities held by the Participating Holders and any attorneys and accountants designated by such Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties

  
 11 

 
of the Company and the Guarantor and their subsidiaries, and cause the respective officers, directors and employees of the Company and the Guarantor to supply all information reasonably requested
by any such Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement, in each case, that would customarily be reviewed or examined in connection with a “due diligence” review of the Company and the
Guarantor; provided that if any such information is identified by the Company or the Guarantor as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to protect the
confidentiality of such information to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of any Inspector, Holder or Underwriter; 

(xiv) if reasonably requested by any Participating Holder, promptly include in a Prospectus supplement or post-effective amendment such
information with respect to such Participating Holder as such Participating Holder reasonably requests to be included therein and make all required filings of such Prospectus supplement or such post-effective amendment as soon as the Company has
received notification of the matters to be so included in such filing; and 
 (xv) in the case of a Shelf Registration, enter into such
customary agreements and take all such other actions in connection therewith (including those requested by the Holders of a majority in principal amount of the Registrable Securities covered by the Shelf Registration Statement) in order to expedite
or facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten Offering and in such connection, (1) to the extent possible, make such representations and warranties to the Participating Holders and
any Underwriters of such Registrable Securities with respect to the business of the Company and its subsidiaries (including the Guarantor) and the Registration Statement, Prospectus, any Free Writing Prospectus and documents incorporated by
reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested, (2) obtain opinions of
counsel to the Company and the Guarantor (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Participating Holders and such Underwriters and their respective counsel) addressed to each Participating
Holder (to whom a “comfort” letter is addressed) and Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (3) obtain “comfort” letters from the
independent registered public accountants of the Company (and, if necessary, any other registered public accountant of any subsidiary of the Company (including the Guarantor), or of any business acquired by the Company for which financial statements
and financial data are or are required to be included in the Registration Statement) addressed to each Participating Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities, such letters to be
in customary form and covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus, Prospectus
or Free Writing Prospectus and (4) deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily
delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Company and its subsidiaries (including the Guarantor) made pursuant to clause (1) above and to evidence compliance with any
customary conditions contained in an underwriting agreement. 

  
 12 

 (b) In the case of a Shelf Registration Statement, the Company may require each Holder of
Registrable Securities to furnish to the Company a Notice and Questionnaire and such other information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Company may from time to time reasonably
request in writing. 
 (c) Each Participating Holder agrees that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 3(a)(vi)(3) or Section 3(a)(vi)(5) hereof, such Participating Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf Registration Statement until such Participating
Holder’s receipt of the copies of the supplemented or amended Prospectus and any Free Writing Prospectus contemplated by Section 3(a)(x) hereof and, if so directed by the Company, such Participating Holder will deliver to the Company all
copies in its possession, other than permanent file copies then in such Participating Holder’s possession, of the Prospectus and any Free Writing Prospectus covering such Registrable Securities that is current at the time of receipt of such
notice. 
 (d) If the Company shall give any notice to suspend the disposition of Registrable Securities pursuant to a Registration
Statement, the Company shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and
including the date when the Holders of such Registrable Securities shall have received copies of the supplemented or amended Prospectus or any Free Writing Prospectus necessary to resume such dispositions. Any such suspensions shall not exceed 45
days during any 365-day period. 
 4. Participation of Broker-Dealers in Exchange Offer. (a) The Staff has taken the position
that any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities (a “Participating
Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Securities.

 The Company and the Guarantor understand that it is the Staff’s position that if the Prospectus contained in the Exchange Offer
Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying
the amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their prospectus delivery obligation under the Securities
Act in connection with resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 

(b) In light of the above, and notwithstanding the other provisions of this Agreement, the Company and the Guarantor agree to amend or
supplement the Prospectus contained in the Exchange Offer Registration Statement for a period of up to 180 days after the last Exchange Date (as such period may be extended pursuant to Section 3(d) hereof), in order to expedite or facilitate
the disposition of any Exchange Securities by Participating Broker-Dealers consistent 

  
 13 

 
with the positions of the Staff recited in Section 4(a) above. The Company and the Guarantor further agree that Participating Broker-Dealers shall be authorized to deliver such Prospectus
(or, to the extent permitted by law, make available) during such period in connection with the resales contemplated by this Section 4. 

(c) The Initial Purchasers shall have no liability to the Company, the Guarantor or any Holder with respect to any request that they may make
pursuant to Section 4(b) hereof. 
 5. Indemnification and Contribution. (a) The Company and the Guarantor, jointly and
severally agree to indemnify and hold harmless each Initial Purchaser and each Holder, their respective affiliates (within the meaning of Rule 405 under the Securities Act), directors and officers and each Person, if any, who controls any Initial
Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other
expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of
a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue
statement or alleged untrue statement of a material fact contained in any Prospectus, any Free Writing Prospectus or any “issuer information” (“Issuer Information”) filed or required to be filed pursuant to Rule 433(d)
under the Securities Act, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except
insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial
Purchaser or information relating to any Holder furnished to the Company in writing through the Representative or any selling Holder, respectively, expressly for use therein. In connection with any Underwritten Offering permitted by Section 3,
the Company and the Guarantor, jointly and severally, will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in the distribution, their respective affiliates (within the
meaning of Rule 405 under the Securities Act) and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if
requested in connection with any Registration Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information. 
 (b) Each
Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantor, the Initial Purchasers and the other selling Holders, the directors of the Company and the Guarantor, each officer of the Company and the Guarantor
who signed the Registration Statement and each Person, if any, who controls the Company, the Guarantor, any Initial Purchaser and any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or
omission made in reliance upon and in conformity with any information relating to such Holder furnished to the Company in writing by such Holder expressly for use in any Registration Statement, any Prospectus and any Free Writing Prospectus. 

  
 14 

 (c) If any suit, action, proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against any Person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”) shall promptly notify
the Person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under
paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the
Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and it
shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this
Section 5 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding,
any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have
mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there
may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person
and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection
with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be
reimbursed as they are incurred. Any such separate firm (x) for any Initial Purchaser, its affiliates (within the meaning of Rule 405 under the Securities Act), directors and officers and any control Persons of such Initial Purchaser shall be
designated in writing by the Representative, (y) for any Holder, its directors and officers and any control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in
writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying
Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an
Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if
(i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the
date of such settlement. No Indemnifying Person shall, without the 

  
 15 

 
written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and
indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, from all liability on claims that are the subject matter of such proceeding,
provided that such unconditional release may be subject to a parallel release by a claimant or plaintiff of such indemnified party and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on
behalf of any Indemnified Person. 
 (d) If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an
Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the
amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantor from the offering
of the Securities and the Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the Securities Act, on the other hand, or (ii) if the allocation provided by clause (i) is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company and the Guarantor on the one hand and the Holders on the other
in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company and the Guarantor on the one hand and the Holders
on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and
the Guarantor or by the Holders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(e) The Company, the Guarantor and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 5
were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph
(d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal
or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to contribute any amount in excess of the amount by
which the total price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The
Holders’ obligations to contribute pursuant to this Section 5 are several and not joint. 

  
 16 

 (f) The remedies provided for in this Section 5 are not exclusive and shall not limit any
rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 
 (g) The indemnity and contribution
provisions contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or any
Person controlling any Initial Purchaser or any Holder, or by or on behalf of the Company, the Guarantor or the officers or directors of or any Person controlling the Company or the Guarantor, (iii) acceptance of any of the Exchange Securities
and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement. 
 6. General. 

(a) No Inconsistent Agreements. The Company and the Guarantor represent, warrant and agree that (i) the rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Company or the Guarantor under any other agreement and (ii) the
Company and the Guarantor have not entered into, or on or after the date of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts
with the provisions hereof. 
 (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this
sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company has obtained the written consent of Holders of at least a majority in aggregate principal
amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; provided that no amendment, modification, supplement, waiver or consent to any departure from the provisions of
Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. Any amendments, modifications, supplements, waivers or consents pursuant to this Section 6(b) shall be by a
writing executed by each of the parties hereto. 
 (c) Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand-delivery, registered first-class mail, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a
notice given in accordance with the provisions of this Section 6(c), which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; (ii) if to the Company or the Guarantor, initially at
the Company’s address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at their respective
addresses as provided in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed to have been duly given:
at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air courier
guaranteeing overnight delivery. Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 

  
 17 

 (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding
upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment,
transfer or other disposition of Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or
otherwise, such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the
terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company or the Guarantor with
respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement. 

(e) Third-Party Beneficiaries. Each Holder shall be a third-party beneficiary to the agreements made hereunder between the Company and
the Guarantor, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other
Holders hereunder. 
 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(g) Headings. The headings in this Agreement are for convenience of reference only, are not a part of this Agreement and shall not limit
or otherwise affect the meaning hereof. 
 (h) Governing Law. This Agreement, and any claim, controversy or dispute arising under or
related to this Agreement, shall be governed by and construed in accordance with the laws of the State of New York. 
 (j) Entire
Agreement; Severability. This Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or
restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in
full force and effect and shall in no way be affected, impaired or invalidated. The Company, the Guarantor and the Initial Purchasers shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the invalid, void or unenforceable provisions. 

  
 18 

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

  

			
	SPRINT CORPORATION
		
	By	 	 /s/ Gregory D. Block

	Name:	 	Gregory D. Block
	Title:	 	Vice President and Treasurer
	
	SPRINT COMMUNICATIONS, INC.
		
	By	 	 /s/ Gregory D. Block

	Name:	 	Gregory D. Block
	Title:	 	Vice President and Treasurer

 Signature Page to Registration Rights Agreement 

 Confirmed and accepted as of the date first above written: 

MERRILL LYNCH, PIERCE, FENNER & SMITH 

INCORPORATED 
 For itself and on behalf of the

 several Initial Purchasers 
  

			
	By:	 	/s/ Russ Bunting
	Name:	 	Russ Bunting
	Title:	 	Director

  
 Signature Page to
Registration Rights Agreement 

 Schedule A 

Name of Initial Purchasers 
 Merrill Lynch, Pierce,
Fenner & Smith 
 Incorporated 

Citigroup Global Markets Inc. 
 Credit Agricole Securities (USA)
Inc. 
 Credit Suisse Securities (USA) LLC 
 Deutsche Bank
Securities Inc. 
 Goldman, Sachs & Co. 
 J.P. Morgan
Securities LLC 
 Mizuho Securities USA Inc. 
 RBC Capital
Markets, LLC 
 Barclays Capital Inc. 
 Scotia Capital (USA)
Inc. 
 Wells Fargo Securities, LLC 
 The Williams Capital
Group, L.P.EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 RECEIVABLES SALE
AND SERVICING AGREEMENT 
 Dated as of December 6, 2013 

by and among 
 EACH OF THE ENTITIES
PARTY HERETO FROM TIME TO TIME 
 AS ORIGINATORS, 

CMI RECEIVABLES FUNDING LLC, 
 as
Buyer, 
 and 
 CUMULUS MEDIA
HOLDINGS INC., 
 as Servicer 

Receivables Sale and Servicing Agreement 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	 	1	  
		
	 Section 1.01. Definitions
	  	 	1	  
	 Section 1.02. Rules of Construction
	  	 	1	  
		
	 ARTICLE II TRANSFERS OF RECEIVABLES
	  	 	1	  
		
	 Section 2.01. Agreement to Transfer
	  	 	1	  
	 Section 2.02. Grant of Security Interest
	  	 	3	  
	 Section 2.03. Originator Support Agreement
	  	 	3	  
	 Section 2.04. Originators Remain Liable
	  	 	3	  
	 Section 2.05. Sale Price Credits
	  	 	4	  
		
	 ARTICLE III [RESERVED]
	  	 	4	  
		
	 ARTICLE IV REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	4	  
		
	 Section 4.01. Representations and Warranties
	  	 	4	  
	 Section 4.02. Affirmative Covenants of the Originators
	  	 	9	  
	 Section 4.03. Negative Covenants of the Originators
	  	 	14	  
	 Section 4.04. Breach of Representations, Warranties or Covenants
	  	 	15	  
		
	 ARTICLE V INDEMNIFICATION
	  	 	16	  
		
	 Section 5.01. Indemnification
	  	 	16	  
	 Section 5.02. Indemnities by the Servicer
	  	 	17	  
		
	 ARTICLE VI MISCELLANEOUS
	  	 	18	  
		
	 Section 6.01. Notices
	  	 	18	  
	 Section 6.02. No Waiver; Remedies
	  	 	20	  
	 Section 6.03. Successors and Assigns
	  	 	20	  
	 Section 6.04. Termination; Survival of Obligations
	  	 	21	  
	 Section 6.05. Complete Agreement; Modification of Agreement
	  	 	21	  
	 Section 6.06. Amendments and Waivers
	  	 	21	  
	 Section 6.07. Governing Law, Jurisdiction and Waiver of Jury Trial
	  	 	21	  
	 Section 6.08. Counterparts
	  	 	22	  
	 Section 6.09. Severability
	  	 	22	  
	 Section 6.10. Section Titles
	  	 	22	  
	 Section 6.11. No Setoff
	  	 	22	  
	 Section 6.12. Confidentiality
	  	 	23	  
	 Section 6.13. Further Assurances
	  	 	24	  
	 Section 6.14. Fees and Expenses
	  	 	24	  
	 Section 6.15. Nonrecourse Obligations
	  	 	24	  

  

Receivables Sale and Servicing Agreement 

  
 i 

					
	 ARTICLE VII SERVICER PROVISIONS
	  	 	25	  
		
	 Section 7.01. Appointment of the Servicer
	  	 	25	  
	 Section 7.02. Duties and Responsibilities of the Servicer
	  	 	25	  
	 Section 7.03. Collections on Receivables
	  	 	25	  
	 Section 7.04. Covenants of the Servicer
	  	 	26	  
	 Section 7.05. Reporting Requirements of the Servicer
	  	 	29	  
		
	 ARTICLE VIII EVENTS OF SERVICER TERMINATION
	  	 	30	  
		
	 Section 8.01. Events of Servicer Termination
	  	 	30	  
		
	 ARTICLE IX SUCCESSOR SERVICER PROVISIONS
	  	 	33	  
		
	 Section 9.01. Servicer Not to Resign
	  	 	33	  
	 Section 9.02. Appointment of the Successor Servicer
	  	 	33	  
	 Section 9.03. Duties of the Servicer
	  	 	33	  
	 Section 9.04. Effect of Termination or Resignation
	  	 	34	  
	 Section 9.05. Power of Attorney
	  	 	34	  
	 Section 9.06. No Proceedings
	  	 	34	  

  

			
	EXHIBITS
	Exhibit 2.01(a)	  	Form of Receivables Assignment
	Exhibit 2.01(c)(ii)	  	Form of Subordinated Note
	Exhibit 2.03	  	Form of Originator Support Agreement
	Exhibit 9.05	  	Form of Power of Attorney
		
	SCHEDULES	  	
	Schedule 4.01(b)	  	 Jurisdiction of Organization; Executive Offices; Collateral Locations;

Corporate, Legal and Other Names; Identification Numbers

	Schedule 4.01(d)	  	Litigation
	Schedule 4.01(r)	  	Deposit and Disbursement Accounts
	Schedule 4.02(g)	  	Corporate, Legal and Trade Names

  
 Receivables Sale and Servicing
Agreement 

  
 ii 

 THIS RECEIVABLES SALE AND SERVICING AGREEMENT (this “Agreement”) is entered into
as of December 6, 2013, by and among each of the persons signatory hereto from time to time as Originators, each an “Originator” and, collectively, the “Originators”), CUMULUS MEDIA HOLDINGS INC.
(“Cumulus”), a Delaware corporation, in its capacity as servicer hereunder (in such capacity, the “Servicer”) and CMI RECEIVABLES FUNDING LLC, a Delaware limited liability company (“Buyer”). 

RECITALS 
 A. The Buyer is a
special purpose limited liability company, the sole member of which is the Member. 
 B. Buyer has been formed for the sole purposes of
purchasing all Receivables originated by each Originator and financing such Receivables under the Funding Agreement. 
 C. Each Originator
intends to sell, and Buyer intends to purchase, such Receivables, from time to time, as described herein. 
 D. In addition, the Member may,
from time to time, contribute capital to the Buyer in the form of Contributed Receivables. 
 E. In order to effectuate the purposes of this
Agreement and the Funding Agreement, Buyer desires to appoint Cumulus to service, administer and collect the Receivables securing the Advances pursuant to this Agreement and Cumulus is willing to act in such capacity as Servicer hereunder on the
terms and conditions set forth herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.01. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in
Annex X. 
 Section 1.02. Rules of Construction. For purposes of this Agreement, the rules of construction set forth in
Annex X shall govern. All Appendices hereto, or expressly identified to this Agreement, are incorporated herein by reference and, taken together with this Agreement, shall constitute but a single agreement. 

ARTICLE II 
 TRANSFERS OF
RECEIVABLES 
 Section 2.01. Agreement to Transfer. 

(a) Receivables Transfers. Subject to the terms and conditions hereof, each Originator agrees to sell (without recourse except to the
limited extent specifically provided herein) or, in the case of the Member, sell or contribute, to Buyer on the Effective Date and on each Business Day thereafter (each such date, a “Transfer Date”) all Receivables owned by it on
each such Transfer Date, and Buyer agrees 
  
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to purchase or acquire as a capital contribution all such Receivables on each such Transfer Date. All such Transfers by an Originator to Buyer shall collectively be evidenced by a certificate of
assignment substantially in the form of Exhibit 2.01(a) (each, a “Receivables Assignment,” and collectively, the “Receivables Assignments”), and each Originator and Buyer shall execute and deliver a
Receivables Assignment on or before the Effective Date. 
 (b) Determination of Sold Receivables. On and as of each Transfer Date,
(i) all Receivables then owned by each Originator (other than the Member) and not previously acquired by Buyer shall be sold immediately upon its creation, and (ii) to the extent Receivables then owned by the Member have not been
contributed to Buyer in accordance with Section 2.01(d), such Receivables shall be sold to Buyer (each such Receivable sold immediately upon its creation pursuant to clauses (i) and (ii) above, individually, a
“Sold Receivable” and, collectively, the “Sold Receivables”). 
 (c) Payment of Sale Price.
(i) In consideration for each Sale of Sold Receivables hereunder, Buyer shall pay to the Originator thereof on the Transfer Date therefor the applicable Sale Price therefor (x) in Dollars in immediately available funds, or (y) with
the proceeds of a Subordinated Loan as provided in clause (ii) below. All cash payments by Buyer under this Section 2.01(c)(i) shall be effected by means of a wire transfer or Automatic Clearinghouse (ACH) on the day when due to
such account or accounts as the Originators may designate from time to time. 
 (i) To the extent that the Sale Price of Sold
Receivables exceeds the amount of cash then available to Buyer, the applicable Originator hereby agrees to make a subordinated loan (each, a “Subordinated Loan”) to Buyer in an amount not to exceed the lesser of (i) the amount
of such excess in satisfaction of the equivalent portion of the Sale Price not paid in cash and (ii) the maximum Subordinated Loan that could be borrowed without rendering Buyer’s Net Worth less than the Required Capital Amount. The
Subordinated Loans of an Originator shall be evidenced by a subordinated promissory note substantially in the form of Exhibit 2.01(c)(ii) hereto (a “Subordinated Note”) executed by Buyer and payable to such Originator. The
Subordinated Loans shall bear interest and be payable as provided in the Subordinated Note. 
 (d) Determination of Contributed
Receivables. Prior to the delivery of an Election Notice, on each Transfer Date on which Buyer cannot pay the Sale Price therefore in cash or with Subordinated Loans, the Member shall identify Receivables then owned by it which have not been
previously acquired by Buyer, and may, prior to the delivery of an Election Notice, contribute such Receivables as a capital contribution to the Buyer (each such contributed Receivable, individually, a “Contributed Receivable,” and
collectively, the “Contributed Receivables”), to the extent Buyer cannot so pay the Sale Price therefor in cash or through Subordinated Loans. Notwithstanding anything herein or in any other Related Document, the Member shall not be
obligated to make additional contributions to Buyer at any time. If on any Transfer Date (i) the Member elects not to contribute Receivables to Buyer when the Buyer cannot pay the Sale Price therefore in cash or through Subordinated Loans, or
(ii) any Originator (other than the Member) does not sell all of its then owned Receivables to Buyer, such Originator shall deliver to Buyer not later than 5:00 p.m. (New York time) on the Business Day immediately preceding such Transfer Date a
notice of election thereof (each such notice, an “Election Notice”). Notwithstanding the foregoing, no Election Notice shall be deemed to be delivered for purposes of this clause (d) if, in connection with an Election Notice,
an Originator will no longer sell all of its Receivables in connection with an Originator Disposition and Buyer shall comply with Section 2.04(b) of the Funding Agreement in respect of any related repurchase of Transferred Receivables
reasonably promptly thereafter. 
 (e) Ownership of Transferred Receivables. On and after each Transfer Date and after giving effect
to the Transfers to be made on each such date, Buyer shall own the Transferred Receivables and no Originator shall take any action inconsistent with such ownership nor shall any Originator claim any ownership interest in such Transferred
Receivables. 
  
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 (f) Reconstruction of General Trial Balance. Each Originator agrees to generate and
provide its General Trial Balance at the request of Buyer from time to time. 
 (g) Servicing of Receivables. So long as no Event of
Servicer Termination shall have occurred and be continuing and no Successor Servicer has assumed the responsibilities and obligations of the Servicer pursuant to Section 9.02, the Servicer shall (i) conduct the servicing,
administration and collection of the Transferred Receivables and shall take, or cause to be taken, all such actions as may be necessary or advisable to service, administer and collect the Transferred Receivables, all in accordance with (A) the
terms of this Agreement, (B) customary and prudent servicing procedures for trade receivables of a similar type, (C) the Credit and Collection Policies and (D) all applicable laws, rules and regulations, and (ii) hold all
Contracts and other documents and incidents relating to the Transferred Receivables in trust for the benefit of Buyer, as the owner thereof, and for the sole purpose of facilitating the servicing of the Transferred Receivables in accordance with the
terms of this Agreement. Buyer hereby instructs the Servicer, and the Servicer hereby acknowledges, that the Servicer shall hold all Contracts and other documents relating to such Transferred Receivables in trust for the benefit of the Buyer and the
Servicer’s retention and possession of such Contracts and documents shall at all times be solely in a custodial capacity for the benefit of the Buyer and its assigns and pledgees. 

Section 2.02. Grant of Security Interest. The parties hereto intend that each Transfer shall be absolute and shall constitute a
purchase and sale or contribution, as applicable, and not a loan. Notwithstanding the foregoing, in addition to and not in derogation of any rights now or hereafter acquired by Buyer under Section 2.01 hereof, the parties hereto intend
that this Agreement shall constitute a security agreement under applicable law and if a court of competent jurisdiction determines that any transaction provided for herein constitutes a loan and not a sale or contribution that each Originator shall
be deemed to have granted, and each Originator does hereby grant, to Buyer a continuing security interest in all of such Originator’s right, title and interest in, to and under the Receivables whether now owned or hereafter acquired by such
Originator to secure the obligations of such Originator to Buyer hereunder (including, if and to the extent that any Transfer is recharacterized as a transfer for security under applicable law, the repayment of a loan deemed to have been made by
Buyer to the applicable Originator in the amount of the Sale Price with respect thereto, including interest thereon at the rate shown in the Wall Street Journal as the “Prime Rate”). 

Section 2.03. Originator Support Agreement. The Parent hereby agrees that in the event that any of its Affiliates become parties
to this Agreement as Originators, the Parent shall undertake and agree, to and for the benefit of Buyer, to cause the due and punctual performance and observance by each such Originator of all of the terms, conditions, agreements and undertakings on
the part of such Originator to be performed or observed by it hereunder or under any other Related Document and, in connection therewith, shall execute and deliver to Buyer an Originator Support Agreement in the form attached hereto as Exhibit
2.03, to more fully evidence such undertaking. 
 Section 2.04. Originators Remain Liable. It is expressly agreed by the
Originators that, anything herein to the contrary notwithstanding, each Originator shall remain liable to the Obligor (and any other party to the related Contract) under any and all of the Receivables originated by it and under the Contracts
therefor to observe and perform all the conditions and obligations to be observed and performed by it thereunder. Buyer shall not have any obligation or liability to the Obligor or any other party to the related Contract under any such Receivables
or Contracts by reason of or arising out of this Agreement or the granting herein of a Lien thereon or the receipt by Buyer of any payment relating thereto pursuant hereto. The exercise by Buyer of any of its rights under this Agreement shall not
release any Originator from any 
  
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Agreement 

  
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of its respective duties or obligations under any such Receivables or Contracts. Buyer shall not be required or obligated in any manner to perform or fulfill any of the obligations of any
Originator under or pursuant to any such Receivable or Contract, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received by it or the sufficiency of any performance by any party under any such
Receivable or Contract, or to present or file any claims, or to take any action to collect or enforce any performance or the payment of any amounts that may have been assigned to it or to which it may be entitled at any time or times. 

Section 2.05. Sale Price Credits. If on any day the Outstanding Balance of a Receivable is reduced or canceled as a result of any
Dilution Factor then, in such event, the Buyer shall be entitled to a credit (each, a “Sale Price Credit”) against the Sale Price otherwise payable hereunder in an amount equal to the amount of such reduction or cancellation. If
such Sale Price Credit exceeds the Sale Price of the Receivables being sold by the applicable Originator on any such day, then such Originator shall pay the remaining amount of such Sale Price Credit in cash promptly thereafter, provided that
if the Commitment Termination Date has not occurred, the applicable Originator shall be allowed to deduct the remaining amount of such Sale Price Credit from any indebtedness owed to it under a Subordinated Note to the extent permitted thereunder.

 ARTICLE III 

[RESERVED] 
 ARTICLE IV

 REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 4.01. Representations and Warranties. To induce Buyer to purchase the Sold Receivables and to acquire the Contributed
Receivables, each Transaction Party, as applicable, and, except to the extent otherwise expressly provided below, as of each Transfer Date, each of which shall survive the execution and delivery of this Agreement. 

(a) Corporate Existence; Compliance with Law. Each Transaction Party (i) is a Person duly organized, validly existing and in good
standing under the laws of its jurisdiction of organization; (ii) is duly qualified to conduct business and is in good standing in each other jurisdiction where its ownership or lease of property or the conduct of its business requires such
qualification, except where the failure to so qualify or be in good standing would not reasonably be expected to result in a Material Adverse Effect; (iii) has the requisite corporate power and authority and the legal right to own, pledge,
mortgage or otherwise encumber and operate its properties, to lease the property it operates under lease, and to conduct its business, in each case, as now, heretofore and proposed to be conducted; (iv) has all licenses, permits, consents or
approvals from or by, and has made all filings with, and has given all notices to, all Governmental Authorities having jurisdiction, to the extent required for such ownership, operation and conduct, except where the failure to do any of the
foregoing would not reasonably be expected to result in a Material Adverse Effect; (v) is in compliance with its articles or certificate of incorporation or certificate of formation and by-laws, operating agreement or limited liability
agreement, as applicable; and (vi) is in compliance with all applicable provisions of law, except where the failure to so comply, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

(b) Jurisdiction of Organization; Executive Offices; Collateral Locations; Corporate or Other Names; FEIN. Each Originator is a
registered organization of the type and is organized under the laws of the State set forth in Schedule 4.01(b) (which is its only jurisdiction of organization) and each such Originator’s organizational identification number (if any), the
current location of such Originator’s chief executive office, principal place of business, other offices and premises within which any records relating to the Receivables is stored or located, and the locations of its records concerning the
Receivables are set 
  
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forth in Schedule 4.01(b) and none of such locations has changed within the past three (3) months. Since six (6) months prior to the Closing Date, except as set forth in
Schedule 4.01(b), no Originator has been known as or used any corporate, legal, limited liability company, fictitious or trade name. In addition, Schedule 4.01(b) lists the federal employer identification number of each Originator.

 (c) Corporate Power, Authorization, Enforceable Obligations. The execution, delivery and performance by each Transaction Party of
this Agreement and the other Related Documents to which it is a party and the creation and perfection of all Transfers and Liens provided for herein and therein and, solely with respect to clause (vii) below, the exercise by Buyer, or
its assigns of any of its rights and remedies under any Related Document to which it is a party: (i) are within such Person’s powers; (ii) have been duly authorized by all necessary or proper actions; (iii) do not contravene any
provision of such Person’s organizational documents; (iv) do not violate any law or regulation, or any order or decree of any court or Governmental Authority; (v) do not conflict with or result in the breach or termination of,
constitute a default under or accelerate or permit the acceleration of any performance required by, any material indenture, mortgage, deed of trust, lease, agreement or other instrument to which such Person is a party or by which such Person or any
of its property is bound; (vi) do not result in the creation or imposition of any Adverse Claim upon any of the property of such Person; and (vii) do not require the consent or approval of any Governmental Authority or any other Person,
except those which have been duly obtained, made or complied with prior to the Effective Date. On or prior to the Effective Date, each of the Related Documents shall have been duly executed and delivered by each Transaction Party that is a party
thereto and on the Closing Date each such Related Document shall then constitute a legal, valid and binding obligation of such Transaction Party, enforceable against it in accordance with its terms except as enforcement may be limited by applicable
bankruptcy, insolvency, reorganization or other similar laws relating to creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in proceeding in equity or law). 

(d) No Litigation. No Litigation is pending or, to the actual knowledge of any Transaction Party, overtly threatened in writing against
any Transaction Party or any other Subsidiary of the Parent that (i) challenges such Transaction Party’s right or power to enter into or perform any of its obligations under the Related Documents to which it is a party, or the validity or
enforceability of any Related Document or any action taken thereunder, (ii) seeks to prevent the Transfer or pledge of any Receivable or the consummation of any of the transactions contemplated under this Agreement or the other Related
Documents or (iii) is reasonably likely to be adversely determined and, if adversely determined, could reasonably be expected to have a Material Adverse Effect. 

(e) Solvency. After giving effect to the sale or contribution of Receivables and other payments and transactions contemplated on such
Transfer Date, each Transaction Party is and will be Solvent. 
 (f) Material Adverse Effect. Since September 30, 2013, no event
has occurred that alone or together with other events could reasonably be expected to have a Material Adverse Effect. 
 (g) Ownership of
Receivables; Liens. From and after each Transfer Date, Buyer will acquire valid and properly perfected title to and the sole record and beneficial ownership interest in each Transferred Receivable purchased or otherwise acquired on such date,
free and clear of any Adverse Claim (other than any Adverse Claim that is released automatically upon the transfer of such Transferred Receivable to the Buyer) or restrictions on transferability. Each Originator has received all assignments, bills
of sale and other documents, and has duly effected all recordings, filings and other actions necessary to establish, protect and perfect such Originator’s right, title and interest in and to the Receivables originated or acquired by it and its
other properties and assets. Each Originator has rights in and full power to transfer its Receivables hereunder. No effective financing statements or other similar instruments are of record in any filing office listing any Originator as debtor and
purporting to cover the Transferred Receivables except with respect to the Liens granted to Buyer hereunder. 
  

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 (h) Ventures, Subsidiaries and Affiliates; Outstanding Stock and Debt. All of the issued
and outstanding Stock of each Originator is directly or indirectly owned by the Parent. 
 (i) Taxes. All tax returns, reports and
statements, including information returns, required by any Governmental Authority to be filed by or on behalf of any Transaction Party have been filed with the appropriate Governmental Authority and all Charges have been paid prior to the date on
which any fine, penalty, interest or late charge may be added thereto for nonpayment thereof (or any such fine, penalty, interest, late charge or loss has been paid), excluding Charges or other amounts being contested in accordance with
Section 4.02(k), unless the failure to file any such return, report or statement, or the failure to pay any such charges or fine, penalty, interest, late charge or loss, could reasonably not be expected to have a Material Adverse Effect.

 (j) Intellectual Property. As of the Closing Date, to its knowledge each Originator owns or has rights to use all material
intellectual property necessary to continue to conduct its business as now or heretofore conducted by it or proposed as of such date to be conducted by it except where the failure to do so would not reasonably be expected to result in a Material
Adverse Effect and no such Originator is aware of any infringement claim asserted by others of any material intellectual property of any Originator except for claims that would not reasonably be expected to result in a Material Adverse Effect. 

(k) Full Disclosure. All information furnished by or on behalf of any Transaction Party to the Buyer or any of its assignees or
pledgees in connection with this Agreement or any other Related Document when taken as a whole is true and accurate in every material respect, and no such information contains any untrue statement of a material fact or omitted, omits or will omit to
state a material fact necessary in order to make the statements contained herein or therein not misleading in light of the circumstances in which the same were made. 

(l) Notices to Obligors. Each Transaction Party has directed all Obligors of Transferred Receivables originated by it to remit all
payments with respect to such Receivables for deposit in a Collection Account. 
 (m) ERISA. Except as would not have a Material
Adverse Effect: (i) each Transaction Party and each ERISA Affiliate is in compliance with the applicable provisions of ERISA and of the Code relating to Plans; (ii) no Reportable Event or non-exempt Prohibited Transaction has occurred or
is reasonably expected to occur with respect to any Plan; (iii) there has been no determination that any Single Employer Plan is, or is expected to be, in “at risk” status (within the meaning of Section 430 of the Code or
Section 303 of ERISA); (iv) no Lien in favor of the PBGC or any Single Employer Plan has been imposed upon any Transaction Party or any ERISA Affiliate that remains unsatisfied; (v) no Transaction Party and no ERISA Affiliate has
received from the PBGC or a plan administrator any notice relating to an intention to terminate any Single Employer Plan or to appoint a trustee to administer any Single Employer Plan under Section 4042 of ERISA; (vi) no Transaction Party
and no ERISA Affiliate has incurred any Withdrawal Liability that remains unsatisfied; and (vii) no Transaction Party and no ERISA Affiliate has received any notice concerning the imposition of Withdrawal Liability or any determination that a
Multiemployer Plan is, or is expected to be, Insolvent, in Reorganization, terminated or in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA). 

(n) Brokers. No broker or finder acting on behalf of any Transaction Party was employed or utilized in connection with this Agreement
or the other Related Documents or the transactions contemplated hereby or thereby and no Transaction Party has any obligation to any Person in respect of any finder’s or brokerage fees in connection herewith or therewith. 

 
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 (o) Margin Regulations. No Transaction Party is engaged, nor will it engage, principally
or as one of its important activities, in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin security” as such terms are defined in Regulations T, U or X of the Federal Reserve
Board as now and from time to time hereafter in effect (such securities being referred to herein as “Margin Stock”). No Transaction Party owns any Margin Stock, and no portion of the proceeds of the Sale Price from any Sale will be
used, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock, for the purpose of reducing or retiring any Debt that was originally incurred to purchase or carry any Margin Stock or for any other purpose that might cause
any portion of such proceeds to be considered a “purpose credit” within the meaning of Regulations T, U or X of the Federal Reserve Board. No Transaction Party will take or permit to be taken any action that might cause any Related
Document to violate any regulation of the Federal Reserve Board. 
 (p) Nonapplicability of Bulk Sales Laws. No transaction
contemplated by this Agreement or any of the other Related Documents requires compliance with any bulk sales act or similar law. 
 (q)
Government Regulation. No Transaction Party is required to be registered as an “investment company” within the meaning of the Investment Company Act. 

(r) Deposit and Disbursement Accounts. Schedule 4.01(r) lists all banks and other financial institutions at which any
Originator or the Servicer maintains deposit accounts established for the receipt of collections on accounts receivable, including any Collection Accounts, and such schedule correctly identifies the name, address and telephone number of each
depository, the name in which the account is held, a description of the purpose of the account, and the complete account number therefor. 

(s) Representations and Warranties in Other Related Documents. Each of the representations and warranties of each Transaction Party
contained in the Related Documents (other than this Agreement) is true and correct in all material respects and such Transaction Party hereby makes each such representation and warranty to, and for the benefit of, the Buyer as if the same were set
forth in full herein. Each Transaction Party consents to the assignment of Buyer’s rights with respect to all such representations and warranties to the Administrative Agent and the Lenders (and their respective successors and assigns) pursuant
to the Funding Agreement as more fully described in Section 6.03 below. 
 (t) Receivables. With respect to each
Transferred Receivable acquired by the Buyer hereunder: 
 (i) Each Receivable included as an Eligible Receivable, as of the
applicable Transfer Date therefor, satisfied the criteria for an Eligible Receivable; 
 (ii) Immediately prior to its
transfer to Buyer, such Receivable was owned by the Originator thereof free and clear of any Adverse Claim, and such Originator had the full right, power and authority to sell, contribute assign, transfer and pledge its interest therein as
contemplated under this Agreement and the other Related Documents and, upon such Transfer, Buyer will acquire valid and properly perfected title to and the sole record and beneficial ownership interest in such Receivable, free and clear of any
Adverse Claim and, following such Transfer, such Receivable will not be subject to any Adverse Claim as a result of any action or inaction on the part of such Originator; 
  

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 (iii) The Transfer of each such Receivable pursuant to this Agreement and the
Receivables Assignment executed by the Originator thereof constitutes, as applicable, a valid sale, transfer, assignment, setover and conveyance to Buyer of all right, title and interest of such Originator in and to such Receivable; and 

(iv) As of the applicable Transfer Date, the Originator of such Receivable has no knowledge of any fact (including Dilution
Factors and any defaults by the Obligor thereunder on any other Receivable) that would cause it or should have caused it to expect that any payments on such Receivable will not be paid in full when due. 

(u) Fair Value. With respect to each Transferred Receivable acquired by the Buyer hereunder, (i) the consideration received from
the Buyer in respect of such Transferred Receivable represents adequate consideration and fair and reasonably equivalent value for such Transferred Receivable as of the applicable Transfer Date and (ii) such consideration is not less than the
fair market value of such Transferred Receivables, in each case, as of the applicable Transfer Date and taking into account any increase in the outstanding balance of the Subordinated Note. 

(z) Supplementary Representations. 

(i) Receivables. Each Receivable constitutes an “account” or a “general intangible” within the
meaning of the applicable UCC. 
 (ii) Creation of Security Interest. Immediately prior to the Transfer of any
Transferred Receivable on any Transfer Date, the Originators owned and had good and marketable title to the Transferred Receivables and the Collections free and clear of any Adverse Claim. The Agreement creates a valid and continuing security
interest (as defined in the applicable UCC) in the Transferred Receivables and the Collections in favor of the Buyer, which security interest is prior to all other Adverse Claims and is enforceable as such as against any creditors of and purchasers
from the Originators. 
 (iii) Perfection. Within 10 days of the Effective Date, each Originator has caused the filing
of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale or contribution, as applicable, of the Transferred Receivables from such Originator to the Buyer
pursuant to this Agreement. 
 (iv) Priority. 

(A) Other than (1) the transfer of the Receivables by the Originators to the Borrower pursuant to this Agreement and
(2) security interests which shall be released upon the transfer of the Receivables hereunder, no Originator has pledged, assigned, sold, conveyed, or otherwise granted a security interest in any of the Receivables to any other Person. 

(B) No Originator has authorized, or is aware of, any filing of any financing statement against any Originator that includes a
description of collateral covering the Transferred Receivables or any other assets transferred to the Buyer hereunder, other than any financing statement (i) filed pursuant to this Agreement and the Funding Agreement, or (ii) that has been
validly terminated or amended on or prior to the date hereof. 
 (C) As of the Closing Date, no Originator is actually aware
of any judgment, ERISA or tax lien filings against any Originator. 
  

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 (D) None of the Accounts or any of the Lockboxes are in the name of any Person
other than the Borrower or the Administrative Agent. No Originator has consented to any Bank complying with instructions of any Person other than the Administrative Agent. 

(v) Survival of Supplemental Representations. Notwithstanding any other provision of this Agreement or any other Related
Document, the representations contained in this Section 4.01(v) shall be continuing, and remain in full force and effect until the Termination Date. 

The representations and warranties described in this Section 4.01 shall survive the Transfer of the Transferred Receivables to Buyer, any
subsequent assignment of the Transferred Receivables by Buyer, and the termination of this Agreement and the other Related Documents and shall continue until the indefeasible payment in full of all Transferred Receivables. 

Section 4.02. Affirmative Covenants of the Originators. Each Originator covenants and agrees that, unless otherwise consented to
by Buyer and the Administrative Agent, from and after the Effective Date and until the Termination Date: 
 (a) Offices and Records.
Each Originator shall maintain its jurisdiction of organization, principal place of business and chief executive office and the office at which it keeps its Records at the respective locations specified in Schedule 4.01(b) or, upon 30
days’ prior written notice to Buyer and the Administrative Agent, at such other location in a jurisdiction where all action requested by Buyer, any Lender or the Administrative Agent pursuant to Section 6.13 shall have been taken
with respect to the Transferred Receivables. Upon the request of Buyer, each Originator shall (i) if any Termination Event shall have occurred and be continuing, at the request of Buyer, mark each Contract (other than invoices) evidencing each
Transferred Receivable with a legend, acceptable to Buyer, evidencing that Buyer has purchased such Transferred Receivable and that the Administrative Agent, for the benefit of the Lenders, has a Lien, and (ii) mark its master data processing
records evidencing such Transferred Receivables with such a legend. 
 (b) Access. Each Originator shall, at its own expense, during
normal business hours, from time to time upon five Business Days’ prior notice (or, if a Termination Event is continuing, one Business Day’s prior notice) as frequently as Buyer or the Servicer determines to be appropriate:
(i) provide Buyer, the Servicer and any of their respective officers, employees, assignors and agents access to the properties of such Originator (including properties utilized in connection with the collection, processing or servicing of the
Transferred Receivables), facilities, advisors and employees (including officers) of each Originator related thereto, (ii) permit Buyer and the Servicer and any of their respective officers, employees, assignors and agents to inspect, audit and
make extracts from such Originator’s books and records relating to the Transferred Receivables, including all Records, (iii) permit each of Buyer and the Servicer and their respective officers, employees, assignors and agents to inspect,
review and evaluate the Transferred Receivables of such Originator and (iv) permit each of Buyer and the Servicer and their respective officers, employees, assignors and agents to discuss matters relating to the Transferred Receivables or such
Originator’s performance under this Agreement or the other Related Documents or its affairs, finances and accounts of such Originator with any of officers, directors, employees, representatives or agents (in each case, with those persons having
knowledge of such matters) and, if a Termination Event has occurred and is continuing with its independent certified public accountants (subject to reasonable requirements of confidentiality, including requirements imposed by law or by contract).
Each Originator shall not be required to pay or reimburse the costs of more than two (2) any of the visitations described in the immediately preceding sentence in any calendar year so long as no 

 
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Termination Event is continuing. Each Originator shall deliver any document or instrument necessary for Buyer or the Servicer, as Buyer or the Servicer may from time to time request, to obtain
records relating to the Transferred Receivables from any service bureau or other Person that maintains records for such Originator relating to the Transferred Receivables, and shall maintain duplicate records or supporting documentation relating to
the Transferred Receivables on media, including computer tapes and discs owned by such Originator. For purposes of this paragraph, “assignors” includes the Administrative Agent. 

(c) Delivery of Records. If any Termination Event shall have occurred and be continuing, each Originator shall, promptly upon request
therefor, deliver to Buyer or its designee all Records reflecting activity through the close of business on the Business Day immediately preceding the date of such request. 

(d) Compliance With Credit and Collection Policies. Each Originator shall comply in all material respects with the Credit and
Collection Policies applicable to each Transferred Receivable and the Contracts therefor, and with the terms of such Receivables and Contracts. 

(e) Assignment. Each Originator agrees that, to the extent permitted under the Funding Agreement, Buyer may assign all of its right,
title and interest in, to and under the Transferred Receivables and this Agreement, including its right to exercise the remedies set forth in Section 4.04. Each Originator agrees that, upon any such assignment, the assignee thereof may
enforce directly, without joinder of Buyer, all of the obligations of such Originator hereunder, including any obligations of such Originator set forth in Sections 4.04, 5.01 and 6.14 and that such assignees are third party
beneficiaries of the Buyer’s rights hereunder. 
 (f) Compliance with Agreements and Applicable Laws. Each Originator shall
perform each of its obligations under this Agreement and the other Related Documents and comply with all federal, state, provincial and local laws and regulations applicable to it and the Receivables, except where the failure to so comply would not
reasonably be expected to result in a Material Adverse Effect. Each Originator shall pay all Charges, including any stamp duties, which may be imposed as a result of the transactions contemplated by this Agreement and the other Related Documents,
except to the extent such Charges are being contested in accordance with Section 4.01(m). 
 (g) Maintenance of Existence and
Conduct of Business. Each Originator shall: (i) do or cause to be done all things necessary to preserve and keep in full force and effect its organizational existence; (ii) continue to conduct its business substantially as now
conducted or is similar, reasonably related, incidental, complementary or ancillary thereto; (iii) at all times maintain, preserve and protect all of its material assets and properties which are necessary in the conduct of its business,
including all material licenses, permits, charters and registrations, except for licenses, permits, charters or registrations the loss of which would not reasonably be expected to result in a Material Adverse Effect; and (iv) transact business
only in such legal and trade names as are set forth in Schedule 4.02(g) or, upon 30 days’ prior written notice to Buyer, in such other legal or trade names with respect to which all action requested by Buyer pursuant to
Section 6.13 shall have been taken with respect to the Transferred Receivables. 
 (h) Notice of Material Event. Each
Originator shall promptly inform Buyer in writing of the occurrence of any of the following, in each case setting forth the details thereof, any notices or other correspondence relating thereto, and what action, if any, such Originator proposes to
take with respect thereto: 
 (i) Any Litigation which may exist at any time between the Parent, the Member, any Originator
or the Servicer and any Governmental Authority, or receipt of any notice of any environmental claim or assessment against the Parent, the Member, any Originator or the Servicer, which in any case could reasonably be expected to have a Material
Adverse Effect; 
  
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 (ii) Any Litigation affecting the Parent, the Member, any Originator or the
Servicer (i) in which more than $35,000,000 of the amount claimed is not covered by insurance or (ii) in which injunctive or similar relief is sought which if obtained could reasonably be expected to have a Material Adverse Effect; 

(iii) the occurrence of any event that would have a Material Adverse Effect on the aggregate value of the Transferred
Receivables or on the assignments and Liens granted by the Borrower pursuant to this Agreement; 
 (iv) (A) any Adverse Claim
other than any Permitted Encumbrance made or overtly asserted in writing against any of the Transferred Receivables of which it becomes aware or (B) any determination that a Transferred Receivable was not an Eligible Receivable at the time sale
to Buyer or has ceased to be an Eligible Receivable on account of any matter giving rise to indemnification under Section 5.01; 

(v) each infringement or overt written claim of infringement by any Person of any material intellectual property of any
Originator which if adversely determined could reasonably be expected to have a Material Adverse Effect; 
 (vi) the
execution or filing with the IRS or any other Governmental Authority of any agreement or other document extending, or having the effect of extending, the period for assessment or collection of any material Charges which if adversely determined could
reasonably be expected to have a Material Adverse Effect; 
 (vii) copies of any documents or notices described in Sections
101(k) or 101(l) of ERISA that any Transaction Party or any ERISA Affiliate may request with respect to any Multiemployer Plan; provided, that if the Transaction Parties or their ERISA Affiliates have not requested such documents or notices from the
administrator or sponsor of an applicable Multiemployer Plan, then such Originator shall cause the Transaction Parties and/or their ERISA Affiliates to promptly make a request for such documents or notices from the administrator or sponsor of such
Multiemployer Plan and Borrower shall provide copies of such document and notices promptly after receipt thereof; 
 (viii)
the occurrence of any Reportable Event that, alone or together with any other Reportable Events that have occurred, would reasonably be expected to result in a Material Adverse Effect, and in addition to such notice, deliver to Buyer whichever of
the following may be applicable: (A) a certificate of the Responsible Officer setting forth details as to such Reportable Event and the action that the Transaction Parties or ERISA Affiliate proposes to take with respect thereto, together with
a copy of any notice of such Reportable Event that may be required to be filed with the PBGC, or (B) any notice delivered by the PBGC in connection with such Reportable Event; or 

(ix) any other event, circumstance or condition that has had or could reasonably be expected to have a Material Adverse Effect.

  
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 (i) Separate Identity. 

(i) Each Originator shall, and shall cause each other member of the Parent Group to, maintain records and books of account
(whether consolidated together or individually) separate from those of Buyer. 
 (ii) The financial statements of the Parent
and its consolidated Subsidiaries shall disclose the effects of each Originator’s transactions in accordance with GAAP and, in addition, disclose that (A) Buyer’s sole business consists of the purchase of the Receivables from the
Originators and the subsequent financing of such Receivables pursuant to the Funding Agreement, (B) Buyer is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of Buyer’s
assets prior to any value in Buyer becoming available to Buyer’s equity holders and (C) the assets of Buyer are not available to pay creditors of any Originator or any other Affiliate of such Originator. 

(iii) Each Originator shall, and shall cause each other member of the Parent Group to, maintain an arm’s-length
relationship with Buyer and shall not hold itself out as being liable for the Debts of Buyer. 
 (iv) Each Originator shall,
and shall cause each other member of the Parent Group to, keep its assets and its liabilities wholly separate from those of Buyer. 

(v) Each Originator shall, and shall cause each other member of the Parent Group to, conduct its business solely in its own
name or the name of the Member or Parent through its duly Authorized Officers or agents and in a manner designed not to mislead third parties as to the separate identity of Buyer. 

(vi) No Originator shall (and each Originator shall cause each other member of the Parent Group not to) mislead third parties
by conducting or appearing to conduct business on behalf of Buyer or expressly or impliedly representing or suggesting that such Originator or any other member of the Parent Group is liable or responsible for the Debts of Buyer or that the assets of
such Originator or any other member of the Parent Group are available to pay the creditors of Buyer. 
 (vii) The operating
expenses and liabilities of Buyer shall be paid from Buyer’s own funds and not from any funds of any Originator or other member of the Parent Group. 

(viii) Each Originator shall, and shall cause each other member of the Parent Group to, at all times limit its transactions
with Buyer only to those expressly permitted hereunder or under any other Related Document. 
 (ix) Each Originator shall,
and shall cause each other member of the Parent Group to, comply with (and cause to be true and correct) each of the facts and assumptions contained in the opinions of Jones Day delivered pursuant to the Schedule of Documents. 

(j) Environmental Notices. Each Originator shall give Buyer prompt written notice of any overt written claims against the Parent, any
Originator or any other material domestic Subsidiary of the Parent based on environmental laws which, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 

 
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 12 

 (k) Payment, Performance and Discharge of Obligations. 

(i) Subject to Section 4.02(k)(ii), each Originator shall (and shall cause the Servicer, the Parent and each of
their material domestic subsidiaries to) pay, perform and discharge or cause to be paid, performed and discharged all of its material obligations and liabilities, including all material Charges upon its income and properties and all lawful claims
for labor, materials, supplies and services, when due, in each case where the failure to do so could reasonably be expected to have a Material Adverse Effect. 

(ii) Each Originator and the Servicer, the Parent and each of their material domestic subsidiaries may in good faith contest,
by appropriate proceedings, the validity or amount of any Charges or claims described in Section 4.02(k)(i); provided, that (A) adequate reserves with respect to such contest are maintained on the books of such Originator or
such other Person, as applicable, in accordance with GAAP, (B) such contest is maintained and prosecuted continuously and with diligence, (C) no material portion of its Receivables may become subject to forfeiture or loss as a result of
such contest and (D) no Lien may be imposed on any of the Receivables to secure payment of such Charges or claims other than inchoate tax liens. 

(l) Deposit of Collections. Each Originator shall (and shall cause each of its Affiliates to) (i) instruct all Obligors to remit
all payments with respect to any Receivables directly into a Lockbox or Collection Account, and (ii) deposit or cause to be deposited promptly into a Collection Account, and in any event no later than the second Business Day after receipt
thereof, all Collections it may receive in respect of Transferred Receivables (and until so deposited, all such Collections shall be held in trust for the benefit of Buyer and its assigns (including the Administrative Agent and the Lenders)). No
Originator shall make or permit to be made deposits into a Lockbox or a Collection Account other than in accordance with this Agreement and the other Related Documents. Without limiting the generality of the foregoing, each Originator shall ensure
that no Collections or other proceeds with respect to a Receivable reconveyed to it pursuant to Section 4.04 hereof are paid or deposited into any Lockbox or Collection Account. 

(m) Originators to Maintain Perfection and Priority. In order to evidence the interests of the Buyer under this Agreement, each
Originator shall, from time to time take such action, or execute and deliver such instruments (other than filing financing statements) as may be necessary or advisable (including, such actions as are reasonably requested by the Buyer) to maintain
and perfect, as a first-priority interest, the Buyer’s ownership and security interest in the Transferred Receivables and any other assets sold or contributed to the Buyer pursuant hereto. Each Originator shall, from time to time and within the
time limits established by law, prepare and present to the Buyer for the Buyer’s authorization and approval all financing statements, amendments or continuations or other filings necessary to continue, maintain and perfect the Buyer’s
ownership and security interest in the Receivables and all other assets sold to the Buyer pursuant hereto as a first-priority interest. Notwithstanding anything else in the Related Documents to the contrary, neither the Servicer nor any Originator
shall have any authority to file a termination, partial termination, release, partial release or any amendment that deletes the name of a debtor or excludes collateral of any such financing statements, without the prior written consent of the Buyer.
Each Originator agrees to maintain perfection and priority of the Lien in its Transferred Receivables in accordance with Section 6.13 hereof. 
  

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 Section 4.03. Negative Covenants of the Originators. Each Originator covenants and
agrees that, without the prior written consent of Buyer, from and after the Closing Date and until the Termination Date: 
 (a) Sale of
Receivables and Related Assets. No Originator shall sell, transfer, convey, assign (by operation of law or otherwise) or otherwise dispose of, or assign any right to receive income in respect of, any of its Receivables or Contracts therefor,
except for the sales, transfers, conveyances, assignments or dispositions expressly contemplated hereunder. 
 (b) Liens. No
Originator shall create, incur, assume or permit to exist any Adverse Claim on or with respect to its Receivables (whether now owned or hereafter acquired) except for Permitted Encumbrances that do not attach to Transferred Receivables and except
for Adverse Claims that are and will be automatically released upon the transfer of such Receivables to Buyer pursuant to this Agreement. 

(c) Modifications of Receivables or Contracts. No Originator shall extend, amend, forgive, discharge, compromise, cancel or otherwise
modify the terms of any Transferred Receivable, or amend, modify or waive any term or condition of any Contract therefor to the extent related to a Transferred Receivable. It is understood that the Servicer and the Borrower may modify Receivables as
expressly contemplated by the Related Documents. 
 (d) Sale Characterization. No Originator shall (and each Originator shall cause
each other member of the Parent Group not to) make statements or disclosures or prepare any financial statements for any purpose, including for federal income tax, reporting or accounting purposes, that shall account for the transactions
contemplated by this Agreement in any manner other than with respect to the Sale of each Sold Receivable originated or acquired by it, as a true sale or absolute assignment of its full right, title and ownership interest in such Transferred
Receivable to Buyer. 
 (e) Capital Structure and Business. No Originator shall (and each Originator shall cause each other member of
the Parent Group not to) make any changes in any of its business objectives, purposes, operations or its capital structure that could reasonably be expected to have or result in a Material Adverse Effect. No Originator shall change the type of
entity it is, its jurisdiction of organization or formation or its organizational identification number, if any, issued by its state of organization or formation, except upon 30 days’ prior written notice to Buyer and with respect to which
jurisdiction all action requested by Buyer pursuant to Section 6.13 shall have been taken with respect to the Transferred Receivables. 

(f) Actions Affecting Rights. No Originator shall (i) take any action, or fail to take any action, if such action or failure to
take action may interfere with the enforcement of any rights hereunder or under the other Related Documents, including rights with respect to the Transferred Receivables; or (ii) fail to pay any Charge, fee or other obligation of such
Originator with respect to the Transferred Receivables, or fail to defend any action, if such failure to pay or defend may adversely affect the priority or enforceability of the perfected title of Buyer to and the sole record and beneficial
ownership interest of Buyer in the Transferred Receivables or, prior to their Transfer hereunder, such Originator’s right, title or interest therein. 

(g) Change to Credit and Collection Policies. No Originator shall fail to comply in any material respect with, and no change,
amendment, modification or waiver shall be made to, the Credit and Collection Policies without the prior written consent of Buyer. 
  

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 (h) Adverse Tax Consequences. No Originator shall take or permit to be taken any action
(other than with respect to actions taken or to be taken solely by a Governmental Authority), or fail or neglect to perform, keep or observe any of its obligations hereunder or under the other Related Documents, that would have the effect directly
or indirectly of subjecting any payment to Buyer, or to any assignee who is a resident of the United States of America, to withholding taxation. 

(i) No Proceedings. From and after the Effective Date and until the date one year plus one day following the Termination Date, no
Originator shall, directly or indirectly, institute or cause to be instituted against Buyer any proceeding of the type referred to in Sections 8.01(d) and 8.01(e) of the Funding Agreement. 

(j) Mergers, Acquisitions, Sales, etc. No Originator shall be a party to any merger or consolidation, except a merger or consolidation
where an Originator is the surviving entity or directly or indirectly sell, transfer, assign, convey or lease whether in one or a series of transactions, all or substantially all of its assets. In connection with any merger or consolidation of an
Originator that is permitted pursuant to this Section 4.03(j), each Originator will (i) provide written notice thereof to the Buyer, and (ii) take all such actions and deliver, or cause to be delivered, such opinion letters of
counsel, certificates and other agreements that the Buyer deems reasonably necessary or desirable under the UCC to maintain the perfection and priority of the Buyer’s ownership interest in the Receivables. 

(k) Commingling. No Originator shall (and each Originator shall cause each other member of the Parent Group not to) deposit or permit
the deposit of any funds that do not constitute Collections of Transferred Receivables into any Lockbox or Collection Account, provided that after the Commitment Termination Date, so long as any Transferred Receivables of an Obligor remain unpaid,
no Originator shall instruct such Obligor to remit Collections of any Receivables to any Person or account other than to a Lockbox or Collection Account. If any funds not constituting collections of Transferred Receivables are nonetheless deposited
into a Lockbox or Collection Account and such Originator so notifies Buyer, Buyer shall notify the Administrative Agent to promptly remit any such amounts to the applicable Originator. 

(l) Purchases of Receivables. No Originator shall, directly or indirectly, purchase any accounts receivable from any Person without the
express written consent of the Buyer. 
 Section 4.04. Breach of Representations, Warranties or Covenants. Upon discovery by any
Originator or Buyer of any breach of representation, warranty or covenant described in Section 4.01(g), 4.01(l), 4.01(t), 4.01(u), 4.01(v), 4.02(l), 4.03(a), 4.03(b), 4.03(c),
4.03(d), 4.03(k), and 4.03(l) with respect to any Transferred Receivable, the party discovering the same shall give prompt written notice thereof to the other parties hereto. The Originator that breached such representation,
warranty or covenant shall, if requested by notice from Buyer, on the second Business Day following receipt of such notice, either (a) repurchase the affected Transferred Receivable from Buyer for cash remitted to the a Collection Account or a
Concentration Account, (b) transfer ownership of a new Eligible Receivable or new Eligible Receivables to Buyer on such Business Day, or (c) in the case of the Member, make a capital contribution in cash to Buyer by remitting the amount of
such capital contribution to the Collection Account, in each case, in an amount (the “Rejected Amount”) equal to the Billed Amount of such Transferred Receivable minus Collections received in respect thereof. Each Originator
shall ensure that no Collections or other proceeds with respect to a Transferred Receivable so reconveyed to it are paid or deposited into any Collection Account. 
  

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 ARTICLE V 

INDEMNIFICATION 

Section 5.01. Indemnification. Without limiting any other rights that Buyer or any of its Stockholders, any of its assignees
including the Lenders and the Administrative Agent, or any of their respective Affiliates, officers, directors, employees, representatives or agents and transferees, successors and assigns (each, a “Buyer Indemnified Person”) may
have hereunder or under applicable law, each Originator hereby agrees to indemnify and hold harmless each Buyer Indemnified Person from and against any and all Indemnified Amounts that may be claimed or asserted against or incurred by any such Buyer
Indemnified Person in connection with or arising out of the transactions contemplated under this Agreement or under any other Related Document, any actions or failures to act in connection therewith, including any and all reasonable legal costs and
expenses arising out of or incurred in connection with disputes between or among any parties to any of the Related Documents, or in respect of any Transferred Receivable or any Contract therefor or the use by such Originator of the Sale Price
therefor; provided, that no Originator shall be liable for any indemnification to a Buyer Indemnified Person to the extent that any such Indemnified Amounts (a) result from such Buyer Indemnified Person’s gross negligence or willful
misconduct, as finally determined by a court of competent jurisdiction, or (b) constitute recourse for uncollectible or uncollected Transferred Receivables due to the failure (without cause or justification) or inability on the part of the
related Obligor to perform its obligations thereunder or the occurrence of any event of bankruptcy with respect to such Obligor. Subject to clauses (a) and (b) of the proviso in the immediately preceding sentence, but
otherwise without limiting the generality of the foregoing, each Originator shall pay on demand to each Buyer Indemnified Person any and all Indemnified Amounts relating to or resulting from: 

(i) reliance on any representation or warranty made or deemed made by such Originator (or any of its officers) under or in
connection with this Agreement or any other Related Document (without regard to any qualifications concerning the occurrence or non-occurrence of a Material Adverse Effect or similar concepts of materiality) or on any other information delivered by
such Originator pursuant hereto or thereto that shall have been incorrect when made or deemed made or delivered; 
 (ii) the
failure by such Originator to comply with any term, provision or covenant contained in this Agreement, any other Related Document or any agreement executed in connection herewith or therewith (without regard to any qualifications concerning the
occurrence or non-occurrence of a Material Adverse Effect or similar concepts of materiality), any applicable law, rule or regulation with respect to any Transferred Receivable or the Contract therefor, or the nonconformity of any Transferred
Receivable or the Contract therefor with any such applicable law, rule or regulation; 
 (iii) the failure to vest and
maintain vested in Buyer, or to Transfer to Buyer, valid and properly perfected title to and sole record and beneficial ownership of the Receivables that constitute Transferred Receivables, together with all Collections in respect thereof, free and
clear of any Adverse Claim; 
 (iv) any dispute, claim, offset or defense of any Obligor (other than its discharge in
bankruptcy) to the payment of any Receivable that is the subject of a Transfer hereunder (including (x) a defense based on such Receivable or the Contract therefor not being a legal, valid and binding obligation of such Obligor enforceable
against it in accordance with its terms (other than as a result of a discharge in bankruptcy), or any other claim resulting from the sale of services giving rise to such Receivable or the furnishing or failure to furnish such services or relating to
collection activities with respect to such Receivable (if such collection activities were performed by any Originator or any Affiliate thereof acting as the Servicer or a Sub-Servicer) and (y) resulting from or in connection with any Dilution
Factors); 
 (v) any products liability claim or other claim arising out of or in connection with services that are the
subject of any Contract; 
  
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Agreement 

  
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 (vi) the commingling of Collections with respect to Transferred Receivables by
any Originator at any time with its other funds or the funds of any other Person; 
 (vii) any failure by such Originator to
cause the filing of, or any delay in filing, financing statements or to cause the effectiveness of other similar instruments or documents under the UCC of any applicable jurisdiction or any other applicable laws with respect to any Receivable that
is the subject of a Transfer hereunder, any Collections in respect thereof, the Collection Accounts or the Lockboxes, whether at the time of any such Transfer or at any subsequent time, in each case, to the extent such filing or effectiveness is
necessary to maintain the perfection and priority of Buyer’s interest in such property; 
 (viii) any investigation,
litigation or proceeding related to this Agreement or any other Related Document or the ownership of Receivables or Collections with respect thereto or any other investigation, litigation or proceeding relating to the Buyer, the Servicer or any
Originator in which any Indemnified Person becomes involved as a result of any of the transactions contemplated hereby or by any other Related Document; 

(ix) any claim brought by any Person other than a Buyer Indemnified Person arising from any activity by such Originator or any
of its Affiliates in servicing, administering or collecting any Transferred Receivables; 
 (x) any failure of (x) a
Collection Account Bank to comply with the terms of the applicable Collection Account Agreement or (y) the Concentration Account Bank to comply with the terms of the Concentration Account Agreement; 

(xi) any action or omission by such Originator which reduces or impairs the rights of the Buyer or any of its assigns with
respect to any Transferred Receivable or the value of any such Receivable; 
 (xii) any attempt by any Person to void any
Transfer or the Lien granted hereunder under statutory provisions or common law or equitable action; 
 (xiii) any
Termination Event described in Section 8.01(d) or (e); or 
 (xiv) any withholding, deduction or Charge
imposed upon any payments with respect to any Transferred Receivable, any Borrower Assigned Agreement or any other Borrower Collateral. 

Section 5.02. Indemnities by the Servicer. 

(a) Without limiting any other rights that a Buyer Indemnified Person may have hereunder or under applicable law, the Servicer hereby agrees
to indemnify and hold harmless each Buyer Indemnified Person from and against any and all Indemnified Amounts that may be claimed or asserted against or incurred by any such Buyer Indemnified Person in connection with or arising out of the
collection activities of the Servicer hereunder or out of any breach by the Servicer of its obligations hereunder or under any other Related Document; provided, that the Servicer shall not be liable for any indemnification to a Buyer
Indemnified Person to the extent that any such Indemnified Amount (x) results from such Buyer Indemnified Person’s gross negligence or willful misconduct, in each case as finally determined by a court of competent jurisdiction, or
(y) constitutes recourse for uncollectible or uncollected Transferred Receivables as a result of the insolvency, bankruptcy or the failure (without cause or justification) or 

 
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 17 

 
inability on the part of the related Obligor to perform its obligations thereunder. Without limiting the generality of the foregoing, the Servicer shall pay on demand to each Buyer Indemnified
Person any and all Indemnified Amounts relating to or resulting from: 
 (i) reliance on any representation or warranty made
or deemed made by the Servicer (or any of its officers) under or in connection with this Agreement or any other Related Document (without regard to any qualifications concerning the occurrence or non-occurrence of a Material Adverse Effect or
similar concepts of materiality) or on any other information delivered by the Servicer pursuant hereto or thereto that shall have been incorrect when made or deemed made or delivered; 

(ii) the failure by the Servicer to comply with any term, provision or covenant contained in this Agreement, any other Related
Document or any agreement executed in connection herewith or therewith (without regard to any qualifications concerning the occurrence or non-occurrence of a Material Adverse Effect or similar concepts of materiality), any applicable law, rule or
regulation with respect to any Transferred Receivable or the Contract therefor, or the nonconformity of any Transferred Receivable or the Contract therefor with any such applicable law, rule or regulation; 

(iii) the imposition of any Adverse Claim with respect to any Transferred Receivable or the Borrower Collateral as a result of
any action taken by the Servicer; 
 (iv) any Event of Servicer Termination described in Section 8.01(c) or
(d); 
 (v) the commingling of Collections with respect to Transferred Receivables by the Servicer at any time with
its other funds or the funds of any other Person; 
 (vi) any investigation, litigation or proceeding relating to the
Servicer in which any Buyer Indemnified Person becomes involved as a result of any of the transactions contemplated by the Related Documents; 

(vii) any action or omission by the Servicer which reduces or impairs the rights of the Buyer, the Administrative Agent or any
Secured Party with respect to any Transferred Receivable or the value of any Transferred Receivable; or 
 (viii) any claim
brought by any Person other than a Buyer Indemnified Person arising from any activity by the Servicer or any of its Affiliates in servicing, administering or collecting an Transferred Receivables. 

(b) Any Indemnified Amounts subject to the indemnification provisions of this Section 5.02 shall be paid by the Servicer to the
Buyer Indemnified Person entitled thereto within 10 calendar days following demand therefor. 
 ARTICLE VI 

MISCELLANEOUS 

Section 6.01. Notices. Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request,
consent, approval, declaration or other communication shall or may be given to or served upon any of the parties by any other parties, or whenever any of the parties desires to give or serve upon any other parties any communication with respect to
this Agreement, each such notice, 
  
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Servicing Agreement 

  
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demand, request, consent, approval, declaration or other communication shall be in writing and shall be deemed to have been validly served, given or delivered (a) upon the earlier of actual
receipt and three Business Days after deposit in the United States Mail, registered or certified mail, return receipt requested, with proper postage prepaid, (b) upon transmission, when sent by email of the signed notice in PDF form or
facsimile transmission (with such email or facsimile promptly confirmed by delivery of a copy by personal delivery or United States Mail as otherwise provided in this Section 6.01), (c) one Business Day after deposit with a
reputable overnight courier with all charges prepaid or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address or facsimile
number set forth below in this Section 6.01 or to such other address (or facsimile number) as may be substituted by notice given as herein provided: 

Each Originator: 
 c/o Cumulus Media Holdings
Inc. 
 3280 Peachtree Road, N.W., Suite 2300 

Atlanta, GA 30305 
 Attention:
Richard Denning, JP Hannan, David Gould 
 Facsimile: 404-260-6877 

With a copy which shall not constitute notice to: 

Jones Day 
 1420 Peachtree
Street, N.E., Suite 800 
 Atlanta, Georgia 30309 

Attention: John E. Zamer, Esq.; David Conroy, Esq. 

Telecopy: (404) 581-8330; (212) 755-7306 

Buyer: 
 CMI Receivables Funding LLC 

c/o Cumulus Media Holdings Inc. 

3280 Peachtree Road, N.W., Suite 2300 

Atlanta, GA 30305 
 Attention:
Richard Denning, JP Hannan, David Gould 
 Facsimile: 404-260-6877 

With a copy which shall not constitute notice to: 

Jones Day 
 1420 Peachtree
Street, N.E., Suite 800 
 Atlanta, Georgia 30309 

Attention: John E. Zamer, Esq.; David Conroy, Esq. 

Telecopy: (404) 581-8330; (212) 755-7306 

Servicer: 
 c/o Cumulus Media Holdings Inc. 

3280 Peachtree Road, N.W., Suite 2300 

Atlanta, GA 30305 
 Attention:
Richard Denning, JP Hannan, David Gould 
 Facsimile: 404-260-6877 

 
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 19 

 With a copy which shall not constitute notice to: 

Jones Day 
 1420 Peachtree
Street, N.E., Suite 800 
 Atlanta, Georgia 30309 

Attention: John E. Zamer, Esq.; David Conroy, Esq. 

Telecopy: (404) 581-8330; (212) 755-7306 

Without limiting the generality of the foregoing, all notices to be provided to the Buyer hereunder shall be delivered to both the Buyer and the
Administrative Agent under the Funding Agreement, and shall be effective only upon such delivery to the Administrative Agent in accordance with the terms of the Funding Agreement. The giving of any notice required hereunder may be waived in writing
by the party entitled to receive such notice. Failure or delay in delivering copies of any notice, demand, request, consent, approval, declaration or other communication to any Person (other than Buyer) designated in any written communication
provided hereunder to receive copies shall in no way adversely affect the effectiveness of such notice, demand, request, consent, approval, declaration or other communication. Notwithstanding the foregoing, whenever it is provided herein that a
notice is to be given to any other party hereto by a specific time, such notice shall only be effective if actually received by such party prior to such time, and if such notice is received after such time or on a day other than a Business Day, such
notice shall only be effective on the immediately succeeding Business Day. 
 Section 6.02. No Waiver; Remedies. Buyer’s
failure, at any time or times, to require strict performance by the Originators of any provision of this Agreement or any Receivables Assignment shall not waive, affect or diminish any right of Buyer thereafter to demand strict compliance and
performance herewith or therewith. Any suspension or waiver of any breach or default hereunder shall not suspend, waive or affect any other breach or default whether the same is prior or subsequent thereto and whether the same or of a different
type. None of the undertakings, agreements, warranties, covenants and representations of any Originator contained in this Agreement or any Receivables Assignment, and no breach or default by any Originator hereunder or thereunder, shall be deemed to
have been suspended or waived by Buyer unless such waiver or suspension is by an instrument in writing signed by an officer of or other duly authorized signatory of Buyer and directed to such Originator specifying such suspension or waiver. Buyer
shall not waive any of the provisions set forth in Section 4.01(v) or Section 4.02(m) if such waiver would adversely affect the Ratings. Buyer’s rights and remedies under this Agreement shall be cumulative and nonexclusive of any
other rights and remedies that Buyer may have under any other agreement, including the other Related Documents, by operation of law or otherwise. Recourse to the Receivables shall not be required. 

Section 6.03. Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of each Originator,
Servicer and Buyer and their respective successors and permitted assigns, except as otherwise provided herein. No Originator nor the Servicer may assign, transfer, hypothecate or otherwise convey its rights, benefits, obligations or duties hereunder
without the prior express written consent of Buyer. Any such purported assignment, transfer, hypothecation or other conveyance by any Originator without the prior express written consent of Buyer, shall be void. Each Originator and the Servicer
acknowledges that Buyer may assign its rights granted hereunder, including the benefit of any indemnities under Article V, and upon such assignment, such assignee shall have, to the extent of such assignment, all rights of Buyer
hereunder and, to the extent permitted under the Funding Agreement, may in turn assign such rights. Each Originator and the Servicer agrees that, upon any such assignment, such assignee may enforce directly, without joinder of Buyer, the rights set
forth in this Agreement. All such assignees, including parties to the Funding Agreement in the case of any assignment to such parties, shall be third party beneficiaries of, and shall be entitled to enforce Buyer’s rights and remedies under,
this Agreement to the same extent as Buyer or any of its designated representatives may do. The terms and provisions of this Agreement are for the purpose of defining the relative rights and obligations of each Originator, the Servicer and Buyer
with respect to the transactions contemplated hereby and, except for the Secured Parties and the Administrative Agent, no Person shall be a third party beneficiary of any of the terms and provisions of this Agreement. 

 
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 Section 6.04. Termination; Survival of Obligations. 

(a) This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain
in full force and effect until the Termination Date. 
 (b) Except as otherwise expressly provided herein or in any other Related Document,
no termination or cancellation (regardless of cause or procedure) of any commitment made by Buyer under this Agreement shall in any way affect or impair the obligations, duties and liabilities of any Originator, the Servicer or the rights of Buyer
relating to any unpaid portion of any and all recourse and indemnity obligations of such Originator or the Servicer to Buyer, including those set forth in Sections 4.04, 5.01, 6.12, 6.14 and 6.15, due or not due,
liquidated, contingent or unliquidated or any transaction or event occurring prior to such termination, or any transaction or event, the performance of which is required after the Commitment Termination Date. Except as otherwise expressly provided
herein or in any other Related Document, all undertakings, agreements, covenants, warranties and representations of or binding upon each Originator and the Servicer, and all rights of Buyer hereunder, all as contained in the Related Documents, shall
not terminate or expire, but rather shall survive any such termination or cancellation and shall continue in full force and effect until the Termination Date; provided, that the rights and remedies pursuant to Sections 4.04, the
indemnification and payment provisions of Article V, and the provisions of Sections 4.03(i), 6.03, 6.12 and 6.14 shall be continuing and shall survive any termination of this Agreement. 

Section 6.05. Complete Agreement; Modification of Agreement. This Agreement and the other Related Documents constitute the
complete agreement between the parties with respect to the subject matter hereof and thereof, supersede all prior agreements and understandings relating to the subject matter hereof and thereof, and may not be modified, altered or amended except as
set forth in Section 6.06. 
 Section 6.06. Amendments and Waivers. No amendment, modification, termination or
waiver of any provision of this Agreement, or any consent to any departure by any Originator therefrom, shall in any event be effective unless the same shall be in writing and signed by each of the parties hereto; provided, that, prior to the
Termination Date, no amendment, modification, termination or waiver of any provision of this Agreement, or any consent to any departure by any Originator or the Servicer therefrom, shall in any event be effective unless the same shall be in writing
and signed by the Administrative Agent. No consent or demand in any case shall, in itself, entitle any party to any other consent or further notice or demand in similar or other circumstances. 

Section 6.07. Governing Law, Jurisdiction and Waiver of Jury Trial. 

(a) Governing Law. The laws of the State of New York shall govern all matters arising out of, in connection with or relating to this
Agreement, including, without limitation, its validity, interpretation, construction, performance and enforcement (including, without limitation, any claims sounding in contract or tort law arising out of the subject matter hereof and any
determinations with respect to post-judgment interest). 
 (b) Submission to Jurisdiction. Any legal action or proceeding with
respect to any Related Document shall be brought exclusively in the courts of the State of New York located in the City of New York, Borough of Manhattan, or of the United States of America for the Southern District of New York and, by execution and
delivery of this Agreement, the Borrower and each other Transaction Party executing this Agreement hereby accepts for itself and in respect of its Property, generally and 
  

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unconditionally, the jurisdiction of the aforesaid courts; provided that nothing in this Agreement shall limit the right of Administrative Agent to commence any proceeding in the federal or state
courts of any other jurisdiction to the extent Administrative Agent determines that such action is necessary or appropriate to exercise its rights or remedies under the Related Documents. The parties hereto (and, to the extent set forth in any other
Related Document, each other Transaction Party) hereby irrevocably waive any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any
such action or proceeding in such jurisdictions. 
 (c) Service of Process. Each Transaction Party hereby irrevocably waives personal
service of any and all legal process, summons, notices and other documents and other service of process of any kind and consents to such service in any suit, action or proceeding brought in the United States of America with respect to or otherwise
arising out of or in connection with any Related Document by any means permitted by applicable Requirements of Law, including by the mailing thereof (by registered or certified mail, postage prepaid) to the address of the Borrower specified herein
(and shall be effective when such mailing shall be effective, as provided therein). Each Transaction Party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. 
 (d) Non-Exclusive Jurisdiction. Nothing contained in this
Section 12.09 shall affect the right of Administrative Agent or any Lender to serve process in any other manner permitted by applicable Requirements of Law or commence legal proceedings or otherwise proceed against any Transaction Party
in any other jurisdiction. 
 (e) Waiver of Jury Trial. THE PARTIES HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE ALL RIGHT TO TRIAL
BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO, THIS AGREEMENT, THE OTHER RELATED DOCUMENTS AND ANY OTHER TRANSACTION CONTEMPLATED HEREBY AND THEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR
PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE. 
 Section 6.08. Counterparts. This Agreement may be executed in any
number of separate counterparts, each of which shall collectively and separately constitute one agreement. 
 Section 6.09.
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

Section 6.10. Section Titles. The section titles and table of contents contained in this Agreement are provided for ease of
reference only and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto. 

Section 6.11. No Setoff. Each Originator’s obligations under this Agreement shall not be affected by any right of setoff,
counterclaim, recoupment, defense or other right such Originator might have against Buyer, all of which rights are hereby expressly waived by such Originator. 
  

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 Section 6.12. Confidentiality. 

(a) Except to the extent otherwise required by applicable law, as required to be filed publicly with the Securities and Exchange Commission,
or unless the Administrative Agent shall otherwise consent in writing, each Originator, the Servicer and Buyer agree to maintain the confidentiality of this Agreement (and all drafts hereof and documents ancillary hereto) in its communications with
third parties (other than its directors, officers, employees, accountants or counsel and any Secured Parties) Person and otherwise not to disclose, deliver or otherwise make available to any third party (other than its directors, officers,
employees, accountants or counsel) the original or any copy of all or any part of this Agreement (or any draft hereof and documents ancillary hereto) except to a Secured Party. 

(b) Each Originator and the Servicer agrees that it shall not (and shall not permit any of its Subsidiaries to) issue any news release or make
any public announcement pertaining to the transactions contemplated by this Agreement and the Related Documents without the prior written consent of Buyer (which consent shall not be unreasonably withheld) unless such news release or public
announcement is required by law, in which case such Originator or the Servicer shall consult with Buyer prior to the issuance of such news release or public announcement. 

(c) Except to the extent otherwise required by applicable law, or in connection with any judicial or administrative proceedings, as required
to be filed publicly with the Securities Exchange Commission, or unless the Originators and the Servicer otherwise consent in writing, the Buyer agrees (i) to maintain the confidentiality of (A) this Agreement (and all drafts hereof and
documents ancillary hereto) and (B) all other confidential proprietary information with respect to the Originators, the Servicer and their respective Affiliates and each of their respective businesses obtained by the Buyer in connection with
the structuring, negotiation and execution of the transactions contemplated herein and in the other documents ancillary hereto, in each case, in its communications with third parties other than any Originator or the Servicer, and (ii) not to
disclose, deliver, or otherwise make available to any third party (other than its directors, officers, employees, accountants or counsel) the original or any copy of all or any part of this Agreement (or any draft hereof and documents ancillary
hereto) except to any Originator. Notwithstanding the foregoing, Buyer shall be permitted to disclose copies of this Agreement and the confidential proprietary information described above to (1) each Secured Party and each Secured Party’s
and their respective Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential and to not disclose or use such Information in violation of Regulation FD (17 C.F.R. § 243.100-243.103)); (2) any regulatory authority (it being understood
that it will to the extent reasonably practicable provide the Originators and/or the Servicer with an opportunity to request confidential treatment from such regulatory authority), (3) to the extent required by applicable laws or regulations or
by any subpoena or similar legal process, (4) to any other party to the Funding Agreement, (5) to the extent required in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or
any other Related Document or the enforcement of rights hereunder or thereunder, (6) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee or pledgee of (or participant in), or any
prospective assignee or pledgee of (or participant in), any of its rights or obligations under this Agreement, (7) with the consent of the applicable Originator or Servicer or (8) to the extent such Agreement or other information
(i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Buyer or Secured Party on a nonconfidential basis from a source other than the Parent or any Subsidiary thereof. 

 
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 Section 6.13. Further Assurances. 

(a) Each Originator shall, at its sole cost and expense, upon request of Buyer, promptly and duly execute and deliver any and all further
instruments and documents and take such further actions that may be necessary or desirable or that Buyer may reasonably request to carry out more effectively the provisions and purposes of this Agreement or any other Related Document or to obtain
the full benefits of this Agreement and of the rights and powers herein granted, including (i) using its best efforts to secure all consents and approvals necessary or appropriate for the assignment to or for the benefit of Buyer of any
Transferred Receivable held by such Originator or in which such Originator has any rights not heretofore assigned, and (ii) filing any financing or continuation statements under the UCC with respect to the ownership interests or Liens granted
hereunder or under any other Related Document. Each Originator hereby authorizes Buyer, to file any such financing or continuation statements without the signature of such Originator to the extent permitted by applicable law. A carbon, photographic
or other reproduction of this Agreement or of any notice or financing statement covering the Transferred Receivables or any part thereof shall be sufficient as a notice or financing statement where permitted by law. If any amount payable under or in
connection with any of the Transferred Receivables is or shall become evidenced by any instrument, such instrument, other than checks and notes received in the ordinary course of business, shall be duly endorsed in a manner satisfactory to Buyer
immediately upon such Originator’s receipt thereof and promptly delivered to Buyer. 
 (b) If any Originator fails to perform any
agreement or obligation under this Section 6.13, Buyer may (but shall not be required to) itself perform, or cause performance of, such agreement or obligation, and the reasonable expenses of Buyer incurred in connection therewith shall
be payable by such Originator upon demand of Buyer. 
 Section 6.14. Fees and Expenses. In addition to its indemnification
obligations pursuant to Article V, each Originator agrees, jointly and severally, to pay on demand all costs and expenses incurred by Buyer in connection with the negotiation, preparation, execution and delivery of this Agreement and the
other Related Documents, including the reasonable fees and out-of-pocket expenses incurred by Buyer, (including any such amounts owed by Buyer in connection with its financing of the Transfers hereunder), for counsel, advisors, consultants and
auditors retained in connection with the transactions contemplated hereby and advice in connection therewith, and each Originator agrees, jointly and severally, to pay all costs and expenses, if any (including reasonable attorneys’ fees and
expenses but excluding any costs of enforcement or collection of the Transferred Receivables), in connection with the enforcement of this Agreement and the other Related Documents. 

Section 6.15. Nonrecourse Obligations Notwithstanding any provision in any other Section of this Agreement to the contrary, any
obligation of Buyer to pay any amounts payable to the Originators pursuant to this Agreement shall be without recourse to the Buyer except to the extent that funds from Advances or Collections are available to the Buyer pursuant to the terms of the
Funding Agreement for such payment (collectively, the “Buyer Available Amounts”), in the event that amounts payable to the Originators pursuant to this Agreement exceed the Buyer Available Amounts, the excess of the amounts due hereunder
(and subject to this Section 6.15) over the Buyer Available Amounts paid shall not constitute a “claim” under Section 101(5) of the Bankruptcy Code against Buyer until such time as the Buyer has Buyer Available Amounts.

  
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 ARTICLE VII 

SERVICER PROVISIONS 

Section 7.01. Appointment of the Servicer. Buyer hereby appoints the Servicer as its agent to service the Transferred Receivables
and, in accordance with the Related Documents, to enforce Buyer’s rights and interests in and under each Transferred Receivable and Contract therefor and to serve in such capacity until the termination of its responsibilities pursuant to
Sections 8.01 or 9.01. In connection therewith, the Servicer hereby accepts such appointment and agrees to perform the duties and obligations set forth herein. The Servicer may, with the prior written consent of the Buyer, subcontract
with a Sub-Servicer for the collection, servicing or administration of the Transferred Receivables; provided, that (i) the Servicer shall remain liable for the performance of the duties and obligations of such Sub-Servicer pursuant to
the terms hereof, (ii) any Sub-Servicing Agreement that may be entered into and any other transactions or services relating to the Transferred Receivables involving a Sub-Servicer shall be deemed to be between the Sub-Servicer and the Servicer
alone, and Buyer shall not be deemed a party thereto and shall have no obligations, duties or liabilities with respect to the Sub-Servicer and (iii) each Sub-Servicing Agreement shall expressly provide that it shall automatically terminate upon
the termination of the Servicer’s responsibilities hereunder in accordance with the terms hereof. 
 Section 7.02. Duties and
Responsibilities of the Servicer. 
 (a) Subject to the provisions of this Agreement, the Servicer shall conduct the servicing,
administration and collection of the Transferred Receivables and shall take, or cause to be taken, all actions that (i) may be necessary or advisable to service, administer and collect each Transferred Receivable from time to time,
(ii) the Servicer would take if the Transferred Receivables were owned by the Servicer, and (iii) are consistent with the Credit and Collection Policies and industry practice for the servicing of accounts receivable similar to such
Transferred Receivables. 
 (b) In addition to the foregoing, in order to ensure that the Buyer has adequate funding for the purchase of
Receivables hereunder, the Servicer shall be responsible for the following: 
 (i) preparation and delivery on behalf of
Buyer all Borrowing Requests, Repayment Notices and Reports and other notices and reports contemplated under the Funding Agreement; 

(ii) calculation and monitoring of the Borrowing Base and the components thereof, and whether the Receivables included in the
calculation of the Net Receivables Balance constitute fact Eligible Receivables; and 
 (iii) maintenance and administration
of the Collection Accounts and the Concentration Account in accordance with Article VIII of the Funding Agreement. 
 Section 7.03.
Collections on Receivables. 
 (a) In the event that the Servicer is unable to determine the specific Transferred Receivables on
which Collections have been received from the Obligor thereunder, the parties agree that such Collections shall be deemed to have been received on such Receivables in the order in which they were originated with respect to such Obligor. In addition,
if an Obligor is an obligor on Transferred Receivables and any other Receivables or indebtedness owed to any Originator, the Parent or any of their respective Affiliates then, unless otherwise required by applicable law, Collections on such
Transferred Receivables or other Receivables or indebtedness shall be treated first, as a Collection of any Transferred Receivables of such Obligor, in the order in which they were originated, before being applied to any other Receivables or other
indebtedness of such Obligor. In the event that the Servicer is unable to determine the specific Transferred Receivables on which discounts, offsets or other non-cash reductions have been granted or made with respect to the Obligor thereunder, the
parties agree for purposes of this Agreement only that such reductions shall be deemed to have been granted or made (i) prior to a Termination Event, on such Receivables as determined by the Servicer, and (ii) from and after the occurrence
of a Termination Event, in the reverse order in which they were originated with respect to such Obligor. 
  

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 (b) If the Servicer determines that amounts unrelated to the Transferred Receivables (the
“Unrelated Amounts”) have been deposited in any Account, then the Servicer shall provide written evidence thereof to the Buyer no later than the first Business Day following the day on which the Servicer had actual knowledge
thereof, which evidence shall be provided in writing and shall be otherwise satisfactory to Buyer. 
 (c) Authorization of the
Servicer. Buyer hereby authorizes the Servicer to take any and all reasonable steps in its name and on its behalf necessary or desirable and not inconsistent with the rights of the Buyer hereunder, in the determination of the Servicer, to
(a) collect all amounts due under any Transferred Receivable, including endorsing the applicable name on checks and other instruments representing Collections on such Receivable, and executing and delivering any and all instruments of
satisfaction or cancellation or of partial or full release or discharge and all other comparable instruments with respect to any such Receivable and (b) after any Transferred Receivable becomes a Delinquent Receivable or a Defaulted Receivable
and to the extent permitted under and in compliance with applicable law and regulations, commencing proceedings with respect to the enforcement of payment of any such Receivable and the Contract therefor and adjusting, settling or compromising any
payments due thereunder, in each case to the same extent as the applicable Originator could have done if it had continued to own such Receivable. The Borrower shall furnish the Servicer with any powers of attorney and other documents necessary or
appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. Notwithstanding anything to the contrary contained herein, the Buyer shall have the absolute and unlimited right to direct the Servicer (at the
Servicer’s expense) (i) to commence or settle any legal action to enforce collection of any Transferred Receivable or (ii) to foreclose upon, repossess or take any other action that the Buyer deems necessary or advisable with respect
thereto. In no event shall the Servicer be entitled to make Buyer or any Secured Party a party to any Litigation without, as the case may be, Buyer or such Secured Party’s express prior written consent. 

(d) Servicing Fees. As compensation for its servicing activities and as reimbursement for its reasonable expenses in connection
therewith, the Servicer shall be entitled to receive the Servicing Fees monthly on each Settlement Date. Such Servicing Fees shall be payable from available funds in accordance with Section 2.07 and 2.08 of the Funding Agreement. The Servicer
shall be required to pay for all expenses incurred by it in connection with its activities hereunder (including any payments to accountants, counsel or any other Person) and shall not be entitled to any payment therefor other than the Servicing
Fees. 
 Section 7.04. Covenants of the Servicer. The Servicer covenants and agrees that from and after the Effective Date and
until the Termination Date: 
 (a) Compliance with Agreements and Applicable Laws. The Servicer shall perform each of its obligations
under this Agreement and the other Related Documents. The Servicer shall comply with all federal, state and local laws and regulations applicable to it and the Transferred Receivables, including those relating to truth in lending, retail installment
sales, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices, privacy, licensing, taxation, ERISA and labor matters and environmental laws and environmental permits, except, in each case, where the
failure to so comply would not reasonably be expected to result in a Material Adverse Effect. 
 (b) Maintenance of Existence and Conduct
of Business. The Servicer shall: (i) do or cause to be done all things necessary to preserve and keep in full force and effect its organizational existence; (ii) continue to conduct its business substantially as now conducted or is
similar, reasonably related, incidental, complementary or ancillary thereto; and (iii) at all times maintain, preserve and protect all of its material assets and properties which are necessary in the conduct of its business, including all
material licenses, permits, charters and registrations, except for licenses, permits, charters or registrations the loss of would not reasonably be expected to result in a Material Adverse Effect. 

 
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 (c) Deposit of Collections. The Servicer shall deposit or cause to be deposited promptly
into a Lockbox or Collection Account, and in any event no later than the second Business Day after receipt thereof, all Collections it may receive with respect to any Transferred Receivable, including any amounts held in the Operating Account. 

(d) Compliance with Credit and Collection Policies. The Servicer shall comply in all material respects with the Credit and Collection
Policies with respect to each Transferred Receivable and the Contract therefor. The Servicer shall not extend, amend, forgive, discharge, compromise, waive, cancel or otherwise modify the terms of any Transferred Receivable or amend, modify or waive
any term or condition of any Contract related thereto, except that the Servicer may (i) reduce the Outstanding Balance of a Receivable as required to reflect any Dilution Factors and (ii) take such actions, to the extent permitted by the
Credit and Collection Policies, as the Servicer may deem reasonably necessary or desirable in order to maximize Collections with respect to any past-due Receivable (it being understood that, to the extent that any such modification causes any
Receivable to fail one or more of the criteria set forth in the definition of “Eligible Receivable” in Annex X hereto, such Receivable shall cease to be an Eligible Receivable for purposes of this Agreement). 

(e) Ownership of Transferred Receivables; Servicing Records. The Servicer shall (i) identify the Transferred Receivables clearly
and unambiguously in its Servicing Records to reflect that such Transferred Receivables are the property of the Buyer and that a Lien on such Transferred Receivables has been granted to the Administrative Agent for the benefit of the Lenders;
(ii) maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing such Receivables in the event of the destruction of any originals thereof) as are necessary or
advisable in accordance with industry practice (1) to reflect promptly (a) all payments received and all credits and extensions granted with respect to such Receivables and (b) any other reductions in the Outstanding Balance of the
Receivables on account of Dilution Factors; and (2) to determine no less frequently than the date the Reports are due under the Funding Agreement, whether each Transferred Receivable then outstanding qualifies as an Eligible Receivable;
(iii) by no later than the Effective Date, mark conspicuously with a legend, in form and substance satisfactory to the Buyer, its books and records (including computer records) and credit files pertaining to the Borrower Collateral, and its
file cabinets or other storage facilities where it maintains information pertaining thereto, to evidence the assignment of the Receivables under this Agreement and the assignment and Liens granted pursuant to the Funding Agreement. Upon the
occurrence and during the continuance of a Termination Event, the Servicer shall deliver and turn over such books and records to the Buyer or its representatives at any time on demand. The Servicer shall permit any representative of the Buyer to
inspect such books and records and shall provide photocopies thereof to Buyer as more specifically set forth in Section 7.04(h). 

(f) Payment and Performance of Charges and other Obligations. 

(i) Subject to Section 7.04(e)(ii), the Servicer shall pay, perform and discharge or cause to be paid, performed
and discharged promptly all charges and claims payable by it, including (A) Charges imposed upon it, its income and profits, or any of its property (real, personal or mixed) and all Charges with respect to tax, social security and unemployment
withholding with respect to its employees, and (B) lawful claims for labor, materials, supplies and services or otherwise before any amount thereof shall become past due. 

 
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 (ii) The Servicer may in good faith contest, by appropriate proceedings, the
validity or amount of any charges or claims described in Section 7.04(e)(i); provided that (A) adequate reserves with respect to such contest are maintained on the books of the Servicer, in accordance with GAAP, (B) such
contest is maintained and prosecuted continuously and with diligence and (C) none of the Borrower Collateral becomes subject to forfeiture or loss as a result of such contest, (D) no Lien shall be imposed to secure payment of such charges
or claims other than inchoate tax liens. 
 (g) Access. The Servicer agrees to provide Buyer and the Buyer’s officers,
employees, directors, agents and representatives with all access that the Originators have covenanted and agreed to provide to the Buyer in Section 4.02(b). 

(h) Communication with Accountants. If a Termination Event has occurred and is continuing, the Servicer authorizes Buyer to discuss
matters relating to the Transferred Receivables or its performance under this Agreement or the other Related Documents or its affairs, finances and accounts directly with its independent certified public accountants (subject to reasonable
requirements of confidentiality, including requirements imposed by law or by contract). 
 (i) Collection of Transferred Receivables.
In connection with the collection of amounts due or to become due under the Transferred Receivables, the Borrower Assigned Agreements and any other Borrower Collateral, the Servicer shall take such action as it, and from and after the occurrence and
during the continuance of a Termination Event, the Buyer may deem necessary or desirable to enforce collection of the Transferred Receivables, the Borrower Assigned Agreements and the other Borrower Collateral; provided that applicable Originator
may, rather than commencing any such action or taking any other enforcement action, at its option, elect to pay to the Buyer, for deposit into the Agent Account, an amount equal to the Outstanding Balance of any such Transferred Receivable. If a
Trigger Event is continuing, then the Buyer (or the Administrative Agent) may, without prior notice to any Originator or the Servicer, (x) deliver Notices of Exclusive Control to exercise its right to take exclusive ownership and control of
(1) the Collections and the Collection Accounts in accordance with the terms of the applicable Collection Account Agreements and (2) the Concentration Account and an account of the Borrower (in which case the Servicer shall be required to
deposit any Collections it then has in its possession or at any time thereafter receives, immediately in the Agent Account) and (y) notify any Obligor under any Transferred Receivable or obligors under the Borrower Assigned Agreements of the
sale to Buyer of such Transferred Receivables and of the pledge of such Transferred Receivables or Borrower Assigned Agreements, as the case may be, to the Administrative Agent and direct that payments of all amounts due or to become due to the
Buyer thereunder be made directly to the Buyer or any servicer, collection agent or Lockbox or other account designated by the Buyer and the Buyer may enforce collection of any such Transferred Receivable or the Borrower Assigned Agreements and
adjust, settle or compromise the amount or payment thereof. The Buyer shall provide prompt notice to the Servicer of any such notification of assignment, pledge or direction of payment to the Obligors under any Transferred Receivables. 

(j) Performance of Borrower Assigned Agreements. The Servicer shall (i) perform and observe all the terms and provisions of the
Borrower Assigned Agreements to be performed or observed by it, maintain the Borrower Assigned Agreements in full force and effect, enforce the Borrower Assigned Agreements in accordance with their terms and take all action as may from time to time
be requested by the Buyer in order to accomplish the foregoing, and (ii) upon the request of and as directed by the Buyer, make such demands and requests to any other party to the Borrower Assigned Agreements as are permitted to be made by the
Servicer thereunder. 
 (k) License for Use of Software and Other Intellectual Property. Unless expressly prohibited by the licensor
thereof or any provision of applicable law, if any, the Servicer hereby grants to the Buyer (and to the Administrative Agent on behalf of the Lenders as assignee of the Buyer) a limited license to 

 
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use, without charge, the Servicer’s computer programs, software, printouts and other computer materials, technical knowledge or processes, data bases, materials, trademarks, registered
trademarks, trademark applications, service marks, registered service marks, service mark applications, patents, patent applications, trade names, rights of use of any name, labels, fictitious names, inventions, designs, trade secrets, goodwill,
registrations, copyrights, copyright applications, permits, licenses, franchises, customer lists, credit files, correspondence, and advertising materials or any property of a similar nature, as it pertains to the Transferred Receivables and the
other Borrower Collateral, or any rights to any of the foregoing, only as reasonably required in connection with the collection of the Transferred Receivables and the advertising for sale, and selling any of the Borrower Collateral, or exercising of
any other remedies with respect thereto, and the Servicer agrees that its rights under all licenses and franchise agreements shall inure to the Buyer (and to the Administrative Agent on behalf of the Lenders as assignee of the Buyer) for purposes of
the limited license granted herein. Except upon the occurrence and during the continuation of a Termination Event, the Buyer agrees not to use (and shall cause the Administrative Agent to covenant not to use) any such license without giving the
Servicer prior written notice. 
 (l) Deposit of Collections. The Servicer shall (and shall cause each of its Affiliates to)
(i) instruct all Obligors to remit all payments with respect to any Transferred Receivables directly into a Lockbox or a Collection Account, and (ii) deposit or cause to be deposited promptly into a Lockbox or a Collection Account, and in
any event no later than the first Business Day after receipt thereof, all Collections it may receive in respect of Transferred Receivables (and until so deposited, all such Collections shall be held in trust for the benefit of Buyer and its assigns
(including the Administrative Agent and the Lenders). The Servicer shall not make or permit to be made deposits into a Lockbox or a Collection Account other than in accordance with this Agreement and the other Related Documents. Without limiting the
generality of the foregoing, the Servicer shall ensure that no Collections or other proceeds with respect to a Receivable reconveyed to any Originator pursuant to Section 4.04 hereof are paid or deposited into any Lockbox or Collection
Account. Within sixty days of the Closing Date, (A) the Servicer shall (and shall cause the Buyer to) cause the Operating Account to be designated a Collection Account and be subject to a fully executed Collection Account Agreement and
(B) the Servicer shall (and shall cause the Buyer to) shall establish a separate account for all amounts held in the Operating Account that are not Transferred Receivables and transfer all such amounts to such separate account. Notwithstanding
any provision in this Agreement or any other Related Document, the existence of the Operating Account, the commingling of funds therein or the payment of Obligors to such account for such sixty day period after the Closing Date, shall not constitute
a Termination Event, an Event of Servicer Termination, an Incipient Termination Event or Event of Default. 
 (m) Commingling. Except
as provided in Section 6.1(d) of the Funding Agreement, the Servicer shall not (and shall cause each other member of the Parent Group not to) deposit or permit the deposit of any funds that do not constitute Collections of Transferred
Receivables into any Lockbox or Collection Account except as otherwise permitted by Section 4.03(k) hereof. If any funds not constituting Collections of Transferred Receivables are nonetheless deposited into a Lockbox or Collection
Account and the Servicer so notifies Buyer, Buyer shall promptly remit any such amounts to the applicable Originator. So long as any Transferred Receivables of an Obligor remain unpaid, the Servicer shall not instruct such Obligor to remit
Collections of any Receivables to any Person or account other than to a Lockbox or Collection Account. 
 (n) Separate Identity. The
Servicer shall comply with Section 4.02(i) to the same extent as if it were an Originator. 
 Section 7.05. Reporting
Requirements of the Servicer. The Servicer hereby agrees that, from and after the Effective Date and the Termination Date, it shall prepare and deliver or cause to be prepared and delivered to the Lenders and the Administrative Agent, on behalf
of the Buyer, the financial statements, notices, reports, and other information set forth in Annex 5.02 to the Funding Agreement at the times, to the Persons and in the manner set forth in Annex 5.02 of the Funding Agreement. 

 
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 ARTICLE VIII 

EVENTS OF SERVICER TERMINATION 

Section 8.01. Events of Servicer Termination. If any of the following events (each, an “Event of Servicer
Termination”) shall occur (regardless of the reason therefor): 
 (a) the Servicer shall (i) fail to make any payment or
deposit hereunder when due and payable and the same shall remain unremedied for one (1) Business Day or more; (ii) fail to deliver when due any of the reports required to be delivered pursuant to Section 7.05 or any other
report related to the Receivables as required by the other Related Documents and the same shall remain unremedied for two (2) Business Days or more; or (iii) fail or neglect to perform, keep or observe any other provision of this Agreement
or the other Related Documents (other than any provision embodied in or covered by any other clause of this Section 8.01) and the same shall remain unremedied for two (2) Business Days or more following the earlier to occur of an
Authorized Officer of the Servicer becoming aware of such breach and the Servicer’s receipt of notice thereof from the Administrative Agent; or 

(b) any of the following shall occur: 

(i) the Servicer shall fail to make payment of any monetary damage under any Related Document and the same shall remain
unremedied for two (2) Business Days or more after notice thereof from the Administrative Agent; 
 (ii) the Servicer
shall fail or neglect to perform, keep or observe any requirement set forth in Sections 4.01(a)(i), 4.03 or 7.04(b)(i) of this Agreement; or 

(iii) the Servicer shall fail or neglect to perform, keep or observe any requirement set forth in Section 4.02(i),
Section 7.04(c), 7.04(m) of this Agreement and the same shall remain unremedied for two (2) Business Days after the date specified for performance of any such requirement; 

(iv) the Servicer shall fail or neglect to perform, keep or observe any other covenant or other provision of this Agreement or
the other Related Documents (other than any provision embodied in or covered by any other clause of this Section 8.01) and the same shall remain unremedied for thirty (30) days or more following the earlier to occur of an Authorized
Officer of the Servicer becoming aware of such breach and the Servicer’s receipt of notice thereof; 
 (c) (i) the Servicer shall
default in any payment of principal of or interest on any Debt (excluding any intercompany Debt), beyond the period of grace, if any, provided in the instrument or agreement under which such Debt was created or (ii) default in the observance or
performance of any other agreement or condition relating to any such Debt or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition shall exist, the effect of which default or
other event or condition is to cause, or to permit the holder or holders of such Debt (or a trustee or agent on behalf of the holder or holders of such Debt) to cause, without the giving of notice if required, or any applicable grace period having
expired, provided that the aggregate amount of all such Debt (without duplication of any Debt in respect thereof) which would then become due or payable as described in this Section 8.01(c) would equal or exceed $35,000,000; or 

 
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 (d) a case or proceeding shall have been commenced against the Servicer or any Affiliate which
acts as a Sub-Servicer seeking a decree or order in respect of any such Person (i) under the Bankruptcy Code or any other applicable federal, state or foreign bankruptcy or other similar law, (ii) appointing a custodian, receiver,
liquidator, assignee, trustee or sequestrator (or similar official) for any such Person or for any substantial part of such Person’s assets, or (iii) ordering the winding-up or liquidation of the
affairs of any such Person, and such case or proceeding continues for 60 days unless dismissed or discharged; provided, however, that such 60-day period shall be deemed terminated immediately if (x) a decree or order is entered by
a court of competent jurisdiction with respect to a case or proceeding described in this subsection (c), or (y) any of the events described in Section 8.01(d) shall have occurred; or 

(e) the Servicer or any Affiliate which acts as a Sub-Servicer shall (i) file a petition seeking relief under the Bankruptcy Code or any
other applicable federal, state or foreign bankruptcy or other similar law, (ii) consent or fail to object in a timely and appropriate manner to the institution of any proceedings under the Bankruptcy Code or any other applicable federal, state
or foreign bankruptcy or similar law or to the filing of any petition thereunder or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for any such Person or for
any substantial part of such Person’s assets, (iii) make an assignment for the benefit of creditors, or (iv) take any corporate action in furtherance of any of the foregoing; or 

(f) the Servicer or any Affiliate which acts as a Sub-Servicer generally does not pay its debts as such debts become due or admits in writing
its inability to, or is generally unable to, pay its debts as such debts become due; or 
 (g) one or more final judgments or decrees shall
be entered into against the Servicer involving in the aggregate a liability (not paid or fully covered by insurance) of $35,000,000 or more to the extent that all such judgments or decrees shall not have been vacated, discharged, stayed or bonded
pending appeal within the time required by the terms of such judgment; or 
 (h) (i) any information contained in any Report is untrue or
incorrect in any respect or (ii) any representation or warranty of the Servicer herein or in any other Related Document or in any written statement, report, financial statement or certificate (other than a Report) made or delivered by the
Servicer to any Secured Party hereto or thereto is untrue or incorrect in any material respect as of the date when made or deemed made and such representation and warranty (it being understood that such materiality threshold shall not be applicable
with respect to any clause of any representation or warranty which itself contains a materiality qualification), if relating to any Transferred Receivable, has not been cured by the repurchase of any such Transferred Receivable pursuant to
Section 4.04; or 
 (i) a Termination Event shall have occurred or this Agreement shall have been terminated; or 

(j) the Servicer shall assign or purport to assign any of its obligations hereunder without the prior written consent of the Buyer; or 

(k) (i) A Reportable Event shall have occurred; (ii) any Plan that is intended to be qualified under Section 401(a) of the Code
shall lose its qualification; (iii) a non-exempt Prohibited Transaction shall have occurred with respect to any Plan; (iv) the Servicer or any ERISA Affiliate shall have failed to make by its due date a required installment under
Section 430(j) of the Code with respect to any Single Employer Plan or a required contribution to a Multiemployer Plan, in either case whether or not waived; (v) a determination shall have been made that any Single Employer Plan is, or is
expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (vi) the Servicer or 
  

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any ERISA Affiliate shall have incurred any liability under Title IV of ERISA with respect to the termination of any Single Employer Plan, including but not limited to the imposition of any Lien
in favor of the PBGC or any Single Employer Plan; (vii) the Servicer or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that it has incurred or will be assessed Withdrawal Liability to such Multiemployer Plan
the Servicer or ERISA Affiliate does not have reasonable grounds for contesting such Withdrawal Liability or is not contesting such Withdrawal Liability in a timely and appropriate manner; or (viii) the Servicer or any ERISA Affiliate shall
have received from the sponsor of a Multiemployer Plan a determination that such Multiemployer Plan is, or is expected to be, Insolvent, in Reorganization, terminated, or in “endangered” or “critical” status (within the meaning
of Section 432 of the Code or Section 305 of ERISA; and in each case in clauses (i) through (viii) above, such event or condition, together with all other such events or conditions if any, would result in a Material Adverse
Effect; or 
 (l) a Change of Control shall occur; 

then, and in any such event, the Buyer may, by delivery of a Servicer Termination Notice to the Servicer, terminate the servicing responsibilities of the
Servicer hereunder, without demand, protest or further notice of any kind, all of which are hereby waived by the Servicer. Upon the delivery of any such notice, all authority and power of the Servicer under this Agreement shall pass to and be vested
in the Successor Servicer acting pursuant to Section 9.02; provided, that notwithstanding anything to the contrary herein, the Servicer agrees to continue to follow the procedures set forth in Section 7.02 with respect
to Collections on the Transferred Receivables until a Successor Servicer has assumed the responsibilities and obligations of the Servicer in accordance with Section 9.02. 

 
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 ARTICLE IX 

SUCCESSOR SERVICER PROVISIONS 

Section 9.01. Servicer Not to Resign. The Servicer shall not resign from the obligations and duties hereby imposed on it except
upon a determination that (a) the performance of its duties hereunder has become impermissible under applicable law or regulation and (b) there is no reasonable action that the Servicer could take to make the performance of its duties
hereunder become permissible under applicable law. Any such determination shall (i) with respect to clause (a) above, be evidenced by an opinion of counsel to such effect and (ii) with respect to clause (b) above,
be evidenced by an Officer’s Certificate to such effect, in each case delivered to the Administrative Agent. No such resignation shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations of the
Servicer in accordance with Section 9.02. 
 Section 9.02. Appointment of the Successor Servicer. In connection with
the termination of the Servicer’s responsibilities or the resignation by the Servicer under this Agreement pursuant to Sections 8.01 or 9.01, the Buyer may at any time appoint a successor servicer to the Servicer that shall be
acceptable to the Administrative Agent and shall succeed to all rights and assume all of the responsibilities, duties and liabilities of the Servicer under this Agreement (the Administrative Agent, in such capacity, or such successor servicer being
referred to as the “Successor Servicer”); provided, that the Successor Servicer shall have no responsibility for any actions of the Servicer prior to the date of its appointment or assumption of duties as Successor Servicer.
In selecting a Successor Servicer, the Buyer may (but shall not be required to) obtain bids from any potential Successor Servicer and may agree to any bid it deems appropriate. The Successor Servicer shall accept its appointment by executing,
acknowledging and delivering to the Buyer an instrument in form and substance acceptable to the Buyer. 
 Section 9.03. Duties of
the Servicer. The Servicer covenants and agrees that, following the appointment of, or assumption of duties by, a Successor Servicer: 

(a) The Servicer shall terminate its activities as Servicer hereunder in a manner that facilitates the transfer of servicing duties to the
Successor Servicer and is otherwise reasonably acceptable to the Buyer and, without limiting the generality of the foregoing, shall, at its own expense, timely deliver (i) any funds to the Administrative Agent that were required to be remitted
to the Administrative Agent for deposit in the Agent Account under the Funding Agreement and (ii) copies of all Servicing Records and other information with respect to the Transferred Receivables to the Successor Servicer at a place selected by
the Successor Servicer. The Servicer shall cooperate with the Successor Servicer in effecting the termination of the responsibilities and rights of the predecessor Servicer under this Agreement and shall account for all funds and shall execute and
deliver such instruments and do such other things as may be reasonably required to vest and confirm in the Successor Servicer all rights, powers, duties, responsibilities, obligations and liabilities of the Servicer. All reasonable costs and
expenses (including reasonable attorneys’ fees) incurred in connection with transferring all files and other documents in respect of the Transferred Receivables to the Successor Servicer shall be for the account of the predecessor Servicer.

 (b) The Servicer shall terminate each existing Sub-Servicing Agreement and the Successor Servicer shall not be deemed to have assumed any
of the Servicer’s interests therein or to have replaced the Servicer as a party thereto. 
 (c) In the event that the Servicer is
terminated as Servicer hereunder but no Successor Servicer has been appointed, the Servicer shall timely deliver to the Administrative Agent or its designee, at a place designated by the Administrative Agent or such designee, all Servicing Records
and other information with respect to the Transferred Receivables which otherwise would be required to be 
  

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delivered to the Successor Servicer under Section 9.03(a) above, and all reasonable costs and expenses (including reasonable attorneys’ fees) incurred in connection with
transferring such files and other documents to the Administrative Agent shall be for the account of the predecessor Servicer. 

Section 9.04. Effect of Termination or Resignation. Any termination of or resignation by the Servicer hereunder shall not affect any
claims that the Buyer or its assigns may have against the Servicer for events or actions taken or not taken by the Servicer arising prior to any such termination or resignation. 

Section 9.05. Power of Attorney. On the Closing Date, the Servicer shall execute and deliver a power of attorney in substantially
in the form attached hereto as Exhibit 9.05 (a “Power of Attorney”). The Power of Attorney is a power coupled with an interest and shall be irrevocable until this Agreement has terminated in accordance with its terms and all
of the Transferred Receivables have been indefeasibly paid or otherwise written off as uncollectible. The powers conferred on the Buyer under each Power of Attorney are solely to protect the interests of the Buyer in the Transferred Receivables and
the ability of the Successor Servicer to assume the servicing rights, powers and responsibilities of the Servicer hereunder and shall not impose any duty upon the Buyer or the Successor Servicer to exercise any such powers. 

Section 9.06. No Proceedings. Each Originator and Servicer agrees that, from and after the Closing Date and until the date one
year plus one day following the Termination Date, it will not, directly or indirectly, institute or cause to be instituted against Buyer any proceeding of the type referred to in Sections 8.01(d) and 8.01(e) of the Funding Agreement. This
Section 9.06 shall survive the termination of this Agreement. 
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 IN WITNESS WHEREOF, the parties have caused this Receivables Sale and Servicing Agreement to be
executed by their respective duly authorized representatives, as of the date first above written. 
  

			
	CUMULUS MEDIA HOLDINGS INC., as an Originator and as the Servicer
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	ALPHABET ACQUISITION CORP., as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	ATLANTA RADIO, LLC, as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	BROADCAST SOFTWARE INTERNATIONAL, INC., as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	CHICAGO RADIO ASSETS, LLC, as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	CITADEL BROADCASTING COMPANY, as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  
 Receivables Sale and Servicing
Agreement 

  
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	CMP KC CORP., as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	CUMULUS BROADCASTING, LLC, as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	DC RADIO ASSETS, LLC, as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	DETROIT RADIO, LLC, as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	LA RADIO, LLC, as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	MINNEAPOLIS RADIO ASSETS, LLC, as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	NY RADIO ASSETS, LLC, as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  
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	RADIO NETWORKS, LLC, as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	SAN FRANCISCO RADIO ASSETS, LLC, as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	SUSQUEHANNA RADIO CORP., as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	SWEETJACK, LLC, as an Originator
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  

			
	CMI RECEIVABLES FUNDING LLC, as the Buyer
		
	By	 	/s/ Richard S. Denning
	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

  
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